The SAVI Group » News

Crown Miami Beach sells for $85 million

santivit — Mon, 17 Dec 2012 15:18:52 +0000

The former Lord Tarleton Hotel in Miami Beach could be going back to its roots. A San Francisco company has paid $85 million for the former hotel property, which has operated as a luxury rental apartment community called The Crown Miami Beach for five years. Crown Miami Hotel Owner LLC bought the three-property site at [...]

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Miami-Dade County Ultra High End Single Family Home Market Report

santivit — Mon, 26 Nov 2012 13:47:53 +0000

It has always intrigued me the vast amount of tools available to investors who desire to make equity or bond investments and particularly the degree of sophistication under which F500 financial institutions evaluate investment strategies versus how little there is available to the same investor while making a residential investment decision. Our goal is to [...]

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Foreign Investors may avoid Real Estate Property Tax Act (FIRPTA) by following this strategy

santivit — Tue, 30 Oct 2012 15:31:26 +0000

Shared appreciation mortgages key for foreign investors The combination of a weak U.S. dollar and low interest rates has resulted in more foreign investment in U.S., and South Florida, commercial real estate. But one of the primary obstacles facing foreign persons who invest in U.S. real estate is the Foreign Investment in Real Property Tax [...]

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Ibis Golf & Country Club – Single Family Residence for Sale

santivit — Mon, 15 Oct 2012 17:24:33 +0000

The SAVI Group is pleased to offer the best priced acquisition opportunity at Ibis Golf & Country Club in Palm Beach Florida. This amazing single family residence is being placed in the market at $294,000 priced at only $112/sq.ft it also included a $70,000 membership association fee to the Country Club. Ibis is a West [...]

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Two Off market Shopping Plaza Acquisition Opportunities in Florida

santivit — Sat, 29 Sep 2012 14:17:35 +0000

(Picture is for illustration purposes only – not real asset for sale) OPPORTUNITY #1 HIGHLIGHTS Located on high traffic on high traffic thoroughfare Good client mix with no concentration risk; several recognized franchises Approximate average tenant occupancy; 5 years Current vacancy; 4% Lot size; approximately 112,000 square feet Approximately 42,000 rentable square feet Average price per [...]

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Commercial Real Estate 2012

santivit — Mon, 24 Sep 2012 13:59:20 +0000

Commercial Real Estate 2012, The SAVI Group More developers are planning high-density enclaves to cater to city dwellers’ living, working and entertainment needs. Call them “The Game Changers,” ambitious investors and developers who wield plenty of clout as the region emerges from a recession and protracted real estate collapse. From mysterious, media-shy New Yorkers to prominent Argentine developers to acquisitive locally [...]

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Sagee Manor Estate – Highlands, North Carolina

santivit — Sat, 01 Sep 2012 17:24:46 +0000

The SAVI Group has been retained to find a suitor to continue with the current owner’s legacy in keeping this amazing estate of the art estate nested atop its own mountain top. This one of a kind very exclusive and sophisticated estate is being offered at $17.9M. Additional information about it may be found by [...]

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U.S. Homeowners With Negative Equity Drop As Prices Rise

santivit — Thu, 23 Aug 2012 15:40:40 +0000

The number of U.S. homeowners who owe more on their mortgages than their houses are worth fell by about 400,000 in the second quarter asprices rose and properties were lost to foreclosure. About 15.3 million homeowners, or almost 31 percent of those with a mortgage, had negative equity as of June 30, according to Seattle-basedZillow Inc. [...]

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Commercial Rebounding With Less-Than-$5 Million Sales: Mortgages

santivit — Mon, 20 Aug 2012 10:27:41 +0000

Broker Connie de la Garza has been trying to sell an empty medical-office building in Harlingen, Texas, for six months. He’s finally getting offers after slashing the asking price by 26 percent to $1.4 million. “That’s when the real activity happened,” said de la Garza, the owner of Bahnman Realty Inc., who is marketing the [...]

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Homebuilder Stocks Surge With New Sales 50% Below Average

santivit — Tue, 14 Aug 2012 12:05:31 +0000

U.S. homebuilder shares are appreciating at a record rate this year, reflecting confidence the housing rebound from a six-year slump can accelerate with new-home sales still 50 percent below the 40-year average. The Standard & Poor’s Supercomposite Homebuilder Index of 11 companies has climbed 53 percent this year through Aug. 10, compared with a 12 percent gain for the broader S&P 500 [...]

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Obama Finds No Easy Way To Buoy U.S. Homeowners Deep Underwater

santivit — Tue, 14 Aug 2012 12:02:22 +0000

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, stood in the beating sun amid the scrapyards and vacant lots of Cleveland’s East Side and noted that rising home prices have begun to reduce the number of families whose mortgages exceed the value of their homes. The ranks of underwater borrowers nationwide dropped by 700,000 [...]

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Rally In CMBS Buoyed As Angelo Gordon Leads Investors: Mortgages

santivit — Fri, 03 Aug 2012 10:55:16 +0000

Bondholder confidence is growing that U.S. commercial property is bottoming following the recovery in residential housing. Angelo Gordon & Co., LibreMax Capital LLC, Metacapital Management LLC and Brevan Howard Asset Management LLP are among firms that snapped up commercial mortgage-backed securities as some of the riskiest debt jumped as much as 13 percent in July [...]

