SOUTH FLORIDA NEWS - September, 2024

Top U.S. Cities for Real Estate Investments: Florida dominates the charts

Real estate investors looking for profitable markets in 2024 are focusing heavily on the South, with Florida, North Carolina, and Texas leading the charge. According to a new report by Agent Advice, which ranks markets based on factors like home price growth, population trends, and personal income growth, these states dominate the top 10 spots. Whether you're a seasoned investor or new to the game, here’s a breakdown of why these regions are ripe for opportunity—and what risks might still linger.

The South Takes the Lead in Real Estate Investment

The findings from Agent Advice show that the South continues to be a powerhouse for real estate investment. Florida alone boasts four of the top 10 markets, while North Carolina and Texas each claim two…

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West Palm Beach's Antique Row shaken with Costly Repairs and Owner Discord

Once heralded as a beacon of the real estate rebound in 2014, The Villas on Antique Row, a luxury townhome community in West Palm Beach, is now facing a much different reality. Nearly a decade after its debut, residents of the three-story townhomes along South Dixie Highway are grappling with a proposed $12.6 million in repairs, sparking discord within the community.

Homeowners are facing the possibility of a massive financial hit, with a worst-case scenario predicting an assessment of up to $221,000 per unit to cover the needed repairs. The costly estimate has left some owners questioning the necessity and fairness of the across-the-board fee, particularly as not all units appear to have the same level of damage.

Structural Concerns and a…

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What the Sale of Shops at Midtown Miami Means for Future Developments

The Shops at Midtown Miami, one of the most bustling shopping centers in the city, has changed hands in a major deal. Site Centers Corp. (NYSE: SITC) sold the 347,740-square-foot retail center, located at 3401 N. Miami Ave., to Benderson Development. This high-profile transaction, though the price remains undisclosed, signals significant movement in Miami’s commercial real estate sector.

With JLL Capital Markets brokering the deal, this sale has piqued interest across the business community. In this blog, we’ll explore the sale’s implications for the local economy, why Midtown Miami remains a prime retail destination, and what it means for future developments.

Why This Sale is Important for Miami’s Retail Scene

The Shops at Midtown Miami isn’t…

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The Messi Effect: Boosting Soccer, Real Estate, and Business in Miami

It’s hard to talk about Inter Miami these days without mentioning Lionel Messi. The soccer legend’s arrival has completely transformed the team, MLS, and even the real estate market in South Florida. If you’re a real estate agent, or just interested in the property market, Messi’s impact on Inter Miami and the entire sports landscape offers a fascinating look at how a superstar can drive growth in unexpected ways.

When billionaire Jorge Mas, his brother Jose, and David Beckham brought Messi to Inter Miami in 2023, it was a bold move for a team that had been struggling. Fast forward a little over a year, and we’re seeing the ripple effects of that decision. Inter Miami has become the most popular American sports team on social media, and its revenue has…

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How Could Hurricane Helene Impact Florida's Home Insurance?

As Hurricane Helene approaches Florida, many homeowners are concerned about the potential damage and its impact on the state’s already fragile property insurance market. With experts predicting strong winds and storm surges, even if Helene stays offshore, Florida's home insurance industry faces significant risks. This blog explores the implications of this storm on home insurance, particularly in areas like Tampa Bay, and what residents should expect.

Florida's Home Insurance Industry Braces for Impact

The Florida home insurance industry has been in a precarious position for some time, with high premiums, company exits, and the financial strain caused by previous hurricanes, most notably Hurricane Ian in 2022. Mark Friedlander, an expert from…

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City of Boca Raton Approves Glass House Project, A New Intimate Luxury Development

The City of Boca Raton has given the green light for the development of Glass House Boca Raton, a 9-story luxury residential building, marking the first modern glass structure in downtown Boca Raton. Approved on August 26, 2024, this exclusive project is set to be completed by the fourth quarter of 2026. Located at 280 E Palmetto Park Road, the development will offer a blend of upscale living and cutting-edge design, with a total of 28 luxury residences and rooftop amenities.

Sales Launched and Groundbreaking Scheduled 

Sales for the Glass House Boca Raton residences began in February 2024, with groundbreaking expected to take place in Q1 2025. Designed by an expert team that includes renowned architecture firm Garcia Stromberg, celebrity…

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Billy Joel Finds Buyer for Massive Florida Estate

After years of trying to sell his enormous Florida estate, it looks like Billy Joel, the legendary "Piano Man," is finally set to part ways with his luxury property in Manalapan. The estate, located at 1110 S Ocean Blvd., has a pending offer after Joel slashed nearly $15 million from its asking price.

Joel, a six-time Grammy Award-winning singer and songwriter, originally purchased the Mediterranean-style compound in 2015 for $22.1 million, according to property records. In 2018, he listed the 13,349-square-foot estate for $31.9 million but found no buyers. The home was taken off the market, only to reappear in 2022 with a much higher price tag—$64.9 million.

Over time, Joel gradually reduced the asking price, most recently listing it for $49.9…

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Who gets first priority to live in this new West Palm Beach building

Finding affordable housing has been a challenge for many in West Palm Beach as housing costs continue to rise. However, a new development in the city is set to offer much-needed relief for local workers, with 117 units earmarked for workforce and affordable housing at The Spruce in Northwood Village.

The Spruce Development: A Blend of Housing and Retail

Located between 24th and 25th streets on Spruce Avenue, The Spruce is a mixed-use development currently under construction. In addition to housing, the project will feature ground-floor commercial space and a parking garage topped by a rooftop pool offering views of the ocean and downtown West Palm Beach. Of the 270 units planned, 109 will be designated as workforce housing, while 8 units will be set…

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Riviera Beach board advances $500 million mixed development project

The Riviera Beach Community Redevelopment Agency (CRA) has advanced the $500 million Oculina project, a towering 25-story mixed-use development, after a unanimous board vote to send it to City Council for approval. Since CRA members are on the City Council as well, Oculina’s likely to receive the green light to start construction. The project will replace an abandoned grocery store with 399 residential units, 9,680 square feet of retail space, 17,120 square feet of restaurant space, and 11,000 square feet of office space.

"This project will establish a new, high-quality development standard in the Broadway corridor," said Scott Evans, Director of Planning and Development for the CRA. Oculina is strategically located in an area city officials have…

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West Palm Beach’s Historic District Faces New Wave of Waterfront Development

The historic Northwood Harbor district in West Palm Beach, a community over a century old, is experiencing a surge in waterfront development, sparking both excitement and concern. Once overlooked, this neighborhood along North Flagler Drive has caught the attention of developers eager to capitalize on the growing demand for luxury living, especially following the pandemic’s shift in buyer preferences.

The Rise of New Developments

Within the past year, numerous high-rise luxury condominium proposals have emerged for an eight-block stretch adjacent to Northwood Harbor. Construction has already begun on the 22-story Alba Palm Beach condominium, and adjacent plots are now being eyed for further development.

Alba Reserve, a new luxury project…

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