• Real Estate Investing,  Travel & Lifestyle

    FINCEN renews order looking at cash purchases, Barry Sternlicht is eyeing an economic slowdown: Daily digest

    Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to tips@therealdeal.com This page was last updated at 9 a.m.   Financial Crimes Enforcement Network extends its order that looks into cash purchases of real estate for another six months. The order requires all U.S. title insurance companies to identify natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount remains at $300,000 for each metropolitan area, which includes Miami, New York City and Los Angeles.   Bloomberg v.…

  • Real Estate Investing,  Travel & Lifestyle

    Bloomberg v. Trump: Real estate edition

    Donald Trump and Michael Bloomberg (Credit: Getty Images) Despite their many differences, Donald Trump and Michael Bloomberg do have a few things in common. Both are billionaires, both may be vying for the same office now that Bloomberg is considering a presidential run, and both men have a penchant for luxury residential properties. The former New York City mayor and registered Democrat has built a townhome empire on Manhattan’s Upper East Side, while President Trump prefers the vertical life at his Trump Tower penthouse. Something else they have in common: both have homes in Upstate New York and in Florida. Ahead of a potential presidential face-off, The Real Deal sizes…

  • Real Estate Investing,  Travel & Lifestyle

    Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter

    Rendering of Legacy Hotel and Residences with Dan Kodsi and Peggy Olin Dan Kodsi is launching his next Miami project, geared toward international buyers looking for crash pads that they can also rent out whenever they please. Kodsi, who recently delivered the luxury condo tower Paramount Miami Worldcenter, revealed plans for his next building, Legacy Hotel and Residences, also at Worldcenter. His Royal Palm Companies will build the project, with 278 branded condos above 255 hotel rooms, at 942 Northeast First Avenue, he told The Real Deal. His plan is to break ground in June and complete the building within 32 months, Kodsi said. As the luxury market grapples with…

  • Real Estate Investing,  Travel & Lifestyle

    Has Compass eased recruiting?

    Since 2012, Compass’ aggressive hiring of top agents from rival firms has stung competitors (Credit: iStock) After getting pummeled by Compass’ aggressive recruiting, Realogy Holdings says its rival is letting up. Four months after filing a wide-ranging lawsuit accusing Compass of “predatory” poaching, Realogy CEO Ryan Schneider described a dramatic drop in Compass’ hiring. During an earnings call, Schneider said the firm’s “recruiting intensity” in October was down almost 50 percent from September and 67 percent from August, according to Realogy’s calculations. “Something changed in the ecosystem and I think it’s the investor focus on profitability,” he said, in a thinly-veiled reference to SoftBank, one of Compass’ key backers. Since…

  • Real Estate Investing,  Travel & Lifestyle

    Why Redfin is holding back on growing iBuying business

    Redfin CEO Glenn Kelman (Credit: iStock) Redfin’s revenue jumped 70 percent during the third quarter as the brokerage’s instant home-buying business raked in $80 million. That iBuying growth represents a 600 percent gain for the Seattle-based discount brokerage, which is one of several firms betting on iBuying nationwide. But during an earnings call Wednesday, CEO Glenn Kelman said he is wary of growing too quickly by making poor investments in homes that Redfin can’t sell for a profit. “Growth is easy in the properties business,” he said. “We think we have to be really picky about which houses we buy.” He added that the iBuying segment of the market is…

  • Real Estate Investing,  Travel & Lifestyle

    Compass sweetens agent stock program for 2020, affordable housing project in downtown Fort Lauderdale lands $27M loan: Daily digest

    Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to tips@therealdeal.com This page was last updated at 6:00 p.m.   Moody’s dumps stake in Doug Curry’s data firm. Moody’s Analytics has abandoned an investment in a commercial real estate data firm tied to an embattled industry figure. The information-services firm, which oversees a commercial real estate data portal, had taken a 23.8 percent stake in Empirical CRE, a company led by Doug Curry. [TRD]   Extending its reach: Limousines of South Florida picks up…

  • Real Estate Investing,  Travel & Lifestyle

    Panattoni drops $24M to build new industrial project near Opa-locka, One Sotheby’s International Realty acquired Treasure Coast Sotheby’s: Daily digest

    Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to tips@therealdeal.com This page was last updated at 5:45 p.m.   Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park Panattoni drops $24M to build new industrial project near Opa-locka. Panattoni Development Company paid $24.3 million for the 20-acre site of a dairy farm and plans to build a speculative warehouse project. [TRD]   One Sotheby’s International Realty acquired Treasure Coast Sotheby’s, giving the Miami-based brokerage a foothold in the Vero Beach and Melbourne markets, The…

  • Real Estate Investing,  Travel & Lifestyle

    The stakes are high as Jersey City residents vote on Airbnb

    Airbnb CEO Brian Chesky and Jersey City Mayor Steve Fulop (Credit: Twitter, iStock, Airbnb) After a fraught campaign in which both Airbnb and the hotel lobby were accused of underhanded tactics, Jersey City residents are heading to the polls Tuesday to decide whether to restrict short-term rentals. The ballot was prompted after hosts challenged an ordinance passed in June that puts 60-day cap on short-term rentals at properties where the owner is not on site, and bars short-term rentals in buildings with more than four units. The ensuing battle pitched residents against residents, and the startup against its former ally, Jersey City Mayor Steve Fulop. Jersey City in 2015 struck…

  • Real Estate Investing,  Travel & Lifestyle

    Netflix and … filled: Streamers are gobbling up remaining space in LA, but how much is left to go around?

    Streamers are gobbling up remaining space in LA, but how much is left to go around? (Illustration by Brian Stauffer) The streaming wars’ latest skirmish came in October when Apple announced it would produce the World War II series “Masters of the Air” in-house at the company’s Apple  TV+ studio in Culver City. Hollywood saw the news as proof that Apple is joining Netflix and Amazon Studios as streaming’s biggest threats to film studios, and that it would be foolish to bet against Apple, what with its $1 trillion-plus valuation. “Apple is ready for takeoff,” the Hollywood Reporter gushed. But Apple TV+ is also the most acute example of an…

  • Real Estate Investing,  Travel & Lifestyle

    Related Group under fire again at One Ocean, all eyes on SoftBank’s other investments: Daily digest

    Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to tips@therealdeal.com This page was last updated at 5 p.m.   Allegations of shoddy construction at a Related Group development in South Beach, where its chairman and CEO Jorge Pérez is trying to sell his penthouse, are piling up. A recent lawsuit filed in Miami-Dade Circuit Court accuses Related, architects Sieger Suarez, general contractor Plaza Construction of Florida and three subcontractors of failing to address numerous construction defects inside two units in the South of…