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Palm Beach mansion sells for $41.5 million

santivit — Wed, 01 Aug 2012 12:20:46 +0000

The ultra-luxury residential market is far removed from mid-2008 when investors like Donald Trump sold mansions for prices approaching $100 million, but the $41.5 million sale of a Palm Beach residence shows the market is beginning to close the gap. The latest indicator of a high-end residential resurgence came July 24 when Stanley N. Gaines and Gay [...]

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U.S. Home Vacancy Rate Falls As Housing Demand Improves

santivit — Mon, 30 Jul 2012 11:32:18 +0000

The U.S. home-vacancy rate, a measure of properties empty and for sale, fell to the lowest level since 2006 as demand for housing improved and lenders slowed property repossessions. The rate declined to 2.1 percent in the second quarter from 2.2 percent in the previous three months and 2.5 percent a year earlier, the Census [...]

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Crocker closes on acquisition of Miami Center

santivit — Fri, 27 Jul 2012 10:37:49 +0000

In Miami-Dade County’s most expensive post-recession office transaction, Crocker Partners has closed on the $262.5 million acquisition of the Miami Center in downtown Miami, according to the broker for the seller. The deal makes Boca Raton-based Crocker the biggest owner of offices in Miami’s commercial business district north of Brickell Avenue. The Daily Business Review reported Crocker [...]

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Miami-Dade industrial complex sells for $13.5 million

santivit — Thu, 26 Jul 2012 11:36:08 +0000

Address: 555 NE 185th St., Miami-Dade County Property type: 232,537-square-foot industrial complex built in 1973 on 9 acres and a 0.5-acre industrial parcel Price: $13.5 million, or $58.06 per square foot Seller: Nortek Realty Holdings LLP, managed by Principal Real Estate Investors LLC Buyer: Stockbridge Aventura LLC, managed by Smart Markets Fund Holdings LLC Past [...]

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Couple sells pair of Palm Beach residential lots for $24 million

santivit — Thu, 26 Jul 2012 02:16:11 +0000

Two vacant residential lots in the town of Palm Beach sold for nearly $24 million. The husband-and-wife owners of Boca Raton-based Hollywood Media Corp. have sold two vacant residential properties in the town of Palm Beach for nearly $24 million, according to Palm Beach County records. The sale of the properties totaling nearly 3 acres [...]

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Condo, park planned for north of downtown Miami

santivit — Fri, 20 Jul 2012 13:32:48 +0000

Miami-based Related Group got a preliminary victory on its plan to build a condo tower in Miami’s Edgewater area, north of downtown Miami. The city’s Planning, Zoning and Appeals Board on Wednesday endorsed Related’s plan to shut down a portion of two streets the developer wants to turn into park for future condo and area [...]

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Sales Of Previously Owned U.S. Homes Probably Climbed In June

santivit — Thu, 19 Jul 2012 21:29:53 +0000

Sales of previously owned U.S. homes probably rose in June, a report may show today, a sign the recent pickup in demand will be sustained. Purchases climbed 1.5 percent last month to a 4.62 million annual rate, matching April as the fastest since January, according to the median forecast of 76 economists surveyed by Bloomberg [...]

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Morgans Puts Miami Beach’s Luxury Delano Hotel On Market

santivit — Thu, 19 Jul 2012 10:21:19 +0000

Morgans Hotel Group Co. (MHGC), which operates the Royalton and Mondrian boutique brands, put its 195- room Delano South Beach property in Miami Beach, Florida, on the market, according to the broker with the listing. The New York-based hotelier hired Jones Lang LaSalle Hotels to market the property, Jeffrey Davis, a managing director at the brokerage, [...]

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Brickell site sells for $11.5 million

santivit — Wed, 18 Jul 2012 18:33:16 +0000

A partnership between 13th Floor Investments and Key International acquired a nearly one-acre site in Miami’s Brickell area to build a mixed-use project. The price: $11.5 million. The development site came with development rights from the office building next door at 1000 Brickell Ave. The deal closed July 9. The site is now home to [...]

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The Practical Guide To Buying Real Estate

realestate — Tue, 17 Jul 2012 18:09:34 +0000

You simply need a little know-how about the real estate market, and how to best position yourself as buyer. The following article will help make your next real estate transaction go smoothly. Research potential properties before purchasing them. There are several important factors to consider when purchasing rental property. Sustainability is the first one. Is [...]

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Fairwind Hotel in Miami Beach sells for $14.5 million

santivit — Tue, 17 Jul 2012 10:33:09 +0000

A company managed by prominent New York developer Joseph Chetrit has acquired the Fairwind Hotel & Suites in Miami Beach for $14.5 million, according to Miami-Dade County records. CG Fairwinds LLC, the Chetrit-managed company, last Tuesday closed the purchase of the three-property hotel at 1000, 1020 and 1030 Collins Ave. No financing was recorded with [...]

