Monthly Archives: March 2018

Kathie Lee Gifford asks $10.5M for Key Largo house

Kathie Lee Gifford and her Key Largo house (Credit: Taylor Hill, Getty Images/Realtor.com)

Kathie Lee Gifford, co-host of the fourth hour of the Today show on the NBC television network, listed her waterfront house in Key Largo for sale with a $10.5 million asking price.

The 11,400-square-foot house was part of the estate of her late husband Frank Gifford, who died in 2015 at age 84.

The property’s selling points include sweeping views of the Atlantic Ocean and Card Sound.

Built in 1998, the house has eight bedrooms and eight bathrooms, a gym, a private deck and an outdoor terrace.

The house comes with a fire pit, spa and swimming pool as well as a baby grand piano.

Also included in the asking price are golf carts and watercraft equipment stored in the property’s five-car garage.

Gifford, 64, may be best known for her 15-year stint with co-host Regis Philbin on the television show Live! With Regis and Kathie Lee. [GossipExtra] – Mike Seemuth

Source:: The Real Deal

City National Bank makes $80.5M construction loan for development in NE Florida

Rendering of Durbin Park development

A Miami-based bank provided an $80.5 million loan to finance construction of the first phase of a mixed-use development in northeast Florida.

City National Bank of Florida made the construction loan to Gatlin Development Co., the company behind the development in St. Johns, about 25 miles south of Jacksonville.

Walmart and Home Depot will anchor the 600,000-square-foot first phase of Durbin Park, a 1,700-acre development that would include two million square feet of retail space and more than two million square feet of office space, plus apartments and a hotel.

The Walmart store is scheduled to open in November and the Home Depot store in spring of 2019.

After Gatlin Development finishes construction of the Walmart and Home Depot stores, the company expects to complete the rest of the first phase of Durbin Park in the summer of 2019.

Jason Shapiro and Sean Harrington of Miami-based Aztec Group arranged the $80.5 million floating-rate construction loan with a three-year term on behalf of Gatlin Development, which moved its home office from Fort Lauderdale to Jacksonville in 2015. [RE Business Online] – Mike Seemuth

Source:: The Real Deal

The latest trend for luxury homes? Keeping the price tag a secret

The 10,000 square foot triplex atop the Hampshire House at 150 Central Park South (Credit: Viewpoint Studios)

Asking prices are the latest secrets in the luxury real estate market, with agents choosing to make them “available upon request’ rather than advertising them.

There are multiple reasons for employing this strategy, ranging from trying to let the market set the price to maintaining a sense of privacy or exclusivity around the property, according to the Wall Street Journal. It can also be a sign of the agent and seller disagreeing over the listing price.

Developer Arnon Katz is currently using this strategy to market his 10,000-square-foot triplex on top of Hampshire House at Central Park South. Rather than assuming what buyers would be willing to pay for it, his team decided to reach out to agents and buyers who might be interested and see what they think it is worth.

Some marketers are not big fans of the strategy, however, since websites like Trulia and Zillow will not accept unpriced listings, thus limiting the amount of people who can see that the property is on the market.

“I tell clients it’s like being half pregnant,” Bradley Nelson, senior vice president of marketing at Sotheby’s International Realty, told the Journal. “Do you want to sell your house or do you not want to sell your house? You have to decide.” [WSJ] – Eddie Small

Source:: The Real Deal

South Florida firm plans to revive 22-acre mixed-use project in Port St. Lucie

The 22-acre City Center development site in Port St. Lucie (Credit: Alan Diaz / Associated Press)

A firm based in South Florida plans to acquire 22 acres of distressed real estate in Port St. Lucie for commercial development.

Hollywood-based Biscayne Atlantic, led by principal David Garfinkle, plans to acquire the property for the development of a hotel, apartments, and spaces for restaurants and retail stores.

Garfinkle apparently has the 22-acre property at U.S. Highway 1 and Walton Road under a purchase contract.

His Hollywood-based firm plans to revive a slow-moving mixed-use development in Port St. Lucie called City Center.

Lily Zhong, a Chinese businesswoman, acquired the 22-acre City Center site in January 2015.

But 10 months later, the U.S. Securities and Exchange Commission (SEC) charged that Zhong made false and misleading statements while recruiting investors for a commercial property she claimed to be developing at the City Center site.

