An unbelievable new concept in living: Porsche and Dezer unite to create a masterpiece

Living on the Ocean in Sunny Isles Beach, Florida is already heaven on earth...the luscious silky sand beach, the endless ocean views, some of the top restaurants and shopping at your doorstep..luxury condo living...what more could you want?

How about being able to park your car outside your door ...even if you are on the 57th floor???!!!!

Well that is the new concept building that has been approved by the City of Sunny Isles Beach and is being designed by none other than the ultimate in car design ..PORSCHE. In conjunction with Dezer Properties the company that has already bought us such trophy properties as Trump Towers I,II,III, Trump Palace & Trump Royale, the Porsche Design Group are planning a 57-story residential tower with a robotic parking system so condo owners can park beside their units.

The 132-unit tower marks Porsche's inroad into residential.

The building will feature three circular platforms at the building's center that operate as "passenger-speed automobile elevators" outfitted with sensors to navigate to the correct floor. The vehicles will then be parked at one of 284 robotic parking spaces adjacent to owners' units.
"Our development team is confident this building will serve as a catalyst for other Porsche Design Towers throughout the world," said Gil Dezer, president of the New York- and South Florida based Real Estate Development Company.

Porsche Design Tower's units will range from 3,800 square feet to 9,500 square feet. More than half of the units will feature a duplex lay-out, with ocean-facing units including a private pool. The units are expected to range from $2.9 million to $9 million.

The building will be constructed on a 2.2 acre tract the Dezer family own at 185th and Collins.

If you want more information on this project, please drop The Golan Team a note here.. or call us at (001) 786-333-6200

Miami Beach - Fort Lauderdale New Foreclosures Hit the Market

Every week The Golan Team send out a free report on the latest Foreclosures of homes and condos in the area so you can be the first to find the best deal.

This week foreclosures are listed below. In order to access them, please click on the links below and scroll between the properties using the arrows on the top left.


Single Family Home Foreclosures Week of July 26


Condos and Townhomes Foreclosures Week of July 26


If you are interested in subscribing and having these reports sent directly to your email please fill in the request form at http://www.southfloridaluxuryforeclosures.com/

The Golan Team is headed by Eyal and Debra Golan a husband and wife team that have been selling luxury condos and single family homes in the South Florida for the past decade. Visit their website at www.golanteam.com or call them at 786-271-1235 to discuss your Real Estate needs

Weekly Foreclosure List

The Golan Team provides a free service to its clientele...A free weekly report of all new Single Family Homes and Condos Foreclosure report. See where the real deals are...If you already know where you want to buy whether it is in Miami Beach, Bal Harbour, Surfside, Sunny Isles, Aventura, Coconut Grove, Coral Gables, Fort Lauderdale, Hallandale, Hollywood or anywhere in Miami Dade or Broward county you can get this free list emailed to you weekly. You can even customize the search to meet your own needs.

To sign up click here: http://www.southfloridaluxuryforeclosures.com/

This week there were 11 new foreclosure condos and 14 new foreclosure homes. Just click on the link below and use the arrows on the top left to scroll from property to property.

If you like something call us to 786-271-1235 or drop us a note to foreclosures@golanteam.com and we will send you more information and schedule and appointment if you wish to see the property.

New Foreclosure Condos Listings

New Foreclosure Home Listings

Stay on top of the latest Foreclosures by subscribing to the Golan Team luxury foreclosure website.

The Golan Team is headed by Eyal and Debra Golan a husband and wife team that have been selling luxury condos and single family homes in the South Florida for the past decade. Visit their website at www.golanteam.com or call them at 786-271-1235 to discuss your Real Estate needs.

2010 Semi Annual Report for Condo Sales Miami Beach - Hollywood

Our last posting on www.southfloridacondosblog.com covered sales for the first six months of the year with regards to single family homes. Now The Golan Team presents you an analysis on condo and townhome sales since the beginning of the year.

The numbers are outstanding. In the areas that we cover and specialize in: Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, North Miami and North Miami Beach, Eastern Shores, Aventura, Golden Beach, Hallandale and Hollywood East, there have been a total of 2837 units sold just this past six months.

