Thursday, March 23, 2023 / by Dave Magua
The Federal Reserve increased the federal funds rate by 25 basis points, marking its highest level since 2007. Additionally, the Fed plans to continue reducing securities on its balance sheet, indicating ongoing monetary tightening. The Fed has revised its projections for GDP growth, unemployment, and inflation in 2023, with weaker GDP growth, lower unemployment, and higher inflation expected. The federal funds rate is expected to reach its peak at 5.1%, indicating the potential for one more rate hike this year. Despite stubbornly high inflation, the consensus is that the rate-hiking cycle is coming to an end, with the Fed likely to begin cutting rates by the end of the year. Tighter lending conditions and a weakening economy will likely keep capital markets activity subdued, but greater certainty on the interest rate outlook could lead to a recovery in the latter half of 2023.
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Thursday, March 16, 2023 / by Dave Magua
Miami-based logistics firm Bulk Express Transport snagged an industrial site in the city’s Brownsville neighborhood for $17 million.
A Bulk Express affiliate paid $3.8 million per acre for the 4.4-acre site with a 14,000-square-foot warehouse, according to Vizzda. The buyer obtained a $13 million mortgage from Banesco USA. The seller, CUSA Investments managed by Jose Francisco Da Costa Gomez in Miami, paid $650,000 for the property in 2001, records show. The site has been used as a truck and container outdoor storage facility. The warehouse was completed in 1958, records show.
Founded more than 30 years ago, Bulk Express provides long haul transportation services of municipal solid waste, recyclables, construction and demolition debris, contaminated soils, ash, sludge and other materials, according to a press release. In December, Fort Lauderdale-based private investment firm Alterna Equity Partners acquired Bulk Express and its affiliates. The industrial sector ...
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Wednesday, March 15, 2023 / by Dave Magua
TPA Group bought an industrial development site west of Loxahatchee Groves for $36 million.
The Atlanta-based firm bought nearly 60 acres of land at 20305 State Road 80, in an unincorporated area of west Palm Beach County, from an affiliate of mining company Palm Beach Aggregates, according to records and real estate database Vizzda. TPA took out a $10 million loan from the seller.
The purchase breaks down to nearly $603,000 per acre.
TPA also has the right of first refusal to purchase another 37 acres nearby, according to records.
Palm Beach Aggregates is a mining company that also has interests in waste wood processing and owns land leased for sugar cane growing, its website shows. The firm, based in Palm Beach County and led by Enrique Tomeu, mines aggregate source material that’s used in construction.
In 2019, Palm Beach Aggregates filed an application to the county for an industrial project on 138 acres, including the land that traded. It would hav ...
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Tuesday, March 14, 2023 / by Dave Magua
Palm Beach County condo sales totaled $255 million in February, slightly higher than January’s $237 million.
Brokers closed 581 condo sales last month, compared with 506 in January, MLS data from Redfin show. Sale prices ranged from $60,000 to $7.4 million, with a median price of $250,000. The price per square foot ranged from $43 to $3,645, with a median of $229.
In January, prices ranged from $55,000 to $21 million, with a median price of $260,000. The price per square foot ranged from $76 to $3,788, with a median of $237.
Sun and Surf, unit 611, at 100 Sunrise Avenue in Palm Beach snatched February’s title of priciest condo sale, with a $7.4 million closing after spending 91 days on the market. Fern Fodiman with Sotheby’s International Realty worked on both sides of the deal. The purchase came to $3,645 per square foot.
That sale price is a significant drop from January’s top sale of $21 million. Robert Garvy, founder and former CEO of Intech In ...
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Thursday, January 5, 2023 / by Dave Magua
South Florida’s residential market may have slowed in 2022, but trophy mansions remained a hot commodity. From Larry Ellison to Ken Griffin, billionaires kept on buying in South Florida, setting records for single-family home and condo sales across Miami-Dade, Broward and Palm Beach counties.
The top 10 deals ranged from a princess’ $45 million sale of her waterfront Palm Beach home to the $173 million trade of a 16-acre compound in Manalapan, a wealthy enclave north of Delray Beach.
Properties in Palm Beach, where inventory remains tight and pricing high, dominated The Real Deal’s ranking, which is based on property records and the Multiple Listing Service. A select few agents also participated in most of the deals, including Lawrence Moens and Christian Angle.
These were the 10 priciest home sales recorded in South Florida this year:
Larry Ellison drops $173M on Manalapan estate
In June, Larry Ellison, the billionaire co-founder s ...
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