Miami Office Space – 3rd Quarter Statistics

Miami office space - Miami Commercial Real Estate

Vacancy rates for office space in cities have been rising throughout the United States and in South Florida. But the situation is especially serious for Miami because its downtown market needs to absorb 1.3 million square feet of new Miami office space. This comes at a time when businesses throughout the region and across the country have been contracting.

Full Article...Miami Office Space – 3rd Quarter Statistics

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 foreclosure auction brings in $9.3 million

Miami Homes - Miami Real Estate

On August 1st, South Florida bargain hunters bought 154 foreclosed Miami real estate properties totaling $9.3 million at an auction in the Miami Beach Convention Center. That averages out to $60,390 per property.

The auction company, REDC, said that one home in Fort Lauderdale sold for $20,000. That was 91 percent less than its previous high value. And in Delray a home sold for $99,750, which was 51 percent off its highest value.

Full Article...Miami foreclosure auction brings in $9.3 million

Sales of Miami Hotels Increasing

Miami hotels - Miami commercial real estate

In the first half of 2010 within sales of Miami commercial properties there were 322 Miami hotels transactions, according to Lodging Econometics, a hotel real estate tracking firm. This year’s individual transactions, portfolio transactions and merger and acquisition transfers have put Miami hotels back on track. At this rate, sales of Miami hotels will exceed the 2009 activity level, when just 506 such transactions were completed.

Full Article....Sales of Miami Hotels Increasing

Biltmore Hotel owes $2M in back rent

Coral Gables hotel, Miami commercial property

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.


Full article...Biltmore Hotel owes $2M in back rent

South Florida Pending Home Sales and Inventory

Pending home sales, Miami real estate

According to a report published Monday by Condo Vultures, South Florida's inventory of existing homes for sale has decreased by about have in the past 20 months and now it seems it is slowly growing again.

Full Article...South Florida Pending Home Sales and Inventory

Florida's economy unemployment rate drops in May 2010

Economy unemployment rate, Miami Beach commercial real estate

Full Article...Florida's economy unemployment rate drops in May 2010

$52 Million in Miami Beach real estate transactions

Miami commercial property, Miami Beach real estate

Fort One Real Estate Investments, an investment fund with ties in Miami and Washington, D.C., says it has closed $52 million dollars in transactions for several Miami Beach real estate properties including a Miami commercial property.

Fort One Real Estate said, in a news release that it has closed on the purchase of the 48 unsold South Beach condos at the Capri Condominium totaling $31 million dollars....

Full article...$52 in Miami Beach real estate transactions

Miami mortgage rates decreased for 5th week

Miami mortgage rates, Miami real estate

Freddie Mac said in its weekly survey of lenders, for the fifth week in a row Miami mortgage rates have declined. Interest rates for Miami real estate properties are at their lowest level of the year, with 30-year fixed-rate loans below 5%.

Early this week, lenders were offering 30-year fixed home loans at 4.93% on Miami real estate properties which was down from 5.0% last week. The mortgage company said that rate was with borrowers paying 0.7% of the loan balance upfront.

Full article...Miami mortgage rates, Miami real estate

Miami homes, Miami real estate

Sales of Miami Homes and Miami Condos rose in March

In March, sales of Miami homes increased drastically as a result of the unbelievable low prices, the deadline for first-time-buyer tax credits and pent-up demand for luxury Miami real estate.

According to figures released Thursday from Florida Realtors, March sales of existing Miami homes rose to 649 at 17% increase compared to the same month last year, amid a median home price decline of 4% to $205,600. At the same time and with median prices falling 8% to $214,000, sales of Miami condos skyrocketed 58% to 835 sales.

Full Article...Miami homes, Miami real estate

Miami homes, Miami real estate

Florida hit hardest by real estate bubble

Those who purchased homes and other residential Miami real estate at the five years ago at the peak of the real estate bubble are feelig the effects and paying the price today.

According to a quarterly update from IHS Global Insight, prices of Miami homes and other residential properties located in extremely hyped metropolitan areas such as Miami, fell nearly 37%, between 2005 and the fourth quarter of last year.

Full Article....Florida hit hardest by real estate bubble

commercial Realtor in Miami, Miami real estate

Coconut Grove hopes for a change

Coconut Grove Miami real estate has been struggling for the past few years with CocoWalk in foreclosure, the Movie Theater closed Coconut Grove Playhouse boarded up and the Coconut Grove Convention Center no longer attracts tourists.

Because of the recession and more competitors, Coconut Grove just isn’t that popular anymore.

