The pace of new condo closings in Greater Downtown Miami slowed by half in the second quarter of 2009 to 2.7 sales per day, down from an average of 5.2 per deals day in the first quarter of the year, according to a new report from Condo Vultures® LLC.
Buyers purchased 246 units in the 60-block stretch of Greater Downtown Miami between April and June. In the two previous quarters, buyers closed on 466 new Downtown Miami units between January and March, and 441 units between October and December, respectively, according to the Condo Vultures® report based on the Official Condo Buyers Guide To Miami™.
"A majority of the second quarter closings occurred in three projects: Marina Blue, 1060 Brickell, and the south tower of Brickell on the River," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Price reductions were the common denominator triggering the increased closing activity in all three condo projects. With financing difficult to obtain in Downtown Miami, all-cash buyers are proving that they are ready to purchase if the price is right."
With the increased activity, Marina Blue - where a bulk deal occurred in December 2008 - is now 99.4 percent closed with only a handful of units of the 516-unit project still in the name of the developer.
The south tower of Brickell on the River is now 70.3 percent closed with less than 100 units in the 327-unit tower available.
At the 1060 Brickell condominium, the developer has closed nearly 350 units - 31 units of which closed in a bulk deal in June - out of 576 units for a sellout rate of 59 percent, according to the Condo Vultures® report.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Showing posts with label biscayne boulevard. Show all posts
Showing posts with label biscayne boulevard. Show all posts
Wednesday, July 1, 2009
Thursday, March 5, 2009
Proposed Downtown Miami Project Goes Into Foreclosure
The proposed seven-story Biscayne Lofts project located just north of Downtown Miami is being foreclosed.
TotalBank, a Miami-based bank with assets of $2.1 billion, filed the initial foreclosure paperwork, known as Lis Pendens, against the project's owner Biscayne Lofts Ltd. on March 2 in Miami-Dade Circuit Court.
Biscayne Lofts was proposed to be a new 15-unit project with 16,212 square feet built just east of Biscayne Boulevard at 333 NE 33 St. in Miami's artsy Biscayne Boulevard Corridor.
"Biscayne Lofts is one of the nearly 50 projects proposed for Greater Downtown Miami that was never built during the boom years of 2003 to 2010, when the last unit is scheduled to be completed," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Overall, developers will have constructed 22,737 new units in a 60-block stretch of Greater Downtown Miami that is comprised of Biscayne Boulevard Corridor, Downtown, and the Brickell Avenue Area. In the 40 years before the boom, developer constructed about 11,500 units."
Biscayne Lofts Ltd. was to be built by Aventura-based Palen Development LLC, with members Jorge Sumbre, Susana B De Sumbre, Horacio D. Najlis, and Nora S Wolaj, according to the Florida Department of State.
Construction costs for the mid-rise condominium was projected to be $2 million, or $124 per square foot, to construct the 74-foot tall structure, according to the City of Miami.
The development group purchased the 7,820-square-foot lot for the project in June 2004 for $625,000, or $80 per square foot. The owners immediately obtained an 18-month predevelopment loan, with a six-month extension option, for $312,500 from the former Beach Bank in June 2004.
In December 2005 when the loan was scheduled to mature, the development group exercised its extension option through June 2006.
In March 2007, Biscayne Lofts refinanced the original mortgage and extended the debt amount to $370,000 with a loan from TotalBank.
At the time of refinance in 2007, Miami-Dade County assessed the property's value at $782,000, or $100 per square foot. In 2008, the county assesses the value of the undeveloped land at $625,600, or $80.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
TotalBank, a Miami-based bank with assets of $2.1 billion, filed the initial foreclosure paperwork, known as Lis Pendens, against the project's owner Biscayne Lofts Ltd. on March 2 in Miami-Dade Circuit Court.
Biscayne Lofts was proposed to be a new 15-unit project with 16,212 square feet built just east of Biscayne Boulevard at 333 NE 33 St. in Miami's artsy Biscayne Boulevard Corridor.
"Biscayne Lofts is one of the nearly 50 projects proposed for Greater Downtown Miami that was never built during the boom years of 2003 to 2010, when the last unit is scheduled to be completed," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Overall, developers will have constructed 22,737 new units in a 60-block stretch of Greater Downtown Miami that is comprised of Biscayne Boulevard Corridor, Downtown, and the Brickell Avenue Area. In the 40 years before the boom, developer constructed about 11,500 units."
Biscayne Lofts Ltd. was to be built by Aventura-based Palen Development LLC, with members Jorge Sumbre, Susana B De Sumbre, Horacio D. Najlis, and Nora S Wolaj, according to the Florida Department of State.
Construction costs for the mid-rise condominium was projected to be $2 million, or $124 per square foot, to construct the 74-foot tall structure, according to the City of Miami.
The development group purchased the 7,820-square-foot lot for the project in June 2004 for $625,000, or $80 per square foot. The owners immediately obtained an 18-month predevelopment loan, with a six-month extension option, for $312,500 from the former Beach Bank in June 2004.
In December 2005 when the loan was scheduled to mature, the development group exercised its extension option through June 2006.
In March 2007, Biscayne Lofts refinanced the original mortgage and extended the debt amount to $370,000 with a loan from TotalBank.
At the time of refinance in 2007, Miami-Dade County assessed the property's value at $782,000, or $100 per square foot. In 2008, the county assesses the value of the undeveloped land at $625,600, or $80.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2009, Condo Vultures® LLC
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