Condo.com Blog

Portugal: Property Spotlight

Wed, 20 Aug 2008 21:25:21 GMT

Portugal, the western-most country in Europe, offers many investment and real estate opportunities for families and tycoons alike. Its Mediterranean climate attracts tourists to its secluded sandy beaches, while its diverse geography brings sight seers from afar. Portugal is split into seven primary regions, which are subdivided into 30 sub-regions. The Alentjo and Algarve regions attract much attention because of their natural beauty and rich culture.

Geographically, the mainland of Portugal is split by the Tagus River. The northern section is very mountainous, while the Southern region, known as the Alentjo Region offers rolling plains and milder weather. If you visit Alentjo, don’t miss the chance to explore the peaceful castles and villages. Alentjo is also a great place to take a safari ride, explore beaches and come face to face with history. If you are planning a trip to Alentejo from the United States, it is best to fly into Libson and then drive the rest of the way.

If you travel further south of the Alentjo region, you will reach the Algarve region which has a climate similar to Spain’s. Algarve is Portugal’s southernmost coastline where the sea is calm and clear. Algarve is a bustling hub in Portugal that has something to offer everyone. From small idyllic fishing towns, to world renown beaches, to over 30 gold courses Algarve is sure to provide visitors with a great time. When flying to Algarve from the United States, first fly into Libson and then Faro. For more information on Portugal and its booming property markets, listen to the podcast on www.condoblog.com.

The Best Cities to Party!

Wed, 20 Aug 2008 19:31:37 GMT

While taking a relaxing vacation to unwind from the pressures of everyday life sounds good…partying is even better. Lots of cities around the world are now being known for their night life and club scenes.

11. Budapest, Hungary

Being the largest city in Hungary, Budapest is sprawling with luxury hotels and casinos. World famous DJ’s travel to Budapest to spin at the newest, most modern clubs every year. If you are going out in Budapest, plan on staying out until the wee hours of the morning.

10. Athens, Greece

Athens is a party city year round, but if you visit between June and September you can also participate in the Athens festival. In Athens you’ll be submersed in dancing, music and theater- after all, the Greeks do know a thing or two about hedonistic pleasures. Clubs in Athens are indoor and outdoor so you can enjoy the Mediterranean climate and breath taking views.

9. Las Vegas, Nevada

What would a list of party cities be without Sin City? Vegas is known to be a ‘theme park’ of a city that’s filled with casinos and adult entertainment venues. Don’t forget about the quick-hitch places either, if you’ve dreamed of getting married by Elvis, it is possible in Vegas. Just don’t always believe that “What happens in Vegas stays in Vegas”.

8. Barcelona, Spain

Barcelona is a party central because it is one of Europe’s most popular city-breaks. Here you will find beautiful beaches, world famous architecture, and an amazingly free-spirited night life. Another fun aspect of Barcelona is that each section and neighborhood is unique from food to music. One thing they all have in common though, is that they like to party.

7. Berlin, Germany

Berlin is the birth place of the adrenaline rushing, heart pumping techno music that we have all grown to love. The only thing Berlin may be more famous before than its clubs is the Berlin Love Parade. This summer party attracts an estimated one and a half million ravers to the streets of Berlin for one almighty celebration of love and hedonism.

6. New York, NY

This party city lives up to its nickname as the “city that never sleeps”. Packed with world famous monuments and landmarks, New Yorkers rage it up day and night. Its diverse neighborhoods guarantee any partier a good time whether you like hole in the wall bars, comedy clubs, or raves. Add to that the fact that NYC is a cultural melting pot and you have yourself our number six party city.

5. Manchester, UK

When you visit the clubbing capital of the world be prepared to stay out until dawn- at least. The city streets are lined with over 50 energized clubs. Manchester also offers more than 30 styles of foreign cuisine, with distinctive Chinese and Asian areas of specialty. It has 80 golf courses, more theatres than any other city outside London, and two Premier League football teams. Since the mid-1980s, Manchester popular music has dominated music charts so it is no wonder why the clubs are always packed.

4. Amsterdam, Holland

When you think of Amsterdam the first thing that probably comes to mind are their world famous ‘cafes’. Don’t forget about their Red Light District and vibrant night life either, Amsterdam is a lead party city for sure. Amsterdam is also known for their festivals such as the cannabis cup. Since marijuana is decriminalized and legal in most parts of the Netherlands, Amsterdam is a calm party city compared to the other rowdy spots on our list. There are designated pot cafes and smoking areas making Amsterdam a great city to relax.

3. Rio De Janeiro, Brazil

Rio De Janeiro is noted for their parades and huge parties. Here, partiers love to dress in costumes and through street side masquerade balls. If you visit in February and March you will get to party at the festival of carnival. This is an infamous party that involved parades, night life, famous clubs and celebrity visitors.

2. Goa, India

Goa is home to festivals, festivals and more festivals! Goa is a very colorful city and is one of India’s most developed states. It is located on India’s west coast so the best time to visit is in the winter. When you’re there you will have plenty of fun between secret beach parties to huge holiday bashes.

1. Ibiza, Spain

Ibiza is number one on our list because this hedonistic city hasn’t stopped partying in over 30 years. It is in a prime location right off the coast of Spain in the Mediterranean Sea. During the day you can lounge pool side and explore the beaches. Just make sure to save your energy for the night, clubs are open from 11pm to 12pm the next day! Ibiza has more than just the usual dance clubs, it thinks outside of the box when it comes to partying. Espuma, which is Spanish for foam, is a club that pumps gallons of foam onto the dance floor until it can reach up to your neck!

Fannie Mae To Open Satellite Offices To Liquidate Properties

Wed, 20 Aug 2008 01:57:46 GMT

Reminiscent of the Resolution Trust Corporation’s approach of the early 1990s when real estate was liquidated for a fraction of its value, mortgage giant Fannie Mae plans to unload thousands of repossessed homes by way of opening offices in South Florida and Southern California to “get the property out the door.”

Fannie Mae intends to open an office in Fort Lauderdale, Fla., in August, and a sister office in Irvine, Calif., in September.

The satellite offices are designed to streamline Fannie Mae’s efforts to unload bank-owned properties known as Real Estate Owned (REO), reduce defaults, and better manage repossessed properties until the inventory can eventually be liquidated.

