The Real Deal - South Florida Real Estate News

JP Morgan Asset Management sells three office towers for $61M

Aug 27, 2008 04:33 PM

JP Morgan Asset Management sold three suburban office buildings in West Palm Beach with a total of 338,900 square feet for about $61 million to Boston-based TA Associates. The sale of two of the buildings, the 143,900-square-foot Centurion Tower and the 99,000-square-foot Northpoint Corporate Center, closed on August 5. The sale of another building, the 95,900-square-foot 1400 Centrepark, closed on July 7. The average price per square foot for the three buildings was about $180 per square foot. All three buildings were built in the late 1980s. more

By Hortense Leon

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Fake broker in Miami conned 4 people

Aug 27, 2008 03:51 PM

A French man who goes by "Christian" pretended to be a broker and conned four people in two days into giving him deposits for a Miami rental apartment. The scam was found out when one of the conned renters saw an ad for the apartment, at 826 Euclid Avenue, and called the real broker to ask about her deposit. One other conned renter worked it out with the landlord to keep the apartment, but has yet to get back the $2,500 he gave to the fake broker.

[Miami New Times]

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Miami shopping center sold

Aug 27, 2008 03:45 PM

The Sturman Family Limited Partnership sold the 7,600-square-foot William's Plaza shopping center to Shops at Palmetto Bay, LLC for $2.3 million. The Miami plaza, at 13981 South Dixie Highway, is 100 percent occupied, with tenants including Beyond Salon & Spa, Wheel & Tire and Vilar Cigars. Marcus & Millichap Real Estate Investment Services brokered the sale, with Senior Associate Kirk Olson and Associate Drew Kristol representing both the buyer and seller. TRD

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Rise in consumer confidence could sign housing market bottom

Aug 27, 2008 03:43 PM

Chris McCarty The consumer confidence index rose in August, according a University of Florida survey, and the survey director says it's because the housing market has hit the bottom. Director Chris McCarty says prices in Florida are still dropping, but at a slower decline, and the median home price is beginning to level out. McCarty said July home prices will be the bottom. The median price in Palm Beach plunged to $291,300 in July, according to the Florida Association of Realtors.

[Palm Beach Post]

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Residents get help from foreclosure workshops

Aug 27, 2008 02:35 PM

About 1,700 people attended a foreclosure-prevention workshop at Florida International University in Miami on Saturday. Similar workshops, where people can talk to experts about modifying loans and staying in their homes, have been held in Orlando and Fort Myers. Another workshop is being held in Delray Beach in September for Palm Beach County residents.

[Sun-Sentinel]

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Pizza chain plans nationwide expansion

Aug 27, 2008 02:27 PM

Pizza Fusion in Fort Lauderdale The Fort Lauderdale-based organic restaurant Pizza Fusion has named a new CEO to steer the company's expansion plans. Mark Begelman will help the chain open 500 franchises around the U.S. over the next five years. The restaurant already has 75 franchises in 15 states. Woodbridge Holdings Corp. is invested in the expansion. The company was formerly Levitt Corp. before it changed its name amidst the bankruptcy filings of its home building subsidiary Levitt & Sons.

[Miami Herald]

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Broward developer files for bankruptcy

Aug 27, 2008 02:11 PM

Southwest Ranches-based developer JJH Investments filed for bankruptcy Monday, with $3.6 million in estimated assets and $4.7 million in estimated liabilities. The company faced legal and financial troubles trying to develop a mixed-use development called City Shops & Walk in downtown Ocala. Several local creditors, including Las Fabricas in Miami and Ben Farberstein of Fort Lauderdale, are listed in the bankruptcy.

[SFBJ]

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Architects, developers lean on green consultants

Aug 27, 2008 12:55 PM

Local and state governments are increasingly starting to require LEED-certification for public projects, so many architects and developers are using consultants from the Green Buildings Council to learn about the process and guidelines. In 2006, the council had just 679 consultants, which had grown to 1,590 as of July this year. In 2005, 404 buildings met LEED standards, and midway through this year 1,705 buildings were LEED-certified.

[NYT]

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Mortgage crunch shuts out buyers

Aug 27, 2008 11:42 AM

The collapse of the housing market means many South Floridian home buyers will have to scrimp and save even more if they're going to become property owners. Lenders have tightened up standards and are asking for larger down payments -- as much as 20 percent -- and better credit scores. With $300 million in bad loans on the books, banks say they have no choice but to demand solid proof of income and to stop lending to borrowers with less than perfect payment histories. The tri-county area is also likely to be hit with the adverse market premium charged by Fannie Mae, the nation's largest backer of home loans. Fannie's recent 0.25 percent hike could translate to an additional $750 on a loan of about $300,000.

[Miami Herald]

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FBI predicted mortgage crisis

Aug 27, 2008 08:41 AM

The FBI predicted the mortgage crisis years ago, and knew billions in losses were possible because of low-interest rates and soaring home values were attracting shady businesses. One FBI official said the mortgage crisis had "the potential to be an epidemic" in 2004, but said the agency was working on preventing it. The FBI's mortgage fraud resources shrunk, however, and by 2007 there were 100 just mortgage fraud agents. The FBI had 1,000 banking fraud agents during the S&L bust of the 1980s and 1990s.

[Newsday]