SoFla falls out of nation’s top 10 for price growth in February

An aerial view of Miami
It seems South Florida’s skyrocketing price growth has begun to fizzle out.
The newly released S&P/Case-Shiller Home Price Indices show the region, which once saw double-digit appreciations during the boom, has now fallen out of the top 10 metropolitan areas for price growth in February.
South Florida’s home prices rose by 6.2 percent year-over-year in February, according to the report. And between January and February, home values barely budged upward by 0.1 percent. Those figures mean South Florida ranked No. 11 in the nation for rising prices during that month.
At the top of the list was Portland, Oregon, a hip city that’s seeing an explosion in home values as its popularity with millennials continues to grow. Home prices there rose by 11.9 percent year-over-year. Behind Portland was Seattle, Washington, with 11.0 percent, and Denver, Colorado, with 9.7 percent.
South Florida’s slowing price growth is a strong indicator that its real estate market is starting to cool. As recent reports have indicated, home sales in the region have fallen significantly, which could lead to property owners lowering their asking prices in the near future.

Source: The Real Deal Miami

JMH scores $26M loan for 300 Collins project in Miami Beach

Three Hundred Collins
JMH Development just closed a $26 million financing deal for its upcoming Three Hundred Collins condo project in Miami Beach, which broke ground earlier this year.
The loan, issued by Stonegate Bank, covers JMH’s 34,479-square-foot development site at 320 Collins Avenue, according to county records.
Developer Jason Halpern
JMH, led by developer Jason Halpern, first launched sales for Three Hundred Collins in March 2015. The five-story project is slated to bring 19 luxury units to South Beach when it opens in 2017.
When groundbreaking commenced in February, the project was 70 percent sold. Its units range in price from $1.7 million to more than $9 million, with features like white oak floors, floor-to-ceiling windows, custom kitchens and marble bathrooms.
Amenities at the building will include a ground-floor concierge, fitness center, rooftop deck with cabanas and a 75-foot pool.
So far, the project has attracted attention from a number of wealthy domestic and Latin American buyers, the developer told The Real Deal in October, and at least one high-profile deal has been publicized: restaurateur Myles Chefetz, who lives at the Continuum, signed a $3 million contract for a unit at Three Hundred Collins in December.
This is also prominent architect Thomas Juul-Hansen’s first residential project in Miami.

Source: The Real Deal Miami

On the scene at Amicon Construction’s 20th birthday: PHOTOS

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Amicon Construction turned 20 in April and held a birthday bash at one of its projects to celebrate.
The Miami-based boutique construction firm held the party at Concrete Beach Brewery in Wynwood, a former warehouse that Amicon split in half and transformed into a 149-seat social hall and two-story brewery.
Amicon, co-founded by Adam Mospick and Ross Adickman, recently worked on spaces for Prada, Miu Miu, Chopard, Facebook, 50 Eggs and Pipeline, as well as the new Turkish Consulate. The company relocated from Wynwood to the Little River business district. – Katherine Kallergis and Sean Stewart-Muniz

Source: The Real Deal Miami

Real estate’s top names to speak at TRD’s New York showcase

Clockwise from top left: William Macklowe, Rodrigo Nino, Arthur Zeckendorf, Bruce Eichner, Vishaan Chakrabarti and Robert Reffkin
The Real Deal is gearing up for our biggest New York Real Estate Showcase and Forum ever, with more than 3,500 investors, buyers, brokers, financiers and developers gathering for an action-packed day of networking, dealmaking and previewing some of the hottest developments in New York City and Miami.
Arthur Zeckendorf (Zeckendorf Development), Michael Shvo (Shvo), William Macklowe (William Macklowe Company), Bruce Eichner (Continuum Company), Robert Reffkin (Compass), Raphael De Niro (Douglas Elliman), Bob Knakal (Cushman & Wakefield), Rodrigo Nino (Prodigy Network), Artie Minson (WeWork), Robert Futterman (RFK) and Vishaan Chakrabarti (PAU) are among the top real estate names who will participate on our lineup of panels.
The discussions will address some of the industry’s biggest issues, and provide valuable insight into the city’s residential and commercial markets.
Click here to buy tickets to our May 12 event, which will be hosted at the Metropolitan Pavilion in Chelsea. To become a sponsor, call (212) 505-6271 or send an email to forum@therealdeal.com. For editorial inquiries, contact Heather Grossmann at hg@therealdeal.com.

