Florida Real Estate News

Declining Dollar Brings Foreign Investors

Falling prices for real estate and the declining value of the dollar are luring investors from all over the world to purchase properties for as little as half what they might have paid four years ago. "This could be a once-in-a-generation opportunity for real estate investment," says Arthur Wong, whose Calgary, Alberta-based U.S. Real Estate Fund has invested $5 million in properties in the U.S. Southwest and plans to buy millions more.

Buyers from countries like Brazil, Canada, France, and the Netherlands, whose currencies are particularly strong against the dollar, are spending millions on luxury condos in New York City, Las Vegas, and Miami. Foreign buyers also find the warm climates of California, Texas, and Arizona attractive. Peter Zalewski, a principal with Miami-based Condo Vultures, says he has sold foreign condo buyers seven bulk deals in downtown Miami alone, with investors coming from Argentina, Canada, Colombia, Italy, Norway, and Venezuela.

From Realtor.org - November 24, 2009

South Florida Real Estate News

Treasury to Press Lenders to Increase Permanent Modifications

The U.S. Treasury Department is set to announce new efforts to increase the number of homeowners who receive assistance with mortgage modifications in a government foreclosure prevention plan. The Obama administration will reveal its plans to designate officials to supervise the daily occurances at some of the biggest mortgage loan servicers as well as making it necessary for those companies to report to the administration as to how they intend to increase the number of completed modifications they will seek to accomplish. Michael Barr, the Treasury Department's assistant secretary for financial institutions, has been quoted in the New York Times expressing his dissatisfaction with the way banks have been slowly handling modifications stating, "The banks are not doing a good enough job. Some of the firms ought to be embarrassed, and they will be."

A Treasury spokeswoman said the department was taking additional steps to enhance mortgage servicer transparency and accountability as part of a broader focus on maximizing conversion rates to permanent modifications. The Treasury is not going to reveal the total number of successful modifications until next month, but the spokeswoman said it is in the "tens of thousands." She also stated that it is too soon to know the numbers of trial modifications that will become permanent ones. The Obama administration program offers money incentives for mortgage companies and investors to reduce loan payments to affordable levels to assist troubled borrowers. Most loans that are being modified by banks under this government program remain in a trial modification and only a small percentage has been turned into permanent modifications. The total number of borrowers falling behind on their loan payments still outnumbers the government’s efforts to assist them. Many borrowers complain that lenders often fall short in their efforts to collect the proper documents needed to complete a permanent modification, often repeating requests for documents that have already been submitted. The Treasury Department is expected to meet with lenders on Monday to push them to increase their efforts to rework more troubled home mortgage loans

From MortgageLedger.com – Nov. 30, 2009

Aventura Real Estate News

Condo bulk buyers enliven market

The sale of large blocks of South Florida condos is picking up, as lenders try to wash away inventory and bad loans from their books before the end of the year.

BY MONICA HATCHER – The Miami Herald – Nov. 26, 2009

As the year starts winding down, real-estate investors have begun closing on large blocks of South Florida condominium units -- known as ``bulk deals'' -- at a quickening pace.The burst of new activity indicates investors -- mostly seasoned real-estate professionals from other markets and abroad -- perceive the new construction market is nearing bottom, according to analysts. Since the end of October, investors have closed on five bulk transactions totaling 518 units and 710,500 square feet throughout Miami-Dade County. The combined purchase price for four of the five deals was $43 million. A fifth deal involved the purchase of the discounted construction note balance of $120.5 million that was secured by 244 unsold units at 900 Biscayne Bay, a project of Terra Group. The price for the note, which included $28 million in capitalized interest, was not disclosed. The figures come from Bal Harbour-based Condo Vultures, a brokerage and consulting firm that closely tracks sales of new condominiums in Miami-Dade.

Enticing prices seem to have whetted investors' interest.

``If we're not at the bottom, we're close enough and they are coming in and buying assets for 30 to 50 percent less than replacement cost,'' said Craig Studnicky, president of Aventura-based International Sales Group. Peter Zalewski, a principal with Condo Vultures, said the rapid fire sales pace was also the result of lenders slashing prices on inventory and delinquent notes. ``Lenders feel that in the second half of 2010 commercial real estate is going to plummet, so this is a house-cleaning measure to shore up balance sheets in anticipation and preparation for the real drama that comes next year,'' Zalewski said. As the job outlook remains dour for the near future, analysts predict commercial real-estate values will suffer, as businesses close, tenants fall behind on rents, and commercial borrowers default in greater numbers.