Zhong never built anything at the site, and the SEC has seized it, and plans to sell it.

The property’s market value is $5.5 million, according to appraiser records.

Michael Goldberg, the SEC receiver in charge of the City Center site, told Port St. Lucie Mayor Greg Oravec in a letter that he expects “to finalize the contract with Mr. Garfinkle and culminate a sale of the City Center to him … as quickly as possible.” [TCPalm.com] – Mike Seemuth

Source:: The Real Deal

Atlanta-based owner will sell the Palm Beach Post but keep its building

The Palm Beach Post building at 2175 S. Dixie Highway in West Palm Beach (Credit: Yelp)

Cox Enterprises agreed to sell the Palm Beach Post but will retain the daily newspaper’s building at Dixie Highway and Belvedere Road in West Palm Beach.

The Palm Beach County Property Appraiser reports that the newspaper’s seven-acre property at 2175 South Dixie Highway has a market value of $15.4 million.

That equals about almost a third of the $49.25 million price that Cox will get for selling the Post and its sister newspaper, the Palm Beach Daily News, to New Media Investment Group Inc.

Atlanta-based Cox, which has owned the newspapers since 1969, expects to close the sale of the Post and Daily News in May.

Gatehouse Media, a unit of publicly traded New Media Investment Group, will become the new parent company of the Post and Daily News.

Gatehouse owns 20 other Florida newspapers including dailies in Daytona Beach, Gainesville, Jacksonville, Lakeland, St. Augustine and Sarasota. [Palm Beach Post] – Mike Seemuth

Source:: The Real Deal

Carson-led HUD curtails fair housing investigations Obama administration began

Ben Carson (Credit: Wikimedia Commons)

The U.S. Department of Housing and Urban Development, led by Secretary Ben Carson, is rolling back efforts to enforce federal fair housing laws.

A New York Times investigation found that HUD’s Fair Housing and Equal Opportunity Division is pausing a handful of investigations that President Obama’s administration made a priority.

That includes an investigation into a Hesperia, California, ordinance that barred spreading group homes for parolees and former offenders across the city. Another involved accessibility for the disabled at developments by major home builders Toll Brothers and Epcon Communities.

The department also canceled a sit-down with Facebook leadership planned in late 2016, shortly after Donald Trump was elected president. The meeting had been scheduled after the department discovered that the social media giant’s advertising tools had allowed advertisers to effectively exclude certain ethnicities from seeing ads, including for housing.

The latest news comes after a memo leaked showing that HUD was removing the language “free from discrimination” from its mission statement.

Last week Carson told the Senate Banking Committee that he would suspend an Obama-era initiative that required cities and towns to create a blueprint for integrating racially divided neighborhoods, the Times reported.

HUD told the Times it was turning its focus to sexual harassment and disability-related issues, which make up 60 percent of complaints, according to a spokesperson. [NYT] – Dennis Lynch

Source:: The Real Deal

Foundry buys out partner in Sunrise office complex

Sawgrass Lake Center and Paul Ellis of Foundry Commercial (Credit: Foundry Commercial and HFF)

Orlando-based Foundry Commercial just bought out its partner in an office complex in Sunrise with American Realty Advisors for $57.4 million, property records show.

Long Wharf Real Estate Partners sold its stake in the 239,000-square-foot Sawgrass Lakes Center building at 13450 West Sunrise Boulevard and the adjacent parking garage. The property traded hands for about $240 per square foot.

Records show the Foundry-American Realty partnership financed the deal with a $43.8 million loan from Regions Bank.

The property last sold in 2014 for $45.2 million, and it hit the market in November with HFF, according to REAlert.

A spokesperson for HFF was not immediately available to comment and a representative for Foundry Commercial, previously CNL Commercial Real Estate, declined to comment.

Sawgrass Lake Center was built in 2001 on nearly 7 acres of land. It’s located across the street from the Sawgrass Mills Mall, at the southeast corner of Northwest 136th Avenue and Sunrise Boulevard.

Foundry invested $1.76 million in renovating the property, according to its website. Tenants include AT&T, Nuance Communications, First American Title, J.P. Morgan and AvMed.

