SOUTH FLORIDA NEWS - Boca Raton

Miami Beach Mansion Teardown Follows $15 Million Sale on Hibiscus Island

A luxury property on Miami Beach’s prestigious Hibiscus Island is set for demolition after being sold for a staggering $15 million. The 3,646-square-foot home, built in 1952, sits on a prime 21,000-square-foot waterfront lot. The sale price reflects the growing demand for land in this high-end neighborhood, where wealthy buyers often prefer to build new mansions rather than renovate older homes.

This transaction highlights a broader trend in Miami Beach real estate, where investors and high-net-worth individuals are willing to pay top dollar for land, even if it means tearing down existing homes. Let’s take a closer look at the details of this sale and what it signifies for Miami Beach's real estate market.

Details of the Sale

The property,…

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Sea-to-Lake Estate in Manalapan Hits Market at $85M—More Than Double Its 2020 Sale Price

The barrier island community of Manalapan, once considered a quieter neighbor to Palm Beach, is making waves in the luxury real estate market. The latest property to catch attention is a stunning ocean-to-lake estate at 640 S. Ocean Blvd., which has just hit the market for an eye-popping $85 million—a price that includes furnishings. This listing marks one of the highest-priced residential properties ever listed for sale in Manalapan.

What’s even more striking is that the property, completed in 2019, was sold just four years ago in 2020 for $36.05 million, meaning its price has more than doubled in value. The $85 million price tag is reflective of the dramatic rise in real estate values in Manalapan, particularly during the pandemic, when many…

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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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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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