Here is the breakdown according to area: (ranked highest to lowest no. of properties sold)

1) Miami Beach – 927 units sold so far this year ranging in price from $16,000-$15,000,000
2) Aventura – 458 units sold so far this year ranging in price from $42,500-$2,350,000
3) Hallandale Beach – 452 units sold so far this year ranging in price from $26,555-$865,000
4) Sunny Isles Beach – 346 units sold so far this year ranging in price from $42,000-$4,700,000
5) Hollywood East – 308 units sold so far this year ranging in price from $30,625-$1,225,000
6) North Miami Beach – 114 units sold so far this year ranging in price from $16,500 - $399,000
7) North Miami – 104 units sold so far this year ranging in price $17,400 - $385,000
8) Bal Harbour – 48 properties sold so far this year ranging in price from $97,500-$8,700,000
9) Bay Harbor Islands – 40 properties sold so far this year ranging in price from $65,000 to $465,000

The market is definitely picking up. If you are interested in knowing today’s value of your condo or home, contact The Golan Team at info@golanteam.com or call us at 786-333-6200.

Super High End Condos Sales are Up in South Florida

Even though the Federal Tax Credit ended in April 2010, South Florida home buyers still signed contracts at a great pace in May, catapulting the number of pending home sales up 54 percent in Miami-Dade and 51 percent in Broward, compared to the same month last year. This month proves again what THE GOLAN TEAM (786-271-1235) has been saying,

We are at the bottom of the curve and Buyers are jumping off the fence to grab properties before the prices and inventory are not there anymore.

The figures reflect the surge of international buyers taking advantage of low real estate prices and favorable exchange rates, as well as first-time and existing buyers benefiting from record-setting affordability conditions.


How do all these numbers translate for our local communities where The Golan Team specializes and services their clients needs in the luxury Real Estate Market:

In the past 60 days 29 condos have closed in excess of $2.5m selling price, proving the luxury condo market is healthy and strong. Of these 29 properties the uber-luxury market is extremely healthy...

9 Uber-luxurious condos have closed in the past 5 weeks!!!

Setai condo PHB in South Beach - asking price $19,999,999 (4 bed 4 bath in 6208 sf) sold for $15,500,000

Santamaria Condo 4901 in Brickell - asking $12,900,000 (3 bed 5 bath in 10,000 sf) sold for $11,000,000

One Bal Harbour PH 2108 in Bal Harbour - asking $12,000,000 (4 bed 4.5 bath in 6200 sf) sold for $8,700,000

Fontainebleau II Condo PH-NO in Miami Beach - asking $9,800,000 (5 bed 5 bath in 4500 sf) sold for $9,000,000

Apogee Condo 904 in South Beach - asking $6,850,000 (4 bed 4.5 bath in 4,154 sf) sold for $6,550,000

Apogee Condo 1801 in South Beach - asking $6,795,000 (4 bed 3 bath in 4,154 sf) sold for $5,900,000

The Ocean Club (Tower 1) Unit 501 in Key Biscayne - asking $6,250,000 (4 bed 5.5 bath in 5403 sf) sold for $5,200,000

The Ocean Club (Tower II) Unit UPH4 in Key Biscayne - asking $5,500,000 (4 bed 6 bath in 5110 sf) sold for $4,800,000

Acqualina Condo PH4601 in Sunny Isles Beach - asking price $4,799,000 (5 bed 5.5 bath in 5735 sf) sold for $4,500,000

We will cover single family homes in our next posting.

If you are interested in purchasing or selling luxury condos or homes, please contact Eyal Golan at 786-271-1235 or write to us at info@golanteam.com.

Golden Beach gets $25 million makeover

Last week we (The Golan Team - 786-271-1235) were working with a Buyer that asked us about property in Golden Beach. He referred to the area as the Malibu of the East Coast. What a true statement!

Golden Beach is a small private oceanfront community of just 374 homes and lots. There are no multifamily buildings, no commercial enterprises and the number of residents are just over 900. This city which has its own police force and mayor has always been a magnet for the incredibly rich and famous. It has boasted such past celebrity residents as Eric Clapton and more recently Ricky Martin who paid $16.25 million for his oceanfront residence in 2007.

So what did they spend the $25m on?

Originally this almost 2 mile long city had no sidewalks on Ocean Blvd (A1A) so the city has now installed sidewalks, cleaned up the ragged street edges, planted fancy palms in the median of the street, installed fountains at both ends of the city and built parks as well a complete renovation to the Beach pavilion. The most ambitious project of all is that they spent $6.4m to replace to bury every pipe and electrical utility under ground in waterproof conduits which now include cable, power and power lines. thus rendering all power storm proof. (This has only ever been done in one other city - Jupiter Island). This process took three years to complete. It came about after years of residents complaining that after a storm they would have to wade through ankle-deep water to get into their $10m+ residences.

