Waterfront Miami Beach Mansion Slapped With Foreclosure Action Published on 10/4/2011 11:46:00 AM
Regions Bank has filed to foreclose a nine-bedroom Miami Beach mansion situated on a 73,500-square-foot lot fronting Biscayne Bay, according to a new report based on the Condo Vultures® Foreclosure Database™.
The lender initiated the nearly $6.9-million action against the property located on Miami Beach's prestigious North Bay Road on Aug. 18 in one of South Florida’s highest valued Lis Pendens filings against a residence in the third quarter of 2011, according to Miami-Dade County records.
Developed in 1956, the refurbished two-story house with a recording studio, gourmet kitchen, and a variety of state-of-the-art technological upgrades has a 2011 assessed value of $7.5 million, according to Miami-Dade County Property Appraiser’s Office.
The owner, North Realty LLC with a Fisher Island Drive mailing address, took title to the property in July 2002 by way of a quit-claim deed from the previous owner American Leisure Resorts Inc, according to Miami-Dade County records.
Some three years earlier in April 1999, American Leisure Resorts Inc originally purchased the property for $3.9 million, according to government records.
A nearly $6.7-million loan was provided on the property in June 2002 by the former Union Planters Bank before ultimately merging into Regions Bank, according to Miami-Dade County records.
Located near the affluent La Gorce Country Club, the Miami Beach property recently went under contract and is waiting to transact, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.
The property had been on the resale market since December 2010 with an asking price of $15 million before a deal was struck for an undisclosed price on Sept. 16, 2011, according to Florida Realtors association data.
For a six-month period between December 2008 and June 2009, the property had been on the resale market with an asking price of $26 million, according to the data.
As of Oct. 4, 2011, there are more than 120 single-family houses on the resale market in the tricounty South Florida region with an asking price of at least $10 million. The median asking price is nearly $14 million, according to the data.
An additional four houses – including the North Bay Road property - are under contract and waiting to transact as of Oct. 4, 2011.
In 2011, buyers purchased 21 single-family houses in Miami-Dade, Broward, and Palm Beach counties at a price of at least $10 million. The median sales price was $11.6 million, according to the report.
Compare this to the year 2010 when buyers purchased 23 houses at a price of at least $10 million. The median sales price in 2010 was $10.5 million, according to the report.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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