Several buyers are demanding return of their deposits
The proposed partnership promised to be a grand one: a string of luxury boutique hotels rising in select cities throughout the western United States, Mexico and Hawaii.
Yet six months after signing a letter of intent to explore the venture, New York hotelier the Setai Group, which created Miami Beach's prominent The Setai, is locked in a legal battle with Steve Rebeil, a developer who hoped to make his 23-story San Diego hotel-condominium a West Coast flagship for the Setai brand.
In November, the Setai Group sued 5th Avenue Partners and its principal, Orange County developer Rebeil, alleging that the San Diego project is being falsely promoted as a Setai property under the name Setai San Diego.
Richard Burton, an attorney for the Setai Group, said his clients and 5th Avenue signed a letter of intent in May to explore a potential partnership. But the parties never came to terms and a final agreement was never forged, Burton said.
In a countersuit, 5th Avenue contends that it spent millions of dollars bringing the hotel-condominium project up to Setai standards and that the letter of intent is itself a binding contract, though final partnership documents were not signed.
Now the fate of the property, known as the Diegan before 5th Avenue announced the Setai name change in October, is uncertain. Meanwhile, some buyers who put deposits on the hotel's 185 rooms, suites and penthouses for condominium use want their money back.
One buyer, who asked not to be identified, said he demanded and received his full deposit this month, citing a termination clause in his Diegan contract that allows for a refund if a final report has not been issued by the California Department of Real Estate within six months after the date of a conditional report. The buyer said several other Diegan buyers have also been given their deposits.
In California, the sale or lease of five or more units falls under the jurisdiction of the Real Estate Department. Conditional reports permit developers to enter into binding contracts with buyers, subject to satisfying specified conditions of a project. All those conditions must be satisfied before a final report is issued and the developer can close escrow.
The department issued the Diegan a conditional report in October 2005. No final report has been issued, a department spokesman said.
5th Avenue Partners did not respond to questions about the Diegan or how many buyers have requested or received deposit returns.
Lee Millinax of Vertical Properties, the San Diego firm that handles sales for the property, said about 85 units at the Diegan have been sold for condominium use. Millinax said he has received from eight to 10 requests from buyers to have their deposits returned, which he forwarded to 5th Avenue.
John Vogt, an attorney for Rebeil and 5th Avenue, declined to answer specific questions about the disputed Setai joint venture. He said his clients have “a binding contract with Setai Group and we are proceeding full-bore in terms of man-hours, time and money on all fronts.”
“We are confident in the merits of our case, and we'll proceed through the court system to defend our rights,” Vogt said.
The Setai Group alleged that it was mislead by Rebeil about his past legal problems and his ability to bring other hotel properties to the proposed partnership.
Rebeil's past includes a 2004 tax-related felony conviction and subsequent incarceration, and the denial of a casino gaming license in 1997 after Nevada regulators deemed him to “lack good character, honesty and integrity.”
The Setai lawsuit claims that Rebeil's felony conviction, which Setai alleged was not properly disclosed, disqualifies Rebeil from having any ownership interest in a Setai project involving a casino or liquor license in Nevada or California.
Another point of contention was Rebeil's promise to deliver a prestigious Beverly Hills property to the proposed Setai partnership.
The building, owned by Hustler magazine publisher Larry Flynt, is a distinctive, curved 10-story structure at 8484 Wilshire Blvd. that the Setai Group hoped to transform into a five-star hotel.
Burton, Setai's attorney, said his client's chief interest in negotiating a potential joint venture was Rebeil's assertion that he could bring the Beverly Hills property into the deal.
“He represented that he had the rights to the Larry Flynt property, but we've never seen anything – no documents of agreement or an option obtained on a Beverly Hills property,” Burton said. “The thing that was the least concern for us was the Diegan. Our interest was more Beverly Hills, but the Diegan was the only thing we've ever seen any documents on.”
Joseph Manna, an attorney for Flynt, said neither Flynt nor any of Flynt's companies have any agreement with Rebeil or any of Rebeil's companies. Flynt himself is embroiled in a legal dispute with another developer, Ronald Stover, who alleged that his company has an option to buy the property from Flynt.
“Neither Rebeil, nor any of Rebeil's companies, have any interest in the 8484 Wilshire building through the owner of the building,” Manna said.
