The Plaza, Office Building, 121 S. Orange Avenue, Orlando, FL:
The Plaza
121 S. Orange Avenue, Orlando, FL 32801
Price: Auction
Building Size:61,545 SF
Property Type:Office
Property Sub-type:Office Building
Property Use Type:Vacant/Owner -User
Distressed:Yes
Auction:Yes
Bankruptcy Absolute Auction, Thursday, November 19 at 5pm at the property.61,545 SSF 12 Office Condominium SuitesA limited opportunity now presents itself to own and control one of the most desirable groupings of office condominium suites in downtown Orlando, Florida. The exclusive tenth floor of the Plaza is the largest floor plate in the downtown Orlando business district comprising twelve individual office condominium suites ranging in size from 2,585 ssF to 7,285 ssF; all offering floor to ceiling window views of the downtown Orlando skyline, plus four private balconies. The auction will accept bids on individual office suites, multiple suites, or a bulk purchase of all twelve office condominium suites. The Plaza is downtown Orlando' s largest mixed use development, which includes two office condominium towers totaling 394,000 sF, 105,000 sF of retail/restaurant space, a 12 screen Plaza cinema and café, and 306 residential condominiums in the solaire tower.
The property is located in the heart of beautiful downtown Orlando. It is located at 121 S. Orange Avenue in one of the prestigious two Plaza towers. This is a perfect location for office suites, commercial space, businesses, etc.
Tuesday, November 3, 2009
Friday, October 30, 2009
**REO**BUILDING ON BUSY 36TH STREET, Free Standing Bldg, 1921 NW 36TH STREET, Miami, FL
**REO**BUILDING ON BUSY 36TH STREET, Free Standing Bldg, 1921 NW 36TH STREET, Miami, FL: "**REO**BUILDING ON BUSY 36TH STREET
1921 NW 36TH STREET, Miami, FL 33142
Price:$199,000
Building Size:3,036 SF
Price/SF:$65.55
Property Type:Retail
Property Sub-type:Free Standing Bldg
Additional Sub-types:Vehicle Related Retail (Other)
Property Use Type:Vacant/Owner-User
Distressed:Yes
Lot Size:6,483 SF"
1921 NW 36TH STREET, Miami, FL 33142
Price:$199,000
Building Size:3,036 SF
Price/SF:$65.55
Property Type:Retail
Property Sub-type:Free Standing Bldg
Additional Sub-types:Vehicle Related Retail (Other)
Property Use Type:Vacant/Owner-User
Distressed:Yes
Lot Size:6,483 SF"
Tuesday, October 27, 2009
BANK OWNED - Airways Centre, Office Condo, Doral, FL
BANK OWNED - Airways Centre, Office Condo, Doral, FL
Price:$490,000
Unit Size:3,381 SF
Property Type:Office
Property Sub-type:Office Condo
Property Use Type:Vacant/Owner-User
Distressed:Yes"
Price:$490,000
Unit Size:3,381 SF
Property Type:Office
Property Sub-type:Office Condo
Property Use Type:Vacant/Owner-User
Distressed:Yes"
Thursday, July 16, 2009
South Florida Market Statistics Point to Market Bottom
South Florida Market Statistics Point to Market Bottom
The Miami metropolitan statistical area is outperforming the rest of the state, as sales of existing single-family homes and condominiums continue a 10-month surge in the Miami metropolitan statistical area. In May, Miami was the strongest market in Florida with a 76% sales increase of single-family homes and 36% sales increase of condominiums. In April, single-family home sales increased 98% while condominium sales increased 36%. In March, there was a 101% increase in single-family home sales and a 59% increase for condominiums. Pending sales have also seen a dramatic increase, while inventory levels, specially in lower price points, have similarly dropped. In Miami-Dade County inventory levels (including both single-family homes and condominiums) have dropped 45% in less than one year, from 43,095 in July 2008 to 29,681 in July 2009. Anecdotal evidence indicates that most of the increased sales activity involves first-time and international buyers. According to NAR Chief Economist Dr. Lawrence Yun this information means the South Florida real estate market is close to bottoming if it hasn't bottomed already. Here are the latest South Florida news releases and statistics:
RAMB Market Focus - June 2009
May 2009 - Miami-Dade County Existing Home Sales
May 2009 - Miami-Dade County Pending Home Sales
