Miami Beach Real Estate News

Real Estate News

Every day is a different experience in Miami Beach.  Its ever-changing landscape and the diversity of the Miami Beach real estate market present exciting new ventures, opportunities and events that make it one of the most dynamic cities in all of sunny South Florida.

Our Miami Beach real estate blog is always being updated with the latest real estate news about Miami Beach and its neighboring areas, including local events and exciting new happenings.  As part our ongoing efforts to provide you with the most comprehensive information on Miami Beach and its collection of varied property, we will highlight and acquaint you with a new, acclaimed Miami Beach condo each month.

We encourage you to comment on our latest Miami Beach real estate and South Beach real estate news postings and contribute to the discussion.  The eclectic lifestyle and community always presents new perspectives and we’d love for you to share our postings with friends and family through your preferred social networking websites.  Thank you for reading our Miami Beach blog!

Wednesday, February 17, 2010

Last month the surprising news that one of the Miami Beach condos, the trendy Gansevoort South Beach was having behind the scenes monetary hassles ended up forcing to the building to switch hands in terms of ownership.  It appears that there are still some shakeups that need to be addressed.

In addition to having new owners, the Gansevoort South Beach is now also under new management, a move that has not been met with open arms by the original Gansevoort developers who are also the founders.  Lender Credit Suisse has now decided to switch over management of the Miami Beach condo to a company called Coral Hospitality, based in Naples.

Those of you who frequent should know that despite the drama going on behind the scenes, the new manager stresses that Gansevoort South Beach will continue its status as one of the hottest Miami Beach condos with no disruption in service.  Does this news make you think twice about the Gansevoort condo’s future longevity and quality of service?

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Tuesday, February 16, 2010

Just north of where you’ll find all of the much discussed Miami Beach condos is Sunny Isles Beach.  Positioned right next door to Bal Harbour and just south of Aventura the city is well known for its many beach and oceanfront condos, many of which are actually quite recent in terms of when they were built.  The problem is that a good number of them remain empty.

More than 6,000 units within the existing Sunny Isles condos are considered new yet nearly 25 percent of them remain empty.  Obviously Sunny Isles Beach is not the only area that has faced such tough conditions.  Many new Miami Beach condos have also struggled to find willing buyers and others have collapsed before they were even started.

For those who are willing to look, there are a number of Sunny Isles Beach condos that rival Miami Beach condos, the recent Jade Ocean and Jade Beach condos being a good example.  Sunny Isles Beach is also the home of several Trump condos, a few of which have had to slash prices in order to spur demand.  If Miami Beach doesn’t sound too appealing, you can enjoy a similar experience over in Sunny Isles Beach.

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Monday, February 15, 2010

It might be President’s Day but there are plenty of reasons to take advantage of the long weekend and explore what’s happening in and around the city.  If you’d rather not stay not in bed and if you aren’t watching the winter Olympics, here are a few places you can check out.

A brand new boutique called Y3 has opened near the Miami Beach condos on Lincoln Road.  Focusing on hip clothing and accessories for both men and women, the upscale store features creative designs by designer Yohji Mamamoto.

Also on Lincoln Road is Doraku’s, best known for its amazing sushi.  However if you visit between 5 pm and 7 pm, you can participate in Doraku’s happy hour and enjoy a dish for $4 as well as drinks for the same price.  Best of all, you can visit from your Miami Beach condos at anytime as Doraku’s does not require a reservation.

For the ladies who want to seize the opportunity of an extra day off for some pampering, make sure to the Salon Vaso over near the South Beach condos on Alton Road.  The upscale salon currently has a $10 manicure promotion until the end of April.

What will you be doing today?

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Friday, February 12, 2010

Foreclosures may have finally dropped in South Florida but in markets like Miami Beach real estate they still remain a problem that many are looking to solve.  From banks agreeing to modify existing loans to federal assistance programs, these efforts have had some degree of success, however limited.

Take for example one of the latest initiatives by Citigroup.  Instead of having to endure a messy eviction and the expensive foreclosure process, Citigroup announced yesterday an effort to sort of “bargain” with delinquent homeowners.  Those who may not wish to refinance or are not qualified to do so can keep their homes for a maximum of six months without having to pay a mortgage.  The catch is that the home must be kept in good condition.  Could such a deal gain sufficient traction in a market like Miami Beach real estate?

The program aims to solve one of the key problems lenders face when dealing with a foreclosure property: the costs involved in having to repair homes that have been in nearly unlivable condition.  What do you think?  Does this sound like another failed attempt to curb delinquencies or is it something that could start to make a dent in Miami Beach real estate foreclosures?

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Thursday, February 11, 2010

The Related Group is well known for its many Miami Beach condos and the prolific attention it places on spearheading new projects.  It’s responsible for buildings like ICON South Beach, the posh Apogee condo in the South of Fifth area and the trendy 50 Biscayne in the downtown Miami area.

It seems that the ups and downs of the market are trickling down to the Related Group itself.  Over in Sunny Isles Beach to the north of the Miami Beach condos, the high end Trump Towers condo can no longer call the Related Group as its partner.  Despite reducing prices to spur up demand for the building, the building has not managed to sell as many units as anticipated.

The Related Group’s decision to downsize from the Trump Towers and another site in downtown Miami that was planned for a new condominium is largely a result of the housing bubble bursting at a time when the developer had numerous projects in the works that were no longer in demand.  Its Miami Beach condos have managed to see encouraging sales but others like the recent ICON Brickell still has more than 1,000 units that are empty.  As demand continues to slowly creep up, we’ll have to wait and see whether the Related Group can shed some of its excess inventory.

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Wednesday, February 10, 2010

Is 2010 the year where Miami Beach condos falling into foreclosure will finally become a thing of the past?  That may or may not be wishful thinking but the year is certainly off to a very good start.  Per a recent report, lenders filed less than 5,800 notices of foreclosure in January, a number that despite being large is actually seven percent less than those of the year before.

Back in 2009 Miami-Dade County along with Broward and Palm Beach had over 6,000 notices of foreclosure at the start of the year, which is an increase from 4,100 in 2008.  This year marks the first time that the number has actually gone down.  In Miami-Dade County specifically, there was a huge 33 percent drop in foreclosure filings last month.  What’s allowing a greater number of people to hold onto their Miami Beach condos?

It appears that the drop in foreclosures may be a viable indicator that the Obama administration’s efforts to modify loans are working.  Also, a greater number of lenders are trying to reduce their glut of foreclosure inventory by working with distressed borrowers to achieve a better monthly payment.  Should these numbers hold up, 2010 could end with fewer foreclosures than previous years, paving the way towards brighter days when it comes to Miami Beach real estate.

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