With Miami condos cash is still king

Miami condos, Miami Beach real estate

When buying Miami condos, cash continues to rule - Condo Vultures LLC reports that from January through March almost 600 Miami condos in 29 different projects were bought with cash in the greater downtown Miami area. According to the Miami Beach real estate consultants, fewer than 120 units in 19 projects were financed.

A principal with Condo Vulture, Peter Zalewski said, "Even though the U.S. government is encouraging lenders to once again finance condo purchases, the results have not been impressive in South Florida. Many lenders claim to be willing to consider writing loans for buyers of condominiums, but the end results simply do not support that.”

Full article...With Miami condos cash is still king

$351M Debt - Icon Brickell Condos seized

Brickell condos, Miami real estate

The Icon Brickell condos, the Related Group of Florida’s development, were turned over to the banks on May 11 after owing $351.3 million on the project’s loan.

In 2006, HSBC Realty Credit Corporation and other lenders granted a $502 million mortgage on the Brickell condos, Towers 1 and 2.

In June 2009, the loan matured and even with discounting the 1,800 Icon Brickell condos and acquiring buyer financing, the Related Group couldn’t close it out.

Full article...$351M Debt - Icon Brickell Condos seized