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miami beach: 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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miami beach: 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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miami beach: $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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miami beach: $14 Million In South Beach Foreclosures Filed In May - 05/30/09 06:16 PM
Nearly three-dozen residences in Miami Beach's South Beach neighborhood slipped into foreclosure in May for nonpayment on nearly $14.3 million in combined mortgage financing, according to the Condo Vultures® Foreclosure DatabaseTM.The most expensive foreclosure action filed in May was against a waterfront single-family house with an outstanding loan amount of $4.3 million. A few doors down a bank filed to foreclose on a $1.1 million loan, which ranks as the third highest foreclosure action filed in May in South Beach.A luxury condo with an outstanding loan of $1.6 million in Miami Beach's South of Fifth neighborhood ranked as the second highest … (0 comments)
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miami beach: Tax Assessor: Miami Condo Values Down As Much As 40% - 05/13/09 08:58 AM
Condominium owners in Greater Downtown Miami can expect to see their assessed real estate values for property tax purposes drop by as much as 40 percent in the upcoming year based on early indications from Miami-Dade County Property Appraiser Pedro J. Garcia.Garcia's office is currently assessing the value of every property in the county for 2008 property tax purposes, which are in arrears. Once these values are computed on July 1, government officials will then begin the process of levying taxes against every property owner in order to generate revenue to operate the county, school system, and local municipalities."Property taxes generally … (0 comments)
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miami beach: 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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miami beach: $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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miami beach: 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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miami beach: 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)
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miami beach: Bulk Buyer Pays $277 PSF For Oceanfront Condo Units - 01/11/09 12:14 PM
A South Florida private equity fund has paid $277 per square foot for 101 units in the Related Group's Harbour House oceanfront condominium conversion in wealthy enclave of Bal Harbour, Fla.A Florida entity called HH Condominium Investments LLC, with Thomas F. Daly as president and former Miami Beach City Manager Christina M. Cuervo as the registered agent, paid $27 million for an average of $268,000 per unit in the 16-story, Y-shaped tower, according to the South Florida Business Journal.A year earlier in 2007, a Florida entity called HH Condo Holdings LLC, with Christina M. Cuervo as the registered agent and a … (1 comments)
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