Current reader favorites:
1. $750M Miami Worldcenter Hotel & Expo unveiled
2. Monty’s in Coconut Grove reels in new owner
3. Verzasca’s proposed 19-story condo draws ire in Sunny Isles
4. Lincoln Road property owners to vote on business improvement district
5. Versailles, La Carreta owner sells lot near MIA

Aerial view of Fort Lauderdale (Credit: Flickr user Art01852) and David Veneziano of Tricon Capital

The American arm of Canadian-based Tricon Capital obtained a $32.3 million mortgage, according to documents recorded in Broward County records on Tuesday.

German American Capital Corp. granted the mortgage to TAH 2015-1 Borrower, which includes 196 of Tricon’s residential properties.

David Veneziano, vice president and general counsel at Tricon Capital Group, is listed on the borrower’s corporate filings.

The asset management company focuses on residential real estate in North America. Tricon American Homes owns and manages more than 6,500 single-family rental homes valued at $2.4 billion, according to the company’s website.

TAH reported an $18.3 million increase in its first quarter earnings this year. Tricon acquired Broker Price Opinions for 2,257 homes located in Charlotte, North Carolina; Southeast Florida; Atlanta, Georgia; and Northern California.

The mortgaged homes are located throughout Broward in Fort Lauderdale, Pompano Beach, Lauderhill and Miramar, among other cities. The German bank recently granted a $17 million loan to a Courtyard Marriott in Plantation.

The spring/summer cover of “Elliman,” featuring Naomi Campbell

From the New York website: A new trend is surfacing in the real estate world, and it’s got little to do with bricks and mortar.

Brokerages like Douglas Elliman, JLL and CBRE are launching their own publications with articles on topics ranging from lifestyle to urban planning and market trends.

Last week, Douglas Elliman had a relaunch party for its magazine “Elliman,” which used to primarily feature listings but is now being retooled as a lifestyle magazine and features supermodel Naomi Campbell on the cover.

“If you look at our contributors, you’ll look at familiar names and prominent bylines” from publications such as Vanity Fair, Nicole Oge, Douglas Elliman’s global chief marketing officer, told the Wall Street Journal.

JLL recently launched Real Views, a website that focuses on stories about “the impact of real estate on wider economics and society,” according to chief marketing officer Charles Doyle. The publication employs five journalists.

CBRE group is also planning to launch a website for “independent journalism informed by urbanists, academics, planners and big thinkers around the world,” Paul Suchman, CBRE’s chief marketing officer, told the newspaper. The website is set to go live next month. [WSJ] — Tess Hofmann

Washington Square at 111 Northwest 183rd Street in Miami Gardens

Two office buildings in Miami Gardens traded hands for $12.6 million — nearly half the properties’ last sale price, Miami-Dade County records show.

The acquisition includes a 126,059-square-foot building at 18441 Northwest Second Avenue, a 72,407-square-foot building at 111 Northwest 183rd Street, and a 3-acre paved parking lot at Northwest First Avenue. Both five-story buildings were constructed between 1973 and 1980, records show.

The three parcels last sold for $25.7 million in October 2007, according to Miami-Dade property records. They’re located on the same block as WQAM, a CBS Radio station.

An LLC affiliated with Miami-based TM Real Estate Group, an investment, development and management company, is the buyer. TM’s portfolio includes income-producing multifamily, office and mixed-use properties, as well as land development opportunities. The investment company operates in Florida, Arizona and Nevada, according to its website.

TM is also affiliated with the seller, Divine Square LW. A mortgage was not recorded.

In April, a nearby shopping center at 19801 Northwest Second Avenue sold for $9.6 million, three times its last sale price.

Florida law firm Berger Singerman celebrated the opening of its newly remodeled Fort Lauderdale offices with an open house cocktail party.

The firm specializes in business reorganization; business, finance and tax; dispute resolution; and government and regulatory law, according to Berger Singerman’s website.

