South Florida resi sales fell in Q1: Elliman

Miami skyline (Credit: iStock)

Residential sales volume declined in a number of South Florida markets during the first quarter, according to the latest Douglas Elliman reports.

Jonathan Miller, who authored the reports, said market conditions are generally improving, but decreases in sales are sending mixed messages.

Miami Beach and barrier islands

Miami Beach, which in previous quarters has been saddled with an oversupply of inventory, was among the stronger areas. Unlike other markets that Elliman tracks, the median price for luxury condos in Miami Beach rose, and inventory fell. “The decline in supply probably has more to do with [condo] developers managing inventory,” Miller said. “We’ve seen it level off and we’ve seen a little bit of tightening but there’s still a ways to go.”

Still, the volume of residential sales dipped in Miami Beach and the barrier islands during the first quarter. The number of sales totaled 772, down 2 percent from the previous year, while the median sales price increased 2.3 percent to $440,000.

Single-family home sales remained flat in the first quarter, at 81 closings. Condo sales fell 2.3 percent to 691. Pricing held steady for condos, which reported a median sales price of $380,000 in the first quarter, but skyrocketed for single-family homes — up nearly 18 percent to a median price of $1.65 million.

Condos sat on the market for much longer than they did in the first quarter of last year, up 76.5 percent to 143 days. Single-family houses lingered for 171 days, an increase of a whopping 144 percent from the same period last year.

The area of the barrier islands includes Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, North Bay Village, North Beach, Key Biscayne and Fisher Island.

Coastal Miami mainland

Sales volume fell 7.5 percent to 3,104 on the coastal Miami mainland, which covers Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay. Condo sales dropped by 4.6 percent to 1,580, while single-family home sales tumbled by 10.3 percent to 1,524 closings.

The Coral Gables condo market and the Palmetto Bay single-family market were the only markets on the coastal mainland to experience a positive quarter, with sales increasing 10.5 percent to 63 closings, and 24.4 percent to 56, respectively.

The median sales price in Miami was $249,000 for condos – up 4 percent year-over-year – and $375,000 for houses, an increase of 2.7 percent.

The condo inventory grew to 8,276, up 4.1 percent from the same period last year. The inventory of single-family homes grew by 13.2 percent to 3,971, according to Elliman.

Fort Lauderdale

Residential sales volume declined by 13 percent in the first quarter in Fort Lauderdale, down to 878 closings. Condo sales decreased to 507 closings, down 8.8 percent; while single-family home sales tumbled to 371 – an 18.3 percent decline.

The median price of a condo was $295,000, down 9 percent year-over-year. For a house, it reached $385,000, up 5.7 percent.

Condo inventory grew slightly (2.1 percent) to 1,584; and the single-family home inventory was 1,102, up 6.6 percent.

Palm Beach

In Palm Beach, sales volume fell 8.8 percent to 104 – a difference of 10 units compared to the first quarter of last year. Condo sales rose nearly 5 percent to 85 closings, and single-family home sales plummeted to 19, down 42.4 percent. It was the lowest level in seven years, according to Elliman.

The median price in Palm Beach for a house was $4.2 million, up 5 percent from last year, and $599,000 for a condo, roughly on par with the median condo price last year.

Boca Raton

Home and condo sales volume fell in Boca Raton during the first quarter to 1,083, an 8.4 percent drop year-over-year. Single-family home sales dropped 10.5 percent to 486; and condo sales decreased by 6.6 percent to 597.

The median sales price for a condo was up only 1.2 percent to $270,500. The median sales price of a single-family house was $450,000, an increase of 4.7 percent from the previous year, but flat from the fourth quarter of 2018.

from The Real Deal Miami https://therealdeal.com/miami/2019/04/18/south-florida-resi-sales-fell-in-q1-elliman/
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Lennar scores construction loan for Plantation apartments

Stuart Miller and a rendering of a Lennar Apartment

An affiliate of Lennar Corp. scored a $41.3 million construction loan to build a new apartment complex in Plantation near the former American Express building.