5th Avenue formally announced that the Setai Group would operate the Diegan as the Setai San Diego in an Oct. 18 news release, claiming that the San Diego property would be the first “five-star luxury condominium-hotel in the city as the result of a groundbreaking east coast-west coast partnership considered to be the first of its kind in the country.”
Within hours, the Setai Group's attorney informed 5th Avenue that talks were off and “improperly repudiated” the letter of intent, according to the 5th Avenue countersuit.
Burton said there was nothing improper about Setai pulling the plug. Final terms were never agreed on, so the proposed partnership never materialized, he said.
Burton said 5th Avenue repeatedly violated terms of the letter of intent, including issuing unauthorized news releases touting the partnership as a done deal and the Diegan name change to Setai San Diego.
One of several unresolved areas of contention was affixing the Setai name to the Diegan, Burton said. The Setai Group did not consider the Diegan to be of the required quality for a Setai property. For example, many of the rooms are too small to earn a five-star designation, Burton said.
If a partnership deal had been reached, Setai proposed to manage the Diegan as a Setai Rok or Setai Rox, a “younger” offshoot brand that Setai was planning, Burton said.
The Setai Group has developed the Setai Resort and Residences, a 40-story luxury hotel condominium in Miami Beach, as well as a 30-story luxury hotel-condominium in New York City.
Source : http://www.signonsandiego.com/
Monday, January 28, 2008
Tuesday, January 22, 2008
10 Reasons the South Florida Condominium Market is Hot
Sapphire Condominium along Fort Lauderdale Beach released its Top 10 Reasons to Live in a Luxury Beach Condominium in South Florida.
1) It’s freezing everywhere else.
While your friends in New York and Minneapolis put on their massive winter coats to go outside, if you’re living in a South Florida beach condo, you’ll be basking in the sunshine and comfortable in shorts and a tee shirt year-round.
2) You can actually see water from your balcony.
And it’s not just a lake with a tacky fountain in the middle. Whether you have the view of the Atlantic Ocean meeting the horizon, or the Intracoastal Waterway surrounded by spectacular yachts and mansions, it’s a Zen experience.
3) Enticing family and friends to come see you more often.
Living in a beach condominium guarantees you’re the favorite destination for relatives and family members. Just be careful who you tell, you may be overwhelmed by newfound popularity.
4) Value for your dollar.
Just over half the world’s population - around 3.2 billion people - occupy a coastal strip just 200 kilometers wide (120 miles), representing only 10% of the earth’s land surface. Where do you think the most valuable one percent of that land exists? You guessed it…along the beachfront.
5) South Florida beaches are beautiful and fun, 12 months of the year.
December is as much “bathing suit month” as July. And even on those slightly cool days - and by cool in South Florida we’re talking 60 degrees - a brisk walk on the beach with your feet in the cool sand is truly a refreshing experience.
6) No need to worry about the menu or the place settings when entertaining.
Dazzling sunsets and a clear blue sky create a breathtaking setting for entertaining guests. Your friends will leave with something special to talk about, even if your food and entertaining skills just aren’t any good.
7) Beach walks at sunset relieve stress from the day.
Therapy in South Florida is defined by sand between your toes. When you live by the beach, there’s no worry about finding parking - you’re already home.
8) Frequent opportunities to sit down at the water’s edge with a good book.
For inspiration, there’s nothing better. The relaxing sound of waves crashing on the shore is the perfect accompaniment to a soothing afternoon of reading your favorite novel, self-help book or magazine.
9) No matter your job, when you live by the beach, you always feel like you are on vacation.
It’s hard to hold on to residual stress from the day when you look out the window and see paradise. Combine that with a luxurious new residence plus an array of incredible amenities and you have a resort-class lifestyle that feels like a perpetual vacation.
10) South Florida, particularly near the beach, is a great place to experience exceptional food, fun and culture. In a South Florida beach area location, sparkling white sand beaches and waterfront dining are just a stroll away, and you’re only minutes from distinctive boutiques, art galleries, cultural and entertainment venues, exhilarating nightlife and outstanding restaurants serving the freshest seafood available.
Source : http://rismedia.com/wp/
1) It’s freezing everywhere else.
