Tuesday, November 24, 2009
Thursday, November 12, 2009
Miami Homes, South Beach Real Estate
Nearly half of the owners of Miami homes in the Miami-Fort Lauderdale metropolitan area were valued for less than the mortgages owed against them.
According to a new report from web-based real estate services firm, out of 387,157 homes, 46% percent of homeowners were underwater at the end of September 30, compared to 47% in the second quarter.
The firm said that nationally, 21% of homeowners were underwater as of September 30, down from 23% in the second quarter, as values of Miami homes stabilized in the short term and more underwater borrowers lost their Miami homes to foreclosure.
Full Article...Miami homes, South Beach Real Estate
Tuesday, November 10, 2009
Miami Luxury Resorts, Miami Commercial Real Estate
Turnberry Isle resort (The Soffer family) must pay $6 million to the hotel’s operator -- fees held back over accusations of mismanagement at the money losing Aventura luxury resort.
After Turnberry dropped its objection to the claim, a judge awarded the $6 million in back fees and interest to Fairmont Hotels & Resorts. But after giving up in the arbitration, a Turnberry lawyer wrote
``Turnberry disputes any net liability in favor of
Full Article...Miami Luxury Resorts, Miami Commercial Real Estate
Miami Homes for Sale, South Beach Real Estate
Developer Joe Milton just put up millions of his company's cash to set up a mortgage company to fund loans and help his clients to close on units at the St. Tropez condominium in Sunny Isles Beach.
One of the reasons as well as a key factor in the recent rise in Miami and Miami Beach real estate is because foreign buyers are frequently locked out of the market if they aren’t cash buyers.
Milton is the president and chief executive of J. Milton & Associates in Coral Gables and says 60% of their buyers are foreign and up till now there are no loans being made to foreign nationals.
Full article..Miami Homes for Sale, South Beach Real Estate
Wednesday, October 28, 2009
Home Prices, South Beach Real Estate
New data released Tuesday said for the third straight month in August
The Standard & Poor's/Case-Shiller home price index of 20 major cities climbed 1.2 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February.
In
We have not seen prices at these levels seen since August 2003 and have fallen almost 30% from the peak in May 2006.
Tuesday, October 27, 2009
South Beach real estate, Miami Commercial real estate
Capmark Financial Group, one of the nation's largest lenders of Miami commercial real estate lenders, has filed for bankruptcy protection accompanied by mounting bad debt.
Capmark has provided loans for many south beach real estate projects and developers in
The firm said that the motions they filed will allow them to continue paying vendors and salaries, and that it should not impact the way Capmark does business with its customers and partners.
Monday, October 26, 2009
Florida Construction Market, Miami Real Estate
Improvements in the Miami housing market and public works construction is expected to help the Miami real estate bounce back from a 25% decline that is predicted for 2009.
Robert Murray, vice president of economic affairs for McGraw-Hill Construction, which is part of the McGraw-Hill Costruction said, “The U.S. construction market in 2010 will be helped by growth for several sectors, following three straight years of decline that brought total construction activity down 39% from its mid-decade peak.”
Full article...Florida Construction Market, Miami Real Estate