Foundry and American Realty Advisors also partnered together to buy the 823,000-square-foot Miami Free Zone industrial complex in Doral for about $85.5 million last year. Earlier this year, the partnership bought a six-building business park in Doral for $22.8 million.

Source:: The Real Deal

Open to all ages: Codina to bring senior and assisted living to Downtown Doral

Rendering of Downtown Doral and Armando Codina

From pre-kindergarten to old age, Downtown Doral is now planning to offer options for people of all ages.

Codina Partners is bringing assisted and senior living to the mixed-use, master-planned community in two deals, the first with apartment developer Greystar. The Charleston, South Carolina-based firm recently paid $14 million for the 2-acre site, a piece of the White Course, from Lennar Corp. and Codina.

Greystar will build Overture Downtown Doral South, a roughly 200-unit apartment complex for residents 55 and older, Codina said. He also has a letter of intent to sell a similarly sized piece of land to an unnamed assisted living developer and operator to build an assisted living facility at Downtown Doral.

The projects are part of phase two of the community, which will also include a Baptist Health South Florida Express Care location and a school for grades six through 12. Baptist signed a 15-year lease for about 4,200 square feet and is expected to open at the shops before the end of this year.

In 2016, Codina Partners — with Jim Carr’s CC Homes — and Stuart Miller’s Lennar Corp. won the bid for the White Course in Doral, paying a total of about $96 million to acquire the golf course. Lennar and Codina split the property, which is adjacent to Downtown Doral, in half.

When it’s completed, Downtown Doral will have more than 1 million square feet of commercial space, 400,000 square feet of Class A office space and 5,000 residential units. The master-planned community will include a city hall, a charter school and Publix that are already open, town homes, single-family homes and condo towers.

Codina-Carr Homes has sold about 50 homes at Canarias, a community of 343 single-family homes and 52 townhouses next to Downtown Doral, and is planning to deliver the first houses by June, Codina said.

Source:: The Real Deal

Flip this golf course: Hoyer Homes turns a profit on greens in Deerfield Beach

Crystal Lakes Golf Club and Lennar’s Stuart Miller (Credit: crystallakegolfcourse.com and Lennar Corporation)

After settling a contentious lawsuit with its previous owner, developer Hoyer Homes just flipped the Crystal Lakes Golf Club in Deerfield Beach to Lennar Homes for $12.8 million

Just a day earlier, Hoyer had purchased the golf facility for $9.8 million from an affiliate of Cabot Properties. Earlier in the year, Hoyer filed a lawsuit against Cabot over a dispute of the contracted price. The lawsuit was settled with Hoyer paying the price Cabot demanded.

Records show an affiliate of Lennar Homes bought the 109-acre golf course at 3810 Crystal Lake Drive. Under its current development plan, Lennar can build up to 415 single-family homes and townhouses.

Lennar had also set its sights on building homes on the 212-acre Ocean Breeze Golf Club in Boca Raton, but plans fell through amid interest from the city to buy the facility and maintain it.

The Miami-based homebuilder is one of several developers buying golf courses in South Florida and converting them into single-family homes communities. Miami-based 13th Floor Homes plans to acquire the 140-acre, 18-hole Carolina Club championship golf course in Margate and transform it into a 350-unit residential community, with single family homes and townhouses.

Source:: The Real Deal

House flipping company Opendoor targeting $2B valuation

Eric Wu (Credit: Guy Kilroy via Flickr)

The house flipping company Open Door Labs Inc., which does business as Opendoor, is looking to raise at least $200 million from investors at a valuation of about $2 billion.

The money is meant to help the company expand its business to markets and metro areas across the United States, including Charlotte and San Antonio, according to the Wall Street Journal.

Opendoor offers cash to purchase homes online, then makes basic improvements to them and tries to sell them at slightly higher prices. It also helps secure mortgages and offers title insurance services. The company hopes its expansion will allow it to get more profits from its house flips.

The company bought about $1 billion of real estate last year and plans to buy between $3 and $4 billion this year.

Although some are concerned that Opendoor could falter if the housing market cools down, the company’s executives say they can spot declines in the market before others and manage risk by lowering their offer prices.

Opendoor partnered with Miami-based homebuilder Lennar Corp. earlier this year to help customers sell their old homes and move into their new ones. [WSJ] – Eddie Small

Source:: The Real Deal