Royal Palm Hotel auctioned for $126M

Miami Beach Hotel - Miami Foreclosure

The Royal Palm, a Miami Beach hotel located at 1545 Collins Avenue, was bought for $126.1 million by Sunstone Hotel Investors at a Miami foreclosure auction on Monday. The company, based in California, now owns 31 hotels with 11,722 rooms, including the 409 rooms at the Royal Palm. The Royal Palm was the first Miami Beach hotel to be owned by an African American almost 20 years ago. Developer Guy Mitchell lost it now to Miami foreclosure.

Full Article...Royal Palm Hotel auctioned for $126M

Prices drop for Luxury Miami homes on Fisher Island

Luxury Miami homes, Miami Beach real estate

Luxury Miami homes on Fisher Island were at the top of the list for America's most expensive postal zone two years ago. Miami Beach real estate in ZIP code 33109 took the top spot on Forbes annual ranking with a median luxury Miami homes price of $3.85 million. That top ranking luxury Miami homes on Fisher Island? Gone!

Now a handful of homes Fisher Island, 216 acres of the most expensive Miami Beach real estate, now have many homes that have gone into foreclosure. Since the Forbes list came out, 23 residents are still hurting from their brush with Ponzi schemer Bernie Madoff and the median price one of these luxury Miami homes as gone down by 15%.

Full Article...Prices drop for Luxury Miami homes on Fisher Island

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 condos, Miami real estate

Miami condos, homeowners associations desperate

Homeowners associations of Miami condos are revenue starved and struggling to keep the water on and the lawns mowed. However, they have found a original way to squeeze money from Miami condos that haven’t paid their dues.

They have found an instrument that can force banks to pay association maintenance fees when unit owners don’t; it’s called a reverse foreclosure.

Full Article...Miami condos, Miami real estate

Great Florida Bankwins $34M foreclosure, Miami real estate

Great Florida Bank wins $34M foreclosure on Hollywood project

A foreclosure judgment of $33.7 million was given to Great Florida Bank over the stalled Arden Park residential project in Hollywood.

On February 11th, Great Florida Bank, based in Miami Lakes, won the judgment against Miami real estate project, Arden Park LLC, formerly known as Coscan Shefaor.

Full article...Great Florida Bank wins foreclosure, Miami real estate

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 commercial real estate, Miami Beach real estate

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.

An affiliate of Credit Suisse took possession of the 334-room Miami commercial real estate property after no bidders stepped up at a New York auction to buy the debt.

Full Article...Miami commercial real estate, Miami Beach real estate

Downtown Miami condos, Miami real estate

Met 1 developer gets loan from contractor

The developer of the Met 1, downtown Miami condos, acquired a $3.9 million mortgage from a contractor who just withdrew a lawsuit against the developer over unpaid bills.

In September, the developer of the 447-unit project, Bovis Lend Lease filed a $6.9 million construction lien against MDM downtown Miami condos. In August, the contractor filed a lawsuit, asking to foreclose on the property based on that lien. As it sold individual units, Bovis released MDM Residences from part of the liens.

Bovis voluntarily release its foreclosure complaint and signed a $3.9 million second mortgage with MDM Residences, on November 25. That loan is secondary to the developer’s first mortgage.

Full Article...Downtown Miami condos, Miami real estate

Foreclosure Filings, Miami Beach real estate

Foreclosure filings fall for 4th month, Miami real estate

RealtyTrac of Irvine, California reported Thursday that in November, foreclosure homes filings fell 8% from October, the fourth straight month in a row.

November saw the lowest amount of foreclosure homes filings activity since February with one filing for every 417 houses nationally.

RealtyTrac chief executive James J. Saccacio said the numbers, which were 18% higher than the same month last year, were a result of "loan modifications and other foreclosure homes prevention efforts.”

Full article...Foreclosure Filings, Miami Beach real estate

Miami Beach Hotel, Florida Foreclosure

Can Playboy save the Sagamore from Foreclosure?

The Sagamore, a Miami Beach hotel, which is behind on its mortgage payments, hopes to hook up with the company that is know for its sexy bunny’s.

Can the Playboy Bunnies keep the Sagamore from being another Miami foreclosure?

That's the question hanging over one of South Beach's most fashionable Miami Beach hotels as it looks for a licensing deal to open the only Playboy Club outside of Las Vegas.

Plans for the Miami Beach hotels cocktail lounge calls for waitresses dressed in the iconic skimpy bunny uniforms to serve drinks in and on the beach behind the 93-room hotel. For top dollar guests could sleep in a decorated Hugh Hefner suite.

Full Article...Miami Beach Hotel, Florida Foreclosure

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 Homes for Sale, Miami Beach real estate

Miami Homes for Sale, October Statistics

In October, Miami Beach Condos sales surpassed single-family sales. In Miami-Dade, they were up 47% over a year ago and in Broward 68%. Month-to-month sales in Miami-Dade rose 5%. In Broward they rose 7%.

From September to October in home sales overall, that compares with a national increase of 10%. As buyers hurried to close before the deadline, Realtors credited the unexpected rise to the pending expiration of the $8,000 first-time home buyer tax credit. Congress extended the credit to April 30 earlier this month, and extended it to include a $6,500 credit for existing homeowners who qualify.

