Consider this your guide to sounding smart at The Real Deal’s South Florida Forum this week. And if you’re not going, here’s the lowdown on what’s going on in the market right now.
My colleagues and I will be moderating a dozen conversations and panel discussions with top dealmakers, developers and lenders at our annual event, held this year on Wednesday and Thursday at Mana Wynwood. We’ll cover everything from the major headwinds developers are facing to the branded condo boom, talk about how Miami’s top brokers cater to the 1 percent of clients, figure out whether Miami is immune to the “office doom loop” and address the region’s multifamily mania.
Here are some top-level notes based on conversations we’ve been having with sources and our recent reporting that should get you up to speed:
- Construction starts are way down, and condo sales launches are slowing, developer Erik Rutter of Oak Row Equities tells me. But distress is still limited, and largely due to “poorly leveraged capital stacks.” The office sector is likely the most challenged, he said. Financing is still expensive, and condo projects are the easiest to finance. Still, Miami is “not like other markets” in the U.S.
- Despite some issues with office leasing, brokers are still giddy over future office projects.
- Even though launches have slowed, we’re still reporting on new condo projects, most of which are, yes, branded. Just last week, Related Group, Tate Capital and Rok Acquisitions announced sales and revealed the branding for the St. Regis Residences at Bahia Mar, a long-planned project in Fort Lauderdale.
- Height and density aren’t necessarily the best incentives that the Live Local Act provides. The state’s new affordable/workforce housing legislation allows developers to, in theory, cut through a lot of red tape and benefit from property tax, parking, density and other incentives. We’ll hear from experts working on these projects.
- Bigger continues to be better for South Florida’s top brokerages, as they grapple with changes brought by the National Association of Realtors’ settlement in a class-action lawsuit that we have covered extensively. In other words, brokerages are still focused on growing. Agent turnover remains a constant in such a low-barrier-to-entry industry.
Also, Adam Neumann (have you heard of him?) and developer David Martin will be having one-on-one conversations with our publisher Amir Korangy and Editor-in-Chief Stuart Elliott, respectively, on days one and two of the event. For more on the event, including the showcase and VIP access, visit this link. Hope to see you there.
What we’re thinking about: A lot, but mostly the election. Make sure to vote!
CLOSING TIME
Residential: Brazilian soccer superstar Neymar paid $26 million for the 0.6-acre home lot at 148 Bal Bay Drive in Bal Harbour. A company led by Bent Philipson, a controversial nursing home investor, sold the waterfront lot to Neymar da Silva Santos Júnior, who is rumored to be joining the Major League Soccer team Inter Miami.
Commercial: Reuben Brothers, led by billionaire brothers Simon and David Reuben, paid more than $400 million for the W South Beach at 2201 Collins Avenue. Aby Rosen and David Edelstein, who lead New York-based firms, RFR Realty and Tricap, respectively, sold 175 hotel rooms and 173 condo-hotel units at the property. The deal does not include another 211 condo-hotel units owned by others.
NEW TO THE MARKET
Rosie O’Donnell’s former Star Island mansion in Miami Beach hit the market for $54 million. The estate of the late Linda Frankel and Dr. David Frankel, a physician and real estate investor, is selling the 11,104-square-foot home at 43 Star Island Drive. Compass agent Liz Hogan has the listing for the eight-bedroom, eight-bathroom estate, which includes a pool, dock and 200 feet of water frontage.
A thing we’ve learned
The Florida-Georgia football game will continue to be played in Jacksonville in 2025, then move to Atlanta in 2026 and Tampa in 2027 while EverBank Stadium is renovated. The rivalry game has historically been set in Jacksonville on neutral grounds (and in a stadium where alcohol is served). It’s known as the world’s biggest cocktail party.
Elsewhere in Florida
- Commercial real estate broker George Pino is now facing a felony homicide charge as a result of the deadly Biscayne Bay boat crash that killed a 17-year-old girl and severely injured her classmate, the Miami Herald reports.
- A 19-year-old and a 25-year-old were killed in a mass shooting in downtown Orlando during an early morning Halloween celebration, according to the Orlando Sentinel. The suspected gunman, who is 17 years old, was also charged with injuring seven others. Orlando’s Mayor Buddy Dyer declared a weeklong state of emergency.
- A Tampa man was charged with two counts of making, possessing, throwing, projecting, placing, or discharging any destructive device after he allegedly left explosives in bathrooms at the Hard Rock Casino in Tampa in late September, NBC News reports.