The Miami-based homebuilder secured the loan from SunTrust Bank to build the apartments on a 194,372-square-foot parking lot on American Express Way. The development can have up to 279 units, according to property records.

Lennar bought the site in 2017 for $6.3 million, records show. Down the road, Coconut Grove-based TM Real Estate Group plans to develop a mixed-use project on the site of a 1970s office building that housed American Express. It will feature 598 residential units, in addition to retail space.

Lennar became the country’s largest homebuilder after acquiring CalAtlantic in a deal worth about $9 billion in February 2018.

The company has grown its multifamily division in recent years as millennials have shifted toward renting instead of buying homes. In Miami’s Wynwood neighborhood, Lennar is planning to build an 11-story, 189-unit apartment building as part of a development called Wynwood Green.

Lennar’s multifamily division generated $97 million in revenue in the first quarter of 2019. That was about 2.5 percent of the company’s total revenue in its most recent quarter.

from The Real Deal Miami https://therealdeal.com/miami/2019/04/02/lennar-scores-construction-loan-for-plantation-apartments/
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Movers & Shakers: Clemente Sanchez joins Brown Harris Stevens & more

From left: Phil Gutman and Clemente Sanchez

Brown Harris Stevens Miami brought on Clemente Sanchez, a top producer in the South-of-Fifth neighborhood of Miami Beach.

Sanchez, who closed $12 million in sales volume in 2017 and $14 million in 2018, was previously with South Pointe Drive Realty. Sanchez has closed deals totaling more than $100 million in sales volume, according to a press release. Brown Harris Stevens recently expanded in Miami Beach with agents Carlos Siguientes, Cathy Zemsky, Larisa Maslykinas and Andrea Schaefer.

Kurz Real Estate is growing – again. Gratitude Realty in Fort Lauderdale merged into the Coconut Grove-based brokerage. Daniel Ares, former owner of Gratitude Realty, is now a partner and managing broker of Kurz Real Estate.

Kurz, based in Coconut Grove, partnered with Golden Acre Real Estate in February, doubling Kurz’s agent count. Gratitude Realty, a boutique firm, brought five agents to Kurz and another four will be joining soon, owner David Kurz said. The Fort Lauderdale office closed about $20 million in sales and manages more than 100 properties. It will serve as Kurz’s property management headquarters.

Atlantic | Pacific Companies promoted Krista Rojas to director of regional operations in Florida. Rojas was previously a regional manager and has been with the company since 1999. Most recently, she was responsible for the leasing of The Atlantic Doral. A|P also promoted Shanon Pereira to director of marketing. Pereira, also previously a regional manager, joined A|P in 2004 and has managed more than 1,400 units in South Florida.

KW Property Management & Consulting hired Rick Dingle as a regional manager based in Miami. He was previously chief operating officer of a Fort Lauderdale-based parking management company.

from The Real Deal Miami https://therealdeal.com/miami/2019/04/01/movers-shakers-clemente-sanchez-joins-brown-harris-stevens-more/
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Arbor Coconut Grove nabs construction loan

Rendering of Arbor Coconut Grove

UPDATED, March 22, 3:10 p.m.: The developers of the Arbor Coconut Grove, a boutique luxury condo project, closed a nearly $21 million loan to complete construction.

Property records show 3034 Oak Park LLC closed on the $20.7 million in financing, which adds to a $2.3 million bridge loan from 2017. Trez Forman Capital is the lender. Trez Forman President and CEO Brett Forman arranged the financing, according to a press release.

Urban Atlantic Group, led by Nick Hamann, and Oak Ventures, led by Jeremy Waks, launched sales for the Arbor about two years ago with Douglas Elliman. The 48-unit building will be located behind CocoWalk.

