Federal regulators have seized the South Dakota bank foreclosing on a nearly $12 million oceanfront condo development site in Greater Miami Beach.
BankFirst of Sioux Falls, S.D., was shut on Friday, July 17, less than a month after the 14-year-old institution filed to foreclose on a 1.1-acre site development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.
A 43-story tower featuring one unit per floor is proposed for the site located in the northeast Miami-Dade County city of Sunny Isles Beach, according to a CondoVultures.com article.
The Federal Deposit Insurance Corp. estimates losses of $91 million from BankFirst's failure. Prior to shuttering the two-branch bank with assets of $275 million, regulators entered into a purchase agreement for BankFirst's $177 million loan portfolio to be acquired by Beal Bank Nevada in Las Vegas.
BankFirst filed the foreclosure action, also known as a Lis Pendens and/or Notice of Default, in Miami-Dade Circuit Court on June 17 seeking repayment of $11.7 million on a predevelopment loan originated in 2006, according to the Condo Vultures® Foreclosure Database™.
Originally purchased for $9 million, or $181 per square foot, in July 2001, the 49,830-square-foot development site is now assessed for tax purposes at $15.7 million, or $315 per square foot, by Miami-Dade County. BankFirst's loan was made at $235 per square foot.
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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. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ 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 foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Wednesday, July 22, 2009
Friday, July 17, 2009
South Florida Bank Seizures Fall 16% In Q2 of 2009
Banks repossessed 16 percent fewer South Florida properties in the second quarter of this year than were seized during the same period a year ago despite an increased number of foreclosure filings in the tricounty region, according to a new report from Condo Vultures® LLC.
Lenders repossessed 5,992 properties in Miami-Dade, Broward, and Palm Beach counties between April and June of 2009 compared to seizing 7,098 properties in the second quarter of 2008. In 2007, lenders seized 2,167 South Florida properties in the second quarter, according to the report produced using court records.
"Government intervention - whether it be foreclosure moratoriums or mortgage modification programs - is the primary reason for the decrease in the number of repossessed properties," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "That being said, the number of foreclosure filings are back on the rise in the tricounty South Florida region. It is difficult to predict if the foreclosure actions will ultimately end up as Real Estate Owned by banks known as REOs or simply nonperforming mortgages."
More than 52,000 foreclosures have been initiated in South Florida in the first half of the year, putting the tricounty region on pace for more than 100,000 actions in 2009.
By comparison, lenders filed about 38,000 foreclosures actions in the first six months of 2008 and more than 75,000 actions for the year. In 2007, banks filed nearly 8,000 actions in the first half of the year and more than 32,000 for the year, according to data from the Condo Vultures® Foreclosure Database™.
Another factor contributing to the decreasing number of bank repossessions in South Florida despite the increasing number of foreclosure filings is the lengthy legal process necessary before a lender can repossess a residence.
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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. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Lenders repossessed 5,992 properties in Miami-Dade, Broward, and Palm Beach counties between April and June of 2009 compared to seizing 7,098 properties in the second quarter of 2008. In 2007, lenders seized 2,167 South Florida properties in the second quarter, according to the report produced using court records.
"Government intervention - whether it be foreclosure moratoriums or mortgage modification programs - is the primary reason for the decrease in the number of repossessed properties," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "That being said, the number of foreclosure filings are back on the rise in the tricounty South Florida region. It is difficult to predict if the foreclosure actions will ultimately end up as Real Estate Owned by banks known as REOs or simply nonperforming mortgages."
More than 52,000 foreclosures have been initiated in South Florida in the first half of the year, putting the tricounty region on pace for more than 100,000 actions in 2009.
By comparison, lenders filed about 38,000 foreclosures actions in the first six months of 2008 and more than 75,000 actions for the year. In 2007, banks filed nearly 8,000 actions in the first half of the year and more than 32,000 for the year, according to data from the Condo Vultures® Foreclosure Database™.
