Syncopated Real Estate offers an integrated approach to property acquisition and asset disposition. As a South Florida brokerage we facilitate the buying, selling, and leasing of real estate in both residential and commercial markets. A strategic coordination with real estate professionals and funding services allows for innovative solutions. The boutique brokerage approach caters to the individual goals of buyers and sellers. This is accomplished through listening to market rhythms and having the dedication to discover value. The ability to connect with resources such as family offices, legal services, accounting professionals, and private funding groups, facilitates smooth transactions. This method achieves success while developing long term business relationships.
The Kansas City Chiefs and the San Francisco 49ers aren’t the only ones hoping to score a big win this weekend in South Florida.
As Super Bowl LIV ticket holders descend on Miami this week, ahead of the big game, luxury residential brokers and agents are holding open houses, setting up meetings with athletes and wealthy attendees, hosting events, and rolling out targeted social media campaigns.
Mark Zilbert of Brown Harris Stevens Miami calls it “the biggest week of the year.”
“We’re ensuring that our properties are available. Things can happen at any time. We’re really on standby,” Zilbert said. “We’re working more. We’re more available. We’re out in the street. We’re making sure that our property owners are ready.”
He’s working with a client from Chicago who has been looking to buy a four-bedroom condo in Miami Beach, who just purchased tickets to the Super Bowl and will be back to look at more condos.
Zilbert said the online chat on his website has “never been busier than the last couple of days.”
Ben Moss of Compass is also using football’s biggest weekend to network. Moss, who works with professional athletes, will be meeting with his clients, and using the game to reach out to potential buyers. He’s also helping them arrange high-end short-term rentals, acting as a “concierge of sorts.”
Open houses are also on tap leading up to the game.
Danny Hertzberg of Coldwell Banker’s The Jills Zeder Group is among a group of brokers hosting open houses on Tuesday and Wednesday for 12 properties on Palm, Hibiscus and Star islands in Miami Beach. The properties are priced from $6 million to $26 million, with a total dollar volume of about $170 million.
The openings are aimed to give brokers previews before their clients touch down in Miami. Hertzberg said. The houses include 101 North Hibiscus Drive, asking $25.9 million; and 29 Star Island Drive, on the market for $24.9 million.
The Jills Zeder Group is scheduling appointments during open houses, which Hertzberg said “indicates the level of people coming for the Super Bowl.” His team also has showing requests for clients who plan to arrive via yacht.
Meanwhile, the group is boosting social media posts in and around Miami Beach for buyers who are staying in hotels. Agents are using the opportunity to target buyers from high-tax states like California, the 49ers home base.
“The intention of the trip is the Super Bowl,” Hertzberg said. “But if they’re also considering a move here, they’re using that trip to look for real estate.”
Nelson Gonzalez, a top agent with Berkshire Hathaway HomeServices EWM Realty, said a client who bought a Miami Beach house is hosting a big party that Silicon Valley CEOs are expected to attend. That client suggested Gonzalez “tee up a few of [his] most expensive homes,” which includes 2204 North Bay Road, asking $24.5 million; and 10 West San Marino, asking $23.5 million. Gonzalez will have tours of properties over the weekend.
Evening events are also planned.
Corcoran Group President and CEO Pam Liebman will be in town this week, attending a broker event at a $20 million Venetian Islands mansion on Thursday evening for about 60 to 70 agents, said Corcoran agent Julian Johnston. Johnston is hosting high-end, invitation-only cocktail hours and catered dinners at two Miami Beach houses, one listed for $18 million, and another for $22 million.
And Virginia Hornaday of the Ginger Hornaday Group at One Sotheby’s International Realty is partnering with Victor G. Harvey Sr. and Flo Rida’s VG Vodka to sponsor events leading up to the game. The events include a media cruise on a yacht, a celebrity basketball game, and a Super Bowl kick-off party.
Angelica Garcia, with One Sotheby’s, is sponsoring a party with Nationwide Mortgage Bankers on a yacht docked on Star Island Friday night.
Some real estate agents are using the week to launch new listings.
Scott Gerow of Douglas Elliman is listing a 6,261-square-foot, five-bedroom penthouse at the St. Regis Bal Harbour for $82,500 a month. The condo, combined units 2702 and 2703 at 9701 Collins Avenue, can be rented for a minimum of six months, and is fully furnished.