The Arbor is being designed by Behar Font Architects and will include units ranging from 1,474 square feet to 2,257 square feet. The five-story building will have four penthouses with private balconies and two-story duplex units, in addition to condos. Amenities will range from a courtyard deck with a pool and grilling areas to a rooftop courtyard with yoga.

Units start at nearly $800,000.

Property records show 3034 Oak Park LLC paid $5.25 million for the 36,600-square-foot lot at 3034 Oak Avenue in May 2015.

Recently completed projects in the neighborhood include Terra’s Grove at Grand Bay and portions of Park Grove, which the Related Group is building with Terra. CocoWalk is also under construction, as is a new Mr. C hotel being developed by the Fort Brescia and Cipriani families.

from The Real Deal Miami https://therealdeal.com/miami/2019/03/22/arbor-coconut-grove-nabs-construction-loan/
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Arbor Coconut Grove nabs construction loan

Rendering of Arbor Coconut Grove

UPDATED, March 22, 3:10 p.m.: The developers of the Arbor Coconut Grove, a boutique luxury condo project, closed a nearly $21 million loan to complete construction.

Property records show 3034 Oak Park LLC closed on the $20.7 million in financing, which adds to a $2.3 million bridge loan from 2017. Trez Forman Capital is the lender. Trez Forman President and CEO Brett Forman arranged the financing, according to a press release.

Urban Atlantic Group, led by Nick Hamann, and Oak Ventures, led by Jeremy Waks, launched sales for the Arbor about two years ago with Douglas Elliman. The 48-unit building will be located behind CocoWalk.

The Arbor is being designed by Behar Font Architects and will include units ranging from 1,474 square feet to 2,257 square feet. The five-story building will have four penthouses with private balconies and two-story duplex units, in addition to condos. Amenities will range from a courtyard deck with a pool and grilling areas to a rooftop courtyard with yoga.

Units start at nearly $800,000.

Property records show 3034 Oak Park LLC paid $5.25 million for the 36,600-square-foot lot at 3034 Oak Avenue in May 2015.

Recently completed projects in the neighborhood include Terra’s Grove at Grand Bay and portions of Park Grove, which the Related Group is building with Terra. CocoWalk is also under construction, as is a new Mr. C hotel being developed by the Fort Brescia and Cipriani families.

from The Real Deal Miami https://therealdeal.com/miami/2019/03/22/arbor-coconut-grove-nabs-construction-loan/
via IFTTT

Arbor Coconut Grove nabs construction loan

Rendering of Arbor Coconut Grove

UPDATED, March 22, 3:10 p.m.: The developers of the Arbor Coconut Grove, a boutique luxury condo project, closed a nearly $21 million loan to complete construction.

Property records show 3034 Oak Park LLC closed on the $20.7 million in financing, which adds to a $2.3 million bridge loan from 2017. Trez Forman Capital is the lender. Trez Forman President and CEO Brett Forman arranged the financing, according to a press release.

Urban Atlantic Group, led by Nick Hamann, and Oak Ventures, led by Jeremy Waks, launched sales for the Arbor about two years ago with Douglas Elliman. The 48-unit building will be located behind CocoWalk.

The Arbor is being designed by Behar Font Architects and will include units ranging from 1,474 square feet to 2,257 square feet. The five-story building will have four penthouses with private balconies and two-story duplex units, in addition to condos. Amenities will range from a courtyard deck with a pool and grilling areas to a rooftop courtyard with yoga.

Units start at nearly $800,000.

Property records show 3034 Oak Park LLC paid $5.25 million for the 36,600-square-foot lot at 3034 Oak Avenue in May 2015.

Recently completed projects in the neighborhood include Terra’s Grove at Grand Bay and portions of Park Grove, which the Related Group is building with Terra. CocoWalk is also under construction, as is a new Mr. C hotel being developed by the Fort Brescia and Cipriani families.

from The Real Deal Miami https://therealdeal.com/miami/2019/03/22/arbor-coconut-grove-nabs-construction-loan/
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