A Boca Raton company has paid $39 million for nearly 300,000 square feet of vacant land situated on nine parcels in Downtown Miami, according to a new report from the Condo Vultures® Bulk Deals Database.
The newly created PWV Group 1 Holdings LLC, with Gary N. Gerson as registered agent, paid $130 per square foot on Sept. 21 for 27 lots located a block west of four new highrise condo towers on Downtown Miami's Biscayne Boulevard, according to CondoVultures.com research.
The seller, six corporations controlled by AI Holdings (USA) Corp with Tamir Kazaz as chief financial officer, paid a combined $32.3 million, or $108 per square foot, for the land, which was acquired between August 1999 and March 2006, according to Miami-Dade County records.
The powerful Africa Israel fund controls AI Holdings (USA) Corp, according to a notarized document recorded with the deed.
"The purchase price works out to a gross premium of 21 percent for the seller minus expenses, and there have been many of them," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "For the buyer, the purchase price is 8 percent less than today's assessed value of $41.6 million, or $139 per square foot, for property tax purposes."
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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 foreclosuredump. Show all posts
Showing posts with label foreclosuredump. Show all posts
Wednesday, September 23, 2009
Tuesday, August 11, 2009
Regulators Shut 2 Florida Banks, Lose $140 Million
Regulators have seized three bank, two headquartered in Florida and one in Oregon, resulting in an estimated loss of $185 million to the Federal Deposit Insurance Corp.
First State Bank, a Sarasota, Fla.-based institution with assets of $463 million and deposits of $387 million, was shuttered on Friday, Aug. 7, producing a loss of $116 million to the FDIC's Deposit Insurance Fund. The FDIC ensures deposits up to $250,000 per account.
On that same day across town regulators were seizing the Community National Bank of Sarasota County, with assets of $97 million and deposits of $93 million. This failure resulted in a loss of $24 million to the FDIC's Deposit Insurance Fund.
The deposits of both Sarasota banks were assumed by Stearns Bank of St. Cloud, Minn. This is not the first time that the FDIC has worked out a deal with Stearns Bank to assume the deposits of a failed institution.
In June, Stearns Bank took over the deposits of the failed Minnesota institution Horizon Bank with assets of $87.6 million and deposits of $69.4 million.
For the year, regulators have seized six Florida-based institutions with combined assets of $14.2 billion and deposits of $9.8 billion. The six Florida bank failures of 2009 have resulted in an estimated loss of $5.4 billion, according to CondoVultures.com research based on FDIC data.
Florida ranks fourth in the country in 2009 for the greatest number of bank failures behind Georgia's 16 closings, Illinois' 13 closings, and California's eight closings, according to the Bal Harbour, Fla.-based consultancy 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. 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
First State Bank, a Sarasota, Fla.-based institution with assets of $463 million and deposits of $387 million, was shuttered on Friday, Aug. 7, producing a loss of $116 million to the FDIC's Deposit Insurance Fund. The FDIC ensures deposits up to $250,000 per account.
On that same day across town regulators were seizing the Community National Bank of Sarasota County, with assets of $97 million and deposits of $93 million. This failure resulted in a loss of $24 million to the FDIC's Deposit Insurance Fund.
The deposits of both Sarasota banks were assumed by Stearns Bank of St. Cloud, Minn. This is not the first time that the FDIC has worked out a deal with Stearns Bank to assume the deposits of a failed institution.
In June, Stearns Bank took over the deposits of the failed Minnesota institution Horizon Bank with assets of $87.6 million and deposits of $69.4 million.
For the year, regulators have seized six Florida-based institutions with combined assets of $14.2 billion and deposits of $9.8 billion. The six Florida bank failures of 2009 have resulted in an estimated loss of $5.4 billion, according to CondoVultures.com research based on FDIC data.
Florida ranks fourth in the country in 2009 for the greatest number of bank failures behind Georgia's 16 closings, Illinois' 13 closings, and California's eight closings, according to the Bal Harbour, Fla.-based consultancy 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. 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, August 7, 2009
FDIC To Open Failed Bank Office Next Month In Florida
Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.
The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September.
"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."
Industry watchers expect a surge of bank failures to occur in Florida in the upcoming months as the sunshine state is one of the hardest hit real estate markets yet only six of the 94 FDIC institutions to fail since January 2008 have been headquartered in Florida.
By comparison, neighboring Georgia leads the nation in bank failures with 21 seizures, or 22 percent of the overall total closings, since 2008, according to Condo Vultures® LLC research based on FDIC data.
