🏆 Residential: Key Biscayne had the top residential sale recorded in South Florida. An 8,000-square-foot mansion at 180 Cape Florida Drive changed hands for $21 million. The sellers were Eugene Stearns, a trial attorney, and his wife Diana Stearns, along with Matthew Buttrick and Jennifer Stearns Buttrick, also attorneys. The home, built in 2018, has six bedrooms, six bathrooms and two half baths, an outdoor grill and a pool. Its last asking price was $23.5 million. Dora Puig with Luxe Living Realty had the listing, and Brigitte Nachtigall with One Sotheby’s International Realty brought the buyer, Bluefin Enterprises.
🏆 Commercial: A roughly 61,000-square-foot waterfront development site at 1818 Southeast Tenth Street in Fort Lauderdale traded for $42.7 million, marking the most expensive commercial real estate deal to hit South Florida records. The seller was an affiliate of Deerfield Beach-based Insurance Care Direct. The buyer was BJK Management LLC. It last sold in 2021 for $24.5 million, and its last asking price was just under $50 million. Compass’ Tim Elmes had the listing.
📊 Commercial: Boca Raton-based MHG Hotels scooped up the Aloft Fort Lauderdale Airport from an entity tied to Green Park Management. The deed prices the real estate at $17.2 million, but a source told The Real Deal the true sale price was $33.3 million, as hotel deals tend to include more than just the real estate. The hotel, built in 2024, has 138 rooms. The deal works out to about $241,000 per key.
📊 Commercial: The Colonial Assisted Living facility at 2801 Northwest 55th Avenue in Lauderhill sold for $20 million. The seller was an affiliate of assisted living facilities owner Odelmys Bello. The buyer was an LLC linked to Mirvian Rodriguez. The property spans 36,000 square feet and last sold in 2024 for just over $8 million.
By the Numbers: Mortgage applications jump as rates dip below 6%
Residential mortgage activity continued its upward climb last week, as borrowing costs dipped below the 6-percent threshold for the first time in nearly four years and borrowers took advantage of the fleeting window of opportunity.
There was a 12.1 percent weekly jump in new mortgage applications across the board, according to the latest survey from the Mortgage Bankers Association, which looked at loan activity for the week ending Feb. 27. The number of applications also was up 23.1 percent from four weeks prior and a striking 53.1 percent year over year.
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