🏆 Residential: The priciest recorded home sale was in Bal Harbour. A trust purchased a condo at 10201 Collins Avenue from a company led by Jason Claxton for $14.5 million. The unit measures 4,000 square feet, pricing the transaction at $3,600 per square foot. The corner pad has three bedrooms, four and a half bathrooms, oceanfront views and a terrace. The seller paid $10.7 million for the residence in 2023.
🏆 Commercial: Lantana had the most expensive commercial sale to hit records. Miami-based Cherry Oak Management offloaded an assisted living facility at 6026 Old Congress Road for $8.4 million. The buyer was a company managed by Pedro Reyes. Cherry Oak recently sold another such facility in Sunrise for $9.5 million. The property, which Cherry Oak purchased in 2019 for $6.2 million, has 70 units and spans 30,000 square feet.
📊 Commercial: In Lauderhill, a shopping center at 7100 and 7200 West Commercial Boulevard changed hands for $6.8 million. The seller was a company tied to real estate investor Allen Chelminsky. The buyer was Mars Medical Center LLC, managed by Mordehai Hasson and Shlomo Hasson. The two-building complex spans 33,200 square feet.
📊 Residential: In Coral Gables, Andres Nunez and Dr. Mabel Marotta parted with the waterfront home at 12991 Lerida Street for $5.9 million. The buyers were Juan Menadier and Jocelyn Andrea Figueroa. The four-bedroom, three-and-a-half-bath home spans 3,700 square feet. Rafael Cerna Jr. with Lokation Real Estate had the listing. Ramon Dominguez with Lifestyle International Realty represented the buyers.
By the Numbers: U.S. construction spending slides for 11th straight month
Industry headwinds continue to take a toll on the construction industry, which has seen another pullback in spending.
The U.S. Census Bureau anticipates that the country’s construction spending, if it continues for 12 months at its June pace, will come in at $2.17 trillion, a 3.2 percent decline year over year.
Total spending had been on the rise since 2011 after falling sharply during the financial crisis. It started to reverse course in late 2024. The drop marks the 11th straight month of annual declines and the third-steepest drop during this period, according to a TRD Data analysis.
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