View Full Version : Gulfstream worth 2 billion.
S. Florida real estate is among most expensive in the nation.
I'm a RE hobbyist. 5 acre lots near Gulfstream are $50 million.
Gulfstream is 300 acres and the largest piece of continuous acreage in greater Miami.
Even at 5 million an acre it's worth $1.5B.
Golden Beach is ~3 miles from Gulfstream.
Oceanfront is $30 million for empty acre. You want a house? 100 milly
https://i.ibb.co/sFkyX2s/Screenshot-20220728-215208.png (https://ibb.co/fCB4T2r)
Frank Stronach paid $95 million in 1999. He's looking like a genius now
lamboguy
07-28-2022, 10:15 PM
that looks like the home that Carroll Rosenbloom lived in for many years. he had sold the home and rented another place and he drowned right off the beach. there were a lot of controversies back then with plenty of speculation that the mob iced him, never proven though.
for those that don't remember, he was the owner of the Los Angeles Rams. after he died, his wife Georgia Frontiere took over ownership of the team and moved them to St. Louis.
I'm going to put in a bid for that "zestimate" and see if I can get it.
$4.2 million , 1/3rd of acre. Add 7 to 10 million for the house and boat/yacht.
[
You can see Gulfstream on the left.
https://i.ibb.co/551ThBd/Screenshot-20220728-224847.png (https://ibb.co/4jFWRPc)
https://i.ibb.co/kMhG0qT/83e6c8f9f211fdf1481f17d6f7315763l-m868211319od-w480-h360-x2.webp (https://ibb.co/mSHRthK)
4 million , 3rd of an acre.
https://i.ibb.co/6Hmh8wZ/Screenshot-20220728-230635.png (https://ibb.co/zXrcFx5)
Two deals closed this month around Gulfstream.
$26 million for 1.5 acres across the street from the BIG EASY casino. The big easy is a mile north of Gulfstream on federal highway.
$17 million an acre. *Reminder* Gulfstream has 300 acres.
https://i.ibb.co/ByMtKFF/Screenshot-20220729-182208.png (https://ibb.co/Vg4tp55)
Another , 9 blocks south of Gulfstream on 191st and federal highway. $51 million for 4.5 acres.
https://i.ibb.co/6rjL2Cm/Screenshot-20220729-023701-2.png (https://ibb.co/PFq0RHN)
These are not pikers, this is the Related Group. They run things here. 51 million 4.5 acres. Remind u , Gulfstream has 300 acres.
300 x 10 = 3 billion.
BMustang
07-30-2022, 03:04 PM
Oh wow!!! I used to stay at the Ocean Roc Motel on Sunny Isles Beach, adjacent to Golden Beaches, for $1,500 a month. Great location and a roof over my house in a safe area. Quick access to Gulfstream Park, Hollywood Dog Track, and Dania Jai-Alai.
The place had a beachfront breakfast nook where I spent hours while pouring over my racing form every morning.
I guess that was a bargain.
Inner Dirt
07-30-2022, 10:48 PM
Isn't it strange, the value of this real estate in spite with so many believing in man made climate change. The shore line creep just doesn't match the sea level rise claims.
davew
07-31-2022, 01:33 AM
Isn't it strange, the value of this real estate in spite with so many believing in man made climate change. The shore line creep just doesn't match the sea level rise claims.
... and as they add more weight, it pushes what is underneath down.
westernmassbob
07-31-2022, 07:08 AM
Suff since you are a real estate hobbyist as you pointed out do you think the Surfside tragedy had any impact on high rise prices ? Obviously the current prices on most of the property down there would suggest NO but maybe selected types of real estate were effected. You couldn’t pay me to live in any of the high rise apartment buildings down there that were built in the 1980’s.
Suff since you are a real estate hobbyist as you pointed out do you think the Surfside tragedy had any impact on high rise prices ? Obviously the current prices on most of the property down there would suggest NO but maybe selected types of real estate were effected. You couldn’t pay me to live in any of the high rise apartment buildings down there that were built in the 1980’s.
Surfside collapse site also closed this month, $120 million , ~2 acres, a company out of Dubai bought it
https://www.damacproperties.com/en/
Surfside biggest impact is pushing fixed income people out of their homes due to assessments.
The Surfside collapse triggered inspections of older buildings. The building next to mine just got hit with $13 million dollar assessment after their inspection found 2 weakened columns.
It's roughly $68,000 per unit added to mortgage and HOA fees. $1500 a quarter for 15 years if you finance it.
Fixed income people don't have $1500 a quarter.
My sense of why prices have soared in the last 12 months is almost entirely due to inflation. Properties are selling for 40 to 100% more than a year ago.
My further sense is that buyers know they'll likely be retraction in prices, but over 20 years , real estate is a solid inflation hedge.
westernmassbob
07-31-2022, 08:27 AM
[QUOTE=Suff;2820906]Surfside collapse site also closed this month, $120 million , ~2 acres, a company out of Dubai bought it
https://www.damacproperties.com/en/
Surfside biggest impact is pushing fixed income people out of their homes due to assessments.
The Surfside collapse triggered inspections of older buildings. The building next to mine just got hit with $13 million dollar assessment after their inspection found 2 weakened columns.
It's roughly $68,000 per unit added to mortgage and HOA fees. $1500 a quarter for 15 years if you finance it.
Fixed income people don't have $1500 a quarter.
My sense of why prices have soared in the last 12 months is almost entirely due to inflation. Properties are selling for 40 to 100% more than a year ago.