While your friends in New York and Minneapolis put on their massive winter coats to go outside, if you’re living in a South Florida beach condo, you’ll be basking in the sunshine and comfortable in shorts and a tee shirt year-round.
2) You can actually see water from your balcony.
And it’s not just a lake with a tacky fountain in the middle. Whether you have the view of the Atlantic Ocean meeting the horizon, or the Intracoastal Waterway surrounded by spectacular yachts and mansions, it’s a Zen experience.
3) Enticing family and friends to come see you more often.
Living in a beach condominium guarantees you’re the favorite destination for relatives and family members. Just be careful who you tell, you may be overwhelmed by newfound popularity.
4) Value for your dollar.
Just over half the world’s population - around 3.2 billion people - occupy a coastal strip just 200 kilometers wide (120 miles), representing only 10% of the earth’s land surface. Where do you think the most valuable one percent of that land exists? You guessed it…along the beachfront.
5) South Florida beaches are beautiful and fun, 12 months of the year.
December is as much “bathing suit month” as July. And even on those slightly cool days - and by cool in South Florida we’re talking 60 degrees - a brisk walk on the beach with your feet in the cool sand is truly a refreshing experience.
6) No need to worry about the menu or the place settings when entertaining.
Dazzling sunsets and a clear blue sky create a breathtaking setting for entertaining guests. Your friends will leave with something special to talk about, even if your food and entertaining skills just aren’t any good.
7) Beach walks at sunset relieve stress from the day.
Therapy in South Florida is defined by sand between your toes. When you live by the beach, there’s no worry about finding parking - you’re already home.
8) Frequent opportunities to sit down at the water’s edge with a good book.
For inspiration, there’s nothing better. The relaxing sound of waves crashing on the shore is the perfect accompaniment to a soothing afternoon of reading your favorite novel, self-help book or magazine.
9) No matter your job, when you live by the beach, you always feel like you are on vacation.
It’s hard to hold on to residual stress from the day when you look out the window and see paradise. Combine that with a luxurious new residence plus an array of incredible amenities and you have a resort-class lifestyle that feels like a perpetual vacation.
10) South Florida, particularly near the beach, is a great place to experience exceptional food, fun and culture. In a South Florida beach area location, sparkling white sand beaches and waterfront dining are just a stroll away, and you’re only minutes from distinctive boutiques, art galleries, cultural and entertainment venues, exhilarating nightlife and outstanding restaurants serving the freshest seafood available.
Source : http://rismedia.com/wp/
Friday, January 18, 2008
Factors That Keep the Miami Condo Rental Market Stable
Most major commercial real estate developers in the US are forecasting that a combination of steady job growth and a slowly dwindling supply of rental housing, will contribute to making the city of Miami one of the strongest condo markets in the country this year.
This forecast is based on a recent report analyzing the US apartment and condo market, wherein 42 metropolitan areas were reviewed based on their vacancy rates, current construction, affordability, job growth and rental trends. The report viewed Miami is one of the strongest condo markets in the nation.
Job Growth, Low Vacancy Rates Contribute To Miami's Steady Condo Market
A significant part Miami's steady condo market can be atrributed to the area's recent trends, which include job growth, low vacancy rates, and a sizable reduction in apartment supply. Property analysts view that alongside San Diego, Miami is the only metropolitan area in the US where the supply of apartments is fast declining.
The fact that a large segment of Miami apartments are being converted into Miami condos faster than new ones are being built., may cause vacancy rates here to become even lower, and may lead to a further increase in demand for condos. Another factor that further strengthens the area's condo market, is the number of investors that are buying condos, both natural and converted, some of which will end up reappearing back onto the local rental market soon.
Condo Conversions Are Keeping Rentals Reasonable
Commercial property analysts say that the recent trend of condo conversions in Miami, wherein developers upgrade apartments and put them on the market as a condo, is keeping the city's rental hikes from becoming unreasonable, since many apartment owners here are apprehensive to raise rents on their properties because of the high concentration of condo activity here. Many condo conversion owners fear that a rapid rise in rents will cause many current renters to become condo buyers instead.
