Fueled by overseas buyers, South Florida condo sales soar

Fueled by overseas buyers, South Florida condo sales soar

Nicola Schon, an Italian restaurateur with homes in Monte Carlo, Milan and New York, wanted the perfect pied-รก-terre in Miami, with plenty of space, water views and amenities such as a spa, concierge and room service.

So he bought a $1.8 million condo at Epic in downtown Miami — and persuaded 19 friends from Italy to buy there, too.

“The building is half-Italian now,” joked Schon, who owns eateries Quattro and Sosta in Miami Beach. “We should put an Italian flag on the roof!”

International buyers are quickly converting their currency into real estate in South Florida, snatching up property at floor-sweeping prices. At high-end Epic, Schon paid about 25 percent less than he would have at pre-construction prices a few years ago.

Boynton Beach condo closes two sales, vows to hang in

Boynton Beach condo closes two sales, vows to hang in

This past weekend, officials with the Promenade condominium had reason to celebrate. Nine months after the Boynton Beach condo was completed, they finally closed two condo sales.

“Kids were swimming in the pool this weekend,” said Promenade official Pryse Elam.

It’s been a long time coming, and it was a big source of relief. The mammoth complex was finished last summer – in the midst of the worst real estate market in decades.

In an interview this week, a Promenade official acknowledged the real estate crash prompted the condo’s backers to consider canceling sales in the empty building. They toyed with other options.

Federal program will help struggling homeowners

Federal program will help struggling homeowners

Struggling California homeowners will have another source of assistance later this year from a federal program giving the state $700 million to devise its own foreclosure-prevention solutions.

While that sounds like a windfall, it’s minuscule compared with the hundreds of thousands of California households in default. That’s why the state will narrowly define who gets help, focusing on low- and moderate-income homeowners who still can make monthly payments and who meet other specific criteria.

“When there are so many people who are delinquent, you have to pick a target,” said Ken Giebel, a spokesman for the California Housing Finance Agency, which developed a proposed plan, available at www.keepyourhomecalifornia.com, and will implement it once the Treasury Department approves it.

Investors buying lots in North Port again [South Florida]

Investors buying lots in North Port again [South Florida]

Building lots are beginning to sell again, and some are being bought and resold for quick profits by investors from foreign lands.

Take Land Investors Corp., for example.

This Swiss company, based in Geneva, has purchased 39 lots in North Port for an average of $3,400 per lot since July and resold all but 10 to French investors for nearly $11,000 per lot.

European investors, with their powerful currencies — although the euro has taken a beating recently — obviously see value where countless investors were burned during the boom.

Distressed homeowners lure Chase counselors to Riverview [Tampa Bay Area]

Distressed homeowners lure Chase counselors to Riverview [Tampa Bay Area]

There’s a reason JPMorgan Chase chose Riverview for its second Homeownership Center in the Tampa Bay area.

It’s where a sizable portion of its troubled borrowers live.

The lender is trying to make it easier for its financial distressed customers to meet face-to-face with counselors in an attempt to staunch the flow of foreclosures.

“Our goal is to get the customer early, before they fall behind,” said Rocky Stubbs, a vice president at Chase.

Much in flux about proposed downtown Sarasota hotel [Central Florida]

Much in flux about proposed downtown Sarasota hotel [Central Florida]

Though plans filed with the city prominently say Summerfield Suites Hyatt, the property owner behind the proposed 18-story hotel on Main Street acknowledges the lodging brand could change.

Property owner Harry Walia said the change in hotel “flag” would likely occur if a Hyatt internal study determines the all-suites hotel, planned for the site of Patrick’s restaurant, would compete with the Chicago chain’s other area properties.

“They’ve looked at the site and they’re interested in it, they like it,” Walia said of the 1400-1410 Main St. property, also home to Tropical Thai and Patellini’s Pizza restaurants.

Hyatt declined to comment on the proposed 102-room hotel because the project has not yet received city approval.