Miami Homes, Miami Beach Real Estate

Big Banks are Accused of Short Sale Fraud

Apparently there is new mortgage fraud out there today, allegedly perpetuated by agents of, yes, the big banks, just as regulators, lawmakers and all forms of financial oversight boards are talking about new regulations to guard against mortgage fraud out there today. It’s affecting Miami homes, Miami Beach real estate and other properties nationwide.

CNBC Real Estate Reporter first alerted to this by Jeremy Brandt, the CEO of several companies that bring short sale agents, investors and sellers together.

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

South Florida Properties, Miami Real Estate

Banks seized 30,000 South Florida homes in 2009

According to a new report from CondoVultures.com, banks seized more than 30,000 Miami real estate and other South Florida properties through foreclosure last year, a 16% increase from 2008.

In 2009, lenders filed 97,000 foreclosure notices on Miami real estate and other properties in Florida, but not all of those homes have been seized.

Full Article...South Florida Properties, Miami Real Estate

Miami Condos, Miami Beach Real Estate

Miami Beach's Artécity Asks for Loan Extension

The developer of the Artécity, a Miami Beach real estate condo project, seeks to make over a whole block on Miami Beach and said it is switching contractors and seeking a loan extension from Corus Bank.

There has been barely any sign of construction work on the 202-unit project, located a couple blocks from the beach along 21st Street, since March, when developer Artécity Park dismissed the general contractor.

The 63 unit converted Miami Beach hotel Artécity Governor, which had 33 buyer deeds issued starting on Feb. 2, property records indicate, is the only part hat is completed.

Buyers in that building have brought twelve lawsuits against the project, with most of them settling out of court.

Full Article...Miami Condos, Artecity Asks for Loan Extension

Florida Banks, Miami Real Estate

Banks Hit Hard by Florida Real Estate Downturn

The Florida housing downturn continues to squash bankers: Overdue loans, mostly Miami real estate related, have nearly quadrupled the past year in the Sunshine State.

Not only that, but the state's lenders have unusually low cash reserves to protect them against mortgage defaults. The first three months of this year, 41% of Florida-chartered banks were unprofitable, twice the number of banks that bled red ink last year.

The reports released over the last week by the Federal Deposit Insurance Corporation are responsible for these not-so-encouraging development statistics. A chain reaction provoked by a two-year plunge in real estate values is to blame experts say. It's not just problem home mortgages, but also developers defaulting on loans used to buy land and finance condo towers.

Full Article...Florida Banks, Miami Beach Real Estate