This city has long been a favorite vacation or second-home destination for people from the northeastern part of the country, however a mixture of factors like low interest rates, Latin American economic woes, and the dollars' pitfalls against the euro, have led foreign investors to view this city as an affordable alternative to skyrocketing European real estate.
Commercial property analysts predict that a shortage of available Miami condos could be in the running in the near future. Nevertheless, it is really quite difficult to accurately make a forecast.
The heightened surge in the city's condominium market has fuelled a boom in newer development projects. Currently, a lot of projects are on the verge of completion, aiming to provide the local market with everything from relatively inexpensive studio-type condo units to exclusive, upscale condos with ocean views and first-class facilities.
Some prospective clients hope that the condo prices will significantly drop when all the projects have finally settled. It is estimated that more than 50,000 condos will be added to local market within the next 10 years. In downtown Miami, a 35 story condominium tower named the Avenue is already ready for occupancy, and will add 570 units to the local housing market.
Source : http://www.turks.us/
This forecast is based on a recent report analyzing the US apartment and condo market, wherein 42 metropolitan areas were reviewed based on their vacancy rates, current construction, affordability, job growth and rental trends. The report viewed Miami is one of the strongest condo markets in the nation.
Job Growth, Low Vacancy Rates Contribute To Miami's Steady Condo Market
A significant part Miami's steady condo market can be atrributed to the area's recent trends, which include job growth, low vacancy rates, and a sizable reduction in apartment supply. Property analysts view that alongside San Diego, Miami is the only metropolitan area in the US where the supply of apartments is fast declining.
The fact that a large segment of Miami apartments are being converted into Miami condos faster than new ones are being built., may cause vacancy rates here to become even lower, and may lead to a further increase in demand for condos. Another factor that further strengthens the area's condo market, is the number of investors that are buying condos, both natural and converted, some of which will end up reappearing back onto the local rental market soon.
Condo Conversions Are Keeping Rentals Reasonable
Commercial property analysts say that the recent trend of condo conversions in Miami, wherein developers upgrade apartments and put them on the market as a condo, is keeping the city's rental hikes from becoming unreasonable, since many apartment owners here are apprehensive to raise rents on their properties because of the high concentration of condo activity here. Many condo conversion owners fear that a rapid rise in rents will cause many current renters to become condo buyers instead.
This city has long been a favorite vacation or second-home destination for people from the northeastern part of the country, however a mixture of factors like low interest rates, Latin American economic woes, and the dollars' pitfalls against the euro, have led foreign investors to view this city as an affordable alternative to skyrocketing European real estate.
Commercial property analysts predict that a shortage of available Miami condos could be in the running in the near future. Nevertheless, it is really quite difficult to accurately make a forecast.
The heightened surge in the city's condominium market has fuelled a boom in newer development projects. Currently, a lot of projects are on the verge of completion, aiming to provide the local market with everything from relatively inexpensive studio-type condo units to exclusive, upscale condos with ocean views and first-class facilities.
Some prospective clients hope that the condo prices will significantly drop when all the projects have finally settled. It is estimated that more than 50,000 condos will be added to local market within the next 10 years. In downtown Miami, a 35 story condominium tower named the Avenue is already ready for occupancy, and will add 570 units to the local housing market.
Source : http://www.turks.us/
Monday, January 14, 2008
South Florida Condos Buckle Under Hundreds Of Foreclosures
It has been two months since Arnold Kovelman moved into his rented condo at Club at Brickell Bay in Miami, when he heard the knock on the door at 8 a.m.
''I was kind of like sleep walking and this woman is there with a badge. She's saying she's the sheriff and she's there to serve my landlord a foreclosure,'' said Kovelman, 27, a senior account executive for a New York-based Web development company.
Kovelman's rental was one of 80 in the luxury condominium at 1200 Brickell Bay Dr. that dropped into foreclosure in 2007. The Club at Brickell Bay ranked first among condominiums in Miami-Dade and Broward counties with the most units in foreclosure. Borrowers owe lenders more than $42 million.
As the region's housing market sputters into the new year, a collection of largely unoccupied new towers are straining under hundreds of millions of dollars in defaulted mortgages. In the 20 buildings in Miami-Dade and Broward counties with the largest numbers of units in foreclosure, loans in default totaled more than $271.8 million, according to an analysis by Condo Vultures, a Bal Harbour real estate consulting firm and brokerage.
