Florida leads nation in growth of first-time homebuyer rates
First-time homebuyers made up the largest share of the U.S. home purchase market since 2005 during the first nine months of 2018, according to a recent report from Genworth Mortgage Insurance. Florida in particular has seen its first-time buyer market grow substantially faster than average since 2014. [Source: Miami Agent]
If tiny homes are part of the solution to one of Florida’s biggest problems, Mike McCann wants to be involved. McCann is the CEO of Simple Life Communities, a development company headquartered in Jacksonville Beach. His company is building neighborhoods full of little houses in North Carolina and also has some projects just starting in Florida. [Source: St. Augustine Record]
South Florida’s real estate community will play a pivotal role in our region’s efforts to become more resilient. Our industry has enjoyed decades of growth and prosperity despite currency fluctuations, natural disasters and economic volatility. We now face our most significant challenge yet: showing the world how we will ensure long-term viability by hardening our infrastructure and adapting to climate change. [Source: Miami Herald]
Related Group launched pre-construction sales of units at a beachfront condominium development in Mexico. Miami-based Related is developing SLS Marina Beach in Cancun in a partnership with hospitality company SBE and local developers U-Calli and Immoblia. [Source: The Real Deal]
Edgardo Defortuna has been flying high for years, hiring star architects and erecting a string of ultra-luxury condo and hotel towers on his way to becoming one of Miami’s most prominent developers. He recently announced his first foray outside South Florida, unveiling a design for a trio of luxury towers in Paraguay. [Source: Miami Herald]
› Denver firm buys affordable housing property in West Palm Beach [The Real Deal]
Denver-based Grand Peaks Properties paid $21.4 million for a 252-unit affordable senior living facility in West Palm Beach. Grand Peaks was founded in 2003 and manages and invests in apartments throughout the country. It has $2 billion in current assets and owns 30 properties
› Real estate firm pulls out of $14.5 million deal with Port St. Lucie for former VGTI building [TCPalm]
Financial considerations have prompted a distressed-real-estate firm to scrap a $14.5 million deal to buy the city-owned Vaccine & Gene Therapy Institute Florida building, the firm's manager said Friday. "We concluded after a great deal of market effort that there is not a market for that space in Port St. Lucie,” said Christopher Kallivokas, manager of RER Ventures of Coral Gables.
› Publix pays about $7.7 million for store under construction in Tampa's Channel District [Tampa Bay Times]
Developer Ken Stoltenberg’s Mercury Advisors this week sold the downtown Publix now under construction at the corner of E Twiggs Street and N Meridian Avenue to the supermarket chain for nearly $7.7 million, according to a deed recorded on Thursday.
› Orlando Ritz Carlton, JW Marriott reportedly sold for nearly $900 million [Orlando Sentinel]
The Grande Lakes Orlando Resort, one of the most luxurious hotel complexes in Central Florida, has been sold to an investment group for a reported amount of nearly $900 million just four years after a hedge fund bought it.