To protect the privacy of their oceanfront residents, the City is also installing new infrared cameras and motion detectors along the shore. According to long legal convention the homes on the oceanside also have the private rights to the Beach (the water though is public so if you stroll along Golden Beach make sure you keep your feet wet!!!). This has come about due to the paparazzi that hung around the beach behind Ricky Martin's House perhaps to get a glimpse or two at his new twins and snap a photo or two for the tabloids!

Golden Beach is one of the wealthiest enclaves in Miami -Dade County. Except for a small section (2 blocks) in mid-Miami Beach there are no other single family homes directly fronting the beach with private sand. The average homeowner pays $95,000 in annual property taxes. It is made up of an almost 2 mile stretch along the ocean and three man-made islands fronting the Intracoastal. Most homes in the community are waterfront with boat docks.

The town financed the project by agressively going after State Grants, collecting a $4 million Federal Emergency Management Agency (FEMA) grant after suffering extensive storm damage as well as enacting spending cuts as well as a $14 million bond issue. The residents and owners were not assessed anything for the renovation.

"We've come up with a great little machine here," says three term Mayor Glenn Singer. "It did not cost taxpayers an extra penny, and we're right on time and under budget."

The Mayor feels that the city of Golden Beach is already feeling the benefit of the changes. There are currently 13 homes under construction or renovation in spite of the current recession.

Current Golden Beach Listings:

There are 68 homes/homesites for sale in Golden Beach. They range in price for a 1600+ sf 2 bed home asking $499,900 to a double lot fronting 250 feet of the ocean asking $19,950,000

To see all listings click here and use the arrows on the top left to scroll between the listings

For Sale click: Golden Beach listings for Sale

There are currently 28 properties in Golden Beach for rent ranging in price from $299/mth - $50,000/mth. To view these listings -

For Rent click: Golden Beach listings for Rent

If you want to schedule an appointment to view any of these properties please call us at 786-271-1235 or drop us a note to info@golanteam.com

South Florida home sales and prices on the RISE!!!

It is truly a pleasure when we can quote a newspaper on positive news on the South Florida Real Estate market. Such is today’s story in The Miami Herald.

Entitled : South Florida home sales – and prices – rise .. Home sales and prices increased in April compared to the year before – a possible sign of stability in a long-shaky real estate market.

You can read the full article here: MIAMI HERALD - HOME SALES UP

Here are the key points:

1) Median sale price of existing homes in Miami-Dade County (up 8%) and Broward county (up 7%) increased compared with last April (2009).

2) The number of Home sales also crept up – Miami Dade County up 7% and Broward County up 11%. This was mainly fueled by bargains on troubled properties, low mortgage rates and a deadline for thousands of dollars in tax credits.

3) Condo Sales also had huge numbers over last year. In Miami Dade County 723 units were sold which represents a 33% increase over the same period last year. In Broward County number of condos sold topped at 1,077 – an increase of 30% over April 2009.

Let’s hope this trend continues and we see successful increases in number of properties sold as well as increases in prices.

If you are interested in purchasing property from South Beach to Bal Harbour, Sunny Isles Beach, Aventura, Hallandale or Hollywood please contact The Golan Team at 786-271-1235 or drop us an email to info@golanteam.com

Trump Towers, Sunny Isles Beach, Florida, 33160 – Sales Exceed $100,000,000

The most frequently asked question we at The Golan Team (786-271-1235) as well as we can guestimate most practicing Realtors are asked is, "Are things Selling?"

The answer is most astoundingly YES!!!

But YES - only at the right price.

Take in point TRUMP TOWERS, Sunny Isles Beach - this luxurious 3 building Oceanfront complex on the Southern end of Sunny Isles Beach almost stalled in sales a year and a half to two years ago when the Developers and their Sales Team were asking around $700+/ft. Those Buyers that had bought Pre-Construction were either walking away from their deposits or renegotiating their purchase prices in order to close. At the same time you had the Banks/Lenders breathing down the necks of the Developers to for repayment on their loans. The Developers started courting the Bulk Buyers. All in all only 157 units had sold out of a possible 813 units had sold. The Buyers started looking for better deals. Inventory was at an all time high. Fast forward 18 months to now, and the situation is clearly different.

The Dezers (Developer Michael Dezer and his son Gil) recently assumed a $265 million loan from a Development Partnership that included the Related Group with Wells Fargo serving as agent for a syndicate of 11 participating financial institutions. The project's three towers (each consisting of 271 units) have a combined 475 units left to sell. The have been 181 sold this year in price ranging from $550,000 - $1.9 million. The average price/ft is now at $414/ft with some units selling as low as $350/ft and others that have been decorated closing near $600/ft. This significant lowering of the price/ft have allowed the Dezers to surpass the $100 million mark in sales to date.

