A Miami Beach company headed by Jorge Mattos has purchased 21 units in the Marina Blue condominium tower in Downtown Miami for $5.69 million in an all-cash deal involving the project's former mezzanine lender, according to a new report from Condo Vultures® LLC.
A newly formed Florida corporation called 21 Marina Blue LLC with Mattos as the manager purchased 13 two bedroom units, seven one-bedroom units, and a three-bedroom penthouse for a blended price of $196 per square foot on a deal that was recorded on June 23, according to Condo Vultures® research.
Mattos is a business partner of Carlos Mattos who purchased 31 units for $6.1 million in mid-June at the 1060 Brickell condominium tower in Miami's Brickell Avenue financial district, according to a recent Condo Vultures® report.
Carlos Mattos' 1060 Brickell Apartments LLC paid $203 per square foot for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space, according to Condo Vultures®.
"This is the second bulk deal to close in the Greater Downtown Miami area in the last month," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "Once again, the buyer is a private equity group with roots and investments in South Florida."
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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. Our new books, the Official Condo Buyers Guide to MiamiTM , Miami's Great Condo Crash: A Chronicle of the Boom and BustTM , and First-Time Home Buyers Guide To South FloridaTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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 MiamiTM 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 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. Our new books, the Official Condo Buyers Guide to MiamiTM , Miami's Great Condo Crash: A Chronicle of the Boom and BustTM , and First-Time Home Buyers Guide To South FloridaTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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 MiamiTM.
"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 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. Our new books, the Official Condo Buyers Guide to MiamiTM , Miami's Great Condo Crash: A Chronicle of the Boom and BustTM , and First-Time Home Buyers Guide To South FloridaTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
Nearly 900 residences in the Vultures DatabaseTM have closed in the first five months of 2009 at an average discount of $357,500, or nearly 54 percent, a dramatic change from the average price reductions of 44 percent in 2008 and 29 percent in 2007, according to a new report from Condo Vultures® LLC.
Buyers closed 232 single-family houses, condos, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties in May for a daily average of 7.5 transactions. In April, buyers closed an average of 7.0 properties per day. The running average in the first five months of 2009 is 5.9 closings per day on properties in the Vultures DatabaseTM, according to the report.
"Discount investors and first-time home buyers are having a noticeable impact on the coastal residential real estate market in South Florida," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Half of the transactions involving properties in the Vultures DatabaseTM have closed in the last two months. We anticipate the pace will continue at the same level, if not stronger, throughout the summer if conditions remains the same."
In its third year of monitoring South Florida discounts, the Vultures DatabaseTM is comprised of nearly 3,800 condos, townhouses, and single-family houses actively for sale east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties that have been reduced in price by at least 10 percent and/or $100,000.
Discounts are proving to be the single-most important factor in determining whether a property is sold or not. With conventional financing difficult to obtain, the majority of today's buyers are selectively purchasing with cash or the assistance of government-backed programs, such as the Obama $8,000 tax credit for first-time home buyers.
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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. Our new books, the Official Condo Buyers Guide to MiamiTM , Miami's Great Condo Crash: A Chronicle of the Boom and BustTM , and First-Time Home Buyers Guide To South FloridaTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
Resale residential inventory in the Greater Fort Lauderdale area is shrinking at a faster rate than is the case for the South Florida region, according to a new report from Condo Vultures® LLC.
Resale inventory in Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, is down 30 percent to nearly 26,000 single-family houses, condos, and townhouses in the last seven months dating back to Thanksgiving week.
By comparison, South Florida inventory is down 25 percent for the tri-county region. Resale inventory has fallen by 26 percent in Miami-Dade County, where Miami Beach, Coral Gables, and Aventura are located, and by 19 percent in Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, according to the report created using Florida Association of Realtors data.
"Broward County is South Florida's middle ground in terms of location and price point between expensive Miami and more reasonably priced West Palm Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is not uncommon for dual-income families to have one person working in the Miami area and the other in Broward and/or Palm Beach. In these situations, Broward is often times the place where the families ultimately decide to buy given the lower price compared to 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. Our new books, the Official Condo Buyers Guide to MiamiTM , Miami's Great Condo Crash: A Chronicle of the Boom and BustTM , and First-Time Home Buyers Guide To South FloridaTM 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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