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Sizes of new U.S. homes defy struggling times

santivit — Tue, 17 Jul 2012 10:27:47 +0000

Even as the U.S. economy struggles to rebound from the worst recession since the Great Depression, Americans are living larger. Larger, as in larger homes: two-story foyers, twin front staircases, children’s wings, dedicated man caves, coffee bars, four-car garages and bedroom closets large enough for a fifth vehicle. The percentage of new single-family homes greater [...]

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A Guide To Buying Real Estate For Dummies

realestate — Mon, 16 Jul 2012 18:08:47 +0000

Purchasing real estate can be a difficult endeavor, but it is well worth the effort when you do it right. Don’t be afraid, the tips in this article will help you avoid that. When you are planning on making an investment in real estate, you should keep your goals in mind. Do you want to [...]

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Zuckerberg’s Loan Gives New Meaning To The 1%: Mortgages

santivit — Mon, 16 Jul 2012 10:35:44 +0000

Billionaire Mark Zuckerberg is giving new meaning to the term “the one percent.” The Facebook Inc. (FB) founder refinanced a $5.95 million mortgage on his Palo Alto, California, home with a 30-year adjustable-rate loan starting at 1.05 percent, according to public records for the property. While almost all lending rates have reached historical lows thaterest rate adjustments, said Greg McBride, [...]

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Tips And Tricks For Real Estate Buying Success

realestate — Sun, 15 Jul 2012 18:07:58 +0000

Real estate can be a complicated topic for anyone to learn. So before you take a leap into the market, make sure that you first educate yourself about the topic. Understanding the market will give you the skills you need to make the best decisions, and to be more confident with these choices. This article [...]

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Tips To Help You Through The Home Buying Process

realestate — Sun, 15 Jul 2012 18:06:41 +0000

Purchasing a property can be a scary prospect, especially if you have never dabbled in the real estate market before. However, it can also be the best investment you make and also has the added bonus of improving the quality of your life. The piece that follows includes facts that can assist you in the [...]

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Before Buying A House, Read This Article

realestate — Sun, 15 Jul 2012 18:06:40 +0000

A real estate purchase is a big deal for most people, exciting but stressful. However, the stress you get when purchasing a house can be lessened though knowledge. Here are some suggestions to better educate you on what’s ahead, so your purchase will be as smooth as possible. Find out more about rental properties. If [...]

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Tips For Buying Real Estate In A Challenging Market

realestate — Sun, 15 Jul 2012 18:06:12 +0000

You only need to know how to approach the market as a buyer, and that goes for investors or for would-be homeowners. Read the advice provided in the article below if you are looking to simplify your process of purchasing real estate. Don’t purchase properties before thoroughly researching them. When you are looking to purchase [...]

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All Your Home Buying Questions Answered Here

realestate — Sun, 15 Jul 2012 18:05:47 +0000

Purchasing a home is a huge step for any person, though this especially true for a first time buyer. The time and money you will commit can really be overwhelming. Apply the insights in following paragraphs to your real estate hunt, and watch your success skyrocket while your stress falls to earth. Keep your eye [...]

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Your Home Buying Questions And Concerns Here

realestate — Sun, 15 Jul 2012 18:05:20 +0000

Purchasing properties can seem like a very complex process, but if you learn what to do, you can reap great rewards. Don’t worry! If you follow these tips, you will avoid these problems. When you are looking to make a great investment on your real estate, you should consider doing some repair and remodel work. [...]

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Are You Ready To Buy Real Estate? Read This First!

realestate — Sun, 15 Jul 2012 18:04:31 +0000

If you are buying your home as an investment, real estate can be risky. A common concern among property owners is whether the investment will hold its value. Here’s some tips on this subject. If you are leaning toward buying a house with a view, do not pay a high premium for the view lot. [...]

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Advice For Buying Real Estate You Cannot Live Without

realestate — Sun, 15 Jul 2012 18:04:21 +0000

Many people are afraid to jump in and buy real estate for a variety of reasons. It can be a complex procedure with lots of legal terms that are difficult to understand. Many people believe the current real estate market is poor and that they will lose money or lose their home. There is still [...]

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Everything You Need To Know About Real Estate Buying

realestate — Sun, 15 Jul 2012 18:03:44 +0000

From securing financing to finding the right real estate to buy, the entire process of purchasing can leave you tired and frustrated. Knowing what it takes to make a good deal is essential. A home should only have a fireplace located in the family room unless the property is located in a particularly chilly climate. [...]

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Buying Real Estate At The Right Time

realestate — Sat, 14 Jul 2012 17:53:06 +0000

There are a number of safe methods in investing your money in property, but there are also a lot more wrong methods to approach it. Read on to find tips which will help you avoid the pitfalls of ignorance and ensure you make the best deal possible. During your first meeting with an agent make [...]

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Tips To Help You Through The Home Buying Process

realestate — Fri, 13 Jul 2012 17:52:08 +0000

A home is a big purchase, and so the necessary process is appropriately complex. You will need to understand financing, the real estate market, laws, and regulations. Therefore, it’s crucial that anyone planning on buying a property takes the time to learn some of the tricks of the trade. To get the best deal on [...]

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Important Information To Know Before Making A Real Estate Investment

realestate — Fri, 13 Jul 2012 17:51:46 +0000

Investing in real estate is a scary prospect for many people. From the legal issues and tougher financial requirements, to the current real estate climate, there are a lot of new concerns that come up when considering a purchase. Finding out as much information as possible is very helpful, and these tips provided here should [...]