The epicenter is Miami's financial district along Brickell Avenue, where three of the top five buildings are located. Condo Vultures' principal Peter Zalewski jokingly refers to that area as Miami's ``foreclosure district.''
Source : http://www.turks.us/
''I was kind of like sleep walking and this woman is there with a badge. She's saying she's the sheriff and she's there to serve my landlord a foreclosure,'' said Kovelman, 27, a senior account executive for a New York-based Web development company.
Kovelman's rental was one of 80 in the luxury condominium at 1200 Brickell Bay Dr. that dropped into foreclosure in 2007. The Club at Brickell Bay ranked first among condominiums in Miami-Dade and Broward counties with the most units in foreclosure. Borrowers owe lenders more than $42 million.
As the region's housing market sputters into the new year, a collection of largely unoccupied new towers are straining under hundreds of millions of dollars in defaulted mortgages. In the 20 buildings in Miami-Dade and Broward counties with the largest numbers of units in foreclosure, loans in default totaled more than $271.8 million, according to an analysis by Condo Vultures, a Bal Harbour real estate consulting firm and brokerage.
The epicenter is Miami's financial district along Brickell Avenue, where three of the top five buildings are located. Condo Vultures' principal Peter Zalewski jokingly refers to that area as Miami's ``foreclosure district.''
Source : http://www.turks.us/
Home sales to recover in '08, group says; So. Fla. could take longer
A trade group for real estate agents predicted Tuesday that the pace of U.S. home sales will pick up significantly in the second half of 2008, bringing total sales for the year marginally higher than in 2007.
The monthly forecast from the National Association of Realtors calls for U.S. existing home sales to increase 0.9 percent this year to 5.7 million, up from a projected 5.65 million last year.
Final results for U.S. existing home sales in 2007 -- to be released later this month -- are expected to be down 12.7 percent from 6.48 million in 2006, the group said.
The group's forecast for 2008 was unchanged from last month. The trade group also forecast 5.91 million home sales in 2009.
Economists and analysts, however, are predicting far lower home sales and accuse the Realtors group of not painting an accurate picture of the housing market. Experts say home sales in South Florida will remain soft in 2008. They don't think the local housing market will begin to recover until 2009 or 2010.
``The exact timing and the strength of a home sales recovery is a bit uncertain,'' Lawrence Yun, the group's chief economist, said in a statement. ``A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.''
Numerous economists, however, are much more pessimistic about the housing market this year and are predicting far lower home sales.
In addition, the group did not anticipate 2007's severe housing market downturn. A year ago, it was predicting more than 6.4 million existing home sales -- about 760,000 more than actually happened.
The group is predicting the median price for existing homes in the U.S. will have dropped 1.9 percent in 2007 to $217,600 (euro147,977) _ the first annual drop since the trade group began tracking the data.
That number is projected to remain flat in 2008 before rising to $224,400 (euro152,601) in 2009. The median is the point at which half sell for more money and half sell for less.
The trade group also said its index that forecasts near-term home sales fell 2.6 percent in November from an upwardly revised October number.
The trade group's seasonally adjusted index of pending sales for existing homes fell to a reading of 87.6 from an upwardly revised October index of 89.9, but was down 19.2 percent from a year ago. The index hit a record low in September at the peak of the worldwide credit squeeze.
The Realtors group predicted new home sales would fall 13.4 percent this year to 669,000, down from a projected total of 773,000 in 2007. It forecast new home sales would rebound to 730,000 in 2009 and projected new home prices would be flat this year at $242,200 (euro164,706), before rising to $256,500 (euro174,430) in 2009.
Source : http://www.sun-sentinel.com/
The monthly forecast from the National Association of Realtors calls for U.S. existing home sales to increase 0.9 percent this year to 5.7 million, up from a projected 5.65 million last year.
Final results for U.S. existing home sales in 2007 -- to be released later this month -- are expected to be down 12.7 percent from 6.48 million in 2006, the group said.
The group's forecast for 2008 was unchanged from last month. The trade group also forecast 5.91 million home sales in 2009.
Economists and analysts, however, are predicting far lower home sales and accuse the Realtors group of not painting an accurate picture of the housing market. Experts say home sales in South Florida will remain soft in 2008. They don't think the local housing market will begin to recover until 2009 or 2010.
