Rich with possibility

Luxury Realtor and designer Darren White built the $2.5 million penthouse Aqua Vista with an eye for high society. Swaddled in granite and Portuguese cork, the 29th-floor penthouse boasted a poolside cabana the size of a Tokyo apartment. So last month, White gathered his blueprints and joined a clutch of real estate elites at a private “pitch session” on Harbour Island. The group’s affinity to affluence, he hoped, would help seal its lucrative sale. “My target client is a sports guy. Luckily, I had a showing yesterday with a (Tampa Bay) Bucs player, so I guess I hit it,” White said, handing out glossy handbills calling the penthouse “unhindered . . . by budgetary constraints.” “Bring me the buyer.”

He had come to the right place. On all sides of the mahogany closing table, agents who over the last year had sold homes valued at more than $4 million were surveying listings they could bring back to their “most discerning” clientele.

In an industry where commissions are paid out on both sides, buyers’ and sellers’ agents often discover ways of getting along. In this massive mansion show-and-tell, every pitch had the potential to become a multimillion-dollar deal.

via Rich with possibility.

A real estate explosion in Edgewater, Miami’s next trendy district

Driving the streets of Edgewater recently, Martin Melo eased the accelerator of his Porsche Panamera to point out large swaths of land his family-run firm has cobbled together for high-rise development in one of Miami’s most rapidly emerging neighborhoods.

“This four-block area is ours,” said his brother Carlos, whose Melo Group has seven condominium and apartment projects lined up in the area. “We bought [the lots] one by one. It’s hard work.”

The buzz of activity at Melo Group — headed by their father Jose Luis Melo, who moved from Buenos Aires in 2001 — comes as the transformation of Miami’s funky Edgewater district has shifted into high gear.

via A real estate explosion in Edgewater, Miami’s next trendy district.

Beach house’s sale in top four of $1 million plus deals this year

A 6,571-square-foot estate on Longboat Key became the fourth property in Southwest Florida this year to net more than $5 million when the sale closed Wednesday.

Behind closed gates, the mega estate sits on an acre of the sandy island, overlooking the Gulf of Mexico. The home comes complete with a separate three bedroom guest house that is connected to the main estate by a covered walkway — all designed by Longboat Key architect Robert Rokop and built by Whitehead Construction.

via Beach house’s sale in top four of $1 million plus deals this year.

Bayfront Lido Key home bought for $4.25 million

A waterfront estate near the tony St. Armands Circle shopping district has sold for $4.25 million, the highest-priced single-family home sale on Lido Key since 2007.

The 6,123-square-foot home and 141 feet of Sarasota Bay frontage went under contract just 81 days after being placed on the market, according to brokerage Michael Saunders & Co., which represented the buyer.

via Bayfront Lido Key home bought for $4.25 million.

South Florida rental market not as hot for investors

Despite a flock of investors buying up South Florida homes for rental property profit, the market ranked lower than eight other Florida regions for the best place to purchase single-family rentals.Nationwide, Palm Beach, Broward and Miami-Dade counties also failed to place in the top 20 best investment areas for rentals, according to a RealtyTrac report to be released today that measured estimated profit by comparing home sale prices and monthly costs with average rental rates.Port St. Lucie, Orlando, Jacksonville, Daytona Beach, Tampa, Lakeland, Ocala and Palm Bay all earned spots in the top 20 list, which ranked New York and Northern New Jersey as the best place in the nation to earn rental income on a single-family home. Los Angeles was second, with Chicago taking third place.

via South Florida rental market not as hot for investors.

Deal of the Week: Detroit Mogul Antes Up

Dan Gilbert, the billionaire Detroit real-estate investor, has shown he likes a bargain—snapping up downtown office properties for as little as $10 a square foot.

But now he is negotiating to take control of Detroit’s Greektown Casino-Hotel at a price that isn’t deeply discounted.

An affiliate of Mr. Gilbert’s Rock Gaming already owns some shares and has agreements that would give it a 77% stake in Greektown Casino’s voting shares for about $147 million. Meanwhile, Greektown Superholdings Inc., which owns the casino, announced terms Tuesday that could pave the way for Rock Gaming to buy shares from the remaining shareholders.

via Deal of the Week: Detroit Mogul Antes Up.