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This week in Miami real estate: Tri-Rail trouble, condos bounce back and more

by James McClister

miami-real-estate-douglas-elliman-ewm-managing-broker-13th-floor-mimo

It was a busy week in Miami real estate, as is so often the case. But if you weren’t able to keep up with everything, don’t worry; we’ve got you covered. Here’s what happened:

  • Developers make first purchase in MiMo – Marking the first of what could be multiple purchases in one of Miami’s hottest neighborhoods, MiMo, developers 13th Floor Investments and Forte Capital managements this week acquired more than 3,600 square feet at 620 N.E. 61st Street. The property, currently a Chevron service station and the Europa Café, will likely be redeveloped – as 13th Floor Investments deals mostly in condos and single-family building. However, as the South Florida Business Journal reported, because of the area’s zoning and historical status, approval for high-density projects is difficult – which may keep the builders from developing the site anytime soon.
  • Condo sales rebound – In recent quarters, condo sales throughout South Florida, and particularly Greater Miami, have suffered from a market some would claim is both overbuilt and overvalued. But in a recent report from brokerage ISG World, it appears the first quarter of 2016 saw new condo sales rise quarter over quarter from 302 to 560.
  • Tri-Rail in trouble – In a letter from Alice Bravo, director of Miami-Dade County’s Transit and Public Works department, to South Florida Regional Transportation Authority Executive Director Jack Stephens, the county representative expressed concern over the unsettled financial situation surrounding the proposed extension of Tri-Rail into downtown. She warned that if financial agreements weren’t finalized before May 17, All Aboard Florida, which would be providing commuter service out of downtown, “will have no choice but to stop construction immediately on the Tri-Rail station.” For a city working to move to more walkability, the loss of the downtown Tri-Rail extension would be significant.
  • EWM adds depth to its roster – In a May 5 announcement, EWM Realty International introduced nine new associates to its Coral Gables-South Miami Branch. The new hires include: Robert Avila, Angelica Berezin, Dale Chapman Webb, Sonia De Medeiros, Gloria Garcia, David Jimenez, Daphne Parker, Kefryn Reese and Michelle Usatorres.
  • Douglas Elliman gets top producer in new managing broker – Adding to Douglas Elliman’s already impressive stable of top-producing professionals, the brokerage announced today that Martha Pomares – a top 2 percent producing broker nationwide – will be taking on the role of managing broker for its Coconut Grove and Brickell offices.

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