The open house was held on the 10th floor of 350 East Las Olas Boulevard. Partners Etan Mark, Marc Shuster, Elaine James, Morris Brown, Mitchell Berger, Co-Chair Paul Singerman, and Managing Partner James Berger were in attendance. — Katherine Kallergis and Sean Stewart-Muniz

A shot of Serena Williams in action at the 2013 U.S. Open tennis tournament (Credit: Edwin Martinez)

Serena Williams, an internationally known tennis star, has reportedly scored a freshly built home in Palm Beach Gardens for $2.5 million.

Located at 7703 Bold Lad Road, the home was built on a 1.25-acre empty lot by Dara, Carol and Larry Ross.

An aerial shot of the lot at 7703 Bold Lad Road, before a home was built on it.

The Rosses first purchased the property in 2007 for $530,000, and finished construction on the home in late 2014, according to Palm Beach County property records.

Details for the home are not yet public record, so its size or features remain unknown.

Serena and her sister Venus Williams own another Palm Beach Gardens manse at 313 Grand Key Terrace, and Serena owns a 2.4-acre lot in a Jupiter golfing community known as The Bear’s Club, the South Florida Business Journal reported. [South Florida Business Journal] — Sean Stewart-Muniz

The industrial building at 215 Southeast 10th Avenue in Hialeah

Two companies have inked deals for a combined 500,000 square feet of leases in Hialeah and Weston.

The first lease is for the industrial building at 215 Southeast 10th Avenue, which stretches 301,983 square feet. Synergy Custom Fixtures, which produces and distributes custom retail fixtures, is the tenant.

Terreno Realty Corporation, the landlord, was represented by the commercial brokerages Casal Group and Fairchild Partners.

The distribution center at 3250 Meridian Parkway

In Broward County, a freight company has doubled its lease at the Meridian Business Campus for a new total of 230,600 square feet.

Gold Coast Freightways had originally occupied half of the building at 3250 Meridian Parkway, where the company houses its South Florida distribution center.

The Casal Group represented Gold Coast for its new lease, which now controls the entire building. — Sean Stewart-Muniz

Lyle Chariff and Mauricio Zapata and 3620 Northeast Second Avenue

A property at the edge of the Miami Design District — whose tenants include Michael Schwartz’s Cypress Room — has traded hands at triple its 2012 price, The Real Deal has learned.

3620 Design District LLC — a partnership between Lyle Chariff, Mauricio Zapata and Shawn Chemtov — sold the 5,186-square-foot building, at 3620 Northeast Second Avenue for $5.5 million, or $1,061 per square foot, Chariff told TRD.

The buyer is Harry Benitah, a local investor and developer whose properties in the area include Buena Vista Flats and the Teresita Market, Chariff said.

Chariff, president of Chariff Realty Group, said he hand-picked Benitah as the buyer. Chariff and his partners control four buildings at the gateway to the Design District, at the four corners of the I-95 overpass at Northeast 37th Street, including the new Brown Jordan building which is almost fully built.

“Two weeks ago I said I would be interested in bringing in more outside people to work with us and have neighbors, and [thought] who would be the best person,” Chariff told TRD. “So I picked up the phone and called my friend Harry. He is focused on the district and he is committed and does great things, and I would love him to be a neighbor.”

Chariff said the deal, which closed on Tuesday, had a speedy 10-day inspection and 10-day closing. “I didn’t even go to market with the building,” he said. “I just made one call.”

The sellers had originally purchased the building in April 2012 from Kay Statz of Camp Development, for $1.782 million. When Chariff first got involved in real estate, he said Camp Development was the first company he worked for, and Statz was his first boss.

When the partners bought the building, it was empty, Chariff said. The building, built in 1921, sits on a 6,195-square-foot lot, according to Miami-Dade property records.

“We repositioned the building and added value by signing three great current tenants,” Chariff said. In addition to the Cypress Room, Bloom Miami and Shades and Sound, both longtime Design District retailers, also lease space in the property.