Another factor contributing to the decreasing number of bank repossessions in South Florida despite the increasing number of foreclosure filings is the lengthy legal process necessary before a lender can repossess a residence.
Read More
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. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Thursday, July 16, 2009
South Dakota Bank Files $12M Foreclosure On Oceanfront Site In Miami Beach Area
A $12 million foreclosure action has been launched against an oceanfront development site in Sunny Isles Beach that is to house a proposed 43-story luxury condominium tower featuring only one unit per floor, according to the Condo Vultures® Foreclosure Database™.
BankFirst of Sioux Falls, S.D., filed the foreclosure action, also known as a Lis Pendens and/or Notice of Default, in Miami-Dade Circuit Court seeking repayment of $11.7 million on a predevelopment loan originated in 2006. BankFirst's loan is secured by a 1.1-acre development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.
Originally purchased for $9 million, or $181 per square foot, in July 2001, the 49,830-square-foot development site is now assessed for tax purposes at $15.7 million, or $315 per square foot, by Miami-Dade County. BankFirst's loan was made at $235 per square foot.
"This is not the first oceanfront development site to go into foreclosure in Greater Miami Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "A courthouse auction is scheduled for September on a slightly larger development site also located between Collins Avenue and the Atlantic Ocean. The judgment amount on that site, however, is twice as much."
A few miles south on Collins Avenue, a 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder, according to CondoVultures.com.
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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. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
BankFirst of Sioux Falls, S.D., filed the foreclosure action, also known as a Lis Pendens and/or Notice of Default, in Miami-Dade Circuit Court seeking repayment of $11.7 million on a predevelopment loan originated in 2006. BankFirst's loan is secured by a 1.1-acre development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.
Originally purchased for $9 million, or $181 per square foot, in July 2001, the 49,830-square-foot development site is now assessed for tax purposes at $15.7 million, or $315 per square foot, by Miami-Dade County. BankFirst's loan was made at $235 per square foot.
"This is not the first oceanfront development site to go into foreclosure in Greater Miami Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "A courthouse auction is scheduled for September on a slightly larger development site also located between Collins Avenue and the Atlantic Ocean. The judgment amount on that site, however, is twice as much."
A few miles south on Collins Avenue, a 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder, according to CondoVultures.com.
Read More
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. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Wednesday, July 8, 2009
$26 Million Oceanfront, High-Rise Site To Be Auctioned
A 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder at the Miami-Dade County Courthouse, according to Condo Vultures.com.
A final judgment amount of nearly $26.3 million, or $419 per square foot, was established for the property on July 6 by Miami-Dade Circuit Court Judge Ronald Dresnick.
If the borrower fails to satisfy the loan by the auction date, the 62,800-square-foot property with 300 feet of Atlantic Ocean access would be sold to the highest bidder who surpasses the final judgment amount.
"To purchase a property at the Miami-Dade County courthouse steps, a buyer must be able to pay the entire amount of the winning bid on the day of the auction," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "There aren't a lot of buyers with the wherewithal to close all cash that day but then again you never really know for sure in an international city like Miami."
Read More
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. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
A final judgment amount of nearly $26.3 million, or $419 per square foot, was established for the property on July 6 by Miami-Dade Circuit Court Judge Ronald Dresnick.
If the borrower fails to satisfy the loan by the auction date, the 62,800-square-foot property with 300 feet of Atlantic Ocean access would be sold to the highest bidder who surpasses the final judgment amount.
"To purchase a property at the Miami-Dade County courthouse steps, a buyer must be able to pay the entire amount of the winning bid on the day of the auction," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "There aren't a lot of buyers with the wherewithal to close all cash that day but then again you never really know for sure in an international city like Miami."
Read More
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. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Friday, July 3, 2009
Related Group Negotiates Return Of Unsold Condo Towers
The Related Group, the nation's largest condo tower developer, is attempting in the next two months to finalize plans to return thousands of unsold new units with debt of "roughly $1.5 billion" to the construction lenders, according to Miami news reports.
