SOUTH FLORIDA NEWS - Luxury Homes

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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South Florida Development Boom: Fort Lauderdale and West Palm Beach on the Rise

The expansion of the South Florida Business Journal’s Crane Watch map marks an exciting development for real estate enthusiasts, investors, and urban planners. The interactive tool, which now tracks over 750 projects across South Florida, has broadened its scope to include the bustling cities of Fort Lauderdale and West Palm Beach. Let’s delve into the implications of this growth and what it means for the Boca Real Estate Market and beyond.

The Power of the Crane Watch Map

Originally launched in 2016 to monitor Miami's development surge, the Crane Watch map has grown into a comprehensive resource for tracking South Florida's urban evolution. By adding Fort Lauderdale and West Palm Beach, the platform now provides valuable insights into areas…

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The Challenges Facing Boca Raton Luxury Real Estate Development

The demand for luxury real estate in Boca Raton has never been higher, but many developers are stepping back from new projects. Rising costs, lengthy construction timelines, and changing buyer priorities have led to a slowdown in the creation of new luxury homes. Here’s a look at what’s driving this trend and how it’s impacting the Boca Real Estate Market.

Rising Land Costs in the Boca Raton Real Estate Market

One of the biggest challenges for developers is the soaring cost of land. Across South Florida, property prices have risen dramatically. For instance, a Coral Gables lot that cost $4 million in 2021 could now fetch $7 to $8 million. This mirrors trends in Boca Raton, where limited inventory and high demand have pushed land prices to…

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What the Via Mizner Foreclosure Means for Real Estate in Boca Raton

Recently, news dropped about a $5.7 million foreclosure lawsuit that was filed for a property at 375 E. Royal Palm Road in Boca Raton. This lawsuit, which was actually filed on November 18, 2024, by Precedent Asset Management-4C LLC, highlights the challenges facing property owners in South Florida. Now, another major property in Boca Raton, the 101 Via Mizner apartment building, is at risk of foreclosure.

This situation shows how the Boca Raton real estate market could be changing, with some developers struggling to keep up with loans and rising costs. Let’s dive into what’s happening at Via Mizner and what it could mean for Boca Raton real estate.

What Is Via Mizner?

Via Mizner is a luxury 14-story apartment building with 366 units, located…

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$307 million construction loan for Luxury Homes at Rosewood Residences in Hillsboro Beach

The Rosewood Residences in Hillsboro Beach stand as a new benchmark for luxury homes in South Florida. Developed by Related Group and Dezer Development, this extraordinary project spans from the Atlantic Ocean to the Intracoastal Waterway. With a $307 million construction loan secured from Apollo Global Management, the vision for this ultra-luxury community is now taking shape. The development sits on 11.8 acres within the prestigious Millionaire’s Mile, renowned for its collection of the most exclusive properties in Broward County.

Oceanfront Living Information for Real Estate Agents in Hillsboro Beach

The oceanfront section of the Rosewood Residences spans 5.1 acres and includes a 10-story tower featuring 70 meticulously designed homes.…

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DiVosta to Bring Luxury Homes to Wellington with $12 Million Land Acquisition

PulteGroup’s DiVosta Secures Prime Real Estate in Wellington

In a significant move, DiVosta, the luxury home division of PulteGroup, acquired 22.5 acres of prime real estate in Wellington for $11.72 million from the Diocese of Palm Beach. Located just south of the Therese De Lisieux Catholic Church at 11800 Lake Worth Road, this acquisition will pave the way for an exclusive gated estate community, aptly named Canter.

The Diocese retains ownership of 16.4 acres, maintaining its religious facilities. DiVosta, known for its expertise in luxury construction, is poised to deliver a high-end community that redefines estate living in Wellington, making it a focal point for top real estate agents in Wellington and beyond.

A Gated Community with…

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Ocean One: A Premier Mixed-Use Development Coming to Federal Highway

The highly anticipated Ocean One project is set to transform the landscape of South Florida real estate. This new mixed-use redevelopment, developed by Hyperion Group LLC and Winter Properties, will bring a dynamic blend of residential, commercial, and retail spaces to Boynton Beach. With construction scheduled to begin in September 2025 and completion expected by 2029, Ocean One will become a key part of the Federal Highway corridor, offering luxury homes and a vibrant community experience in Boynton Beach.

Ocean One’s Strategic Location and Vision

Located just north of Ocean Avenue on the east side of Federal Highway, Ocean One occupies a prime spot in Boynton Beach, a city that is investing heavily in infrastructure and public spaces to…

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New Luxury Development in Pompano Beach: W Pompano Beach Hotel & Residences

Pompano Beach is undergoing a major transformation with the announcement of the W Pompano Beach Hotel & Residences, a stunning new luxury development that promises to redefine the city’s real estate landscape. Developed by Related Group and BH Group, this 24-story tower will be managed by the world-renowned W Hotels, bringing a combination of high-end residences and a range of exclusive amenities to the area. Set to rise along the beachfront, this project will add to Pompano Beach's appeal as an emerging luxury destination in South Florida and is sure to attract the best realtors in Pompano Beach.

Fully Furnished Luxury Home

The centerpiece of the W Pompano Beach Hotel & Residences development will be its 74 exclusive condominium residences,…

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Tommy Hilfiger Reduces Price on Palm Beach Lakefront Property to $35.9 Million

Fashion designer Tommy Hilfiger, alongside his wife Dee Ocleppo Hilfiger, also a fashion designer, have relisted one of their two Palm Beach houses, this time at a more tempting price of $35.9 million. This new listing price is a notable $2 million reduction from its previous asking price last season.

The lakefront property, located at 313 Dunbar Road, is a stunning example of Mediterranean-style architecture. It initially hit the market in September 2022 with a price tag of $39.7 million. After some time, the price was reduced by $1.8 million, bringing it to $37.9 million before the property took a break from the market in early June.

The Hilfigers purchased this luxurious residence for a recorded $21 million in May 2021 through their ownership…

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Florida Lender Acquires Nigerian Oil Tycoon's Unfinished Manalapan Mansion for $21.5M

In a significant turn of events in the luxury real estate market, a Florida lender has acquired the oceanfront Manalapan estate of Nigerian oil mogul Onajite Okoloko. The spec megamansion, which was under construction, was purchased for $21.5 million by Edward London’s London Financial South Ocean LLC, a Florida-based entity.

Onajite Okoloko, a prominent figure in Nigeria's oil industry and chairman of Midwestern Oil & Gas, Eroton Exploration & Production, and Notore Chemical Industries, had initially listed the property for a staggering $87.5 million. Okoloko, also a co-founder of Ocean and Oil Holdings, faced foreclosure on the property located at 1460 South Ocean Boulevard, leading to its eventual sale.

Edward London, a Key Biscayne-based lender…

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