Properties in the Design District has been quickly rising in value, as Dacra’s Craig Robins transforms the area into a luxury shopping destination. In late March, Thor Equities added to its portfolio, paying $16 million for 56 Northeast 40th Street and 55 Northeast 39th Street. Other buyers in the district include Brooklyn-based RedSky Capital and London-based JZ Capital Management, which in March purchased 35 Northeast 40th Street, the home of Oak Tavern, for $28 million, and 1 Northeast 40th Street, for $29.25 million.

Chariff said Benitah has no plans to redevelop the property at 3620 Northeast Second Avenue. He said rents in the building are in the $60s per square foot, and market rents on the four buildings that he and his partners control is more than $100 per square foot. “So there is so much upside value,” he said.

“We repositioned the building with great tenants, with two-and-a-half years of great rental history,” he said, “and created a gem.”

Site of the planned townhomes and Alan Macken

After picking up two properties near downtown Fort Lauderdale in March, Macken Companies announced it will build a luxury townhome community.

The parcels, at 12 Southeast 13th Avenue and 1305 Southeast First Street, sold for $785,000 in March, according to Broward County property records.

G&A Strategic 1305, a company affiliated with Macken Principal Alan Macken, was the buyer. Colee Landing, an Aventura-based LLC, was the seller. Colee paid just more than $1 million for the site in September 2004.

The site currently houses a two-story four-unit apartment building. Macken Realty will manage the property until plans are approved.

In February, Macken announced it would develop four homes on a barrier island in Fort Lauderdale. The project, dubbed “Beach House,” will be situated in the Dolphin Isles neighborhood. The Florida-based real estate firm owns related affiliates VCM Builders, Bid That Project, MTV Investments, Palmetto Park, Sefran, and G&A Strategic.

Kimberly Barbar and the former Harley Davidson headquarters in Fort Lauderdale

The site of the former Harley Davidson headquarters in Fort Lauderdale traded hands recently for $4.8 million.

Stiles Realty brokered the sale of the 45,000-square-foot showroom, warehouse and office space, according to a press release.

“With 200 feet of direct frontage on U.S. 1, the Harley Davidson store benefits from a highly visible location within Fort Lauderdale’s premier retail corridor, which includes Target, Publix, Bed Bath and Beyond and Best Buy,” Kimberly Barbar, Stiles broker associate, said in the press release. “Featuring retail and warehouse space, the showroom has been impeccably maintained and remains turn-key ready for a single-use tenant.”

2201 Wynwood, a Fort Lauderdale-based LLC, was the buyer. Felipe Yalale is listed as a registered agent on the buyer’s corporate filings.

Rossmeyer Fort Lauderdale Motorcycle LLC was the seller. The property at 2871 North Federal Highway last sold for $1.6 million in 1999, according to Broward County property records. It sits on a nearly 2-acre lot.

“Because of its vertical design, the Harley Davidson property offers significant signage opportunities on US1, an area where very few retail opportunities of this size remain,” Barbar continued. — Katherine Kallergis

Rendering of Bel Air mansion (credit: McLean Design)

From the New York website: A Los Angeles-based developer is throwing market comps out the window with a spec home that will ask $500 million — more than triple the current $147 million record for a U.S. home sale.

The cocksure man behind the project is Nile Niami, a developer and movie producer, Bloomberg News reported. Niami has already started pouring concrete on the project, which will include a 74,000-square-foot main house with a 5,000-square-foot master bedroom, a 30-car garage, a “Monaco-style casino,” and a total of four pools.

Rendering of Bel Air mansion (credit: McLean Design)

Rendering of Bel Air mansion (credit: McLean Design)

The lawn will be about 20,000 square feet, of which Niami said, “There a lot of things in the house that will help to preserve water. But those are things that correspond with luxury houses, and I can’t tell you that it’s a green and energy-efficient house.”

Jonathan Miller of real estate appraisal firm Miller Samuel said, “My first reaction is laughter. But we’re in this perpetual state of surprise as new thresholds are broken.”