The admission comes just as the Related Group has agreed to relinquish ownership to its lenders of the remaining 381 unsold units in the 420-unit, 20-story CityPlace South Tower in Downtown West Palm Beach. Related had still owed about $119 million, or about 88 percent, of the original $134.7 million construction loan, according to South Florida news reports.
"We've had very good discussions over the last seven months with all of our lender syndicates," Related Group's chief operating officer Matt Allen told the Miami Daily Business Review. "Each syndicate is different. They have different goals they might want to achieve, and we expect in 60 days to have complete resolution and that resolution can carry many different fronts."
Related developed or converted dozens of highrises with several thousand units throughout Florida, ranging from the Apogee in Miami Beach's South of Fifth neighborhood to the Trump Hollywood in Southeast Broward County, the Oasis in Fort Myers on the Gulf of Mexico to the ICON Brickell complex in Greater Downtown Miami.
In Downtown Miami alone, the Related Group built during the condo boom about 5,550 units, of which the company is still in possession of more than 2,400 units, or about 44 percent, according to the Official Condo Buyers Guide to Miami™ published by Condo Vultures®.
Specifically in Downtown Miami, Related built seven projects with 12 towers and more than 5.8 million gross livable square feet. An eight project proposed for 495 units and 389,000 gross livable square feet was shelved before construction began, according to Condo Vultures®.
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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
The admission comes just as the Related Group has agreed to relinquish ownership to its lenders of the remaining 381 unsold units in the 420-unit, 20-story CityPlace South Tower in Downtown West Palm Beach. Related had still owed about $119 million, or about 88 percent, of the original $134.7 million construction loan, according to South Florida news reports.
"We've had very good discussions over the last seven months with all of our lender syndicates," Related Group's chief operating officer Matt Allen told the Miami Daily Business Review. "Each syndicate is different. They have different goals they might want to achieve, and we expect in 60 days to have complete resolution and that resolution can carry many different fronts."
Related developed or converted dozens of highrises with several thousand units throughout Florida, ranging from the Apogee in Miami Beach's South of Fifth neighborhood to the Trump Hollywood in Southeast Broward County, the Oasis in Fort Myers on the Gulf of Mexico to the ICON Brickell complex in Greater Downtown Miami.
In Downtown Miami alone, the Related Group built during the condo boom about 5,550 units, of which the company is still in possession of more than 2,400 units, or about 44 percent, according to the Official Condo Buyers Guide to Miami™ published by Condo Vultures®.
Specifically in Downtown Miami, Related built seven projects with 12 towers and more than 5.8 million gross livable square feet. An eight project proposed for 495 units and 389,000 gross livable square feet was shelved before construction began, according to Condo Vultures®.
Read More
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
Tuesday, May 19, 2009
Contracts Surge 3.5% In South Florida
South Florida residential pending resales spiked 3.5 percent in the last week to 15,191 existing contracts in Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.
Pending sales in Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, surged 4.3 percent to 5,820 deals on a week-over-week basis ending May 18, according to the report produced using Florida Association of Realtors data.
Pending sales in Palm Beach County, where West Palm Beach, Delray Beach, and Boca Raton are located, increased by 3.7 percent in the same period to 2,691 contracts. Pending sales in Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, increased 2.7 percent to 6,680 contracts, according to Condo Vultures®.
"Buyers and sellers are entering into contracts in South Florida at a stepped up pace," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate services company Condo Vultures®. "As properties go under contract, the total available residential resale inventory has consistently decreased. In the last six months, inventory has fallen by more than 20 percent."
South Florida currently has 85,705 condo units, townhouses, and single-family houses available for resale in the tri-county area. The week of Thanksgiving, there were 107,527 residential properties on the market for resale, meaning that available inventory has fallen by 21,822 properties, according to the report.
Broward County has experienced the deepest drop in inventory in the last six months, falling 24.1 percent to 28,039 resale properties. Miami-Dade County has experienced a 21.1 percent drop in inventory to 32,348 properties. Palm Beach County's inventory has dropped by 14.5 percent to 25,318 resale properties.