“Real estate is at some level local – it makes sense to be local,” Daniel H. Mudd, president and chief executive officer of Fannie Mae was quoted saying in the official transcript from an Aug. 8 conference call with analysts to discuss second quarter results.

“We’re adding hundreds of staff as well as contractors to our loss mitigation team, and we have effectively quintupled the amount of senior management that is -- dedicated to this effort.”

Fannie Mae has had to rethink its approach as the number of Real Estate Owned properties repossessed in 2008 reached 54,173 on June 30. By comparison, Fannie Mae repossessed 49,121 bank-owned properties for the entire year of 2007, and 36,580 for all of 2006.

Fannie Mae’s repossessed properties are concentrated primarily in six states, including the two where the satellite offices are opening within the next 45 days.

Florida accounts for 5 percent, or 2,681, of the bank-owned properties controlled by Fannie Mae. California accounts for an additional 9 percent, or 4,814, of the Real Estate Owned on the Fannie Mae books.

It is unclear if Fannie Mae plans to open additional offices in other downward spiraling markets where bank-owned properties are spiking such as Michigan with 10,263 bank-owned properties, Ohio with 3,402, Arizona with 1,978, and Nevada with 1,205.

Fannie Mae’s immediate focus is to unload the growing inventory of properties that have been repossessed by the government sponsored, privately-owned entity that is the largest trader of residential mortgages on the secondary market.

“As a licensed real estate brokerage that exclusively represents discount buyers, we commend Fannie Mae’s efforts to work towards implementing a solution to the foreclosure crisis,” said Peter Zalewski, the broker-owner of Condo Vultures® Realty LLC in Bal Harbour, Fla. “For our part, we pledge to work endlessly throughout our network to ensure that all of our clients and customers are aware of the Real Estate Owned properties that have been earmarked for liquidation by Fannie Mae. With hard work and some luck, we hope to be able to assist Fannie Mae to move some of its distressed inventory in the upcoming months.”

Besides Florida, Condo Vultures® operates in Southern California and Las Vegas, and is pursuing plans to open in Phoenix.

Fannie Mae’s liquidation efforts are being seen by many industry watchers as a proactive measure to prepare for what some think will be a second wave of foreclosures – and ultimately Real Estate Owned properties – that are expected to flood the market in the upcoming months.

“We continue to move property -- to move REO in this strained market,” Mudd said according to the transcript. “We’re processing much more REO at the same through-put and at the same cycle times using a lot of innovative ways to get the property out the door. I do not think this is a time to be holding on to REO and hoping for a better day. So, we’re doing a good job of moving that inventory back out onto the market.”

A primary reason for the spike in Real Estate Owned properties controlled by Fannie Mae is that many borrowers in expensive markets such as Florida, California, and Nevada are being squeezed by inflation, fuel prices, weakening economies, job losses, and a lack of credit options.

When these issues are combined with the fact that many properties are now worth less than the amount owed, it is not difficult to see why borrowers – many of which obtained exotic financing - are ultimately losing their homes as teaser rates expire.

“Home prices have cratered in certain markets since the peak,” Mudd said according to the transcript. “Cape Coral, Florida, down 50 percent; Las Vegas, down 35 percent, Northern Virginia, down 30 percent; and in California, Modesto and Stockton, down 50 percent; Riverside, down 40 percent. The list goes on.”

Fannie Mae reported that 47 percent of its $1.3 billion in single-family credit losses in the second quarter of 2008 are attributable to four states: California, representing 29 percent of the loss; Florida, accounting for 7 percent; Arizona, representing 6 percent, and Nevada, accounting for 5 percent.

“These states saw the most dramatic run-up in prices, and are now seeing the most rapid declines,” Stephen M. Swad, Fannie Mae’s Chief Financial Officer said according to the transcript.

Home prices slipped between July 2007 to June 2008 by -20.9 percent in California, -21.2 percent in Florida, -23.1 percent in Nevada, and -20.1 percent in Arizona. Nationally, home prices slipped by an average of -7.4 percent, according to Fannie Mae.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™.

Copyright © 2008, Condo Vultures® LLC

Buyer's Agent

Mon, 18 Aug 2008 22:30:01 GMT

A Buyer's Agent is well worth it in a slow market.A house listing used to be an agent’s best friend, but now a qualified buyer is a real gem.

There are not enough buyers out there. Think of it like this: for every 10 homes, there are two buyers. No matter how well-priced the other homes are, eight of them are not selling.”

In this slower market, agents have seen the upside in buyer’s agent contracts.Being a buyer’s agent is a switch in mindset, as house hunters and agents figure out their rights and duties.For both sides’ sake, contracts should be written, not verbal

What to get in writing before signing a buyer’s contract:

- What is the agent’s commission? Will it be negotiated with the seller’s agent and wrapped up in the price of the house?
- How will problems with commission and other contract terms be settled?
- What happens if the seller and the seller’s agent disagree with the buyer’s agent commission?
- What research will the agent do on each house?
- How long will the contract last?
- Is there a nonrefundable retainer fee to the agent or broker for signing the contract?
- If a deal is struck on a house that the buyers find on their own, is the buyer’s agent owed anything?
- After the contract expires, what is the agent owed if there’s a closing or deal on a house first shown by the buyer’s agent during the contract period? How long after the contract expires will the buyer be responsible for paying agent’s commission if such a deal is reached?

Visit any time www.brendakingrealtor.com

Posted by Brenda King on August 18th, 2008 11:23 AMPost a Comment (0)

Top Floor in Colonnade on Greens - Open Sunday Aug. 17 - 2 - 5 PM

Thu, 14 Aug 2008 23:23:11 GMT

A CONVERSATION WITH RICHARD SWERDLOW

Thu, 14 Aug 2008 15:29:40 GMT

FOCUSED ON THE FUTURE OF THE FIRM AND ITS CLIENTS, CONDO.COM’S FOUNDER AND CEO SEES A WORLD OF OPPORTUNITIES – AND A COMPANY WELL POSITIONED TO TAKE ADVANTAGE OF THEM

HOW DID YOU COME UP WITH THE IDEA FOR CONDO.COM?

Sure. I started my career as a public finance attorney with Greenberg Traurig and then transitioned in the early nineties to the web. Me and a partner began an e-commerce company in 1993, selling cellular phones and accessories over the web and through print catalogs. We were very early to the web and in fact built some of the first e-commerce stores for AT&T and Ericsson. We sold the company to a division of Federated Department stores at the end of 1999, before the .com meltdown occurred.

