BSBH Miami Real Estate Blog http://blog.bsbh.com Miami - South Beach - Miami Beach Real Estate Mon, 21 Dec 2009 21:39:47 +0000 http://wordpress.org/?v=2.6.3 en BsbhMiamiRealEstateBloghttp://feedburner.google.com HSBC Premier Fixed Rate Jumbo Product http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/TqeafYMaKfA/ http://blog.bsbh.com/?p=150#comments Mon, 21 Dec 2009 21:39:47 +0000 Bryan Sereny http://blog.bsbh.com/?p=150

Program highlights include:
• 15 year and 30 year Fixed Rate options
• Jumbo loan amounts from $417,001 to $5MM
• 12 month reserves for loan amounts below $3,000,000
• Allows subordination for existing HSBC and third party Home Equity lines
• Rate discount option for customers selecting Auto Pay and having a current, valid, US credit score.
• Product available in 48 contiguous states and Hawaii
• Revised foreign borrower requirements to improve customer experience and leverage HSBC relationships for existing International Premier clients
• Fixed products options exclude Stated Income, Interest Only and Investor Properties.

Today’s rates are as follows:
30 year fixed: 6.125%
15 year fixed: 5.625%
3/1 ARM: 4.375%
5/1 ARM: 5.000%
7/1 ARM: 5.500%
10/1 ARM: 5.875%

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]]> http://blog.bsbh.com/?feed=rss2&p=150 http://blog.bsbh.com/?p=150 Continuum 1009 - Closed Sale http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/8uyeOOx_yX8/ http://blog.bsbh.com/?p=143#comments Sat, 12 Dec 2009 02:21:34 +0000 Bryan Sereny http://blog.bsbh.com/?p=143

The BSBH Team does it again.  Earlier today we closed the sale of Continuum South Beach 1009 for $1,305,000 - aproximatley $825/sq ft.

 


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]]> http://blog.bsbh.com/?feed=rss2&p=143 http://blog.bsbh.com/?p=143 Latest News from Ten Museum Park http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/KbPj7Z5Eaf0/ http://blog.bsbh.com/?p=136#comments Mon, 16 Nov 2009 17:26:43 +0000 Bryan Sereny http://blog.bsbh.com/?p=136

 
Ten Museum Park is a bay facing Miami condo development located at 1040 Biscayne Boulevard in Miami’s “Arts and Entertainment District”.  This new Downtown Miami luxury condo sits across the street from Bicentennial Park Museum Park which is boarded by Miami’s Performing Arts Center, American Airlines Arena, Biscayne Bay and Biscayne Boulevard.  Unique in that all bay facing east facing condos are 2-story lofts, Ten Museum Park offers spacious lofts not typically found in a skyscraper.

At Ten Museum Park, the sale of 5,394 sq ft Ph 4603 has closed for $1.35M or $250.27 sq ft.  The list price for this now sold condo was $1.895M.  This sale, which closed on 11/6/2009, illustrates how fantastic deals are happening in Downtown Miami. PH 4603 is one of only two direct bay facing Penthouses that have pools on the top of Ten Museum Park.

 
I can’t help but ask the following question: Is it possible to purchase a Penthouse of this caliber at this $/sq ft in any other city in the USA?

View all currently listed unit at Ten Museum Park

Contact us today for more information about Ten Museum Park – 305.531.3300

 

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]]> http://blog.bsbh.com/?feed=rss2&p=136 http://blog.bsbh.com/?p=136 Florida Population Shrinking http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/u-RWVIE_mkk/ http://blog.bsbh.com/?p=131#comments Sun, 15 Nov 2009 18:13:20 +0000 Bryan Sereny http://blog.bsbh.com/?p=131

In the peak of the pre-construction sales boom (2003 – 2006), I recall the typical Miami Condo Developers sales pitch was centered on a government census forecasting a net in-migration expected to be 500,000 in 2010.  This played a big part in luring would be investors into “investing” in tens of thousands of condominiums.  Interestingly, I just came across an article published by the Sun Sentinel stating “for the first time since World War II, Florida’s population will actually shrink — by about 60,000 residents, state demographers estimate.”  This article is quite telling about the future of Florida’s real estate market (at least in the short term) and its tie to the state economy. 