"We are confident our adjusted pricing is what has driven beyond expected results," says Gil Dezer president of Dezer Properties in an interview to Businessweek. "The ability to purchase a unit in a building as prestigious as Trump Towers for $350- $650/ft has generated unprecented response from a broad range of local, national and international Buyers."

He continues, "We have always felt that prime oceanfront property would be a signal of the strength of the recovery, as these types of units are so much of South Florida's appeal...""... and while the residential real estate market clearly has a ways to go to reach full recovery, these initial results have been very encouraging about the state of our industry, at least in Sunny Isles Beach."

At these prices, both end users, 2nd home vacation purchasers and investors are able to rejoin the marketplace and purchase oceanfront property.

If you would like us to send you floorplans of Trump Towers - send us your details to info@golanteam.com SUBJECT - Trump Tower Floorplans.

If you would like to schedule an appointment to view the property in person call us at 786-271-1235.

SUNNY ISLES BEACH TO BECOME HOME TO MAJOR ATTRACTION

The Golan Team (786-271-1235) who have sold many oceanfront condos in Sunny Isles Beach and have watched this magnificent oceanfront City rise from two story motels to soaring 50+ story condominium sky scrapers will now enjoy watching a new kind of construction.

The City of Sunny Isles Beach has agreed to move ahead on a five story 100,000 square foot aquatic center tied to the Miami Seaquarium.

"It's an outstanding project to have in our city, to be able to have that sort of national-type of attraction," said Mayor Norman S. Edelcup.

The location of the new Seaquarium will be across from the St Tropez on Sunny Isles Blvd West (163rd Collins crossroad). The center will be built and funded by Arthur Hertz, chairman and CEO of Wometco Enterprises Inc. and owner/operator of the Seaquarium on Virginia Key, and Eduardo Castiñeira, president and CEO of Axioma3Architects. The Wometco Aquatic Center is to include a garage, restaurants, shops, two banquet halls and three-story aquarium where stingrays may be petted. The garage is to handle 140 to 150 cars and banquet halls are to accommodate 1,000.

The public-private partnership would make the city landlord to Wometco, which would fund construction. Project cost was not discussed, Mr. Edelcup said, but he's "sure it's a significant number." Currently the site has a small shopping plaza, which the City owns. The City does not plan on renewing the leases of the current Tenants to make way for this project.

The project is just in the design phase. It is due to be completed in 2013. As construction progresses, we will keep you updated with photos and comments.

This project fits in perfectly with the City's comprehensive plan for that area as it is pedestrian-friendly, is an educational process, family-oriented, includes banquet halls and is unique in South Florida.

For more more information on buying or selling opportunities in Sunny Isles Beach contact the Golan Team at 786-271-1235 or drop us an email at info@golanteam.com .

Related Group beaten out on bid for Corus Bank’s Real Estate Assets

A couple of weeks ago we wrote a blog about Corus Bank (Are Developers Bankers? Are Bankers Developers?…). There were five major bidders up for the Real Estate Assets – Related Cos (parent company of Related Group of Florida (Jorge Perez), Colony Capital LLC, I Star, Lone Star Funds & Starwood Capital Group. Well the latter of all them, Starwood Capital Group and TPG (The Peninsula Group) are the winning bidders for the remaining assets of the now failed and defunct Corus Bank (taken over by FDIC on September 11, 2009).

The FDIC split the banking operations from its real estate holdings. According to The New York Times, the group bid $554 million for a 40% stake in the Corus real estate assets. The FDIC will retain the remaining 60% share. Corus represents the 90th bank to fail this year in the US. The blame is solely made around its loan portfolio that was based almost exclusively around condo projects in the once hot condo markets mostly in California, Florida & Georgia.

As of June 30, Corus held $4.42 billion in commercial real estate loans and $463 million in repossessed properties. At that time the bank reported that almost $3 billion of the outstanding loans were late or unpaid.

In Florida Corus holdings totaled $739 million in 15 different condo or condo conversion loans and a further $51.9m in one repossessed property (Tao project in Sunrise). Before it failed, the bank was able to sell its $44.1 million loan covering 41 unsold units at Onyx on the Bay in Miami and its $127.7 million loan covering 90 units at the Caribbean in Miami Beach. It had also successfully repossessed the 216 unit Aventine in Boynton Beach.

