• Real Estate Investing,  Travel & Lifestyle

    Multiplan launches sales of boutique luxury condo project on Ocean Drive

    An aerial rendering (Credit: DBOX) A rendering of the project (Credit: DBOX) A rendering of the bedroom (Credit: DBOX) A rendering of the project at night (Credit: DBOX) A rendering of a kitchen in the project (Credit: DBOX) A rendering of the project (Credit: DBOX) A rendering of the pool at the project (Credit: DBOX) Multiplan Real Estate Management, the developer of 57 Ocean in Miami Beach, is now betting on a boutique luxury condo project on Ocean Drive in the South-of-Fifth neighborhood. José Isaac Peres The Brazilian real estate developer, led by José Isaac Peres, is launching sales of Ocean Park South Beach at 304-312 Ocean Drive in South…

  • Real Estate Investing,  Travel & Lifestyle

    Pier 1 Imports to close 450 stores across US

    Pier 1 to close almost half of its stores (Credit: Getty Images) Pier 1 Imports is the latest retailer to shutter hundreds of stores nationwide amid plunging sales. The home goods retailer said it plans to close almost half of its stores in the U.S., according to a Securities and Exchange Commission filing on Monday. Texas-based Pier 1 also will close some distribution centers, slash corporate expenses and lay off corporate employees. “Fiscal third-quarter sales and margins remained under pressure” as the retailer sought to clear out unsold merchandise, said the firm’s CEO and CFO, Robert Riesbeck, in a statement. He added the 450 store closures, while “never easy,” are…

  • Real Estate Investing,  Travel & Lifestyle

    These real estate players have raised a bundle for Biden

    From left: RXR Realty’s Scott Rechler, Chicago real estate mogul Neil Bluhm, Joe Biden, Adler Group’s Michael Adler, L.A.-based developer Jeff Worthe (Credit: Getty Images, Adler Group, iStock) Scott Rechler is a self-described “longtime Biden supporter.” But the RXR Realty CEO is one of dozens of real estate powerhouses who have raised big money for the former vice president’s 2020 presidential campaign. In a Friday news dump on Dec. 27, Joe Biden’s team released a list of 259 “volunteer fundraisers” — individuals who had raised at least $25,000 for the campaign. In addition to the world of entertainment and politics, numerous real estate players dot the list. An analysis by…

  • Real Estate Investing,  Travel & Lifestyle

    These will be the best multifamily markets in 2020

    Austin, Texas (Credit: iStock) Multifamily vacancy nationwide is expected to rise slightly as developers keep up the rapid pace of building set over the last few years. Vacancy is expected to rise 20 basis points to 4.5 percent, according to a CBRE’s 2020 market outlook report. Rent growth is expected to slow to 2.4 percent for the year, below the 2.6 percent long-term average. Developers are expected to deliver an estimated 280,000 units across the country, on par with last year and continuing the 260,000-plus deliveries pace set and maintained since 2016. Starts and permits, indications of future supply, are expected to drop throughout the year. High pricing for homes…

  • Real Estate Investing,  Travel & Lifestyle

    Developers fail math class in student housing sector

    A university dorm (Credit: iStock) High supply and lackluster student enrollment is putting stress on the student housing sector, with some analysts saying developers sought high rents for new apartments but missed the mark. Around 3.9 percent of student housing-backed CMBS debt was more than 60 days past due at the end of November, a 1.1 percentage point increase from last year, according to Fitch Ratings Inc. For comparison, the delinquency rate in the wider residential CMBS market was 0.46 percent as of the end of November, unchanged from November 2018. Over half of those delinquent loans are for student housing properties, according to the Wall Street Journal. The sector…

  • Real Estate Investing,  Travel & Lifestyle

    Luxury developers love to redevelop former newspaper HQs

    Tribune Tower at 435 North Michigan Avenue with a rendering of Tribune Tower East (inset) (Credit: CIM/Gloub via Curbed) Dozens of America’s print newspapers have bit the dust or downsized in recent years, leaving behind offices complexes in cities across the country. Luxury real estate developers have been quick to scoop them up for redevelopments. Chicago’s neo-Gothic Tribune Tower, once home to the Chicago Tribune, is the latest to get the adaptive reuse treatment. CIM Group and Golub & Co. are turning the 1925 building into 162 luxury condominiums that could open by the first quarter of 2021. Architectural features in the lobby and in units will be restored, as…

  • Real Estate Investing,  Travel & Lifestyle

    The 10 best places to buy a winter vacation rental

    A home in the winter (Credit: iStock) The heart of winter has arrived and for many that means it’s time to hit the slopes. Vacation rental management service Vacasa crunched the numbers on the best places to buy real estate and cash in on the winter vacation crowd for the year, based on median home costs and capitalization rates. Cap rates are a measure of annual income after expenses as a percentage of the cost of buying a property. The cap rates listed divide net income by historical costs of buying vacation rentals in each market. The list shows that ski resort towns are undoubtedly the best place to buy…

  • Real Estate Investing,  Travel & Lifestyle

    Is it the water? Longevity expert buys Continuum South Beach condo

    Continuum South Beach unit 606 and Dan Buettner (Credit: Douglas Elliman) UPDATED, Jan. 2, 6:20 p.m.: Could Miami Beach become the next destination for buyers seeking health and longevity? Author Dan Buettner, who discovered the five places in the world — dubbed blue zones — where people live the longest and healthiest lives, bought a condo at the Continuum South Beach for $5.55 million, The Real Deal has learned. Buettner purchased unit 606 at 100 South Pointe Drive in Miami Beach’s South-of-Fifth neighborhood, according to sources. The 2,508-square-foot condo has three bedrooms and three-and-a-half bathrooms, records show. The price equates to $2,213 per square foot. The seller is Marismado LLC,…

  • Real Estate Investing,  Travel & Lifestyle

    The cold spell blanketing South Florida’s luxury condo market will continue in 2020, experts say

    From left: Edgardo Defortuna, Ron Shuffield, Ana Bozovic, David Martin and David Arditi Luxury condo inventory in South Florida continues to climb to all-time highs, as sales volume remains stagnant — just as high-end projects such as Paramount Miami Worldcenter, Brickell Flatiron, Ritz-Carlton Residences, Miami Beach, and Residences by Armani/Casa are opening their doors. According to real estate data firm and brokerage Analytics Miami, third-quarter transaction volume for luxury condo sales of $1 million or more dropped 32 percent below 2013 levels, while inventory skyrocketed 146 percent compared to the same quarter of 2013. Sellers are experiencing sobering price corrections. The average price of a luxury condo in 2019 was…

  • Real Estate Investing,  Travel & Lifestyle

    At the desk of: Gil Dezer

    Gil Dezer (Photos by Sonya Revell) Ride the elevator along with swimsuit-clad hotel guests to the 31st floor of Trump International Beach Resort and you’ll find the headquarters of Dezer Development. Hidden within the full-floor suite at 18001 Collins Avenue in Sunny Isles Beach is a winding staircase that leads to the adjoining lairs of Gil Dezer, 44, and his father Michael Dezer, 78. With a large patio from which he can watch his towers rise, Gil’s office is partly a testament to the company’s history of development in South Florida and partly a shrine to Donald Trump. For nearly two decades, Dezer Development has helped transform the oceanfront on…