While Miami-area residents are ringing in the new year with cold temperatures not seen in years and lizards (almost) literally falling from the sky, the industry is reflecting on the year that has passed. The biggest Miami home sale of 2017 was a 20,682-square-foot mansion in Coral Gables for a whopping $43.7 million, according to Curbed Miami. Coming in second is a Fisher Island penthouse that went for $31.3 million, making it the most expensive sale on the island last year.
Elsewhere in Miami real estate this week:
- Speaking of Fisher Island, two sister luxury condos in the exclusive community recently landed $90 million in financing. The funds will go toward funding the sellout of the remaining 15 units of the 43-unit Palazzo Del Sol and to complete the construction of the 50-unit Palazzo Della Luna, the Commercial Observer reported.
- East Side Miami LLC recently landed a $102.3 million senior bridge loan from Canyon Partners Real Estate LLC to develop the Shorecrest Club in Miami, according to Multi-Housing News. The development will have 467 units in two high-rise towers on Biscayne Bay.
- Accused of mortgage misconduct, New Jersey-based PHH Mortgage Corporation agreed to pay $45 million to settle claims that it failed to properly serve borrowers in 49 states. During the housing crisis, the company reportedly “threatened foreclosure and conveyed conflicting messages to certain borrowers engaged in loss mitigation.” The settlement requires PHH to adopt new servicing standards and provide monetary relief to affected borrowers.