miami

Huffington Post…

I don’t even know how to begin with this Fast Company cover story on LeBron James, the Miami Heat and what they teach “us about teamwork.” Basically, the article teaches me that the people at Fast Company are capable of teaming up to shoehorn LeBron James onto the cover under the guise of teaching us something about business practices. And it’s not just that James can teach us all something about teamwork, it’s that the Miami Heat are “the World’s Greatest Chemistry Experiment.” So, snack on that Richard F. Heck, Ei-ichi Negishi and Akira Suzuki — and your Nobel Prize winning work in ” palladium-catalyzed cross couplings in organic synthesis .” Fast Company advises us: Forget for a moment that this has anything to do with basketball. Okay! That’s going to be hard, seeing as you’ve got four NBA-themed pieces for us to work through , but I’ll try. Forget about sports altogether. Almost as if I picked up a magazine that isn’t supposed to cover sports. Right. What LeBron and company are attempting to do applies to any organization that’s serious about winning. Well, who among the Fortune 500 hasn’t beaten the Philadelphia 76ers? A year ago, James, Wade, and Bosh were the top dogs — the leading scorers — on their respective teams. Today, they’re divvying up the sirloin scraps, at far less pay, in search of one prize: a championship. Yes, they’ve been derided for conspiring to give Miami a huge leg up at the expense of small-market teams (namely James’s former employer in Cleveland and Bosh’s in Toronto), but their mutual sacrifice is a resounding vote for teamwork. Teamwork among superstars. It’s a huge bet that, in the end, talent will prevail. If only the San Antonio Spurs had thought about combining superstars — like, say, Tony Parker, Manu Ginobili, and Tim Duncan — in their pursuit of NBA glory. (Instead, they wagered that playing great team defense was something that would “prevail.”) Finally, we start getting around to the “forgetting about sports altogether” part: This is a strategy that’s on the rise these days. Look at Silicon Valley. Which tech company, when given the chance, doesn’t raid the talent pool, stocking up on the world’s best execs and engineers in the hopes of racing past the competition? Late last year, Mark Zuckerberg personally persuaded Lars Rasmussen, the cocreator of Google Maps, to join a host of elite ex-colleagues at Facebook. If ESPN anchor Stuart Scott were to cover the business universe, he would have summed up the acquisition in a word: Boo-yah! Oh, okay, so here’s a new “strategy” that’s “on the rise” — hiring talented people in the hopes that a bunch of talented people will add value to your company. Glad to see people are trying this at last! Of course, this lesson was so well taught to the world by the Miami Heat, that Facebook was employing it just three days after the 2010-2011 NBA season began . In short, it’s a pretty awkward construct, ancient corporate-sounding bromides about “trust” and “teamwork” forced through this “the NBA playoffs are happening” perspective. At times, the piece has to contort in order to keep track of its thesis. “High-priced talent doesn’t ensure success,” says the magazine, you have to be “buddies,” too. And buddies have to leave room for Udonis Haslem and Zydrunas Ilgauskas. Larry Page and Sergey Brin are a formidable pairing — much like Hewlett and Packard, Ben and Jerry, the brothers Coen (Joel and Ethan) — but the truth is none of those guys could have achieved what they did if it weren’t for the help of supremely gifted employees. The Heat is no different. That would have been a really good place to inform readers who the “Zydrunas Ilgauskas of Google” is. (It still would be, if anyone would care to provide that information.) By the way, that marks the last time in the article that an attempt is made to connect this Miami Heat metaphor with an example in the corporate world, save for one stray mention of Carl Icahn. The piece goes on to really gloss over the ugliness that’s gone down between the team and their coach, Eric Spoelstra, who is nominally in charge of the “strategic vision.” I’m not entirely sure what to make of how this season’s brief Spoelstra-drama fits within this idea that stocking up on superstars is a winning strategy. The message seems to be: star talent is important, as long as Zydrunas Ilgauskas is around to do the thankless work, and your CEO is okay accepting abuse from the talent pool while never retaliating by telling the media that your star players cried in the locker room. And, in the end, it really helps to have Pat Riley to talk to about your feelings. It’s kind of a mess. But there’s one success strategy that seemed to work for the Heat: After the game, Wade and his teammates held a players-only meeting. “They kicked the coaches out,” says Windhorst. “It was literally in the shower. Guys were telling each other to stop playing afraid.” Not sure you should try to replicate that in the workplace! At any rate, every tech company should definitely try to hire Mike Miller , the end. [Would you like to follow me on Twitter ? Because why not? Also, please send tips to tv@huffingtonpost.com -- learn more about our media monitoring project here .]

