SOUTH FLORIDA NEWS - January, 2025

What Is a Buyer's Broker Agreement and Why It Matters

Understanding a Buyer’s Broker Agreement

A Buyer's Broker Agreement is a formal contract between a prospective homebuyer and a real estate broker. This agreement outlines the responsibilities and obligations of both parties during the home-buying process. By signing this contract, you agree to work exclusively with the broker to find and purchase a property. Larry Mastropieri, Broker and Owner of The Mastropieri Group, describes a Buyer’s Broker Agreement as “a formal way to establish trust and commitment between a buyer and their agent.”

Key Components of the Agreement

Broker's Responsibilities: The broker agrees to assist you in finding appropriate properties, providing market information, drafting and submitting purchase offers, and advising…

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Penn-Florida Files Bankruptcy to Halt Via Mizner Foreclosure in Boca Raton

The most recognizable name in Boca Raton real estate, Penn-Florida Companies, has filed Chapter 11 bankruptcy on its 101 Via Mizner apartment building to evade a foreclosure auction slated for $145 million on the same day. It was a tactical move made on January 16, 2025.  Below is an overview of the situation and what it means to the real estate market in Boca Raton.

Background on Penn-Florida and Via Mizner

Overview of Penn-Florida Companies

From the time of its founding in 1987 until today, Penn-Florida Companies has grown into one of South Florida's largest developers of luxury properties. From 6 million square feet in its portfolio to another 2 million square feet in development, the projects from the firm dot the landscape of the region.…

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Discover Boca Villa Apartments in Boca Raton, FL

Boca Villa Apartments is the epitome of Boca Raton living. Luxury, convenience, and leisure, all come into play here at Boca Villa Apartments in Boca Raton, Florida. Whether looking for residence near work or wanting to enjoy a laid back home, Boca Villa Apartments will help in fulfilling that demand for real estate in Boca Raton. From comfort to class, this neighborhood offers all ways to live a desirable life.

Property Highlights

Brand-New Apartments

53 newly constructed apartments across five gorgeous buildings, totaling 120,519 square feet.

Spacious layouts include:

• 27 two-bedroom, two-bath apartments (1,113 sq. ft.).

• 4 extra large two-bedroom, two-bath apartments (1,247-1,392 sq. ft.).

• 22 three-bedroom,…

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Camino Square Boca Raton: Retail Plans Shift to 400 New Apartments in Phase 2

Initial Plans for Retail and Mixed-Use Development

The Camino Square development in downtown Boca Raton was supposed to be a mixed-use project targeted at redeveloping the area. The first phase of the project involved the demolition of a Winn-Dixie-anchored retail center in order to make way for a modern complex with 350 apartments across two eight-story buildings. Retail space was the original focus of the project, with the second phase approval given for over 37,000 square feet of retail use. However, market conditions since the application and approval process have shifted this focus.

Location and Significance of the Project

Located at 171 West Camino Real, the Camino Square sits on one of the most prime 9.1-acre sites in the heart of…

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Why South Florida Condo Prices Could Drop by 40%

After years of soaring property values, South Florida’s condo market may face a significant shift. Analysts predict prices could fall by as much as 40%, creating challenges for sellers but potential opportunities for buyers. What’s driving this anticipated change? Let’s take a closer look.

Overview of the South Florida Condo Market

Pandemic-Driven Price Increases

In its wake, the pandemic triggered a real estate boom in South Florida. High-income households moved to the region, snapping up waterfront condos to beat restrictions in other states. The surge drove prices to peak at $379 per square foot in 2024, compared to pre-pandemic levels.

Current Market Trends

However, it lost steam. Sales of condos and townhouses retreated 19.6% on a…

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Steve Ross Trades New York for West Palm Beach Real Estate Dreams

Steve Ross, the billionaire developer behind iconic projects in the U.S., has turned his attention to West Palm Beach. At 84, Ross isn’t slowing down. Instead, he’s diving into a bold vision to transform this South Florida city into a thriving hub of commerce, culture, and innovation.

From New York to West Palm Beach: A Visionary’s Journey

Steve Ross’s Early Years and Connection to Florida

Steve Ross’s roots in Florida go back decades. Raised in Miami Beach, he’s always had ties to the Sunshine State. During the pandemic, his Palm Beach estate, The Reef, became a retreat. This move rekindled his connection to Florida and inspired his next chapter.

A Pandemic Move That Sparked Change

In 2021, Ross made Palm Beach his permanent home. Many…

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Best Beaches in South Florida: A Guide to the Top Coastal Spots

South Florida hosts some of the best beaches in the world. Want a quiet family spot? The action of thrilling water activities? A beach that buzzes with nightlife? You get them all here. The challenge, of course, is which one to go to first. This guide highlights the best beaches in South Florida and other top spots, categorized by their unique appeal to help you plan your perfect coastal getaway.

Best Beaches for Families

Boynton Beach Oceanfront Park

Boynton Beach Oceanfront Park is a real family draw, with so many amenities. Take in the canopy-covered walkways, enjoy the hardwood boardwalk, or have something to eat in the café. If you need to stay out of the sun, there are umbrella rentals available. You can surf and skimboard on the…

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