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Biggest price cut of the day

November 06, 2009 06:30PM

16051 Collins Ave.

The South Florida home to see the biggest price cut today is a five-bedroom, six-bathroom condo in Turnberry Ocean Colony at 16051 Collins Avenue in Sunny Isles, according to data from Condo Vultures Realty. The $3 million Dade County home saw a $600,000, or 17 percent, price cut. It was originally listed for $3.6 million when it first hit the market in January. The 3,735-square-foot penthouse is in a new luxury high rise and has panoramic ocean, city and bay views. Leon Cohen of Estelle Stern Realty has the listing. (Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD

Obama signs first-time homebuyer tax credit extension

November 06, 2009 06:00PM

President Barack Obama has signed into a law a bill that extends the first-time homebuyer tax credit to April 30 and strengthens anti-fraud measures, he announced today. The bill also stretches out unemployment benefits by up to 20 additional weeks and cuts taxes for struggling business owners. The new law comes on the heels of news that the national unemployment rate has eclipsed 10 percent. Obama said despite sustained job losses, the economy grew last quarter in large part due to a rebound in the housing market. The extended homebuyer tax credit, which was previously slated to expire at the end of this month, will be instrumental in ensuring a continued recovery, he said.

Foreclosure stats for the week

November 06, 2009 05:30PM

The number of foreclosures in South Florida year-to-date increased to 85,371 from 65,821 at the same point last year, according to data from Condo Vultures Realty. For this week alone, the number dropped to 1,893 from 2,026 in the same week last year. The graph below shows foreclosure activity in South Florida's three counties. TRD

Condo Vultures Realty compiles foreclosure data using information collected from the respective county clerk of the court by a third-party service. The reported time period is adjusted to reflect the comparable week from the previous year. The year-to-date number reflects the cumulative total of foreclosure filings for the year, as of the week noted.

Lawsuits target Soffer family business ... and more

November 06, 2009 05:00PM

1. Lawsuits target Soffer family business [Miami Herald]
2. Drywall tests puzzle inspectors [Sun Sentinel]
3. Worth Ave. Association hears upbeat hotel view [Palm Beach Daily News]
4. Floridians pleased by tax credit extension [Palm Beach Post]
5. Miami foreclosures on the rise, data shows [Miami New Times]
More

Bacteria could be drywall culprit

November 06, 2009 04:00PM

Scientists looking at the unpleasant effects of tainted Chinese drywall are trying to determine if the problem is caused by a chemical reaction or bacteria. Some labs say the building material has significant amounts of sulfate-reducing bacteria, which would account for the stench that's been linked to corroded metal fixtures and associated with health problems including rashes and nosebleeds. Dr. David Krause, a toxicologist with the Florida Department of Health, said the bacteria theory needs further testing, and that even if there is a high level of bacteria in the drywall, no link has been established to the sulfur gas emissions. [Palm Beach Post]

Palm Beach County's top 10 property taxpayers

November 06, 2009 03:00PM

The Palm Beach County Tax Collector's office listed Florida Power & Light as the biggest payer among the 600,000 property tax notices it will mail out on Saturday. Its bill? About $33 million. Other big taxpayers include Bellsouth Telecommuniations at $8.7 million, Town Center at $7 million, U.S. Sugar Corp. at $5.5 million and Breakers Palm Beach at $5.3 million. In total, the bills represent about $3.2 billion in property tax revenues for the County. [Palm Beach Post] Tags: florida power & light u.s. sugar corp. bellsouth communications

Fannie Mae taps $60B from emergency Treasury fund this year

November 06, 2009 02:00PM

After an $18.9 billion loss in the third quarter, Fannie Mae plans to dip into an emergency Treasury Department fund for the fourth time this year, the Securities and Exchange Commission said yesterday. On top of the $44.9 billion the government-sponsored mortgage giant has already received in emergency financing, the company will ask for an additional $15 billion. The company says it does not foresee a quick end to its losses, and many believe this will not be the last time Fannie Mae will need to be bailed out. Ultimately, Fannie Mae will likely rack up $200 billion in emergency government funds, said Paul Miller, an analyst at Arlington, Va.-based FBR Capital Markets. Shares of Fannie Mae closed at $1.12 yesterday. They peaked at $87.81 in December 2000. [Bloomberg] Tags: fannie mae fbr capital markets paul miller securities and exchange commission treasury department

Foreclosures by beach evoke history for Cannon

November 06, 2009 01:00PM

Michael Cannon, of Integra Realty Resources, a 40-year veteran of Miami real estate, looks at the flood of foreclosure and sees history repeating itself. A quick survey of 40 years of newspaper headlines in his personal collection of real estate related objects shows a pattern: Dim housing outlooks from the 50's. People stuck renting in the 80's. He says Florida is seeing the same characteristics today as the 80's, during the periods of the 70's, during the 60's as well. He said it's just that it's bigger this time, that it's the great recession. [CBS4]

Tags: michael cannon integra realty resources

Merger taking Stiefel out of state

November 06, 2009 12:00PM

Research Triangle Park in North Carolina

Stiefel Laboratories, a Coral Gables company that's one of South Florida's oldest, will be moving to Research Triangle Park in North Carolina. It will lay off 40 workers and take its dermatology product manufacturing operations north. It was acquired in July by multinational pharmaceutical company GlaxoSmithKline in a $2.9 billion deal. "The move will help Stiefel achieve its goal to 'Work as One' and is aligned with the GlaxoSmithKline Global Real Estate Program, which aims to optimize the use of facilities and simplify the company's operating model," said company spokeswoman Erin Bacher Singer. [SFBJ]

Senate drywall resolution introduced

November 06, 2009 11:00AM

Senator Bill Nelson

Florida Sen. Bill Nelson spearheaded a bipartisan group of senators from states affected by noxious Chinese made drywall seeking relief for homeowners. Sens. Nelson and George LeMieux from Florida; Mary Landrieu and David Vitter of Louisiana; and Mark Warner and Jim Webb of Virginia introduced the resolution, which carries no penalties but encourages lenders to delay or suspend mortgage payments -- without penalty -- for families with contaminated drywall. Nationally, there are over 1,300 homeowners in 26 states who are dealing with health issues caused by the use of contaminated drywall [Miami Herald]

What difficulties do commercial building owners face in the weak economy?

November 06, 2009 10:30AM

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