After foreclosure auctions Tuesday at the southern tip of Miami Beach luxury condo building 73 million dollars back, does the lender.
Developer New York iStar financial $ 73 million to repay loans to struggling South 5 condominium project 121 135 went to foreclosure on Ocean Drive in October 2009. Gets the default developer BR Villa Luisa for $ 90. 8 in December lenders, final judgment and back, property ownership Tuesday, "friendly foreclosure. ' ' Of the complete
' In the great project and falling prey to outside, but like many of it's real estate market downturn "and Senior Vice President of iStar, Anthony Barnes said. ', Agreed as a result, developers and our foreclosure ".
Now focused primarily focus on commercial real estate, iStar, remaining 29 condo price requests could top $ 1,000 per square foot per 32 unit property to move responsibility.
5Th South began in 2006 and 2009, held at the height of the recession. According to only three units since the average price of $ 1,500 per square foot on a per-Bal Harbour based consulting condo vultures property records analysis are sold. Price $ 6800000 to $ 400 k from remote has.
When you add iStar is a multi-million dollar renovation in gym, pool and exclusive lounge, but additional investment of 7-story property, are planning to burn, great location to justify said.
' Of 5 min's South region, with it, I think it is like the rest of the South Florida market Chin was never ' and he said. "We've seen basically recovery price. I characterize it as a healthy real estate market ' '.
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