SOUTH FLORIDA NEWS - Boca Raton Real Estate

$5M+ in Debt: Broward warehouse owner files for bankruptcy

In a challenging turn of events for South Florida’s commercial real estate market, Aphex Holdings, a company that owns several warehouses in Broward County, has filed for Chapter 11 bankruptcy. The filing highlights some of the difficulties facing businesses in the region, even in the booming South Florida real estate market, and it could have implications for property owners and investors alike.

With more than $5.36 million in secured debt, the Hollywood-based company petitioned for Chapter 11 reorganization after falling behind on its mortgage payments. While this bankruptcy filing may seem like a localized issue, it could serve as a cautionary tale for other commercial real estate investors navigating South Florida’s evolving market conditions.

…

2145 Views, 0 Comments

Why South Florida’s Housing Market Is Booming Despite Record-High Prices

South Florida’s real estate market has been defying national trends and continues to attract deep-pocketed buyers, even as home prices reach unprecedented levels. In an era when rising interest rates and economic concerns have slowed housing activity across much of the country, South Florida’s housing market has surged ahead, particularly in Miami-Dade and Broward Counties.

Despite record-high home prices, affluent buyers are drawn to the region for its unique lifestyle, economic opportunities, and tax advantages. So, why are homebuyers flocking to South Florida, and what makes this market stand out?

 A Resilient Market with Growing Demand

April marked a significant shift in South Florida’s real estate landscape, with a noticeable uptick in home…

1100 Views, 0 Comments

Vita at Grove Isle: Miami's New Standard for Luxury Condo Living

Miami’s real estate market continues to thrive, and the latest project capturing the attention of luxury homebuyers is Vita at Grove Isle. Situated on a 20-acre private island just off the Coconut Grove neighborhood, Vita at Grove Isle has recently topped off at seven stories and is already creating a buzz for its unparalleled combination of exclusivity, location, and luxury.

With delivery slated for late 2025, Vita at Grove Isle promises to offer a unique island lifestyle, surrounded by breathtaking water views and immersed in the sophistication and convenience that modern condo living provides. Here’s an in-depth look at what makes this development such a standout in the Miami real estate landscape and why it’s drawing so much attention from buyers,…

1061 Views, 0 Comments

Boca Raton Real Estate Market: Slower Sales, Steady Prices, and Shifting Opportunities

Earlier this year, Boca Raton’s housing market saw its sharpest decline in home sales over the past five years. So, is the sky falling, or are we just witnessing a market adjustment? Let’s break down what’s happening in Boca Raton.

Market Slowdown: Homes Taking Longer to Sell

One clear sign of a slowing market is the increase in days on market (DOM). In September 2024, the average home took 78 days to sell, compared to just 55 days in September 2023—a 42% jump. October’s data shows a similar trend, with average DOM sitting at 49.8 days and cumulative DOM at 55.4 days.

This slowdown started in early 2024, peaking in April at 81.8 days, but it’s clear the market has since stabilized. The extended time homes are spending on the market shows…

2674 Views, 0 Comments

Major Lakeshore Plaza office building sold at $17 million loss in Broward

In a significant transaction that reflects the evolving landscape of the commercial real estate market, Galium Capital recently purchased the Lakeshore Plaza II office building in Sunrise, Broward County, for $17 million. This sale comes at a steep discount, as the property’s value has dropped nearly 50% from its last sale price of $32 million in 2013. The deal highlights the challenges suburban office buildings face as remote and hybrid work models become more prevalent, but it also underscores the potential for recovery through strategic investment.

A Closer Look at the Transaction

The seller, TR Lake Shore Plaza LLC, an affiliate of Charlotte-based Barings Real Estate, was represented by a team from CBRE and Blanca Commercial Real Estate. The…

1875 Views, 0 Comments

Hurricane-Proof Boca Raton Spec House ‘Villa Mallorca’ Hits Market for $6.85 Million

A new architectural marvel has made its debut in Boca Raton, as the hurricane-proof Villa Mallorca hits the market for $6.85 million. Developed by renowned Los Angeles developer Meir Kroll, this luxury home brings together modern European sophistication and the relaxed elegance of South Florida living. The listing, marks Kroll’s first project outside of LA and his introduction to the prestigious Boca Raton real estate market.

A Legacy of Luxury

Meir Kroll is no stranger to building homes for the elite. Known for his precision and attention to detail, Kroll has crafted residences for A-list figures, including sports agent Rich Paul and NBA stars Ben Simmons and Trae Young. Villa Mallorca continues this legacy of excellence, offering a new level…

2404 Views, 0 Comments

Five Key Housing Trends Shaping Miami's Real Estate Market in 2024

As Miami's real estate market continues to evolve, several key trends are emerging that reflect both the changing needs of homebuyers and the city’s shifting demographics. Despite soaring prices, the region remains a magnet for buyers, particularly in the luxury sector. Here’s a look at five housing trends that are reshaping the Miami market in 2024.

1. Florida Dominates the List of Most Overpriced Housing Markets

According to a recent study by Florida International University (FIU) and Florida Atlantic University (FAU), nine of the most overpriced housing markets in the U.S. are located in Florida, and Miami is near the top of the list. The high demand for homes, combined with limited supply, has driven prices far above expected market values,…

1742 Views, 0 Comments

NFL Veteran and New York Developer Unveil $53 Million West Palm Beach Proposal

West Palm Beach is poised for a significant transformation, as city officials enter into negotiations with a development group that plans to bring much-needed affordable and workforce housing to the Broadway/US 1 corridor. The proposed project promises to revitalize a key area of the city, providing housing for residents in need while also spurring economic growth along this critical corridor.

The city has received a formal offer from 2823 Broadway QOZB LLC, a partnership between Procida Development Group based in New York and Miami’s Trè Bèl Housing Development Group. The latter is co-led by former NFL star Jonathan Vilma and Daniel Marakovits. Their joint proposal includes purchasing a 0.74-acre parcel of vacant land at 2803, 2813, and 2815 Broadway…

1113 Views, 0 Comments

Boca Raton Office Market Booms: Two Key Buildings Now Over 90% Leased

Boca Raton's commercial office scene continues to heat up as four prominent law firms secure prime office spaces in two of the city’s top office buildings. Thanks to these deals, the properties, both owned by private equity real estate firm PEBB Enterprises, are now more than 90% leased.

Let’s dive into the details and what this means for Boca’s booming office market.

Eighteen Zero One Reaches 94% Leasing Capacity

Eighteen Zero One, a sleek three-story office building at 1801 N. Military Trail, is now 94% leased after welcoming two law firms to its tenant roster. The building, which PEBB Enterprises purchased for $18.35 million back in June 2021, secured deals with both DarrowEverett and Hersh Kirtman.

• DarrowEverett, a New York-based…

998 Views, 0 Comments

Boca Raton Company Aims to Cool Cities with Heat-Absorbing Concrete

As temperatures rise every year, cities, especially in South Florida, are facing intense heat waves that make life increasingly uncomfortable. The hottest day ever recorded was on July 22, 2024, breaking a previous record set in July 2023, according to NASA’s global temperature data. These temperature increases are particularly problematic in urban areas, where dense structures and surfaces like concrete and asphalt absorb and trap heat, creating what’s known as the urban heat island effect.

But a Boca Raton-based company, Carbon Limit, is stepping up with a sustainable solution to help cool down cities and mitigate the effects of climate change. Their newest innovation, CoolCrete, is a concrete additive that not only helps cool urban environments but…

2055 Views, 0 Comments