April 2009 - Miami-Dade County Existing Home Sales
The Miami metropolitan statistical area is outperforming the rest of the state, as sales of existing single-family homes and condominiums continue a 10-month surge in the Miami metropolitan statistical area. In May, Miami was the strongest market in Florida with a 76% sales increase of single-family homes and 36% sales increase of condominiums. In April, single-family home sales increased 98% while condominium sales increased 36%. In March, there was a 101% increase in single-family home sales and a 59% increase for condominiums. Pending sales have also seen a dramatic increase, while inventory levels, specially in lower price points, have similarly dropped. In Miami-Dade County inventory levels (including both single-family homes and condominiums) have dropped 45% in less than one year, from 43,095 in July 2008 to 29,681 in July 2009. Anecdotal evidence indicates that most of the increased sales activity involves first-time and international buyers. According to NAR Chief Economist Dr. Lawrence Yun this information means the South Florida real estate market is close to bottoming if it hasn't bottomed already. Here are the latest South Florida news releases and statistics:
RAMB Market Focus - June 2009
May 2009 - Miami-Dade County Existing Home Sales
May 2009 - Miami-Dade County Pending Home Sales
April 2009 - Miami-Dade County Existing Home Sales
Distressed sales coming in commercial | The Real Deal | New York Real Estate News
Distressed sales coming in commercial The Real Deal New York Real Estate News: "Distressed sales coming in commercial
July 07, 2009 11:30AM
By Roger Drouin
Palm Beach Mall The commercial real estate market in South Florida, already stung by a slew of economic factors that first battered the residential market, faces a long road to recovery.
The commercial market slump casts a wide net in the region, and is likely to trigger distressed sales starting later this year and in early 2010 as owners face the double threat of shrinking revenue and the inability to refinance loans. And because unemployment is high — 9.8% in Miami-Dade County — people just aren’t spending money, putting the squeeze on retailers.
Retail vacancy rates are rising across the region as consumer spending is down, individual borrowing options are diminished and tourism has dropped. Some markets such as Broward County’s malls and Miami-Dade’s specialty centers are near or above 10 percent vacancy, according to a retail report by the CoStar Group.
Miami-Dade County’s overall retail vacancy rose from 4.1 percent at the end of 2008 to 4.6 percent in the first quarter of 2009. Palm Beach’s vacancy went from 6.2 percent to 6.9 percent in one quarter, and was up from 5.1 percent in early 2008. In nine months, Broward County’s retail vacancy rose to 6.4 percent from 4.6 percent."
Gavin Campbell, founder and managing partner of Miami-based private investment firm Steelbridge Capital LLC, expects the numbers to get worse in the later part of this year.“
The consumer in general is in the middle of long and painful de-leveraging,” Campbell said. “Unemployment is over 10 percent, driving consumer spending down, and people can’t use their homes as credit cards the way they used to. The net result is depressed spending.”
Shopping centers anchored by large retail chains such as the now bankrupt Circuit City have seen the biggest increase in vacancies in all three South Florida counties. Closing these stores halts traffic into a center, pressuring smaller retail chains and mom and pop retailers, who soon can’t make ends meet.
Declining international trade, from imports to foreign visitors’ retail spending, will contribute to the elimination of 7,000 trade, transportation and utilities jobs in Miami-Dade, according to a recent Marcus & Millichap report.
Office is feeling the crunch also. Downsizing companies are leaving behind more and more open office space, from Palm Beach County’s financial services hubs to Brickell, where the addition of new projects this summer will add to the glut of unfilled office space.