It’s the most expensive long-term condo rental on the market in Miami-Dade, Gerow said. Property records show Safe Harbor Equity managing partner Ralph Serrano owns the double-unit, with more than 2,000 square feet of balcony space, six bathrooms and one half-bathroom. Gerow plans to have private showings for celebrities and athletes in town.
“The timing is absolutely perfect,” Gerow said. “All eyes are on Miami.”
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UPDATED: January 28, 11:20 a.m.: After operating as “sister” companies for nearly two decades, the Corcoran Group and Citi Habitats are merging under the Corcoran banner to better compete in an increasingly cutthroat brokerage business.
The deal, announced Tuesday, will boost the company’s standing as one of the biggest firms in New York City with a combined 2,420 agents responsible for $7 billion in annual sales and 22,000 rental transactions last year.
“There’s no company in the city that will come close to us with the breadth of what we can do,” said Corcoran CEO Pam Liebman, citing Corcoran’s track record in sales and Citi Habitats’ large book of rental business.
Terms of the deal were not disclosed, but Liebman will remain at the helm of the combined company. Gary Malin, president of Citi Habitats, will remain COO of Corcoran, a position he took in November.
Amid a lull in mergers and acquisitions, the rumor mill went into overdrive in recent days after Citi Habitats scheduled a company-wide meeting for 10 a.m. Tuesday at the Pierre. In a news release, Corcoran said it was a “strategic move” to facilitate growth. Although Corcoran acquired Citi Habitats in 2004, the two companies operated independently under the Realogy banner.
“It’s always been in the planning stages,” said Liebman, who said each year the companies analyzed whether the time had come. This time, she added, “we decided to pull the trigger.”
Doing so is likely to give a boost to the company, which has battled to hold onto market share as new and well-funded rivals enter the market.
On the rental front, Citi Habitats has been grappling with a slower rental market coupled with rent-law changes, including a cap on application fees, that hurt its earnings.
Corcoran, stung by agent defections to Compass, has also weathered a luxury slowdown. It has responded by strategically growing its footprint: Last year, the firm entered the franchise business by targeting leisure markets and expanded to South Florida by opening company-owned offices in West Palm Beach, Miami Beach and Bal Harbour.
Amid that expansion, Corcoran firm laid the groundwork for its merger with Citi this past fall by tapping Malin as COO. (At the same time, Corcoran’s president of sales, Bill Cunningham, left the resi brokerage.)
But Liebman stressed that the merger is not a sign that Corcoran is cutting costs. “We’re not laying off anybody,” she said. With the exception of one staffer, she added, “every single employee is going to be placed in a position.”
In New York, the merger adds 747 agents from Citi Habitats to Corcoran’s 1,672. The brokerage, which competes with Douglas Elliman for the distinction of being the largest in New York based on size and deal volume, will share 19 offices in the city after the closure of several locations in Brooklyn and Manhattan.
In particular, the company plans to close Citi Habitats offices in Cobble Hill, Greenpoint, Greenwich Village and the Upper East Side.
Citi’s Williamsburg, Flatiron and Upper West Side offices will remain open, under the Corcoran banner. “We’re not doing this as a cost-saving [measure], but will we save some cost? Sure,” said Liebman, adding that it wouldn’t make sense to have that many offices in close proximity to one another.
“Frankly, a lot of agents don’t come in anymore,” she said. “Everyone is so mobile, we don’t need as much bricks and mortar.”
Back in 2004, when Corcoran bought Citi Habitats from founder Andrew Heiberger, the latter had 20 offices and Corcoran had 43. At the time the companies envisioned a powerhouse brokerage fueled by Corcoran’s for-sale business and Citi’s rentals.
“No merger is perfect, but this one is pretty darn close,” Heiberger said Tuesday. “The synergies are incredible and the opportunity for the brokers to utilize the Corcoran brand and outside resources, especially for sales, is tremendous.”
Many years later company execs said it made more sense to truly combine the companies, which already shared some back-end operations. Malin said Corcoran and Citi had been working on shared initiatives such as a company website, tech platform and marketing platform. Corcoran Sunshine and Citi Habitats Development Marketing have partnered on several new development projects, including GID Development Group’s Waterline Square and others.
“All these factors became more evident,” he said. “We always knew it was the right business decision. We needed to figure out when.”
As one company, the brands will be more streamlined, with just one website, marketing campaign, and lead-generation program. The company also hopes the merger provides a leg up in agent recruiting, which is a virtual blood sport in New York.