I then joined Swerdlow Group, our family development business, and helped build and lease some of the region’s biggest data centers for Telefonica, Exodus and BellSouth. As the market changed, Swerdlow Group began to develop multi-family projects throughout the State. It was literally while driving to one of our projects in Daytona Beach that a colleague and I hatched the idea for Condo.com. We kept seeing billboard after billboard of condo projects during the 5-hour drive, typically with a girl in high heels by the pool of a preconstruction building. This was the middle of 2005 and it became clear to us that based on the growth of billboard ads and the swelling of lifestyle magazines with condo ads, that we were going to have a problem. It was somewhat analogous to the .com bubble and we realized that in the next few years there would be an unprecedented number of condos around the world that developers, brokers and agents and individual sellers would need to liquidate.

We decided at that very moment to build an online marketplace to create liquidity for everyone in the market. We initially launched as US Condo Exchange, along the lines of a stock exchange since condos are somewhat of a commodity. They can trade sight unseen and are often purchased, in the case of pre-construction, before they are built. We acquired both the Condo and Condos.com domains last year and are now aggressively building Condo.com into the leading online condo marketing brand in the world.

WHAT ARE YOUR THOUGHTS ABOUT THE CURRENT REAL ESTATE MARKET?

Low interest rates, extremely liberal lending policies and a transition of investment dollars from the stock market to real estate, created the perfect storm. As a result of the credit crisis and unprecedented supply of housing across the country, the market is clearly experiencing a correction. However, we’ve been correcting for close to three years now as prices peaked in Q3 2005. In many markets prices are off 25-30% in single-family and multi-family projects and re-sales. The encouraging news is that the trend is no longer getting worse. Also, housing starts have been off by almost 50% and residential construction is close to 15-year lows. This will slowly bring back healthy inventories to the market. Nationwide we are at a 10-11 month supply where a 5- month supply is considered healthy. As prices stabilize now, we will also begin to see housing affordability back in line with incomes. Typically 19% of monthly income was being used to service conforming mortgages on home purchases. During the boom, this went up to over 25% as prices rose faster than monthly incomes. As prices come down, we’ll get back to normal affordability levels and will start to see increased absorption.

HOW WILL SOUTH FLORIDA WORK ITS WAY OUT OF THE CONDO GLUT?

South Florida is a very resilient market and will come out of this downturn fine. There are currently over 75,000 for sale condo listings on the market in South Florida which includes Miami-Dade, Broward and Palm Beach. There are 20,000 additional units that will come online in the next 12 months. Despite all of the existing and pending inventory we are bullish on the market for the following reasons:

1. Migration into the State – It is anticipated that over 1.3M baby boomers (65+) will relocate to Florida over the next decade

2. Value – the prices have come down during the past 2.5 years and when compared to other global markets, Miami is still a value on a price per square foot basis

3. Currency strength – the Euro and other foreign currencies are still very strong against the dollar, making investments in our real estate a true bargain of up to 50%

4. Flight capital – there is still capital coming out of Venezuela and other areas in South America of political or economic instability. This capital will get invested in real estate

5. Increased demand – as we see fuel pass $4 per gallon, people are starting to choose the urban core as opposed to the suburbs. Living in a condo a few blocks or walking distance to work can save a person several thousand dollars per year

6. Decreased prices – In addition to sellers and developers dropping prices to move inventory, banks, in instances where they take projects over from developers, will drop prices as they eliminate the equity and junior debt from the equation

7. Great weather – the weather and ocean will always make South Florida a location where domestic and international buyers will look for primary and secondary homes

8. Favorable taxes – the lack of a State income tax makes the State a great place to own real estate

HOW DOES CONDO.COM PLAY A ROLE IN HELPING

THE INDUSTRY?

As a global advertising portal, Condo.com provides international exposure to over 15 millions buyers each month on a network of partner sites. This exposure to international markets is producing sales of condo units and projects that would ordinarily not be able to cost effectively access these foreign buyers. Our mission is to: (i) help sellers effectively market; (ii) provide buyers with a superset of all condo listings to search; and (iii) help condo residents and other professionals access a definitive database of condo-related information and the buyers and sellers that are part of our growing marketplace. We like to think we are helping to fuel a recovery in the condo market. In June, for example, we had over 1 million visitors to the site that collectively spent over 50,000 hours and conducted more than 800,000 searches. This activity resulted in over 15,000 leads for properties in excess of $25B.

CAN YOU DISCUSS THE NEW PARTNERSHIP YOU HAVE WITH RAICES?

Last month we met with the founders of Raices in Miami “Fabio Ostroviecki”, and created a joint venture between our companies. Raices is the leading global real estate magazine and it made sense for us to have a best-in-class print partner. Raices’ global circulation helps to further expand our brand and allow us to increase the offerings to our clients by now also offering exposure in the magazine. The quality of the magazine itself, in terms of the paper and production values, is superb. The class of advertiser is also top notch and fits within our target demographic. The partnership will also enable Raices to place promotional codes in the print magazine for projects also featured on Condo.com. As marketers become more sophisticated, they expect tracking and a clear path to ROI. By having links from the print and digital versions of the magazine to the buildings and units listed on Condo.com, we can provide the advertiser with concrete and measurable results. We are excited about the complementary product line extension and partnership with Raices, Fabio Ostroviecki and Jack Haime.

Sweet Streets

Thu, 14 Aug 2008 14:51:03 GMT

5. Avenue Montaigne- Paris , France

$5,046 per square foot

Dior, Chanel and Luis Vuitton don’t just call any place home. Instead they nest themselves in the most expensive streets in the world, including the Anenue Montaigne in Paris, France. Known as a high class fashion avenue, Avenue Montaigne attracts international models and the filthy rich alike. Believe it or not in the early 18^th century this now glamorous avenue was called ‘the alley of widows’ because it was used as a meeting place for mourning women. Now it would be better known as ‘the alley of mourning bank accounts’ to say the least.

