$23 Million Paid For 6 Waterfront Miami Beach Area Condos

Buyers paid a combined $23 million in March for six waterfront condominium units located on the Barrier Island just east of Downtown Miami, according to a new condo report from Condo Vultures® LLC.

There were four deals worth $13.2 million that occurred in Miami Beach, and two transactions worth $10 million that closed in Sunny Isles Beach, according to the condo report.

“Investors seem to be saying with these purchases that new waterfront housing on Miami’s Barrier Island is a great hedge against a volatile real estate market,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.

In trendy Miami Beach, Buyers closed on three transactions in the Capri South Beach for a combined $9.4 million, and one deal at the Apogee for $3.75 million.

Buyers in Sunny Isles Beach paid $5.25 million for a 5,030-square-foot penthouse at the Sayan, and $4.75 million for a two-story unit in the newly opened Jade Beach, according to the condo report.

Four of the transactions closed with cash but two involved financing.

A balloon mortgage for $4 million was provided on the $5.25 million unit at the Sayan, and an Adjustable Rate Mortgage in the amount of $500,000 was extended on a $2.36 million purchase at the Capri South Beach, according to the condo report.

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 for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami’s Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.

Copyright © 2009, Condo Vultures® LLC

South Florida Resale Inventory Falls 1% To 94,000 Residences

As the South Florida winter tourism season enters its last month, buying activity in the residential real estate markets of Miami-Dade, Broward, and Palm Beach counties is only intensifying.

South Florida’s residential resale inventory of condominium units, townhouses, and single-family houses dropped by nearly 1 percent in the last week to the 94,526 properties on March 30 compared to 95,409 properties on March 23. At the beginning of the winter tourism season on Nov. 24, 2008, South Florida had 107,527 properties on the market, according to a new report from Condo Vultures® LLC.

Pending sales of residential real estate are also on the rise throughout the tri-county region. In the last week, South Florida pending sales increased by more than 3 percent to 12,985 on March 30 compared to 12,576 on March 23. At the beginning of the winter tourism season, pending sales in the region totaled 9,302, according to the report.

“South Florida’s residential real estate market is in flux,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. “As the bad news about the U.S. economy and stock market continues to get worse, demand for South Florida properties just keeps strengthening.”

Broward County, where Fort Lauderdale is located, is realizing the greatest buying activity in percentage terms.

Pending sales in Broward are up 4.7 percent in the last week to 4,849 on March 30 compared to 4,633 on March 23.

By comparison, pending residential transactions are up 2.6 percent in Palm Beach County to 2,445 on March 30 compared to 2,384 on March 23. In Miami-Dade, pending sales are up 2.4 percent to 5,691 on March 30 compared to 5,559 on March 23, according to the report.

The number of available properties in Broward has slipped by 1.2 percent in the last week to 31,549 on March 30 compared to 31,921 on March 23. The current number of available resale properties in Broward is down 14.6 percent from Nov. 24 when the total inventory was 36,926 properties, according to the report.

Miami-Dade’s available residential inventory dropped by 0.9 percent in the last week to 35,268 properties on March 30 compared to 35,581 on March 23. On Nov. 24, Miami-Dade had 40,994 properties for sale.

Palm Beach County is experiencing the slowest pace of inventory depletion.

Active listings in Palm Beach County stand at 27,709 properties, down 0.7 percent from 27,907 properties on March 23 and 29,607 properties on Nov. 24, according to the report.

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 for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database . Our new book Miami’s Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database.

Copyright © 2009, Condo Vultures® LLC

Fraudsters Beware, Florida Proposes Condo Cops

A new police force could soon be deputized to monitor the operations of thousands of Florida condominium associations, some of which are victims of fraud.

Florida State Rep. Julio Robaina, R-Miami, and his counterpart Florida State Sen. Rudy Garcia, R-Hialeah, have filed companion bills in the state legislature to create a four-person police force to be based in Fort Lauderdale to “investigate, enforce and prosecute” violators of five statutes that govern condominiums, homeowners associations, cooperatives, mobile home parks and timeshares, according to the South Florida Sun-Sentinel.

“We are getting so many cases of potential fraud that most local police departments are too overwhelmed to deal with them,” Robaina told the South Florida Sun-Sentinel. “And most often they are low priorities for police who must worry about robberies and murders. So, nothing happens. But all this police force will do is condo fraud cases.”