As Luxury Realtors specializing in Oceanfront and Intracoastal properties, we kept a special eye on the demise of Corus Bank as for us some of the bank’s most worthy assests were Jade Ocean Condominiums in Sunny Isles, Paramount Bay in Miami and the Trump International Hotel & Tower in Fort Lauderdale. Imagine these assets and others are now in the hands of the FDIC. Needless to say, the story is not yet over!!!

Out next blog will cover Jade Ocean Condominiums in Sunny Isles including exclusive photos and information.

For all your Real Estate needs in Southeast Florida count on the Golan Team (786-333-6200 or 786-271-1235), Your Luxury Realtors for Deserving Clients”

Happy New Year from The Golan Team

From our home to yours, and to those who celebrate, The Golan Team wishes you a Happy and Healthy New Year.

We thank you for all the business and support you have given us in the past and we look forward to continuing to work with you and your friends and family in the coming years as your Real Estate Agents.

Shana Tova (Happy New Year)
Eyal & Debra Golan
THE GOLAN TEAM
Keller Williams Realty
786-271-1235
786-333-6200
http://www.golanteam.com/

Do you need to appeal your property tax bill?

By now, everyone who owns property in either Miami-Dade county or Broward county should have received their Property Tax notice last week. Did your taxes go down? Did your taxes go up? With property values declining across the board, how is it possible that your property taxes have gone up?

There are two components to your Property Tax Notice. First is the ASSESSED VALUE and the second is MILLAGE RATE. The ASSESSED VALUE is where the counties base their tax bills on the “market value” which is the value of comparable properties in your neighborhood as of January 1, of this year. That means if there was a phenomenally low sale last month on a comparable property near yours that closed last month, it will not count until next year. Note that because foreclosure prices closed much lower than “traditional” home closings, the County Appraiser’s office has decided not to include them in their equation. If you want more information on this click http://www.miamidade.gov/pa/exempt_homestead.asp
or if you own property in Broward county go to http://www.bcpa.net/

The MILLAGE RATE – is how the county Property Appraiser determines the value of the property for tax purposes, the local taxing authorities (school board, commissioners, etc.) decide how much money is required to provide services and establish the millage rate . The Property Appraiser’s office does not determine the amount of taxes you pay. The taxes can increase or decrease depending on the millage rate set by the school board, commissioners, cities and other taxing authorities. The assessed value provides the base for this equation.

Therefore even if your property values have gone down (you should check on your notice the market/assessed value columns 2008 vs 2009) the millage rate could have gone up and that would cause an increase in your taxes due.

If you feel your taxes have been assessed wrong you must make a complaint by SEPTEMBER 18, 2009 latest.

In Dade county – click here to appeal
Or in person visit please visit one of their two Offices:
111 NW First St., 8th Floor, in downtown Miami

OR

10710 SW 211 St., 2nd Floor, in Cutler Bay

In Broward County - visit http://www.bcpa.net/ for information

If you own a House – call 954-357-6831
If you own a Condo – call 954-357-6832
If you own Commercial Property – call 954-357-6835

Remember the deadline is only 19 days away so do not delay if you want to appeal.

This blog has been provided as a free service from THE GOLAN TEAM. For all your Real Estate needs whether residential, commercial or investment. Contact us at 786-271-1235 or visit us at http://www.golanteam.com/. Interested in foreclosures – sign up for a free list of foreclosures at http://www.southfloridaluxuryforeclosures.com/ . Interested in subscribing to our blog – visit http://www.southfloridacondosblog,com/ and look for the subscribe box on the right hand side.

Red Light Traffic Cameras causing a Class Action Suit

If you have been driving around Aventura lately especially around the Golf Course you will have seen traffic cameras at almost every intersection. Well those traffic cameras are causing a big ruckus.

The cameras snap a photo of the car’s license plate, then the owners receive a citation in the mail.

Are they legal? Are they illegal?

In the past two weeks, several hundred drivers from throughout the state have joined class action suits filed against Aventura, Miami Gardens, Juno Beach and Orlando. Jason Weisser, an attorney leading this suit says he plans to file a lawsuit against Pembroke Pines, North Miami, Homestead and 16 other local governments in the next two weeks.

Critics have complained that red-light cameras violate driver’s due process and equal protection rights. Earlier this year, two separate lawsuits were filed over their use – one in Aventura and one in the Tampa suburb of Temple Terrace. The Aventura case is scheduled for judgement hearing on Nov 10.

