Wednesday, January 11, 2023 / by Dave Magua
Instead of its previous goal of reaching as many Americans as possible, the company will now focus on home loans for existing bank and wealth management customers and borrowers in minority communities, CNBC has learned.
As part of its retrenchment, Wells Fargo is also shuttering its correspondent business that buys loans made by third-party lenders and “significantly” shrinking its mortgage-servicing portfolio through asset sales.
Altogether, the shift will result in a fresh round of layoffs for the bank’s mortgage operations, executives acknowledged, but they declined to quantify exactly how many jobs will be lost.
Wells Fargo is stepping back from the multitrillion-dollar market for U.S. mortgages amid regulatory pressure and the impact of higher interest rates.
Instead of its previous goal of reaching as many Americans as possible, the company will now focus on home loans for existing bank and wealth management customers and borrowers in minority commu ...
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 ...
Wednesday, December 28, 2022 / by Dave Magua
Kolter Urban started building Selene Oceanfront Residences, after scoring a $240 million construction loan for the pair of condominium towers that will be the tallest along Fort Lauderdale’s oceanfront.
The firm is developing the 26-story buildings, with 194 units combined, at 3000 Alhambra Street. Wells Fargo, as an administrative agent for several lenders, boosted a $17.4 million mortgage on the property by $222.6 million, records show.
Kolter Urban launched sales of Selene last year after obtaining final city commission approval for the project in 2020. The 300-foot tall towers will include nearly 6,000 square feet of retail and restaurant space, according to the project’s website. Kobi Karp is the architect.
Led by Bob Vail, Kolter Urban is the condo development arm of Delray Beach-based Kolter Group. The parent company also has subsidiaries focused on single-family homes, multifamily and hospitality, according to its website. Bobby Julien is CEO of. ...
Monday, December 12, 2022 / by Dave Magua
The pandemic disrupted Miami residential real estate in extraordinary fashion, dramatically inflating prices and demand for housing and forever altering the way people think about work, education and lifestyle. At the peak of this unprecedented cycle, bidding wars erupted as soon as listings hit the market, to the spectacular benefit of sellers and agents like me.
But this cycle was never sustainable and has obviously come to a bumpy end. Data clearly shows that the great rush has been over for months, with today’s Miami buyer pool cutting a sharply different profile. Last year, they were making quick decisions; now, they are much less desperate and infinitely more discerning. Time and patience have taught them that they don’t need to be tied down to any particular location, and decision-making has become more difficult. Economic concerns about interest rates, jobs, the stock market and a looming recession that did not exist in 2020 and 2021 are also major factors. Today&r2 ...
Friday, December 9, 2022 / by Dave Magua
The owner of high-end gun manufacturer Kimber, known for its 1911 pistols, bought a condo at Estates at Acqualina in Sunny Isles Beach for $21.3 million.
Leslie Edelman bought unit TS3407 in the south tower of the condominium project at 17901 Collins Avenue from the developer, records show. Edelman owns Troy, Ala.-based gun manufacturer Kimber. The company’s website lists the Los Angeles Police Department’s SWAT team, the U.S.A. Shooting team, and U.S. Marines as customers.
The $1.8 billion Estates at Acqualina is the Trump Group’s third development in Sunny Isles Beach. The Trump Group, led by Jules Trump, is not affiliated with former president Donald Trump.
The two-tower project includes the completed 49-story, 154-unit south tower, and a 50-story north tower that remains under construction. Prices for units in the development start at $4.2 million, and go as high as the $85 million asking price for a three-story unit the co-founder of Euro ...