Thursday, January 26, 2012
CondoVultures.com is scheduled to profile the latest trends in the fourth quarter of 2011 in the seven largest coastal condo markets in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Jan. 16, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
South Beach is defined as the stretch from South Pointe Drive north to the 24th Street, and the Atlantic Ocean west to Biscayne Bay. The market is comprised of the Oceanside, Art Deco District, and Bayside areas, according to the Condo Vultures® Official Condo Buyers Guide To South Beach™.
The highest priced foreclosure judgment slated for auction is against a high-floor condo with nearly 1,300-square-feet in ultra-luxury Setai project on 20th Street in Miami Beach.
Lender Bank of America has a final judgment for nearly $2.5 million against the Setai unit, according to Miami-Dade County records.
The next two highest priced foreclosure judgments are against high floor units in the Bentley Bay condo complex on West Avenue in South Beach.
Lender JP Morgan Chase Bank is owed nearly $1.5 million for the nearly 2,000-square-foot unit on the 14th floor. Lender U.S. Bank is owed nearly $1.05 million for a nearly 2,000-square-foot unit on the 16th floor of the project, according to the records.
Rounding out the top five highest priced foreclosure auctions scheduled for the next 30 days are a more than $950,000 judgment against a unit in the Bentley Beach condo on Ocean Drive and a nearly $673,000 judgment against a high floor unit in the Floridian condominium on West Avenue.
On a project-by-project basis, the oceanfront Roney Palace condominium on Collins Avenue has five units scheduled for auction in the next month, according to government records.
A trio of separate projects - Bentley Bay, Cosmopolitan Residences, and the Floridian – each have three units scheduled to be auctioned in the next 30 days, according to the government records.
The Waverly on South Beach and the Flamingo South Beach (lower left photo) projects each have two units scheduled for auction, according to government records.
In the first three weeks of 2012, there have already been 60 condos in South Beach auctioned off in an attempt to resolve nearly $12.1 million in final judgments of foreclosure.
An additional 27 condo units were slated for auction but the dates have since been canceled, according to government records.
The scheduled auction of four dozen South Beach units comes at a time when distressed condos represent 15 percent of the available condo inventory in the internationally known neighborhood of Miami Beach as of Jan. 24, 2012, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
The Property was developed in 2008 on the south side of Perimeter Center East, approximately 500 feet east of Ashford Dunwoody Road.
Alexander at the Perimeter is being offered for sale on an "unpriced" basis and represents an excellent opportunity to purchase a well-located Class "AA" apartment community in one of Atlanta’s most desirable submarkets.
Alexander at the Perimeter experienced impressive net effective rent growth throughout 2011. In fact, between March and December 2011, net rents at the Property increased 8.3% on average.
Future rent growth will be supported by continued household formation, with approximately 200,000 new households projected in Atlanta over the next five years.
Lack of new apartment construction within Atlanta’s "intown" submarkets (Midtown, Buckhead, Perimeter) coupled with strong absorption bodes well for further rent increases and lower vacancy rates going forward.
For a complete copy of the company’s flyer, please contact:
(678) 992-2000, ext. 1
Senior Vice President
(678) 992-2000, ext. 2
(678) 992-2000, ext. 4
Engler Financial Group, LLC | 1000 Windward Concourse, Suite 110 | Alpharetta, GA 30005 | www.efgus.com
IRVINE, CA. (Jan. 26, 2012) – Sperry Van Ness International, one of the fastest-growing commercial real estate brokerage franchisors in the nation, added 16 new franchises across the United States in 2011.
The new franchises are part of Sperry Van Ness International’s national expansion program, which started in 2001 and has grown to more than 1,000 advisors and staff serving more than 150 markets today.
“We continue to expand the reach of our franchise by aligning with top firms across the country. Not only did we exceed our expansion goals in 2011, it was also our best year in terms of growth since the market peaked in 2007, ” said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International.
“Our industry-leading technology platform, combined with the local market expertise of our new advisors offer an unprecedented level of support to the existing and future clients of Sperry Van Ness.
