From left: The Gallery at Cocowalk on Grand Avenue in Coconut Grove; Palm Beach Gardens Marriott on RCA Boulevard in Palm Beach Gardens; the Shore Club on Collins Avenue in Miami Beach

From the South Florida Web site: It’s not just the South Florida residential market feeling the pain.

Some of the region’s most high-profile developments, from office buildings to hotels to shopping malls, are 60 or 90 days past due on their mortgages, putting them in the same sinking boat as scores of underwater South Florida homeowners.

As of March 31, the Shore Club on Collins Avenue in Miami Beach was three months behind on its $111 million mortgage. Also 90 days late were: The Gallery at Cocowalk on Grand Avenue in Coconut Grove, which owes $79 million; Palm Beach Gardens Marriott on RCA Boulevard in Palm Beach Gardens, $50 million; Shoppes of Wellington Green at 10500 Forest Hill Boulevard in Wellington, $31 million; Southpark Centre on South Dixie Highway in Pinecrest, $18 million (see chart of the top 10 delinquent CMBS deals here).

A spokesperson for the Morgans Hotel Group, which manages the Shore Club, called the delinquency an issue between the owner and loan servicer that doesn’t impact the hotel’s operation. The Shore Club is owned by the New York-based Philips International, which also owns the Bryant Park Hotel, and could not be reached for comment.

South Florida expert panel from left: Ron Kriss of Akerman Senterfitt;
Bill Yahn from the Corcoran Group; Cynthia Shelton, president of
Florida Realtors; Jack McCabe, CEO of McCabe Research and Consulting;
Jay Massirman of Rivergate Companies

From the South Florida Web site: Most of South Florida’s real estate industry won’t be sorry to say goodbye to 2009. Once-ambitious developers saw their empty condos sold in bulk at deep discounts and unloaded incomplete projects in foreclosure auctions or deeds in lieu of foreclosure. Caving under the weight of their troubled commercial real estate portfolios, regional banks failed by the dozens. The indefatigable flood of residential foreclosures bestowed the courts with an unmanageable case load, clogging the system. For homeowners who managed to stay current on their mortgage payments, toxic Chinese drywall rendered many of their properties both dangerous and worthless.

But as the handful of hours left in this tumultuous year for real estate wind down, many are wondering whether 2010 will be any better. The Real Deal turned to a panel of South Florida real estate experts to find out what they’re predicting for 2010.  More

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From the South Florida Web site: Miami-Dade, Broward and Palm Beach counties are moving toward eBay-style online foreclosure auctions with a hope that it can speed up the selling process and reduce the distressed property glut.

Miami-Dade went live with its Web site Monday and plans its first auction for Jan. 11. Palm Beach County has scheduled its first online auction Jan. 21. And Broward is working toward a February launch.

The online auction system is designed to open up the bidding process to anyone with Internet access. With more bidders and a more efficient system, officials hope to push through the backlog of foreclosures faster than holding the traditional auctions at county court houses. And getting through that glut is a necessary step for the residential real estate market to recover.

From the South Florida Web site: Simply put, values of real estate, stocks, companies, individuals, and
most everything were artificially increased by 100 percent or more the
first half of this decade primarily due to increases in real estate
values from speculation fueled by leverage and debt. The painful result
of deleveraging is well underway, as the process of devaluation and
riddance of debt continues. Seventy percent of the U.S. gross domestic
product is generated by American consumers. I’ve recently heard some
pundits say that a “consumer-less recovery” was underway. There is no
such thing. Jack McCabe is CEO of McCabe Research & Consulting in Deerfield Beach, Fla. He is an independent real estate analyst and consultant to major developers, lenders, and investors.
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From the South Florida Web site: Trump Hollywood officially opened its doors on Friday with all the fanfare that usually accompanies a grand opening bearing the Donald’s surname. Developed by the Related Group, the $355 million, 40-story luxury tower faces the Atlantic Ocean with a glass facade, beachfront pool deck, library, private dining room, club room, screening room and a list of other amenities. Related Group CEO Jorge Perez and Donald Trump Jr. were on hand to host a luncheon and tour of the property, which includes a 4,000-square-foot spa and fitness center, yoga studio and treatment rooms, a wine cellar, cigar room and sunrise bistro. [more]