The Port of Miami is considering spending several hundred million dollars to upgrade cruise terminals, according to Miami Today, to accommodate the growing number of passengers expected to flood the area in the coming years.

The port drew 4.1 million passengers, making it the busiest one in the world, and officials expect that number to rise to 5.9 million by 2035. The industry generates about $60 million per annum for Miami-Dade county.

In hopes of maintaining its leadership position, officials want to expand the size of terminals because the industry has trended towards larger ships. The latest vessels by Carnival Corp, Royal Caribbean Cruise Lines and Norwegian Cruise Line are as long as 1,300 feet

A German bank is the target of a RICO lawsuit by the owner of the Casa Casuarina, the former Versace mansion, alleging that the bank schemed to commit a series of fraudulent actions. The bank, WestLB, holds the mortgage on the property. “WestLB took signature pages and slapped them on a loan document that was never agreed to by the parties, and pretended like this was a finalized loan document when it wasn’t,” said Adam Steinberg, a lawyer representing Casa Casuarina. “And there was a post-closing agreement that it executed and it says the parties will sit down and agree to a finalized loan document … and they never did.” The property is now the Villa by Barton G.

Pending home sales rose strongly nationwide in October, increasing by 9.2 percent year-over-year, according to the October pending home sales report from the National Association of Realtors, released today.

The Pending Home Sales Index, which measures signed real estate contracts for existing single-family homes, condominium and co-op units, rose to 93.3 in October from 84.5 in September. In October 2010, the index was 85.5.

The Pending Home Sales Index in the South surged 8.6 percent to 99.5 in October and was 9.7 percent above October 2010′s index. An index of 100 equals contract activity from 2001.

“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years,” said Lawrence Yun, chief economist at NAR.

Yun also indicated that record low default rates and a decline in inventory due to less building after the recession hit could be factors driving the optimistic numbers.

Yun was also cautious. “Although contract signings are up, not all contracts lead to closings,” he said. Many potential buyers make mistakes with their credit while applying for mortgages and are not approved. Tighter regulations for mortgages surely contribute. – Guelda Voien

Source: http://therealdeal.com/miami/articles/us-pending-home-sales-rise-sharply-according-to-the-national-association-of-realtors

A 10-bedroom home at 3 Indian Creek Drive in Miami Beach has been listed for $60 million, according to Miami Today. The home, which was designed by architect Rene Gonzalez, has 30,000 square feet and a 100-foot pool. The home is located on Indian Creek Island, which has its own private police force and golf club.

To view the property please call 786-276-2451

Home prices in the tri-county area fell 0.7 percent in September compared to August, and 4 percent compared to the same period in 2010, according to the Standard & Poor’s/Case-Shiller Home Price Index, released yesterday. “The plunging collapse of prices seen in 2007-2009 seems to be behind us,” said David Blitzer, chairman of S&P’s index committee, in a statement. “Any chance for a sustained recovery will probably need a stronger economy.”

Source: http://therealdeal.com/miami/articles/south-florida-home-prices-fall-slightly

Las Vegas casino mogul Steve Wynn said he supported a gambling resort at the site of the Miami Beach Convention Center — not as part of a teardown, but an expansion. “I think Miami Beach is the best destination resort in America,” he said. The neighborhood around the convention center has smaller buildings than, for example, downtown Miami or Collins Avenue, but it’s possible a potential gaming resort could go in the area near the Jackie Gleason theater and the New World Center. Wynn is among those interested in bringing gaming to Miami, following the high-profile plans of Malaysian firm Genting. Wynn reportedly checked out the Miami Worldcenter last month.

Source: http://therealdeal.com/miami/articles/steve-wynn-backs-casino-at-miami-beach-convention-center

At least three new condominium towers are being planned in Sunny Isles Beach, according to a report from Condo Vultures. The projects, which call for a total of 524 new units in the city, would help Sunny Isles’ real estate market move forward with unsold developer inventory projected to be absorbed entirely by the end of next year. “We expect the ultra-luxury Regalia condo tower — proposed as one unit per floor — to be one of the first new Sunny Isles Beach projects to launch presales since the crash,” said Peter Zalewski, founder of Condo Vultures. Pricing for the 42-story project will start at more than $1,000 per square foot. — Alexander Britell

Source: http://therealdeal.com/miami/articles/new-projects-planned-for-sunny-isles

The Florida Retail Federation has come out against proposed casino resorts in Florida, arguing that retailers would lose sales growth in areas where the new casinos would exist, according to the South Florida Business Journal. The organization’s board, whose members include Walmart, Disney and the Seminole Tribe’s Hard Rock International, said casino resorts tend to “cannibalize” existing activity, according to research. “Florida has a healthy and vibrant retail economy that is driven by residents and visitors alike,” said Retail Federation President and CEO Rick McAllister. “We don’t believe new resort casinos will help our state’s retail economy grow.”

Source: http://therealdeal.com/miami/articles/more-casino-opposition-grows

Wynwood has been picking up steam lately in its process of rejuvination. In the past two months it picked up two hip coffee houses, Panther Coffee, located at 2390 NW second ave, and Lester’s, located at 2519 NW 2nd Ave. Most people from Midtown or Edgewater can check them out during the highly popular Wynwood Art Walks but it will likely take some time before business is booming at these locations but eventually it will if the owners have the patience.

One recent important development in the area is that the new Charlie’s Angels TV series will set up home-base right in the heart of Wynwood. We already have seen some movies such as The Rock of Love being shot there as well as many other artistic endeavors but the fact that there will be a running TV show the caliber of Charlies Angels will have a much bigger impact on the local economy. If anything, the chance to spot some hot celeb’s at these coffee houses might bring some more attention to these currently low-key establishments.

The residential areas immediately around the NW 2nd Ave epicenter of Wynwood are still in bad shape and I have not seen much construction activity that would indicate immediate change is on the horizon. However, I can see that this continue improvement of this unique retail strip can create the type of fascinating embryo that will attract residential developers immediately next to it and then spread onward. The buzz is still going strong.

There has not been much commercial real estate activity on the selling side. I believe because many real estate owners are either underwater on their mortgages and the banks are not moving much to write off commercial loans just yet to allow for significant numbers of short sales, and also because owners see what is happening in the area and would not want to sell at depressed prices if they don’t have to. There is certainly upside potential but anyone that needs to sell now would have to contend with the reality of the market today.

Source: http://miamirealestatenews.org/2011/07/26/wynwood-market-update/

Home remodeling is big these days, even in a sour economy. Or maybe because of it.

The BuildFax Remodeling Index released this week showed that August had the highest amount of remodeling since the index started in 2004, and it was the 22nd consecutive month with an increase.

BuildFax estimates that more than 3.3 million home remodeling projects in the U.S. will be completed this year. The company, based in Texas, says it tracks construction records on millions of properties from cities and counties nationwide.

“As mortgage rates hit record lows, it is apparent that millions of Americans are refinancing their homes and using some of their new monthly savings to reinvest in their homes with remodeling projects,” Joe Emison, a vice president at BuildFax, said in a statement.

Presumably, remodeling also is popular in places such as South Florida where people can’t sell their homes because their mortgages are “underwater.”

Source: http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/10/home_remodeling_hits_record_in.html