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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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