Analysts look at the supply of Miami homes for sale as the most important indicator of market health, because it estimates demand in relation to supply, to understand the pricing dynamic. It's calculated by dividing the number of Miami homes for sale by the number of homes sold in the most recent month.

Full Article...Miami Homes for Sale, Miami Beach real estate

Miami Homes, Miami Beach Real Estate

Priced to sell: South Florida housing market shows signs of life

Are you one of the many Floridians with Miami homes for sale priced over $300,000? Most sellers of these medium to high priced homes are expecting it to be another two years before it sells.

While sales of Miami homes continue registering strong gains, approximately three-quarters of the Miami homes that are selling are priced at less than $300,000. Homes offered for less than $100,000 are producing bidding wars and now regularly selling for more than their list prices.

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

Miami Homes, South Beach Real Estate

Slightly fewer Miami Homes Valued less their Loan Amount

Nearly half of the owners of Miami homes in the Miami-Fort Lauderdale metropolitan area were valued for less than the mortgages owed against them.

According to a new report from web-based real estate services firm, out of 387,157 homes, 46% percent of homeowners were underwater at the end of September 30, compared to 47% in the second quarter.

The firm said that nationally, 21% of homeowners were underwater as of September 30, down from 23% in the second quarter, as values of Miami homes stabilized in the short term and more underwater borrowers lost their Miami homes to foreclosure.

Full Article...Miami homes, South Beach Real Estate

South Beach Condos, South Beach Real Estate

Miami Beach Condos Hit with $79M Foreclosure

The developer of South of Fifth Miami Beach Condos has been hit with a $78.9 million foreclosure action in iStar FM Loans, a subsidiary of iStar Financial (NYSE: SFI), has filed a.

According to Miami-Dade County Circuit Court records complaint, filed October 1^st, is against BR Villa Luisa LLC and guarantors Michael Samuel, R. Ramin Kamfar, Romano C. Tio and Marc Sznajderman. It targets the 25 unsold Miami Beach condos in the 28-unit oceanfront building at 125 Ocean Drive, which was completed this year.

Samuel sold his interest to the other partners in the mixed-use Midtown Miami project. He didn’t immediately return a call and e-mail seeking comment.

Full Article...South Beach Condos, South Beach Real Estate

Miami Homes in Foreclosure, Miami Real Estate

Florida Foreclosures, Treasury Rolls out Relief for More Homeowners

ON THE WEB:
Treasury fact sheet: http://tinyurl.com/qlbn9m
Progress Report: http://www.treas.gov/press/releases/docs/05142009ProgressReport.pdf
Making Home Affordable site: http://www.makinghomeaffordable.gov/about.html

The Obama administration unveiled new programs Thursday designed to make it easier for homeowners who owe far more than their houses are now worth to sell those homes at a loss and have their remaining debt forgiven.

These programs are the latest additions to Making Home Affordable, an evolving $75 billion plan that tries to break the national housing crisis into separate pieces, attacking the problem on several fronts.

The first two legs of the program sought to help borrowers refinance into today's low mortgage rates, or if they're behind on payments, to seek loan modifications to avoid foreclosure.

MIami Condos, Florida Foreclosures

Florida Foreclosures, Onyx on the Bay Units Face Action

The developer of Onyx on the Bay, a 28-story highrise in Miami, faces foreclosure.

According to court records, Corus Bank has filed a foreclosure action targeting 41 unsold units within the 118-unit condo tower.

Named in the lawsuit, which was filed April 29 in Miami-Dade Circuit Court, is Developer Biscayne Bay Lofts and the principals of the development partners, Willy Bermello and Luis Ajamil, of Miami-based BAP Developers, and Gustavo Micuslitzki, of Argentina’s GGM Developers.

Onyx appears to be the first to fall-Last month; the troubled Chicago-based Corus Bank warned that it was preparing to foreclose on three South Florida projects.

Full Article....Miami Condos, Florida Foreclosures

Florida Housing Market, Miami Lodge Realty

South Florida Housing Most Optimistic in Country

South Florida showed some improvement over the previous month, although home prices dropped in 20 U.S. markets in July.

House price declined in 20 U.S. cities in July at the fastest pace on record indication the worst housing recession in a generation has yet to reach the bottom.

After a 15.9 % decline in June, the S&P/Case-Shiller home-price index dropped 16.3% from a year earlier. The gauge has fallen every month since January 2007, and year-over-year records began in 2001.

However the index for South Florida, including Broward, Miami-Dade and Palm Beach counties, fell 28.2% from 2007, which was an improvement from a 30.5% drop in June.

Real Estate Foreclosures, Miami Beach Real Estate

Florida to Get $541 Million in Foreclosure Funds

More than $540 million in federal grants will be given to Florida state and local governments to buy wrecked property and assist low-income residents purchase

Florida foreclosures.

U.S. Housing and Urban Development Secretary Steve Preston announced Friday that the state of Florida will receive $541 million in new federal foreclosure funds to prevent further home loan defaults and fight the damage caused by the rising number of abandoned properties.