Lenders foreclose on Trump Hollywood

Lenders foreclose on Trump Hollywood

November 19, 2010 12:00PM

Trump Hollywood

Trump Hollywood, the 40-story, $355 million oceanfront condominium project that debuted last year, this week became the latest development from Jorge Perez and his Related Group to go into foreclosure. Sales had been slow at the ritzy, 200-unit building, where apartments ranged in price from from $1.3 million to $7 million. Related had a $225 million mortgage on the project, which was purchased by Miami-based BH3 for $160 million. The developer will stay on to manage the building and handle sales under the new ownership. Reached by the Sun Sentinel yesterday, Donald Trump, who is listed as a developer on the project’s website, said he is only involved through a licensing deal and was not involved with sales. “I was a little surprised at the timing myself,” Trump said. “Jorge is a professional and he took a big chance.” Trump told a similar story earlier this month when questioned about the Trump International Hotel & Tower in Fort Lauderdale, which is facing foreclosure and a slew of lawsuits from buyers. [Sun Sentinel] The most beautiful oceanfront condominium project on the Beach, we hope with new ownership will offer reduced prices  which will make this  the best buy on the beach for prospective buyers.       The new ownership is keeping reserves for the next four years,  therefore giving buyers peace of mind that maintenance fees won’t sky rocket. This is the best time to buy TRUMP  HOLLYWOOD.     As a previous  Director of Sales for the project, I know it better than anyone else, for an appointment call  Mathy Garcia  (786) 4737998  , Trump Hollywood  truly offers 6 stars in design, quality, floorplans, it is a gorgeous property! Tags: Donald Trump bh3 jorge perez related group trump hollywood

Related Group pulls Oasis Ft. Myers condos from auction

Related pulls Ft. Myers condos from auction

November 29, 2010 04:15PM

Jorge Perez

The Related Group cancelled the auction of 85 units at it Oasis condominium tower in Fort Myers over the weekend after the first 40 units failed to fetch the kind of prices the developer was hoping for. Units went for as low as $147,500 in the sale that was originally supposed to help the company unload 125 units at the high-rise. The first 40, which did sell, were intended to go to the highest bidders, while the rest, which were pulled from the auction, were supposed to sell provided bidders met minimum prices set by the developer. Oasis is the latest in a string of Related projects to struggle. The company’s Trump Hollywood recently went into foreclosure after lenders were reluctant to cut prices to the point at which CEO Jorge Perez believed would help to spur sales. [Fort Myers News-Press] Tags: jorge perez related group oasis trump hollywood

Miami home prices jump 12 percent

Miami home prices jump 12 percent

November 24, 2010 11:15AM

The Miami metro area saw a jump in the median sales price of single-family homes last month, up 12 percent to $199,100, compared to data from the same period in 2009, according to the latest report from the Miami Association of Realtors. Miami was one of only three home markets, and the only major metropolitan area in Florida, to see an increase in the median sales price for single-family homes. That number was a six percent increase over September. “Rising median sales prices reflect strengthening and stability of the Miami real estate market,” said Jack Levine, chairman of the board of the Miami Association of Realtors. TRD Tags: jack levine miami association of realtors

Fannie, Freddie resume foreclosures sales

Fannie, Freddie resume foreclosure sales

November 29, 2010 10:30AM

A Miami foreclosure for sale

Fannie Mae and Freddie Mac have given approval to resume sales of foreclosed properties, which had been part of a freeze during an investigation for allegedly fraudulent documents prepared by law firms they had hired. Brokers were urged in a letter by Fannie Mae announcing the move to contact buyers who had chosen to cancel their contracts after the freeze had been initiated. “I’ve already sent e-mails to clients who opted out,” said Bill Richardson, managing broker for the Keyes Company in Boca Raton and president of the Realtors Association of the Palm Beaches. [Palm Beach Post]

Rockwood acquires Everglades on the Bay in Downtown Miami

Rockwood acquires Everglades on the Bay

November 29, 2010 12:00PM

 

Everglades on the Bay

Rockwood Capital announced that it was the buyer, along with Duncan Hillsley Capital and Fortune Capital Management Services, of the Everglades on the Bay project in downtown Miami. The 849-unit site went for $141 million in a cash transaction. Rockwood is investing by one of its private equity funds. The condo, which also includes 58,000 of retail space, has been recapitalized as a result of a Chapter 11 reorganization. Just 184 of the 849 units have closed to date. The project has two 49-story towers on Biscayne Boulevard near the American Airlines Arena. TRD Tags: everglades on the bay rockwood capital Everglades on the Bay Rockwood Capital announced that it was the buyer, along with Duncan Hillsley Capital and Fortune Capital Management Services, of the Everglades on the Bay project in downtown Miami. The 849-unit site went for $141 million in a cash transaction. Rockwood is investing by one of its private equity funds. The condo, which also includes 58,000 of retail space, has been recapitalized as a result of a Chapter 11 reorganization. Just 184 of the 849 units have closed to date. The project has two 49-story towers on Biscayne Boulevard near the American Airlines Arena. TRD Tags: everglades on the bay rockwood capital