Distressed commercial sales have been rare, but Campbell expects that to change in 2010 and 2011.
“We’ll see some of that in the back half of this year or next year,” Campbell said. “I haven’t seen many distressed sales, but what happened with General Growth bankruptcy shows the distress that is out there.”
Commercial properties are the next market to get hit by the credit crunch as investors’ revenues shrink and a batch of commercial loans expire in 2010, 2011 and 2012. “In the best case scenario the strong owners will continue to tread water,” said Charles Foschini, vice chairman at CB Richard Ellis in Miami.
“Buildings from AAA office all the way down are going to be impacted.”Sinking vacancy rates will in turn push sale prices even lower. “If there is a high vacancy rate in a building, it’s hard for a buyer to get financing, so that depresses the value further. Investors will demand a higher return.”South Florida retail has been hit by the economic downturn and drop in consumer spending, but looks relatively healthy compared to other Florida locales such as Naples, said Greg Masin, senior director of Cushman & Wakefield’s retail services.
Masin thinks local vacancy rates won’t go much higher. He described an environment where landlords drop leasing rates and new retailers enter the market. The combination keeps the market afloat as retailers move in to take advantage of lower rents.“Rents have been on an uphill run in South Florida for 15 years and some people were priced out of the market,” Masin said. “A 20 percent cut in rent may be enough to push a business owner. You have the European retailer who wants to open a shop, and he wants to be in Miami.”
July 07, 2009 11:30AM
By Roger Drouin
Palm Beach Mall The commercial real estate market in South Florida, already stung by a slew of economic factors that first battered the residential market, faces a long road to recovery.
The commercial market slump casts a wide net in the region, and is likely to trigger distressed sales starting later this year and in early 2010 as owners face the double threat of shrinking revenue and the inability to refinance loans. And because unemployment is high — 9.8% in Miami-Dade County — people just aren’t spending money, putting the squeeze on retailers.
Retail vacancy rates are rising across the region as consumer spending is down, individual borrowing options are diminished and tourism has dropped. Some markets such as Broward County’s malls and Miami-Dade’s specialty centers are near or above 10 percent vacancy, according to a retail report by the CoStar Group.
Miami-Dade County’s overall retail vacancy rose from 4.1 percent at the end of 2008 to 4.6 percent in the first quarter of 2009. Palm Beach’s vacancy went from 6.2 percent to 6.9 percent in one quarter, and was up from 5.1 percent in early 2008. In nine months, Broward County’s retail vacancy rose to 6.4 percent from 4.6 percent."
Gavin Campbell, founder and managing partner of Miami-based private investment firm Steelbridge Capital LLC, expects the numbers to get worse in the later part of this year.“
The consumer in general is in the middle of long and painful de-leveraging,” Campbell said. “Unemployment is over 10 percent, driving consumer spending down, and people can’t use their homes as credit cards the way they used to. The net result is depressed spending.”
Shopping centers anchored by large retail chains such as the now bankrupt Circuit City have seen the biggest increase in vacancies in all three South Florida counties. Closing these stores halts traffic into a center, pressuring smaller retail chains and mom and pop retailers, who soon can’t make ends meet.
Declining international trade, from imports to foreign visitors’ retail spending, will contribute to the elimination of 7,000 trade, transportation and utilities jobs in Miami-Dade, according to a recent Marcus & Millichap report.
Office is feeling the crunch also. Downsizing companies are leaving behind more and more open office space, from Palm Beach County’s financial services hubs to Brickell, where the addition of new projects this summer will add to the glut of unfilled office space.
Distressed commercial sales have been rare, but Campbell expects that to change in 2010 and 2011.
“We’ll see some of that in the back half of this year or next year,” Campbell said. “I haven’t seen many distressed sales, but what happened with General Growth bankruptcy shows the distress that is out there.”
Commercial properties are the next market to get hit by the credit crunch as investors’ revenues shrink and a batch of commercial loans expire in 2010, 2011 and 2012. “In the best case scenario the strong owners will continue to tread water,” said Charles Foschini, vice chairman at CB Richard Ellis in Miami.
