Reduced 2/2 on Millionaires Row

By josephine on May. 12, 2010.

View from both bedrooms

5775 Collins Ave. Apt # 905 …..On prestigious Millionaires Row

This renovated 2 bedrooms, 2 bathrooms apartment lies on the Southwest corner of the Marlborough House Condo. The building sits right on the Beach with direct Ocean Access. The condo has been totally renovated and already passed its 40 year inspection.

Charming and very private.

The apartment has great Ocean Views from both bedrooms which face Southeast as well bay views from the living. Bathrooms, kitchens and floors have been renovated.

• $369,000

• 1296 Sq. Ft.

• Year Built: 1963

• 2009 Taxes: $6709

• Monthly Maintenance: 658

• Assigned parking space: 1

• Floor: tile

• Direct ocean access

• Renovated kitchen and bathrooms

• Large walk-in closet in master bedroom

• Full amenities

• 24 hrs security

Mondrian South Beach loan extended

By josephine on May. 6, 2010.

South Florida Business Journal

The mortgage on the Mondrian South Beach condo hotel was extended until April 2017, Morgans Hotel Group Co. said.

The New York-based company (NASDAQ: MHGC) is a joint venture partner in the Mondrian, which open in December 2008, and manages the property.

It originally obtained a $124 million mortgage from Eurohypo, as an administrative agent for a group of lenders. The joint venture still owns 243 of the 461 units at the hotel, at 1000 West Ave.

Morgan Hotel Group said $70 million is outstanding under the first mortgage. In the modified mortgage, the joint venture partners can accrue all interest for two years. The owners can also fund up to 80 percent of the purchase price for condo-hotel unit buyers.

Under the agreement, the $28 million the joint venture partners invested in the property was elevated in capital structure to take the same priority as the mezzanine debt. As a result, the partners and the mezzanine creditors will split the proceeds from the unit sales after the first mortgage is repaid.

“These amendments and the extension highlight the confidence the lender has in this property and its long term business prospects,” Morgans Hotel Group President Marc Gordon said in a news release. “The lender also recognizes the critical nature of Morgans’ involvement to the success of Mondrian and granted us the right to extend for a long term while accruing interest, if necessary, and, at the same time, allowed us to advance a portion of our investment in the capital structure so that we can earn a return sooner.”

Miami Beach attorney David Philips, who represents people trying get out of purchase contracts at the Mondrian, said several of his clients recently received e-mails from the Mondrian, saying it would slash unit prices. Most of the potential buyers looked at the condo-hotel units as investments, but high prices have made closing the deals unattractive, Philips said.

Among its other properties, Morgans Hotel Group owns the Delano in South Beach and has a minority stake in the Shore Club, a South Beach hotel facing a $126 million foreclosure lawsuit.

What is happening in our market today?

By josephine on Jan. 22, 2009.

What Can You Buy With $100,000 in Today\’s Real Estate Market?

Today, it is extremely common to find ourselves in a middle of conversation about the current financial crisis, but it also seems to be a bit contradictory that in the same conversation we also hear that today is the time to buy. We assume that during a financial crisis no one is buying much of anything; however Warren Buffet, Chief Executive Officer for Berkshire Hathaway, says that the time to buy is when everyone else is too fearful to do so.

When it comes to Miami or Miami Beach, “the epicenter of the real estate boom and bust”, buying properties is indeed a good investment now. It has been for the past couple of years, and now we are seeing that people interested in purchasing income properties, can actually cover their mortgage and expenses with the rent itself. So, how far does our money go today?

Our company’s chief executive Officer, Ron Shuffield, a highly knowledgeable person when it comes to South Florida real estate, appeared last week on Nightline to discuss about our real estate market and how far can $100,000 take anyone. During his interview Ron cites: “With the economy today, there are opportunities for people to buy at prices that people didn’t dream, even two years ago, that they would be able to see these kinds of prices.”

We have being hearing about the amazing buying opportunities that will be available since the bust of the real estate bubble 2 years ago. Some people have already taken advantage of such great deals, but some are holding back waiting for prices to keep on dropping to finally buy their dream house. I strongly belief the time to buy is NOW! Just as Ron mentions in the interview, the prices in today’s market are truly amazing. The dream of owning a house is finally achievable for many families and this is something we need to take advantage of.

As you will see in the video, the houses that are selling for $100,000 today are brand new ones; some in private enclosed communities and some even with a pool in their backyards. Opportunities like the ones shown in the video are found throughout South Florida. Bargains can be found even in our beloved Miami Beach. I thought it was a great interview and decided to share it with you. I think is definitely worth watching and hope you enjoy it!