Monthly Archives: April 2016

Tired of L.A., Eminem moving to West Palm Beach

Eminem

Is Slim Shady turning into Slim Sunny? Rap music recording artist Eminem said in a magazine interview he is relocating to West Palm Beach from Los Angeles because he is “tired of the L.A. lifestyle” and smitten by West Palm.

“I feel like, at this point in my life, I’d rather just live in a place full of real, genuine people. I’ve been to West Palm Beach, Florida, a couple of times over the years and the people there are real,” Eminem, also known by his alter ego Slim Shady, said in the interview. He went on to say that people in West Palm Beach “are good, decent people, and they care about their community. Those are the things I find most important in deciding where to live.” Eminem also said he was not moving to Florida to retire: “I’m not retiring, I’m just looking for a change in life and I think I’ve found that in West Palm Beach.” [NewsDaily27.com] — Mike Seemuth

Source:: The Real Deal

World’s largest co-living tower opens in London

A rendering via The Collective

From the New York website: New Yorkers like to co-work, but in London, people apparently love to co-live.Next week, west London’s Old Oak opens to residents. It’s a brand new 550-unit co-living tower – the largest of its kind anywhere in the world, according to Curbed.

Rising 11 stories, the mixed-use development, designed by PLP Architecture and developed by The Collective, will include shared kitchens and furnished en-suite bedrooms. It is also packed with amenities including a gym, roof terrace, spa, movie room, library and game room.

The building will also include a public restaurant and a co-working space.

And despite the dorm-room style accomodations, the rent is steep. Asking rents range from £225 to £270 (roughly $329 to $400) a week. However, that does include taxes, Internet, bi-monthly room cleaning and linen service and utilities.

gScreen-Shot-2016-04-30-at-10.18

Screen-Shot-2016-04-30-at-10.18[Curbed] –Christopher Cameron

Source:: The Real Deal

Strategic Storage in deal for 4th Broward location

Strategic Storage’s location in Davie

A private real estate investment trust struck a deal to acquire a newly built self-storage center in Pembroke Pines, which would be its fourth one in Broward County.

Strategic Storage Growth Trust Inc. entered into a contract with an unidentified developer to build a two- and three-story self-storage center with 880 units and 82,000 net rentable square feet. The development site is a three-acre tract at the corner of Pines Boulevard and Southwest 186 Avenue.

Ladera Ranch, California-based Strategic Storage expects construction to commence in May and conclude in the first quarter or second quarter of 2017. The company would acquire the Pembroke Pines property upon issuance of a certificate of occupancy.

“Our firm has a mandate to acquire $300-plus million in certificate of occupancy deals located throughout the United States and Toronto, Canada,” said H. Michael Schwartz, chairman and CEO of Strategic Storage, said in a press release.

SmartStop Asset Management LLC is the sponsor of Strategic Storage. On its website, Strategic Storage lists 10 self-storage centers in Florida including three Broward County locations in Davie, Fort Lauderdale and Weston.

Source:: The Real Deal

LeBron’s realty agent set to score off turnovers

5745 SW 94 Street, Pinecrest (Credit: Redfin)

Tomi Rose of Opulence International Realty, who helped basketball star LeBron James sell his Miami home, will try to score off listing turnovers by two franchise brokerage firms.

Rose, senior vice president of the sports and entertainment division of Opulence, picked up the listing for a newly built 15,000-square-foot, two-story estate in Pinecrest.

The listing for the home at 5745 SW 94th Street previously was held by One Sotheby’s International and Coldwell Banker’s The Jills.

The nine-bedroom, 10-bathroom home has a Balinese architectural style and occupies a two-acre lot.

Acclaimed architect and builder Frank Mendez designed the new Pinecrest home. Mendez is founder and chief executive officer of Pioneer Inter-Development Inc., which has built more than 100 luxury homes in Pinecrest.

