REAL ESTATE NEWS

Palm Beach home sells for $9.7, almost $2 million less than asking price

The home at 320 Island Road in Palm Beach has been sold for $9.7 million, according to a warranty deed filed last Thursday in Palm Beach County Circuit Court. The 6,028-square-foot home, which is has four bedrooms, five bathrooms and two half-bathrooms, was built in 1950 and was listed for $11.5 million. The property, which has direct Intracoastal frontage, includes a three-bedroom guest house on an adjacent parcel. Listing broker Cristina Condon of Sotheby’s International [more]

New ordinance in West Palm Beach targets foreclosed homes

A new ordinance in West Palm Beach aims to address the number of foreclosed homes in the city, WPTV reported. The plan, which was approved unanimously by the city commission Tuesday, requires banks to use property managers to maintain foreclosed homes and will ultimately create a database of foreclosed homes in the city. "Foreclosures are actually up this year, now that laws are more refined at the federal level," said Doug Wise, director of development services for the city. See more in the video after the jump. [more]

United States Supreme Court to decide fate of Riviera Beach houseboat

Fane Lozman lost his 57-houseboat in 2009, after the city of Riviera Beach alleged that he failed to properly register his vessel at the Riviera Beach Marina. But Lozman claimed the houseboat was not a vessel, but a “floating home,” and therefore did not need to be registered. Now, after losing his initial case and an appeal in the 11th Circuit Court of Appeals, his case will be heard by the Supreme Court in October, [more]

Bulgari, Cartier, other luxury brands to set up shop in Design District

A number of high-profile luxury retailers will soon open up shop in the Design District, including Bulgari, Fendi, Dior, Pucci and Marc by Marc Jacobs, the Miami Herald reported. Also joining them will be Cartier, following deals by developer Craig Robins with Richemont and Louis Vuitton Moet Hennessy. “This demonstrates the viability and potential of the Miami Design District,” Robins said. “Our neighborhood has the potential to help redefine how fashion is merchandised in this [more]

Coral Gables apartment building sells for $3.4M

The Capri Apartment at 800-801 Capri Street in Coral Cables has been sold for $3.4 million in an all-cash deal. The buyer was Capri Gables, a limited liability company. Colliers International South Florida’s John Crotty represented the seller, 800 and 801 Capri Street LLC. The property had been built in 1969 on two separate lots, one of which was on a ground lease, something that posed several obstacles. “Despite the challenges presented by the ground [more]

Law firm Hinshaw and Culbertson signs 22,416-square-foot lease in Coral Gables

Law firm Hinshaw & Culbertson is relocating its office from Dadeland to 2525 Ponce de Leon in Coral Gables. The firm signed a 12-year, 22,416-square-foot lease, an expansion from their 15,597-square-foot deal at 9155 South Dadeland Boulevard. The Coral Gables office is located in a LEED Gold-certified, 12-story project downtown. Hinshaw & Culbertson will relocate in late March or early April of this year. — Alexander Britell

Today’s priciest new listing

South Florida’s priciest new listing today is a single-family home at 350 Eagle Drive in Jupiter that’s asking $2.55 million, according to Condo Vultures. The 4,963-square-foot waterfront home has four bedrooms, four bathrooms, marble floors, french doors and custom ceilings throughout. The property has a pool and 116 feet of frontage, and requires an equity purchase in the nearby golf club. It’s listed by Thomas Frankel of Admirals Cove Realty. (Condo Vultures data includes condos and

Zell increases bid on Archstone, triggering automatic $80M payout

Equity Residential increased its bid for the final 26.5 percent stake in Archstrone to $1.5 billion, triggering a guaranteed breakup fee if Lehman Brothers matches the bid, Bloomberg News reported. Bank of America and Barclays have looked to unload their combined 53 percent stake in the Archstone portfolio, and that has resulted in a contentious battle for the stake between Lehman and Sam Zell’s Equity. Lehman already possessed a 47 percent stake in the portfolio and recently [more]

Fort Lauderdale condo-hotel once attached to Trump heads to auction

The unfinished condominium-hotel on Fort Lauderdale Beach once slated to bear the Donald Trump name will be sold in a foreclosure auction March 14, the South Florida Sun-Sentinel reported. New York-based developer SB Hotel Associates planned to develop a $200 million, 298-unit Trump International Hotel & Tower at the site, at 551 North Fort Lauderdale Beach Boulevard. More than 100 people put down 20 percent deposits to buy units, which ranged from $500,000 to more [more]

South Florida residential inventory

Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing. — Adam Fusfeld [more]

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