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Housing rebound signaled as banks resume foreclosures

santivit — Fri, 13 Jul 2012 10:40:41 +0000

U.S. lenders are notifying more delinquent homeowners they face foreclosure, a step toward clearing a backlog of properties and helping to accelerate a housing recovery. Initial notices of foreclosure, the start of the process, jumped 6 percent in the second quarter from a year earlier, the first annual increase since 2009, according to RealtyTrac Inc., [...]

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In The Market For Property? Real Estate Tips And Ideas

realestate — Thu, 12 Jul 2012 17:49:39 +0000

A qualified real estate agent should be able to provide you with a checklist of things that need to be completed before, during and after purchasing real estate. This article has useful information to help you pursue your plans make confident investments in property. Have your minimum down payment that’s required by your mortgage company. [...]

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Top Tips For Making A Successful Real Estate Purchase

realestate — Thu, 12 Jul 2012 17:49:19 +0000

There is a lot of stress involved with the purchase of a piece of real estate. If you don’t know exactly what you’re doing, you could end up making mistakes that you will regret for many years. Use the information that you have learned from this article to help you avoid those mistakes. If you [...]

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BofA’s $150,000 gifts draw silence from homeowners

santivit — Thu, 12 Jul 2012 12:04:01 +0000

When Bank of America Corp. sent letters to 60,000 struggling homeowners offering to slice an average $150,000 off their loans, the lender got an unusual response from most of them: silence. Homeowners who fell behind on their payments began receiving the mailings in May, part of the bank’s effort to meet terms of the $25 [...]

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The Key To Successful Real Estate Buying

realestate — Wed, 11 Jul 2012 17:47:51 +0000

Today buying real estate is a popular endeavor, and it can also be the beginning of a career. Even though the economy is still a bit fickle and unpredictable, great properties are still in high demand. Now is the perfect time to learn more about real estate buying and how to protect yourself while getting [...]

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Real Estate Buying Made Simple For You

realestate — Tue, 10 Jul 2012 17:46:02 +0000

If you have a good idea of what you’re doing, buying a piece of real estate is a rewarding experience. The information provided in this article will help you gain the knowledge you need to avoid such a situation. With current markets, now is a great time to purchase real estate. Property values are now [...]

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Brace yourself: Real estate prices are going back up

santivit — Tue, 10 Jul 2012 13:14:15 +0000

House prices, after falling for more than five years, are rising again. All the major sales-price indexes show that there have been modest national increases in recent months, even after adjusting for seasonal patterns. When foreclosures and distressed sales are excluded from the data, prices are up even more. And we should expect further gains: [...]

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120 acres from failed Doral project back on market

santivit — Tue, 10 Jul 2012 12:55:20 +0000

One of Doral’s largest tracts of land is headed back to market with a new owner after a bankruptcy judge issued a favorable ruling for bondholders in a sharply contested reorganization case. BTI Partners owns the nearly 120 acres — once planned for a mixed-use project during the boom years — and owns the tract’s community [...]

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Real Estate: Tips For A Successful Purchase

realestate — Mon, 09 Jul 2012 17:45:05 +0000

Purchasing real estate can be exciting, but it can also be stressful. If you don’t have the correct information prior to entering the real estate market, you could make some bad mistakes that will haunt you for years to come. However, the hints and tips in the following article can prevent you from making serious [...]

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An Overview Of The Real Estate Market For Buyers

realestate — Sun, 08 Jul 2012 17:44:03 +0000

With all the complexities and red tape of buying real estate, you can quickly be overcome by confusion or overwhelmed with the stress. Knowing the secrets the experts use can mean the difference between success and failure. Get a home guarantee by way of a warranty. It doesn’t matter whether you are buying a new [...]

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Home Buying And Real Estate Property Advice

realestate — Sat, 07 Jul 2012 17:43:06 +0000

You can request that the seller help out with closing costs or sweeten the deal with other financial incentives when you make your offer on the house you have in mind. For example, you could ask for a seller to buy down your interest rates for a limited period of time. When you add some [...]

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Banks Pad Profits As U.S. Prolongs Refinancing Boom: Mortgages

santivit — Thu, 05 Jul 2012 23:32:26 +0000

The biggest U.S. mortgage lenders, whose first-quarter earnings were buoyed by gains on home-loan refinancings, are raking in more profits as record-low interest rates and government efforts prolong the boom. Revised federal programs making it easier for homeowners to lock in lower rates helped push the Mortgage Bankers Association refinancing index to a three-year high last month. That signals a [...]

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States Steal Federal Foreclosure Funds at Their Own Peril

santivit — Thu, 05 Jul 2012 23:29:37 +0000

The U.S. housing market is showing tentative signs of life as demand for new homes and housing prices begin to rise in some areas. Yet pitfalls remain, including about 12 million borrowers who still owe more on their “underwater” mortgages than their homes are worth. To help some of those people, the recent $25 billion national mortgage settlement required [...]