TRANSACTIONS: Among the bulk deal transactions recorded since the end of October, according to Condo Vultures:

• October 30 -- An entity based in the Cayman Islands paid an undisclosed amount for the remaining balance of a $261 million construction loan for 244 units at the luxury 900 Biscayne Bay condo.

• November 6 -- Italian investor Ciro Campagnoli paid $5.3 million for 32 units in 401 Blu on Miami Beach, a condo conversion project, for about $154 per square foot.

• November 8 -- Investors from Ocala, Rudy Gram, Anthony Gram, and Beth Fisher with Sharon Hummerhielm, paid $15.4 million for 34 units in the luxury 3030 Aventura condo, at 3030 NE 188th St., for $223 per square foot, a 44 percent discount.

• November 9 -- Canadian apartment operators and developers, Southwest Properties and Armco Capital, paid $17.9 million for the remaining 158 residential units at Downtown Dadeland, a seven-building mixed-use condominium community in Kendall for about $109 per square foot, a 57 percent discount.

• November 12 -- Aventura-based investors David Garfinkle and Adam Pollock paid $4 million for 50 units in the Edgewater Lofts, a new condo tower at 2200 NE Fourth Ave., for $99 per square foot. Jay Steinman, an attorney who leads the commercial real estate and finance department with the Miami office of Carlton Fields, said the new deals can also be attributed to the growing prevalence of ``package deals,'' in which lenders offer the title to a property as well as the delinquent note.

Package deals allow new buyers to avoid the cost and delays that come with having to file a foreclosure against a borrower who may also decide to file for bankruptcy. ``With package deals, the litigation goes away and the new buyer has a project without any threat,'' Steinman said.

South Florida Real Estate News

Florida’s existing home, condo sales up in October 2009

Existing-home sales record another big gain, says NAR

Florida’s existing home sales rose in October, marking 14 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. October’s statewide sales also increased over sales activity in September in both the existing home and existing condominium markets. Existing home sales rose 45 percent last month with a total of 15,160 homes sold statewide compared to 10,444 homes sold in October 2008, according to Florida Realtors. Statewide existing home sales last month increased 5.1 percent over statewide sales activity in September. Florida Realtors also reported an 82 percent increase in statewide sales of existing condos in October compared to the previous year’s sales figure; statewide existing condo sales last month rose 6.1 percent over the total units sold in September. All of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in October. A majority of the state’s MSAs have reported increased sales for 16 consecutive months. Florida’s median sales price for existing homes last month was $140,300; a year ago, it was $169,700 for a 17 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in September 2009 was $174,900, down 8.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $296,090 in September; in Massachusetts, it was $290,000; in Maryland, it was $261,718; and in New York, it was $213,900. According to NAR’s latest industry outlook, the housing market is continuing its positive momentum. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth,” said NAR Chief Economist Lawrence Yun. “That, in turn, would help fully remove consumer fears, which would then revive the broader economy.” In Florida’s year-to-year comparison for condos, 5,398 units sold statewide last month compared to 2,958 units in October 2008 for an 82 percent increase. The statewide existing condo median sales price last month was $105,200; in October 2008 it was $147,900 for a 29 percent decrease. The national median existing condo price was $175,100 in September 2009, according to NAR. Interest rates for a 30-year fixed-rate mortgage averaged 4.95 percent last month, a significant drop from the average rate of 6.20 percent in October 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Among the state’s smaller markets, the Gainesville MSA reported a total of 172 homes sold in October compared to 130 homes a year earlier for a 32 percent increase. The market’s existing home median sales price last month was $156,700; a year ago it was $173,300 for a 10 percent decrease. A total of 22 condos sold in the MSA in October, up 22 percent over the 18 units sold in October 2008. The existing condo median price last month was $116,700; a year earlier, it was $133,300 for a 12 percent decrease.

From FloridaRealtors.org - Nov. 23, 2009

Miami Beach Real Estate News

Lehman Bros. seizes Canyon Ranch Miami Beach

In a $301.2 million deal, affiliates of Lehman Bros. Holdings took control of the remaining 336 units in the Canyon Ranch residential and hotel condominium in Miami Beach.