4. Kensington Palace Gardens- London, UK

$7,196 per square foot

The Kensington Palace Gardens boasts the world’s most expensive home and the nickname ‘Billionaire’s Row’. With residents including Indian steel tycoon Laskhmi Mittal, Russian oil baron Leonard Blavatnik, and Chelsea Football Club owner Roman Abramovich it is no surprise where the nickname came from. Not only are the residences extravagant, but the underground man caves beneath the mansions are one of a kind. Unlike some of the other streets on our list, Kensington Palace Gardens is solely residential and has only 21 buildings. The street runs right along Hyde Park which doesn’t make for a bad view either.

3. 5^th Avenue- New York City, USA

$7500 per square foot

It is no surprise that 5^th avenue in NYC is America’s contester on this list. From Saks, to Barneys to Tiffany’s, anyone who calls this area home shells out about $7500 per square foot of their residence!. Aside from infamous retailers, from 5^th Avenue you can see Washington Square Park, Harlem, Central Park, the Empire State Building, The Metropolitan Museum of Art and the Guggenheim Museum. Between the attractions, high status residents and being the largest city in America, 5^th Avenue has a lot to offer.

2. Severn Road- Hong Kong

$11,200 per square foot

Severn Road sprawls along the affluent residential area of Hong Kong known as ‘The Peak’. The neighborhood is surrounded by rolling green hills and hidden mansions. Residential property on Severn Road, named after a British colonial administrator, commands some of the most spectacular urban views in the world, overlooking the city’s skyscrapers and across Hong Kong harbour to Kowloon. Property prices in the city have always been competitive, but China’s booming economy and the city’s proximity to the biggest concentration of manufacturing activity in the world in the Pearl River Delta, have skyrocketed prices in recent years.

1. Avenue Princesse Grace – Monaco

$17,750 per square foot

The world’s most expensive street was named after the former Princess of Monaco- Grace Kelly. This iconic Hollywood movie star married the wealthy Prince of Monaco- and is your grandfather’s heart throb. Avenue Princess Grace is a mingling spot for billionaires, royals and tycoons from all over the world who want breathtaking views of the Mediterranean Sea. With rundown four bedroom apartments selling for $41 million, the going rate for realty is around $117,750 per square foot. Then again, a hefty price tag comes along with living in the most exclusive enclave in the world.

CONDO.com Releases Condo Market Intelligence Data

Thu, 14 Aug 2008 13:22:27 GMT

FOR IMMEDIATE RELEASE

Contact: Wendy Croquet

954-294-6467

wendy@athena-marketing.com

August 13, 2008 (Miami, FL) - Condo.com, the world's largest condo marketplace, recently released it's much anticipated Condo Market Intelligence (CMI) data for several key Florida markets including Miami, Fort Lauderdale, Palm Beach and Orlando. This data provides information on the number of multi-family home sales in these key markets as well as Average Sales Price and Average Price Per Square Foot. The number of listings for sale and rent by market is also a key component of the CMI. While overall the data confirms expected declines, there are some positive and stable markets indicating that all is not doom and gloom.
     "We are excited to be able to release this new data which gives the industry good, reliable numbers on what is happening in the condo marketplace," says Richard Swerdlow, CEO of Condo.com. "We know the industry is hungry for this information and we have put an infrastructure into place to capture valuable data we release on a periodic basis," he added.
     Some of the market trends identified through Condo.com CMI are:
Number of multi-family home sales for the 2nd quarter '08 increased in all markets from the prior quarter including Fort Lauderdale, Miami, Palm Beach and Orlando. The Orlando market leads the pack with the highest increase over last quarter of 45% with Palm Beach coming in with a 30% increase and Miami and Fort Lauderdale with increases of 22% and 17% respectively.
     Not surprisingly, average sales prices went down in all markets except Palm Beach which experienced a 9% increase over the previous quarter. Orlando showed the biggest decrease in average sales price of 15% while Miami had a 6% decrease and Fort Lauderdale experienced a slight 1% fall in sales price.
     Perhaps the most valuable statistic to compare markets is average price per square foot: Orlando's average sales price per square foot dropped 15% to $128. The average sales price per square foot in Fort Lauderdale dropped 2% to $154; Palm Beach's average sales price per square foot stayed the same as last quarter at $146 while the Miami market dropped 1% to $301.

The Condo.com CMI Report also includes data on the number of listings for sale and rent.

For-Sale Listing Data by Metro area as of August 1st, 2008:

Miami - 23,611 for-sale listings (3% decrease from July '08)
Avg Price/SqFt = $316 (2% decrease from July '08)

Fort Lauderdale - 18,020 listings (1% decrease from July '08)
Avg Price/SqFt = $209 (2% decrease from July '08)

Palm Beach - 13,627 listings (2% decrease from July '08)
Avg Price/SqFt = $192 (2% decrease from July '08)

Orlando - 6,252 listings (2% decrease from July '08)
Avg Price/SqFt = $157 (3% decrease from July '08)

For-Rent Listing Data by Metro area as of August 1st, 2008:

Miami - 6464 Rental Listings (3.36% increase from July '08)
Avg Rent/SqFt $1.95 (.5% increase from July '08)

Fort Lauderdale - 2693 Rental Listings (5% increase over July '08)
Avg Rent/SqFt = $1.36 (No change from July '08)

Palm Beach - 3,138 Rental Listings (8% increase from July '08)
Avg Rent/SqFt = $1.68 (1% increase from July '08)

Orlando - 680 Rental Listings (11% increase from July '08)
Avg Rent/SqFt = $1.02 (1% increase from July '08)

About Condo.com

Condo.com (http://www.condo.com) is the world's largest condominium marketplace with over 600,000 listings valued in excess of $150 billion. The site receives over 1 million visitors monthly and is dedicated to the evolution and prosperity of the condominium real estate market. Condo.com improves and simplifies the way people buy, rent, sell, manage, market and enjoy the condo lifestyle. Condo.com lists condos for sale and for rent in the United States and 70+ countries around the world and cost-effectively delivers exposure and qualified leads to developers, brokers and for-sale-by-owners through the seamless distribution of its listings to a global network of real estate websites visited by over 15 million viewers per month. Condo.com is privately held and headquartered in Miami, Florida. For more information visit http://www.condo.com.

Spec Condo Project Begins Construction In Miami-Dade County

Wed, 13 Aug 2008 23:50:14 GMT

As the last three residential construction cranes move closer to being disassembled in the oversupplied Downtown Miami condo market, four additional cranes - against steep odds - have suddenly sprung up on a new speculative oceanfront condominium project proposed in the barrier island city of Bal Harbour in northeast Miami-Dade County.