Currently, evidence of potential fraud at a condominium association must be collected and presented to police in order to initiate an investigation.

This type of initiative is what led to two cases – both in Broward County – where police arrested board members and maintenance workers in connection to service contracts that were inflated or where the work was never completed.

The condominium police force would be funded from Florida’s $10.5 million Condominium Trust Fund, which is supported by a $4 annual fee collected from every unit in Florida.

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 for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database^TM . Our new book Miami’s Great Condo Crash: A Chronicle of the Boom and Bust is now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database^TM.  

Copyright © 2009, Condo Vultures® LLC

South Florida’s Resale Inventory Drops 11% Since November

South Florida’s residential inventory has slipped by 11.3 percent since Thanksgiving week of Nov. 24 while the number of pending sales during the same period has increased by 35.2 percent, according to a new report by Condo Vultures® LLC.

South Florida now has 95,409 residential resale properties on the market in Miami-Dade, Broward, and Palm Beach counties as of March 23 compared to 107,527 residences for resale on Nov. 24, a decrease of 12,118, according to the report.

As of March 23, pending sales totaled 12,576 compared to 9,302 on Nov. 24, an increase of 3,274 in a regional market where banks are hesitant to lend.

“South Florida has lost more than 11 percent of its residential resale inventory since Thanksgiving,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. “The surprising thing is, the inventory has evaporated despite the lack of credit available today.”

South Florida’s single-family house inventory has experienced the most activity, slipping by 14.7 percent to 39,733 properties on March 23 compared to 46,599 on Nov. 24. The number of condominium units and townhouses is down by 8.6 percent to 55,676 on March 23 compared to 60,928 on Nov. 24, according to the report.

Broward County, where Fort Lauderdale and Pompano Beach are located, has experienced the steepest drop in residential inventory, falling 13.6 percent in the last four months to 31,921 properties on March 23 compared to 36,926 on Nov. 24.

Miami-Dade County, where Aventura and Miami Beach are located, realized a 13.2 percent drop in inventory to 35,581 properties on March 23 compared to 40,994 properties on Nov. 24.

Palm Beach County, where Boca Raton and West Palm Beach are located, experienced a 5.7 percent drop to 27,907 properties on March 23 compared to 29,607 on Nov. 24, according to the report.

Broward County also leads the region – percentagewise – in pending sales volume. Broward’s pending sales are up 40.6 percent, or 1,338, since Thanksgiving to 4,633 deals on March 23 compared to 3,295 on Nov. 24.

Pending sales in Miami-Dade County are up 31 percent to 5,559 on March 23 compared to 4,245 on Nov. 24. In Palm Beach County, pending sales are up 35.3 percent to 2,384 on March 23 compared to 1,762 on Nov. 24, according to the report.

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™ . Our new book Miami’s Great Condo Crash: A Chronicle of the Boom and Bust is now available.  

Copyright © 2009, Condo Vultures® LLC

ICON Brickell’s $679 Million Construction Loans Set To Mature

The Related Group is faced with $678.5 million of construction loans coming due on the massive three-tower ICON Brickell condo and condo-hotel project within the next eight months, according to the South Florida Business Journal.

A $502 million construction loan on two of the three towers in the ICON Brickell complex is scheduled to come due on June 18. Under the terms of the loan with HSBC Realty Credit Corp, the developer of the 1,820-unit complex can seek a six-month extension that would end on Dec. 18, according to the article.

A $176.5 million on a third tower in the complex is scheduled to mature on Nov. 16. It is unclear if there is a six-month extension option on that loan, according to the article.

“ICON Brickell has the potential to be one of Greater Downtown Miami’s most important projects,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. “The question unanswered is will it be profitable.”

In the first three months of closings through Feb. 27, 2009, ICON Brickell has recorded 17 closed sales worth $13.1 million for an average of $770,576 per unit and $578 per square foot, according to the Miami-Dade County Clerk of the Courts.

At the current pace of six closings per month, the project would need about 300 months or more than two decades to close out. Industry watchers are confident the closing pace will increase significantly once mortgage financing is once again available in the Greater Downtown Miami market.

In the meantime, ICON Brickell has begun to lease – Condo Vultures® Realty LLC has several leases pending – developer-owned units to tenants interested in the living in the project designed by Internationally acclaimed French designer Philippe Starck.