The FDIC's satellite office is viewed by many industry watchers as further proof that a series of Florida bank failures is imminent in the upcoming months. The FDIC is not dispelling the speculation.
"You put the office as close to the bulk of your work," FDIC spokesman David Barr told 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
The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September.
"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."
Industry watchers expect a surge of bank failures to occur in Florida in the upcoming months as the sunshine state is one of the hardest hit real estate markets yet only six of the 94 FDIC institutions to fail since January 2008 have been headquartered in Florida.
By comparison, neighboring Georgia leads the nation in bank failures with 21 seizures, or 22 percent of the overall total closings, since 2008, according to Condo Vultures® LLC research based on FDIC data.
The FDIC's satellite office is viewed by many industry watchers as further proof that a series of Florida bank failures is imminent in the upcoming months. The FDIC is not dispelling the speculation.
"You put the office as close to the bulk of your work," FDIC spokesman David Barr told 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
Thursday, August 6, 2009
Wall Street real estate borrowers going to South Florida banks
By Jim Freer
Special Correspondent
CondoVultures.com
The past year’s disruptions in the financial markets are leading to new commercial real estate lending opportunities for some South Florida-based banks.
Two of those banks are U.S. Century Bank , based in Doral, and Stonegate Bank , based in Fort Lauderdale.
They are receiving loan requests from some owners of larger office buildings, major retailers and other commercial projects that previously obtained permanent financing from lenders that are often generically referred to as “Wall Street.” Those loans are generally for purchase, refinancing or operations of properties.
For years, the list of lenders on those projects has included large multi-state banks and other so-called “conduits” that package loans into commercial mortgage backed securities (CMBS).
Life insurance companies and pension funds also have been long-time players in that lending.
But that financing has been drying up. Some large lenders are scaling back and many institutional investors, who are stilling seeking to overcome losses on subprime residential loans, are reducing their overall real estate investments.
Data from the Commercial Mortgage Securities Association shows the huge decline in the CMBS market.
A record $230 billion in loans were packaged into CMBS deals in the United States in 2007, according to that trade group.
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
Special Correspondent
CondoVultures.com
The past year’s disruptions in the financial markets are leading to new commercial real estate lending opportunities for some South Florida-based banks.
Two of those banks are U.S. Century Bank , based in Doral, and Stonegate Bank , based in Fort Lauderdale.
They are receiving loan requests from some owners of larger office buildings, major retailers and other commercial projects that previously obtained permanent financing from lenders that are often generically referred to as “Wall Street.” Those loans are generally for purchase, refinancing or operations of properties.
For years, the list of lenders on those projects has included large multi-state banks and other so-called “conduits” that package loans into commercial mortgage backed securities (CMBS).
Life insurance companies and pension funds also have been long-time players in that lending.
But that financing has been drying up. Some large lenders are scaling back and many institutional investors, who are stilling seeking to overcome losses on subprime residential loans, are reducing their overall real estate investments.
Data from the Commercial Mortgage Securities Association shows the huge decline in the CMBS market.
A record $230 billion in loans were packaged into CMBS deals in the United States in 2007, according to that trade group.
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
Tuesday, July 28, 2009
Obama Tax Credit Drives South Florida Residential Sales
Prompted by the $8,000 Obama tax credit incentive, more than 86 percent of the nearly 16,000 residences under contract in South Florida as of July 27 are priced at $350,000 or less, according to a new report from Condo Vultures® LLC.
Discount buyers, many of which are purchasing for the first time to take advantage of the federal money, have entered into contracts to purchase 13,726 residences priced under $350,000 in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using Florida Association of Realtors data.
"President Obama's tax credit for first-time home buyers is having a strong impact on the South Florida housing market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Many buyers who had been waiting on the sidelines are actively in the market right now in hopes of purchasing a place before the program expires. In many cases, the demand for correctly priced residential product is so strong that sellers are receiving multiple offers from qualified buyers."
First-time home buyers who close on a home before Nov. 30 can apply for a $8,000 federal tax credit that need not be repaid as long as single-family house, condo unit, or townhouse remains the purchaser's primary residence for 36 months, according to the Internal Revenue Service's Form 5405.
Individuals in the market today are encouraged to attend tonight's free Condo Vultures seminar entitled First-Time Home Buyer Dos and Don'ts from 5.30 pm to 8 pm July 28 at the Doubletree Grand Hotel in Greater Downtown Miami. Registration is required.
A huge crowd is expected to turn out for an all-star panel of experts who will discuss what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
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
Discount buyers, many of which are purchasing for the first time to take advantage of the federal money, have entered into contracts to purchase 13,726 residences priced under $350,000 in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using Florida Association of Realtors data.
