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



Frank Stronach paid $95 million in 1999. He's looking like a genius now

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.

Walk to Gulfstream
 

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

Another , 9 blocks south of Gulfstream on 191st and federal highway. $51 million for 4.5 acres.

https://i.ibb.co/6rjL2Cm/Screenshot-...9-023701-2.png

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.

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.

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.

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.

[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.

Since Corona
 

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/...ystem/2801714/

Gulfstream worth 2 billion
 

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.