9 Comments Add your own

• 1. Barry Schwartz  |  December 11th, 2008 at 5:52 pm

  Hi Jennifer,

  My agency represents RICS AMERICAS (www.ricsamericas.org), the real estate industry’s leading professional association. As such, RICS AMERICAS members are all highly qualified to comment on a wide variety of real estate issues….and Macdonald West (see attached contact info) would be a great source for you on this story, as well as an ongoing source.

  Thanks,

  Barry

  Macdonald West, CRE, FRICS, MBA,
  President & CEO
  The Macdonald West Company
  1172 S. Dixie Hwy – #600
  Miami, FL 33146-2918
  Bus: +1 305 667 2100
  Fax: +1 305 663 0028

• 2. Lindsey  |  December 11th, 2008 at 6:58 pm

  Hi, Jennifer. For the above query, I would like to offer up for comment Rei Mesa, Prudential Florida Realty’s president and CEO. Mesa has more than 25 years of experience in the real estate industry and is a director for the Florida Association of Realtors (FAR). Please let me know if you would like me to put you in touch with him. Thanks!

  lindsey@blastmedia.com

• 3. Nicholas E Ekonomou  |  December 11th, 2008 at 7:43 pm

  Good luck,,,, Banks do not want to lend on condo’s,,, forget about a HELOC on a condo and the short sales and the banks trying to sell them won’t lower the prices where they need to be… Once reality sets in and 6 months of maintainance fee’s hit and special assessments banks will start slowly lowering the prices…. the problem is…. by then the economy will be in crisis mode,,,, zero liquidity,,,, and prices will be less than where they should be now…..with less money to absorb all of the excess product,,,

• 4. Judith Gotlieb  |  December 11th, 2008 at 8:05 pm

  Source: Award winning structural engineer who has built some of the biggest condo projects in South FL. Has been around over 50 years and seen the cycles. Can comment on developers he has worked with, projects that are stalled, issues of financial meltdown in the design/construction phase of building in South FL. He has worked with all the major developers in the area (Trump, Dezer, Related Companies, Green Companies, etc.) My number is 786-587-8284.

• 5. Carolyn Popescu  |  December 11th, 2008 at 8:21 pm

  Hey Jennifer,

  I’d lovve to offer you Bill McCaughan, a real estate attorney with K&L Gates Miami office as a source for your Miami condo story. With over 25 years of practice experience, McCaughan, who specializes in real estate law, real estate litigation, probate and general commercial litigation, has seen the boom and bust cycle repeated many times. He can give excellent insight into the future of Miami’s Condo space, as well as discussing alternate options for the vacant space as well as ways South Florida’s can become less dependent on the real estate industry-let me know what you think-thanks Jennifer!

• 6. Victoria Blintser  |  December 11th, 2008 at 9:17 pm

  Hi Jennifer,
  I believe that the whole turnaround will take anywhere between 1-2 years. The rationale behind it is that with property values in S FL taking at least 50% discount and being reverted back to 2004 prices, most analysts agree that we’re somewhere close to the bottom of the correction. However, there’s still a glut of inventory in the market. We are seeing a new trend now of major distressed capital funds coming into the market with money being so cheap out there and purchasing bulk (dark) condos. We currently represent several of these funds and are also in the midst of putting together one ourselves.
  The consensus is that with the banks taking their hardest hit several months ago, and the government bailing them out and injecting hundreds of billions of dollars of liquidity/life into them. As they say, the best bargains are when there’s ‘blood on the streets’. As the banks begin their healing process, we notice that the desperation is not the same as it was a month or two ago in negotiating short sales with them, which signifies that a much healthier real estate market is in the horizon. I personally believe that the best bargains are in today’s market while the banks are still in the recovering phase.
  Realtytrac reported today that the number of homeowners dragged into a housing crisis fell last month to the lowest levels since June. The banking system recovery, coupled together with drops in foreclosure filings, and interest rates gives us more of a positive outlook on markets such as ours in South Florida.

  Victoria Blintser
  broker/owner
  Rapid Realty
  http://www.erapidrealty.com

• 7. Anne Hendricks  |  December 12th, 2008 at 4:06 pm

  Hi Jennifer.

  Michael Ross is a partner at Greenspoon Marder, and he heads up our Real Estate and Finance/Transactions practices.

  Here is his take:
  Many new condo units in Miami were purchased as an investment, not to put a roof over a person’s head. Until demand catches up with supply, which in my opinion will be between five to seven years from now, units will remain dark.

  He can speak in much more depth with you about supply and demand, plus where developers’, buyers’ and lenders’ heads are right now. Michael works with developers and lenders.

  Thanks!

  Anne Hendricks
  Greenspoon Marder
  anne.hendricks@gmlaw.com
  954-294-3067

• 8. Amanda Williams  |  December 12th, 2008 at 7:24 pm

  Hi Jennifer,

  If you would like to include positive prognostications for the condo-hotel sector in South Florida, I would like to provide you with a resource for interview, Provident Hotels & Resorts, (also known as Provident Management Corporation).

  Provident has a long-standing reputation of expertly managing condominium hotel properties through the use of its far-reaching, professional services. Entering the condominium hotel industry in 1980, Provident has operated purpose-built and conversion properties in various markets in Florida including Tampa, the Gulf Beaches, Orlando, Miami and the Florida Keys. Provident’s continued success is attributed to unmatched insight into the needs and requirements of this demanding hospitality industry segment.

  If you would like to speak with a Provident principal on prognostications for the future or other matters relating to the condo-hotel industry, please give me a call. For more information on my client, visit http://www.ProvidentResorts.com

  All the best,

  Amanda Williams
  Ypartnership, PR
  407. 838. 1729
  amanda.williams@ypartnership.com

• 9. Bart L. Segall  |  December 14th, 2008 at 5:58 pm

  Bart L. Segall, P.A. is Company owned by my wife & myself. We are registered with Coldwell Banker in Hollywood, Florida. We have what is considered a larger practice that encompasses Condominium on Hollywood Beach, Hallandale Beach and Sunny Isles Beach. We have been in business for 18 years. The best way to judge the market is buy how it impacts our business directly. We have pending 19 units at or above $2,000,000 each that were sold 2-4 years ago and it appears that none of our clients will close on the units as they become available to close. The market at or below $200,00 is strong at this point in time as the perception is that prices , at that level have bottomed out. All cash deals are the predominant form of funds as mortgage lending is still very tight. Waterfront condos generally do not qualify for FHA lending and Freddie & Fannie will not purchase waterfront condos in Dade & Broward thereby getting a mortgage very problematic. Our expectations are that prices will remain at their current price point ( at the lower end) for 2-3 years before starting a mild appreciation cycle. The upper end units will continue to decline and ultimately placed on the rental market or lease option market by Developers. If you require any additional information, Please let us know 954-456-0204 or rewizrd@bellsouth.net. THis information come to you through Elyse Bender-Segall of PR Revolution LLC

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