Last summer, Corcoran’s parent company, Realogy, slammed Compass with an explosive lawsuit, accusing it of “predatory” poaching and unfair business practices.
Compass recently sought arbitration to resolve the suit, claiming that most of Realogy’s claims pertain to Corcoran; both Compass and Corcoran are members of the Real Estate Board of New York, which requires members to settle disputes through arbitration.
Write to E.B. Solomont at email@example.com.
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A sprawling 80-acre Wellington estate sold for $17.45 million, marking one of the priciest sales in the equestrian mecca over the past year.
Helgstrand Dressage purchased the property known as Windsome Farm at 13560 Indian Mound Road for $218,125 per acre. Windsome Farms Limited Inc, led by Robin Koenig of Transworld Oil USA, sold the property.
The equestrian estate is at the intersection of South Road and South Shore Boulevard. The estate was built in the early 1990’s, and has been owned and operated for the past 25 years by Windsome Farms Limited, according to a press release. It has 52 European-style stall stables, residences and tack rooms and an owner’s lounge, according to a listing on Realtor.com. It also has three training rings, a grand prix course and miles of trails with maintenance and storage facilities.
Windsome Farms Limited bought the land in 1989 for $2 million before building the structures in 1995.
The Atlantic Western Companies’ Brad Scherer represented the seller in the deal.
Helgstrand Dressage is a seller, breeder and trainer of elite and Olympic level Dressage horses, with over 450 horses based in five training centers in Germany and Denmark, according to the release.
Wellington is considered the winter equestrian capital of the world and is home to the who’s who of power players who have equestrians in the family. The families of billionaires such as Bill Gates, Michael Bloomberg and the late Steve Jobs, as well as celebrities Billy Joel and Bruce Springsteen, all have homes in the village.
Last month, Oscar-winning actor Tommy Lee Jones sold his Wellington equestrian estate at 12550 40th Street South for $11 million.
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The Connecticut developer accused of murdering his estranged wife was rushed to the hospital Tuesday afternoon after an apparent suicide attempt.
Citing an official familiar with the case, the New York Times initially reported that the 52-year-old Fotis Dulos, who was charged earlier this month with murdering his wife Jennifer, had died Tuesday. But Dulos’ lawyer, Norm Pattis, said to the Hartford Courant that Dulos was rushed to the hospital with a pulse.
Authorities believe Dulos poisoned himself with carbon monoxide, according to the Times’ source. Fotis was found alone at his home, where authorities responded to a wellness check after he did not respond to a court hearing on Tuesday, according to CNN.
Jennifer Dulos, 50, disappeared in May 2019 after dropping their kids off at school. Her body has never been found.
CEO of Farmington-based developer Fore Group, Fotis Dulos also had been charged with kidnapping his wife. His girlfriend, Michelle Troconis, has been charged with conspiracy to commit murder.
Dulos used an employee’s truck, which was captured on surveillance footage driving between Farmington and New Canaan, where Jennifer Dulos lived, on the day she vanished, according to authorities. The passenger seat of the truck, a red Toyota pickup, had a blood-like substance that was linked to Jennifer Dulos’ DNA, according to arrest warrants.
Residential investment in 18 large economies posted year-over-year declines for four straight quarters through last September (Credit: Unsplash, iStock)
The global economy grew at its slowest rate since the financial crisis last year. A big part of the slowdown came from cooling housing markets around the world, which have increasingly started moving in sync.
Residential investment in 18 large economies posted year-over-year declines for four straight quarters through last September, the Wall Street Journal reported citing an analysis from Oxford Economics. This string of declines was the longest the world economy has seen since 2008 and 2009.
“The housing market is a big asset market which has quite large potential impacts on consumer spending,” Adam Slater of Oxford Economics told the Journal. “It tends to be a sector when it booms, it booms; when it busts, it busts.”
In addition to a slowdown in the broader economy, residential markets have been constrained by affordability problems and heightened geopolitical uncertainty, including the U.S.-China trade war, Brexit, and protests in Hong Kong.
According to the International Monetary Fund — which projects worldwide economic growth to rebound somewhat this year — low interest rates have contributed to greater synchronization between housing markets, as yield-hungry investors scoop up real estate across the globe. A similar degree of synchronization has long existed in global stock and bond markets.