Rose represented James, the Cleveland Cavaliers basketball player and former Miami Heat player, in the 2015 sale of his home at 3590 Crystal View Court in Coconut Grove for $13.4 million, $1.6 million below the asking price.

Source:: The Real Deal

Palm Beach home listed near $16M under contract

534 Island Drive, Palm Beach (Credit: Golden Bear Realty)

A potential buyer signed a contract to buy a Palm Beach home on Everglades Island, listed for sale in late January with an asking price just under $16 million.

At that asking price, the deal would be the most expensive among 15 currently pending sales of single-family homes in Palm Beach, according to Multiple Listing Service information.

Harold and Lorrainea Corrigan listed the four-bedroom home with a Colonial architectural style.

The Palm Beach Daily News also reported that the Corrigans renovated the 8,674-square-foot home after buying it for $3.85 million in 2000.

The home was built in 1961 on a half acre with 151 feet of waterfront.

Chistopher Dietz, an agent of the Fite Group, holds the listing for the property at 534 Island Drive.

Pam and Brad Miller, agents of the Corcoran Group, represent the unidentified potential buyer. [Palm Beach Daily News] — Mike Seemuth

Source:: The Real Deal

The Wrap: Miami may spend $4.5 million to clean contaminated Douglas Park, explore downtown Miami at night by drone…and more

Douglas Park

1. Miami may spend $4.5 million to clean contaminated Douglas Park [Miami Today]
2. Explore downtown Miami at night by drone [Curbed Miami]
3. End of season is still a busy time for Palm Beach real estate [Palm Beach Post]
4. U.S. Homeownership rate falls again, nearing a 48-year low [Wall Street Journal]

Sean Stewart-Muniz

Source:: The Real Deal

Out with downward dog, in with a punch: Title Boxing Club opening in Sunset Harbour

1827 Purdy Avenue

Title Boxing Club is opening its first Miami-Dade location in Sunset Harbour, in the space currently occupied by greenmonkey yoga, as it joins a plethora of boutique fitness spots in the hot Miami Beach neighborhood.

Greenmonkey, in turn, is moving to a brand new building in Sunset Harbour, 1800 Bay Road, Jonathan Carter, senior director of retail leasing for Comras Company told The Real Deal.

Title Boxing is leasing 3,200 square feet at 1827 Purdy Avenue, a standalone retail site owned by Greenstreet Partners. CBRE’s Patxi Diaz and Zach Winkler represented Title Boxing in the deal. Comras‘ Carter represented the landlord. He said he expects the boxing center to open in several months.

Greenstreet Partners is also the owner of 1800 Bay Road, a new building that will be completed next month. Greenmonkey will expand its space there, occupying the entire second story or about 3,500 square feet, Carter said.

1800 Bay Road 2016

Rendering of 1800 Bay Road

Dr Smood, a cafe specializing in organic food and drinks — with locations in Wynwood and South Miami — and What Goes Around Comes Around, a New York-based upscale consignment shop, will each lease ground floor space in the 1800 Bay Road building, Carter told TRD. He declined to disclose the leasing terms for any of the tenants.

Title Boxing Club will offer boxing and kickboxing-inspired workouts that it says can burn up to 1,000 calories an hour. In South Florida, the company currently has franchises in Hallandale Beach, Fort Lauderdale and Palm Beach Gardens, according to its website. Title Boxing says it has more than 500 clubs under development nationwide and in Mexico.

Sunset Harbour has evolved as a fitness-centric hub, with such boutique centers as Barry’s Bootcamp, FlyBarre and Flywheel, as well as greenmonkey. The neighborhood is also home to Anatomy at 1220, a fitness center and spa.

“It’s becoming the premier destination for boutique gyms for all of Miami-Dade County,” Carter said. “It’s become the area where Mom gets used to hanging out, and that is the magic of it.”

