• Real Estate Investing,  Travel & Lifestyle

    Mark Pulte’s homebuilding firm buys Delray Beach oceanfront lot for $11M

    Mark Pulte & 701 South Ocean Boulevard, Delray Beach (Credit: Google Maps) South Florida luxury homebuilding firm Mark Timothy bought an oceanfront lot in Delray Beach for $11 million, likely with plans to build a spec house. Records show 701 South Ocean LLC, managed by Mark Timothy Inc., bought the lot at 701 South Ocean Boulevard from Michael J. and Judith F. Rothberg. Mark Timothy is led by Mark Pulte, son of the late founder of Atlanta-based PulteGroup, Bill Pulte. PulteGroup is the third largest homebuilder in the U.S, according to its website. The sale was brokered by Pascal Liguori of Premier Estate Properties. The property was initially listed in…

  • Real Estate Investing,  Travel & Lifestyle

    Korean Air eyes sale of LA’s tallest tower

    Korean Air chairman and CEO Walter Cho Won-tae and the Wilshire Grand Center at 900 Wilshire Boulevard (Credit: Jae Joon Lee via Wikipedia and Fredchang931124 via Wikipedia) The tallest skyscraper west of the Mississippi may soon be up for sale, as the Korean conglomerate that owns it struggles to shore up its finances. Korean Air is in talks with investors regarding a possible sale of the 73-story Wilshire Grand Center in Downtown Los Angeles, the Korean Economic Daily reported, citing industry sources. The property was facing a $900 million debt maturity this month. On Wednesday, Korean Air’s board decided to lend $950 million to Hanjin International, the subsidiary that owns…

  • Real Estate Investing,  Travel & Lifestyle

    Deutsche Bank: Employees can stay home until mid-2021

    Deutsche Bank CEO Christian Sewing and Deutsche Bank’s Manhattan headquarters at 60 Wall Street (Getty) Employees at Deutsche Bank won’t have to replace sweats with suits any time soon. The German lender notified staff in New York, New Jersey and Connecticut this week that they can keep working from home until next July, according to Bloomberg. In a memo, the bank acknowledged its employees are contending with “the continuing balancing of your work and your children’s sporadic school schedule,” among other covid-related concerns. Their return to work next year will coincide with the bank’s move into a new office in Columbus Circle. “We will ask you to return to the…

  • Real Estate Investing,  Travel & Lifestyle

    “I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

    OUE Limited executive chairman and CEO Stephen Riady and Silverstein Properties’ Larry Silverstein, with US Bank Tower at 633 West Fifth Street (Credit: Spencer Platt/Getty Images, and Wikipedia) Silverstein Properties closed on its $430 million deal to buy US Bank Tower, an iconic Downtown Los Angeles property whose purchase price was far below initial expectations. New York-based Silverstein made the announcement on Wednesday. The company was first confirmed to be the buyer of the 73-story trophy office tower in July. In a statement, chairman Larry Silverstein said: “I believe in the future of Downtown Los Angeles.” He added that over the last few years, DTLA “has started to transform into…

  • Real Estate Investing,  Travel & Lifestyle

    J-Lo and A-Rod part ways with Malibu “fixer-upper” for $6.8M

    Jennifer Lopez and Alex Rodriguez with their Malibu beach house (Getty; Courtesy Compass) That was fast: Jennifer Lopez and Alex Rodriguez found a buyer for their Malibu beach house just two months after putting the three-story home on the market. The home sold for $6.8 million, slightly more than what they paid when they purchased the property last year, according to the Wall Street Journal. It hit the market in late July asking $8 million. The couple bought the 4,400-square-foot home from actor Jeremy Piven and planned to renovate with help from Joanna Gaines, the shiplap-loving star of HGTV’s “Fixer Upper.” A source told the Journal that the renovation never…

  • Real Estate Investing,  Travel & Lifestyle

    Meet TRD’s new newsletter, the Commercial Catch-Up

    We’re excited to announce that TRD’s brand new weekly newsletter on all things CRE has launched. The Commercial Catch-Up will get you up to speed on the most important commercial real estate news you need to know in less than 5 minutes. Delivered to your inbox on Mondays, each edition of the Commercial Catch-Up will include the biggest CRE news of the week. This week, we investigated ICSC’s “incredibly tragic day”; analyzed whether falling CMBS delinquencies really mean relief; and covered office move opportunities and clutch construction loans. Check out those stories, and make sure you don’t miss the news, data, and analysis you need to know by signing up…

  • Real Estate Investing,  Travel & Lifestyle

    Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more

    From left: Miguel Solis, Mario Chirino, and Madelayne Garcia A longtime Berkshire Hathaway HomeServices Florida Realty team in Coral Gables joined Douglas Elliman. Miguel Solis and Mario Chirino, who together make up the Solis Chirino Group, averaged about $40 million in sales per year for the last decade, they said. Solis had been with the brokerage since 1999 and Chirino since 2002. The duo said they wanted to take their business to the next level, and started looking for other firms during the pandemic. They cover single-family homes in Pinecrest, Coral Gables, South Miami, Coconut Grove, Weston, Southwest Ranches and Davie, as well as some commercial properties. Madelayne Garcia joined…

  • Real Estate Investing,  Travel & Lifestyle

    Down again: Miami condo sales declined last week

    Condo sales and dollar volume both declined in Miami-Dade County last week. A total of 80 condos sold for $55.2 million last week in Miami-Dade. That’s compared to 167 units that sold for $83.7 million the previous week. Condos last week sold for an average price of about $691,000 or $374 per square foot. The most expensive sale was for unit S-1007 at the Four Seasons Residences at the Surf Club in Surfside, which traded for $11.5 million, or more than $2,700 per square foot. Charlotte Maietto was both the seller’s and buyer’s agent. The unit was listed for 185 days. The second most expensive sale of the week was…

  • Real Estate Investing,  Travel & Lifestyle

    LA’s market makers: A ranking of top resi agents by on-market deals

    From left: Tami Halton Pardee, Chris Cortazzo, and Kurt Rappaport (Credit: OGUT/Star Max/GC Images via Getty Images, Joshua Blanchard/Getty Images, and Anne Cusack/Los Angeles Times via Getty Images) Stephen Shapiro and Ron Wynn each brokered $68 million in luxury sales across Los Angeles from late January through July. But they took very different paths to get there. Shapiro, of Westside Estate Agency, closed just one on-market deal in that period. Wynn, of Compass, closed 45. The Real Deal tallied the top-performing agents in L.A. County from Jan. 30 to July 30, using Multiple Listing Service home sales data. The data revealed a distinct trend: Agents can work their way to…

  • Real Estate Investing,  Travel & Lifestyle

    Demi Lovato downsizes — to 8,500 sf in Studio City

    Demi Lovato (Credit: Kevin Mazur/Getty Images) Demi Lovato is off to the San Fernando Valley. The actor and musician paid $7 million for an 8,500-square-foot home in Studio City, according to Variety. The two-story property has six bedrooms and nine bathrooms. Lovato sold her larger Hollywood Hills mansion in June for $8.25 million. She had put it on the market in 2018 for $9.5 million. The Studio City house is new construction and done in the modern farmhouse style that has recently become popular. It has all the features one can expect with the price tag. The kitchen has top-of-the line appliances and a huge island. There’s a large walk-in…