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 DatabaseTM.
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 ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM 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 MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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 DatabaseTM.
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 ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM 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 MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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 DatabaseTM.
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 ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM 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 MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
Early estimates in response to dozens of lawsuits have determined that defective Chinese drywall is present in at least two percent of the 20,000 single-family houses developed in Florida between 2006 and 2007 by Miami-based homebuilder Lennar Corp.
The number of defective residences may grow even higher as Lennar's research has just begun to determine how many other homes the Miami company built in earlier years in Florida that contain Chinese drywall, which causes metal corrosion, foul smells, and physical irritation to some individuals.
Lennar initiated the research for Chinese drywall in response to 43 lawsuits from homeowners that have been filed against the homebuilder in state and federal courts.
"The company is currently unable to reasonably estimate its future exposure relating to defective Chinese drywall," according to Lennar's second quarter filing with the Securities and Exchange Commission. "However, the company is continuing its investigation of homes it delivered during the relevant time period in order to determine whether there are additional homes, not yet inspected, with defective Chinese drywall and resulting damage."
Based on the initial findings, Lennar has set aside nearly $40 million to repair about 400 single-family houses in Florida with the defective drywall but is prepared to increase that amount based on future findings, according to the SEC filing.
Florida is estimated to have about one-third of the 100,000 single-family homes constructed nationwide with defective Chinese drywall, according to CondoVultures.com.
This estimate does not include defective Chinese drywall that may have been used to build out some of the high-rise condo towers that were developed throughout the state during the boom years of 2003 to 2007.
At least one high-end condo tower in Greater Miami is known to have defective Chinese drywall present and several other new skyscrapers are suspected of also having the defect present, said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
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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 ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM 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 MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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."
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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 ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM 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 MiamiTM and Miami's Great Condo Crash: A Chronicle of the Boom and BustTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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