My further sense is that buyers know they'll likely be retraction in prices, but over 20 years , real estate is a solid inflation hedge.[/QUOTE
When you speak of “ fixed income “ people are you talking about those who have rent control ? The condo or property owners are no way a “ fixed income people” since you need to be wealthy to even own one down there. Average price 1 bedroom is over 400k. They can handle the assessments. Apartments are a different thing. Those living in a rent controlled apartment are not subject to those same assessments.
I'm on the beach, my place is the Red check
https://i.ibb.co/rkmgZw8/PXL-20220728-004040859-NIGHT-2.jpg (https://ibb.co/9nNJqrK)
This is my everyday Wake Up.
https://i.ibb.co/L0tZV5H/PXL-20220724-122634808-MP.jpg (https://ibb.co/mRqcf8g)
These are my neighbors.
https://i.ibb.co/8b9Bc0y/PXL-20220728-004541799-NIGHT.jpg
When you speak of “ fixed income “ people are you talking about those who have rent control ? The condo or property owners are no way a “ fixed income people” since you need to be wealthy to even own one down there. Average price 1 bedroom is over 400k. They can handle the assessments. Apartments are a different thing. Those living in a rent controlled apartment are not subject to those same assessments.
You're incorrect, some of these were bought 20 years ago. Or owners traded all their northeast home equity for these units as retirement homes. Many live on social security and small pension.
Further, all older buildings , regardless of ocean front or not, are being inspected.
Crestview Towers is just one of the more than ten South Florida buildings evacuated for safety issues after the Surfside collapse
https://www.nbcmiami.com/news/local/new-requirements-could-impact-overloaded-milestone-inspection-system/2801714/
If I'm Belinda Stronach:
Sell Gulfstream for a billion+.
I'd move everything to Palm Meadows.
I'd close it to the public and make it a private country club. Because nobody goes to the racetrack except the boutiques.
Once it's member only you can do many things , including be exempt from HISA.
Private country clubs are the original racetracks. Not entirety crazy.
https://i.ibb.co/GV6mjr3/Screenshot-20220731-093255.png (https://ibb.co/HrSZQ9p)
classhandicapper
07-31-2022, 09:42 AM
I don’t know how much revenue GP racing generates for the state, but when I hear numbers like this I start worrying about how much more condos, retail, and office space would generate on that land.
alhattab
07-31-2022, 10:04 AM
[quote=Suff;2820702]Two deals closed this month around Gulfstream.
$26 million for 1.5 acres across the street from the BIG EASY casino. The big easy is a mile north of Gulfstream on federal highway.
$17 million an acre. *Reminder* Gulfstream has 300 acres.
Sell the property and move racing to Palm Meadows. Think of the purses even if only $500 million set aside!
This is my everyday Wake Up.
https://i.ibb.co/L0tZV5H/PXL-20220724-122634808-MP.jpg (https://ibb.co/mRqcf8g)
These are my neighbors.
https://i.ibb.co/8b9Bc0y/PXL-20220728-004541799-NIGHT.jpg
Corner unit, my southerly views, not bad.
https://i.ibb.co/Hn16MdK/20220731-111020.jpg (https://ibb.co/86TqRcm)
westernmassbob
07-31-2022, 10:32 PM
If I'm Belinda Stronach:
Sell Gulfstream for a billion+.
I'd move everything to Palm Meadows.
I'd close it to the public and make it a private country club. Because nobody goes to the racetrack except the boutiques.
Once it's member only you can do many things , including be exempt from HISA.
Private country clubs are the original racetracks. Not entirety crazy.
https://i.ibb.co/GV6mjr3/Screenshot-20220731-093255.png (https://ibb.co/HrSZQ9p)
No way they sell out. They have agreements with Hallendale and besides all it will turn into is more retail and resort/hotel properties.
lamboguy
08-01-2022, 10:51 AM
as far as i know, the Rooney's hold all the pari-mutuel rights in Palm Beach county anyone know if anything has changed?
as far as i know, the Rooney's hold all the pari-mutuel rights in Palm Beach county anyone know if anything has changed?
There's a lot going on in FL with respect to gaming. The Rooneys and 5 other parimutuels did deals with HARD ROCK. ( indians , the seminoles).
It was a done deal. Signed into law by destantis. Hardrock laucnhed a sports betting app, Crap tables showed up at hard rock, assembled on the floor. When the judge tossed they took them apart and have them in storage. Betting app went away when in october 2021 , the judge tossed the deal.
Recently I've spoken to some non-dumb's. They tell me the Hard Rock about to take the gloves off and just go all in , message to Govt: This is our reservation land so Try and stop me MF'r.
--------------------------
This is unrelated but related. 60 days ago. $2.5 million an acre, middle of nowhere CALDER, on the turnpike, warehouse space is $2.5Million an acre. Someone going to tell me that Gulfstream near the beach is not $5 million an acre? or more? Blackstone is involved...real money, not speculators
Churchill Downs Inc. announced that it closed on the sale of 115.7 acres of excess land near Calder Casino for $291 million (or approximately $2.5 million per acre) to Link Logistics, one of the premier owners of logistics real estate assets, established in 2019 by Blackstone.
More action around Gulfstream.. and not just any piece of land, but an abutter who's owned it 35 years, & not just any ole buyer but Ranaan Katz ( Miami Heat minority owner)
https://i.ibb.co/VYnT6F0/gen-Mbmob-RX-10765853-3-0-2.jpg (https://ibb.co/TMjtyQD)
8 acres $14 million .
L
https://i.ibb.co/nCZWRmb/Screenshot-20220811-174201.png (https://ibb.co/TLpCr2k)
vBulletin® v3.8.9, Copyright ©2000-2024, vBulletin Solutions, Inc.