The hotel component of the Four Seasons Millennium Tower has been sold to a New York investment group for just $29.5 million according to Condo Vultures. The hotel had been previously valued at $85.5 million according to tax records. That’s a pretty steep discount.Located inside the 70-story Four Seasons Millennium…
Brickell, the so-called Manhattan of the South, was supposed to be Miami’s next hot spot. Developers fully bought into the idea, and for a while it seemed a new luxury condo high-rise was breaking ground every other month. Then, whoops, the housing bubble burst, the recession hit, and many of those condo…
The owners of the Fontainebleau Miami Beach borrowed about $620 million to complete its recent $1 billion makeover, but according to Business Week, they haven’t made payments on any of the loans since September. Now BW says they’re offering a restructuring plan to lenders. Yes, yet another Miami Beach megahotel…
If you’re a strapping young lad or lass fresh out of college and looking to plant your foot on the career ladder, Miami is apparently not a good place to start. Believe me — all I could snag out of college was writing this here blog*, and that is considered…
There was a time — say, last summer — when no clerk wanted to enter a certain room on the 15th floor of 140 W. Flagler St., a drab Miami-Dade County municipal building downtown. Inside lurked a multiton beast made of dead trees: the collection of pending foreclosure case files…
W Hotels, a chain so chic it needs but a single letter to identify it, finally came to South Beach last fall, but now owners who bought condos in the complex allege they were deceived and want their deposits back.Potential owners were told there would be larger units, additional condos,…
Despite some concerns that new management might put a damper on the unadulterated chicness of the Gansevoort South Hotel on South Beach, The Wall Street Journal reports that the hotel is still tragically hip.Though the hotel portion of the complex was reportedly very successful, slow sales on the condominium side forced Credit…
That condo you bought in downtown as an investment property in 2005? You might not be able to make a reasonable profit on it until sometime after 2030.Moody’s Economy.com says housing prices in Miami-Dade and most other southern Florida counties won’t recover until 2030. The predictions are based on Fiserv’s Leading Case-Shiller…
Oh look, former Gov. Jeb Bush has apparently joined Twitter, and even though he hasn’t twatted anything into his tweet machine yet he already has 2,323 people following him!That works out to a little less than 1 percent of the people who have followed Conan O’Brien since he joined the…
As Lil Wayne gets ready to trade in his baller lifestyle for a jail cell, he’s liquidating his Miami real estate portfolio. He’s put his four-bedroom condo in the Murano Grande on South Beach up for sale for $2.8 million, according to AllHipHop.com.This isn’t the same apartment Weezy was renting that…
William and Michael Achenbaum, the father-and-son team that own the Gansevoort Hotel in New York City, now have officially nothing to do with the massive Gansevoort South in South Beach. The duo officially lost ownership of the hotel-and-condominium building last month when they failed to find a another buyer, Credit…
Fallen superproducer Scott Storch lost his 20,000-square-foot Palm Island mansion to foreclosure. He paid $10.5 million for the pad in 2006, but SunTrust Bank foreclosed on the property last year and bought it back at auction for $5.5 million. Now the property, known by the classy and sophisticated name of Villa Ferrari,…
Diddy is probably one of the only people in the world who can say”That’s always been a hobby of mine, collecting estates,” with a straight face. Collecting estates? Most of us would be so lucky just to have one.Anyway, despite taking pride in his hobby, Diddy has a policy of…
Brian Hope, a 36-year-old attorney, moved into a Brickell condo at Quantum on the Bay in October. He signed a one-year lease for unit 3701, which has one bedroom and a sweeping view of Biscayne Bay. He was quite pleased. But then, a couple of days after moving in, he noticed…
Not long ago, Riptide implied — via a Moron of the Week post — that Miami rapper Bow Wow isn’t very smart. Sure, maybe he did announce his own drunk driving — in a “Lambo” — via Twitter. And, yeah, maybe Miami Beach cops did slap him with a DUI two seconds…
At 11.8 percent in December, the Florida unemployment rate is the highest it’s ever been since 1975. That’s up 0.3 percent from November and a whopping 4.2 percent from the same month last year. Miami-Dade’s unemployment rate is still below the state’s, but the numbers shot up in December, climbing to 11.3 percent…
For nearly a decade, Guillermo Socarras has had a dream of constructing the world’s tallest building in Miami. But plans have shifted. Backers, if they were ever really there, have backed out. The local economy, especially the building boom, has flat-lined. And just earlier this month, Dubai’s Burj Khalifa, the…
On the off chance you haven’t heard yet, 2009 was not a very good year for the economy. Which means it wasn’t a very good year for real estate, especially not luxury Miami real estate. In their wrapup of year-end stats, the South Beach Real Estate blog notes prices per square…
Normally, the sale of a parking lot shouldn’t be newsworthy, but when it combines the real estate boom in downtown Miami and the decline of the printed press, it’s worth taking note. The Miami Herald this morning reported the complicated sale of its parking lot to developers could drag on for another year…
CocoWalk, the crown jewel of downtown Coconut Grove, has been hit with a $98 million foreclosure lawsuit filed by Bank of America, putting the future of the shopping, dining, and entertainment center into question. CocoWalk was bought by PMAT Real Estate Investments, a New Orleans-based firm, in 2006. But according…
Ever since MTV Cribs moved to CMT, the world has been deprived of seeing the interiors of rapper’s Miami pads. Who could forget Missy Elliot’s Ferrari bed, or Bow Wow’s rented car controversy? Thank goodness for YouTube.While, Lil Wayne did show off his New Orleans crib for the show, we…
The employment rate in Florida increased slightly in November to 11.5 percent, up from 11.3 percent in October according to the South Florida Business Journal. That’s the highest rate since May 1975, when 11.9 percent of Floridians were out of a job, and translates to roughly 1 million people out of work. However,…