The following firms are now independently owned and operated franchises of Sperry Van Ness International:
- ·SVN/Tarheel Commercial, led by Jay Taylor and Kenneth Lucas, is located in Raleigh, N.C.
- SVN/The Hintze Group, led by Hay Hintze and John Klement, is located in Glendale, Wis.
- SVN/United Apartment Group, led by Ted Booras, is located in San Ramon, Calif.
- SVN/Investec Realty Services-Memphis, led by Anthony Lopes, John Snyder and Jon Albright, is located in Memphis, Tenn.
- SVN/Investec Realty Services-Nashville, led by Anthony Lopes, John Snyder and Jon Albright, is located in Nashville, Tenn.
- SVN/Stewart Commercial Realty, LLC, led by Dan Stewart, is located in Ann Arbor, Mich.
- SVN/Norris Commercial Group, LLC, led by William Michael Norris, is located in New Braunfels, Texas.
- SVN/First Guardian Group, led by Paul Getty and Dinesh Gupta, is located in San Jose, Calif.
- SVN/Realsite Group, led by Anthony Casalena, is located in New York, N.Y.
- SVN/Commercial Advisory Group, led by Larry Starr, is located at in Sarasota, Fla.
- SVN/Promus Commercial, led by Lauri Greenblatt Hines, Scott Cook and Jim Taylor, is located in San Diego, Calif.
- SVN/Bluestone & Hockley, led by Cliff Hockley and Julie Hockley, is located in Portland, Ore.
- SVN/Valley Commercial Real Estate, led by Ryan Childers, Travis Lyon and Jim Taylor, is located in El Centro, Calif.
- SVN/Resort Management, LLC, led by Robert Hasman, is located in Las Vegas, Nev.
- SVN/Hayoun, led by Sylvain Hayoun, is located in Boulder, Colo.
- SVN/The Genesis Group, led by Carnell Scruggs, is located at in Nashville, Tenn.
“The Sperry Van Ness platform continues to attract significant interest from new franchisees across the country seeking innovative technology tools, marketing expertise, training and a collaborative culture focused on the client,” added Maggiacomo. “We are looking to build on this momentum in 2012 with aggressive growth goals targeting 25 new franchises.”
For more information, visit www.svn.com.
Sperry Van Ness
HFF secures $52 million in acquisition financing for student housing communities serving The University of North Texas and Texas Tech University
The Republic at Lubbock has 218 units/853 beds in two-, three-, four- and five-bedroom layouts.
The 98 percent leased property opened in the fall of 2011 and offers residents a clubhouse, fitness center, pool, volleyball court, poker room, movie theatre, golf simulator, horseshoe pit, putting green, basketball court, tanning beds and a pet-friendly community.
Located at 3824 Erskine Street, the property is situated on 31.5 acres about one mile northwest of the Texas Tech campus.
The HFF team representing The Scion Group was led by senior managing director Dave Keller and senior real estate analyst Ken Martin.
DAVID B. KELLER
HFF Senior Managing Director
HFF Associate Director, Marketing
CHICAGO, IL – HFF announced today that it has been named to market for sale Avalon Lombard (top left photo), a 256-unit multi-housing community in Lombard, Illinois.
HFF is marketing the property on behalf of the seller for an undisclosed amount free and clear of debt.
HFF Managing Director
HFF Associate Director, Marketing
NMS Properties’ New Affordable Apartments Open in Santa Monica, CA and Redefine Inexpensive Housing Expectations
SANTA MONICA, CA, Jan. 26, 2012, NMS Properties opens Luxe @ Broadway Studio Apartments (top left photo) as the newest addition to the NMS Properties multifamily affordable portfolio in Santa Monica.
Luxe @ Broadway Studio Apartments will feature 97 studio and junior one bedroom residential dwellings for rent over retail and three floors of subterranean parking.
“NMS Properties has redefined affordable living choices in Santa Monica with our latest project Luxe @ Broadway Studio Apartments. Our focus on upgraded interior finishes is equally matched with interesting exterior spaces that lends to the overall original design aesthetic. NMS Properties brand quality is seen in every detail of the project,” says Jim Andersen (lower right photo) President of NMS Properties.
