Tuesday, May 25, 2010
Monday, May 17, 2010
The Real Deal l South Florida
Icon Brickell towers deeded back to HSBC
Icon BrickellIn a "friendly settlement," Miami-based developer the Related Group has deeded back two towers at Icon Brickell to a group of lenders led by HSBC. The company will return Tower 1 and Tower 2 to the lender group, and the buildings' sales and marketing work will be managed by Related and Fortune International. Sales have rebounded recently at the 1,793-unit, three-tower site, especially after Related was able to secure approval to cut prices by 30 percent. Related will still own and operate the third tower, a 50-story building where the Viceroy Miami hotel is located. [Miami Herald via Sun Sentinel]
Icon Brickell
The Real Deal l South Florida
Foreign investors drive SF condo sales
May 12, 2010 12:00PM
International buyers are scooping up discounted units in buildings like Epic in downtown MiamiA surge in international buyers is driving South Florida condo sales. Buyers from Italy, Germany, Spain, Greece and even China are looking for discounted vacation properties and second homes in Florida. Nicola Schon, an Italian restaurateur, said he bought a $1.8 million condo at Epic in downtown Miami. After persuading many of his friends to do the same, he joked that the building is now "half-Italian." Schon paid 25 percent less for the total price of the condo than he would have a couple of years ago. Veronica Cervera, president of Miami-based Cervera Real Estate, said she had seen a large increase in international buyers. [Miami Herald]
http://therealdeal.com/miami/articles/29025/elert
Tuesday, May 11, 2010
Marquis
Located in Downtown Miami. Luxury condo with water views.
Developer close out 40 - 50% discount.
Tuesday, May 4, 2010
Pending Home Sales Up & Foreign Buyers kick-start the Condo Market
The nationwide number of home contracts signed in March rose 5.3% since Feb. and 21.1% compared to March 2009.
Miami - LA - MIami - LA
Joey is back here in Miami this week. Designing e-flyer for our initial beta campaign.
Monday, May 3, 2010
Condos with water views still desirable
Location, Location, Location. In South Florida condos with waterviews did not drop in value as much. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=238853
Real estate brokers saturate web to reach buyers
"There's never too many sites. There's no overkill - the more exposure, the better", says Santiago, broker/owner.
Saturday, May 1, 2010
April - May 2010
April 16, 2010
Florida foreclosure filings account for 16 percent of nation's total
South Florida's tri-county region saw foreclosure filings spike in the first quarter of 2010, up nearly 110 percent year-over-year in Palm Beach County, 67 percent in Broward and 60 percent in Miami-Dade, according to national real estate foreclosure tracking company RealtyTrac, which released its monthly market report Thursday. Statewide, more than 153,000 Florida properties, roughly 16 percent of the nation's total, were hit with foreclosure filings in the first quarter, up 7 percent from the quarter before and 28.79 percent over the first quarter of 2009.
Icon Brickell
While sales at Miami's Icon Brickell, South Florida's largest new condo project, which launched in 2008, may have picked up in the first quarter of the year, closing prices haven't been so hot. Developer Related Group sold 162 units at the condo during the first quarter of the year, according to Condo Vultures, but the average sales price was $404 per square foot, down around 26 percent from the $543-per-square-foot average sales price seen before. [SFBJ]
South Florida's top distressed properties
Gallery at Cocowalk in Coconut GroveIt's not just the South Florida residential market feeling the pain. Some of the region's most high-profile developments, from office buildings to hotels and shopping malls, are 60 or 90 days past due on their mortgages, putting them in the same sinking boat as scores of underwater South Florida homeowners. The Real Deal ranked the top 10 properties with the greatest amount of distressed CMBS debt (see chart here). By Luis F. Perez"
Florida foreclosure filings account for 16 percent of nation's total
South Florida's tri-county region saw foreclosure filings spike in the first quarter of 2010, up nearly 110 percent year-over-year in Palm Beach County, 67 percent in Broward and 60 percent in Miami-Dade, according to national real estate foreclosure tracking company RealtyTrac, which released its monthly market report Thursday. Statewide, more than 153,000 Florida properties, roughly 16 percent of the nation's total, were hit with foreclosure filings in the first quarter, up 7 percent from the quarter before and 28.79 percent over the first quarter of 2009.
