Las Vegas, Chicago Banks Latest To Fail - 02/28/09 11:32 AM
Regulators shut two more banks - one in Nevada and another in Illinois - on Friday, increasing the total number of failed institutions to 10 for the month of February and 16 for the year.Security Savings Bank in Greater Las Vegas with assets of $238 million and Heritage Community Bank outside of Chicago with assets of $233 million were seized by regulators on Feb. 27.Losses from these latest two failures are estimated to cost about $101 million, according to the Federal Deposit Insurance Corp., which was named receiver of both institutions.Bank failures in the first two months of 2009 are expected … (0 comments)

Anatomy of a Vulture Bulk Deal - 02/27/09 10:38 AM
A pair of veteran Miami real estate investors obtained a 145-unit apartment complex near the popular Dadeland Mall in Kendall with development rights for more than 700 new units in an all-cash deal that works out to a more than 60 percent discount.Les Chalet Investments LLC, with Tomas Cabrerizo and Maurice Cayon, has subsequently obtained a $7.2 million mortgage on the five-acre property at 8215 Southwest 72nd Ave, which is located just north of Kendall Drive, south of the Snapper Creek Extension and west of U.S. 1/South Dixie Highway. "This is a text book Vulture deal," said Peter Zalewski, a principal … (0 comments)

South Florida Pending Sales Jump 3.5% - 02/23/09 11:27 AM
Buyers are scurrying to purchase resale single-family houses, condominium units, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties despite the lack of financing available in the market, according to a new report from Condo Vultures® LLC.Pending residential resales in South Florida jumped 3.5 percent in the last week to 11,397 contracts as of Feb. 23 compared to 11,012 contracts a week earlier on Feb. 16. At the beginning of month on Feb. 2, there were 10,353 pending contracts. according to the report produced by Condo Vultures® LLC using Florida Association of Realtors data.Pending sales … (0 comments)

Downtown Miami Condo Tower Site Being Foreclosed - 02/18/09 09:54 AM
The site of the proposed 68-story Paramount Park condominium tower in Downtown Miami is being foreclosed by a Kansas lender that is owed $21.2 million, according to Miami-Dade County Clerk of the Court records.Hillcrest Bank in Overland Park, Kan., has filed a Lis Pendens action - the first step in the long foreclosure process - against the owner of the 72,450-square-foot lot at 700 Biscayne Boulevard, immediately east of the AmericanAirlines Arena in Downtown Miami.Royal Palm 700 Biscayne LLC obtained permission in 2006 to build a mixed-use project standing 756 feet tall and featuring 300 condominium units and 286 hotel rooms. … (0 comments)

South Florida Pending Sales Jump 5.2% In 7 Days - 02/17/09 09:41 AM
South Florida experienced a 5.2 percent jump in pending sales during the last week as the tri-county region's available inventory for resale continues to decrease, according to a new report from Condo Vultures® LLC.As of Feb. 16, buyers had 11,012 single-family houses, condominium units, and townhouses under contract in Miami-Dade, Broward, and Palm Beach counties, which is up 541 contracts from the previous week ending Feb. 9 when 10,471 residences were categorized as pending sales, according to a Condo Vultures analysis of Florida Association of Realtors data.Leading the surge in contracts is South Florida's condominium and townhouse sector that experienced a … (0 comments)

Bulk Buyer Pays $144 PSF For West Palm Beach Condo Tower - 02/15/09 01:51 PM
A European bulk buyer has purchased 141 units in the troubled Whitney condominium for $24 million, or a 45 percent discount off of the existing $43.9 million loan amount, according to the Palm Beach Daily Business Review.ABG Sundall Collier, a publicly traded Scandanavian investment firm based in Oslo, Norway, reportedly closed the deal on Feb. 12 although the unit deeds have not yet been recorded with Palm Beach County Clerk of the Court, according to the article."Our analysis indicates that the bulk buyer paid $144 per square foot for the remaining residential inventory that had an existing loan amount equal to … (0 comments)

4 More Banks Fail At Cost Of $341 Million - 02/14/09 05:39 PM
Regulators seized four banks with combined assets of $1.01 billion and deposits of $808 million in Florida, Illinois, Nebraska, and Oregon on Friday, Feb. 13, in moves that will generate estimated losses of $341 million for the Federal Deposit Insurance Corp.This latest round of bank failures is comprised of Florida's Riverside Bank of the Gulf Coast with assets of $539 million and deposits of $424 million; Illinois' Corn Belt Bank and Trust Co. with assets of $272 million and deposits of $234 million; Oregon's Pinnacle Bank with assets of $73 million and deposits of $64 million; and Nebraska's Sherman County Bank … (0 comments)

Florida, Nevada Unscathed - So Far - By Bank Failures - 02/11/09 09:00 AM
Regulators have closed 34 banks in the United States in the last 13 months, yet somehow only five of the financial institutions to fail have been based in the devastated real estate markets of Florida and Nevada, according to a new report from Condo Vultures® LLC based on FDIC data.Florida has had only three institutions fail - all outside of South Florida - while two Nevada banks were seized by regulators. For context, consider that Georgia, a state with a diversified economy and a somewhat steady housing market, has had six banks closed, which is twice as many as Florida and … (0 comments)

New York Developer Cleared To Build West Palm Beach Condo Tower - 02/10/09 10:14 AM
A New York development group has received final governmental approval to construct a 24-story luxury condominium on a 2.5 acre-site in downtown West Palm Beach that overlooks the Intracoastal Waterway.Trinity Development Group LLC's project, the 84-unit Modern condominium at 1515 S. Flagler Drive, was approved Monday with a 3-2 vote by the West Palm Beach city commission, according to the Palm Beach Post.The city commission vote clears the way for Trinity Development to raze the vacant 1515 Tower - a 31-story, 119-unit condominium destroyed by the 2004 hurricane season - that currently stands on the site.In order to obtain the final … (0 comments)

South Florida Resale Inventory Drops To 98,000 Residences - 02/09/09 04:10 PM
South Florida's residential real estate inventory dropped for the third consecutive week as the number of pending sales increased during the same period, according to a new report from Condo Vultures® LLC.South Florida has 98,748 single-family houses, condominium units, and townhouses on the market as of Feb. 9, down -0.3 percent from the 99,033 residences on the market Feb. 2 and the 100,131 homes available on Jan. 26, according to the report by the Bal Harbour, Fla.-based consultancy.Single-family houses are dragging down the overall inventory in Miami-Dade, Broward, and Palm Beach counties while the number of condos is falling at a … (0 comments)

South Florida Residential Resale Inventory Drops -1.1% - 02/03/09 09:28 AM
South Florida's housing resale inventory slipped -1.1 percent in the last week to a total of 99,033 residential properties while pending sales in the tri-county region increased 3.6 percent to 10,363 contracts, according to a new report from Condo Vultures® LLC using data from the Florida Association of Realtors.This is the first time in recent memory that the number of condos, townhouses, and single-family houses in Miami-Dade, Broward, and Palm Beach counties has slipped below 100,000 homes.For comparison, on Jan. 26 South Florida had 100,131 properties available for resale, and on Dec. 1, there were 106,420 residential properties on the market, … (0 comments)

 
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Condo Vultures® LLC

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