The record for priciest U.S. home purchase is still held by hedge funder Barry Rosenstein, who picked up an East Hampton estate for $147 million last year. [Bloomberg News] — Tess Hofmann

A shot of Pizza Rox’s flagship location in Boynton Beach

Pizza Rox, a brand new fast-casual restaurant, is opening its flagship location at the Renaissance Commons in Boynton Beach.

The eatery will offer Neapolitan pizzas, salads, desserts, beer and wine for both lunch and dinner. Its grand opening is slated for August.

Rosenfeld Realty Advisors, a local commercial brokerage, represented Pizza Rox for its 10-year lease. The restaurant put up an unknown amount of dough for the 3,000 square feet it will occupy come later this year.

Oren Rosenfeld, president of Rosenfeld Realty Advisors

“Pizza Rox needed high-profile retail space for its flagship location. Renaissance Commons is one of the best and most visible centers in Downtown Boynton Beach,” said Orin Rosenfeld, president of Rosenfeld Realty Advisors, in a statement. “In addition, we recognized the mixed-use development offers a built-in customer base with its onsite residences and office suites.”

Stiles, also a commercial brokerage, represented the site’s landlord Wells Fargo for the deal. The bank had seized Renaissance Commons’ commercial section after it filed a lawsuit against the complex’s developers in 2013.

Renaissance Commons is a 29-acre mixed-use development that was built in 2007. It houses 333 apartments and office, self storage and retail space. Current tenants for the commercial sections include Starbucks, AT&T, Bonefish Grill, Village Tavern and Bar Louie. — Sean Stewart-Muniz

Renderings of 101 Key Biscayne, which is set to open next month

101 Key Biscayne, a boutique luxury condo development in the sleepy Village of Key Biscayne, is set to open its doors on June 18.

The five-story complex was designed by architect Gabriel Lopez and had been under construction for the past 14 months. It houses just 11 units, and all but one has been sold. The last will be marketed after the grand opening next month, with a price of $2.15 million.

Sale prices so far have ranged from $1.7 million to $2.2 million. Buyers have been predominantly from South America and will mostly use the residences as second homes, developer Eric Soulavy said.

The units have 10-foot ceilings and average 1,900 square feet. The building itself is packed with amenities for its size, including a ground-floor concierge, a rooftop pool and exercise studio, plus charging stations for electric cars and a barbecue area. The rooftop and lobby amenities were composed by Shay Interior Design

Eric Soulavy, co-developer of 101 Key Biscayne

Its exterior is sleek and modern. The main entrance is a slender bridge that crosses a pond at the foot of the building, which Soulavy said makes the structure seem like it’s floating.

Soulavy, a Venezuelan who has a background in luxury car sales, moved to Key Biscayne three years ago. He developed 101 Key Biscayne with his partner Oscar Segall, who was a residential developer for 15 years in Brazil.

The project’s site, at 101 Sunrise Drive, is the former home of a 20-unit apartment complex that was demolished in 2013 by Soulavy and his team.

“We said ‘You know what?’ This city needs a new product,” Soulavy told The Real Deal.

The previous complex was built in 1965, and resembled many of the red-brick “Old Florida” structures found on the island.

Mayor Mayra Lindsay of Key Biscayne told TRD that the island is built out, meaning new development sites are a scarcity. Key Biscayne is going through a 30-year re-development period, where sites are being identified as good candidates for new construction. The old building at 101 Key Biscayne’s location was one such site, and other buildings in what Lindsay calls “the Garden District” — the area between Sunrise Drive and Galen Drive — will be looked at for possible reconstruction.

She said developments that replace older structures will need to blend with the village’s density, and Soulavy’s project is a good example of how to meet that requirement.

“This redevelopment really fits in,” Lindsay said. “They made an effort to be respectful of all the qualities of that neighborhood.”

A map of 830 Brickell, Ugo Colombo and a rendering of a potential property on the site

In a sign of a possible market recalibration, a Brickell area property co-owned by developer Ugo Colombo is being listed for sale by CBRE, The Real Deal has learned.