Tenants are attracted by the overwhelming amenities that include as a two-acre pool deck with Japanese blueberry trees planted, three swimming pools including one that stretches 300 feet and another on the 50th floor of the west tower also known as ICON Brickell No. 3, five restaurants, seven bars, an outdoor fireplace, the largest hot tub in Florida, and a 28,000-square-foot spa and fitness center that features a massive indoor wading pool.

ICON Brickell is comprised of a north tower (57-stories), a South Tower (57-stories), and a West Tower (50-stories) located at 495 Brickell Ave. on the site of the former Sheraton Hotel.

The project is located between two parks, Brickell Park, named after the area influential pioneering family the Brickells, and the state-owned site on the south bank of the Miami River where the Tequesta Indian’s ancient Miami Circle sundial is situated.

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 © 2009, Condo Vultures® LLC

4.2% Surge In South Florida’s Pending Sales

As the nation’s financial stocks were hitting record lows on Wall Street, buyers flocked to South Florida residential real estate, sending the number of pending sales surging 4.2 percent in the last seven days ending March 16, according to a new report from Condo Vultures® LLC.

Buyers entered into 497 contracts on resale condominium units, townhouses, and single-family houses in Miami-Dade, Broward, and Palm Beach counties in the last week for an average of 71 deals per day.

The surge is the strongest volume of buying activity in recent memory, surpassing the previous high of 204 deals in a seven-day period ending March 9, according to the Condo Vultures® report compiled using Florida Association of Realtors data.

“South Florida’s residential real estate market is benefitting from Wall Street’s volatility,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. “Buyers who are searching for a safe harbor are increasingly looking to pick off deeply discounted residential product in Miami-Dade, Broward, and Palm Beach counties. We should add the majority of the product that is transacting tends to be priced under $200,000 or greater than $1 million.”

Single-family house contracts led the increased contract activity in South Florida with 281 properties going under contract in the tri-county region in the last week to push the total number of pending deals to 6,356, up 4.6 percent from the 6,075 on March 9.

Condo and townhouse contracts jumped 3.8 percent in the last week to 5,901 pending transactions on March 16 compared to 5,685 deals on March 9, according to the report.

As the number of pending transactions continues to grow, the number of available residential properties on the market in South Florida is being reduced.

South Florida now has 95,958 residential properties for resale, down -0.6 percent from the March 9 total of 96,582. On March 2, the region had 96,841 residences for resale, according to the report.

The number of single-family houses available for sale has slipped to 39,994 on March 16, down -1.3 percent from the 40,514 homes on the market on March 9 and the 40,839 for sale on March 2.

Condo units and townhouses slipped slightly to 55,964 on March 16 compared to 56,068 on March 9, according to the report.

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 © 2009, Condo Vultures® LLC

Miami’s Condo Crash Subject Of New eBook

Miami’s great condominium crash of the 21st Century is the subject of a new 350-plus page eBook scheduled for release in April by Condo Vultures® LLC.

The soon-to-be-published eBook provides a running chronicle – in words and photos – of Greater Miami’s condominium boom and bust since 2006.

This eBook is a compilation of more than 100 chapters written by a variety of South Florida industry professionals including:

- Peter Zalewski, a consultant, real estate broker, and former South Florida financial journalist;

- Mark Zilbert, a Miami Beach broker and creator of CondoFlip.com;

- Jim Freer, a veteran South Florida banking journalist;

- John Fakler, a veteran journalist who covered public companies;

- Lucas Lechuga, a real estate agent and creator of a popular Miami real estate blog;

- and Dennis Kleinman, a veteran mortgage banker with a Coral Gables-based financial institution.

The eBook cover price is $9.99 plus tax, and will be available for purchase at CondoVultures.com.

Anyone interested in attending the eBook launch party should contact John Fakler, executive editor of CondoVultures.com at 800-750-0517 or by email at JFakler@CondoVultures.com

Condo Vultures® LLC is a Bal Harbour, Fla.-based consultancy and publishing company focused on collecting, analyzing, and communicating intelligence on the South Florida real estate market.

Some of Condo Vultures® brands include the weekly Market Intelligence Report™, the Vultures Database™, the Official Condo Buyers Guide™, and the soon-to-be-launched Foreclosure Database™.