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The Miami Heat Is The New Corporate Model Of Teamwork, Apparently

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The Next Real Estate Bubble? Farmland

by nytimes.com on March 3, 2011

Huffington Post…

But as prices for agricultural land surge across America’s grain belt, regulators are warning that a new real estate bubble may be forming — echoing the frothy boom in home prices that saw values in Miami and Las Vegas skyrocket and then plummet.

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The Next Real Estate Bubble? Farmland

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In The Pipeline: CoStar Development and Construction News for Feb. 27 – March 5

March 1, 2011

In The Pipeline is a column on significant land sales, transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. Read previous columns and articles. August Opening Planned for Miami’s Brickell World Plaza

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Video: LeBron James Says Animated Cartoon His Own Inspiration

February 18, 2011

Feb. 18 (Bloomberg) — Miami Heat forward LeBron James will star in an animated Web series called, “The LeBrons.” Michele Steele reports on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)

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Alternative Fuels Americas Appoints Arup Sen Chief Science Officer

February 16, 2011

MIAMI, FL–(Marketwire – February 16, 2011) – Alternative Fuels Americas, Inc. ( PINKSHEETS : AFAI ) announced today that Dr. Arup Sen will assume the position of Chief Science Officer effective immediately.

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Alternative Fuels Americas Appoints Arup Sen Chief Science Officer

February 16, 2011

MIAMI, FL–(Marketwire – February 16, 2011) – Alternative Fuels Americas, Inc. ( PINKSHEETS : AFAI ) announced today that Dr. Arup Sen will assume the position of Chief Science Officer effective immediately.

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In The Pipeline: CoStar Development and Construction News for Feb. 6 – 12

February 9, 2011

In The Pipeline is a column on significant land sales, transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new project — and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. Read previous columns and articles. GSA Buys 20 Acres North of Miami for Office Project The U.S. General Services Administration…

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Iconic Downtown Miami Office Tower Trades for $105.5M

December 21, 2010

In a boost for the beleaguered Miami and South Florida economy and investment sale market, the 600,959-square-foot Miami Tower office building has traded for $105.5 million, or $175.55 per square foot. It’s the largest commercial real estate office sale of the year in Miami. I&G Miami, Inc. acquired the Class A downtown landmark at 100 SE 2nd St. from owner Blue Capital US East Coast Properties, L.P. in a deal that closed Friday. The iconic 47…

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Video: Dolphins’ Ross Says Hire `Best People,’ Don’t Interfere

November 24, 2010

Nov. 24 (Bloomberg) — Stephen Ross, founder of Related Cos. and majority owner of the National Football League’s Miami Dolphins, talks about his strategy as an owner. Ross talks with Bloomberg Television contributing editor Rick Horrow on Bloomberg Television’s “Bottom Line.” Bloomberg’s Julie Hyman also speaks.(Source: Bloomberg)

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Oscar Perez Has Joined CareCloud as Vice President of Revenue Cycle Operations

November 16, 2010

MIAMI, FL–(Marketwire – November 16, 2010) –  CareCloud today announced that Oscar Perez has joined CareCloud as the Company’s Vice President of Revenue Cycle Operations, reporting to CareCloud’s CEO, Albert Santalo.

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Romaine Seguin Named President of UPS Americas

November 11, 2010

MIAMI, FL–(Marketwire – November 11, 2010) –  UPS ( NYSE : UPS ) has appointed Romaine Seguin, a 27-year UPS veteran, its new president of the UPS Americas Region with responsibility for Canada, Latin America and the Caribbean.

