Dozens of luxury condos, hotels in Miami sinking at ‘unexpected’ rates, new study reveals – Florida Trend
Dozens of luxury condos, hotels in Miami sinking at ‘unexpected’ rates, new study reveals
Dozens of luxury beachfront condos and hotels in Surfside, Bal Harbour, Miami Beach and Sunny Isles are sinking into the ground at rates that were “unexpected,” with nearly 70 percent of the buildings in northern and central Sunny Isles affected, research by the University of Miami found. The study, published Friday night, identified a total of 35 buildings that have sunk by as much as three inches between 2016 and 2023, including the iconic Surf Club Towers and Faena Hotel, the Porsche Design Tower, The Ritz-Carlton Residences, Trump Tower III and Trump International Beach Resorts. Together, the high rises accommodate tens of thousands of residents and tourists. [Source: Miami Herald]
Could the deal to give protected Florida forest land to a golf company be dead?
Six months after top Florida officials advanced a deal that would swap 324 acres of state forest to a golf course company, Chase Pirtle hiked through the woods to document the creatures that stood to lose their home. He found a threatened indigo snake basking in the sun, a rare animal some scientists spend years trying to spot. Florida mice, an imperiled species with distinctive big ears and hind feet, scurried through the sand, captured on a night camera. And Pirtle, who leads a nonprofit research group hired by the Sierra Club, tallied at least 112 burrows of endangered gopher tortoises — more than half of which showed signs of active use. [Source: Tampa Bay Times]
Will the rental-to-condo conversions trend in South Florida last?
The number of apartments converted from office space has been increasing across the country, but other types of conversion projects have also been gaining momentum, though on a smaller scale. In South Florida, for example, rental-to-condo conversions are fairly popular, particularly due to the area’s shortage of newer condominium inventory. Demand for condos built in the past 30 years is high, according to an ISG World report, and new construction is unable to keep up. This has put residential-to-condo conversions into the spotlight as a faster and often more affordable alternative that allows developers to focus on finishes, amenities and buyer-ready details. [Source: Multi-Housing News]
Publix buys N. Miami shopping center
Publix Super Markets won’t be paying rent for its grocery store in North Miami. The company bought the 90,188-square-foot shopping center for $40 million. The Gordon B. Certain Jr. Trust and Lawrence C. Turner sold the properties at 12700, 12864, and 13000 Biscayne Blvd. to Publix. The 11.8-acre site has a retail plaza anchored by Publix, a 22,877-square-foot office building of four stories with a Wells Fargo Bank branch, and a 4,362-square-foot restaurant leased to McDonald’s. The Certain/Turner family has owned this property for many decades and had it on a land lease with Publix. [Source: Connect CRE]
Brevard County home listings asked for less money in November
The median home in Brevard County listed for $389,000 in November, down 0.4% from the previous month’s $390,480, an analysis of data from Realtor.com shows. Compared to November 2023, the median home list price increased 0.7% from $386,250. Brevard County’s median home was 1,740 square feet, listed at $233 per square foot. The price per square foot of homes for sale is down 0.5% from November 2023.[Source: Florida Today]
$52 million
Elliott Investment Management acquired the Gates Hotel South Beach for $52.5 million. Deutsche Bank provided a $82.5 million mortgage to the buyer. Hotel acquisitions include additional compensation beyond the deeded price for the hotel’s non-real estate assets, such as branding and business operations. [Source: Connect CRE]
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