SOUTH FLORIDA NEWS - Larry Mastropieri

Housing Prices continue to rise during sales slow-down in Boca Raton

The real estate market in Boca Raton and Delray Beach continues to hold strong, even as home sales show signs of slowing. The latest Elliman Report, produced by Miller Samuel Real Estate Appraisers and Consultants, reveals that while prices have dropped slightly from the first to the second quarter of 2024, homes in both areas are still commanding significant increases compared to last year.

Boca Raton: Strong Prices Despite Slight Drop

In Boca Raton, the average sales price of a single-family home dropped 6% from the first quarter to the second quarter of this year, now sitting at $1,739,413. While this is down from the first quarter's average of $1,852,708, the market remains robust with a 22.8% increase year-over-year. This time last year, the…

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What’s Killing The Great Migration and Why it Matters

The Covid-19 pandemic sparked one of the most significant relocation shifts in recent U.S. history, known as *The Great Migration*. Millions of Americans moved to new cities and states, driven by the rise of remote work, low interest rates, and a desire for more space. But today, this migration wave is rapidly slowing, leaving many wondering: Why is The Great Migration dying, and why should you care?

What Fueled The Great Migration?

At its peak, The Great Migration was driven by a perfect storm of economic factors. Remote work allowed people to leave expensive urban centers for more affordable areas. Interest rates hit historic lows, making it easier for people to buy homes. Federal stimulus checks and increased savings during lockdowns gave…

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Designs Unveiled for $495 Million Train Bridges in Fort Lauderdale’s New River

Broward County has revealed three new design concepts for two rail bridges that will span Fort Lauderdale’s New River, signaling a significant step forward for the region’s future commuter train network. Estimated to cost up to $495 million, these bridges are aimed at alleviating congestion for both freight and passenger trains, including Brightline, and are part of broader plans to expand rail service from Jupiter to Miami along the Florida East Coast (FEC) Railway tracks.

The Need for New Infrastructure

Currently, trains using the 1970s-era drawbridge, which sits just 4.5 feet above the water, cause frequent disruptions to boat traffic on the New River, a key part of Broward County's $9 billion marine industry. As the bridge closes dozens of times…

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New Contracts on the Rise in Palm Beach County: What It Means for Buyers and Sellers

The real estate market in Palm Beach County is starting to turn around, offering encouraging news for sellers. For the first time in months, the number of newly signed contracts has increased, signaling a potential shift in the market. However, with the number of new listings also on the rise, competition remains strong, making it an intriguing time for both buyers and sellers.

Homes for sale

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Palm Beach Estate Sells for $17 Million, A 65% Value Jump in Just Three Years

In a testament to the ongoing real estate boom in Palm Beach, a luxury estate on Dunbar Road has sold for $17.09 million, marking a substantial increase from its previous sale price of $10.345 million in December 2020. This $6.75 million jump, a 65% rise in value, highlights the dramatic appreciation seen in Palm Beach properties, fueled by the post-pandemic real estate frenzy.

Located at 201 Dunbar Road, this Mediterranean-style estate was initially developed on speculation by longtime restaurateur and real estate developer Franklyn P. DeMarco Jr. The 2020 sale marked the first time the property had been sold since its completion in 2019. The most recent sale, which closed on September 10, involved two trusts, with the Six S 201 Dunbar Trust…

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New Real Estate Regulations in Palm Beach County Could Complicate Selling Process

New regulations in the real estate industry are raising concerns among professionals in Palm Beach County, potentially complicating the home-buying process. Following a $418 million antitrust settlement, buyers must now sign legally binding agreements with their real estate agents before viewing homes. While the intention is to provide more clarity and fairness in transactions, some agents fear these changes may confuse buyers and complicate the selling process.

Veteran real estate agent Gary Pohrer believes the new rules could cause hesitation among homebuyers. “I think buyers will be walking into an open house, and for me to even show you the home, you’ll have to sign one of these documents,” Pohrer said. “Most people don’t want to sign things,…

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Billionaire Developer Countersues Construction Group in Legal Crossfire Over $300M One West Palm

Palm Beach billionaire Jeff Greene is firing back in a legal battle with general contractor Kast Construction, claiming the company overcharged and mismanaged the development of his $300 million One West Palm project, resulting in significant delays and added costs. The countersuit, filed on July 29, follows a June lawsuit by Kast, which alleged Greene’s company, 1370 S. Ocean, owes more than $4 million in fees for work on the unfinished twin-tower complex.

The lawsuit centers around One West Palm, a 30-story development located at 550 S. Quadrille Blvd. Initially slated for completion in 2021, the project remains unfinished six years after construction began, frustrating local business owners and residents. The mixed-use complex is set to feature 328…

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After 17 years, Luxury Hotel Palm House will reopen with multi-million dollar renovations

Known as the Heart of Palm Beach when it was open many years ago, this multi-million-dollar luxury hotel has been abandoned longer than it was ever open to the public. The hotel's introduction to Palm Beach faced turbulence after its owner, Robert V. Matthews, was sentenced to 65 months in prison for fraud and money laundering. As of today, the property has been closed to the public for nearly two decades. Very little was known about its future until recently.

Thanks to a recent statement issued by Iconic Luxury Hotels, a company affiliated with the hotel brand, the highly anticipated reopening of the Palm House in Palm Beach is officially set for November. The building, located on Royal Palm Way, will become the first U.S. property in the portfolio of…

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Why Abstract Artists Are Defending The Listing Price Of This West Palm Beach Home

A striking West Palm Beach home, painted in bold black and white swirls, circles, and diamond patterns, is now on the market for $725,000, a 178% increase from $260,000 in 2019. Located just south of the city’s bustling downtown, the 1,340-square-foot house has captured attention with its unique artistic design and modern finishes.

The house, built in 1940, has served as a short-term rental since Gene Maltsev, a New York-based real estate agent and modern art enthusiast, purchased it in 2019. Wanting to make the property stand out, Maltsev chose not to go with the traditional neutral exterior and instead sought out intuitive abstract artist Annissa Zak to transform the house into a living art piece, now known as The Black and White House. Inspired by…

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$259M Loan Fuels Ritz-Carlton Residences as Broward Joins South Florida’s Luxury Real Estate Race

For years, South Florida's luxury condo market has been dominated by Miami and Palm Beach, attracting wealthy buyers from across the U.S., especially the Northeast. But now, Broward County, positioned between its two high-end neighbors, is catching up in the luxury development race.

A surge of high-end condo projects is underway across Broward’s coastal towns, from Pompano Beach Hollywood, with new developments also popping up in downtown Fort Lauderdale and along the riverfront. One o the standout projects leading the charge is The Ritz-Carlton Residences in Pompano Beach, a 205-unit luxury condo development that is nearly sold out before construction has even begun. In January, Bank OZK financed the project with a $259M loan, further solidifying its…

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