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Retail Watch: Whole Foods Green Lights New Expansion Phase

November 11, 2010

Whole Foods Market, an Austin, TX-based natural foods supermarket chain, is prepping for a new round of expansion. Last week, the company signed seven new U.S. leases averaging 33,000 square feet in Laguna Niguel, CA; Miami, FL; Minnetonka, MN; Charlotte…

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Video: Burger King’s Chidsey Discusses Sales, Business Outlook: Video

August 24, 2010

Aug. 25 (Bloomberg) — Burger King Holdings Inc. Chief Executive Officer John Chidsey talks about the company’s financial results and business outlook. Burger King, the second-largest U.S. hamburger seller, reported a fourth-quarter profit of 36 cents a share. The average estimate of analysts surveyed by Bloomberg was for a profit of 34 cents a share. Chidsey speaks from Miami with Susan Li on Bloomberg Television. (This is an excerpt of the full interview. Source: Bloomberg)

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Video: Regalado Says Miami Is Bringing Downtown `Back to Life’: Video

August 24, 2010

Aug. 24 (Bloomberg) — Miami Mayor Tomas Regalado talks about the city’s budget deficit and property market. Regalado, speaking with Betty Liu on Bloomberg Television’s “In the Loop,” also discusses the impact of LeBron James’ signing with the Miami Heat on the city’s economy. (Source: Bloomberg)

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Video: Regalado Says Miami Is Bringing Downtown `Back to Life’: Video

August 24, 2010

Aug. 24 (Bloomberg) — Miami Mayor Tomas Regalado talks about the city’s budget deficit and property market. Regalado, speaking with Betty Liu on Bloomberg Television’s “In the Loop,” also discusses the impact of LeBron James’ signing with the Miami Heat on the city’s economy. (Source: Bloomberg)

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Video: Related Group’s Perez Discusses Florida Housing Market: Video

August 24, 2010

Aug. 24 (Bloomberg) — Jorge Perez, chairman and chief executive officer of the Related Group of Florida, discusses the Miami real estate market and the outlook for the U.S. housing market. Perez talks with Betty Liu on Bloomberg Television’s “In the Loop.” (This is an excerpt of the full interview. Source: Bloomberg)

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The Marketing Directors Names Joe Lopez Director of Sales in Florida and Lisa O’Connor Director of Sales in Atlanta

August 23, 2010

ATLANTA, GA–(Marketwire – August 23, 2010) – The Marketing Directors named veteran real estate professional Joe Lopez Director of Sales for Florida. Lopez will oversee and implement sales strategies for the company’s growing portfolio of developments in Daytona Beach, Ft. Lauderdale, Boca Raton and Miami, Fla. Veteran real estate professional Lisa O’Connor was named Director of Sales for Atlanta. O’Connor will oversee and implement sales strategies for the company’s growing portfolio of developments in the Atlanta market.

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The Marketing Directors Names Joe Lopez Director of Sales in Florida and Lisa O’Connor Director of Sales in Atlanta

August 23, 2010

ATLANTA, GA–(Marketwire – August 23, 2010) – The Marketing Directors named veteran real estate professional Joe Lopez Director of Sales for Florida. Lopez will oversee and implement sales strategies for the company’s growing portfolio of developments in Daytona Beach, Ft. Lauderdale, Boca Raton and Miami, Fla. Veteran real estate professional Lisa O’Connor was named Director of Sales for Atlanta. O’Connor will oversee and implement sales strategies for the company’s growing portfolio of developments in the Atlanta market.

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Ryder Announces Retirement and Related Appointments of Key Executives

August 23, 2010

MIAMI, FL–(Marketwire – August 23, 2010) –  Ryder System, Inc. ( NYSE : R )

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Hi Score Corporation (HSCO) Appoints New CEO and CFO

August 13, 2010

MIAMI, FL–(Marketwire – August 13, 2010) –  High Score Corporation ( PINKSHEETS : HSCO ) announced today that on August 1 st , in a unanimous vote, the board of directors has appointed Mr. Zoyes the President of the company until June 13 th , 2011.

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David Gray: What LeBron James’ Decision Means for the Midwest