Home price increases have also been limited by new regulations. Vancouver introduced a foreign buyer tax in 2016, while New Zealand banned overseas investors from buying existing homes altogether in 2018. Meanwhile, Seoul has tightened restrictions on mortgage lending and capped residential prices. [WSJ] — Kevin Sun
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The Hare Krishna Lantana Hotel company bought a Motel 6 for $8.4 million.
Hare Krishna Lantana Hotel, managed by Vijay Patel, bought the 154-unit motel at 1310 West Lantana Road for $54,545 per unit, records show. Carrollton,Texas-based G6 hospitality sold the property.
The 39,520-square-foot building last traded for $5.7 million in 2012, records show. It was built in 1988. The Motel 6 sits on 3 acres off of I-95 near West Lantana Road.
G6 Hospitality was founded by William Becker and Paul Greene in 1962. The company owns, operates, and franchises more than 1,400 economy lodging locations under the Motel 6 and Studio 6 brands in the United States and Canada and the Hotel 6 brand in India. In 2012, Blackstone acquired the discount lodging chain from French hotel company Accor SA in a $1.9 billion deal.
Vijay Patel is affiliated with Hudson, Florida-based Star Oil, a supplier of petroleum products, according to its website.
Lantana will soon be seeing an influx of new development. Construction is underway at Water Tower Commons, a 73-acre mixed-use development, where Miami-based Related Group is building a 360-unit market-rate apartment complex. The project is at the former site of A.G. Holley State Hospital.
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Housing Trust Group secured $25 million in financing for a new senior affordable housing development in Fort Lauderdale’s Flagler Village.
HTG closed on the financing on Monday for Village View, a 100-unit building that will be set aside for seniors ages 55 and older. The one- and two-bedroom apartments will be for seniors earning at or below 30 percent, 60 percent and 70 percent of the area median income. Rents will range from $402 to $1,236 a month, according to a press release.
The developer plans to break ground on the project, at 640 North Andrews Avenue, by the end of January. The financing includes funds from 9 percent Low Income Housing Tax Credit Equity provided by Raymond James, a construction loan from Capital One and permanent financing from Walker & Dunlop.
The building will have 68 one-bedroom apartments and 32 two-bedroom apartments, from 700 square feet to more than 1,100 square feet. Units on the first and third floors will have terraces, and all of the units will have washers and dryers, and full size Energy Star kitchen appliances. Residents will also have access to business centers, a pool, gym, media center, structured parking and on-site management.
Coconut Grove-based HTG plans to launch pre-leasing in the middle of this year and deliver Village View in the first quarter of 2021. It’s being designed by lead architect Corwil Architects with interiors by B. Pila Design Studio. ANF Group is the general contractor.
The project is one of the few new affordable housing developments in Flagler Village, a trendy Fort Lauderdale neighborhood. In 2014, HTG completed Village Place, a 112-senior housing community at 7210 Northeast Fourth Avenue.
Last fall, the Broward County Commission gave initial approval to a land use change that would make it easier for developers to build affordable housing.
In November, Atlantic | Pacific Communities closed on a $27 million loan from Bank of America for Sailboat Bend II, a 110-unit rental project for seniors ages 55 and older, on the New River near downtown Fort Lauderdale.
HTG, led by president and CEO Matthew Rieger, has more than 7,000 affordable and market-rate apartments in Florida, Georgia, Texas and Arizona, plus another 2,000 units in the pipeline.
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Talk about bad luck.
Lucky’s Market filed for Chapter 11 bankruptcy protection and has reached an agreement with Aldi and Publix to take over some of its leases.
The company previously announced it will close 32 stores across the country, including all 20 of its locations in Florida with the exception of its Melbourne store.
Lucky’s said it reached an agreement with Aldi to lease five stores and buy one property. The grocery giant Publix Super Markets will also lease five of Lucky’s store properties, according to a press release.
Lucky’s said it “continues to have active dialogue with various buyers.”
Lucky’s will also continue to operate its stores in Traverse City, Michigan; Cleveland and Columbus, Ohio; Columbia, Missouri; North Boulder and Fort Collins, Colorado.
The Boulder, Colorado-based company has 39 stores in 10 states, according to its website. Lucky’s became known for its moderately priced health-conscious food with the slogan “organic for the 99 percent.” It was founded by Trish and Bo Sharon in 2003.
The company had planned to open new locations in Delray Beach, Boca Raton and Miami this year, according to its website.