Source: The Real Deal Miami

The Wrap: Key Largo evolving with new luxury resort, French tennis star Gaël Monfils picks up Miami penthouse…and more

Canal in Key Largo (Credit: Elmschrat)
1. Key Largo evolving with new luxury resort [Sun Sentinel]
2. French tennis star Gaël Monfils picks up Miami penthouse [Variety]
3. Tri-Rail still coming to downtown Miami in 2018 [Miami Herald]
4. Panama raids Mossack Fonseca property, seizes shredded papers [Reuters]
— Sean Stewart-Muniz

Source: The Real Deal Miami

Ken Griffin’s Billionaires’ Row estate to cover three beachfront lots

Outlined in yellow is where Ken Griffin plans to build his residential estate and in white, another property he owns.
Billionaire Ken Griffin is making sure his new home on Billionaires’ Row stands out. The hedge funder will reportedly convert the 8 acres, three houses and 575 feet of beachfront in Palm Beach into an oceanfront mansion with a “long-and-lean profile.”
Griffin, founder and CEO of global investment firm the Citadel, paid nearly $130 million in 2012 for four properties at 20, 30, 40 and 50 Blossom Way, the Palm Beach Daily News reported. And last year, Griffin bought a mansion at 70 Blossom Way for $15.2 million, marking his total investment in the neighborhood at about $145 million.
He’s currently worth $7.6 billion, according to Forbes.
Griffin will build “a large residential estate with a single-family home straddling three lots,” according to the newspaper. At a town hall meeting this month, the council approved plans to create a new private entrance for the estate from South Ocean Boulevard, shortening the Blossom Way cul-de-sac, and joining the three lots through a unity of title. His new driveway will cut through the dry lot he owns to the west. Three neighbors have signed off on Griffin’s changes.
In January, the town council already agreed to move an easement changing pedestrian access to the beach, at Griffin’s request.
Griffin made headlines last year when he paid $60 million for two penthouses at Faena House, and then again in January when he put them both on the market for $55 million and $18 million, respectively. [Palm Beach Daily News] – Katherine Kallergis

Source: The Real Deal Miami

Joseph Kavana on playing the long game in real estate: VIDEO

Video by TRD’s Alistair Gardiner
Back in the 1990s when the city of Sunrise was known for little more than the Sawgrass Mills mall and sleepy suburbs, Joseph Kavana and his company K Group Holdings started assembling land. Roughly two decades later, on that very same assemblage, Kavana and his partners have broken ground on the $1.5 billion mixed-use Metropica project. “We are patient investors,” Kavana said during a one-on-one interview with New York-based managing web editor Hiten Samtani at The Real Deal’s Broward Event.
With one of eight residential towers coming out of the ground and construction set to begin on Metropica’s 400,000-square-foot retail portion in September, Kavana said he’s confident buyers will come once the project starts opening its doors.
“We always knew that there was going to be a down cycle,” he said in the interview. “But we’re prepared for that.”
For more videos, visit The Real Deal’s YouTube page.