Condominium units and townhouses represent about 60 percent of the total inventory while single-family houses account for the remaining 40 percent. Back in November, condo units and townhouses represented 57 percent of the inventory, and single-family houses account for 43 percent of the South Florida total, according to the report.
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Pending sales in Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, surged 4.3 percent to 5,820 deals on a week-over-week basis ending May 18, according to the report produced using Florida Association of Realtors data.
Pending sales in Palm Beach County, where West Palm Beach, Delray Beach, and Boca Raton are located, increased by 3.7 percent in the same period to 2,691 contracts. Pending sales in Miami-Dade County, where Miami Beach, Coral Gables, and Sunny Isles Beach are located, increased 2.7 percent to 6,680 contracts, according to Condo Vultures®.
"Buyers and sellers are entering into contracts in South Florida at a stepped up pace," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate services company Condo Vultures®. "As properties go under contract, the total available residential resale inventory has consistently decreased. In the last six months, inventory has fallen by more than 20 percent."
South Florida currently has 85,705 condo units, townhouses, and single-family houses available for resale in the tri-county area. The week of Thanksgiving, there were 107,527 residential properties on the market for resale, meaning that available inventory has fallen by 21,822 properties, according to the report.
Broward County has experienced the deepest drop in inventory in the last six months, falling 24.1 percent to 28,039 resale properties. Miami-Dade County has experienced a 21.1 percent drop in inventory to 32,348 properties. Palm Beach County's inventory has dropped by 14.5 percent to 25,318 resale properties.
Condominium units and townhouses represent about 60 percent of the total inventory while single-family houses account for the remaining 40 percent. Back in November, condo units and townhouses represented 57 percent of the inventory, and single-family houses account for 43 percent of the South Florida total, according to the report.
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Saturday, May 16, 2009
Expert: Florida Housing To Bottom By Mid-2010
National real estate consultant Jack McCabe, one of the first analysts to predict South Florida’s housing bubble and bust, projects that the Florida housing market is within a year of hitting bottom.
McCabe, president and chief executive of McCabe Research & Consulting LLC in Deerfield Beach, Fla., estimates residential values are within 15 percent of their lowest levels, and he expects the remaining price drop to occur in the next four quarters.
“I think 2009 is going to be the toughest year of this downturn for the state of Florida,” McCabe said in an exclusive video interview with CondoVultures.com. “I really see next year – about mid-2010 – that, I think, we are finally going to reach the bottom, or what everybody has been calling the bottom.”
The hour-long McCabe video interview where he discusses Florida’s past, present, and future with Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®, is available in its entirety in the White Papers section of CondoVultures.com.McCabe disagrees with some on Wall Street that Florida residential pricing will still fall an additional 35 percent in the upcoming months.
“I don’t think it is going to be that severe,” McCabe said. “I think the worst is behind us, but I still believe we have another 10 to 15 percent drop because of the unemployment and the foreclosures depressing prices, and the amount of inventory we have yet to absorb.”
The bottom may be within McCabe’s sight but he doesn’t expect Florida prices to appreciate in the foreseeable future.
“I don’t think it is going to be a V-shape recovery,” McCabe said. “I think this is going to be more like an L shape [recovery]. We are going to see prices remain along that bottom potentially into 2012 before we see any type of appreciation at all. “When we do, it is going to be more in line with historical trends of about six percent [appreciation] a year. We have a ways to go yet.”
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
McCabe, president and chief executive of McCabe Research & Consulting LLC in Deerfield Beach, Fla., estimates residential values are within 15 percent of their lowest levels, and he expects the remaining price drop to occur in the next four quarters.
“I think 2009 is going to be the toughest year of this downturn for the state of Florida,” McCabe said in an exclusive video interview with CondoVultures.com. “I really see next year – about mid-2010 – that, I think, we are finally going to reach the bottom, or what everybody has been calling the bottom.”
