LaSalle to buy famous 'Miami Vice' tower

Miami Office Building - Miami Commercial Properties

A Chicago-based real estate investment giant is approaching a deal to buy the ‘Miami Vice’ tower. This iconic Miami office building, located at 100 S.E. 2nd Street, came to symbolize the city by being featured weekly in the opening of 1980s TV show “Miami Vice.”

In 2003, the current owner paid $85 million for the multi-tiered, 600,000-square-foot, high-rise in downtown Miami. The Miami commercial property however faces some challenges....

Full Article....LaSalle to buy famous 'Miami Vice' tower

Bank of America halts US foreclosure sales

Miami homes - Miami real estate news

On Friday, October 8, 2010, Bank of America announced it is stopping all foreclosure sales and proceedings in all 50 states, though it's unclear how this action will impact homeowners who are currently negotiating with their lender.

To see VIDEO click here.

In the video above, experts told CNBC that it's bad news for the housing market. The Charlotte based bank and the largest in the Country, decided to halt foreclosures after JPMorgan Chase and GMAC Mortgage's stopped foreclosures last week to examine what it has been shown to be a flawe d process for documenting and filing foreclosures.

Miami condos for sale, Miami real estate

Downtown Miami condos for sale in court

On Thursday, Bank of America, who's owed $205 million by Cabi Downtown LLC for construction loans, will be in bankruptcy court to hear a ruling by the judge on the bank's motion to dismiss the reorganization or modify the so-called automatic stay to permit foreclosure of the 49-story Everglades on the Bay Miami condos for sale.

The bank has filed another motion asking the bankruptcy court to stop leasing unsold units, if Cabi survives Thursday's hearing.

Some of the 244 units under lease the bank says were rented in violation of the owner's own standards. The motion alleges that 49 units were rented to individuals without any background or credit check and 42 units were rented to people with substandard credit scores, and nine of the Miami condos for sale are occupied by convicted criminals.

Full Article....Miami condos for sale, Miami real estate