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Brand-new 2-story estate, completed in 2014. More than 15,000 sq. ft. under air. Never occupied & ready for 1st owner.

Highlights

Grand foyer with dual stairs, sumptuous master suite with custom spa & sauna, gourmet kitchen, unique sports parlor with “hideaway” Basketball hoop, massive outdoor pool & more! On 4 manicured acres, with private lake, private gate. Mature landscaping for privacy.

Minimum 24-hour notice for showings.

Link to Featured Listing

 

FED: Vulnerable Commercial RE Sector May Take Hits

The Federal Reserve warned that prices in the commercial real-estate market may have run up too far too fast.

Valuations in commercial real estate “appear increasingly vulnerable to negative shocks, as CRE prices have continued to outpace rental income,” the Fed said in its semiannual Monetary Policy Report to Congress. The Fed noted that prices exceed their pre-crisis peaks by some measures.

The Fed included a special section on financial stability risks in the report, which accompanies Chair Janet Yellen’s testimony. The report said that even given “moderate’’ financial vulnerabilities, risks of external shocks, such as the U.K.’s possible exit from the European Union, pose stability risks.
The report also highlighted issues related to credit exposures to the energy sector, money-market mutual funds and stock valuations.

The central bank said price-to-earnings ratios on a forward-looking basis for stocks have increased to a level “well above” their median for the past 30 years.

“Although equity valuations do not appear to be rich relative to Treasury yields, equity prices are vulnerable to rises in term premiums to more normal levels, especially if a reversion was not motivated by positive news about economic growth,” the Fed said.

The Fed said “some structural vulnerabilities are expected to persist” in money-market mutual funds even after Securities and Exchange Commission reforms go fully into effect in October.
“Leverage for the non-financial corporate sector has stayed elevated and indicators of corporate credit quality, though still solid overall, continued to show signs of deterioration for lower-rated firms, especially in the energy sector,” the Fed said in its report.

Strong U.S. bank capital positions contributed to the resilience of the financial system, the Fed said.

Source: Bloomberg

HUD Awards $46.5 Million to Tackle Lead in Homes

To protect children and families from the hazards of lead-based paint and other home health and safety hazards, the U.S. Department of Housing and Urban Development (HUD) recently awarded $46.5 million in grants to 15 local and state governments.

The grant funding will reduce the number of lead-poisoned children and protect families by targeting health hazards in over 3,100 low-income homes with significant lead and/or other home health and safety hazards. The Lead Hazard Reduction Demonstration grant program has a demonstrated history of success, filling critical needs in urban communities where no other resources exist to address substandard housing that threatens the health of the most vulnerable residents.

As HUD celebrates this June as the first ever National Healthy Homes Month, HUD Secretary Julián Castro is focused on helping children and families secure quality housing by protecting them from the hazards of lead-based paint and other home health and safety hazards.

As the leader in lead paint hazard control, HUD’s grant awards are one of our strongest efforts to prevent lead poisoning among children,” says HUD Secretary Julián Castro. “These awards will help clean up lead paint hazards in thousands of low-income homes across the nation, eliminating the sources of permanent health and behavioral problems that lead poisoning brings.

Unsafe and unhealthy homes affect the health of millions of people of all income levels, geographic areas, and walks of life in the U.S. These homes affect the economy directly, through increased use of health care services, and indirectly through lost wages and increased school days missed. Housing improvements help prevent injuries and illnesses, reduce associated health care and social services costs, reduce absentee rates for children in school and adults at work, and reduce stress, all which help to improve the quality of life.

HUD’s Office of Lead Hazard Control and Healthy Homes promotes local efforts to eliminate dangerous lead paint and other housing-related health and safety hazards from lower income homes, stimulates private sector investment in lead hazard control, supports cutting-edge research on methods for assessing and controlling housing-related health and safety hazards, and educates the public about the dangers of hazards in the home.

The funding announced directs critical funds to cities, counties and states to eliminate dangerous lead paint and other housing-related health hazards in thousands of privately-owned, low-income housing units. HUD is also providing these Lead Hazard Reduction Demonstration program grantees over $4.5 million in Healthy Homes supplemental funding to help these communities mitigate multiple health hazards in high risk housing simultaneously, in conjunction with their lead hazard control activities.

SOURCE: RISMedia

 

Sumitomo Re-enters Boldly the Miami Market with $220M Icon

The U.S. arm of Japanese trade conglomerate Sumitomo Corp. recently paid $220 million for the iconic Miami Tower office building.

The purchase marked one of Miami’s biggest investment deals so far this year, as well as a surprising display of optimism in the U.S. commercial real estate market from Sumitomo, which only has a handful of marquis properties stateside.

The company has a long history developing and investing in real estate, both within its home country Japan and abroad. Data from Real Capital Analytics shows the company has interests in 63 properties worldwide with an estimated value of $4.9 billion. Most of those properties are office buildings in large Japanese cities like Tokyo, though a smattering of development sites, retail and industrial buildings are also included.

Within the last decade, Sumitomo has acquired interest in $2.4 billion worth of property and sold another $2.3 billion, according to the data. For its real estate dealings in the U.S., however, Sumitomo seems to take a much more calculated approach. Before its purchase of Miami Tower, the company’s stateside office holdings included only two office towers, both occupying premium locations in their cities’ respective central business districts. Sumitomo owns the Class A office tower at 203 North LaSalle Street in Chicago, for which it paid $111.5 million in 2014, and the tower at 450 B Street in San Diego, which it acquired for $73 million in 2013.

This purchase smacks of Sumitomo’s previous and first foray into Miami back in 2008, when it made a splash in the office market with its $260 million purchase of the 34-story Miami Center building. Four years later, the company sold Miami Center to Crocker Partners for a mere $5.2 million more than what it paid.

As recently as a few years ago, “South Florida wasn’t viewed as a long-term investment; it was opportunistic,” Krasnow said. “Now, Miami is viewed from the capital perspective. It is much more of a strategic investment.

In the past year, institutional buyers like insurer Prudential Financial and TIAA have swallowed up large swaths of office product in suburban markets like Coral Gables and the business parks surrounding the Miami International Airport.

Though Sumitomo has been tight-lipped about its most recent acquisition of Miami Tower — sources say those involved in the sale are under confidentiality agreements — a statement from Robert Obringer, the company’s vice president, illustrates Sumitomo’s motivation for paying such a premium for a piece of Miami iconography.

As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for in-place cash flow and the opportunity to increase value,” Obringer said in the statement.

Source: The Real Deal

An Exciting Month for RIVA Fort Lauderdale

What an exciting month. RIVA hosted four great community events, beginning with a festive, after-hours networking reception for community leaders and members of the Greater Lauderdale Chamber of Commerce’s Gay & Lesbian Business Exchange Council.

Daniel de la Vega President of ONE S.IR. SPEAKING

Daniel de la Vega President of ONE S.IR. SPEAKING

RIVA also hosted The Leadership Broward Foundation’s 2016 Profiles in Leadership honorees. In addition, RIVA was an exclusive sponsor of the annual Waterway Soirée, one of Fort Lauderdale’s must-attend, signature fundraising events, which benefits the Children’s Diagnostic & Treatment Center, hosting a five-star dinner aboard a luxurious, private yacht for 20 VIP guests.

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The new and elegant RIVA building capped the month with a VIP Rooftop Party, this past Wednesday May 25th at the new Audi Fort Lauderdale location, where more than 400 guests attended the sunset bash with a bird’s eye view of the construction progress.

More information about RIVA