“Buildings from AAA office all the way down are going to be impacted.”Sinking vacancy rates will in turn push sale prices even lower. “If there is a high vacancy rate in a building, it’s hard for a buyer to get financing, so that depresses the value further. Investors will demand a higher return.”South Florida retail has been hit by the economic downturn and drop in consumer spending, but looks relatively healthy compared to other Florida locales such as Naples, said Greg Masin, senior director of Cushman & Wakefield’s retail services.
Masin thinks local vacancy rates won’t go much higher. He described an environment where landlords drop leasing rates and new retailers enter the market. The combination keeps the market afloat as retailers move in to take advantage of lower rents.“Rents have been on an uphill run in South Florida for 15 years and some people were priced out of the market,” Masin said. “A 20 percent cut in rent may be enough to push a business owner. You have the European retailer who wants to open a shop, and he wants to be in Miami.”
Fla. retains No. 3 foreclosure ranking - South Florida Business Journal:
Fla. retains No. 3 foreclosure ranking - South Florida Business Journal:: "Florida continues to hold on to the No. 3 spot in the nation for foreclosure filings, with one in every 33 housing units receiving at least one foreclosure filing in the first six months of this year, according to RealtyTrac. Only Nevada and Arizona had more.
Between January and June, Florida had 268,064 foreclosure filings.
Florida also ranked second in the nation for the number of total foreclosures in the first half of this year, with activity increasing 7 percent from the previous six months and up nearly 42 percent from the first half of last year.
In South Florida, Miami-Dade County ranked seventh in the state, realizing 34,442 foreclosure filings, or one in every 28 homes, by mid-year.
Broward County ranked fourth, with 36,654 filings, or one in every 22 homes. Palm Beach County fared better, ranking 45th in the state, with 14,303 filings, or one in every 45 homes.
Nationwide, RealtyTrac found there were 1.9 million foreclosure filings reported on 1.5 million properties in the first six months of the year, a 9 percent increase in total properties compared to the previous six months and nearly a 15 percent increase when compared to the first six months of last year.
In June alone, foreclosure filings were reported on 336,173 homes nationwide. That’s the fourth straight monthly total exceeding 300,000, according to the Irvine, Calif.-based foreclosure listing service.
Florida ranked fourth in the nation in the number of foreclosures in June, with 52,899 filings."
Miami-Dade County had 5,881 of those filings, down 24 percent from May, but up 11 percent compared with the same month last year.
Broward County had 6,378 filings, down 43.6 percent from the previous month, but up 1.37 percent from the same year-ago period.
Palm Beach County had 3,194 filings, down 15.55 percent from May, but up 15.6 percent from June 2008.
“In spite of the industrywide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” said James J. Saccacio, RealtyTrac CEO. “Unemployment related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more than their homes’ are now worth represent a potentially significant future risk.”
On Wednesday, Fannie Mae and Freddie Mac reported that the number of homeowners delinquent on mortgages had climbed 6.5 percent in April.
The number of mortgages owned or guaranteed by Fannie (NYSE: FNM) and Freddie (NYSE: FRE) at least 60 days delinquent rose from 1.1 million in March to 1.17 million in April. Total delinquencies reached 3.87 percent of all Fannie and Freddie mortgages in April, with 10.33 percent of nonprime mortgages at least 60 days late.
Between January and June, Florida had 268,064 foreclosure filings.
Florida also ranked second in the nation for the number of total foreclosures in the first half of this year, with activity increasing 7 percent from the previous six months and up nearly 42 percent from the first half of last year.
In South Florida, Miami-Dade County ranked seventh in the state, realizing 34,442 foreclosure filings, or one in every 28 homes, by mid-year.
Broward County ranked fourth, with 36,654 filings, or one in every 22 homes. Palm Beach County fared better, ranking 45th in the state, with 14,303 filings, or one in every 45 homes.
