Friday, January 6, 2023 / by Dave Magua
After the horrific collapse of the Champlain Towers in Surfside, the Governor signed into law that structural inspections are required of most condos over 30 years old, or 25 years old if located within three miles of the coast. Reports of these inspections must be presented to condo owners, condo associations, and local municipalities. If the inspections show major structural problems, local enforcement agencies and condo associations are to determine how to pay for the repairs, ultimately requiring condo owners having to pay. Even if structural repairs are not needed immediately, reserve requirements are an issue for condo owners in these aging condos.
The issue of reserves and assessments are not new. While many associations and condo owners in the past may have known of repairs that are needed, often associations routinely waived assessing reserves because, in especially older condos, either condo owners could not afford or did not vote in favor of paying them.
Un ...
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condo requirements
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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Wednesday, January 4, 2023 / by Dave Magua
One of the biggest South Florida residential sales of the year closed just under the wire.
In an off-market deal, an entity tied to private equity giant Apollo Global Management sold an oceanfront Palm Beach estate for $66 million — nearly twice what it traded for 18 months ago.
Sunshine Home 5 LLC, a Delaware entity, sold the mansion at 6 Via Los Incas to another Delaware corporation, TT 47th LLC, records show.
Mortgage documents and a construction contract link the selling entity to Frank Marra, managing director of finance at Apollo. Marra signed for a $33.6 million loan on the property from Bank of America in September, according to public records.
New York-based Apollo, which had $523 billion in assets under management as of Sept. 30, was one of many financial firms that expanded in South Florida last year, opening offices in Brickell and West Palm Beach.
The 0.6-acre Via Los Incas estate sold for $35.4 million in June of last year, pro ...
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Tuesday, January 3, 2023 / by Dave Magua
The billionaire owner of the New England Patriots scored a penthouse in Palm Beach for $23.8 million, a town record for condo sales.
Robert Kraft and his wife, Dana, bought unit E4B at the oceanfront Leverett House building, at 110 Sunset Avenue, property records show. The estate of the late Erving and Joyce Wolf sold the penthouse. Erving, who died in 2018, was in the oil and gas industry, and his wife died in August of this year. The Wolfs were major art collectors, and endowed The Erving and Joyce Wolf Gallery at the Metropolitan Museum of Art in New York.
Kraft purchased the Palm Beach unit via the Delaware entity Leverett House PB LLC. The 5,000-square-foot unit has four bedrooms, five and half bathrooms, and a 1,300-square-foot terrace, according to the listing and property records. The building was constructed in 1982.
(Living Proof Photography for Corcoran)
Dana Koch and Paulette Koch of the Corcoran Group represented the seller. Christian Angle of Christian Angles ...
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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. ...
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