Source:: The Real Deal

Bye-bye, Brazil? Colombians lead property searches in Miami during February

NASA satellite view and the Colombian flag

For the third month in a row, Colombians beat out Brazil for the biggest interest in Miami real estate, according to a new report.

The Miami Association of Realtors released its monthly web search report Friday, which ranks countries based on how many property searches each nation makes using the association’s website.

The report found that in February, more Miami property searches originated from Colombia than any other foreign country. February marked the third month in a row that Colombia topped Brazil, which had previously held the No. 1 spot for 15 consecutive months.

Now, even Venezuela is showing more interest in Miami real estate than Brazil, leap-frogging the country to the No. 2 position.

Venezualans actually had the highest share of home purchases out of any foreign country last year, making up roughly 13 percent of the market’s transactions. The country was followed closely by its neighbor Brazil with a 12 percent market share, with Colombia and Argentina tied in third place with 10 percent.

According to the association’s report, home buyers from Colombia are typically upper-middle-class, as their average purchase price worked out to about $516,000 per property.

On the other side of the world, searches from the United Kingdom are slowly growing: the country rose to the No. 7 spot in February, up from No. 8 the month before.

“Despite the strength of the U.S. dollar, international home buyers continue to search, buy and invest in Miami real estate,” Mark Sadek, the association’s 2016 chairman of the board, wrote in the report.

Here’s a list of the top 10 countries for February:
1. Colombia
2. Venezuela
3. Brazil
4. Argentina
5. Philippines
6. Canada
7. United Kingdom
8. India
9. Mexico
10. France

Source:: The Real Deal

Fannie Mae gives “transactors” credit for good behavior

(Credit: Investopedia)

Are you a “transactor” or a “revolver” when it comes to your credit? Terms like these never have mattered much to home buyers seeking a mortgage. You’ve probably never heard of them. Yet they are about to become more important to millions of mortgage seekers, and could even help determine whether you qualify for a mortgage in the first place.

A transactor is someone who pays off credit bills in full every month or makes more than the minimum required payment. A revolver is the opposite: Someone who routinely makes the minimum payment on credit cards and other debts, rolling balances over to the next month.

Credit industry statistical research suggests that, all other factors being equal, revolvers tend to present higher risks of future default to lenders, especially when they are accumulating substantial unpaid balances. Transactors tend to be lower risk.

But up until now, mortgage lenders and investors had difficulty distinguishing revolvers from transactors. Credit reports told them whether you as an applicant were late on card payments, whether you defaulted on your car loan, but didn’t tell them what you paid on your balances month by month over extended periods of time. They didn’t reach back to show distinctive patterns and trends in your money management: Did you roll large monthly balances on three credit cards during the last six months of 2015? Are you a rate surfer, transferring balances from one account to another, always making minimum or no payments? Up until recently, traditional credit reports used in the mortgage arena weren’t able to answer questions like these. Now they will.

Fannie Mae, a dominant player in the mortgage market, will soon begin evaluating how all loan applicants have managed their credit over the previous two years — how much they owed in revolving debt each month, the minimum payment allowed on each debt, and how much they actually paid. Mortgage credit reports acceptable to Fannie will need to include “trended credit data” like this on every applicant.

As a general rule, according to Eric Rosenblatt, Fannie’s vice president of credit risk analysis and modeling, the new system will “benefit borrowers who regularly pay off revolving debt” and should “provide more creditworthy borrowers access to mortgage credit.” That’s a big deal.

Starting June 25, the new reach-back data will become an integral part of Fannie’s automated underwriting — an online system that is used by the vast majority of mortgage lenders to determine whether applicants are eligible for the loan they’re seeking. Two of the three national credit bureaus — Equifax and TransUnion — will supply two years worth of continuous, month-by-month data on the credit management patterns of millions of mortgage applicants.

This should prove especially important for consumers who might not qualify for a mortgage because their credit reports contain too little information to generate a credit score. Many of these would-be purchasers are first-timers — millennials just starting out on their careers. Others are individuals who simply do not make much use of credit but now need a mortgage.

