Developers buying up waterfront properties throughout Miami given its short supply

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Developers buying up waterfront properties throughout Miami given its short supply

With waterfront properties running out in Miami, real estate developers are increasingly buying out the owners of existing and older waterfront condos at premium prices. After purchasing an entire building, developers are demolishing the old building to make space for a new luxury tower.

This is a process called condo termination — and while it’s complex, when it works, it can leave the owners of aging condos with an unexpected windfall and lead to a new ...

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Making over the Sherry Frontenac

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Making over the Sherry Frontenac

The Sherry Frontenac, a post-war modern hotel in Miami Beach at 6565 Collins Avenue, is getting a facelift. In March, the Miami Beach Historic Preservation Board approved a request allowing the hotel owner to build a new deck with a concrete canopy, underground parking and a rooftop dining area for the property. This means that S.F. Land LLC can build a new pool deck and cabana area as well as bring new elevators into the lobby.

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Bronx continues to be a shiny investment

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Bronx continues to be a shiny investment

In Q4 2017, average residential prices in the Bronx reached close to its pre-recession peak for the first time, hitting a record of $515,000, according to the Real Estate Board of New York (REBNY). The previous peak was $507,000 in 2006. The report also reveals that the Bronx saw the largest increase in residential sales volume among the five boroughs, climbing 17 percent to $455 million year-over-year. In comparison, Manhattan saw sales volume drop 12 percent; Brooklyn saw ...

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Falling rental prices despite concessions

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Falling rental prices despite concessions

Rental concessions aren’t preventing prices from slipping. According to Douglas Elliman’s report, the median monthly rental price for apartments in Manhattan dropped 1.5 percent year-over-year in February to $3,330. The vacancy rate, however did drop a bit, from 2.44 percent in February 2017 to 2.29 percent in February 2018. Meanwhile, the percentage of new rental deals involving concessions remains high at 47.6 percent — up from February 2017, when the percentage was 26.4.

The only uptick ...

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Retail condos making a comeback?

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Retail condos making a comeback?

While investors pulled away from the trouble retail condo sector in 2017, a recent spate of retail condo sales in early 2018 may signal a new optimism. The Real Deal reviewed Real Capital Analytics data and found that investors bought or put into contract a total of $276 million worth of retail condo properties in the first eight weeks of 2018. What’s impressive is that this figure is already more than half of 2017’s total of $523 million. ...

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Google taking over Chelsea Market

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Google taking over Chelsea Market

The tech giant recently purchased the entire Chelsea Market building for about $2.4 billion in what would be the second priciest deal for a single building in New York City history, according to The Real Deal. With the purchase of the 3.8-acre, full-block office and retail building with a famous food hall that draws approximately 6 million visitors per year, Google is dominating the Chelsea and Meatpacking District from West 15th Street on 8th Avenue to the waterfront ...

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