"Luxe @ Broadway Studio Apartments is a truly unique project. It was designed around an original historic World War II metal Quonset hut.
“ Designing a setting that felt natural by using walls of plant material alongside a uniquely layered green exterior provides an organic appeal and depth to this city space." says John Arnold AIA of Killefer Flammang Architects who partnered with NMS Properties on this project.
UNIONDALE, NY (Jan. 26, 2011) -Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of six loans totaling $46,491,700 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Multifamily Affordable Housing and Fannie Mae DUS® ARM 7-6 TM product lines across Texas.
These loans include:
· Red Oak Town Village Apartments, Red Oak, TX (top left photo) – This 312-unit complex received $16,967,700 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Red Oak Town Village Apartments is a new, Class A property.
South Lake Villas Apartments, Houston, TX (top right photo) – This 228-unit complex received $8,008,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. South Lake Villas has undergone several recent renovations.
Anderson Springs Apartments, Austin, TX (middle right photo) – This 325-unit complex received $7,826,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
· Broadmoor Villa Apartments, Irving, TX – This 100-unit complex received $3,500,000 funded under the Fannie Mae DUS® Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The Broadmoor Villa Apartments are located near Dallas/Fort Worth International airport.
Contact: Christopher Ostrowski, firstname.lastname@example.org
Foreclosure Homes Account for 20% of all U.S. Residential Sales in Q3 2011, According to RealtyTrac®
The average sales price of these foreclosure-related sales was 34 percent below the average sales price of homes not in foreclosure, matching the 34 percent foreclosure discount in the second quarter but below the 37 percent discount in the third quarter of 2010.
“While foreclosures continue to represent an excellent bargain-buying opportunity for many buyers and investors, foreclosure sales accounted for a smaller share of the total market in the third quarter,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac
“That trend is not too surprising given the continued ambiguity surrounding proper foreclosure procedures — and the ripple effect that has on sales of foreclosed properties that might have been improperly foreclosed.
“The sooner the market gets more clarity about accepted foreclosure procedures, primarily through the long-promised settlement between multiple states attorneys general and major lenders, the sooner the market can more efficiently dispose of these distressed properties.
“Even with the hurdles to selling foreclosures, foreclosure sales continue to represent a historically high percentage of all sales,” Moore continued. “In 2005 and 2006, foreclosure sales consistently accounted for less than 5 percent of all sales nationwide.”
For a complete copy of the company’s report and statistics, please contact:
949.502.8300, ext. 268
Public Relations Consultant
Office: 949.502.8300 ext. 139
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Brown Harris Stevens Reports Sales Activity on Fourth Quarter, Single-Family Homes in East End of Long Island, NY
NEW YORK, NY---According to the fourth quarter market report for single-family homes on the East End of Long Island released today by Brown Harris Stevens, the average residential sale price in the South Fork of $1,708,983 was down 8% when compared to the fourth quarter of 2010. At $842,500, the median price was down 13% over that same period.
“It is encouraging to see an increase in the number of sales in the Hamptons. It reflects the level of activity we are currently experiencing,” said Cia Comnas (top right photo) executive managing director of Brown Harris Stevens of the Hamptons. “Our report reflects 298 single-family home sales in the fourth quarter, up 3% from the same period last year.”
Report highlights include:
On the South Fork, sales under a $1 million rose 16% with 178 closings in the 4th quarter of 2011 and 153 in the 4th quarter of 2010.
In the Amagansett market, the number of sales was unchanged from the same period last year with sales under $1 million comprising 10% more of the market than in the fourth quarter of 2010.
Both the average and median prices in the Bridgehampton market rose sharply due to a significant increase in sales over $8 million.
Sag Harbor saw the biggest increase in the number closings with 33 in the 4th quarter of 2010 and 56 in 2011’s 4th quarter.
Both the Southampton and Westhampton markets were on par with the same period in 2010.
For a complete copy of the company’s report, please contact:
Rubenstein Public Relations
Brown Harris Stevens
Cia Comnas, executive managing director