The newly installed construction cranes have been erected to facilitate the building of the proposed St. Regis Bal Harbour Resort & Residences condominium and hotel on an 8.9-acre site where the Sheraton Bal Harbour Hotel once stood.

The planned three-tower St. Regis complex is proposed to have 268 condominium units, 36 condo-hotel units, and 24 fractional units for sale to the public plus 182 hotel rooms and a presidential suite that will be owned by the developer, 9701 Collins Avenue LLC.

Prices start at more than $1,000 per square foot. An unknown number of units are under contract.

The development schedule calls for topping off the trio of 27-story glass towers in autumn 2009, and delivery in late 2010.

“The development team appears to be so confident that this project - modeled after the ultra-luxury and pricey Apogee condominium in South Beach - will be a success that they are building on speculation that the units can be sold once delivered,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. “This goes to show how difficult it is right now to obtain financing for a new South Florida condominium project. When a development team with the background, experience, and war chest of 9701 Collins Avenue LLC opts to self finance a project of this magnitude, you have to conclude that construction financing is all but nonexistent today.”

The development entity – 9701 Collins Avenue LLC – building the St. Regis Bal Harbour is a partnership between Starwood Resorts & Hotels Worldwide Inc. – which besides St. Regis also owns the brands Westin, W Hotels, Sheraton, Le Meridien and Four Points - and the nation’s largest condominium developer The Related Group .

The project received a financial boost from Starwood Vacation Ownership Inc., which provided a $30 million loan to 9701 Collins Avenue LLC, according to public records.

The loan is secured by the waterfront land that had been long owned by the Sheraton Bal Harbour Joint Venture before the deed was transferred to 9701 Collins Avenue LLC in July 2007. Miami-Dade County’s Property Appraiser assessed the value of the land at $125.6 million, or $325 per square foot for the dirt, in 2007.

“Aside from the trophy location and international name brand recognition, the St. Regis Bal Harbour stands to benefit from what a growing number of industry professionals see as a leveling off – and in some cases strengthening - of prices in the condo market on the barrier island of Miami-Dade County,” Zalewski said. “The barrier island, which didn’t have the same extent of condo building as Miami’s mainland, is a popular destination for locals and second-home buyers alike who prefer the combination of sand, water, restaurants, and nightlife.

“Second-home buyers purchasing today tend to opt for the barrier island even though the bigger discounts are more prevalent on the mainland of Miami.”

Mainland Miami’s biggest challenge has been absorbing all of the 22,737 new condo units – 88 percent of which have already been delivered – that are completed or under construction in the Greater Downtown Miami area, which is comprised of the neighborhoods of Brickell Avenue, Downtown, and the Biscayne Boulevard Corridor, according to the Condo Vultures® Official Condo Buyers Guide To Miami™ .

On the barrier island, the amount of new condo construction is estimated to be less than half of the Greater Downtown Miami total.

Average discounts being tracked in the Vultures Database™ highlight the price differences by submarket.

On the barrier island from Miami Beach north to Surfside, Bal Harbour, and Sunny Isles Beach, the average price drop per condo unit in the Vultures Database™ is -25 percent. Average prices stand at $460 per square foot today compared to a historical high asking price of $618 per square foot.

In Bal Harbour, where the St. Regis is going up, the average price drop is -22 percent with an asking price today of $714 per square foot compared to the historical high average of $914 per square foot.

On the mainland in Greater Downtown Miami, the average price drop per condo unit in the Vultures Database™ is -32 percent. Prices are currently $314 per square foot compared to a historical high asking price of $463 per square foot.

The Vultures Database™ is comprised of nearly 5,000 condos, townhouses, and single-family houses east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties that have been reduced in price by at least -10 percent and/or $100,000.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™.

Copyright © 2008, Condo Vultures® LLC

Condo Living With 4 Legged Friends

Wed, 13 Aug 2008 17:44:31 GMT

Living in condos with pets can be difficult, mostly because indoor and outdoor space is limited. Don’t worry though; living in a condo is no reason to give up your furry friend. If you stay in tune to your pet’s needs both of you will happily settle into your new lifestyle. While house cats may not notice the difference, dogs will have to undergo a more significant adjustment. It is especially important for dogs to have enough exercise and time outdoors. Large and active dogs should be taken outside a few times a day to stretch their legs and run around. Small dogs may be more content inside but still need to be taken out for walks to go to the bathroom.

Living in a close community of people can actually be helpful if you own a pet. One benefit is that you and the other pet owners in the building can use your different schedules to each others advantage. Schedule each person to take the group of dogs for a walk during the day, just because you are at work doesn’t mean your pet has to be stuck indoors. Or, if you don’t feel comfortable giving your neighbors access to your condo when you aren’t there, have each pet owner contribute money to hire a dog walker. Not only is this easier for you, but its better for your dog! Your dog will look forward to their daily play dates with the other animals in the building.

On the other hand, if you already live in a condominium and are looking to buy or adopt a pet you should consider the breed’s size and energy level. Low and Medium energy dogs such as Cocker Spaniels, Shepards and Collies make good condo dogs. High energy and Guardian dogs such as Retrievers, Dalmatians, Boxers and Rotweillers may not do as well in such a small space. The most important thing to remember though, is that regardless of the space confinements and breed tendencies, it is the time, energy, and love you give to your animal that will make the difference.

Platinum Condo Hotel Gets Great Reviews

Wed, 13 Aug 2008 02:55:17 GMT

Condo hotels have had great success and failure through out the United States with in the last decade or so. New to Las Vegas Condo Hotels offer a unique way for investor and vacation home owners to take part in some of the action and receive some awesome results. Currently we have 5 major Condo Hotel opportunity's here in Las Vegas and each one has it's pros and cons. They are Trump International Las Vegas, Palms Place, The Signature At MGM, & Platinum. Each are beautiful and amenity rich but which is the best right. Well in my opinion they are all the best each in their own ways. I have been able to locate a couple of videos on a few developments mentioned above.See what the media and actual owners say about these Condo Hotels. Contact me today to learn more about how you can take advantage of the amazing opportunity's that Condo Hotels offer to owners by calling me directly at 702-542-1883
or click here to send me a e-mail.