The cities are claiming that the camera deters drivers from running red lights and are preventing accidents and saving lives.

Pembroke Pines Police Chief, Dan Giustino said before they installed the city’s camera at Southwest 129th Avenue and Pines Boulevard went live in April 2008, the City recorded 19 accidents over a 16 month period. Just nine wrecks have occurred over the past 16 months.

What do you think?
Post you comments at http://www.southfloridacondosblog.com/

SOUTH FLORIDA REAL ESTATE BULK DEALS

For the past two years the two buzz terms in Real Estate in South Florida have been “Foreclosure” or “Short Sale”. Buyers looking for deals or to buy below current market value were constantly looking for these two “adjectives” or what The Golan Team calls “qualifiers”. It was amazing there were Buyers out there that literally would only want to see properties with these criteria and then would decide of the choices they saw which one to take.

Now these buzz terms have taken a back seat to the newest buzz in the Real Estate world “BULK SALE”. A Bulk Sale is defined as an investor lead individual or group that purchases a group or Bulk of units ranging in numbers from a low quantity such as 10 units to 500+ units at a discounted rate. They are usually purchasing from the Developer units that either were never sold or were sold and not closed (due to lack of financing) and returned to the Developer. Some of these Bulk Deals are also being negotiated directly with Lenders who are looking to Foreclose on other Developers or on complexes that are in default. The Bulk deals are almost always "ALL CASH" scenarios. After the deal closes there are opportunities to obtain some financing.

According to our research over 1700 units have exchanged hands in the past year to year and a half as “Bulk Sales” in our local area (Dade, Broward, Palm Beach counties). Other smaller deals if included (smaller we classify as 10 or less) can take this number even higher.

Some of the highlight deals include:

1) July 2008 - 50 Biscayne (Downtown Miami, FL) – 146 units sold to a group of investors from Philadelphia (Lubert-Adler Partners LP) who joined Related group (the Developer) in this bulk sales @ $246/ft. ($36.4m) Shortly after closing they sold 10 units $367/ft.


2) January 2009 - Harbour House, Bal Harbour – a consortium of Related investors paid $277/ft for 101 units. Total purchase price was $27m. (Note the Related Group was said to have raised $1 billion in a consortium just to buy Bulk Sale Condo opportunities).

3) July 2009 - A South Florida private equity group, Elcom Condominium LLC paid $2.6 million to purchase 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex – Regent (now called Bal Harbour Hotel) and another $12 million for 67,031 square feet of hotel common areas and land. (This equates to approximately $135/ft average for the common area and hotel compared to the average selling price of $1100/ft that the Developer WCI Communities charged Buyers for preconstruction pricing at the One Bal Harbour Regent Hotel project.) Interesting to note, the day after this Bulk deal went through, the Regent Hotel chain pulled out of their contract to run the hotel. There are a total of 124 hotel condo units in the Regent/Bal Harbour Hotel.


Now there are two Bulk deals arising that are of interest

1) WCI Communities – the builder of the One Bal Harbour/Regent Bal Harbour project, is seeking court approval to hold a September 22, 2009 auction for its Pompano Beach condo complex. Currently a New York based company, Chetrit Group LLC is bidding $46.7 million. According to the Miami Herald , WCI Communities and it’s chairman, billionaire investor, Carl Icahn wants this $46.7m bid to be the opening bid at an auction A September 2, hearing has been requested for court approval of the auction proceedings. The Chetrit Group have been huge players in the Real Estate world and have been linked to bids and purchases of such iconic structures as the Sears Tower in Chicago ($840m sale), Roney Palace in Miami Beach (bid was $150m) and various iconic buildings in Manhattan.

2) The Related Group of Florida (whose iconic Condo King head is Jorge Perez easily the most recognizable name in South Florida Real Estate) associate company, New York Developer, Related Cos and the Lubert-Adler Partners LP of Philadelphia (you will recognize their name from the purchase of Bulk units at 50 Biscayne in Downtown Miami) have teamed up to bid on the assets of condo lender Chicago based, Corus Bank. A sale could be weeks away though according to the Wall Street Journal there are up to three other key bidders for these assets. Some of the most prominent condo projects in South Florida: Jade Beach and Jade Ocean Condominiums in Sunny Isles Beach, FL, the Trump International Hotel and Tower in Fort Lauderdale and Edge Condominium in West Palm Beach. All in all the assets could be as high as 6,400 condo units in South Florida.

