South Florida Real Estate Blog - MMD Realty

With no proposed soccer stadium sites on the table in Miami, David Beckham and his backers are being heavily courted by politicians in Broward County.

Broward Mayor Barbara Sharief is asking all 31 cities in the county to produce a list of potential Major League Soccer stadium locations to present to Beckham. The county itself is offering a property it owns in Sunrise as a possible site.

“He has $400 million to invest in a soccer stadium,” Sharief told the Sun-Sentinel. “He doesn’t want any tax dollars. He has his own money. He was disappointed with his treatment in Miami.”

Beckham adviser John Alschuler declined to comment on potential stadium locations but noted the group is still looking at Miami-Dade options.

“However, we have always

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Broward County’s year-over-year home sales and prices climbed in June, a new report from Greater Fort Lauderdale Realtors shows.

The county’s median single-family home sale price increased 5.7 percent to $280,000 last month. That matched Broward’s median price in May. Single-family home sales jumped 5.4 percent to 1,425 closings.

Broward’s median condo price rose 23.8 percent to $130,000. Existing condo sales increased 10.1 percent to 1,496 closings.

“The amount of homes that are going up for sale is rising steadily, and those prices continue to rise hand in hand,” Greater Fort Lauderdale Realtors president Marnie Allen said in a statement cited by the Miami Herald.

Broward had 6,044 single-family homes on the Multiple Listing Service in

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Brazil's third-largest air carrier could be flying into Fort Lauderdale before the end of the year.

Azul Brazilian Airlines plans to start nonstop service between Fort Lauderdale-Hollywood International Airport and Sao Paulo/Campinas airports in early December, pending federal approval, the Sun Sentinel reports.

Service to Orlando also would begin later that month as part of Azul's planned U.S. launch.

Initially, Azul plans to operate one daily flight between the destinations, but has the flexibility to increase frequency depending on demand.

In Brazil, it operates nearly 900 daily flights to more than 100 destinations with a fleet of 141 aircraft.

For its new U.S. flights Azul plans to use a fleet of 12 wide-body Airbus aircraft —

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With 1.65 percent of its homes facing foreclosure, South Florida posted the country’s highest foreclosure rate in Florida in June, according to RealtyTrac.

South Florida saw 40,604 foreclosure filings in the first half of 2014, which is 30 percent less than during the same time last year.

The area saw 7,880 foreclosure filings compared to the month before, an increase of 29 percent. But the number is down 24 percent since June 2013.

Orlando, with 1.57 percent of homes in foreclosure, and Port St. Lucie, with 1.49 percent of homes in foreclosure, are second and third place.

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Foreclosures are down in Palm Beach County.

During the first half of the year, the number is down about 50 percent compared to the same time in 2013. There were 3,199 new foreclosures filed between January and June, the lowest amount filed since 2006 when 1,866 foreclosures were processed during the same period.

June foreclosures were also down 9 percent from May and 50 percent between May 2014 and May 2013.

After the "fast-track foreclosure" law passed in 2013, banks were allowed to request quicker foreclosures in some cases but had to provide more documentation when filing for one. Experts don't agree on the role this law plays in the drop in foreclosures. 

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The long-delayed Metropica development in western Sunrise is finally approaching the start of construction.

Work on Metropica, a $1.5 billion “city within a city” planned by Miami developer Joseph Kavana, could begin as soon as January 2015, Kavana’s attorney told the Sun-Sentinel. Metropica would have more than 2,000 condos, 300 townhomes and enough commercial space to accommodate 11 Wal-Marts. It is nearly double the size of the nearby Sawgrass Mills mall.

The commission unanimously voted in favor of the 4 million-square-foot mixed-use project west of Sawgrass Mills. It also rezoned the project site to allow the phased development to occur. 

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A collaboration between the Armani Group, Dezer Development, and the Related Group has been made official by a statement released this week.

Armani/Casa Interior Design Studio and the developers are partnering on a 60-story condo tower dubbed Residences by Armani/Casa in Sunny Isles. Argentine architect Cesar Pelli designed the 260-unit luxury project at 18975 Collins Avenue. The group hopes to finish the tower in 2016.

“Armani/Casa was born from my desire to see my design aesthetic at work in interior spaces,” Armani Group president and CEO Giorgio Armani said in a written statement. “On a project like this where we have the benefit of partnering with a talented architect like Cesar Pelli, we get the opportunity to create something really very

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Stiles Residential Group and The Rockefeller Group recently began construction on a luxury residential tower in downtown Fort Lauderdale.

The companies announced the start of work on the 254-unit building in a written statement released on Thursday. Units at the 215 Southeast Eighth Avenue tower will range from 750 to 2,450 square feet. Building amenities include concierge service, an internet café, pet spa, dog park and elevated pool deck.

Stiles Residential is a division of full-service real estate firm Stiles.

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Hotel developers are flocking to Palm Beach County.

Seven hotels totaling more than 1,100 rooms are under construction in the county and projected to be completed by early 2016, according to the county. Another 1,200 rooms are in the pipeline, pending county approval. That represents the most new hotel construction Palm Beach has experienced in at least 14 years.

Palm Beach County had 164 existing hotels in 2013, according to the Sun-Sentinel. It had 201 in 2000.

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Broward and Palm Beach counties are enjoying a surge in apartment rents, as demand from young professionals and onetime homeowners continues to rise.

The average monthly rental rate in Broward reached $1,283 at the end of the second quarter of 2014, according to Texas-based MPF Research. That represents a 4.5 percent year-over-year gain. Broward ranked 12th out of the 100 largest U.S. metro areas in percentage of rent growth.

Palm Beach County’s average monthly rent finished the second quarter at $1,258. That also represented a 4.5 percent year-over-year increase. The county was a fraction behind Broward in the top 100 list, ranking 13th in percentage of rent growth.

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