Florida Trend Exclusive
Real estate investor Moishe Mana is ready to develop his holdings
Wynwood sits a bit north of downtown Miami, a 50-block concrete expanse of industrial properties that a half-century ago was a garment district. In the mid-2000s, the late Tony Goldman saw the emerging arts community there, bought property and left an indelible mark, including Wynwood Walls, an outdoor museum of street art that opened in 2009. With its gritty streets and colorful murals, Wynwood became instantly recognizable — Miami’s newest hip area. The year after Wynwood Walls opened, investor Moishe Mana paid $5 million for three industrial buildings on eight acres, his first Wynwood purchase. In short order, he acquired another 45 acres, becoming Wynwood’s largest property owner. [Source: Florida Trend]
Condo hotels are making a comeback
Condo hotels, which have had a bumpy history, are starting to make another comeback— just as demand for vacation-homes is red hot. Condo hotels, as the name indicates, are condominiums owned by individuals that are part of a hotel development, often a luxury hotel brand. When the owners aren’t using the condo, they can put the unit in the hotel inventory, allow it to be rented out as a suite and split the rental proceeds with the hotel management company. [Source: MarketWatch]
Value add hunters find slim pickings
Investors in search of big yields through the purchase and enhancement of properties needing a little TLC say they are having to look harder — and wider — for opportunities. Tampa’s Meridian Development Group is one such investor. Founded in 2000, Meridian Development has in recent years scored outsized returns betting on its ability to turn around the Crescent Business Center I and II in Brandon, the Meridian Concourse Center in Clearwater and a former Winn-Dixie distribution center in Sarasota, among other properties. [Source: Business Observer]
South Florida’s real estate market red hot a year into COVID pandemic
South Florida is seeing a crush of new housing buyers. So much so, it has created a seller’s market with many sellers getting top dollar. People from all over the Northeast in high-tax areas are making an effort to make South Florida their new home, but it’s not easy. [Source: WFOR]
Someone bought a private island in the Florida Keys for $11 million
A private island sold in the Florida Keys this month for $11 million, one of the highest closing costs for an island sale in the archipelago. The transaction is a monument to a trend this year of high-end buyers coming to the Keys from other states looking to own a piece of paradise, local real estate agents say. “They’re the ones who don’t even look at the zeros,” Islamorada real estate agent Patti Stanley said. [Source: Tampa Bay Times]
› Apples vs oranges: Some New Yorkers reportedly having second thoughts about moving to Florida [Miami Herald]
In a city accustomed to hype cycles, skepticism about the latest Miami migration wave abounds.
› Florida company announces new strategy for investing in real estate [NewsWire]
A resource for wealth building through real estate has recently been launched by Opus Development Group, LLC. It aims to help investors diversify their portfolios and gain maximum ROI.
› JWB Real Estate Capital buys Downtown warehouse for $652,500Headline [Jacksonville Daily Record]
JWB Real Estate Capital continues to increase its Downtown property portfolio with a $652,500 warehouse buy at 331 W. Ashley St.
› Jupiter Medical Center proposes major expansion [South Florida Business Journal]
The project would create over 100 jobs.