The unpriced assemblage of parcels, at 830 Southeast First Avenue, will likely trade in the same range as similar properties in the area, CBRE’s Vice Chairman of Investment Sales Robert Given told TRD. That is likely between $55 million and $65 million per acre, he said, referencing the sale of 700 Brickell and the Capital Brickell site.

Colombo’s 0.8-acre property, across from the planned Brickell City Centre, includes development rights and plans, Given said. It is being marketed as 830 Brickell.

Colombo’s CMC Group acquired the land for an undisclosed amount in July 2013, according to Miami-Dade property records. The property had been purchased out of bankruptcy by Oleg Baibakov, a Russian oligarch. Previously, entities linked to developers Renzo Renzi and his brother Pasquale Renzi had planned the Beacon of Brickell Tower on the site.

Colombo and other CMC executives were not available for comment on Wednesday, according to their spokesperson.

CMC’s partner on the property for sale is Russian developer Vlad Doronin, who is also CMC’s partner on Brickell Flatiron, at 1001 South Miami Avenue. Sales for the 60-story, 552-unit condo tower launched in April 2014. A second Brickell Flatiron tower was originally planned for the site.

“The partnership just decided it was in the best interest of the partnership to sell the property,” CBRE’s Given said.

The Brickell area near Brickell City Centre is packed with proposed condo projects. In a 10-block stretch on South Miami Avenue, from Fourth Street to 14th Street, 17 towers with 5,500 units are planned, said Peter Zalewski, principal of Condo Vultures and a columnist for TRD.

Colombo’s attempt to sell the property, which is referred to as Brickell Flatiron II, is a sign the market is changing, Zalewski said.

“This is a gentleman who understands the cycles and how they work…. This is a clear and evident sign that the market is at a peak, possibly even past it, in Greater Downtown Miami,” Zalewski told TRD. “Ugo Colombo’s track record is too good to assume anything else.”

Over the past two decades, Colombo has developed such luxury South Florida projects as Bristol Tower, Santa Maria, Porto Vita, Grovenor House and the Epic Residences and Hotel. He sold the 1.25 acre Epic East site for $125 million last year.

“It is actually good news,” Zalewski said. “When a veteran developer like Ugo Colombo acknowledges that the market is changing, the rest will follow,” he said, adding that it can in effect prolong the cycle.

“We will see a recalibration,” he said. “This is a sign that the Miami market is maturing. It’s no longer an adolescent, it is starting to make some adult decisions.”

A shot of Funky Buddha’s brew

1. Funky Buddha to open kitchen at Oakland Park brewery [Sun Sentinel]
2. Survey: Same-sex homebuyers fear discrimination [Miami Herald]
3. Four 60-story riverfront towers move ahead [Miami Today]
4. JFK bunker renovations under consideration, port not on board yet [Palm Beach Post]

— Sean Stewart-Muniz

From left: Jeffrey Webb, 2116 Adel Drive, GA, 808 Brickell Key Drive, Miami and Jack Warner

From the New York website: Talk about a well-deserved penalty.

U.S. prosecutors indicted fourteen high-ranking FIFA officials and executives in Zurich Wednesday, and slapped them with a long list of charges including conspiracy, racketeering, and corruption.

According to an indictment unsealed Wednesday, four of the men own thirteen properties across South Florida and Georgia which were allegedly used in connection with the crimes. If convicted, the U.S. government will seek forfeiture of the properties.

Among the charges against CONCACAF President Jack Warner is that he withdrew funds from a CONCACAF-affiliated account to purchase a Miami condo in 2005 which was held in a family member’s name. CONCACAF is the continental governing body for association football in North America, Central America and the Caribbean.

Although none of the properties listed in the indictment are located in New York, it was reported that ex-FIFA official Chuck Blazer rented an $18,000-per-month apartment at the Trump Tower in Manhattan during his tenure, and spent another $6,000 per month on a pad for his cats, according to the New York Daily News.

FIFA Vice President Jeffrey Webb, who owns several residences across Georgia, allegedly received a wire transfer to fund a new pool at his home in Loganville in 2012. He also allegedly received wire transfers to purchase a home in Stone Mountain, according to the indictment.