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Blackstone Makes Foray Into Houses For Rent: Mortgages

santivit — Tue, 03 Jul 2012 13:31:37 +0000

Blackstone Group LP (BX), the biggest buyer of U.S. commercial real estate since prices bottomed, is jumping into residential property as housing recovers. The private-equity firm has spent more than $250 million this year buying foreclosed single-family houses with the intention of renting them out, said two people with knowledge of the effort. The goal is to [...]

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Stuart-based firm buys 14 acres of Jockey Club for $8 million

santivit — Tue, 03 Jul 2012 12:49:45 +0000

More than 14 acres at the site of North Miami’s once-swanky Jockey Club were sold for $8.2 million to a Hallandale Beach-based group. Over the past three decades, numerous developers have attempted and failed to revive the site of North Miami’s once-swanky Jockey Club. Now, a new group is coming in hoping it will be [...]

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Sites on Miami River popular again even without condos

santivit — Tue, 03 Jul 2012 12:45:13 +0000

A 10-acre parcel on the Miami River, once planned for a condo tower, has been purchased for $6.3 million by an Oklahoma investor planning a marina and boat yard. Hurricane Cove, a condo tower once proposed for a prime Miami River site, helped spur marine industry opposition to developers acquiring land on the waterway. The [...]

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Housing rebound in U.S. accelerated by state agencies

santivit — Mon, 02 Jul 2012 10:36:18 +0000

Kelly Carlson, 36, said she couldn’t have afforded her new two-story home in Shoreview, Minnesota, without the $4,500 grant and the mortgage offered through the state’s Housing Finance Agency. After four years of renting, Carlson, who earns $54,600 a year as a technology project coordinator at Wells Fargo & Co., bought the two-bedroom townhouse for [...]

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Pending Sales Of U.S. Homes Climbed More Than Forecast

santivit — Thu, 28 Jun 2012 11:15:35 +0000

More Americans than forecast signed contracts to purchase previously owned homes in May, indicating the real estate industry is firming three years after the start of the economic recovery. The index of pending home resales climbed 5.9 percent to 101.1, matching a two-year high reached in March, after a 5.5 percent decline in April, figures from the [...]

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Home Prices In U.S. Cities Fall At Slowest Pace Since ’10

santivit — Tue, 26 Jun 2012 17:22:52 +0000

Residential real estate prices fell in April at the slowest pace in more than a year, adding to signs the U.S. housing market was firming. The S&P/Case-Shiller index of property values in 20 cities dropped 1.9 percent in April from the same month in 2011, the smallest decline since November 2010, after decreasing 2.6 percent in the [...]

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Offering a 28,700 square foot, SuperTarget shadow-anchored retail center, Orlando Florida

santivit — Fri, 22 Jun 2012 11:33:16 +0000

Offering a 28,700 square foot, SuperTarget shadow-anchored retail center located in a densely populated area of Orlando, Florida, near the intersection of State Road 417 and the Orange Blossom Trail. The center is currently 83% leased, offering a diverse mix of retailers, including a national shoe store, beauty supply store, and video game store, as [...]

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Housing Starts Probably Rose In May: U.S. Economy Preview

santivit — Mon, 18 Jun 2012 13:55:00 +0000

The U.S. housing market in May probably managed to sustain recent gains, driven by low prices and borrowing costs, economists said before reports this week. Home starts climbed 0.4 percent last month to a 720,000 annual pace, matching January as the fastest since October 2008, according to the median estimate of 64 economists surveyed by Bloomberg News [...]

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Americans Sees Biggest Home Equity Jump In 60 Years: Mortgages

santivit — Fri, 15 Jun 2012 11:25:21 +0000

Americans are digging themselves out of mortgage debt. Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, [...]

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South Florida foreclosures drop month-to-month

santivit — Thu, 14 Jun 2012 14:37:01 +0000

Residential foreclosures in South Florida dropped significantly from April to May but increased substantially from the previous year, according to RealtyTrac Inc. South Florida had 7,405 properties in some form of foreclosure, the real estate research company said Wednesday. That’s one foreclosure for every 333 housing units. The 7,405 properties represent an 18 percent decline [...]

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Turkish conglomerate Koc Group successfully bids for stake in Surfside’s Surf Club

santivit — Wed, 13 Jun 2012 11:33:46 +0000

Knowing oceanfront land in Miami-Dade County is a precious commodity, major real estate investors are making bids for off-market sites and finding some owners are willing to bite. In the latest example of a potential buyer initiating an expensive transaction involving a oceanfront property, the Surf Club board has accepted a $116 million proposal to [...]

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Former Versace mansion up for sale – Only $125 M

santivit — Mon, 11 Jun 2012 11:39:41 +0000

Have $125 million to spare? If so, you could become the next owner of Casa Casuarina, the South Beach mansion once owned by the late fashion designer Gianni Versace. Coldwell Banker Residential Real Estate brokers Jill Hertzberg and Jill Eber announced Friday that the mansion at 1116 Ocean Drive is on the market with a [...]

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South Florida company first to use EB-5 capital to buy, flip homes

santivit — Thu, 07 Jun 2012 12:06:27 +0000

Eddy Kauffmann, a recently retired banker from Zurich, Switzerland, read about South Florida’s foreclosure crisis at the peak of the U.S. recession and saw foreclosure signs planted on lawns when he and his family regularly vacationed in Miami. He never imagined the foreclosure crisis could one day be his ticket to becoming a U.S. resident. [...]