July 19, 2010

A child of the Midwest grows up in Middle America, thrives, receives disproportionate attention and investment from the community, realizes his or her potential and then moves away to a “sunnier” state in his or her prime. That is what we saw as LeBron James chose to move to South Beach to play for the Miami Heat rather than staying in Cleveland and play for the Cavaliers. The same day, the nation’s top high school football player, Seantrel Henderson, chose to leave Minnesota and to move to Miami. This situation is not limited to superstar athletes. Over the past generation, there was been an exodus of young people from the Midwest, particularly Ohio. A 2006 study by the Dayton Daily News found that Ohio has lost more young people during the last 10 years than any other state except Pennsylvania. According to a June 2009 study by the Thomas B. Fordham Institute, “88 percent of native Ohio students say they are proud of Ohio, but 51 percent plan to leave after graduation,” and “89 percent say good jobs will be very important in deciding where to live after graduation, but just 11 percent say Ohio has excellent prospects.” This was before the Great Recession of 2008 when manufacturing jobs, critical to the Midwest, were decimated. Unemployment rates don’t mean everything. Ohio is not the only state to have an unemployment rate above the national average — so do sunshine states such as Florida, California and Nevada. However, much of their unemployment is likely cyclical, a reaction to build ups and bubbles, while the Midwest’s issue is more structural. Ohio will likely lose two congressional seats in the upcoming census-driven apportionment, while many of the sunshine states continue to gain population. Growing up in Ohio, I lived across the street on one side from a women who would run the Center for Medicare and Medicaid Services for part of the Bush Administration and on the other side across the street was the young man who would grow up to be the current Commissioner of the IRS, both in Washington, D.C. Last year, I hosted an event to discuss the book “Hollowing Out the Middle: Rural Brain Drain and What it Means for America” by sociologists Patrick J. Carr and Maria J. Kefalas. The book argues that communities throughout the Midwest need not only to invest in jobs and programs that keep their young people in town, but need to invest more in those likely to stay. They argue that there is a temptation for communities, particularly small ones, to invest a disproportionate amount of resources in the most gifted students, the “I knew her when” students. Those students are often the least likely to stay or return to the community. Instead, communities should invest more in those young people most likely to stay. Joel Kotkin has argued that there is a national imbalance anyway with too many people concentrated on the coasts, and that it would be good for America to create infrastructure, jobs and others incentives for people to move to the Midwest. This would disperse costs, talents, environmental impacts, prices and opportunities. Perhaps the most popular television show last year was Glee, a show about an Ohio based high school singing group. During the season finale, Olivia Newton-John is co-judging a competition with the school’s “celebrity” cheerleading coach. They argue and Newton-John makes the devastating point that “when this is over we fly back to (sunny) L.A. while you are stuck here in Ohio.” To watch LeBron James’ announcement, one could see from the pain in his face how the difficult decision to leave Cleveland was. Yet that first weekend he hosted a major party in his new city of Miami rather than saying goodbye. LeBron will always be “of Ohio” and his success, like that of many others, is a credit to his home state and region. But it would sure be nice it that success stayed at home.

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Video: Gray Discusses LeBron James’s Decision to Sign With Heat: Video

July 9, 2010

July 9 (Bloomberg) — Reporter Jim Gray discusses two-time National Basketball Association Most Valuable Player LeBron James’s decision to leave the Cleveland Cavaliers for the Miami Heat. Gray, who hosted the ESPN special where James announced his decision, spoke with Deirdre Bolton and Michele Steele on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)

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Video: LeBron Chooses Heat, Knicks Miss Revenue Opportunity: Video

July 9, 2010

July 9 (Bloomberg) — Two-time National Basketball Association Most Valuable Player LeBron James selected the Miami Heat as his new team, spurning his former team the Cleveland Cavaliers, as well as the New York Knicks, who tried to woo the free agent. Bloomberg’s Jon Erlichman reports on the potential impact of James’s decision on the Knicks’ revenue. (Source: Bloomberg)

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Video: James Meets With Heat, Clippers on Day 2 of Free Agency: Video

July 2, 2010

July 2 (Bloomberg) — LeBron James is meeting with the Miami Heat and Los Angeles Clippers today, a day after he was courted by the New York area’s two National Basketball Association franchises as free agency began. Bloomberg’s Michele Steele reports. (Source: Bloomberg)

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The Herzfeld Caribbean Basin Fund, Inc. Appoints New Independent Director

July 1, 2010

MIAMI, FL–(Marketwire – July 1, 2010) –  The Herzfeld Caribbean Basin Fund ( NASDAQ : CUBA ) announced the appointment of Ted S. Williams as an independent director to the Fund’s Board of Directors.

