Miami was once the Emerald City for New York professionals chasing more sun and cheaper costs. Lower taxes, cheaper real estate and year-round warmth made Florida feel like the dream destination for putting down roots. But now that shine is wearing off.  With insurance costs, private school tuition and restaurant spending all on the rise, Miami’s cost of living has surpassed that of New York, according to an annual price-comparison report published by the U.S. Bureau of Economic Analysis reported by Bloomberg. Figures released this month mark the first time on record that the Miami metropolitan area is more expensive This article originally appeared on The Real Deal. Click here to read the full story.

Some buyers and creditors who lost money in convicted developer Rishi Kapoor’s real estate schemes could split roughly $3.5 million in receivership funds. Bankruptcy attorney Bernice Lee, the court-appointed receiver for Kapoor’s defunct firm Location Ventures and its affiliates, is seeking authorization from U.S. District Court Judge Jacqueline Becerra to distribute the money. It would satisfy claims tied to Villa Valencia, a Coral Gables condominium completed in 2022, and a failed co-living condo development in Miami Beach, court records show. In May, Kapoor pleaded guilty to two felony counts of money laundering and payroll tax evasion conspiracy. His sentencing is This article originally appeared on The Real Deal. Click here to read the full story.

The former home of boxing champion Floyd “Money” Mayweather Jr. traded hands for $18.5 million, a loss compared to the property’s previous trade in 2024.  An LLC tied to Black Spruce Management’s Josh Gotlib sold the 10,818-square-foot home at 288 South Coconut Lane in Miami Beach, according to property records and the listing.  Mayweather sold the property to the LLC in November 2024 for $22 million. Around the same time, Mayweather invested in Gotlib’s 1,000-unit affordable housing portfolio in Manhattan. That deal, previously reported as a $402 million sale, is part of the lawsuit that Mayweather brought against his former This article originally appeared on The Real Deal. Click here to read the full story.

Stonerock Capital parted with its two downtown Miami office buildings in a foreclosure auction, despite its efforts to postpone the proceeding while it appeals the case.  The lender on the properties, an affiliate of Atlanta-based Ardent Companies, won the foreclosure auction on Monday morning with a bid of $15 million, according to Miami-Dade County court records. The auction came after Ardent won a $65.7 million foreclosure judgment last month in its two-year long lawsuit against Stonerock’s affiliates over an allegedly unpaid debt.  Ardent appears to have beat out the competition with a credit bid for $15 million. The properties include This article originally appeared on The Real Deal. Click here to read the full story.

A planned Fisher Island mansion asking $32 million led last week’s signed contract activity in Miami-Dade County.  Buyers signed nine contracts totaling $79.8 million in asking dollar volume between July 13 and July 19, according to a weekly report by Douglas Elliman’s Eklund-Gomes team. The report tracks listings in Miami-Dade asking $4 million and above. The previous report recorded 12 listings with a total asking dollar volume of $123.9 million.  Six of the contracts marked pending last week were for single-family homes. They totaled $59.9 million in asking dollar volume and spent an average of 177 days on the market. This article originally appeared on The Real Deal. Click here to read the full story.