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Prime Lincoln Road retail property set for sale

santivit — Wed, 06 Jun 2012 11:42:19 +0000

In South Florida’s high-end retail investment world, it’s almost like the real estate crash never happened. The latest trophy retail center to change hands looks to be 1100 Lincoln Road on South Beach. New York-based 1100 Lincoln Road L.P., which is managed by real estate mogul Aby Rosen and other principals of RFR Realty, has [...]

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Prime Miami-Dade retail centers on market as partnership dissolves

santivit — Tue, 05 Jun 2012 13:14:17 +0000

If it were up to Miami developer Jeff Berkowitz, he would never sell the retail centers he builds and manages, including the relatively new Fifth & Alton South Beach. “I am not typically a seller,” said Berkowitz, president and founder of Berkowitz Development Group. “It was never [my idea] to sell the properties.” But his [...]

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$23.5 million house sale is Palm Beach’s biggest in a year

santivit — Tue, 05 Jun 2012 11:12:02 +0000

A mansion in a Palm Beach neighborhood known as “Billionaire’s Row” changed hands for $23.5 million in the town’s most expensive residential sale in nearly a year. Ruby S. Rinker, the widow of the founder of prominent concrete firm Rinker Materials, and her current husband, Andrzej J. Bytnar, sold the 1840 S. Ocean Blvd. property [...]

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Second Continuum penthouse sells in a month

santivit — Mon, 04 Jun 2012 11:30:25 +0000

Two weeks after a penthouse in Continuum South Beach’s South Tower sold for $25 million, another penthouse in the same tower netted more than $16 million, according to the brokers who handled the sale. On Friday Coldwell Banker Residential Real Estate brokers Jill Eber and Jill Hertzberg announced the $16.25 million sale of the tower’s [...]

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Magic Johnson helping to develop retail center on West Flagler

santivit — Fri, 01 Jun 2012 12:51:59 +0000

Los Angeles-based Canyon-Johnson Urban Funds, known for its partner Earvin “Magic” Johnson, plans to transform a dormant golf course into a Wal-Mart-anchored retail center in Miami’s Fontainebleau area. Construction of the 235,000-square-foot neighborhood shopping center, called Fontainebleau Park Plaza, is scheduled to start later this year. In early May, Canyon-Johnson paid $22 million for the [...]

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Glades Plaza in Boca Raton acquired for $75 million

santivit — Thu, 31 May 2012 11:20:28 +0000

For almost two years, Woolbright Development has set the benchmark when it comes to expensive retail sales in South Florida. It started in December 2010 with Woolbright’s $95 million sale of the London Square complex in Miami-Dade County, and continued with the company’s $52 million sale of Shoppes at Woolbright in Boynton Beach two months ago. [...]

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Home prices rise in Miami, most major cities

santivit — Wed, 30 May 2012 14:23:06 +0000

Home prices rose in March from February in most major U.S. cities for the first time in seven months. The increase is the latest evidence of a slow recovery taking shape in the troubled housing market. The Standard & Poor’s/Case-Shiller home price index shows that prices increased in 12 of the 20 cities it tracks. [...]

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Edens CEO Terry Brown on Shopping Centers, Strategy

santivit — Wed, 30 May 2012 13:54:03 +0000

Edens CEO Terry Brown on Shopping Center May 30 (Bloomberg) — Terry Brown, chief executive officer of Edens, talks about the company’s shopping centers and growth strategy. He speaks with Pimm Fox on Bloomberg Television’s "Taking Stock." (Source: Bloomberg) FAIR USE NOTICE: This media may contain copyrighted material. Such material is made available for criticism, [...]

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Jeff Greene buys Palm Beach’s Omphoy Ocean Resort online

santivit — Tue, 29 May 2012 12:53:13 +0000

A Palm Beach company managed by billionaire Jeff Greene has officially taken title to the town’s Omphoy Ocean Resort through an online foreclosure auction. Greene’s 2842 S. Ocean LLC, which is named after the Omphoy’s address, acquired the 134-room resort Friday with a $300,100 bid, according to Palm Beach Circuit Court records. The company, which [...]

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$25 million sale of South Beach penthouse may set record

santivit — Fri, 25 May 2012 20:23:49 +0000

Investors who picked up condominiums in Miami Beach’s South of Fifth neighborhood during the depths of the recession are enjoying substantial appreciation these days. In perhaps the strongest example of the South Beach condo market’s immunity to the economic downturn, New York-based Alex Birkenstock made a $15.1 million profit on the sale of a penthouse in Continuum [...]

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Developer sells Brickell site for nearly double 2006 price

santivit — Thu, 24 May 2012 13:58:48 +0000

The developer behind the new 1450 Brickell office tower in Miami’s Brickell area scored big this week: He sold a development site a few blocks away for nearly twice what he paid for it during the boom years. Alan Ojeda got $17.37 million for the site he bought for $9.5 million in 2006, a year [...]

