Independence Day weekend hiatus
July 02, 2009 06:30PMThe Real Deal will be on hiatus for July 4th weekend and will resume posting on the Web site Monday.
Condo demolition must address asbestos
Rendering of the Modern
The U.S. Environmental Protection Agency said a developer must remove the asbestos-contaminated exterior stucco from the 30-story tower at 1515 S. Flagler Drive in West Palm Beach before it demolishes the building. Trinity Development Group, which wants to build a $150 million luxury tower called the Modern in the tower’s place, contested earlier recommendations regarding the asbestos, saying there was not enough asbestos to prevent a simple demolition. [Palm Beach Post]
Office tenants renewing leases negotiate better deals, BankUnited could be seeking headquarters outside Coral Gables ... and more
July 02, 2009 05:00PM
1. Office tenants renewing leases negotiate better rents, more space [GlobeSt]
2. William Hutton III, past president of Palm Beach Board of Realtors, dies [Palm Beach Daily News]
3. New U.S. Citizenship and Immigration Services field offices in South Florida face foreclosure [SFBJ]
4. Former Broward school building chief put on probation [Broward-Palm Beach New Times]
5. Foreclosure lawsuit filed against Santa Barbara Place in Pompano Beach [SFBJ]
6. Lums restaurant in Davie closes 53 years after chain begins [Sun-Sentinel]
7. Marlins stadium financing deal could make Wachovia Miami-Dade's primary bank [Miami Today]
8. Oakland Park opens new emergency operations center [Sun-Sentinel]
9. BankUnited could be seeking new headquarters outside of Coral Gables [Miami Today]
10. Both Allstate Floridian insurance companies get new name [Sun-Sentinel]
11. Rising unemployment rates hurting Obama's housing recovery [WSJ]
12. U.S. foreclosures to peak in late 2010, Barclays Capital says [Bloomberg]
13. Housing market statistics nationwide hint at recovery [Reuters]
14. Shares of iStar Financial fall [Forbes]
15. Has housing market hit bottom? [ABC News]
16. REIT improvements may be sign of commercial market turnaround [CoStar]
17. Columnist says open houses still work [WSJ]
18. REIT index rose 28 percent in April-June period [WSJ]
19.
Americans don't want larger homes, study shows [WSJ]
Hotel loan defaults to surge
Kenneth Rosen
A recent study predicts that up to 20 percent of all loans to U.S. hotels will default by the end of 2010. The recession has caused such severe cutbacks in travel and spending that hotels won't be able to service their debts, University of California economist Kenneth Rosen said. Hotel foreclosures almost doubled in the second quarter of the year from the first three months of 2009. Defaults and foreclosures hit $17.3 billion in the second quarter, up from $9 billion at the end of the first quarter, according to Real Capital Analytics. [Miami Herald]
Miramar taxes to rise
July 02, 2009 04:00PMPlunging property values in Miramar prompted city commissioners to raise property tax and fire fee rates. Residents now will pay to $6.90 per $1,000 of taxable assessed value from $5.4797 per $1,000 worth of property, a 26 percent hike. Commissioners voted on the increase because assessed values have fallen so far that previous rates would have left a huge budget gap. Miramar has cut its budget 13 percent, to $65 million. [Miami Herald]
Perez takes Dolphins job
Jorge Perez, chairman and CEO of the Related Group, will join the Miami Dolphins as a vice chairman at the invitation of team owner Stephen Ross, his partner in the development firm. Perez may also take a minority ownership stake. Other celebrity vice chairs include Jimmy Buffett and Emilio and Gloria Estefan. The Estefans also became minority owners, with a less than 1 percent stake in the team. [Miami Herald]
This Week in Comments
July 02, 2009 02:30PM
What tips do you have for Ruth Madoff in her search for a new home?
Leave New York City and look in Miami. They're so desperate down there that to sell or rent an apartment that even a Madoff would be welcome.
More
Foreclosures down from last year
PropertyShark's CEO Bill Staniford
From the New York Web site: In Miami, there were 2,556 new foreclosures in the second quarter of this year, according to a quarterly report released today by the real estate Web site PropertyShark.com. Miami fared poorly compared to New York City, said PropertyShark CEO Bill Staniford, because Miami saw more overbuilding than New York. more
W opens for long weekend
W South Beach
Two years after construction began in a boom environment, the W Hotels' new $500 million South Beach outlet opened to a much worse travel environment. The hotel has sold out its July weekends with aggressive promotional pricing and found buyers for 96 condo hotel rooms, leaving 312 available for guests. The condo hotel project has a total of 408 units. May room occupancy rates plunged 11.5 percent from last year, according to the Greater Miami Convention and Visitors Bureau. Unemployment provided a huge labor pool, with 12,000 applicants for 400 jobs at the hotel. [Miami Herald]
Tax credit advance program flawed
July 02, 2009 12:15PMFlorida wants to advance homebuyers the $8,000 federal tax credit now available to qualified buyers. But the Florida Homebuyer Opportunity Program lacks available funds and could derail a $161 million statewide grant program to help low-income home buyers and promote construction of affordable housing. Allocations to individual towns and cities will limit the number of loans that can take the advance payments, critics said. To find a local office for the Homebuyer Opportunity Program, go to www.floridahousing.org, select "Housing Partners," then "Local Governments (SHIP)," then "Find Local SHIP Offices." [Sun-Sentinel]
Tax assessments drop
July 02, 2009 11:30AMThe taxable value of property in Miami-Dade and Broward counties has dropped from the past year, according to the appraisers' offices. Miami-Dade saw a 13 percent drop, about $32 billion in taxable value. Broward values dropped about 10 percent, a $19 billion slide. Tax notices will be issued August 24. [Just News]
« Previous Next »
TODAY’S NEWS |
|
- Independence Day weekend hiatus
- Condo demolition must address asbestos
- Office tenants renewing leases negotiate b...
- Hotel loan defaults to surge
- Miramar taxes to rise
- Perez takes Dolphins job
- This Week in Comments
- Foreclosures down from last year
- W opens for long weekend
- Tax credit advance program flawed
- Tax assessments drop
