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Guess where the priciest place to live is

(Credi:t Marilyn Monroe in The Asphalt Jungle (1950); Max Pixel, back photo)

From TRD NYC: When U.S. property is ranked according to price by zip code, California dominates the top 100 most expensive areas to live.

The state is home to 77 of the priciest places to live according to the Los Angeles Times, with New York coming in second with a measly 19 out of 100. The data, analyzed by Property Shark, determine the ranking based on residential deals last year, which includes all types of homes from multifamily to single-family.

California’s top three zip codes were 94027 (Atherton, CA) near Silicon Valley with homes selling for a median price of almost $5 million; 90210 (Beverly Hills) going for about $3.8 million; and 90402 (Santa Monica) at just over $3.5 million.

Within Los Angeles alone, there are 18 zip codes that all made the list including Malibu, Venice, the Palos Verdes Peninsula and Hermosa Beach.

Considering the results, real estate agents all predict homes prices will continue their upward trajectory, though some speculate the rate of increases may slow.

“Prices have been growing in double digits for several years now,” Tami Pardee, CEO of Halton Pardee + Partners, told the Times. “We expect that to drop to single digits.” Others predict comparatively cheaper areas in the state, typically inland, will see big growth. [Los Angeles Times] — Erin Hudson

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Town resists 94-house development plan in Loxahatchee Groves

Satellite view of Loxahatchee Groves (outlined in red) in central Palm Beach County (Source: Google Maps)

Members of the town council and residents of Loxahatchee Groves in central Palm Beach County are resisting a plan to build 94 houses there. The planned development would put the houses at a 47-acre site on the southeast corner of the intersection of C Road and Collecting Canal Road. Joe Lelonek of Atlantic Land Development represented the owners of four parcels comprising the 47-acre site during a preliminary public presentation of the planned development, called Loxahatchee Farms West, on Jan. 16.

For the development to advance, the town would have to rezone the site and amend its land use plan to allow denser residential construction, Lelonek said. Town residents at the public presentation complained that Loxahatchee Farms West would change the town’s rural character and could generate excessive traffic and more crime. Mayor Dave Browning expressed opposition to denser residential development in the town. He said Loxahatchee Groves, which limits residential development to one home per acre, would have to allow two homes per acre for the 94-house development to unfold on the proposed 47-acre development site. [Palm Beach Post] – Mike Seemuth

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Demolition work under way for two developments in downtown Boca Raton

Rendering of the Mandarin Oriental Boca Raton hotel and the Residences at Mandarin Oriental Boca Raton condominium (Source: Sun-Sentinel)

Demolition work has started in downtown Boca Raton to clear two sites for construction of a condominium and a hotel-and-condo complex.

Penn-Florida Companies on Friday started demolition work at 103 East Camino Real to clear the site for construction of the 12-story Mandarin Oriental Boca Raton hotel.

Penn-Florida also is developing a 92-unit condominium at 105 East Camino Real called Residences at Mandarin Oriental Boca Raton.The combined cost of the Mandarin Oriental hotel and condominium is about $400 million.

Demolition work started Jan. 9 to clear sites at 210 Southeast Mizner Boulevard and 398 Southeast Mizner Boulevard for construction of a condominium development called Monarch Boca Raton.

Initially named Mizner 200, Monarch Boca Raton is a trio of nine-story condo buildings that will replace a townhouse development called Mizner on the Green. Elad Group, the developer of Monarch Boca Raton, announced the start of the demolition of the townhouse development, which has about 100 units. [Sun-Sentinel] – Mike Seemuth

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Owner may replace West Palm office center with apartments

Rendering of apartment complex that would replace the Prospect Place office center at 3111 South Dixie Highway in West Palm Beach (Credit: Palm Beach Post)

The owner of an office center in West Palm Beach plans to convert the property to a low-rise apartment complex. Time Equities plans to build six buildings with 300 apartments on the site of Prospect Place, the company’s office center at 3111 South Dixie Highway in West Palm Beach. The planned apartments would be spread across three three-story buildings and three five-story buildings. The apartment buildings would have a combined total of 17,000 square feet of ground-floor retail space.

