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Today’s investors must work harder to flip homes
Higher prices haven’t put an end to home flipping in South Florida, a new report shows.
Flips accounted for 6.3 percent of third-quarter home and condominium sales in Palm Beach County, up from 5.9 percent in the same period of 2014, according to real estate website Trulia.com.
In Broward, flips accounted for 6.1 percent of sales, compared with 5.7 a year earlier. Miami-Dade County’s share of flipped homes was 6.4 percent, up from 4.7 percent, ranking as the biggest increase in the country, Trulia said.
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http://www.sun-sentinel.com/business/realestate/fl-house-flipping-20160217-story.html
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Miami Beach Convention Center hotel vote delayed, probably until March
Officially postponed: The public vote on a lease that would clear the path for a headquarter hotel next to the Miami Beach Convention Center.
At Wednesday’s Miami Beach city commission meeting, commissioners did not consider placing the item on the November ballot.
Developer Jack Portman, who wants to privately finance a $400 million, 800-room hotel that would rise up 30 stories on public land behind The Fillmore Miami Beach at the Jackie Gleason Theater, requested the delay.
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http://www.miamiherald.com/…/miami-bea…/article33534357.html
Peebles pulls out of Miami Beach condo project
Developer Don Peebles is pulling out of an ultra-luxury condo project he had planned for an oceanfront property in Miami Beach.
Peebles has put the small lot at 6747 Collins Ave. on the market for an undisclosed price, a spokeswoman confirmed Tuesday. The original plan for the project, called the Bath Club Estates, was to build a 15-story tower with just 13 units, including a 9,000-square-foot penthouse marketed for $50 million.
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http://www.miamiherald.com/news/business/real-estate-news/article31470118.html
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Home prices may be rising too fast
South Florida home prices posted steady gains in the second quarter, but slower growth would be better for the housing market long term, according to a new report.
The median price for single-family homes in Palm Beach, Broward and Miami-Dade counties was $289,900, up 7.4 percent from the second quarter of 2014, the National Association of Realtors said Tuesday.
The median for condominiums rose 7.1 percent to $156,300. The median means half sold for more and half for less.
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http://www.sun-sentinel.com/…/fl-second-quarter-home-prices…
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Auberge luxury condo project ahead of schedule
When developers first announced plans last year for the Auberge Beach Residences & Spa, they figured the luxury waterfront condominium in Fort Lauderdale had a chance to open in 2017, though 2018 seemed far more likely.
But 2017 now is the expected delivery date, the result of a better-than-anticipated early sales push for the 171 units ranging from $1.8 million to $8 million.
“We thought it would take longer to sell,” said Carlos Rosso, head of the condo division for The Related Group, which is building Auberge with Fortune International Group and the Fairwinds Group.
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http://www.sun-sentinel.com/business/realestate/fl-auberge-condo-20150501-story.html
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