Sunday, October 21, 2012

1,050 New Condos Unsold From Boom In Greater Downtown Miami As Of Q3

Peter Zalewski
MIAMI, FL --Nearly five years after the South Florida condo crash first began, less than 1,050 new units created in Greater Downtown Miami during the last real estate boom remain under the control of the original developers as of the third quarter of 2012, according to a new report from

New condo sales in Greater Downtown Miami transacted at a pace of less than 65 units per month between July and September of 2012 compared to about 100 units per month in the same period in 2011, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™. 

Even with the slower pace, buyers purchased more than 180 units in Greater Downtown Miami for nearly $79 million - for an average price of less than $370 per square foot - between July and September of 2012, according to an analysis based on Miami-Dade County Clerk of the Court records.

Miami skyline
A contributing factor in the reduced new condo sales pace is the weakening foreign currencies of several countries from which international buyers are active in South Florida, including Argentina (-10%), Brazil (-14%), and Western Europe (-5%) on a year-over-year basis as of Oct. 18, 2012, according to the currency exchange website 

"Foreign buyers inspired by wealth preservation, strong exchange rates, discounted prices, and strengthening rental rates have played a vital role in stabilizing the Greater Downtown Miami condo market," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

Biscayne Bay condominiums
"The situation in the Greater Downtown Miami condo market would have likely taken much longer to stabilize if not for the international involvement beginning in 2009. Even at the slower transaction velocity, Greater Downtown Miami's developer condo inventory from the last boom-and-bust cycle is on pace to sell out in late 2013."  

For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

George Smith Partners Arranges Financing for 113-Unit Multifamily Acquisition in Colorado Springs, CO

Fillmore Ridge Apartments, Colorado Springs, CO
 Colorado Springs, CO – Commercial real estate investment banking firm George Smith Partners has successfully arranged $3.965 million in financing on behalf of  its client, LocalConstruct, for the acquisition of  Fillmore Ridge Apartments, a 114-unit apartment community in Colorado Springs, according to Vice President Jonathan Lee. Lee was assisted by George Smith Partners analyst Shine Cheng.

Jonathan Lee
“One of the major challenges in achieving financing for this acquisition was the fact that our client was Los Angeles based, and had never purchased a multifamily property outside of California,” explained Lee.

“Fillmore Ridge presented an excellent investment opportunity in the Colorado Springs market, as the community has had consistent occupancy rates and was substantially renovated. Because our client was new to the local market our challenge was to find a lender willing to finance the acquisition without local investment history from our client.”

The non-recourse $3.965 million acquisition loan closed with an interest rate of 3.86 percent for 10 years, with a 30-year amortization and a yield maintenance prepayment.

Shine Cheng
Fillmore Ridge Apartments, situated on 4.5 acres in Colorado Springs, consists of studios, one-, two- and three-bedroom apartments.  The community recently underwent a substantial renovation, with more than $1 million invested in exterior and interior upgrades.

The property is located at 3210 North Chestnut Street in Colorado Springs, the second largest metropolitan area in Colorado, and is within El Paso County, which is the state’s most populated county. Due to its large population, El Paso is one of the best performing submarkets in the metro area, according to Lee.

For a complete copy of the company’s news release, please contact: 

Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

The Easton Group Buys a Pair of Industrial Buildings Near Miami International Airport for Nearly $3 Million

Edward W. Easton
 Doral, FL -- An affiliate of The Easton Group has purchased two adjacent industrial buildings totaling 58, 954 square feet and signed a new five-year lease with the existing tenant, GA Telesis.  The property is located in Miami just east of Miami International Airport.

EWE Warehouse Investments East Airport, LLC paid $2.9 million, or $50 per square foot, for the buildings. The seller of the property located at 3939 NW 27th Street was David Janney Trustee Partnership and the seller of the property located at 3901 NW 27th Street was Service Container, LLC.

GA Telesis is involved in the marketing, sales and leasing of aircraft engines along with providing financing solutions to clients. The company has been for a while leasing 149,000 sf of space in another Easton property in Fort Lauderdale.  

Miami International Airport
While that serves as GA Telesis’  South Florida headquarters, the Miami location handles repairs of commercial aircraft components. 

“This deal was a win-win for all,” said Edward W. Easton, chairman of The Easton Group.  “We were able to meet a client’s needs by securing them a five-year lease with favorable terms, while at the same time providing a solid return for our investors. It’s a textbook example of the creativity and value we bring to a deal.”

Financing for the purchase was handled by Espirito Santo Bank. 


Todd Templin
Boardroom Communications
954-290-0810 (cell)