Nationwide, RealtyTrac found there were 1.9 million foreclosure filings reported on 1.5 million properties in the first six months of the year, a 9 percent increase in total properties compared to the previous six months and nearly a 15 percent increase when compared to the first six months of last year.
In June alone, foreclosure filings were reported on 336,173 homes nationwide. That’s the fourth straight monthly total exceeding 300,000, according to the Irvine, Calif.-based foreclosure listing service.
Florida ranked fourth in the nation in the number of foreclosures in June, with 52,899 filings."
Miami-Dade County had 5,881 of those filings, down 24 percent from May, but up 11 percent compared with the same month last year.
Broward County had 6,378 filings, down 43.6 percent from the previous month, but up 1.37 percent from the same year-ago period.
Palm Beach County had 3,194 filings, down 15.55 percent from May, but up 15.6 percent from June 2008.
“In spite of the industrywide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” said James J. Saccacio, RealtyTrac CEO. “Unemployment related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more than their homes’ are now worth represent a potentially significant future risk.”
On Wednesday, Fannie Mae and Freddie Mac reported that the number of homeowners delinquent on mortgages had climbed 6.5 percent in April.
The number of mortgages owned or guaranteed by Fannie (NYSE: FNM) and Freddie (NYSE: FRE) at least 60 days delinquent rose from 1.1 million in March to 1.17 million in April. Total delinquencies reached 3.87 percent of all Fannie and Freddie mortgages in April, with 10.33 percent of nonprime mortgages at least 60 days late.
One Flagler Faces Foreclosure
One Flagler Faces Foreclosure: "One Flagler Building
MIAMI-The South Florida Business Journal reports Mellon United National Bank, a subsidiary of Bank of New York Mellon, filed foreclosure against the 142,343-square-foot One Flagler office building. The action comes less than four years after Nexus Development Group bought the building to renovate it and sell as office condos.
The article noted that Mellon United filed a notice of foreclosure last month against Nexus Development. The developer owes just under $33 million on the asset at 14 NE First Ave. and hasn't made payments since January 10, according to the complaint. A working phone number and e-mail address for Nexus Development could not be found, and Mellon United's attorney Mark Dikeman could not be reached for comment.
Locally based Nexus Development bought the 14-story One Flagler, formerly known as the Israeli Discount Building, in December 2005, Nexus Development paid $20 million for the asset, which was then around 50% occupied, and had plans to convert the more than 50-year-old building into office condominiums.
Sources talking to GlobeSt.com at the time felt the office market would continue to tighten and market fundamentals would improve, thus making office condos a viable real estate product. In September 2007, Nexus Development secured the $30 million loan from Mellon United for acquisition and conversion costs, anticipating the renovation would be completed by fall 2008."
MIAMI-The South Florida Business Journal reports Mellon United National Bank, a subsidiary of Bank of New York Mellon, filed foreclosure against the 142,343-square-foot One Flagler office building. The action comes less than four years after Nexus Development Group bought the building to renovate it and sell as office condos.
The article noted that Mellon United filed a notice of foreclosure last month against Nexus Development. The developer owes just under $33 million on the asset at 14 NE First Ave. and hasn't made payments since January 10, according to the complaint. A working phone number and e-mail address for Nexus Development could not be found, and Mellon United's attorney Mark Dikeman could not be reached for comment.
Locally based Nexus Development bought the 14-story One Flagler, formerly known as the Israeli Discount Building, in December 2005, Nexus Development paid $20 million for the asset, which was then around 50% occupied, and had plans to convert the more than 50-year-old building into office condominiums.
Sources talking to GlobeSt.com at the time felt the office market would continue to tighten and market fundamentals would improve, thus making office condos a viable real estate product. In September 2007, Nexus Development secured the $30 million loan from Mellon United for acquisition and conversion costs, anticipating the renovation would be completed by fall 2008."
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Contact 305-500-5554 Press 2 or email info@kaizenrealtypartners.com for deal today
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