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In The Pipeline: CoStar Development and Construction News For June 20-26

June 22, 2010

In this edition of In The Pipeline, the developer of the University of Miami Life Science & Technology Park seals the deal with its university anchor to occupy 80,000 square feet of office and lab space; BASF Corp. said last week that it is relocating…

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Real Money: Capital Raisings

May 12, 2010

Lennar Corp. in Miami, FL, agreed to sell $250 million principal amount of 6.95% senior notes due 2018 and $250 million principal amount of 2% convertible senior notes due 2020. Lennar plans to use approximately $200 million from the net proceeds to fund…

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SK3′s Parent Company Healthcare of Today Announces VP of Licensed Business and New Business Development

March 22, 2010

MIAMI, FL–(Marketwire – March 22, 2010) –  SK3 Group, Inc.’s ( PINKSHEETS : SKTO ) parent company and majority owner Healthcare of Today, Inc. ( www.healthcareoftoday.com ) has announced the appointment of Jeff Place as its VP of Licensed Business and New Business Development.

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SK3′s Parent Company Healthcare of Today Announces VP of Licensed Business and New Business Development

March 22, 2010

MIAMI, FL–(Marketwire – March 22, 2010) –  SK3 Group, Inc.’s ( PINKSHEETS : SKTO ) parent company and majority owner Healthcare of Today, Inc. ( www.healthcareoftoday.com ) has announced the appointment of Jeff Place as its VP of Licensed Business and New Business Development.

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Investors Picking Up Unfinished Condo Projects

March 10, 2010

LeaseFlorida LLC in Miami Lakes, FL, foreclosed on two failed residential condominium projects. In the first deal, Cypress Bay condo project in the Sunset Harbor area of Miami Beach. Cypress Bay was a planned 20-unit with ground floor retail at 1225…

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Lennar Acquires $3 Billion Distressed Loan Portfolio

February 17, 2010

Lennar Corp. in Miami, FL, closed on the purchase of two structured loans transactions with the FDIC. The transactions represent the purchase of two portfolios of loans with a combined unpaid balance of $3.05 billion. Lennar acquired indirectly 40…

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Homebuilder Buys $3B in Troubled Real Estate Loans from FDIC

February 14, 2010

combined unpaid balance of $3.05 billion. Lennar paid $243 million for the portfolios, which include 5,500 distressed residential and commercial real estate loans from 22 failed bank receiverships. But the Miami-based builder says it’s no stranger to

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Homebuilder Buys $3B in Troubled Loans from FDIC

February 12, 2010

combined unpaid balance of $3.05 billion. Lennar paid $243 million for the portfolios, which include 5,500 distressed residential and commercial real estate loans from 22 failed bank receiverships. But the Miami-based builder says it’s no stranger to

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CREW- Miami, FIU partner on UCREW

January 29, 2010

th, 2010 MIAMI – CREW-Miami (Commercial Real Estate Women), in partnership with the Florida International University Department of Finance and Real Estate, announces the launch of UCREW, an educational program designed to provide undergraduates with an

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UBS Decision by Swiss Court on Tax Fraud May Prompt Negative U.S. Response