FVF (Venezuelan Football Federation) President Rafael Esquivel and FIFA executive Eduardo Li also own several properties in South Florida.

Here’s a list of the properties.

1.) 2116 Adel Drive, Loganville, GA.
Six bedrooms, eight bathrooms, 9,851 sf

2116 Adel Drive, Loganville, GA

2.) 5119 Madeline Place, Stone Mountain, GA.
Three bedrooms, 2.5 bathrooms, 1,725 sf condo

3.) 7222 Lake Crossing, Stone Mountain, GA.
Five bedrooms, three bathrooms, 2,846 sf

7222 Lake Crossing, Stone Mountain, GA

4.) 104 Ellis Drive, Conyers, GA.
Three bedroom, 2.5 bathrooms, 1,518 sf

5.) 808 Brickell Key Drive Apt #1204 Miami, Fla.
One bedroom, two bathrooms, 790 sf condo

808 Brickell Key Drive, Miami

6.) 18067 NW 74th Court, Hialeah, Fla.
Two bedrooms, two bathrooms, 1,105 sf townhouse

7.) 18061 NW 74th Court, Hialeah, Fla.
Two bedrooms, two bathrooms, 1,105 sf townhouse

8.) 18055 NW 74th Court, Hialeah, Fla.
Two bedrooms, two bathrooms, 1,105 sf townhouse

9.) 18049 NW 74th Court, Hialeah, Fla.
Two bedrooms, two bathrooms, 1,105 sf townhouse

10.) 18043 NW 74th Court, Hialeah, Fla.
Two bedrooms, two bathrooms, 1,105 sf townhouse

11.) 8450 SW 149th Avenue Apt #805 Miami, Fla.

12.) 8660 SW 149th Avenue Apt #201 Miami, Fla.
Two bedrooms, two bathrooms, 1,055 sf condo

13.) 8660 SW 149th Avenue Apt #209 Miami, Fla.
Three bedrooms, thee bathrooms, 1,420 sf condo

Current reader favorites:
1. Crescent Heights gets planning OK for new Whole Foods in South Beach
2. Melo Group completes second new Edgewater condo tower this cycle
3. Calvin Klein looking to sell North Bay Road manse
4. $750M Miami Worldcenter Hotel & Expo unveiled
5. Versailles, La Carreta owner sells lot near MIA

6342 North Bay Road and Peter Fine

New York real estate developer Peter Fine just acquired another waterfront home in Miami Beach for $9.5 million, with plans to raze it and develop a spec home, The Real Deal has learned. 

Nelson Gonzalez of EWM Realty International was the buyer’s agent for the 7,184-square-foot house at 6342 North Bay Road.

“North Bay Road is North Bay Road,” he told TRD. “It’s one of the top areas in Miami Beach.”

The nine-bedroom, eight-bathroom, two-half-bathroom estate features 100 feet of water frontage and tropical landscaping. The home, built in 1935, sits on a 24,407-square-foot lot and includes a patio, gazebo, pool, and separate guest house with its own kitchen.

Fine has plans to knock the existing structures down and build a new home, Gonzalez said.

Fine launched To Better Days Development, a South Florida company devoted to building ultra-luxury, waterfront mansions in Miami Beach — for spec. To Better Days Development’s three homes underway, at 6440 North Bay Road, 6010 North Bay Road and 158 Palm Avenue, all will have between 10,000 and 14,000 square feet. The mansions are being designed by Choeff, Levy & Fishman, with landscaping by Enea Gardens Design, Fine, a part-time Miami Beach resident who has a waterfront home on North Bay Road, told TRD in March.

IFU Corporation was the seller. IFU paid $1.45 million in 1998 for the Miami Beach home, according to Miami-Dade property records. Julio Cesar Gutierrez is a registered agent on the seller’s corporate records.