Icon BrickellWhile sales at Miami's Icon Brickell, South Florida's largest new condo project, which launched in 2008, may have picked up in the first quarter of the year, closing prices haven't been so hot. Developer Related Group sold 162 units at the condo during the first quarter of the year, according to Condo Vultures, but the average sales price was $404 per square foot, down around 26 percent from the $543-per-square-foot average sales price seen before. [SFBJ]
South Florida's top distressed properties
Gallery at Cocowalk in Coconut GroveIt's not just the South Florida residential market feeling the pain. Some of the region's most high-profile developments, from office buildings to hotels and shopping malls, are 60 or 90 days past due on their mortgages, putting them in the same sinking boat as scores of underwater South Florida homeowners. The Real Deal ranked the top 10 properties with the greatest amount of distressed CMBS debt (see chart here). By Luis F. Perez"
The Real Deal | South Florida Real Estate News
The Real Deal South Florida Real Estate News: "Florida real estate market stabilizing: survey
April 28, 2010 05:00PM
Timothy Becker, director of the Bergstrom Center While Florida's real estate recovery may be tenuous, the public's consensus is one of cautious optimism, according to a first-quarter survey conducted by the University of Florida's Bergstrom Center for Real Estate Studies. Despite a 12.3 percent unemployment rate in March, respondents said that they believe the current real estate market -- in both the residential and commercial sectors -- has hit bottom. But this doesn't mean it's time to throw a party quite yet, said Timothy Becker, director of the Bergstrom Center. 'One of our respondents summed it up by stating that 'if anything, we will get less bad,'' Becker said. 'Florida has hit bottom and is in the process of stabilizing across most property types.' TRD"
April 28, 2010 05:00PM
Timothy Becker, director of the Bergstrom Center While Florida's real estate recovery may be tenuous, the public's consensus is one of cautious optimism, according to a first-quarter survey conducted by the University of Florida's Bergstrom Center for Real Estate Studies. Despite a 12.3 percent unemployment rate in March, respondents said that they believe the current real estate market -- in both the residential and commercial sectors -- has hit bottom. But this doesn't mean it's time to throw a party quite yet, said Timothy Becker, director of the Bergstrom Center. 'One of our respondents summed it up by stating that 'if anything, we will get less bad,'' Becker said. 'Florida has hit bottom and is in the process of stabilizing across most property types.' TRD"
UF: Florida real estate market has hit bottom
UF: Florida real estate market has hit bottom: "UF: Florida real estate market has hit bottom
GAINESVILLE, Fla. – April 29, 2010 – Florida real estate markets show the first tentative signs of recovering from the most painful recession in the state's history, according to the latest University of Florida (UF) report.
'Results of our first quarter survey indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,' says Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies.
But while most of the survey respondents report the market probably won't get any worse, few say it has actually begun to improve yet, Becker says. 'One of our respondents summed it up by stating that 'if anything, we will get less bad.''
On the positive side, private capital – both foreign and domestic – is continuing to enter the state in search of quality investment deals. As banks start to deal with their problem assets, more deals will come to market.
GAINESVILLE, Fla. – April 29, 2010 – Florida real estate markets show the first tentative signs of recovering from the most painful recession in the state's history, according to the latest University of Florida (UF) report.
'Results of our first quarter survey indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,' says Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies.
But while most of the survey respondents report the market probably won't get any worse, few say it has actually begun to improve yet, Becker says. 'One of our respondents summed it up by stating that 'if anything, we will get less bad.''
On the positive side, private capital – both foreign and domestic – is continuing to enter the state in search of quality investment deals. As banks start to deal with their problem assets, more deals will come to market.
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