October 5th, 2022
Top home equity-rich cities
Thirty-nine of the top 40 equity-rich cities ATTOM identified were spread across the South and West. The top five in the second quarter were:
Austin: 76.5 percent
San Jose, California: 75.1 percent
San Francisco: 70.5 percent
Sarasota-Bradenton, Florida: 70.4 percent
Boise, Idaho: 69.7 percent
States with biggest equity gains:
Wyoming
Maine
Florida
Mississippi
South Carolina
The Bentley of Condos: Branded Homes Reshape Luxury Real Estate
Major national brands are attaching their names to high-end real estate developments, and they're commanding premium prices. In the last decade, branded properties have gained prominence, with more than 900 projects worldwide expected by 2026, according to a 2021 report from international commercial real estate firm Savills. The trend—most popular in the U.S.—started with hotel brands like Four Seasons, Regis and Mandarin Oriental, which transformed the upper floors of many of their properties into condos. Read More
Will Hurricane Ian cut Florida’s Gulf Coast real estate boom short?
Before the storm, half of the 10 fastest-growing housing markets in the U.S. were on the state’s west coast with Fort Myers at the top. Read More
New Development
La Baia North
After selling out the first building, the Continuum Co. has launched sale of a second condo in Bay Harbor Islands.
La Baia North will feature 57 units at 9481 E. Bay Harbor Drive, a waterfront lot on the east side of the islands. It’s just south of the bridge leading to Bal Harbour.
The condos in the 8-story building would range from 1,400 to 2,100 square feet, with prices starting at $1.3 million. The developer is also selling private boat slips.
La Baia North would feature 20,000 square feet of amenities, including a pool deck, heated soaking spa, a sunset lounge with a fire pit, a rooftop kid’s splash pad, hanging nest swings for kids, and watersports equipment.
Continuum Co. plans to break ground on the project in the fourth quarter of this year.
Plum Market to open first Florida location
The future Plum Market Aventura store is about two miles away from the 2.7 million-square-foot Aventura Mall, the largest shopping mall in Florida, and within a city where the median household income, as of 2020, was $65,893 a year, according to census figures.
The Plum store will operate in a 108,506-square-foot shopping plaza built in 1972 that's owned by Aventura Plaza Partners LLC.
Founded in 2006, PlumMarket has 25 locations in Michigan, Indiana, Ohio, and Texas with two future full-service stores planned in Washington, D.C. and Hollywood, California.
Ryder System
Bridge Industrial Group has agreed to acquire the headquarters of Ryder System and replace it with warehouses.The 249K SF office building sits on 16.8 acres at 11690 NW 105th St. Bridge intends to build a 330K SF complex of warehouses. Earlier this year, Ryder announced it would be selling the office campus, built in 2005, due to an increase of employees working from home due to changes sprung by the pandemic. Ryder is looking for new office space in Dade County, but it has not ascertained how much space it needs moving forward.
David Beckham
An entity connected to David Beckham’s Inter Miami CF was granted a $31M mortgage from the City National Bank of Florida for 9 acres in Overtown. The mortgage mentioned Miami Beckham United LLC and local developers from MasTec, a co-owner of the soccer team, as guarantors.
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