In 2015, Time Equities planned to build five 15-story condominium buildings on the site of Prospect Place. But the planned condo development drew opposition, and Time Equities halted work on the project last year before West Palm Beach city commissioners could consider whether to approve or reject it. If the city approves the low-rise apartment development that Time Equities is planning, the two-year construction phase of the project could start by late 2018. [West Palm Beach] – Mike Seemuth

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Russian billionaire relists Palm Beach lot for $42M

Dmitry Rybolovlev (Credit: Francknataf) and the oceanfront estate in Palm Beach that President Donald Trump once owned (Credit: RobertStevens.com)

A Russian billionaire has relisted one of three lots he carved from a Palm Beach estate with a $42 million price tag, about 8 percent more than his previous asking price.

Dmitry Rybolovlev, who made a fortune in the fertilizer business, already has collected $71.3 million from sales of the other two lots at an estate he bought from President Donald Trump in 2008 for $95 million.

Rybolovlev initially listed the third lot about a year ago with a $38.9 million asking price. He pulled the lot off the Palm Beach Board of Realtors Multiple Listing Service last summer before relisting it this month and raising the asking price by $3.1 million.

The lot at 525 North County Road spans about two acres and includes 150 linear feet along the ocean. It is located between the other two lots, which Rybolovlev sold last October and in November 2016.

Broker Lawrence Moens, who represented both Rybolovlev and the buyer in the sales of the north and south lots, has the listing for the middle lot.

In 2016, Rybolovlev demolished the mansion and other structures on the estate he bought from Trump after obtaining permission from the Town of Palm Beach to subdivide the property. [Palm Beach Daily News] – Mike Seemuth

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Duke Realty pays $35.7M for Medley industrial site

Medley (Credit: Hightower)

Duke Realty paid $35.7 million for a lumber yard in Medley where the Indianapolis-based company plans to construct warehouses.

Duke bought the 35.1-acre property at 10300 Northwest 121st Way in Medley from an affiliate of Universal Forest Products.

Duke plans to build distribution warehouses spanning 650,000 square feet on the Medley property.

The property now has 452,109 square feet of industrial space for lumber storage and distribution. The South Florida Business Journal reported that Universal Forest Products, which occupies the property, will relocate its South Florida operations.

As rents for industrial space rise and vacant land becomes scarcer in Miami-Dade County, developers increasingly acquire properties for redevelopment as modern warehouses.

In last year’s third quarter, developers had 2.9 million square feet of industrial developments under construction in Miami-Dade, including nearly 360,000 square feet in the Medley area, according to a report by brokerage firm Colliers International. [South Florida Business Journal]  – Mike Seemuth

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Why you want Amazon to be your new neighbor

Amazon has announced a list of 20 cities as potential locations for its second headquarters. The winner is likely to see a significant boost to its real estate market.
Source: http://rss.cnn.com/rss/money_realestate.rss

Developer admits lying to a bank for a condo construction loan

Vero Beach Hotel and Spa

A real estate developer based in Palm Beach admitted to a federal judge that he lied to a bank to get construction financing for a condominium development in Vero Beach.

George Heaton, 74, faces up to five years in prison after pleading guilty Thursday to one count of conspiracy to make false statements to a federally insured bank. Heaton had faced eight counts of bank fraud and up to 30 years in prison before he reached an agreement with federal prosecutors to plead guilty to a one count.

Heaton admitted that he secretly helped buyers to purchase condo units at his Vero Beach Hotel and Spa development because he needed to sell a certain number of units to get a $23 million construction loan to build the development. He lied to Orion Bank, now known as IberiaBank, about the pre-construction condo sales from 2006 to 2009.

In addition to serving up to five years in prison, Heaton probably will be required to pay an estimated $3.3 million to reimburse bank losses. Heaton and an accountant who worked for him have agreed to testify against Eric Granitur, a Vero Beach attorney who handled the closings of condo purchases by buyers who got financial help from Heaton. [Palm Beach Post]Mike Seemuth

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Dezer Development buys shuttered Orlando mall for $23.7M

Gil Dezer, president of Dezer Development

Sunny Isles Beach-based Dezer Development bought a shopping mall in Orlando that closed last year and plans to redevelop it as an entertainment complex. The Orlando Sentinel also reported that Dezer Development paid $23.7 million for the 104-acre Artegon Marketplace at the southeast corner of West Oak Ridge Road and North International Drive. The seller was New York-based Lighthouse Group.

