111 New Sunny Isles condos sold in second quarter

Sunny Isles Condos - Miami Beach Real Estate

According to a report from Condo Vultures, in the second quarter of 2010 there were 111 new Sunny Isles condos sold, reducing unsold developers inventory to 20 percent. The Sunny Isles condos sold for a total of $102.2 million in buildings that have been constructed in the area since 2003. That is an average of $475 per square foot.

According to the report, based on Miami-Dade County records, out of nearly 6,350 new Sunny Isles condos developed in the last seven years, less than 1,300 developers units now remain unsold or are still under construction.

Full article...111 New Sunny Isles condos sold in second quarter

Foreigners flock to buy Miami condos again

Miami Condos - Miami Beach Real estate

Almost 800 Canadians will be at the Florida Homebuyers Seminar hosted by FHFC (Florida Home Finders of Canada) in Toronto tonight. The seminar will show Canadian’s the many issues involved with the purchase of South Florida and Miami beach real estate and why there has never been a better time for then to do so.

Canadians aren’t the only foreign buyers racing to Florida to buy up Miami condos and other Miami Beach properties. Brazilian buyers and French buyers encourage by rock-bottom are buying up Miami condos as well. Luxury Miami condos and Miami Beach real estate properties are again popular among Latin America buyers who purchase them as investments but also as a second home for when their children go to school here. Other international, especially in countries where the currency is strong against the dollar, are flocking to South Florida too.

Full Articles...Foreigners flock to buy Miami condos again

$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

Condos in Miami Beach, Miami Beach real estate

Jade Miami Beach buyers sue developer

Fortune Ocean, the developer of Jade condos in Miami Beach, is being suing by buyers for breach of contract and theft.

The suit that was filed in Miami-Dade Circuit Court earlier this month focuses on the developer's refusal to refund a portion of the buyers' deposits on the Miami Beach real estate condos after they canceled the purchase contract in May 2009.

Full Article....Condos in Miami Beach, Miami Beach real estate

South Beach condos, Miami Beach real estate

W Condos in South Beach - deception alleged

Several buyers at the W South Beach condos are demanding their deposits back, claiming developers led them to believe there were to be more units and/or a second pool at the chic Miami Beach condo hotel.

The problems at the W South Beach condos mirror the dismal market for Miami condo-hotels and the latest wrinkle in the ongoing flood of buyer rescission cases making their way through Florida courts

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

Condos for sale in miami priced under $250k, Miami real estate

Two-thirds of Miami condos priced under $250,000

According to a new report from Condo Vultures LLC, Miami real estate property prices have fallen significantly from their peak five years ago. More than two-thirds of the 41,000 condos for sale in Miami and townhomes for resale are listed below $250,000.

Of the 27,000 Miami homes for sale, Broward and Palm Beach counties, 40 % are priced below $250,000.

According to Condo Vultures, the median sales price for a residence in Miami was $351,000 in 2005, $361,000 in Fort Lauderdale and $390,000 in Boca Raton-West Palm Beach.

Full Article...Condos for sale in miami priced under $250k

Miami condos for sale, Miami real estate

Downtown Miami condos in court

On Thursday, Bank of America, who's owed $205 million by Cabi Downtown LLC for construction loans, will be in bankruptcy court to hear a ruling by the judge on the bank's motion to dismiss the reorganization or modify the so-called automatic stay to permit foreclosure of the 49-story Everglades on the Bay Miami condos for sale.

Some of the 244 units under lease the bank says were rented in violation of the owner's own standards. The motion alleges that 49 units were rented to individuals without any background or credit check and 42 units were rented to people with substandard credit scores, and nine of the Miami condos for sale are occupied by convicted criminals

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

Miami downtown condos, Miami real estate

ICON Brickell, prices fall 51%

According to a new report from CondoVultures.com, prices for Miami downtown condos, the ICON Brickell project, have been cut to as little as $261 a square foot which is a 51% discount on the average closed sales price in the complex to date,.

Prices for the Miami real estate properties vary in each of the Miami downtown condos’ three towers based on the floor and the view in the 1,793-unit complex.

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

Miami condos for sale, Miami real estate

Downtown Miami condos for sale in court

On Thursday, Bank of America, who's owed $205 million by Cabi Downtown LLC for construction loans, will be in bankruptcy court to hear a ruling by the judge on the bank's motion to dismiss the reorganization or modify the so-called automatic stay to permit foreclosure of the 49-story Everglades on the Bay Miami condos for sale.

The bank has filed another motion asking the bankruptcy court to stop leasing unsold units, if Cabi survives Thursday's hearing.

Some of the 244 units under lease the bank says were rented in violation of the owner's own standards. The motion alleges that 49 units were rented to individuals without any background or credit check and 42 units were rented to people with substandard credit scores, and nine of the Miami condos for sale are occupied by convicted criminals.

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

Miami Beach real estate, Miami Beach condos

Plans projected for a 160 story Miami Beach real estate property

Miapolis, a proposed Miami Beach real estate high rise, has a catchy name but there are more questions than answers about a developer's dream of building the world's tallest building; a complex that would soar 160 stories on Miami's Watson Island.

Plans for the new Miami Beach real estate property call for a 3,200 foot tall building that would surpass the Burj Khalifa in Dubai as the world's tallest. The development would include an amusement park, a trade center, an observatory, a shopping mall, restaurants, Miami Beach condos, Miami office space as well as a hotel and a marina.

