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$23 Million Paid For 6 Waterfront Miami Beach Area Condos - 03/31/09 09:31 AM
Buyers paid a combined $23 million in March for six waterfront condominium units located on the Barrier Island just east of Downtown Miami, according to a new condo report from Condo Vultures® LLC.There were four deals worth $13.2 million that occurred in Miami Beach, and two transactions worth $10 million that closed in Sunny Isles Beach, according to the condo report."Investors seem to be saying with these purchases that new waterfront housing on Miami's Barrier Island is a great hedge against a volatile real estate market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.In … (0 comments)
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South Florida Resale Inventory Falls 1% To 94,000 Residences - 03/30/09 10:52 AM
As the South Florida winter tourism season enters its last month, buying activity in the residential real estate markets of Miami-Dade, Broward, and Palm Beach counties is only intensifying.South Florida's residential resale inventory of condominium units, townhouses, and single-family houses dropped by nearly 1 percent in the last week to the 94,526 properties on March 30 compared to 95,409 properties on March 23. At the beginning of the winter tourism season on Nov. 24, 2008, South Florida had 107,527 properties on the market, according to a new report from Condo Vultures® LLC.Pending sales of residential real estate are also on the … (0 comments)
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Fraudsters Beware, Florida Proposes Condo Cops - 03/27/09 08:45 AM
A new police force could soon be deputized to monitor the operations of thousands of Florida condominium associations, some of which are victims of fraud.Florida State Rep. Julio Robaina, R-Miami, and his counterpart Florida State Sen. Rudy Garcia, R-Hialeah, have filed companion bills in the state legislature to create a four-person police force to be based in Fort Lauderdale to "investigate, enforce and prosecute" violators of five statutes that govern condominiums, homeowners associations, cooperatives, mobile home parks and timeshares, according to the South Florida Sun-Sentinel."We are getting so many cases of potential fraud that most local police departments are too overwhelmed … (0 comments)
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South Florida's Resale Inventory Drops 11% Since November - 03/24/09 10:04 AM
South Florida's residential inventory has slipped by 11.3 percent since Thanksgiving week of Nov. 24 while the number of pending sales during the same period has increased by 35.2 percent, according to a new report by Condo Vultures® LLC.South Florida now has 95,409 residential resale properties on the market in Miami-Dade, Broward, and Palm Beach counties as of March 23 compared to 107,527 residences for resale on Nov. 24, a decrease of 12,118, according to the report.As of March 23, pending sales totaled 12,576 compared to 9,302 on Nov. 24, an increase of 3,274 in a regional market where banks are … (0 comments)
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ICON Brickell's $679 Million Construction Loans Set To Mature - 03/18/09 09:15 AM
The Related Group is faced with $678.5 million of construction loans coming due on the massive three-tower ICON Brickell condo and condo-hotel project within the next eight months, according to the South Florida Business Journal.A $502 million construction loan on two of the three towers in the ICON Brickell complex is scheduled to come due on June 18. Under the terms of the loan with HSBC Realty Credit Corp, the developer of the 1,820-unit complex can seek a six-month extension that would end on Dec. 18, according to the article.A $176.5 million on a third tower in the complex is scheduled … (0 comments)
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4.2% Surge In South Florida's Pending Sales - 03/16/09 10:49 PM
As the nation's financial stocks were hitting record lows on Wall Street, buyers flocked to South Florida residential real estate, sending the number of pending sales surging 4.2 percent in the last seven days ending March 16, according to a new report from Condo Vultures® LLC.Buyers entered into 497 contracts on resale condominium units, townhouses, and single-family houses in Miami-Dade, Broward, and Palm Beach counties in the last week for an average of 71 deals per day.The surge is the strongest volume of buying activity in recent memory, surpassing the previous high of 204 deals in a seven-day period ending March … (0 comments)
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Miami's Condo Crash Subject Of New eBook - 03/12/09 08:08 AM
Miami's great condominium crash of the 21st Century is the subject of a new 350-plus page eBook scheduled for release in April by Condo Vultures® LLC.The soon-to-be-published eBook provides a running chronicle - in words and photos - of Greater Miami's condominium boom and bust since 2006. This eBook is a compilation of more than 100 chapters written by a variety of South Florida industry professionals including:- Peter Zalewski, a consultant, real estate broker, and former South Florida financial journalist;- Mark Zilbert, a Miami Beach broker and creator of CondoFlip.com;- Jim Freer, a veteran South Florida banking journalist;- John Fakler, a … (0 comments)
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Miami Single-Family House Contracts Spike 3% In A Week - 03/10/09 08:54 AM
Spooked by the violent swings of the U.S. stock market combined with plummeting real estate prices, buyers moved aggressively in the last week to purchase single-family houses in Greater Miami, according to a new report from Condo Vultures® LLC.The number of single-family houses under contract in Miami-Dade County increased 3 percent in the last seven-day period ending March 9, according to the report from the Bal Harbour, Fla.-based consultancy using data from the Florida Association of Realtors.In Miami-Dade, there are now 2,682 houses under contract, up from 2,603 on March 2. That's a net increase on a weekly basis in pending … (0 comments)
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Proposed Downtown Miami Project Goes Into Foreclosure - 03/05/09 09:43 AM
The proposed seven-story Biscayne Lofts project located just north of Downtown Miami is being foreclosed.TotalBank, a Miami-based bank with assets of $2.1 billion, filed the initial foreclosure paperwork, known as Lis Pendens, against the project's owner Biscayne Lofts Ltd. on March 2 in Miami-Dade Circuit Court.Biscayne Lofts was proposed to be a new 15-unit project with 16,212 square feet built just east of Biscayne Boulevard at 333 NE 33 St. in Miami's artsy Biscayne Boulevard Corridor."Biscayne Lofts is one of the nearly 50 projects proposed for Greater Downtown Miami that was never built during the boom years of 2003 to 2010, … (0 comments)
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Lender Dumps Loan On Oceanfront Development Site In South Florida - 03/03/09 03:40 PM
purchased the existing land loan on the proposed but never started 47-story Paramount Beach luxury oceanfront condominium in Sunny Isles Beach.Sunny Isles Property Holdings LLC, with managing member Carlos J. Mattos, acquired the loan on Feb. 17 from iStar FM Loans for an undisclosed price. The original loan was made in November 2006 for $32.2 million and scheduled to come due in February 2009, according to the Miami-Dade Clerk of the Court.Foreclosure proceedings were initiated against the owner of the Paramount Beach land in December 2008, according to the Miami-Dade Circuit Court.It is unclear what the new owner of the loan … (0 comments)
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South Florida Residential Inventory Drops Below 97,000 - 03/02/09 11:38 PM
South Florida's residential resale inventory has fallen 1.3 percent in the last week to 96,841 single-family houses, townhouses, and condominium units in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.
A month ago on Feb. 2, there were 99,033 residences for sale in the region, and three months ago on Dec. 1 there were 106,420 single-family houses, townhouses, and condominium units for sale in South Florida, according to Condo Vultures®.
In the last seven days, the number of actively available South Florida resale properties declined by 187 residences per day … (0 comments)
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