In a deal first reported by Condo Vultures LLC and verified in Miami-Dade County Circuit Court records, the units (across three towers) were transferred for an average of $672 a square foot. That does not include the amount paid for the excess land and common areas. However, cash did not change hands in this deal. Kimberly MacLeod, a spokeswoman for New York-based Lehman Bros., which is undergoing bankruptcy court restructuring, said the Canyon Ranch units were acquired as deeds in lieu of foreclosure. Such deals often are done to avoid the long and costly process of a foreclosure lawsuit. The lender must pay documentary stamp taxes on the amount of debt forgiven for each unit, but the deal can happen quickly, as long as the developer cooperates. LB Carillon Construction, a subsidiary of Lehman Bros., last modified two mortgages covering Canyon Ranch at a combined $418.7 million in April 2008. They were set to mature in April 2009. According to its bankruptcy case, Lehman Bros. supplied $239 million of that loan with borrowings from Fortress Credit Corp., which demanded repayment from Lehman Bros. in June 2009. In June, the bankruptcy judge authorized Lehman Bros. to repay the $142 million remaining on that loan so Fortress would not take complete control of the mortgage and leave Lehman Bros. with nothing. On Nov. 20, FL 6801 Collins North LLC took 178 units with 295,000 square feet from North Carillon, the project’s developer and a unit of Miami-based WSG Development Co. At the same time, FL 6801 Collins South LLC took 158 units with 139,000 square feet from Carillon South Joint Venture. Both of the purchasing entities are managed by Lehman Bros. The price per square foot on these deals was very high, said Peter Zalewski, Condo Vultures principal, who noted that the county records don’t mention anything about the lender taking over the project. People looking to buy units there might think those prices represent the market value, he said. The sales team at Canyon Ranch is still asking for $800 to $1,000 a square foot for units, Zalewski said. According to Condo Vultures, Canyon Ranch closed out 229 of its 583 units prior to the deal with Lehman Bros. The sales grossed $189.6 million, or about $828,160 a unit. The Canyon Ranch project is one of many South Florida developments financed by Lehman Bros. that is now caught up in its bankruptcy case.

South Florida Business Journal - November 30, 2009

Miami Real Estate News

Fannie Mae's Portfolio Shrinks as Delinquencies Jump

Fannie Mae reported that its gross mortgage portfolio shrunk by an annual rate of nearly 28% in October and loan delinquencies climbed sharply in September. Fannie Mae’s book of business expanded at a compound annualized rate of 3.1% for the month of October to $3.234 trillion, up from $3.088 trillion one year ago. The book of business represents the company’s gross mortgage portfolio and total mortgage-backed securities (MBS) after subtracting the MBS in Fannie Mae’s own mortgage portfolio. The gross mortgage portfolio at the end of October was $771.4 billion, down from $777.1 billion one year ago. The total Fannie Mae MBS and other guarantees was $2.820 trillion, up from $2.598 trillion one year earlier. Fannie Mae’s own MBS in the portfolio was $356.7 billion at the end of the month, up from $287.2 billion last year. New business acquisitions at the government-sponsored enterprise (GSE) stood at $58.9 billion, up from $35.3 billion at the end of October 2008. Liquidations – the total amount of repayments, curtailments, payoffs, and foreclosures represented in the mortgage portfolio – stood at $9.1 billion at an annualized liquidation rate of 13.74% from $6.5 billion at a rate of 10.32% one year ago. The effective duration gap for October, representing the daily average of the difference between the duration of Fannie Mae’s assets and liabilities, averaged a negative-one average, down from a two average during the year-ago period. Reported with a lag of one month, the single-family serious delinquency rate for September climbed to 4.72% from 1.72% one year ago.From MortageLedger.com - November 25, 2009

Sunny Isles

In Fort Lauderdale

Fort Lauderdale Real Estate Information

South Florida hotel rates tumble again

Continuing a trend, hotel rates fell again for the week ended Nov. 21, according to data from Smith Travel Research.

