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oceanfront: Bulk Deal Closes At 94% Discount In South Florida - 07/26/09 03:42 PM
A South Florida private equity group purchased 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex at $63 per square foot, a discount of 94 percent off of the $1,100 per square foot average recorded sales price, according to a new report from Condo Vultures® LLC.Elcom Condominium LLC with Jorge E. Arevalo and Thomas D. Sullivan in South Miami paid $2.6 million for 41,047 square feet of saleable space in the 124-unit Regent Hotel tower located on the west side of the 26-story, trophy complex in exclusive Bal Harbour.Bankrupt residential development company WCI Communities, Inc., based in Bonita … (0 comments)
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oceanfront: 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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oceanfront: 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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oceanfront: $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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oceanfront: 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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oceanfront: $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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