The latest news and information on Miami Beach condos, luxury Miami homes, Miami commercial real estate and other Miami Beach real estate news content.
Showing posts with label Commercial Real Estate. Show all posts
Showing posts with label Commercial Real Estate. Show all posts
As we enter into 2011, South Florida real estate watchers are keeping an eye on the Florida housing market. Analysts predict that the market will “bottom out” nationally in 2011. Some forecasters believe we already have.
Zalewski showed CBS4’s Joan Murray a high rise where he says you can pick up Miami condos for sale for under $200,000. He believes east of 95, we’ve already hit bottom.
The Royal Palm Hotel - Miami Commercial Real Estate
Sunstone Hotel Investors has selected Denihan Hospitality Group to manage The 407-unit Royal Palm Hotel at 1545 Collins Avenue in South Beach. This will be the first entry for the company in the Miami hotel market. The Miami commercial property was sold at auction this summer for $126.1 million and will undergo renovations aimed at a 2011 reopening. Denihan manages 14 properties in four cities under the James and Affinia brands.
An affiliate of Courtyard by Marriott purchased one of the hotels for sale in South Beach, the Seville, for $57.5 million. The foreclosure claim filed on the Miami commercial real estate property was $9.5 million more then what it was purchased for.
The $67 million foreclosure lawsuit against Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein was promptly released when the short sale was allowed by First Bank Puerto Rico on June 30th.
According to a letter the city received, The Biltmore Hotel, a, they want to have until July 2012 to pay more than $2.3 million the Coral Gables hotel owes in back rent the City.
Their proposal asks if the Biltmore could begin July 1, 2012 paying $100,000 quarterly. It would take at least 5 years for the Coral Gables hotel to pay back the money it owes since it stopped paying rent in April 2009.
Credit Suisse takes over Gansevoort in Miami Beach
On Thursday, the owners of Gansevoort South lost their Miami Beach hotel to lenders as the distressed condo-hotel conversion couldn't find a buyer for an $89 million loan on their Miami commercial real estate property.
Miami Hotel Rates Continue to Drop, Miami Commercial Real Estate
According to a recent report by a travel research company, tourists took advantage of the lowest hotel rates in Miami in the last three years. In August, Miami commercial real estate hotel rates dropped between 11% and 13% compared with a year ago. Miami tourists can benefit from the fact that the region’s three hotel markets are showing little or know improvement as the slowest summer for over a decade comes to a close. This of course means cheap Miami vacation rentals and Miami commercial real estate for tourists.
According to a new prediction, Florida’s economic recession will bottom out in the middle of next year. This is six months later than state officials formerly projected.
The forecast from the Florida Legislature's Office of Economic and Demographic Research brings the state's predictions in line with those of at least two nongovernment economists who offered similar outlooks last month.
Through the end of 2011, State forecasters also are forecast an unemployment rate near 11% with close to 1 million out-of-work Floridians. After seeing last week's reports of increased unemployment and foreclosure rates, they also pushed back their forecast for the start of the economic recovery by six months.
Miami Condos, Bills Force Associations into Bankruptcy
Some Miami condos’ and their associations are turning to bankruptcy because unpaid association fees mounting, a largely unproven strategy that could bring even more financial risk.
At least seven Florida andMiami condos associations have filed for bankruptcy since the real estate market took a nose dive and there may be more on the way.
Bankruptcy could be the last defense against their hallways going dark and their spigots running dry, for a growing number of strapped Miami condos’ associations.
The creditors of Maison Grande in Miami Beach are planning to meet Tuesday to discuss the bankruptcy, in one of the most recent Chapter 11 filings.
According to data in a report released Wednesday by an influential Washington thinktank, South Florida economy may finally be close to turning the corner on a recession that has hit the region far harder than most major U.S. metropolitan areas.
As of March 2009, the report published by the Brookings Institution, ranks South Florida#85 among the nation's 100 largest metropolitan areas in economic performance, based on employment, unemployment rates, wages, gross metropolitan product, housing prices andFlorida foreclosures rates.
The gross metropolitan product is the value of all the goods and services produced in Broward, Miami-Dade and Palm Beach counties.
Circa $5 billion in apartments, hotels, offices, warehouses and shopping centers, including Miami commercial real estate, sold in 2009, 65% less from 2007. The good news is that our market is doing better than the national drop of 73, compared to 2007.
We are seeing new trends in the Miami commercial real estate market. Foreign investors are looking to invest and wait for a better market to collect their profits, while the domestic ones expect a certain return within a short period of time. On the other hand, we are starting to see retailers looking into a market that was too pricy for them not so long ago.
Residential real estate is not the only sector suffering because of the bad economy. The commercial real estate has slowed down considerably and very few new shopping centers have been developed. One of these is the Fifth&Alton project in Miami Beach. The other shopping center in Coral Gables is on stand-by for at least another six months.