The combination has been too much for many Miami real estate business owners. Shops and many Miami restaurants have thrown the towel in.

Full Article...Coconut Grove hopes for a change

Miami hotel occupancy rates up, Miami hotels

Miami hotel occupancy rates up

Miami hotels in the past two months have been filled thanks to the recent Super Bowl as well as spring break.

For the week ending March 6, Miami hotels occupancy rose to 79.9 percent from 67.7 percent one year prior. Occupancy in Palm Beach County rose to 77.2 percent from 68.2 percent. According to the latest figures from Smith Travel Research, Broward’s occupancy rose to 76.7 from 70.8 percent. Occupancy across the U.S. rose to 54.9 from 52.8 percent.

Average daily room rates were up substantially for Miami hotels but continued to slide in Broward and Palm Beach.

Full article...Miami hotel occupancy rates up, Miami hotels

Fannie Mae help center, Miami real estate

Fannie Mae opens Miami help center

Fannie Mae has opened a help center for owners of Miami homes looking to avoid foreclosure. Fannie Mae says this will be the first of several across the country it will open.

The help center for owners of Miami homes has a bilingual staff and is part of an plan with civic and community leaders from Miami Dade, mortgage servicers and Neighborhood Housing Services of South Florida.

Full Article...Fannie Mae help center, Miami real estate

Cypress Bay Development, Miami Beach real estate

Investor buys foreclosed Miami Beach project

The foreclosed Miami Beach real estate project, Cypress Bay condominiums in South Beach have been taken over by LeaseFlorida, a Miami Lakes based company.

A LeaseFlorida affiliate purchased the defaulted mortgage and took title to the unfinished Miami Beach reaql estate project at a Febuary 1 foreclosure sale, following Compass Bank’s $4 million foreclosure judgment against Cypress Bay Development. Alan I. Waserstein along with his brothers own LeaseFlorida and said he bought the note at a considerable discount to the judgment amount.

Full Article...Cypress Bay Development, Miami Beach real estate

Miami Beach condos for sale, Miami Beach real estate

Sales Rise for Existing Florida home and condo sales in 2009

The South Florida, Miami and Miami Beach real estate market ended 2009 on a positive note, after one of the worst housing downturns in recent memory.

According to housing data released by Florida Realtors, existing homes, Miami and Miami Beach condos for sale as well as sales of condos across other areas of Florida were higher last year than they were in 2008.

In 2009, existing sales of Miami homes rose 31%, with 163,148 homes sold which was up from the 124,168 homes that were sold in 2008. Existing Miami and Miami Beach condos for sale and sales of other South Florida properties were up 47% last year, to 55,985 from 38,095 a year earlier.

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

Miami Homes, Miami real estate

Florida has 12% of loans adjusted for Miami homes with feds' help

Through the federal Making Homes Affordable program, about 8,400 Floridians have received permanent loan modifications, 12% of the total permanent modifications awarded nationwide was for Miami real estate properties.

On Friday, the Treasury Department released its progress report on the $75 billion program, which was announced by the Obama administration nearly a year ago.

Full Article...Miami Homes, Miami real estate

Miami Oceanfront hotel, Miami Beach real estate

South Beach's Gansevoort hotel to be auctioned in foreclosure sale

Less than two years after the Miami Beach hotel opened, Lenders plan to sell ownership of the Gansevoort South in an auction next month.

On Wednesday, Credit Suisse announced an auction for the ownership stake used to secure an $89 million mezzanine loan on the 334-room Miami oceanfront hotel. Developers William and Michael Achenbaum secured the financing for the project at the height of the Miami Beach real estate boom, only to see their plans for the former Roney Palace roiled by the collapse of the condo market.

Full article...Miami Oceanfront hotel, Miami Beach real estate

Miami Beach Hotels, Miami Beach Real Estate

Miami Beach hotels, Rates Fall Again

According to data from Smith Travel Research, hotel rates fell again for the week ending November 21, continuing a trend.

Miami-Dade average room rates fell to $129.17 from $143.64. Rates in Palm Beach County fell to $108.27 from $118.25 and at the same time last year in Broward County rates fell to $95.34 from $111.72.

Rates fell to $95.85 from $103.68 in the prior year, Nationwide.

Miami-Dade did see a glimmer of hope, as its occupancy rates grew to 71.2% from 69.4% in the previous year.

Full Article...Miami Beach Hotels, Miami Beach Real Estate

South Beach real estate, Miami Commercial real estate

Capmark files for bankruptcy, 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 South Florida, including Dennis Stackhouse and AWE Talisman.

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.

Full Article...South Beach real estate, Miami Commercial real estate