Stet News
⬇️ Condo sales dropped last year in South Florida even as the median price rose 3%, the Broward, Palm Beaches & St. Lucie Realtors said. The number of condos and townhomes sold dipped by 17% between 2023 and 2024 while the total dollar volume of sales for existing units plummeted by $1 billion. (The Palm Beach Post $$$)
– And a price drop is likely, real estate analyst Peter Zalewski said. He predicts price drops of 38% over the next couple of years to 2019 price levels. (South Florida Business Journal $$$)
🏗️ In Boca Raton, Palm Beach-based Frisbie Group and Miami-based Terra Group have been selected to build 1,129 residential units, a 150-room hotel, 250,000 square feet of office and 156,690 square feet of retail near the Boca Brightline station. The joint venture bested three other bidders, including Related Ross. The City Council, which controls the land, made the decision. (WLRN and South Florida Business Journal $$$)
🌇 In Wellington, Related Ross won the bidding war for K-Park with plans for 500 to 600 residences, a 180-room hotel, 250,000 square feet of stores, 82,000 square feet of restaurants and a private school on 66 acres. The site is on State Road 7 south of the Wellington mall. Related, headed by Miami Dolphins owner Stephen Ross, and the school will pay the village more than $40 million. (The Palm Beach Post, South Florida Business Journal $$$)
🚫 In Miami, after years of planning and construction of a station, Amtrak decided it won’t run trains to Miami International Airport. Analysis showed the service to the airport’s $1.7 billion transportation center would cost Amtrak more than it would bring in. (WLRN)
🏡 What we’re watching: A video tour of designer Jonathan Adler and author Simon Doonan’s Maurice Fatio “doll house” on the north end of Palm Beach. Adler quote: There’s something about Florida that nothing can be bold enough. The color, the light. I just want more.” And, “It is tradwife o’clock.” (Homeworthy)