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

Florida Foreclosures, Miami Real estate

Bill would provide Miami real estate renters rights

If a planned bill gets passed in the Florida Legislature, renters who are caught up in Florida foreclosures or short sales in may get more time to get out of their Miami real estate property before the sheriff shows up to evict them.

On Tuesday, the bill (HB 125) is sponsored by state Representative Hazelle Rogers, D-Lauderhill, and co-sponsored by state Representative Darren Soto, D-Orlando, is scheduled to be taken by the Civil Justice & Courts Policy Committee.

Full Article...Florida Foreclosures, Miami Real estate

Miami Beach Condos, Miami Beach Real Estate

Fannie Mae announces program to boost Miami Beach condo sales

Fannie Mae announced a program that could increase sales of existing Miami Beach condos in Florida.

Thursday, the mortgage loan company said that it is evaluation hundreds of Miami Beach condos projects in Florida to qualify units for Fannie Mae-backed loans through a new ``Special Approval'' designation.

In Miami-Dade County, dozens of Miami condos have been given the designation.

Full Article...Miami Beach Condos, 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

Miami Condos, Miami real estate

Miami Condos, new rules could keep out buyers and hurt builders

New lending rules for buyers of Miami condos are already pushing some developers to change or cancel plans for new projects fearing too many buyers will be shut out.

The Federal Housing Administration, on Monday, started limiting the number of buyers in condo buildings that can get loans insured by the agency. Restrictions were also put on buildings with poor finances, too many delinquent owners and high number of rentals.

These new rules are designed to protect the financial health of the FHA. Approximately 18% of loans insured by the FHA are either late or in foreclosure and the agency's financial level has dropped below the federal minimum.

Full Article...Miami Condos, Miami real estate

Miami Condos, Miami Real Estate

Developer of Miami Condos,
Related Group to buy and update Hilton

A group of Florida investors led by developer of Miami condos Jorge Perez of the Related Group is in the final stages of negotiating the purchase of a distressed downtown Pittsburg Hilton Hotel. This deal shows a new direction for the embattled developer.

Shubh Hotels is the seller of the 50 year-old Hilton which is a private real estate investment and asset management firm in Boca Raton that bought the facility for $28 million in 2006.

The 25-story hotel is the largest in Pittsburgh with its 713 rooms and 45,000 square feet of meeting space.
Perez is joined in the deal by majority Miami Dolphins owner and president and chief executive of New York-based The Related Companies, Stephen Ross, as well as Kiran Patel, a Tampa-based cardiologist and philanthropist.

The Related Group is participating as an operating partner, as the nation's largest and prominent Miami condos developer looks for new business opportunities in a deteriorating development market.

Full Article...Miami Condos, Miami Real Estate

Miami Beach Condos, Miami Beach Real Estate

Miami Beach Real Estate, Canyon Ranch Seized by Lehman Bros.

Affiliates of Lehman Brothers Holdings, in a $301.2 million deal, took control of the remaining 336 units in the Miami Beach real estate residential and hotel condominiums, Canyon Ranch.

The Miami Beach real estate units that spanned over three towers were transferred for an average of $672 a square foot which does not include the amount paid for the additional land and common areas.

A spokeswoman for New York-based Lehman Brothers, Kimberly MacLeod, which is undergoing bankruptcy court restructuring, said the Canyon Ranch units were acquired as deeds in lieu of foreclosure. There was no cash transferring hands.

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

The St. Regis Bal Harbour Resort, Miami Beach Hotels

Ground was officially broken in March of 2008 to make way for The St. Regis Bal Harbour Resort, a part of the Starwood hotels and resorts family. Now, and only 18 months later, the vertical construction for our center Miami Beach hotels tower as well as the private north tower for luxury Miami Beach condos residences. The third 27-story tower, also designed for private residences, has been poured up to the 14th floor and is slated to be topped off this coming February.

The St. Regis Bal Harbour Resort is deemed of the most anticipated new Miami Beach hotels in the Southeast, is located on a popular piece of Miami Beach oceanfront property in the enclave of Bal Harbour Village.

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

Florida Home Sales, Miami Beach Real Estate

Florida Home Sales Rise, Miami Beach Real Estate

Home sales rose shapely in South Florida during March, suggests that regardless of the falling prices, buyers are growing more confident.

Existing single-family homes sales rose again in South Florida last month, jumping by 101$ in Miami-Dade County and 47% in Broward, as the triple draw of low interest rates, tumbling prices and a new $8,000 first-time-homeowner tax credit enticed buyers.

According to the Florida Association of Realtors, for the past eight months the number of homes sold grew over the year-ago-period in both counties, Sales of condominiums rose by 59% in Miami-Dade and 28% in Broward.

Florida Foreclosures, Miami Beach Real Estate

Florida Foreclosures, How to Attract Buyers

It’s a buyer’s market and most homes selling during this distressed time are Florida foreclosures. But there are ways for homeowners to increase the odds of attracting a buyer and competing against the lenders.

Sellers trying to move property in South Florida's housing market face one of the toughest environments in decades with an abundance of competition from cheap Florida foreclosures and short sales.

In February, more than 60% of homes sold were so-called distressed sales, where the seller, most typically, a lender lets the property go for a meager amount.

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