Read article Here  

 

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]]> http://blog.bsbh.com/?feed=rss2&p=131 http://blog.bsbh.com/?p=131 900 Biscayne Bay $148m mortgage sold to investment firm managed by a Cayman Islands trust company. http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/pSUg-PmXgZU/ http://blog.bsbh.com/?p=125#comments Fri, 13 Nov 2009 19:12:10 +0000 Bryan Sereny http://blog.bsbh.com/?p=125

On October 27th Hypo Real Estate Capital Corp. sold the mortgage on 900 Biscayne Bay in Downtown Miami to Roost Investments Limited.

What does this mean for the developer that still holds 244 units and the 256 owners that have already closed?  If what has transpired in many neighboring buildings is a barometer of things to come, we could see a significant price reduction to spur sales.

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]]> http://blog.bsbh.com/?feed=rss2&p=125 http://blog.bsbh.com/?p=125 Tax Credit For First-time Home Buyers Extended http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/zfJ8lZR5ybg/ http://blog.bsbh.com/?p=127#comments Thu, 05 Nov 2009 17:53:27 +0000 Bryan Sereny http://blog.bsbh.com/?p=127

- $8,000 credit for first-time homebuyers extended until April 30, 2010.

- $6,500 tax break for existing homeowners (new) who want to move up to a new home, as long as they have lived in their current residence for 5 consecutive years out of the last 8.

“The Senate on Wednesday voted to extend and expand a tax credit for homebuyers as an added boost for the recovering real estate market, and also approved a provision to continue giving aid to the long-term unemployed.

The measure, adopted on a 98-0 vote, also would extend and expand a tax benefit for businesses with losses. The House is expected to follow suit within days, and President Barack Obama is expected to sign it into law.

To keep fueling the real estate rebound, the legislation would extend the $8,000 credit for first-time homebuyers until April 30. It is set to expire at the end of the month. It also would provide a new $6,500 tax break for existing homeowners who want to move up to a new home, as long as they have lived in their current residence for five consecutive years out of the last eight.

The bill also would increase the level of qualifying incomes to $125,000 for individual tax filers and $225,000 for joint filers. Those earning up to $145,000 individually or up to $245,000 jointly would receive a smaller credit that decreases as income rises. The tax credits apply to home purchases of $800,000 or less.”

More

 

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]]> http://blog.bsbh.com/?feed=rss2&p=127 http://blog.bsbh.com/?p=127 Starwood Capital purchases Corus Bank Portfolio http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/wStQTnml6mA/ http://blog.bsbh.com/?p=120#comments Tue, 06 Oct 2009 15:14:41 +0000 Bryan Sereny http://blog.bsbh.com/?p=120

“A group led by Barry Sternlicht’s Starwood Capital investment company has won the bidding for the assets of failed Corus Bank, taking advantage of a complex financing package crafted by the Federal Deposit Insurance Corporation to make an aggressive offer.

The purchase price of about $550m values the assets of the Chicago-based bank – which specialized in loans to condominium projects – at about $2.5bn, or about half the $5bn face value of its loans.”

What impact will this have on the local condo market?  I forsee Starwood foreclosing on the many nonperforming loans in the Miami area, re-pricing and bringing the projects back to market.  For example, Paramount Bay which has been marketed as one of the top 3 most luxurious condos in the new Downtown Miami is part of this portfolio. Paramount Bay has not been selling at $600+ / sq ft and the developer is upside down.  With a new low basis, Starwood will come in and lower prices several $100/sq ft.  In the end, this will greatly improve the market for buyers looking to purchase at prices previously unavailable.

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]]> http://blog.bsbh.com/?feed=rss2&p=120 http://blog.bsbh.com/?p=120 Everglades on the Bay Enters Bankruptcy http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/LDTsG43GGzA/ http://blog.bsbh.com/?p=114#comments Wed, 19 Aug 2009 20:47:46 +0000 Bryan Sereny http://blog.bsbh.com/?p=114

South Florida Business Journal

One of the highest-profile condominium projects in downtown Miami, the 506-unit Everglades on the Bay, has filed for Chapter 11 bankruptcy protection.

The bankruptcy petition, filed by Cabi Downtown LLC Developers, listed $100 million to $500 million in liabilities and 200 to 999 creditors.

The original $256 million construction loan on the twin-tower project was made by Bank of America. The mortgage had a November 2008 maturity date that was extended a couple of months to Feb. 18.