The Golan Team are working with investors interested in purchasing Bulk Deals particularly on Oceanfront properties and Downtown Miami/Brickell area. We have identified several key opportunities for purchase. If you are interested, please contact us at 786-333-6200 or send an email with your requirements and preferences to debra@golanteam.com

Sunny Isles Beach building a four acre multi-use facility

Attention Sunny Isles Beach Residents (or future residents) – there is a fantastic new addition coming to this wonderful oceanfront community.

Construction for the brand new Heritage Park located at 19250 Collins Avenue will begin in about two weeks. Plans include a multi-use parking garage and a three-acre park. The space will feature a dog park, exercise trail, gazebo, basketball court, two tot-lots, a 500-space parking garage with office space, large green space and a picturesque entrance that will contain historical information and signage.

“I think it's going to be the gem of the city and truly magnificent,'' said City Manager Rick Conner said. He continued, ”There will be plenty of space for kids to run, throw a ball or play catch,''

The parking garage is scheduled for completion in June 2010, while the park is scheduled for completion by August 2010.

The Golan Team will keep you up to date with details on the construction. If you are interested in purchasing property in Sunny Isles Beach email us at info@golanteam.com

Buying a Property in South Florida - Weighing your options

There are so many Real Estate topics to write about that a blog can be a full time job!! With the information technology that exists whether you are a Realtor, a Buyer, a Seller or an Investor, there are literally thousands of articles, blogs, comments or sources one can turn too to educate or confuse (LOL) you more!!!

Real Estate is definitely changing and in my opinion, becoming more and more accountable. Buyers are not just buying “what they like” they are using more “scientific” methods to determine which property to purchase.

Case in point, we have been working with a Buyer over the last few weeks who came to Florida with his wife on a “property buying trip”. We spent two days appealing to their “senses” and showed them a variety of oceanfront condos from Bal Harbour across Sunny Isles Beach and up to Hallandale Beach. During this time all their decisions and comments were based on what they saw and what appealed to their physical senses. We needed this process to occur as it helps us determine where they want to live. At the end of this search, we finally settled on one particular building that answered their needs vis a vie to location & amenities. Now we reached the point of selecting a unit to make an offer on.

In the past at this point of beginning the process of making an offer, is when I am used to hearing all about the various aspects of one particular unit that wins over another unit. It could be the choice of flooring, a custom closet, particular lighting etc etc etc. Again, it is a continuation of the process of using their "senses" to purchase. However, in this situation and we are finding the same with a lot of the Buyers we are working with, this is not the case.

It has come down to Price per Square Foot or (PSF). The Price per Square Foot is calculated by taking the asking price and dividing it by the interior (under air) square footage of a property. For example if a property is asking $1,000,000 and is 2,000 sf under air (balconies or garages do not count in this equation), the PSF is $500/ft. I want to add two caveats here. The first is when one is getting ready to buy Real Estate you should look at not only the asking price/foot but also the closed sales prices/ft. Many times this number can be vastly different. The second point that I want to make is regarding quality and finishes. You will pay more PSF for a finished condo on the Ocean then a “Decorator Ready” unit (one that needs flooring, paint etc) and this should be factored in to your PSF. Always make sure you are comparing “like” properties in your analysis.

You should be aware of this especially if you are purchasing a property including financing. An appraiser only uses comparables of sold properties. So even if a property looks like “a great deal” and is priced much lower than competitive ones, check and ask what the sold comparables are and then judge if you have found that “great deal”. The properties that are moving and selling in this market are the ones that have priced themselves correctly against recent closed sales.

Foreclosure properties – those owned by the bank are mostly always priced below the last closed sale comparable. If you are interested in receiving a weekly list (for free) of all luxury foreclosures please subscribe here http://www.southfloridaluxuryforeclosures.com/

Sunny Isles Beach, Florida - Ocean III Unbelievable Buying Opportunity

The Golan Team (786-271-1235) are proud to present for sale at Ocean III in Sunny Isles Beach, Florida, this 3 bed 4.5 bath Oceanfront flowthrough residence on the 23rd floor with Direct Ocean & Intracoastal Views. From a private elevator enter directly into your private foyer. A separate laundry room is located just off this entrance. A double door entry leads into this magnificent residence that is almost 2700 sf under air. This condo features 3/4" mahogany floors throughout the living areas and bedrooms + marble in the kitchen and baths. The master suite includes his and her outfitted custom closets, his and her baths and a bedroom with direct ocean views. The kitchen features Miele and Subzero Appliances. The owners of this unit are the original owners but only used the apartment for a few months so you will see even the oven is brand new and never been used!!! Each bedroom has stunning views of the Ocean or the Intracoastal. They are all very spacious size rooms and feature en-suite bathrooms. Enjoy sunrises and sunsets from two very spacious balconies that can fit table, chairs, outdoor beds and lounge chairs. The views are magnificent and unobstructed. Just check out the pics below!!!