CLICK HERE TO WATCH VIDEOS

LARGE COMMERCIAL PROJECT FUNDING

Tue, 12 Aug 2008 18:15:57 GMT

We do commercial funding both domestically and internationally.

LARGE COMMERCIAL PROJECT FUNDING!
The standard terms of the loan based on future value are:
4.41% rate (note rate is based on the 90 day Libor rate) plus 2 points, 5 year
term, with renewable five years option, if required and up to 90% loan to value,
only $600.00 per pirncipal due diligence processing fees required for LOI,
10% of the requested loan to be placed into escrow,but refunded on first draw if borrowered funds. (Note: platform
bridge loans are available for the 10%), minimum loans are required to begin @
ten million. Time of funding is 45 - 60 days with 30 days for the bridge loan.

We currently have over 250 projects ..... for about $50.5 billion in process!

Some are as follows:
1. $400 MM theme park
2. $50 MM line in Australia
3. $25 MM mixed use condo/business project in AZ
4. $15 MM condo project in San Francisco
5. $24 MM building purchase in Michigan
6. $180 MM residential project in UT
7. $78 MM residential project in SC
8. $30 MM hotel resort in Costa Rica
9. $25 MM diamond mine in Africa
10. $25 MM flag hotel
11. $650 MM casino
12. $10 Billion casino

The list is long,but I assure you that we am very real.We can provide tombstones.

If you have any questions please call me 414-241-3100 or e-mail brynn@a-newmortgage.com

Moving Tips

Tue, 12 Aug 2008 18:05:57 GMT

If you have ever moved before or are in the process of moving, you know what a headache it can be. Packing and moving boxes is tiring and frustrating. Unpacking in your new place can lead to anxiety and disorganization. While moving may never truly be stress free, you can follow these helpful tips to ‘lighten the load’.

1. Make a List

If you write everything down you will thank yourself for it later. Create a record keeping system before you pack your boxes so you can keep track of what items you put where. Place a number on every box you pack and list its contents in your notebook/ record system. Also designate a safe place for all your key moving supplies- including this recording notebook, packing tape, labels and marking pens.

2. Have Plenty Of Supplies

You will need LOTS of boxes, probably more than you think you will need. If you stock up in the beginning, it will be quicker and easier to start packing. Keep 5-10 boxes on hand for you last day so that you can pack last minute goods such as bedding, toiletries and cleaning supplies. Also make sure you have strong plastic packing tape and bubble wrap to secure delicate items.

3. Utilize Wardrobe Boxes

These tall, lightweight boxes are perfect for bulky comforters, pillows, blankets and clothes. Call your mover to ask the width of the wardrobe boxes that they will be bringing. Then measure the clothes in all your closets to see how many wardrobe boxes you will need. You can also use these for closet storage boxes, shoe boxes, and baskets. Just beware not to stuff these boxes until they are too heavy to lift, or fill them with heavy items that can break through the bottom.

4. Strategize Wardrobe Box Use

Moving companies will gladly deliver boxes before your moving day, but if you’re doing things yourself, try to stay as organized as possible. A few days before your move, fill some sturdy shopping bags with bulky yet durable closet items like shoes, bags and belts. On moving day fill the bottom of your wardrobe boxes with some of these shopping bags and then add your hanging clothing. Pack your clothes that are on hangars tightly so that they don’t shift and fall off during the move. Then, cover the shoulders of your clothing with dry cleaning bags for protection and fill any empty space with any leftover purses or bags. By packing the wardrobe boxes this way you will save space and remain organized.

5. Color Coordinate

Make unpacking easier by designating a color for each room in your new home or condo. For example, yellow for the kitchen, blue for the living room etc. Next, apply the colored stickers on each box near its number and a corresponding colored sticker on each room of your new place. When the movers are unloading the boxes they will know where to put everything to make it easiest for you. It is also helpful to put a big sign on the wall in the rooms where you want boxes stacked, (“Boxes here please”), so that you can keep them out of furniture and traffic areas.

6. Keep Things Together

When you are packing, keep similar items together. Keep bookends with books, light bulbs with lamps, and extension cords with appliances. Attach small loose parts to the item they belong too with tape or in small envelopes. Keep larger corresponding items such as TV cords in Ziploc bags and tape them to the backside of the item. Also start a “Parts Box” that you can fill with parts, pieces, brackets and anything that is removed from furniture or is needed to reassemble items.

7. Pack Ahead

Anything you can pack ahead of time, no matter how small it is, will save you time on moving day. You do not need 5 radios or 3 TVs hanging around until the last minute. The more things you save to pack, the less organized you will be when you get to your new place. Box up your toiletries and keep only what you need for the last week in a traveling cosmetic case. Pare down cooking supplies and utensils to the bare minimum, and wash and pack the rest. Clean and use wastebaskets to store items, you can use plastic bags for garbage while you’re moving.

8. Consolidate Cleaning Supplies

If you must clean your old place before moving out, put together a kit of basic cleaning supplies you will need on moving day. Clean anything you are not using before hand such as kitchen appliances, blinds and window sills. If possible, vacuum each room as the movers empty it so you can leave once the last box is gone.

9. Use Your Luggage

Pack luggage and duffel bags with clothing, sheets, towels and paper goods. It is also a good idea to put important items, or ones you will need right away in your suitcases because they will be easier to spot than ‘Box #87’.

10. Safeguard Valued Items

Keep valuable possessions such as silverware, antiques and collectibles with you in your car. If there is no room, or you have a long distance move, bury the items in a box discretely titled. Either way, check your homeowners insurance to see how you are covered during the move or if you need additional insurance from the mover. Also, find out what paperwork you might need to file a claim in case of loss.

11. Keep Important Papers With You

Keep birth certificates, school records, new job contracts, utility company numbers, bank records, bills, closing papers, titles, deeds etc. in a folder that you will keep with you. Don’t put them in a box and leave them with the mover!

12. Personal Boxes

Let each person in the house get a brightly colored storage tote box. Each family member can fill theirs with personal items they’ll want right away in the new home. Don’t forget to include the essentials such as keys, a set of sheets, phone chargers, and travel cosmetic case. The bright colors will be easy to find amongst the cardboard boxes and you will know where your necessities are.

Moving can be stressful and time consuming, but planning ahead will make all the difference. The more organized you are while packing, the more organized you will be unpacking. Happy Moving!

