Is #LongMiami coming to an end? Why the Drillman case is such a big deal ... and more

The best national real estate stories from The Real Deal. Mar 09, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at some of the cracks appearing in [South Florida’s long-resilient market](. Plus, a jury [hands one apartment landlord $3 billion](, a Texas syndicator [makes a big bet at the wrong time](, and the [fallout from Barry Drillman’s schemes]( continues to unfold. These stories and more below.   [How long can #longmiami last?]( South Florida has emerged as one of the stronger markets in this challenging time for real estate. As much of the country took its foot off the gas, investors in Miami put the pedal to the metal. The trend has given rise to a popular catchphrase: #longmiami. The hashtag has become a slogan for industry players in the region, from developers to residential agents, who claim Miami’s ascent will only continue. But the region has its problems, too, as The Real Deal’s March cover story lays out. Increased stress around affordable housing and climate change crises have led some to ask whether the #longmiami narrative’s days are numbered . One piece of evidence for a slowdown is the recent [surge in listings for development sites]( across Miami-Dade County. Nearly two-dozen of such properties have hit the market in recent months, as sky-high costs have slowed the area’s building boom. With so many sites on the market, those that are shovel-ready have been able to demand more interest from developers. But it’s not all doom and gloom. South Florida still has plenty of major backers in and out of the industry. Edgardo Defortuna’s Fortune International Group has [remained active in condo development](, resale brokerage and new development sales, making it the last firm to do it all. And he has a host of projects in the pipeline across South Florida’s most in-demand localities, like Brickell, Sunny Isles Beach and Pompano Beach. On the residential front, Fredrik Eklund made a [highly publicized move to Miami]( last year. The star broker has capitalized on the luxe condo boom by securing exclusives with more than 1,500 new development units. He sat down with TRD to break down all the details of his move from New York to the Sunshine State. Then, there’s those who are still willing to bet on one the scariest asset of all: office. Inigo and Diego Ardid’s family firm, Key International, has a history of navigating risky waters. Now, they’re trying it again with a [bet on a Brickell office tower](. Check out all of TRD’s coverage of South Florida’s real estate market. Then, perhaps you’ll know the answer to the question: How long can #longmiami last?   Advertisement   [I'm an image]( [Why the Barry Drillman case is such a big deal]( Barry Drillman’s $165 million fraud scheme led to Fannie Mae’s indefinite ban on title insurers Madison Title and Riverside Abstract. But the fallout from his plot is unlikely to stop there. [I'm an image]( [GVA’s ill-timed buying spree has syndicator on shaky ground]( Multifamily syndicator Alan Stalcup did his best to time the market, acquiring thousands of units just before interest rates shot up. Now, he’s paying the price. [I'm an image]( [Shashikant Jogani owns $3B in LA apartments — plus thousands elsewhereÂ]( Last week, a jury handed Shashikant Jogani $3 billion in cash and assets. The payout will add to Jogani’s massive portfolio of apartments, putting him just outside the top 50 biggest landlords in the country.   Advertisement   [I'm an image]( [Brand Studio Real Estate Pros Become Harvard Alums with this Executive Development Program]( [I'm an image]( [Texas multifamily developers slam on the brakes]( Texas saw a huge surge in multifamily development in recent years, thanks to the state’s explosive rent growth. Now, the resulting surge in supply has forced some developers to pull back. [I'm an image]( [Abe Cohen did nearly everything right, yet multifamily deals still went bad]( Sometimes you do everything right, and still fail. That’s been the case with Abe Cohen, a New York market-rate landlord who recently saw a chunk of his debt sent to special servicing. [I'm an image]( [Transfer tax votes will count after all, appellate court rules]( Chicago’s real estate industry was on the brink of a huge win when a Cook County judge blocked a vote on the policy. Now, the vote is back on. But the battle over the controversial tax is far from over. [I'm an image]( [How Icon emerged from the ashes of Corcoran’s first major franchise, Global Living]( Corcoran Global Living seemed like a godsend when it emerged in the Northern California scene in 2020. Then, by the end of 2022, it was gone. But it gave rise to another NorCal franchise: Corcoran Icon Properties. [I'm an image]( [Buyers at 685 Fifth sue Shvo, alleging closets too large]( Most New York condo owners would kill for a little more closet space. But, at Michael Shvo’s 685 Fifth Avenue, an oversized wardrobe — and similarly trivial issues — has driven one buyer to sue.     [The Real Deal Logo]( [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters](link.therealdeal.com/manage/61n/preferences?email={EMAIL}&hash=c3ef811325e0489c79ef984bae8ea606) | [Unsubscribe](list=National Weekly) | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2023 TheRealDeal. All rights reserved. [View Online](