With the foreclosure crisis on there are lots of distressed high-rise properties on the market, but a recent foreclosure filing tops them all. The $24 million oceanfront mansion in Palm Beach belonging to Robert V. Matthews – at least for now – faces a foreclosure lawsuit filed by DB Private Wealth Mortgage. The property taxes [...]
An affiliate of BankUnited offered a bargain for investors, as it had 31 foreclosed condo units in Doral for sale. The bargain: the sales price was at 56% discount to the mortgage used to foreclose on them. The Miami Lakes based BankUnited foreclosed on 31 units in Point at Doral, owned by Warehouse Associates, because [...]
There are some real bargains out there and Robert Spiegel knows how to find them. Recently the company managed by Spiegel, the Palm Beach-based 42nd Street LLC purchase an office complex with a significant 49% discount to the mortgage used to foreclose on it. North Palm Beach’s Palm Court Plaza office building now enriches 42nd [...]
The financial crisis has hit multiple industries, but one of the hardest hit industry is construction and the recent foreclosure of the headquarters of Downrite Engineering & Development Corp. and Century Everglades Lumber underscores that. Downrite is two of the largest construction-related companies in Miami, and it was hit with foreclosure over its facilities in [...]
Foreclosures are up throughout South Florida in June, a recent report issued by CoreLogic says, with Miami-Dade beating out Broward for the county with the biggest increase. All three counties registered higher foreclosure rates than the national average which was 3.46% in June. Miami-Miami-Beach-Kendall area recorded a 18.81% of foreclosure rate among seriously delinquent loans, [...]
The Congress Park Business Center industrial complex in Delray Beach went back to its lender in deed-in-lieu of foreclosure, the Palm Beach County Circuit Court records show. The subsidiary of State Farm, Plaza One took the real estate. The value of the note was $16.4 million, said attorney Richard Sollner, who prepared the deed. The [...]
Wells Fargo Bank, representing a commercial mortgage-backed securities fund filed a foreclosure lawsuit on August 23 targeting the owner of the Hilton garden Inn Boca Raton, Boca Lodging LLC and managing member Bert W. Moyar. The entity owns and runs the 149-room hotel on nearly 4 acres at 8201 Congress Avenue, which features a heated [...]
CityPlace, the high-profile shopping complex fell behind on its $150 million loan a couple months ago, in March. Now the lender, an entity affiliated with LNR Partners of Miami Beach on Thursday filed a foreclosure lawsuit, although there were hard negotiations regarding a loan modification. The suit names CityPlace Retail LLC an affiliate of New [...]