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 © 2009, Condo Vultures® LLC

Miami Single-Family House Contracts Spike 3% In A Week

Spooked by the violent swings of the U.S. stock market combined with plummeting real estate prices, buyers moved aggressively in the last week to purchase single-family houses in Greater Miami, according to a new report from Condo Vultures® LLC.

The number of single-family houses under contract in Miami-Dade County increased 3 percent in the last seven-day period ending March 9, according to the report from the Bal Harbour, Fla.-based consultancy using data from the Florida Association of Realtors.

In Miami-Dade, there are now 2,682 houses under contract, up from 2,603 on March 2. That’s a net increase on a weekly basis in pending sales of 79 properties, or an average of 11 new contracts per day.

Pending contracts in Broward County, where Fort Lauderdale is located, are also on the rise, increasing 1.2 percent in the last seven day period ending March 9. In Broward, there are now 2,222 pending contracts on single-family homes, up from 2,195 contracts on March 2.

Palm Beach County, where West Palm Beach and Boca Raton are located, experienced a 0.3 percent decrease in pending sales to 1,171 contracts on March 9 compared to 1,174 accepted offers on March 2, according to the report.

“Single-family houses are the product of choice for today’s buyers,” said Peter Zalewski, a principal with Condo Vultures® LLC. “In terms of where buyers are focusing their efforts, Miami-Dade is the clear focal point with Broward second. Palm Beach is a distant third in terms of buyer interest based on pending contracts.”

Surging single-family house sales in Miami-Dade and Broward combined with minimal changes in Palm Beach have worked to put all three counties into a statistical tie in terms of available inventory.

Each of the three South Florida counties has slightly more than 33 percent of the 40,514 single-family houses on the market as of March 9, according to Condo Vultures®.

Miami-Dade, considered by most to be the epicenter of Florida real estate downturn, has 13,881 single-family houses for sale, down -1.2 percent from the 14,044 available properties the previous week ending March 2.

Broward has 13,351 houses for sale, down -0.9 percent from 13,468 homes the previous week ending March 2.

Palm Beach County has 13,282 houses for resale, down 0.3 percent from the 13,327 single-family homes the previous week ending March 2.

On the condo and townhouse front, South Florida has 56,068 residential properties for sale, an increase of 0.1 percent, or 66 units, on a week-over-week basis ending March 9.

Condo and townhouse inventory remained steady in Miami-Dade (22,144 units for resale for a 0 percent change) and Broward (19,030 units for resale for a 0 percent change) while increasing 0.5 percent in Palm Beach to 14,894 units in a week from 14,823 condos on March 2, according to the report.

The tri-county South Florida region has 96,582 single-family houses, condominium units, and townhouses for resale, down 0.3 percent from 96,841 properties available on March 2. The week of Thanksgiving – Nov. 24 – there were 107,527 residential properties for sale, according to the report.

Pending sales of condos and townhouses increased by 1.8 percent in the last week to 5,685 deals, from 5,584 binding contracts on March 2.

Palm Beach experienced a 3.4 percent surge in pending sales to 1,077 deals on March 9 from 1,042 on March 2.

Pending contracts increased 2.6 percent in the last seven days in Broward to 2,051 deals on March 9 compared to 1,999 on March 2.

Pending deals were up 0.6 percent in Miami-Dade to 2,557 contracts on March 9 compared to 2,543 on March 2, according to the report.

There are currently 11,760 pending residential resale deals in South Florida, up 1.8 percent from the 11,556 existing contracts on March 2. For comparison, consider on Nov. 24 – Thanksgiving week – South Florida had 9,302 pending contracts.

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 © 2009, Condo Vultures® LLC

Proposed Downtown Miami Project Goes Into Foreclosure

The proposed seven-story Biscayne Lofts project located just north of Downtown Miami is being foreclosed.

TotalBank, a Miami-based bank with assets of $2.1 billion, filed the initial foreclosure paperwork, known as Lis Pendens, against the project’s owner Biscayne Lofts Ltd. on March 2 in Miami-Dade Circuit Court.

Biscayne Lofts was proposed to be a new 15-unit project with 16,212 square feet built just east of Biscayne Boulevard at 333 NE 33 St. in Miami’s artsy Biscayne Boulevard Corridor.