Average daily room rates in Broward County fell to $95.34 from $111.72 at the same time last year. Miami-Dade rates fell to $129.17 from $143.64. Rates in Palm Beach County fell to $108.27 from $118.25. Nationwide, rates fell to $95.85 from $103.68 in the prior year. Miami-Dade did see a glimmer of hope, as its occupancy rates grew to 71.2 percent from 69.4 percent in the previous year. However, Broward’s occupancy was down, falling to 67.5 percent from 70.1 percent. Occupancy in Palm Beach County fell to 58.5 percent from 58.9 percent. Occupancy across the U.S. fell to 52.7 percent from 54.3 percent.

It is unclear if the occupancy gains can be sustained in Miami-Dade, but there’s reason to be “cautiously optimistic,” said Bill Talbert, president and CEO of the Greater Miami Convention & Visitors Bureau. The market has hit bottom, and now the question is how soon it will recover and how substantial the gains will be, he said. Nonetheless, “the demand for the Miami product stays strong,” Talbert said.

South Florida Business Journal - November 30, 2009

Hallandale Beach Condos, and Sunny Isles Condos

Florida Condominiums for Sale

Searching for Florida condominiums for sale? Are you looking for that relaxing, soothing beachside resort or is your preference luxury condominiums near the theme parks and attractions of the central Florida area? Or do you prefer family friendly Florida condominiums for sale that have features that appeal to your kids? Whatever your preference, you will find the accommodations you are looking for. Florida draws new residents and tourists from all over the globe. Florida condominiums for sale are available at beachside or near the beach in cities as Cocoa Beach, Melbourne Beach, Satellite Beach and Indian Harbor. These locations are only 50 minutes from the Orlando, Florida and Kissimmee, Florida attractions area. Have you narrowed your search down to luxury condominiums in the Central Florida area which places you near the hottest attractions such as Walt Disney World, Sea World and Universal, about 2 miles from downtown Orlando luxury condominiums either 2 or 3 bedrooms with a variety of square footage and floor plans. Cane Island is a sprawling planned community that includes very nice Florida condominiums for sale. Architecture is pre 1940’s Orlando, Florida, homes with front porches and narrow streets with sidewalks. Find your dream vacation home in one of the beautiful garden communities, with lots of open spaces with planned amenities which offer family and singles living at its finest. You can find even fully furnished units at a great price.

Florida Condominiums for Sale in the Miami area.

Owning a condominium vacation villa in the Miami Beach area will place you near the famous South Beach area and it world-famous restaurants, bars, discos, Lincoln Road, and Ocean Drive. Luxury condominiums can be found for sale at Millionaire Row, Indian Creek. Great condo buildings can be found at North Bay Village, a 10 minutes drive from the Beach. If you would like to be a little closer to Bal Harbour and its famous Bal Harbour Shoppes, you can find many new, as well as well maintained condo buildings in Bal Harbour at now much affordable prices. Bal Harbour buildings on the beach include some newer building such as the One Bal Harbour condos, or the venerable Balmoral, all marble and space, with some great Bal Harbour apartments with wonderful water views. The New Harbour House condos, which are a condo conversion, are the result of gutting a rental building and converting it to a condominium community. Driving South of Bal Harbour, Surfside is a coveted location, with good walking traffic, restaurants and stores, as well as its Surfside condominium buildings right on the beach, such as the Waverly Condos, the Champlain Towers Condos, three attractive buildings, right on the sand. A new condo building, the Azure Condominiums, can be an alternative. The Wave Condos, the Manatee Condos, the Spiaggia condominium building, which has been completely gutted and redone. Surfside offers a small town setting which also includes some older Surfside single family homes. South of Surfside, Nobe condominiums can be a good alternative. Nobe or North Beach is an area alongside the ocean, with a stretch of restaurants and entertainment places, blending with the Nobe condominium buildings. Luxury Miami Beach condos are an exciting blend of modern and old rehabilitated buildings. The Blue Diamond condos and the Green Diamond condos, the Fountainebleau condos, the Canyon Ranch condominiums, and many other Miami Beach condominium buildings are some of the newer Miami Beach condo developments. Great opportunities are waiting for you since the turn of the market has brought to the market many Miami Beach real estate opportunities, Miami Beach foreclosures and Miami Beach short sales. If you go further South, you will be able to choose between the older, but now affordable condos in South Beach, or if you can afford it, the high-class condo buildings such as the Continuum condominiums, the Apogee condos, the Murano at Portofino condominiums, the Icon South Beach condos, the Setai condos, the Il Villaggio condos. Traditional buildings at the cozy location called Belle Isle are an affordable yet wonderful option. Close to Lincoln Road and South Beach lively environment, you will be right at the center of the action, living in an affordable Belle Isle condo. We can present you with different alternative of foreclosure deals, short sales opportunities but, in general, motivated sellers constitute some of the best South Beach real estate buying opportunities.