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Sales Of U.S. Existing Homes Increase As Market Stabilizes

santivit — Tue, 22 May 2012 14:41:48 +0000

Sales of existing U.S homes rose in April for the first time in three months, indicating the industry is stabilizing. Purchases of previously owned houses, tabulated when a contract closes, increased 3.4 percent to a 4.62 million annual rate, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News [...]

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Sternlicht Searches for Yield at Second-Tier U.S. Malls

santivit — Mon, 21 May 2012 11:55:13 +0000

Investors including Barry Sternlicht and KKR & Co. (KKR) are buying second-tier shopping malls in places from Lincoln, Nebraska, to suburban Chicago in a hunt for higher yields as retail sales at the properties rebound. Sternlicht’s Starwood Capital Group LLC and KKR, run by Henry Kravis and George Roberts, have announced acquisitions of so-called B malls in the past month, [...]

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Rise in Residential Investment May Help Home Depot-Lowe’s

santivit — Thu, 10 May 2012 13:08:06 +0000

Spending on construction of new residential housing and improvements to existing homes is at a three-year high, a trend that may boost sales at Home Depot Inc. (HD) and Lowe’s Cos. (LOW) Private-residential fixed investment, which includes major replacements such as new roofs and improvements like finishing a basement, rose 9.1 percent from a year earlier to an [...]

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State of Florida Retail investment properties availability report

santivit — Sat, 05 May 2012 22:26:40 +0000

The following is a compilation of available retail properties for sale in the state of Florida which have been selected for your convenience by us. You may download the report by following this link: Availability of Retail Properties – State of Florida Please contact Santiago Vitagliano santiago@savigroup.com if you are a qualified principal who could [...]

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Commercial Real Estate Hindered by Tight Credit, Realtors Say

santivit — Fri, 04 May 2012 21:30:26 +0000

A “major portion” of small commercial-property deals in the U.S. have fallen through because of stricter lending standards, according to a National Association of Realtors survey. While the commercial real estate market showed signs of recovery in 2011, credit tightened in the past year for small businesses, the group said today in a report. Two [...]

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Berkshire Mortgage Venture Bets on Florida’s Rebound

santivit — Fri, 04 May 2012 21:28:14 +0000

Berkadia Commercial Mortgage LLC, the joint venture of Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) and Leucadia National Corp. (LUK), is expanding in Florida as it prepares for an end to the state’s real estate slump. “Florida in general is on the rebound, albeit slowly,” Hugh Frater, chief executive officer of Horsham, Pennsylvania- based Berkadia, said in a telephone interview [...]

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Two beachfront mansion sales break records

santivit — Fri, 04 May 2012 21:20:43 +0000

Two beachfront mansions in Naples recently sold for record-setting prices. Officials say one of the estates brought in $47.3 million in an all-cash deal. The other sold for $42 million. The Naples Daily News reports the sales broke a record set in 2007. The newspaper reports sales in the Port Royal area of Naples has [...]

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Marriott Seeks Dubai Convention Boost With Tallest Hotel

santivit — Thu, 03 May 2012 21:24:17 +0000

JW Marriott Marquis, the world’s tallest hotel set to open in Dubai this year, will rely on a growing convention and exhibition industry to fill twin towers that rival the Empire State Building’s height, according to its manager. “Convention cities like Las Vegas and Orlando have a big network of hotels to draw on,” Rupprecht Queitsch said in an [...]

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Property owners complain about pay-to-play tax appeals

santivit — Thu, 03 May 2012 11:41:46 +0000

When Julio Arriaga appealed the 2010 assessed value of his East Doral Park of Commerce, he got a 24.5 percent reduction and his property taxes slid from $2.3 million to $1.73 million. He tried again when the 2011 valuation of the west Miami-Dade County industrial park came back as $2.3 million, but this time he [...]

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Best U.S. Real Estate With Self-Storage: Riskless Return

santivit — Wed, 02 May 2012 11:21:23 +0000

The best real estate investment in the past decade was found at the opposite end from trophy resorts and office towers, in 5-foot-by-5-foot lockers. Self-storage companies, which rent units to small businesses and consumers under names such as “Uncle Bob’s Self Storage (SSS),” produced the best risk-adjusted return among 10 U.S. real estate investment trust [...]

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Plans for South Beach outlet mall previewed

santivit — Mon, 30 Apr 2012 12:27:18 +0000

All three architectural firms vying to design a high-end retail outlet center in South Beach envision a park on the roof deck of the mall that will span more than two blocks. Gensler, Benoy + ADD Inc. and Skidmore, Owings & Merrill presented their conceptual plans to Crescent Heights executives Thursday in a hotel ballroom [...]

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Starwood First Quarter-Profit Surges on Vacation Unit Sales

santivit — Sat, 28 Apr 2012 14:01:33 +0000

Starwood Hotels & Resorts Worldwide Inc. (HOT), owner of the luxury St. Regis and W brands, said first- quarter earnings rose more than fourfold, driven by sales of vacation units at the company’s new resort in south Florida. Net income increased to $128 million, or 65 cents a share, from $28 million, or 14 cents, [...]