“Biscayne Lofts is one of the nearly 50 projects proposed for Greater Downtown Miami that was never built during the boom years of 2003 to 2010, when the last unit is scheduled to be completed,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. “Overall, developers will have constructed 22,737 new units in a 60-block stretch of Greater Downtown Miami that is comprised of Biscayne Boulevard Corridor, Downtown, and the Brickell Avenue Area. In the 40 years before the boom, developer constructed about 11,500 units.”

Biscayne Lofts Ltd. was to be built by Aventura-based Palen Development LLC, with members Jorge Sumbre, Susana B De Sumbre, Horacio D. Najlis, and Nora S Wolaj, according to the Florida Department of State.

Construction costs for the mid-rise condominium was projected to be $2 million, or $124 per square foot, to construct the 74-foot tall structure, according to the City of Miami.

The development group purchased the 7,820-square-foot lot for the project in June 2004 for $625,000, or $80 per square foot. The owners immediately obtained an 18-month predevelopment loan, with a six-month extension option, for $312,500 from the former Beach Bank in June 2004.

In December 2005 when the loan was scheduled to mature, the development group exercised its extension option through June 2006.

In March 2007, Biscayne Lofts refinanced the original mortgage and extended the debt amount to $370,000 with a loan from TotalBank.

At the time of refinance in 2007, Miami-Dade County assessed the property’s value at $782,000, or $100 per square foot. In 2008, the county assesses the value of the undeveloped land at $625,600, or $80.

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 © 2009, Condo Vultures® LLC

Lender Dumps Loan On Oceanfront Development Site In Florida

A Miami private equity group located on Brickell Avenue has purchased the existing land loan on the proposed but never started 47-story Paramount Beach luxury oceanfront condominium in Sunny Isles Beach.

Sunny Isles Property Holdings LLC, with managing member Carlos J. Mattos, acquired the loan on Feb. 17 from iStar FM Loans for an undisclosed price. The original loan was made in November 2006 for $32.2 million and scheduled to come due in February 2009, according to the Miami-Dade Clerk of the Court.

Foreclosure proceedings were initiated against the owner of the Paramount Beach land in December 2008, according to the Miami-Dade Circuit Court.

It is unclear what the new owner of the loan has in mind going forward given the dramatic downturn in the South Florida real estate market and the unlikelihood that any new development, especially residential, will occur in the foreseeable future.

“Given the thousands of units that have been constructed in the Sunny Isles Beach area since 2003, we have serious doubts about whether anyone will be able to develop any additional residential product, especially high-end condo units, in the area for at least the next five years,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. “With market conditions being as dismal as they are, computing the price of undeveloped land is an extremely challenging exercise.”

Sunny Isles Development Company LLC with Daniel Kodsi and Joseph Kodsi purchased the 62,800 square foot property for $25 million, or $398 per square foot, in May 2003 for the proposed Paramount Beach luxury condominium.

The Paramount Beach was proposed to be a 232-unit luxury tower with six residences per floor excluding the penthouse floor.

All of the units were to be three-bedroom and four-bedroom residences that ranged in size from 1,925 square feet to 3,695 square feet.

Pricing was to start at $980,000 and go as high as $1.8 million, according to original project literature.

The Paramount Beach property is located at 16901 Collins Ave, situated immediately south of the newly opened Jade Beach condominium tower and the north of the Sands Pointe condominium.

The rectangular-shaped property, which is zoned for multi-family, high density residential, is assessed for $19.5 million, or $311 per square foot, by Miami-Dade County Property Appraiser.

Property taxes for 2007 and 2008 in the amount of $792,412.14 have are owed on the land, according to Miami-Dade County.

Immediately upon purchasing the property in May 2003, the owner, Sunny Isles Development Company LLC, immediately obtained a $13.04 million mortgage from the former Union Planters Bank, which is now Regions Bank.

In December 2005, an additional $1.96 million in financing was provided on the property to the former Union Planters Bank.

In November 2006, the owner of the Paramount Beach land refinanced the property into a $32.2 million loan with Fremont, which through acquisition would ultimately become iStar.

In February 2008, iStar modified the due date on the Paramount Beach loan to Feb. 1, 2009.

Some 10 months later in December 2008, iStar filed a Lis Pendens action against the borrower to initiate the foreclosure process.

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 © 2009, Condo Vultures® LLC