Governor Crist Seeking Deal to Curb Florida Foreclosures
Gov. Charlie Crist met Tuesday with a top banking official and said afterward he wants to secure an agreement from lenders for a voluntary moratorium on foreclosures at least through the holidays.
Crist said he hoped he could announce something next week. His meeting with Florida Bankers Association president Alex Sanchez came a day after Crist disclosed he was considering such a moratorium. Florida had the third highest foreclosure rate in the nation last month.
There are many things to consider when remodeling or purchasing older Miami Florida homes. Miami homes built before 1980 have the strong likelihood of containing asbestos. Due to a steady progression of technology and green sustainable methods, there are many ways to ensure your home or property is asbestos free. If you are interested in saving money, remodeling and improving your carbon footprint, here is some information to get you on the right track.
Used in millions of homes throughout the last quarter of the 20th century, asbestos insulation can become a real dilemma for homeowners due to causing a variety of health problems, including Peritoneal Mesothelioma and Malignant Mesothelioma. These types of cancer take the lives of thousands each year.
Non-regulated asbestos material can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated. Asbestos removal in public facilities, homes and workplaces must be undertaken by a licensed asbestos abatement contractor. Once the removal is complete, green insulation options should be given serious consideration, such as: Cellulose, Cotton Fiber and Lcynene.
The United States Green Building Council(USGBC), in a study conducted in 2003, estimated a savings of $50-$65 per square foot for well-constructed green buildings in the U.S. (see table below) during that year. The numbers continue to improve as more eco-friendly options become available, and those kinds of figures have finally begun to attract those who thought eco-friendly construction was just a bunch of hogwash.
Since March, more than 400 real estate industry people have been indicted in a Justice Department crackdown on incidents of mortgage fraud nationwide that have contributed to the country's housing crisis. This includes a few dozen arrests just over the last two days.
The FBI estimates that the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.
Deputy Attorney General Mark Filip said in a statement Thursday, "Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation's housing market and to the peace of mind to millions of Americans.”
Aventura Mall adds $125 Million in Upscale Retailers
Consumer confidence may be down and the economy cooling down but that has not discouraged Turnberry Associates, owner and manager of The Aventura Mall, from completing a $125 million dollar, commercial real estate project. The new project consists of a three level wing of upscale stores and restaurants to the mall. This expansion includes a 167,000 square foot Nordstrom department store.
With this new commercial real estate project underway, Aventura Mall is set to become one of the nations largest with its plan to add 300,000 square feet in fall 2007.
The 2.8 million square foot shopping mall was opened in 1983 at 19501 Biscayne Boulevard and expanded twice, in 1997 and again in 2006.
Already regarded as one of the nation's top malls in terms of sales productivity, the upscale luxury mall is among the five highest grossing shopping malls in the country.
Buyers of Miami Condos in Financial Hot Water, Buyers Sue
As lenders begin to foreclose on Miami condos buyer lawsuits against condo developers are stronger then ever.
The pattern is beginning to get more predictable. Miami condossales launch, falter on payments and sometimes the lender comes calling to collect either the money or the keys to the high-rise.
Quantum on the Bay, just north of downtown Miami, and Biscayne Landing, in North Miami are being sued by attorney Robert Cooper who is representing Miami condo buyers in civil lawsuits filed recently. In both cases, he alleges the developer did not deliver on deadlines and promised amenities.
Boca Developers, Biscayne Landing’s builder filed a motion to dismiss, claiming that buyers were notified at the closing about the changes. Quantum developer Terra Group did not return calls seeking comment...
According to the latest Florida housing statistics released by the Florida Association of Realtors, Florida Realtors statewide reported slight gains in existing home and condominium sales from February to March 2008. A total of 9,142 existing single-family homes changed hands in March which was a 10% increase over the previous month when 8,310 were homes sold. With 3,145 units sold in March compared with 2,765 condos in February, existing Florida condo sales statewide rose 13.7%,
During the one-month period, the median price for both housing types increased slightly as well. The median price of an existing single-family home reached $205,600 in March, compared with $198,900 the previous month. The median price of an existing condo rose to from $175,600 in February to $176,600 in March....
Analysts say the 30-year fixed rate mortgage currently sitting at 5.88% is unlikely to fall any further for the rest of the year.
This year the rate on the fixed loans is only down a quarter of a point as the credit markets have cut the link between it and yields on 10-year Treasuries. Even as skittish investors have moved to Treasuries to trim the yields, mortgage lenders have not eased lending standards.
Driving interest rates higher, mortgage rates are likely to close 2008 at about 6% as investors in bonds focus on rising inflation.
Long-term mortgage rates will also increase due to the additional supply of Treasuries as Congress borrows to raise money for the growing federal budget deficit.
Full Article and Video.......South Florida home prices may rebound in 2011
Full Article and Video.......South Florida home prices may rebound in 2011