Florida Condominiums for Sale as an Investment

Florida is one of the premier retirement areas in the world. With its temperate climate, variety of Atlantic and Gulf shore beaches, and plethora of pleasure activities, no wonder it’s such a desirable piece of real estate to own. Planning your retirement? It’s never too early! Do you see retirement a long ways down the road but want the security of owning a vacation villa in an upscale environment like in the Sunny Isles Florida area near Aventura? Owning your own lodging will give you the security of knowing there is always a place for family vacations awaiting you. Amidst your busy life, think of how hassle-free your next vacation will be. No more booking those reservations months in advance or trying to find just the right lodging at the last minute or around peak holiday season. Hallandale Beach Condos can also be a great refuge, with all these entertainment venues, such as the Gulfstream race track and Casino, the new Village at Gulfstream, the shops at Diplomat Mall, restaurants for all tastes and budgets,the beach and the stunning views on the intracoastal waterway, the proximity to Aventura Mall and Downtown Hollywood.

Renting Your Luxury Condominium in South Florida

Owning your own piece of Bal Harbour, Florida real estate will give you the option of using it for you and your family when you choose or renting it to some of the millions of tourists streaming to Florida. You can choose either to be in charge of the advertising and renting details or hire a real estate management company to take care of the details for you. Weighing the pros and cons is important. You will take home more profit being in charge of the vacation villa rental yourself but you will also have to deal with the worries that go along with rental properties. Putting yourself in charge, however, will give you the ability to negotiate deals with your customers and will also allow you to offer specials of your choosing at the best price. It’s important to keep in mind whether it’s allowable to rent your property when purchasing your condominium. Be sure you ask that question when searching for condominium ownership in Hollywood Florida. As they say, owning real estate is one of your best investments and location, location, location is the key to escalating value. With the constant influx of new residents and tourists to the South Florida area, your question about location has already been answered.

Luxury Condominiums in Aventura or Orlando.

So, you’d rather not take the plunge to own a Florida condominium just yet. That’s alright. Some people could choose to rent first which will give you great insight into location and market. Looking for condominiums to rent in all these attractive areas will produce many results. You will have many options from which to choose, all of which can place you near Disneyworld and other major and lesser-known tourist activities. Along with the various opportunities to rent, consider Short term approved rentals communities, such as the Bella Piazza condos in the Orlando area. Other similar locations are abundant in Central Florida with locations in Kissimmee, near Disney, Orlando, and all spots in between within easy driving distance of theme parks, water parks and Orlando activities. Check www.condo-southflorida.com, for other good opportunities in Sunny Isles Beach, Hallandale, as well as the possibility of purchasing Aventura real estate. This could be a great choice since Aventura with its famous Aventura Mall, its restaurants, movie theatres, will always be a favorite.

Other Luxury Condominiums Purchase - Orlando Area

Just 5 miles southwest of Disney in Polk County, lies the quiet, small town of Davenport, Florida. Davenport is close to Disney, less than 30 minutes away and within easy driving distance of the abundance of Orlando sites. Kennedy Space Center is a little more than an hours’drive and Tampa and Cocoa Beach are accessible within an hour. Tampa is home to Busch Gardens, and Cocoa Beach boasts beautiful beaches and is home to Ron Jon’s surf shop, one of the most famous surf shops in the world. Davenport will give you that needed respite from the hustle and bustle of Kissimmee and city traffic after a long and fun-filled day at Disney. Davenport is only 9 miles from a Super Wal-Mart and boasts a new Publix supermarket close by. Luxury places to stay in Davenport include the Bella Piazza community, boasting 3 and 4-bedroom units fully furnished, and approved for short-term rentals. All wonderfully appointed, the accommodation here offers units with fully equipped kitchens with living and dining areas. Another luxury resort in Kissimee is the Cane Island complex. The Cane Island community offers three to four-bedroom condominiums, at a very reasonable price point. Great amenities, pool, make the Cane Island a valid option. Whatever your choice, buying or renting Florida condominiums, you will never regret the once-in-a lifetime opportunity now that prices are at a very low level.