The hour-long McCabe video interview where he discusses Florida’s past, present, and future with Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®, is available in its entirety in the White Papers section of CondoVultures.com.McCabe disagrees with some on Wall Street that Florida residential pricing will still fall an additional 35 percent in the upcoming months.
“I don’t think it is going to be that severe,” McCabe said. “I think the worst is behind us, but I still believe we have another 10 to 15 percent drop because of the unemployment and the foreclosures depressing prices, and the amount of inventory we have yet to absorb.”
The bottom may be within McCabe’s sight but he doesn’t expect Florida prices to appreciate in the foreseeable future.
“I don’t think it is going to be a V-shape recovery,” McCabe said. “I think this is going to be more like an L shape [recovery]. We are going to see prices remain along that bottom potentially into 2012 before we see any type of appreciation at all. “When we do, it is going to be more in line with historical trends of about six percent [appreciation] a year. We have a ways to go yet.”
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Sunday, May 10, 2009
Florida Bank Failures Foreshadowed By FDIC
Federal regulators are staffing up, leasing office space, and creating a management structure in preparation to seize an undisclosed number of struggling banks in Florida and the Southeastern United States.
The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales.
"The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Industry watchers have been expecting this moment as Florida - considered by many to be the epicenter of the U.S. housing crash - has had few bank failures to date."
Regulators have shut 57 banks since January 2008 with an estimated loss to the FDIC of $15.5 billion. Only four of the failed banks were headquartered in Florida - none in South Florida - compared to 11 seizures in Georgia and nine in California. A Florida credit unit has also closed by regulators.
The FDIC's bank seizure and asset sales office is scheduled to open in September with a combination of employees and subcontractors to oversee the process.
"Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Tuesday, April 14, 2009
South Florida Inventory Drops By 1,000 Residences In Week
Nearly 1,000 more residential properties came off the market than went on in South Florida in the last seven days, dragging the total resale inventory down 1 percent to 91,000 condos, townhouses, and single-family houses, according to a new report from Condo Vultures® LLC.
The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
The decrease in residential inventory in Miami-Dade, Broward, and Palm Beach counties means there are now 91,820 properties on the market as of April 13 compared to 92,792 properties on April 6. At the end of the first quarter, there were 94,526 resales on the market on March 30, according to the Condo Vultures® report.
Pending sales in the last week increased by 2.2 percent to 13,585 transactions on April 13, compared to 13,298 contracts on April 6 and 12,985 deals on March 30, according to the report.
On Nov. 24, 2008, when Condo Vultures first began tracking active listings and pending sales on a weekly basis, South Florida had 107,527 residential properties on the market and 9,302 pending sales, according to the report.
"In the last five months, we have experienced a 14.6 percent decrease in available inventory and a 46 percent increase in pending sales," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
Single-family houses represent the biggest drop in overall residential inventory, dropping to 37,779 residences on the resale market on April 13 compared to 38,323 homes on April 6 and 39,233 available houses on March 30, according to the report.
Pending sales of single-family houses have climbed to 6,987 deals on April 13, compared to 6,879 on April 6 and 6,713 deals on March 30, according to the report.
The resale condominium and townhouse inventory has fallen to 54,041 units on April 13 compared to 54,469 on April 6 and 55,293 on March 30, according to the report.
Pending sales of condominium units and townhouses are up to 6,598 units on April 13 compared to 6,419 units under contract on April 6 and 6,272 units on March 30, according to the report.
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Friday, April 10, 2009
Miami Foreclosure Filings Jump 34% In Q1 2009
South Florida foreclosure actions jumped by 33 percent in the first quarter to 23,672 filings in Miami-Dade, Broward, and Palm Beach counties, according to a new report from the Condo Vultures® Foreclosure Database™.
An average of 263 Lis Pendens and/or Notices of Default were filed each day in South Florida in the first three months of this year. In first quarter of 2008, there were 17,820 foreclosure actions filed in the region for an average of 198 filings per day, according to the Foreclosure Database™.
