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Aurora L. Alvarez
President
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SUPREME COURT ENDS FIGHT OVER MIAMI RIVER CONDOS.
AUGUST 14, 2011.- Two controversial residential projects
on the Miami River whose city approvals were challenged in court for
undermining the marine industry and the city’s comprehensive plan, have
reached the end of the line. The Florida Supreme Court denied landlord’s
request to reverse a lower court opinion affirming that the city had acted
inappropriately by changing the land use from marine industrial to accommodate
Hurricane Cove and Coastal on the River. Separately the state had come to a
similar conclusion. Attorney Andrew Dickman who
represented the marine industry in the case said “It’s the end of the line for them. Dickman said the marine industry and neighborhood residents who support
the industry have come to terms with the city. “They amended the
comprehensive plan in a way that is pro-working waterfront as opposed to
the prior language that led to litigation”
he said. “There was a lot of fuzzy language and developers took
advantages of it. Since the litigation was filed millions of dollars have
been spent to dredge the river and clean it up. .
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ARE INTEREST RATES
HEADING UP? JULY 20, 2011. As the U.S economy navigates a toxic mix of sluggish, high
unemployment, rising inflation and trillion dollars budget deficits,
increases in interest rates are a real possibility. People already in debt
must divert money budgeted for other tasks for paying the additional
interest. The Federal Reserve has announced that it will keep the federal
funds target rat at current levels of 0 percent to 0.25 per cent. They have
also revised downward their expectations for GDP growth for the remainder
of 2011 and for all of 2012.. Foreign buyers may not be able to keep financing
our deficits. Treasury borrows billions of dollars every month to plug the
hole. The number one holder of US
debt is China, which as
April holds approx $ 1.15 Trillion in US debt.
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investment@delvalle-international.com
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Official Site of the National
Association of Realtors.
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Commercial real estate service online.
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Virtually "FLY" over the
Entire United States
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LINCOLN
ROAD PROJECT CHANGING SOUTH
BEACH RETAIL REAL ESTATE
MARKET.
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JULY
30, 2011– FL- Brokers
say the addition of the 1111 Lincoln Road project in South Beach
has altered the retail real estate landscape in the northern portion of the neighborhood.
The project which includes tenants like Danny Meyer’s Shake Shack and Nespresso Café, has impacted the way landlords in the
area think about their property. Rents in the Lincoln Road submarket have risen
approximately 20 % in the last six months, from averaging between $
130.00 to $ 160.00 per square
foot all the way to a
current range of $ 150.00 to $ 200.00 per foot. The site
was designed by Basel Switzerland based architects Herzog & DeMeuron in their first Miami project. The global firm has designed
structures from the Beijing Stadium to the Tate Modern in London. The combination of the architecture
being widely photographed, it’s gotten a lot of fame. They said the effect on 1111 Lincoln block, which is
at the western end of Lincoln
Road where meets Alton Road has caused a new kind of
thinking for landlords. They said Lincoln
Road is one of the hottest streets in the
country right now. That it’s forcing other landlords who are in a position to
do so, to address upgrades for their exteriors and their facades and how they
are going to enhance tenant’s ability to make a presentation in the street. The question for each
individual block of Lincoln
is whether it would have the kind of environment that tenants would want to
operate in and be part of it.
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CRE LOANS CAUSE 13 BANKS TO CALL QUITS
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AUGUST 08, 2011- Just before the one two
punch Thursday’s stock market dive and Friday’s rating downgrade by
Standard & Poor’s new market data from Trepp showed
that 13 banks failed due to problem commercial real estate loans in July.
This makes it the highest monthly figure since July 2010. Year to date 61
banks have failed and Trepp projects that 100 will
shutter by 2011’s end. The irony of this is that local banks were starting to
increase their exposure to commercial real estate once again. But after
Standard & Poor’s declined to rate $ 1.5 billion commercial mortgage
backed security from Goldman Sachs & Co. and Citigroup Inc. Look as the
remainder of the year may have a chilling effect on CMBS. According to the
report CRE loans comprised $ 797 million or 77% of the total $ 1.03 billion
in nonperforming loans at the failed banks. Construction and land loans made
up $ 480 million or 47% while commercial mortgages comprised $ 317 million or
31 of the total con-performing pools, Trepp says.
The majority of the failures occurred in the Southeast, with seven total,
followed by the West at four and two in the Midwest.
Out of the 13 banks, three failures took place in both Florida
and Colorado.
Florida
ranks second for bank failures overall, with nine total this year alone. But
the largest failure was Integra Bank of Indiana, reporting losses of $ 2.2 billion
in assets. According to Trepp’s 2011 delinquency report CRE loans in CMBS
skyrocketed to 51 basis point to 9.88 % the highest rate in the history of
the market but much of the jump can be attributed to changes in the way
special servicers are calculating the data.
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PENSAM BUYS 422 UNITS BRIARWOOD
APARMENTS
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JULY 26, 2011 – MIAMI, FL.-
Pensam Capital
closed on the acquisition of Briarwood Apartments a 422-unit student
housing community in College Station
Texas. Pensam
continues to built multi-housing portfolio, with Briarwood being its fist
transaction in the State of Texas.
Pensam has acquired more than 1,100 apartments
units outside Florida
within the past 90 days. Pensam continues to seek
value-add multi-housing assets located in select national sub-markets. Pensam and its operating partner, BH Management are
planning a renovation to the 1971
asset, which will include updates to the property fitness center, clubhouse,
unit interiors and landscaping improvements to the 19 acre site.
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