``The exact timing and the strength of a home sales recovery is a bit uncertain,'' Lawrence Yun, the group's chief economist, said in a statement. ``A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.''
Numerous economists, however, are much more pessimistic about the housing market this year and are predicting far lower home sales.
In addition, the group did not anticipate 2007's severe housing market downturn. A year ago, it was predicting more than 6.4 million existing home sales -- about 760,000 more than actually happened.
The group is predicting the median price for existing homes in the U.S. will have dropped 1.9 percent in 2007 to $217,600 (euro147,977) _ the first annual drop since the trade group began tracking the data.
That number is projected to remain flat in 2008 before rising to $224,400 (euro152,601) in 2009. The median is the point at which half sell for more money and half sell for less.
The trade group also said its index that forecasts near-term home sales fell 2.6 percent in November from an upwardly revised October number.
The trade group's seasonally adjusted index of pending sales for existing homes fell to a reading of 87.6 from an upwardly revised October index of 89.9, but was down 19.2 percent from a year ago. The index hit a record low in September at the peak of the worldwide credit squeeze.
The Realtors group predicted new home sales would fall 13.4 percent this year to 669,000, down from a projected total of 773,000 in 2007. It forecast new home sales would rebound to 730,000 in 2009 and projected new home prices would be flat this year at $242,200 (euro164,706), before rising to $256,500 (euro174,430) in 2009.
Source : http://www.sun-sentinel.com/
Monday, January 7, 2008
Castle Beach condos lets owners back after 2 years
AFTER BEING CLOSED FOR 2 ½ YEARS AND STRUGGLING TO MEET A COMPLEX ASSORTMENT OF BUILDING CODES, THE CASTLE BEACH CONDOMINIUM HAS REOPENED, AND RESIDENTS HAVE RETURNED.Robert Berman had been a resident of Castle Beach Condominium for close to a decade when he learned that he and the owners of the building's 586 units had to leave.
The condo, built in 1967, suffered structural damage and electrical wiring defects that led Miami Beach city engineers to close the building in April 2005.
''Being homeless is one of the worst experiences in the world,'' said Berman, 62. "It was a horrible feeling.''
Robert Stone, a certified public accountant, was given responsibility for the building by a Miami-Dade County Court.
He notified residents in a May 2005 letter that while repairs to the 18-story building, at 5445 Collins Ave., were being made, they would have to continue paying their monthly maintenance and assessments.
For Berman, that meant a $490 monthly maintenance fee and $600 in special assessments, not including his regular monthly mortgage. Residents also had to pay rent for temporary housing or seek refuge with friends and family.
Stone's letter estimated that repairs would cost about $20 million and take six months. It turned out to be 2 ½ years.
''At one point I didn't think we would ever get back in the building,'' said Berman, who moved in with his girlfriend in the interim.
Castle Beach Condo board president Caridad Amores said all major safety issues have been resolved and 80 percent of the building's structural damage has been repaired.
Residents celebrated the building's reopening in November.
''It definitely was a loss having to pay the mortgage, maintenance, special assessment fees and rent for temporary housing,'' said Francesco Stipo, 34, an international business attorney who moved into one of the penthouses in 2003.
''I'm very happy to be back,'' he said. "It's like waking up after a nightmare.''
The building, which first opened as the Hilton Plaza, has had many reincarnations and names.
In the 1970s, it became the Playboy Plaza, where Hugh Hefner had the penthouse suite.
Later it became the Plaza, the Miami Beach Hyatt House, the Konover Hotel, the Castle Premier Hotel, the Castle Hotel and Resort, Clarion Castle Hotel and Resort and the Castle Beach Hotel.
It became the Castle Beach Condominium in 1993.
The condo has encountered a ''perfect storm of problems,'' condo board president Amores said.
The trouble began in 2003, when a condo owner sued the condominium board, charging that the board had not properly maintained the ground-floor theater's roof.
The city said it had no choice but to enforce a mandatory evacuation order in 2005, because it had given the condo board repeated notice of code violations that were never fixed.
