South East Florida free foreclosure property list - Fisher Island Tops Weekly Foreclosure List

South East Florida free foreclosure property list

The Golan Team (786-333-6200) synonymous with the sales of Luxury Waterfront Condos recently launched a dedicated foreclosure site at www.southfloridaluxuryforeclosures.com. This site instantly proved as a huge success as many people signed up to receive a free weekly foreclosure list of all luxury properties in Dade and Broward county that are now owned by the Bank or Lender.

Many people think that Foreclosures only exist in the lower end market but this is as far from the truth as it can be. This downturn in the market has hit everyone. Look what tops this week’s Foreclosure list.

Fisher Island 4 Bed Foreclosure (Fisher Island Foreclosure)

This 4000+ sf 4 bed 4.5 bath condo is located on what is deemed as one of the most exclusive addresses in South Florida if not the country. Fisher Island is a private island that is not even accessible by car!!! Residents must take a ferry to and from their residences to the mainland (South Beach/Miami Beach). To live here is not for the faint hearted. Besides the enormous monthly charges (here it is $5,409/quarter) there is a mandatory joining of the Golf and Country Club (try a $250,000 fee) , Property taxes in excess of $56,000 annually as well as other incidentals such as electricity, phone etc. Though this may seem a very steep carrying cost for some, this unit is a relative “Super Bargain” for Fisher Island. Just recently the same unit was asking $3.2m and back in 2008 it featured a price tag over $4m!!!!

This week there were 24 luxury condos that came on the market as Foreclosures and there were 10 new Foreclosed homes that hit the market .

Here are the condos

New Condo Foreclosures Week of May 17

Here are the homes

New Home Foreclosures Week of May 17

If you would like to subscribe to our free weekly Foreclosure list please click here and submit your information

http://www.southfloridaluxuryforeclosures.com/

For general questions please email us to info@golanteam.com

Are Developers Bankers? Are Bankers Developers?

In the past it was so simple. You needed a loan you went to a Bank. You needed to buy property you went to the Developer. Nowadays this line has been totally obscured. Last week, Stephen Ross of The Related Companies applied to form a bank. Here the Developer has now decided to become the Bank. Then you have several banks that have foreclosed on projects and are now selling them at discounted rates to Bulk Buyers and other investors. There the Banks have become the Developers/

Honestly, being in Real Estate has never been more tricky or confusing. Last Friday evening the FDIC closed the doors of Chicago Bank, Corus Bank. Corus Bank like so many of the other 92 banks that have failed this year invested heavily in Condo Construction Loans. In fact in just our area of South Florida they financed over $3,000,000,000 Yes that is THREE BILLION DOLLARS of construction loans. Notable projects include:

$288,115,000 for the construction of Jade Ocean in Sunny Isles Beach..
$216,000,000 for the downtown Paramount Bay
$191,800,000 for The Mint Downtown
$130,400,000 for The Ivy Downtown
$139,000,000 for Trump International Hotel and Tower in Fort Lauderdale
$135,000,000 for Phase II at the Continuum in South Beach
$130,000,000 for Artech in Aventura
$124,700,000 for the Caribbean in Miami Beach (note the outstanding balance of this loan was just settled for $50m by a NY investor)
$86,000,000 for Hampton South in Aventura
$83,175,000 for The Akoya in Miami Beach
$42,272,000 for The Solis in Sunny Isles Beach
$30,298,000 for The Peninsula in Aventura


Currently the FDIC is deciding whether to divide the bank’s assets and liabilities into Real Estate holdings and Bank holdings. Whichever way it goes, I guarantee you are going to see a feeding frenzy of Developers or Deep Pocket investors who will prance on the chance of buying these loans at a few cents on the Dollar. If this happens one can only ask how it will affect the pricing of this units still to come on the market. If you remember an earlier blog we did on the state of affairs in the Brickell area we discussed the construction of 23,000+ units in the last five years. Already almost 50% of these units are available for sale or resale (through the Developers or through the Multiple Listing Services) and we have seen Bulk Deals going for as low as $150/ft.

As a seasoned Real Estate team we can definitely say the opportunities out there are like nothing you have ever seen before. You need patience, education but there are definitely opportunities for the taking.

If you are interested in discussing your Real Estate needs further, call us at 786-333-6200, post a comment or email us confidentially at info@golanteam.com

Inside Word on Oceanfront Foreclosures in Sunny Isles Beach, Florida

For the last 4+ years, Paramount Beach has been trying to sell condos in its prime oceanfront location in Sunny Isles Beach, Florida. It had purchased 2.2 acres of oceanfront property at 16901 Collins Avenue. The plan was for a 47 story building consisting of 232 units. The sales office showed elaborate models, brochures and floorplans. No construction was started at the property location.

In February this year, iStar FM Loans sold the delinquent mortgage to Sunny Isles Property Holdings, which is managed to Carlos Mattos. This past Tuesday the group won a $26.2 million judgement. According to sources, this will give Mattos’s company the inside track at taking the property at the public sale on Sept 4 in the Miami-Dade County Courthouse.

You may recognize the Mattos name. He has been very active in Miami Real Estate recently. On June 17, 2009 a company affiliated with Mattos paid about $6 million for 31 units at 1060 Brickell Avenue, in Miami. Another company affiliated with his business partner, Jorge Mattos recently paid $5.7 million for 21 units at Marina Blue in Marina.

This is not the only foreclosure on the beach in Sunny Isles Beach, Florida.
BankFirst has also filed an $11.7 million foreclosure lawsuit against the developer of the proposed Regalia condominium in Sunny Isles Beach.

The Minneapolis-based bank filed the foreclosure action on June 15, 2009 against Aventura-based Regalia LLC and company members Jerold M. Kaufman, Abraham Cohen, Paul C. Murphy and Avra J. Jain, according to Miami-Dade County Circuit Court records. The action targets the vacant 1.14-acre beachfront site at 19505 Collins Ave. in Sunny Isles Beach.

Regalia got approval to build the 43-story, 40-unit condo, but construction never got under way. The preconstruction prices were from $6.3 million to $14.5 million for the 5,515-square-foot units with 2,100 square feet of balcony space.

BankFirst’s lawsuit also names British Virgin Islands-based Kannon Investment Business, which gave Regalia a $5 million second mortgage.

Regalia bought the site in 2001 for $9 million.