In Hallandale

Hollywood Beach Condos

have always been very popular with our Canadian snowbirds. There are several condominium buildings in Hollywood, Florida, either on the beach side of Ocean Drive, or across the street, facing the Intracoastal Waterway. Can we mention on this side the Allington Towers condos, the Hallmark condos. On the beach side, right on the sand, let's mention The Wave condos as one of the well designed condo conversions on Hollywood Beach, as well as the Tides Condos, and the Residences of Hollywood. The Quadomain condo towers are also affordable buildings. The luxury developments of Diplomat Residences Condos, and Ocean Palms Condos and the soon-ready Trump Hollywood appeal to buyers seeking the best options close to the Hollywood Broadwalk. Right on the Broadwalk, very few buildings draw our attention, as La Playa Condos.

Planned Pompano Beach senior living project faces foreclosure

A developer who hoped to build a senior housing project in Pompano Beach has been hit with a foreclosure lawsuit. Palisades, Calif.-based Lighthouse Capital Funding filed a foreclosure action Nov. 12 against Pompano Creek Associates, according to Broward County Circuit Court records. It concerns a $3.7 million mortgage covering the 9-acre site at 4411 N. Federal Highway. In early 2008, the developer obtained approval to build 418 units of senior housing in seven stories on the site, a former mobile home park. Construction never began. In July, Lighthouse Capital listed its mortgage to Pompano Creek Associates for sale on Loopnet. Hollywood attorney Gary S. Philips, who represents Lighthouse Capital in the lawsuit, did not immediately return a call seeking comment.

South Florida Business Journal - November 30, 2009

At condo-southflorida.com it's all about buyers of South Florida real estate.

Although I specialize in Hallandale Florida real estate, I can assist my clients with any and all of their needs in the South Florida area. Prices kept their descending tendency during 2008 and beginning of 2009, in Miami real estate, as well as Miami Beach Real Estate. In Brickell Short Sales and Brickell Foreclosures, there are many great opportunitiesWhy not make the most of the present buyers' market? I can search on your behalf all of the South Beach real estate for sale, as well as Surfside real estate, to find the best deals in South Beach foreclosures and short sale propertie. With prices being reduced so quickly, not only Miami Beach real estate sold as short sale or foreclosure is attractive; Very often, we are finding motivated sellers of South Florida real estate who understand the buyer's market and are ready to negotiate incredible opportunities to purchase real estate in Miami.

I am constantly educating our customers on the fact that they should not assume that real estate in Sunny Isles is best purchased as Sunny Isles short sale or a Sunny Isles Foreclosure. Short sales and foreclosures situations could have many pitfalls. I have seen buyers locate Hollywood-Florida properties and Hollywood Beach real estate situations where a seller wants to cash in the small equity still available in his property, and is just not in a distressing or foreclosure condition. Many South Florida oceanfront properties are being gradually absorbed by out-of-town buyers taking advantage of this once-in-a-lifetime-opportunity to own an oceanfront luxury condo in South Florida. Even new homes in Pembroke Pines, or homes in Weston, or Coral Springs homes can be acquired in the same manner. The best real estate in Aventura will not usually be a foreclosure property, but motivated sellers with Homes for sale in Aventura . In Sunny Isles Beach, we have noticed the same pattern. And so many great Sunny Isles luxury condos, on the beach, or across the street from the beach are being sold at prices often half of what they were a couple of years ago.

FORECLOSURES AND SHORT SALES IN SOUTH FLORIDA. Many of our international and domestic clients are asking about Hallandale real estate and Hallandale short sales opportunities; as well as real estate in Aventura and Aventura foreclosures. While it is true that a buyer's market has created a substantial amount of inventory in the form of both short sale properties (properties in which the home value is less than the outstanding mortgage loan.) and foreclosures, this does not necessarily mean they are a good buy. However, they constitute a good field for a search of South Florida foreclosures and South Florida short sales.