This week, Calvin Klein announced he was selling his North Bay Road home at 4452 North Bay Road. The street has been home to celebrities such as Ricky Martin and Matt Damon. And in January, the founder of Chicken Kitchen listed his newly built home at 5004 North Bay Road for $36 million.

Variety Building at 1700 Alton Road in Miami Beach

A prime piece of Alton Road real estate sold for $21 million to a partnership of New York investors, according to Miami-Dade County records.

The five-story mixed-use property at 1700 Alton Road in Miami Beach includes retail, apartments and parking, according to a listing, and was built in 1923.

AC 1700 Alton Owner, an LLC with the same address as New York-based Springhouse Partners, was the listed buyer. Adam Verner from Springhouse and Chaim Cahane of Forte Capital Management partnered on the deal, Cahane told The Real Deal. Springhouse is an investment, asset and property management firm.

Cahane, also a New York-based investor, has been buying in Wynwood and was part of a separate partnership that paid $11 million for an entire block on North Miami Avenue earlier this year.

The 35,530-square-foot Variety Building has 8,165 square feet of ground floor retail, 70 studio-sized apartments with an existing hotel license, a 5,000-square-foot courtyard, and 25 parking spaces. The retail space is anchored by Vespa. The landmark building, originally the Mayflower Hotel, is one street north of Lincoln Road with access to the Venetian Causeway via 17th Street.

The buyers “intend to upgrade and reposition the asset significantly to take advantage of its prime location and high visibility,” according to a statement provided to TRD.

“We looked at it as a prominent location in a very active market,” Cahane told TRD.

The 15,000-square-foot site last sold for $1 million in 1991, according to Miami-Dade property records.

Miami Beach-based Goldwater Realty was the seller, according to the deed transfer. Zalmana Fellig, president, and Solomon Fellig, vice president, are listed on Goldwater’s corporate records.

Ladder Capital Finance granted the Springhouse affiliate a $19 million mortgage, records show.

A shot of construction in North Miami Beach

South Florida construction booming

The first quarter of 2015 has seen an upswing in money flowing into construction contracts for South Florida, with total dollar amounts for residential and commercial contracts blowing past the previous year.

A new report from Dodge Data & Analytics stated that roughly $1.2 billion had been spent on non-residential contracts alone from January to April of this year. That’s a 46-percent increase from the same timeframe last year.

Residential contracts — though their growth was nowhere near as spectacular — saw a 19-percent jump to $1.9 billion.

On a monthly basis, however, residential construction contracts saw an 11-percent drop during April compared to the same month in 2014. Nonresidential construction on the other hand, which includes everything from commercial to government buildings, saw a 27-percent growth last month compared to 2014.

Overall, $344 million was put into nonresidential construction contracts during April. Residential contracts, which cover both single-family and multifamily projects, saw $433 million in contracts.

Fort Lauderdale condo market thriving

Fort Lauderdale, which has grown to contend with its bigger brother Miami, has seen a surge of new-construction condos, according to a report from Related ISG.

The city has seen a total of 689 developer units open for sale since 2012, with an average absorption of 470 units per year.

While its inventory is still no match for Miami’s, the difference in price per square foot is drastic: developer units in Fort Lauderdale average $920 per square foot, while Miami’s stock goes for an average of $2,400 per square foot.

That price gap has only grown since 2006, when costs for both cities were separated only by a few hundred dollars.

Fort Lauderale’s population has also grown in leaps and bounds, and is now home to 206,000 people.

Miami-Dade foreclosure rates dropping

Foreclosure rates in Miami-Dade County dropped in March, continuing the past year’s trend of declining loan delinquency, according to a report from CoreLogic.

The cities of Miami, Miami Beach and Kendall had a 4-percent foreclosure rate during March, a 3.4-percent decrease from the same month in 2014.

The number of delinquent mortgages past 90 days also fell in the county, from 13.5 percent last year to 9.2 percent in March.

This steady decline in delinquent mortgages and foreclosures has held true since at least January of 2014, with each month since then seeing a decrease.

Florida, however, still leads the nation for foreclosure rates.  — Sean Stewart-Muniz