Tuesday, February 8, 2011

Treasures on the Bay Being Foreclosed

From Peter Zalewski at Condo Vultures comes the news that the housing crisis is getting worse in North Bay Village. Treasures on the Bay has been foreclosed and is being repossessed.

Week of February 9, 2011

Owed $97.3 Million, Lender To Repossess 329 Waterfront Miami Units

A lending consortium is days away from officially repossessing 169 condo-conversion units and 160 rental apartments that front Miami's Biscayne Bay as part of a nearly $100 million foreclosure, according to a new report from CondoVultures.com.

The lending consortium is poised to take title to nearly 380,000 square feet of residential space in the unfinished Treasures on the Bay three-building, condo-conversion complex in the island city of North Bay Village, located between Greater Downtown Miami and Miami Beach.

A newly formed Florida corporation managed by the Owens Financial Group Inc. of Walnut Creek, Calif., has been designated to take the official title to the 329 units and two undeveloped lots after winning a court-ordered foreclosure auction on Feb. 2, 2011 with a bid of $500,100, according to Miami-Dade County records.

The foreclosure auction was the last step in repossessing the units and land following a summary judgment for $97.3 million that was issued in October 2010 by Miami-Dade Circuit Court Judge Valerie Manno-Schurr.

"Treasures on the Bay is a condo-conversion project that wound up being a casualty of the South Florida real estate crash," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The original condo converter successfully renovated and sold off most of the first tower, and was poised to sell off the since-renovated second tower when the market collapsed in 2007. Work never had a chance to begin on a third tower."

We can't keep our heads in the sand. This city consistently sells for less than other comparable areas and takes longer to sell. We need a housing strategy now. Where are the local investors and real estate agents who are losing money on this? Where are the homeowners whose value declines every time another home on the block falls into foreclosure? You know, apathy only takes you so far.

More about this later this week.

Kevin Vericker
February 8, 2011

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