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foreclosure: Bank Foreclosing Oceanfront Site Seized By Federal Regulators - 07/22/09 08:24 PM
Federal regulators have seized the South Dakota bank foreclosing on a nearly $12 million oceanfront condo development site in Greater Miami Beach.BankFirst of Sioux Falls, S.D., was shut on Friday, July 17, less than a month after the 14-year-old institution filed to foreclose on a 1.1-acre site development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.A 43-story tower featuring one unit per floor is proposed for the site located in the northeast Miami-Dade County city of Sunny Isles Beach, according to a CondoVultures.com article.The Federal Deposit Insurance Corp. estimates losses of $91 million from BankFirst's failure. Prior … (0 comments)
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foreclosure: South Florida Bank Repossessions Fall 16% In Q2 of 2009 - 07/17/09 10:33 AM
Banks repossessed 16 percent fewer South Florida properties in the second quarter of this year than were seized during the same period a year ago despite an increased number of foreclosure filings in the tricounty region, according to a new report from Condo Vultures® LLC.Lenders repossessed 5,992 properties in Miami-Dade, Broward, and Palm Beach counties between April and June of 2009 compared to seizing 7,098 properties in the second quarter of 2008. In 2007, lenders seized 2,167 South Florida properties in the second quarter, according to the report produced using court records."Government intervention - whether it be foreclosure moratoriums or mortgage … (0 comments)
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foreclosure: South Dakota Bank Files $12M Foreclosure On Oceanfront Site In Miami Beach Area - 07/16/09 08:49 AM
A $12 million foreclosure action has been launched against an oceanfront development site in Sunny Isles Beach that is to house a proposed 43-story luxury condominium tower featuring only one unit per floor, according to the Condo Vultures® Foreclosure DatabaseTM.BankFirst of Sioux Falls, S.D., filed the foreclosure action, also known as a Lis Pendens and/or Notice of Default, in Miami-Dade Circuit Court seeking repayment of $11.7 million on a predevelopment loan originated in 2006. BankFirst's loan is secured by a 1.1-acre development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.Originally purchased for $9 million, or $181 per … (1 comments)
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foreclosure: $26 Million Oceanfront, High-Rise Site To Be Auctioned - 07/08/09 08:47 AM
A 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder at the Miami-Dade County Courthouse, according to Condo Vultures.com.A final judgment amount of nearly $26.3 million, or $419 per square foot, was established for the property on July 6 by Miami-Dade Circuit Court Judge Ronald Dresnick.If the borrower fails to satisfy the loan by the auction date, the 62,800-square-foot property with 300 feet of Atlantic Ocean access would be sold to the highest bidder who surpasses the final judgment amount. "To … (0 comments)
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foreclosure: Related Group Negotiates Return Of Unsold Condo Towers - 07/03/09 07:46 PM
The Related Group, the nation's largest condo tower developer, is attempting in the next two months to finalize plans to return thousands of unsold new units with debt of "roughly $1.5 billion" to the construction lenders, according to Miami news reports.The admission comes just as the Related Group has agreed to relinquish ownership to its lenders of the remaining 381 unsold units in the 420-unit, 20-story CityPlace South Tower in Downtown West Palm Beach. Related had still owed about $119 million, or about 88 percent, of the original $134.7 million construction loan, according to South Florida news reports."We've had very good … (0 comments)
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foreclosure: Contracts Surge 3.5% In South Florida - 05/19/09 10:11 AM
South Florida residential pending resales spiked 3.5 percent in the last week to 15,191 existing contracts in Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.Pending sales in Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, surged 4.3 percent to 5,820 deals on a week-over-week basis ending May 18, according to the report produced using Florida Association of Realtors data.Pending sales in Palm Beach County, where West Palm Beach, Delray Beach, and Boca Raton are located, increased by 3.7 percent in the same period to 2,691 contracts. Pending sales in Miami-Dade … (0 comments)
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foreclosure: Expert: Florida Housing To Bottom By Mid-2010 - 05/16/09 08:34 AM
National real estate consultant Jack McCabe, one of the first analysts to predict South Florida's housing bubble and bust, projects that the Florida housing market is within a year of hitting bottom.McCabe, president and chief executive of McCabe Research & Consulting LLC in Deerfield Beach, Fla., estimates residential values are within 15 percent of their lowest levels, and he expects the remaining price drop to occur in the next four quarters."I think 2009 is going to be the toughest year of this downturn for the state of Florida," McCabe said in an exclusive video interview with CondoVultures.com. "I really see next … (0 comments)
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foreclosure: Pending Contracts Stall In South Florida As Winter Tourism Season Ends - 05/05/09 09:53 AM
The number of residential resale contracts executed in South Florida in the last week of the winter tourism season grew by the tiniest of amounts, causing fear that buying activity may be stalling, according to a new report from Condo Vultures® LLC.Pending contracts on single-family houses in the tricounty region of Miami-Dade, Broward, and Palm Beach counties were up by 0.4 percent on May 4 on a week-over-week basis, but that increase wasn't enough to overcome a 0.2 percent drop in deals on condominium units and townhouses that weighed down the overall average, according to the Condo Vultures® report compiled using … (0 comments)
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foreclosure: 7 Luxury South Beach Condos Being Foreclosed - 04/25/09 01:44 PM
Miami Beach's exclusive South of Fifth neighborhood in South Beach isn't even immune from the foreclosure epidemic hitting South Florida.Lenders since January have initiated foreclose proceedings worth a combined $7.4 million against five luxury Miami Beach condominium units in the exclusive South of Fifth neighborhood of the barrier island city, according to a new report from Condo Vultures® LLC based on data from its Foreclosure DatabaseTM.Lenders are owed more than $4.1 million on two units in the bayfront Murano Grande condominium, and $3.3 million on three units in the oceanfront Continuum on South Beach project. "Many people will be surprised to … (0 comments)
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foreclosure: 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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foreclosure: 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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foreclosure: 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)
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