MEXICO REAL ESTATE INVESTMENT SEMINAR

Sun, 10 Aug 2008 03:18:28 GMT

Discover Why Puerto Vallarta is one of the most profitable Markets in Real Estate Today!

Discover why more and more Americans & Canadians are choosing to retire in Mexico.

Discovery Weekend is your opportunity to find out how to invest wisely and profitably in the hottest market available today.

By attending Mexico Alive's Discovery Weekend, you will learn:

· The ins and outs of buying Mexico property safely and wisely.
· How to maximize your return on investment to bring you returns of 15% or more.
· How to form an investment group to purchase multiple properties for even greater earnings, and to earn commissions for bringing in other investors.
· How diversifying your property portfolio protects you from local market downturns.
· About six of the most profitable properties available via our air conditioned busses.
· How to have fun with our Banderas Bay Cruise, Puerto Vallarta City Tour, Mexican Fiesta Dinner and a few other surprises!

At Mexico Alive's three-day Discovery Weekend, you will meet with leading experts like "Tom Kelly, author of "Cashing in on a Second Home in Mexico", who can answer all of the questions you have about real estate investment, purchasing with IRA funds, title insurance, loan providers, health care, taxes, and more.

Mexico Alive is offering this opportunity for only $185/pp or $250/couple, complete with an all-inclusive stay at our prestigious Marival Resort.

Join us in Puerto Vallarta for a fun-filled weekend, packed with information that will help you make the most of your foreign property investments.
Spaces are limited so call (858) 731 1274 (USA) or REGISTER HERE
To reserve your space today.

August 21,22 & 23; Sept 25,26 & 27; Oct 23,24 & 25; Nov 13,14 & 15

Hawaii Kai Real Estate Condo Market Activity for July, 2008

Thu, 07 Aug 2008 20:01:27 GMT

The Hawaii Kai condo market had 16 sales in July, 2008, ranging from $380,000 for a one bedroom unit in the Esplanade, to $805,000 for a four bedroom home in Kuapa Isle.

Average Days on Market for the month was 62, average price $517,000. Complexes with sold units included the Commodore, Esplanade, Kaimala Marina, Kalele Kai, Koko Isle, Kuapa Isle, Lalea, Marina Palms, Mariners Village 3, Mawaena Kai, Moorings, Naniwa Gardens, and Plaza Hawaii Kai.

These figures compare with June statistics of 13 sales, average Days on Market of 49, and average sales price of $625,000. The small numbers make fluctuations look large, but one or two big sales can significantly impact the average sales price. In June, the low sale was $453,000, a two bedroom unit in the Esplanade, and high sale was $800,000 in the Peninsula at Hawaii Kai.

Visit my Hawaii Kai real estate market analysis page on my web site for full details: barbara@barbarashawaii.com
808-226-2537

Wilmington Home Equity ranks High

Thu, 07 Aug 2008 18:15:22 GMT

Real Estate by the news media is viewed as a national market but in fact all Real Estate is local. The Cape Fear Region, including Wilmington NC, has been affected by the slowing in the Credit Markets but the impact has been less drastic than many in the nation. The Forbes list of 20 cities with high Home Equity ranks Wilmington NC among them. (see article below.)

Wilmington's Home Equity ranks High in 'Forbes' list

Published: Wednesday, August 6, 2008 If the local housing market has got you down, take some heart from another of Forbes' lists of superlatives and negatives.

Wilmington ranks No. 20 in the magazine's list of cities with the most home equity. Home equity as a percent of home value was 61 percent in Wilmington, or $117,470, Forbes said, down from 64 percent in 2007.

The drop in year-over-year figures was true most places, but Wilmington's and others stood in stark contrast to Sacramento, Calif., and Grand Rapids, Mich., where home equity is 28 percent, falling from 57 percent and 46 percent, respectively, two years ago, Forbes said.

Southern cities dominated the top 20 list. The city with the most equity was Beaumont, Texas, 75 percent at $76,458; followed by Corpus Christi; Gulfport, Miss.; Charleston, W.Va.; and El Paso.

But cities outside the South also were on the list: Honolulu; Utica and Binghamton, N.Y.; Allentown and Scranton, Pa.; and Atlantic City.

Forbes used data from Moody's Economy.com on the country's 200 largest metro areas. Housing values have dropped 7.7 percent nationwide since last year, according to the National Association of Realtors.

Web Link: Wilmington's Home Equity ranks High in 'Forbes' list
WordPress Weblog: Wilmington NC Home Equity ranks High
Zolve Blog Post: http://zenkey.zolve.com/readblogs/2008/08/07/wilmington-nc-home-equity-ranks-high.aspx
Activerain Blog: Wilmington Home Equity ranks High nationwide
Zimbio Article: Wilmington NC Home Equity ranks High

Popular Home Searches in and around Wilmington North Carolina:

Wilmington NC Real Estate: Homes for Sale in Wilmington NC - You will find all the property listings in Wilmington North Carolina with an easy intuitive MLS search. Free Access and lots of Wilmington Buyers' Tools. From Kure Beach to Castle Hayne - we have Realtors to Cover it all...

Wrightsville Beach Real Estate: Homes for Sale in Wrightsville Beach NC - You will find all the property listings in Wrightsville Beach North Carolina with an easy intuitive MLS search. Free Access and lots of Wrightsville Beach Buyers' Tools. Luxury Living that surpasses the imagination - take a walk on the beach, you will love it...

Leland Real Estate: Homes for Sale in Leland NC - You will find all the property listings in Leland North Carolina with an easy intuitive MLS search. Free Access and lots of Leland Buyers' Tools. Fastest Growing County and fast becoming Western Wilmington NC...

New Hanover County Real Estate: Homes for Sale in New Hanover County - find all the property listings for sale in the county that includes Wilmington, Wrightsville Beach, Carolina Beach, Castle Hayne, Kure Beach, and all the wonderful towns far and in between.

Castle Hayne Real Estate: Homes for Sale in Castle Hayne NC - You will find all the property listings in Castle Hayne North Carolina with an easy intuitive MLS search. Free Access and lots of Castle Hayne NC Buyers' Tools. The Home of GE and Industry - slightly north of Wilmington NC...