"The number of foreclosure filings continues to increase for the third year in a row," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "At this pace, South Florida will have some 96,000 foreclosure actions in 2009 compared to 76,000 in 2008 and 33,000 in 2007."
The Foreclosure Database™ is realtime, searchable online software developed by Condo Vultures® that compiles every one of the 133,700-plus foreclosure actions filed in the circuit courts of Miami-Dade, Broward, and Palm Beach counties since January 2007. The Foreclosure Database™ is the first South Florida service that allows users to search all three counties on a realtime basis by more than a dozen categories, including judgment amounts, values, project names, lenders, borrowers, and the attorneys of the lenders.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, experienced the greatest number of foreclosure actions in the first quarter of 2009 with 10,290 actions, or 114 per day. That is a 39 percent increase over the 7,393 actions filed in the first quarter of 2008, according to the report.
Miami-Dade County, where Miami, Aventura, and Coral Gables is located, experienced a 34 percent increase in foreclosure actions in the first quarter of this year. In 2009, there have been 7,170 foreclosure actions filed in Miami-Dade compared to 5,370 filings in the county in the first 90 days of 2008, according to the Foreclosure Database™.
Palm Beach County, where Boca Raton, West Palm Beach, and Delray Beach are located, realized a 23 percent increase in foreclosure filings to 6,212 actions in the first quarter of 2009 compared to 5,057 filings in 2008, according to the report.
Broward accounts for 43 percent of all of the foreclosures filed in the first quarter of 2009, Miami-Dade is second with 30 percent of the actions, and Palm Beach is third with 26 percent of the filings, according to the report.
Foreclosure of the Week:
JP Morgan Chase Bank has filed a foreclose action to collect on a $3.4 million mortgage secured by a condominium unit in the wealthy enclave of Fisher Island.
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
An average of 263 Lis Pendens and/or Notices of Default were filed each day in South Florida in the first three months of this year. In first quarter of 2008, there were 17,820 foreclosure actions filed in the region for an average of 198 filings per day, according to the Foreclosure Database™.
"The number of foreclosure filings continues to increase for the third year in a row," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "At this pace, South Florida will have some 96,000 foreclosure actions in 2009 compared to 76,000 in 2008 and 33,000 in 2007."
The Foreclosure Database™ is realtime, searchable online software developed by Condo Vultures® that compiles every one of the 133,700-plus foreclosure actions filed in the circuit courts of Miami-Dade, Broward, and Palm Beach counties since January 2007. The Foreclosure Database™ is the first South Florida service that allows users to search all three counties on a realtime basis by more than a dozen categories, including judgment amounts, values, project names, lenders, borrowers, and the attorneys of the lenders.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, experienced the greatest number of foreclosure actions in the first quarter of 2009 with 10,290 actions, or 114 per day. That is a 39 percent increase over the 7,393 actions filed in the first quarter of 2008, according to the report.
Miami-Dade County, where Miami, Aventura, and Coral Gables is located, experienced a 34 percent increase in foreclosure actions in the first quarter of this year. In 2009, there have been 7,170 foreclosure actions filed in Miami-Dade compared to 5,370 filings in the county in the first 90 days of 2008, according to the Foreclosure Database™.
Palm Beach County, where Boca Raton, West Palm Beach, and Delray Beach are located, realized a 23 percent increase in foreclosure filings to 6,212 actions in the first quarter of 2009 compared to 5,057 filings in 2008, according to the report.
Broward accounts for 43 percent of all of the foreclosures filed in the first quarter of 2009, Miami-Dade is second with 30 percent of the actions, and Palm Beach is third with 26 percent of the filings, according to the report.
Foreclosure of the Week:
JP Morgan Chase Bank has filed a foreclose action to collect on a $3.4 million mortgage secured by a condominium unit in the wealthy enclave of Fisher Island.
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™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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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