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Billionaire Spends $1.3 Billion on Hotels With Dubai Rebounding

santivit — Wed, 25 Apr 2012 11:41:05 +0000

Khalaf Al Habtoor’s father made his living buying and selling pearls. The son became a billionaire by buying, selling and building hotels. The 62-year-old founder and chairman of Al Habtoor Group LLC in Dubai deployed his hotel, engineering and auto businesses to amass a fortune worth at least $2 billion, according to data compiled by Bloomberg. In [...]

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Housing Declared Bottoming in U.S.

santivit — Wed, 25 Apr 2012 11:25:36 +0000

The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s. “The crash is over,” Mark Zandi, chief economist for Moody’s Analytics Inc. in West Chester,Pennsylvania, said in a telephone interview yesterday. “Home sales [...]

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New procedure frees up bonds for developers

santivit — Tue, 24 Apr 2012 13:08:58 +0000

When seeking a plat to build on a piece of land, a developer must put up a bond that is held as security in exchange for the developer’s agreement to pay for certain improvements to the public realm, such as sidewalks, street pavers and crosswalks. Until the recent unprecedented downturn in the real estate market, [...]

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Sales of New U.S. Homes Probably Climbed in March

santivit — Tue, 24 Apr 2012 11:15:45 +0000

Sales of new homes probably increased in March for the first time in three months, indicating the market is struggling to stabilize, economists said before a report today. Purchases rose to a 318,000 annual rate, up 1.6 percent from 313,000 in February, according to the median estimate in a Bloomberg News survey of 77 economists. Other reports may show [...]

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Community Banks: Pushing the needle forward on lending

santivit — Mon, 23 Apr 2012 15:55:45 +0000

South Florida enjoyed an uptick in lending last year. The 40 community banks surveyed had combined loans of $28.1 billion at the end of 2011, up 2.7 percent from a year earlier, thanks to 21 of those banks increasing loan portfolios. Apollo Bank in Miami lifted off last year, boosting the size of its loan [...]

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Fannie Mae fix said to retain some U.S. mortgage role

santivit — Thu, 19 Apr 2012 11:53:36 +0000

U.S. Treasury officials are leaning toward recommending that Fannie Mae and Freddie Mac be replaced with a government safety net for the mortgage finance system and continued federal backing for loans to lower-income homebuyers, according to three people briefed on the discussions. Treasury Secretary Timothy F. Geithner has said in recent public appearances that an [...]

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Hialeah’s Westland Mall part of $1 billion sale

santivit — Thu, 19 Apr 2012 11:49:46 +0000

Hialeah’s landmark Westland Mall is getting a new owner as part of a $1 billion divestiture by the Australian company that owns it. Westfield Group, of Sydney, said it is selling a 90 percent stake in seven U.S. shopping centers to Connecticut-based Starwood Capital Group for roughly $1 billion. Westland Mall — officially its name [...]

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Defortuna’s Fortune Realty buys oceanfront parcels in Sunny Isles for $22 million

santivit — Wed, 18 Apr 2012 23:50:35 +0000

With oceanfront land in South Florida at a premium, investors and condominium developers are jumping at rare opportunities to pick up sites when they become available. In the latest transaction involving a beachfront site, a company managed by Colombian auto executive Carlos Mattos sold two adjacent, undeveloped residential parcels in Sunny Isles Beach to a [...]

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Short Sales Surpass Foreclosures as Banks Agree to Deals

santivit — Wed, 18 Apr 2012 14:55:48 +0000

The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS). Short sales accounted for 23.9 percent of home purchases in January, the most recent month available, compared with 19.7 percent for [...]

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Dexus Sells U.S. Warehouses for $770 Million to Blackstone

santivit — Tue, 17 Apr 2012 14:23:04 +0000

Dexus Property Group (DXS), Australia’s biggest owner and manager of office properties, will sell 65 of its U.S. properties to Blackstone Group LP (BX) for $770 million to restructure debt, repurchase shares and boost dividends. Affiliates of Blackstone Real Estate Partners VII, a property fund run by the world’s largest private-equity firm, will buy industrial assets, including three warehouses [...]

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Another challenge for SkyPalace at Mary Brickell Village

santivit — Tue, 17 Apr 2012 14:10:11 +0000

A lender wants a court-appointed receiver to take control of air rights above Mary Brickell Village that are slated for residential development. Chicago developer Evangeline Gouletas owns the rights atop the retail garage and Publix supermarket at the open-air shopping center, 901 S. Miami Ave. She planned to build SkyPalace at Mary Brickell Village, a 369-unit [...]

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Bidding Wars Erupt in Market for U.S. Homes

santivit — Mon, 16 Apr 2012 20:18:40 +0000

Matthew and Carina Hensley offered $10,000 more than the asking price for a three-bedroom house in suburban Seattle, then lost out to one of seven other bidders. Their $270,000 proposal last month came with a family portrait and a letter introducing the couple, their eight-month- old daughter, Harper, and their desire to build a family in [...]

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Prime Doral land scheduled for bankruptcy auction

santivit — Mon, 16 Apr 2012 14:03:30 +0000

Developer Pedro Martin and his son David hoped to acquire 120 acres of prime land in Doral by helping fund the landowner’s bankruptcy reorganization plan. But when their plan fell through, they will have to compete with other developers at a public auction to get the site. U.S. Bankruptcy Judge Robert Mark in Miami on [...]

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