Carolina Beach Real Estate: Homes for Sale in Carolina Beach NC - You will find all the property listings in Carolina Beach North Carolina with an easy intuitive MLS search. Free Access and lots of Carolina Beach Buyers' Tools. The beaches, the lifestyle, the sun...

Southport Real Estate: Homes for Sale in Southport NC - You will find all the property listings in Southport North Carolina with an easy intuitive MLS search. Free Access and lots of Southport Buyers' Tools. Secluded homes, easy strolls on the beach, island living at it's best...

Oak Island Real Estate: Homes for Sale in Oak Island NC - You will find all the property listings in Oak Island North Carolina with an easy intuitive MLS search. Free Access and lots of Oak Island Buyers' Tools. Island Living is not a dream - visit this charming town; the ocean beckons...

Hampstead Real Estate: Homes for Sale in Hampstead NC - You will find all the property listings in Hampstead North Carolina with an easy intuitive MLS search. Free Access and lots of Hampstead Buyers' Tools. The Premiere Real Estate Agency in Pender County...

Jacksonville NC Real Estate: Homes for Sale in Jacksonville NC - You will find all the property listings in Jacksonville North Carolina with an easy intuitive MLS search. Free Access and lots of Jacksonville Buyers' Tools. Camp Lejeune information and lots or resources available...

Burgaw Real Estate: Homes for Sale in Burgaw NC - You will find all the property listings in Burgaw North Carolina with an easy intuitive MLS search. Free Access and lots of Burgaw Buyers' Tools. Home of the famous Blueberry Festival - you have to come visit...

Hawaii Kai MarinaFront Townhome Sales through June, 2008

Thu, 07 Aug 2008 17:49:52 GMT

Owning waterfront anywhere on Oahu, but especially in Hawaii Kai, is a very good real estate investment with a prestigious address. Prices vary widely based on the square footage on the water, whether or not a deeded boat dock is included, the view, and completed renovations. Most of the complexes were built in the late 1960’s, and many units have been extensively remodeled these last few years.

For the first half of 2008, 20 sales of Hawaii Kai marinafront townhomes have closed, ranging in price from $245,300 (leasehold) in Kaimala Marina to $805,000 in Koko Isle.

Visit my Hawaii Kai real estate market analysis page on my web site for full details: http://www.movetohawaiikai.com/Hawaii_Kai_Market_News/page_1893904.html

The Honolulu Board of Realtors issues very complete statistics for monthly sales on Oahu. Contact me for a free copy.

Barbara Abe, Realtor for Hawaii Kai
barbara@barbarashawaii.com
808-226-2537

Koko Isle: a Very Prestigious Address in Hawaii Kai MarinaFront Homes

Thu, 07 Aug 2008 17:48:19 GMT

Koko Isle is a private island accessed from Lunalilo Home Road and adjacent to Koko Marina Shopping Center. There are 124 townhomes of many different styles - 2-bedroom/2-bath, 3-bedroom/3- bath, 3-bedroom/2.5-bath – and different sizes, 1,268 – 1.700 sq ft.

Most of the homes are on the water and many of them have boat docks. Amenities include swimming pool, clubhouse, exercise room, recreation area, resident manager and a walking/jogging path.

Koko Isle in Hawaii Kai is a very attractive address, even though built in 1968. Sales in 2007 ranged from $619,000 to $970,000, and the 3 sales in 2008 so far have been $565,000 to $805,000. Maintenance fees are about $605/month.

Visit my Hawaii Kai real estate market analysis page on my web site for full details: http://www.movetohawaiikai.com/Hawaii_Kai_Market_News/page_1893904.html

The Honolulu Board of Realtors issues very complete statistics for monthly sales on Oahu. Contact me for a free copy.

Barbara Abe, Realtor for Hawaii Kai
barbara@barbarashawaii.com
808-226-2537

Pressure Builds On Florida’s Largest Bank

Thu, 07 Aug 2008 17:11:51 GMT

Florida’s largest bank was already under pressure from analysts, investors, and third-party governance groups concerned about the institution’s growing number of problem mortgages even before Thursday’s New York Times article donned the Miami-based lender as the “Tempest for a Bank That Bet on Risky Loans.”

BankUnited, Florida’s largest based bank with assets of $14.3 billion and the originator of the “59 Minute Loan” during the real estate boom years, is now “scrambling to raise $400 million in capital, an amount nearly eight times the bank’s shriveled value on the stock market,” according to the article.

BankUnited has a market capitalization value of $47 million, according to Yahoo! Finance.

The stock price of BankUnited (Nasdaq: BKUNA) dropped by 12 percent to $1.32 per share in midday trading Thursday. The current pricing means BankUnited’s shares have plummeted about 93 percent from the institution’s 52-week high price of $19.69 per share, according to Yahoo! Finance.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™.

Copyright © 2008, Condo Vultures® LLC

Ten Aragon Condo

Thu, 07 Aug 2008 14:25:27 GMT

Ten Aragon in Coral Gables

About the Ten Aragon Coral Gables

Designer: Charles Allem
Description: Residential, Retail
Type: Mix-Use Building
Floors: 15
Units: 184 residences
Number of Bedrooms: 1, 2 & 3
Unit Sq. Ft. Range: 753-1,654
Price Range: $ 288,000's - $ 760,000's
Amenities: Temperate Controlled Pool, Fitness Center, Valet

Ten Aragon, located in the historic community of Coral Gables, Florida was purchased for several specific reasons. The mixed-use property has residential, commercial, retail, and office and garage space all in one facility on the historic "Miracle Mile". Upscale and quietly elegant, "The Gables" has the enduring reputation as "the City Beautiful".
Ten Aragon has 184 apartments, most of which have unobstructed views of downtown Miami, Biscayne Bay and South Coral Gables. The property is an 8 month old, 511,701 square foot structure with 15 stories on 1.99 urban acres along the Miracle Mile in Coral Gables Florida. The property consists of a 5 story base and 10 story residential tower. There are 184 apartment units that are to be converted to condominiums, 65,000 square feet of commercial, retail and office space and 615 parking garage spaces. The residential tower includes 1 bedroom/1 bath,
2 bedroom/2 bath, and 3 bedroom/2 bath apartments. Amenities include an outdoor swimming pool and spa, a fitness center and a business center.
Ten Aragon closed on December 23, 2004 as a joint venture between Prospect Capital Group and the Robert Martin Company.