Assistant City Manager Tim Hemstreet said the building was ordered closed ``due to specific electrical violations that affected the safety of the building's occupants. It was reopened as these violations were corrected.''
When the building was evacuated, the court took power away from the board and gave control of the building to Stone.
But many unit owners, not satisfied with his management, sought to replace the receiver with a five-member board chosen by the owners. They succeeded.
The new condo board was appointed in November 2005 and ''is dedicated to making Castle Beach Condominium better than ever,'' Amores said.
Hemstreet said the condo association decided to reopen the building floor by floor starting in 2006.
While residents are breathing a sigh of relief, there is still much work to be done, including extensive plumbing and some window replacements. The pool also needs to be redone and the building needs to be repainted.
Additionally, a dozen commercial units on the ground floor cannot reopen until the outdated system that provides electricity to the building is replaced.
Resident Alex Solon, who owns a Russian and Turkish bathhouse inside the building that remains closed, is still out of work.
''It was a double whammy -- losing our residence and business,'' said Solon, 38. "It was devastating.''
Complicating the renovation process is how to finance the continuing repairs.
Because the building was closed by the city, obtaining a loan for the projects has been difficult, Berman said.
Today board members rely on the special assessments and a credit system granted by a few contractors, including Ideal Construction Solutions, which have come to their aid.
''It was heartbreaking as residents would stop by and inquire about the building's progress,'' said Jose Hernandez, project manager for Ideal Construction. "We are very proud of being part of this organization in an effort to bring people back home.''
Berman, also a member of the condo board, calls it ''creative financing'' and said he appreciates what Ideal Construction Service has done so far.
Ultimately, Berman said, a loan of between $15 million and $20 million will be necessary to complete the project.
Source : http://www.ccfj.net/
Tuesday, January 1, 2008
FAR: November home sales, prices down
South Florida existing single-family home sales and prices declined again in November, the Florida Association of Realtors said.In Fort Lauderdale, sales of existing single-family homes fell 34 percent to 401 from 605, as prices fell 4 percent to $348,100 from $362,000. In Miami, existing single-family home sales fell 59 percent -- the biggest drop in South Florida -- to 263 from 645, as prices fell 4 percent, to $359,300 from $372,400. In West Palm Beach-Boca Raton, existing single-family home sales fell 13 percent, to 459 from 525, as prices dropped 7 percent, to $345,700 from $370,400.
Near South Florida, median existing single family home sales:
* fell 25 percent in Fort Piece-Port St. Lucie, to 230 from 305, as prices declined 17 percent, to $206,300 from $247,600.
* fell 18 percent in Melbourne-Titusville-Palm Bay, to 379 from 461, as prices declined 9 percent, to $184,000 from $203,300.
* fell 29 percent in Punta Gorda, to 154 from 218, as prices declined 18 percent, to $177,300 from $215,100.
FAR said single-family home data from Fort Meyers-Cape Coral and Naples-Marco Island was not available.
FAR said existing condominium sales were down across the area, as well, though prices inched up 3 percent in Miami, to $264,700 from $257,400. Miami condo sales fell 53 percent, to 297 from 627.
In Fort Lauderdale, existing condo sales were down 23 percent, to 430 from 560, as prices dropped 17 percent, to $166,700 from $199,700. In West Palm Beach-Boca Raton, condo sales fell 17 percent, to 347 from 420, as prices fell 19 percent, to $177,400 from $219,800.
Near South Florida, median existing condo sales:
* increased 28 percent, to 68 from 53, in Fort Pierce-Port St. Lucie, as prices grew 6 percent, to $185,000 from $174,000.
* fell 37 percent, to 67 from 106, in Melbourne-Titusville-Palm Bay, as prices grew 10 percent, to $172,500 from $157,300.
* fell 36 percent, to 21 from 33, in Punta Gorda, as prices declined 24 percent, to $142,500 from $187,500.
FAR said condominium sales data from Fort Meyer-Cape Coral and Naples-Marco Island was not available.
Statewide, existing single-family home sales were down 30 percent in November, to 8,106 from 11,609, as prices declined 10 percent, to $215,800 from $239,800.
Condo sales in Florida fell 29 percent, to 2,375 from 3,356, as prices declined 9 percent, to $186,700 from $204,500.
Source : http://www.bizjournals.com/
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