The grocery chain is one of the few competitors in Florida to Publix, which dominates the supermarket landscape in the Sunshine State. Still, other grocery retailers have been expanding in South Florida, including Trader Joe’s, which opened its first store in Miami Beach in August.
In December, Kroger announced on an earnings call that it would divest its stake in Lucky’s. Kroger first invested in the company in 2016. Kroger does not currently operate any stores in Florida, according to its website.
Lucky’s said it has sufficient cash on hand at the time of the filing, and the company should have the continued ability to meet its financial obligations, according to the release.
Four employees at Trump National Golf Club Los Angeles have filed a lawsuit alleging they were forced to work overtime without pay and were denied rest and food breaks.
The suit against VH Property Corp. — a holding company connected to the Trump Organization — accuses the golf club in Rancho Palos Verdes of violating California Labor Code. The four waitresses who filed the suit are seeking to recover wages that were withheld along with damages that exceed $25,000.
The suit comes nearly three months after Rancho Palos Verdes voters rejected a ballot measure that would have required large resorts and clubs — including Trump National — to pay employees at least $15 an hour, implement regular raises through 2022 and provide panic buttons to employees who work in isolated areas.
The food servers’ lawsuit was filed in Los Angeles County Superior Court. Its plaintiffs are Adriana Curiel, Brissette Curiel, Jackeline Honorio and Maria Rodriguez. VH Property is the entity that runs President Trump’s golf properties, including its club house restaurants and meeting facilities.
Trump purchased the golf course for $27 million in 2002 from developers Kenneth and Robert Zuckerman; they had filed for bankruptcy protection after a portion of the course collapsed into the ocean.
While Trump made substantial additions to the property, the club has struggled financially in recent years.
Trump has also endured a rocky relationship with the city leaders and golf course workers. In 2008, Trump sued the city for $100 million claiming Rancho Palos Verdes refused to allow him to build a clubhouse terrace and other amenities needed to maintain the “Trump image.” The city and Trump settled the lawsuit in 2012 but terms were not disclosed.
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UPDATED, Jan. 28, 12:25 p.m.: Magellan Development Group launched preleasing for its latest Midtown Miami apartment building, adding nearly 450 rentals to the market, The Real Deal has learned.
Chicago-based Magellan, investor Alex Vadia and J.P. Morgan Asset Management are completing construction of Gio Midtown, previously known as Midtown 6, at 3101 Northeast First Avenue in Miami. Magellan Executive Vice President Brian Gordon said he expects to receive the building’s temporary certificate of occupancy in mid-February with move-ins as early as mid-March.
Gio Midtown, a 32-story, 447-unit building, will have units ranging from 386 square feet to 1,919 square feet.
The project is one of a few apartment buildings under construction in the Midtown area. Around the corner, AMLI, another Chicago-based developer, is building AMLI Midtown Miami, a 719-unit complex at 3000 Northeast Second Avenue.
Gordon said that Gio Midtown will be offering a free month of rent, which is in line with the market. Rents will start at about $1,585 a month for a studio apartment. A one-bedroom starts at $1,775 a month, a two-bedroom at $2,775 a month, and a three-bedroom starts at $3,790 a month.
Bozzuto is managing the property.
Apartment rents continued to rise in South Florida last year, according to a recent report from Berkadia. Rents are predicted to continue rising, said Jaret Turkell, Berkadia’s senior managing director of investment sales. “I think rents are going to continue going up, and there will be some levering and flatness where there’s a lot of supply,” he said.
Gio Midtown’s apartments feature quartz countertops, kitchen islands, keyless entry, blackout shades and large terraces. The tower features a 4,741-square-foot fitness center, spa, meditation room, dog lounge, pool deck and electric car chargers.
The building was designed by bKL Architecture LLC with interiors by Fanny Haim & Associates.
Vadia, whose family owned multiple sites in the Midtown area, sold the 2.14-acre development site to a partnership between his company and Magellan in 2017 for nearly $28 million.
Magellan completed Midtown Five about three years ago, and Gordon said the 400-unit apartment building is now 95 percent leased.
Vadia also owns the site of Midtown 7, which can be developed into a 32-story with 838 units. Magellan would partner with Vadia’s company to develop the property. The timing of that project depends on when the developers can secure financing.
“We’re out looking for financing now,” Gordon said. “Obviously the concern is all the supply coming online.”
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