Ocean III is located on the upper end of Sunny Isles Beach. It is a beautiful building and amenities include a 2 story lobby, concierge, valet, gym, pool, full beach service, café restaurant, roof top spa and sun deck, party room, billiards and an Oceanside tennis court.

This residence was just reduced to $991,350 and is an excellent buy in this market. It is also not a short sale, so you can be rest assured for a quick response from the Seller and a quick closing if you desire.



Enjoy Roof Top Jacuzzi & Party Room

Living Room with Stunning Ocean Views Stunning Bay Views from Dining

Room, Kitchen & 2nd Bedroom


Elegant 2 story lobby & Concierge

IF YOU ARE INTERESTED IN SCHEDULING AN APPOINTMENT CALL 786-271-1235

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.

First Time Homebuyers Credit - $8000 you can use now to purchase a property.

July 4th has come and gone and I hope you all enjoyed the festivities and fireworks. Personally here in Aventura, Florida we had lovely fireworks though the weather was a little sticky and humid!!!

Well now that we’ve caught up on the festivities, thought I would share some more good news to all the first time home buyers out there (or the ones you may know). First off, let’s recap the definition of a “First Time Home Buyer”. These are classified as individuals who have not owned a “principal” residence in the last 3 years. This means that even if you own a vacation place or investment property you can still qualify. We first wrote about this in our blog on May 4th, 2009 (Do you want $8000? Buy a house and it’s yours!!!)

When this program first rolled out you needed to purchase your property and close by Nov 30, 2009. Then when you filed your taxes for the year you could apply for the credit. The credit went up to a maximum of $8000.

Last week on July 1, 2009 a new program names Florida Homebuyer Opportunity Program (FLHOP) was created to help First Time Homebuyers get their federal tax credit early and allowing them to use up to $8000 toward a downpayment. This bridge loan is created so that the new homeowner can effectively borrow the funds from the State of Florida and then pay them back after they receive the new tax credit.

For us as local Realtors we think this is going to healthily encourage purchasing of property with quick closings. We anticipate an upsurge of sales as more lenders and Realtors will educate their clients of this wonderful opportunity.

If you qualify for the First Time Home Buyer Credit or know of someone who does please send us information to info@golanteam.com or call us at 786-333-6200.

South Florida Real Estate Market Stats.

Info above is based on 33160,33180,33154 zip codes (Sunny Isles Beach, Aventura, Bal Harbour & Bay Harbour) May 2009 info.

South Florida Market Stats:

Are we at the bottom of the market? Who defines the bottom of the market?

Is it defined as when the sales prices are move up?
Is it defined as when there are more closed property sales month on month and year on year?
Is it defined as when the inventory has shrunk?


There are probably a dozen definitions for the “bottom of the market.” The bottom line is that there are great opportunities out there. A few days The Florida Association of Realtors compiled their monthly analysis on home and condo sales and the results were very positive. For the ninth month in a row, condo and single family home sales were up!!! Is this is a sign of recovery? Perhaps.

The full article goes on to explain how month on month we are up 16% on sales. Click to read more about South Florida Home Sales and Market Stats

Locally our numbers are holding though May seemed a better closed sale month than June (except in Bal Harbour/Bay Harbor Islands which increased), the number of pending sales in June 2009 are still holding strong.:


Aventura, Florida

No of Condo Properties Sold in June 2009: 68

No of Condo Properties Sold in May 2009: 98

No of Condo Properties Pending Sale June 2009: 94

No of Condo Properties Pending Sale May 2009: 60

Sunny Isles Beach, Florida:

No of Condo Properties Sold in June 2009: 32

No of Condo Properties Sold in May 2009: 41
No of Condo Properties Pending Sale June 2009: 55
No of Condo Properties Pending Sale May 2009: 55

Bal Harbour/Bay Harbour, Florida

No of Condo Properties Sold in June 2009: 12

No of Condo Properties Sold in May 2009: 10
No of Condo Properties Pending Sale June 2009: 8

No of Condo Properties Pending Sale May 2009: 10

Interesting to note, in Miami Dade County total inventory of property available is down 26%.

If you are interested in a particular condo building stats or other area stats sent us an email to info@golanteam.com and we will send you the requested information.