January 25, 2010

By David Voreacos, Carlyn Kolker and Ryan J. Donmoyer Jan. 25 (Bloomberg) — A Swiss court ruling that impedes the Internal Revenue Service’s ability to collect data on 4,450 UBS AG accounts may prompt the U.S. to revive a lawsuit that shaped the IRS crackdown on offshore tax evasion. The case involves an Aug. 19 agreement by UBS, the biggest Swiss bank, to settle a U.S. suit seeking data on clients suspected of dodging U.S. taxes. UBS ended the U.S. case by agreeing to hand over 4,450 accounts involving “tax fraud or the like.” That accord violated Swiss law by defining fraud too broadly, Switzerland’s Federal Administrative Court ruled in an opinion released Jan. 22. The ruling may force the U.S. back into federal court in Miami to challenge UBS, said New York tax lawyer Bryan Skarlatos . “The Swiss court may have just put UBS in the awkward position of not being able to fulfill the settlement terms,” said Skarlatos of Kostelanetz & Fink LLP. “In that case, the IRS may consider reopening the settlement to force UBS to give at least 4,450 names.” Switzerland’s government, which sought to preserve Swiss bank secrecy, negotiated the accord on behalf of UBS. The deal resolved a lawsuit that the U.S. filed Feb. 19, one day after UBS avoided prosecution by paying $780 million, handing over data on 255 accounts and admitting it aided tax evasion. With the settlement, the U.S. could say it got the data it sought and Switzerland could say it preserved Swiss bank secrecy, said Thomas Zehnle of Bryan Cave LLP in Washington. The ruling imperils that balance, he said. The U.S. may now be “back to Square One” and have to return to court, Zehnle said. ‘Water Under the Bridge’ “With so much water under the bridge now, I can’t imagine the Justice Department and the IRS backing off at this point,” he said. The U.S. could ask a federal judge in Miami to find UBS in contempt of court for not producing the names, said Scott Michel , an attorney at Caplin & Drysdale in Washington. The U.S. requested the data pursuant to a Swiss-U.S. tax treaty. UBS gave the data to the Swiss government, which must review it and hand it over to the IRS. “The UBS defense against a contempt charge is that it’s impossible for them to comply,” Michel said. “They turned the information over to the Swiss government, and it’s the Swiss government, through the courts, that is blocking their production.” The accord required UBS to hand over data on clients engaged in “tax fraud and the like.” It defined tax fraud in two ways. One way identified clients who hid their ownership through trusts, corporations or other structures. W-9 Form The other way required disclosure of accounts exceeding 1 million Swiss francs ($985,000) held by clients who didn’t give a required W-9 tax form to UBS. This method is considered tax evasion under Swiss law, a civil offense, compared with tax fraud, which is a crime, the court ruled. “Provided the taxpayer did nothing more than not declare income, an account or return the form W-9, consequently committing tax evasion under Swiss law, he hasn’t acted fraudulently,” five judges wrote in a ruling on a test case. In a statement after the ruling, the IRS said it has “every expectation that the Swiss government will continue to honor the terms of the agreement.” Switzerland hasn’t yet transferred UBS client data to the U.S. since it reached the accord in August, Minister Hans-Rudolf Merz told Sonntag in an interview. The Swiss tax office made decisions on about 600 cases so far, Merz told the newspaper. Bank Secrecy The Swiss court ruled earlier this month that the nation’s financial regulator broke Swiss law protecting bank secrecy last February when it turned over the 255 UBS accounts. U.S. prosecutors are combing that data and have said they opened 150 criminal tax investigations of UBS clients. Six UBS clients pleaded guilty in the past year, and several European financial professionals were indicted in the U.S. The IRS and Justice Department also are examining offshore accounts from banks around the world that 14,700 U.S. taxpayers voluntarily disclosed last year through a partial amnesty program. Under the August accord, UBS will fulfill its legal obligations when it discloses data on 10,000 accounts. The IRS hasn’t said how many of the 14,700 voluntary disclosures involved UBS accounts. For clients who disclosed their accounts to the IRS, the ruling last week will not matter, said tax attorney George M. Clarke III of Miller & Chevalier in Washington. “If you’ve already voluntarily disclosed, the government already has your name,” said Clarke. Tax attorney Kenneth Rubinstein said the publicity of the prosecutions and the lawsuit leading to the August accord helped drive the voluntary disclosure program. He said the U.S. will not reopen the Miami lawsuit given the program’s success. “This whole thing was a strategy, a PR strategy,” said Rubinstein, of Rubinstein and Rubinstein LLP in New York. “It was designed to get names — some from UBS, some from other banks, other countries.” To contact the reporter on this story: David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net ; Carlyn Kolker in New York at ckolker@bloomberg.net ; Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.net .

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Wall Street Veteran Katy Rice Joins Parmenter Realty Partners

January 5, 2010

MIAMI–(BUSINESS WIRE)–Parmenter Realty Partners, a leader in real estate investment and management, today announced the appointment of Ms. Catherine (Katy) D. Rice as Managing Principal and Partner of the firm. We are very pleased to welcome Katy Rice

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Ten stories that drove Florida’s economy in 2009

December 27, 2009

point toward a fledgling recovery. ”It’s horrific and getting better,” said Adam Greenberg, managing director of BayBridge Real Estate in Miami. ”In May, we were all at bars drinking at two in the afternoon. Now I’m just getting home after a full day

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In The Pipeline: CoStar Development and Construction News for Nov. 29-Dec. 5

November 30, 2009

In this week’s issue, a Virginia developer will build a $47 million regional testing lab for the U.S. Drug Enforcement Administration in Miami; a decision by New York’s highest court clears the way for the $5 billion Atlantic Yards project to move forward…

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Hotels, like home owners, behind on payments

November 29, 2009

MIAMI – Like many home owners, hotels are starting to drown in debt. They have been enticing travelers all year with sweet deals: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights. But all that discounting

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Hotel owners, like home owners, behind on payments (Washington Post)

November 28, 2009

MIAMI — Like many home owners, hotels are starting to drown in debt.