TransUnion conducted a study of “unscorables” and found that by adding credit usage data into their reports, 26 million thin-file or unscorable consumers could generate credit scores and that nearly three million of these consumers could be classified as “prime” or “super prime” credit risks — possibly qualifying them for reduced interest rates from lenders, according to Joe Mellman, TransUnion’s vice president and mortgage business leader.

Fannie Mae’s use of the new credit report data will not affect anyone’s FICO credit score, but it will open the door for applicants who look marginal or unqualified yet demonstrate responsible credit management habits over time. They may not have vast amounts of credit available to them, but they pay off or limit their balances.

Experts in the credit industry consider the upcoming move by Fannie Mae to be a major advance in fairer credit. Terry Clemans, executive director of the National Consumer Reporting Association, says it amounts to “the biggest change to the mortgage credit report in nearly a quarter of a century.” Freddie Mac, the other big mortgage investor, is “evaluating” whether to adopt a similar approach, according to a spokesman.

Bottom line for you: Be aware that how you manage your credit could now become a key determinant of whether you get a mortgage. Transactors will reap the benefits; revolvers playing games with credit cards will get more scrutiny.

Source:: The Real Deal

As condo market cools, CRE heats up in Miami’s urban core: panel

From left to right: Moderator and Downtown Development Authority Executive Director Alyce Robertson, Tony Cho, Raymond Fort, Andrew Frey and Jon Paul Perez.

Miami’s urban core markets generated $1.2 billion in retail property sales last year, with more than half of the total occurring in Brickell, downtown and Wynwood, according to a recent commercial real estate report prepared for the Commercial Industrial Association of South Florida.

The findings were made public Friday during a panel discussion sponsored by the association that featured Tony Cho of Metro 1, Raymond Fort of Arquitectonica, Andrew Frey of Tecela, and Jon Paul Perez of the Related Group.

On the leasing side, the Biscayne Boulevard corridor, Brickell, downtown Miami, the Design District, Midtown, MiMo, Little River and Wynwood accounted for a combined 10 million square feet of leased space. Vacancy rates range from as low as less than 2 percent in Brickell to 12 percent in the Design District.

Miami’s urban centers will continue to experience rapid growth in the commercial retail sector in 2016 as the market for luxury condo sales slows down, the panelists told audience members huddled inside an unfinished office suite at Three Brickell City Centre.

“There is going to be a slowdown and a correction in ultra high luxury,” Metro 1 founder and CEO Cho said. “I think we will see a shift in type of projects [getting built]. I see more infill, mixed use projects catering to millennials.”

Frey, Tecela’s principal, echoed Cho. “With waterfront luxury high-rise condos, there is going to be an oversupply and there is going to be a decline in value,” Frey said. “I don’t think that is any real surprise to anyone. That is separate from the rest of the real estate industry, including multifamily, retail and office. I think [those sectors] seem to be doing pretty well.”

The panelists specifically singled out the ongoing transformation of Wynwood, which has morphed from an artist-driven warehouse community into a thriving, hip retail and office neighborhood over the last decade. With the new zoning overlay that was approved for Wynwood last year by the city commission, the neighborhood is poised for even more growth once developers in the area complete new residential buildings.

“I most recently fell in love with Wynwood,” said Perez, a Related vice president. “I didn’t understand it until about a year ago. You get this real sense of a new neighborhood that is truly transforming and changing.”

Frey said the new zoning overlay is good because Wynwood developers can now build projects with more density. “You will have actual residents, locals and repeat customers that live in the neighborhood,” he said. “With the new rezoning, you have opened a fantastic development opportunity there.”

According to the association’s market report, Wynwood experienced $165 million in retail property sales volume in 2015 and the vacancy rate is right at 6 percent. The average lease price for retail space is just above $80 per square foot.

Source:: The Real Deal