Of course, the condition of the property is an important factor. Imagine a seller who is almost sure to end up losing his condo. It often happens that the property is neglected during these long months of uncertainty. No money will be invested by its owner and repairs will be reduced to a minimum. It's not as often as you imagine, but homes could sometimes be deliberately damaged or stripped of accessories and appliances. These are issues that affect the marketability of the property; and while they have to be factored in when presenting an offer for a South Florida Short sale, they can also be a great negotiating asset. Banks do not want to invest a penny in a distressed property. Therefore, many prospective buyers will refuse to even consider a property where they would have to invest time and money to fix and repair. That will automatically limit buyers presenting offers. And a smart real estate investor knows that for every dollar spent repairing a home, he might get a reduction of two or three dollars in the purchase price. In all cases, if you are shopping for a South Florida short sale you better be prepared to be patient. If you are in a hurry or have limited resources, most short sales are not going to work for you.

They typically require far more effort on the part of all parties involved and can be very cumbersome and frustrating. In the Sunny Isles Beach area there are many Sunny Isles Beach Condos going through this process right now. They range from Luxury waterfront condos in Sunny Isles, luxury homes in Golden Beach, Waterfront homes in Golden Isles, to Miami Beach or South Beach Condos. The economic downturn has affected homeowners in all parts of South Florida and at all price levels. I try to recommend that our clients look to purchase homes that are not South Florida short sells but great values directly from motivated sellers. These are usually the best prospects for finding great Hallandale Real Estate, and good values in all South Florida real estate. If you think you might be a candidate for purchasing a short sale property or a foreclosure please let me know. I have a good experience in both selling and buying these types of properties in Aventura and Hallandale, as well as Fort Lauderdale and Hollywood Beach.

More Real Estate News

FirstBank files foreclosures in Miami, Oakland Park

FirstBank Puerto Rico has filed foreclosure lawsuits targeting commercial projects in Miami and Oakland Park. The largest one is a foreclosure action filed Nov. 4 against Grove Station Development, Julio Camparada, Alberto H. Fernandez-Prieto and Miguel Angel Barbagallo. Cherish Thompson, FirstBank’s attorney in Miami, said the bank is seeking $4 million in that case. The mortgage covers the property at 2900 and 2940 S.W. 28th Lane, which has 11,214 square feet of commercial space on 1.1 acres. It’s near a Metrorail station. The site was planned for redevelopment as Grove Central Station in partnership with Miami-Dade County and the developer. The combination of the private land and the county’s Metrorail station called for big-box retail, office, a hotel, workforce rental housing and a parking garage. Construction has not started. In Broward County, FirstBank filed a foreclosure action Nov. 24 against Palasan Properties over a vacant 2.5-acre site with commercial zoning on the east side of Northwest 23rd Terrace, just north of West Oakland Park Boulevard. Thompson said the bank is seeking $2.3 million in that lawsuit.

South Florida Business Journal - November 30, 2009

South Beach Real Estate Information

Ranchos Del Sol faces foreclosure

Ranchos Del Sol – an estate home project near the edge of the Everglades in southwest Miami-Dade County – faces foreclosure. Coral Gables-based Mercantil Commercebank filed a $9 million lawsuit Monday against Miami-based Ranchos Del Sol LLC and managing members Ignacio Abascal and Julio C. Perez, according to Miami-Dade County Circuit Court records. It targets 29 home sites – each 4 or 5 acres – at the southwest corner of Southwest 344th Street (Palm Drive) and Southwest 217th Avenue, west of Florida City. Most of the sites are vacant, but some homes have been completed. The property is outside of Miami-Dade’s urban development boundary, which means the sites are not eligible for dense development and do not have easy access to municipal services. Ranchos Del Sol last modified its mortgage with Mercantil Commercebank at $14.1 million in 2007. The developer sold 18 homes there. According to the developer’s Web site homes in Ranchos Del Sol were listed in the mid-$800,000s.Coral Gables attorney William Tuttle II, who represents Mercantil Commercebank in the lawsuit, did not immediately return a call seeking comment. This is the latest of a handful of problematic residential development loans that Mercantil Commercebank made in southern Miami-Dade. It has an $11.2 million foreclosure action against Eureka Palms Partnership in West Perrine, a $10.1 million foreclosure action against Avocado Groves Partnership in Homestead, a $10.1 million foreclosure action against Royal Home Villas in Homestead and a $4.3 million foreclosure action against the developer of Villas at Sorrento in Goulds. As of Sept. 30, the bank reported $449.8 million in loans that were late or impaired, representing 14.1 percent of its total loans.

South Florida Business Journal - November 13, 2009

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