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Goldman Sachs Unloads Foreclosed Florida Condos for About a Third of Cost

November 16, 2009

By John Gittelsohn Nov. 16 (Bloomberg) — Goldman Sachs Group Inc. sold 158 condominiums in a foreclosed project outside Miami for about $113,000 each, roughly one-third the cost of land and construction. A partnership of Armco Capital Inc. and Southwest Properties Ltd. paid $17.9 million in cash for the apartments in Downtown Dadeland, a seven-tower residential and retail development in Kendall, Florida, about 6 miles south of downtown Miami. “They took a big haircut,” said Peter Zalewski , principal of Condo Vultures LLC, a real estate brokerage and consulting firm in Bal Harbour, Florida, that reported the transaction on its Web site . A spokesman for Goldman Sachs confirmed the condo sales and declined to comment further. Condo prices in the Miami area fell 37 percent from a year earlier to an average $137,900 in the quarter ending Sept. 30, the Florida Association of Realtors reported . The number of condo sales rose 43 percent to 1,763 units. The Downtown Dadeland purchase comes to about $109 a square foot, compared with building costs of an estimated $250 to $300 a square foot, according to Zalewski and Jim Spatz, chairman and CEO of Southwest Properties. Downtown Dadeland, which broke ground in 2003, is next to the Dadeland Mall, owned by Simon Property Group Inc. and anchored by the largest Macy’s store in South Florida. The development is at the intersection of U.S. Highway 1 southwest and Kendall Drive. Rentals Planned The condos range from studios to three bedrooms with an average size of about 1,100 square feet (102 square meters), Spatz said. The new owners, both based in Halifax, Nova Scotia, plan to rent the condos until Miami prices rise enough for them to be sold at a profit. That may take three to five years, Spatz said in a telephone interview. Goldman Sachs continues to own and operate retail stores in the Downtown Dadeland complex, which Zalewski estimated cost $224 million to develop and build. The bank acquired the property through foreclosure. To contact the reporter on this story: John Gittelsohn in New York at johngitt@bloomberg.net .

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FAR: Condo Sales Up 77% Over Year

October 29, 2009

Search for Miami Commercial Real Estate Thursday, October 29, 2009 – At least 5,000 residential condominium units were sold statewide in September, 77% more than the same month last year and up 9% from

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FAR: Condo Sales Up 77% Over Year

October 29, 2009

Search for Miami Commercial Real Estate Thursday, October 29, 2009 – At least 5,000 residential condominium units were sold statewide in September, 77% more than the same month last year and up 9% from

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FAR: Condo Sales Up 77% Over Year

October 29, 2009

Search for Miami Commercial Real Estate Thursday, October 29, 2009 – At least 5,000 residential condominium units were sold statewide in September, 77% more than the same month last year and up 9% from

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Video: In-Depth Look – Back-Door Taxes

October 26, 2009

Paying Attention – $331 Million Spent to End Interest Rates in Indianapolis, Philadelphia, Miami, Oakland, and California

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Kerdyk sells lender-owned property (Coral Gables Gazette)

October 23, 2009

Kerdyk Real Estate listed and sold another REO property. This foreclosed property was a distressed medical office building located at 8281 NE 2nd Avenue in Miami.

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Los Angeles Sees Most Suspicious Activity in First Half

October 14, 2009

The Los Angeles and Miami areas saw the most reported fraud for the first half of 2009, according to the Financial Crimes Enforcement Network’s updated Suspicious Activity Report Activity Review.

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Caribbean Hotel Note Let Go for $50M

September 12, 2009

2008. Since then, only 13 units have been sold, according to Miami-Dade County property records. Investors are buying distressed loans backed by real estate from lenders who need to get them off their books. The deals, usually at a steep discount, are

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Caribbean Hotel Note Let Go for $50M

September 12, 2009

2008. Since then, only 13 units have been sold, according to Miami-Dade County property records. Investors are buying distressed loans backed by real estate from lenders who need to get them off their books. The deals, usually at a steep discount, are

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