"President Obama's tax credit for first-time home buyers is having a strong impact on the South Florida housing market," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Many buyers who had been waiting on the sidelines are actively in the market right now in hopes of purchasing a place before the program expires. In many cases, the demand for correctly priced residential product is so strong that sellers are receiving multiple offers from qualified buyers."
First-time home buyers who close on a home before Nov. 30 can apply for a $8,000 federal tax credit that need not be repaid as long as single-family house, condo unit, or townhouse remains the purchaser's primary residence for 36 months, according to the Internal Revenue Service's Form 5405.
Individuals in the market today are encouraged to attend tonight's free Condo Vultures seminar entitled First-Time Home Buyer Dos and Don'ts from 5.30 pm to 8 pm July 28 at the Doubletree Grand Hotel in Greater Downtown Miami. Registration is required.
A huge crowd is expected to turn out for an all-star panel of experts who will discuss what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
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
Monday, July 27, 2009
Free First-Time Home Buyers Seminar On Tuesday
Individuals planning to attend Tuesday's First-Time Home Buyers Dos and Don'ts seminar are encouraged to register as soon as possible for the free event given the strong response.
With the $8,000 first-time home buyers federal tax credit scheduled to expire in November, many purchasers are scrambling to figure out how to qualify for the Obama administration incentive before the offer disappears.
Many of the answers will be provided at Tuesday's Condo Vultures® seminar on what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
"The combination of the Obama tax credit and decreasing inventory in the $350,000 and under category is making this a competitive time for buyers in South Florida, especially on product located in coastal areas," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy 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. 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
With the $8,000 first-time home buyers federal tax credit scheduled to expire in November, many purchasers are scrambling to figure out how to qualify for the Obama administration incentive before the offer disappears.
Many of the answers will be provided at Tuesday's Condo Vultures® seminar on what every first-time home buyer needs to know before purchasing a deeply discounted residence in South Florida.
"The combination of the Obama tax credit and decreasing inventory in the $350,000 and under category is making this a competitive time for buyers in South Florida, especially on product located in coastal areas," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy 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. 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
Sunday, May 3, 2009
US Bank Failure Losses Top $5 Billion In 2009
Federal regulators shut three more institutions on May 1, increasing the total estimated losses related to failed bank in 2009 to more than $5 billion, according to a report by Condo Vultures® LLC.
In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp.
"Our research indicates that taxpayers have lost an estimated $5.3 billion this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "This means that taxpayers are losing about $1.33 billion per month or $11 million per day due to bank failures. Based on this pace, it is not difficult to envision losses in 2009 at least equaling those of 2008, which would put us in a range of $30 billion of bank failures in two years."
In the most recent seizures, regulators closed Silverton Bank in Georgia with assets of $4.1 billion, America West Bank in Utah with assets of $299.4 million, and Citizens Community Bank in New Jersey with assets of $45.1 million.
The trio of bank failures increases the total number of failed institutions to 32 in the first four months of 2009, according to Condo Vultures®.
In the first quarter of 2009, regulators shut 21 institutions with combined assets of $9.6 billion and deposits of $7.9 billion.
The estimated losses incurred with the first quarter closures are at least $2.3 billion, according to the report.
In the first month of the second quarter, regulators have already closed 11 institutions with combined assets of $9.7 billion and deposits of $7.6 billion.
Losses associated with these bank failures are estimated at $3 billion, 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
In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp.
"Our research indicates that taxpayers have lost an estimated $5.3 billion this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "This means that taxpayers are losing about $1.33 billion per month or $11 million per day due to bank failures. Based on this pace, it is not difficult to envision losses in 2009 at least equaling those of 2008, which would put us in a range of $30 billion of bank failures in two years."
In the most recent seizures, regulators closed Silverton Bank in Georgia with assets of $4.1 billion, America West Bank in Utah with assets of $299.4 million, and Citizens Community Bank in New Jersey with assets of $45.1 million.
The trio of bank failures increases the total number of failed institutions to 32 in the first four months of 2009, according to Condo Vultures®.
In the first quarter of 2009, regulators shut 21 institutions with combined assets of $9.6 billion and deposits of $7.9 billion.
The estimated losses incurred with the first quarter closures are at least $2.3 billion, according to the report.
In the first month of the second quarter, regulators have already closed 11 institutions with combined assets of $9.7 billion and deposits of $7.6 billion.
Losses associated with these bank failures are estimated at $3 billion, 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
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