David Reimer, a representative of Dezer Development, told the Sentinel that the company plans to transform Artegon Marketplace to a car museum or an attraction similar to Xtreme Action Park in Fort Lauderdale. The company is a partner in Xtreme Action Park, a 200,000-square-foot entertainment center with a go-kart racetrack, an auto museum, a bowling alley and a paint-ball facility, among other attractions. [Orlando Sentinel]Mike Seemuth

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Who stands to gain if Miami wins Amazon HQ2

Jeff Bezos and Miami Mayor Francis Suarez (Credit: Pixabay, David Ryder/Getty Images, Wikimedia Commons)

Who stands to gain if Miami wins Amazon’s second headquarters?

Of five sites in Miami-Dade submitted in a regional bid, three are in or near Overtown, Miami Mayor Francis Suarez told The Real Deal. Real estate investor Mitchell Newman owns one site; Michael Simkins owns the other – the Miami Innovation District property in Park West; and the third is Miami Worldcenter, Suarez said. Property records show Newman owns land just south of I-395 in Overtown.

Despite the challenges facing Miami – the increasing threat of sea level rise and a limited public transportation system – it made Amazon’s list of 20 cities it’s considering for the company’s $5 billion second headquarters.

Miami-Dade, Broward and Palm Beach counties had submitted a joint bid for the project, targeting eight potential sites in South Florida. In addition to five in Miami-Dade, there are two in Broward and one in Palm Beach, according to published reports.

Simkins and his partners spent $100 million assembling a 10.4-acre fiefdom in Park West, which includes a strip joint called E11even, the Club Space nightclub and several warehouses and vacant parcels. Simkins could not immediately be reached for comment.

“What many people who aren’t living in [the city of] Miami don’t understand is that it’s 90 percent underbuilt in terms of our zoning capacity, believe it or not, so we have a ton of growth available,” Suarez said.

City leaders pitched Overtown as a potential site in the fall, citing its proximity to the airport and to Greater Downtown Miami, and undeveloped land.

Brightline is also poised to improve transportation between downtown Miami, Fort Lauderdale and West Palm Beach when the first phase is operational later this year. A Tri-Rail station connecting to Brightline is in the works, as well.

Miami-Dade’s proposal also included Codina Partners’ Downtown Doral.

In addition to the submitted options, other potential sites could be at Mana Wynwood or the Magic City Innovation District in Miami’s Little Haiti neighborhood, Suarez suggested “[Amazon] is going to come and survey the city and make their decision,” he said.

Amazon released its shortlist of proposals on Thursday, with New York, Los Angeles, Chicago, Boston and others making the cut. There were 238 proposals from around the U.S., Canada, and Mexico for HQ2.

“Some people were surprised we made the list. We’ve grown in the tech sector, financial sector, arts and culture. When I first moved here the cultural offerings were slim pickings,” said Miami Downtown Development Authority Executive Director Alyce Robertson. “This is showing that our business climate has matured to a level that we’re an international business capital as well as a place that is very livable.”

The e-commerce giant eventually expects to grow the second headquarters to the size of its Seattle HQ. It’s looking for an area with low cost of living, an educated workforce, high incentives, at least 1 million people, and access to an international airport.

Included in the South Florida bid is, obviously, the region’s quality of life. “Even though we’re experiencing cold weather here in Miami, it’s 50 degrees and not zero degrees,” Robertson said.

A diverse and multilingual talent pool, research universities and primary schools, international airports and its proximity to Latin America and the Caribbean are among the other benefits Miami has to offer, she said

Critics argue that the growing threat of sea level rise, an increasing number of super storms and flooding will keep Amazon from selecting Miami. Robertson and other proponents disagree.

“It’s somewhat of a sensational risk. We just passed a $400 million bond issue to deal with resiliency. There’s this image we’ll be like Atlantis,” she said. “There are parts of Miami-Dade that are on higher ground, and for the parts that aren’t, local municipalities are implementing resilient building codes, raising roads and more.

“Yes we have hurricanes. But we’ve had hurricanes for a long time. We have the strongest building codes,” she added. “We have our challenges, but managing the water is one of the things we’re working on.”

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