An April 3 South Florida Business Journal article said the project was swamped with issues, such as contractor liens and reluctant buyers.

Gryphon Construction LLC of Fort Lauderdale was listed as having the largest unsecured claim, at $912,272, which was termed disputed. It was followed by Miami-based law firm Siegfried, River, Lerner De La Torre & Sobel, at $395,456, and Holly Sime Realty of Miami, at $193,750. The Holly Sime claim was also termed disputed.

Bank of America was listed as a creditor without showing the amount owed to it. Many individual creditors were also listed. The petition was filed Tuesday as a single asset real estate bankruptcy, which typically means the bank holding the primary mortgage on the property can have the bankruptcy dismissed in 90 days if a suitable reorganization plan is not approved.

The project, at 244 Biscayne Blvd., on the site of the former Everglades Hotel, sits among a handful of other high-profile condo projects on downtown Miami’s main thoroughfare. The city is suffering from a glut of units from a now-crashed building boom.

Sales of Everglades on the Bay units started in 2004. However, the developer soon returned buyer deposits because of rising construction costs.

On Jan. 26, 2008, Cabi CEO Jacobo Cababie died, prompting a management change.

Elias Cababie, chairman of Mexican development giant GICSA, took over as head of Cabi, the U.S. subsidiary of GICSA. The bankruptcy petition is signed by Elias Amkie Levy, as a manager of Cabi.

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]]> http://blog.bsbh.com/?feed=rss2&p=114 http://blog.bsbh.com/?p=114 Latest News At Parc Lofts Condo In Maimi http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/EYMB_qkPS8A/ http://blog.bsbh.com/?p=105#comments Mon, 10 Aug 2009 14:28:46 +0000 Bryan Sereny http://blog.bsbh.com/?p=105

Parc Lofts is a Miami Loft development located at 1749 NE Miami Court. This Downtown Miami Loft Condominium sits just a few blocks west of Biscayne Bay at the crossroads of the Wynwood Arts District and the 24-hour Arts and Entertainment District.

Recently, Parc Lofts #207 sold for $210k ($165/sq ft), which was a 1,267 sq ft loft. The listing price for this sold condo unit at Parc Lofts was $210k – a short sale.  Parc Lofts #310 also just sold for $105k ($125/sq ft), which was a 835 sq ft loft – a short sale as well.  This is a good indication that Parc Lofts condos have found their bottom pricing in the low to mid $100’s per square foot which is a great buy in Miami’s Downtown area.

Parc Lofts Condo is comprised of 72 industrial designed lofts ranging from 7610-5,000 sq ft. Each loft unit at the Parc Lofts features easy elevator access, private balconies, secured garage parking, fitness center, front desk concierge services, and spacious pool & garden.

Interior features in Parc Lofts condos include 15 foot ceilings on floors 1-3, 20 foot ceilings on floors 5-6, exposed AC and air ducts, impact glass windows, dramatic uninterrupted wall spaces for art. Parc Lofts kitchens come with either red or tan Italian style cabinets with concrete countertops and stainless steel appliances. Bathrooms at Parc Lofts feature New York Subway Tile floors and wet walls.

To view available condos open this link: Parc Lofts Miami

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]]> http://blog.bsbh.com/?feed=rss2&p=105 http://blog.bsbh.com/?p=105 1800 Club Developers sells out of all 3-beds http://feedproxy.google.com/~r/BsbhMiamiRealEstateBlog/~3/80gPORWCJzA/ http://blog.bsbh.com/?p=103#comments Thu, 06 Aug 2009 21:56:01 +0000 Bryan Sereny http://blog.bsbh.com/?p=103

In just a matter of a few months, the developer of The 1800 Club has made quick progress at selling their remaining inventory.  With roughly 35% of their pre-sold condos having defaulted, the Miami based developer BCOM was faced with the daunting task of moving condos at the worst possible time.  Together with Majestic Properties, BCOM came up with a simple strategy - price the inventory to sell by the end of 2009.  On track to do just that, the last 2,200 sq ft 3-bed “01-line” was put in contract just this week.  Now only a few months into their new sales venture, about one third of their remaining inventory has been sold.  So much for the market in Downtown Miami being at a stand still.  If you want to sell, its just a matter of pricing it right!


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]]> http://blog.bsbh.com/?feed=rss2&p=103 http://blog.bsbh.com/?p=103