The developer of a new subdivision on prime Estate Section land has announced the prices for the four vacant lots being marketed for sale on the former estate of the late billionaire John W. Kluge. The remaining lot is already under contract, the Town Council learned earlier this summer before the landlocked subdivision’s plat won approval in July. The 3.4-acre property is owned by a development company controlled by Sir Peter Wood, a seasonal Palm Beacher. The subdivision is... [read more]

Young money millionaire Lil Wayne sold his Miami Beach mansion for a deeply discounted $10 million, his real estate agent announced on Tuesday. The rapper, whose real name is Dwayne Michael Carter Jr., listed his waterfront home at 94 La Gorce Circle for $18 million more than two years ago, and cut the price three times to $12 million in July, according to Redfin. Ty Forkner of One Sotheby’s International Realty brokered both sides of the deal. “The $18 million price was not... [read more]

Readying to leave the state Cabinet at the end of the month, Florida Chief Financial Officer Jeff Atwater said Wednesday that lawmakers need to address an insurance practice that critics argue is driving up homeowners’ rates. Lawmakers this spring could not agree on changes to the practice known as “assignment of benefits.” Insurers contend the practice has become riddled with fraud and abuse — particularly in claims for water damage to homes — and is... [read more]

The 1031 exchange, a tax break used extensively in the commercial real estate industry, could disappear if a lower tax rate is passed by Congress. The tax break gives sellers of real estate and other asset types the opportunity to defer capital gains taxes by reinvesting in “like-kind” properties. But lobbyists and Capitol Hill officials working on tax legislation have told the Wall Street Journal that, even if a sweeping federal tax overhaul doesn’t go ahead this year,... [read more]

  An estimated 3 million new homebuyers over the past decade have been shunned from the market and it could be hindering a housing market recovery, according to a new study by Genworth Mortgage Insurance that will be released Thursday. Factors deterring young people from venturing into buying their first home include shortages in affordable housing, tighter lending standards, looming student loans, and higher rent prices, according to a report in the Wall Street Journal. Genworth... [read more]