Source: The Real Deal Miami

Legal wranglings swirl around Regalia condo project

Regalia in Sunny Isles Beach
Despite being sold out in 2015, two years after it was completed, controversy still swirls around the Regalia condo project in Sunny Isles Beach. Last week, Miami law firm do Campo & Thornton sued the project’s original developers and one of their creditors in Miami-Dade Circuit Court over unpaid attorney fees.
Robert Stok, partner for the Aventura law firm Stok Folk + Kohn, which represents defendants Abraham Cohen, Jerold Kaufman, Petr Viskovatykh, CK Regalia and La Mansion, told The Real Deal that do Campo’s complaint has no merit. “It is surprising to me that lawyers who created so much damage would put themselves into the line of fire,” Stok said. “We expect a jury to view do Campo & Thornton’s antics with great disfavor. Do Campo & Thornton is going to have to reimburse our clients for all the damages they caused.”
Do Campo’s attorney Alejandro Brito scoffed at Stok’s comments in a phone interview with TRD. “My clients provided legal services for which they are entitled to be compensated,” Brito said. It is ironic that the defendants are claiming that they intend to cooperate in paying my clients the money they are owed.”
The dispute arose in 2010 when Cohen retained do Campo to defend him against a foreclosure on the project’s construction loan that he had personally guaranteed. Cohen and Kaufman owned the voting interest in La Mansion, which was a creditor for the development, and CKR, which was a minority owner in the Regalia project at 19575 Collins Avenue. According to do Campo’s lawsuit, Kaufman subsequently pledged the equity interest in CKR to Viskovatykh.
By 2012, a year after the project was sold to a group led by Louis R. Montello, CKR and La Mansion were defunct and had no assets other than other than a minority stake in Regalia, the lawsuit says. A year later, Cohen, La Mansion and CKR signed a retainer agreement with do Campo for the firm to protect Cohen’s potential equity in 46-story tower once it was completed, according to the suit.
In 2013, Cohen, La Mansion, and CKR all entered into a retainer agreement with do Campo to protect Cohen’s potential equity. These retainer agreements were the product of additional negotiations with Kaufman. Viskovatykh was also aware of these agreements. Under the retainer, do Campo’s fees would be determined from Cohen’s net position once Regalia was finished, the suit says.
Consistent with the terms of the retainer agreement, do Campo represented the defendants in the hopes of securing a large recovery for them, Brito said. His clients, as well as Cohen, Kaufman and Viskovatykh, actively monitored the real estate market and Regalia sales. If the condo recorded exceedingly high sales prices, then Cohen and the others would receive a huge windfall, Brito said.
The tower reached $100 million in sales just two months after launching, according to the suit. This year, four units have closed with prices ranging from $8 million to $12 million. The last recorded sale was for an $8.4 million unit that was sold to Alfredo Bubion, president of the Regional Steel Corp.
To avoid paying do Campo a substantial sum in attorney fees, Cohen, Kaufman, and Viskovatykh abruptly terminated their relationship with the law firm in 2013, the lawsuit alleges. Cohen, Kaufman and Viskovatykh then sued do Campo to remove liens filed by the law firm against La Mansion and CK Regalia for non-payment. The lawsuit was dismissed and last March, a Florida appeals court affirmed the dismissal.
According to its lawsuit, do Campo is owed fees under three separate retainer agreements that would have totaled between $1 million to $2 million.
Stok claimed do Campo performed only “nominal work” for his clients. “They have filed a completely frivolous, baseless and bombastic lawsuit accusing our clients never had any intention to pay them which is totally without any basis in fact,” Stok said. “We intend to vigorously defend the lawsuit and hold the law firm accountable for malpractice.”
Brito said do Campo has ample proof Stok’s clients had no intention of paying the law firm. “The defendants received a substantial amount of money as a result of my clients’ efforts. The fact the defendants have not paid any money to my clients makes it clear as to who has engaged in the wrongful conduct.”

Source: The Real Deal Miami

Survival of the fittest

Ugo Colombo
From the April magazine: Completing Brickell Flatiron has become Ugo Colombo’s main mission. The Italian developer, who has been involved in South Florida real estate since 1983, intends to not only sell all 548 residences in his forthcoming 64-story luxury condominium tower, but to sell them without compromise. So if a buyer wants one of Brickell Flatiron’s future residences, Colombo told The Real Deal that he or she will pay full price.
“I have never discounted one penny on one unit,” he insisted.
On March 16, Colombo officially commenced construction on Brickell Flatiron, where residential units are being marketed for between $500,000 and $2 million. Colombo claims the project is already 50 percent sold. However, he began selling residences at Brickell Flatiron two years ago, when the South Florida real estate market was still riding high. [more]

Source: The Real Deal Miami

Buy your tickets to TRD’s Broward showcase and forum

Jeff Greene
Real estate development continues to creep up Florida’s eastern coast from Miami — and Broward County is at the forefront of this residential and commercial growth.
That’s why The Real Deal is once again headed to this key South Florida market, for our next Real Estate Showcase and Forum on April 14.
Join the industry’s top movers and shakers at the Design Center of the Americas to discuss the biggest issues in Broward’s real estate market, schmooze with dealmakers and check out some of South Florida’s hottest new projects. Broward County Mayor Marty Kiar will deliver a special keynote addressing development in the county, while Jeff Greene, Joseph Kavana (KGH Development), Jamie Sturgis (Metro 1 Properties) and Harvey Hernandez (Newgard Development) will be among those sharing exclusive insight on two of our panels:

South Florida development outlook: Analyzing the real estate markets in Miami, Broward and Palm Beach counties
Broward deep dive: A look at the county’s most active markets, including Fort Lauderdale and Hollywood

Click here to buy tickets to the event, which takes place from noon to 6 p.m. For more information on our Real Estate Showcase and Forum, click here. For sponsorship opportunities, email forum@therealdeal.com or call 212-254-7400 to reserve your spot now.
Didn’t make it to last year’s Broward showcase? Check out what you missed in the video below:

Source: The Real Deal Miami