HOLLYWOOD STATION NEW CONSTRUCTION - HOLLYWOOD -

H3 at HOLLYWOOD STATION

CONSTRUCTION REPORT    -  December 2015   -  

Direct News from the Developers

 

•This month we have pushed through the 3rd floor, as well as the 4th floor. We are now doing the 4th floor mezzanine deck and the decking for the 5th floor is beginning. This includes all columns and shear walls as well as the slabs themselves.

 

•Stripping has begun on the 5th floor (columns, shear walls, stairwells and slabs).

 

 

 

•Plumber, sprinkler contractor and mechanical contractor are installing all sleeves.

 

•Electrical contractor is running all pipes in slab and columns, and installing power and lighting boxes in slabs and columns.

 

•Block mason is laying  blocks on ground floor and will begin filling back ground slab.

 

•Glazing contractor is working on layout and templates for glass and balcony railing installation for block outs as we prepare to pour the slabs.

 

For more information, reservations and sales, please call:

HENRY B. NATHAN

United Realty Group Inc.

(954) 296-6741

(800) 416-2747 

hbnathan@gmail.com

December deals at 

Marina Palms Yacht Club

 

 

One of the most attractive waterfront projects in South Florida is now at the final phase of its second tower's sales. The first tower has been completed and starting to be delivered now.

These are the deals:

 

Marina Palms Yacht Club & Residences brings the yachting lifestyle back to Miami with the county’s first luxury condominium and yacht club project in two decades.

 

The luxury condominium development will pamper residents with white-glove amenities, high-end finishes and unparalleled, personalized services, while the private, full-service marina will offer 112 boat slips for yachts up to 90 feet in length, and deep-water access to Haulover Inlet, just 20 minutes away.

 

 

 

Excellent location: Very close to Aventura, its shopping, restaurants, Mall, Golf course.  A few minutes drive from the new exciting areas of Midtown, Edgewater, Wynwood. A short distance to Sunny Isles and the beach. 

 

 

 Call me for more information or reservations:

 Henry B. Nathan

United Realty Group

(954) 296-6741

hbnathan@gmail.com

 

 

Good News for for Condo buyers

This is what I can call good news!

I have hardly made a single sale that wasn't hard cash since 2007. 

My business is in large part about condos of all kinds and values. 

But a fact that is not usually known by the public is that getting financing for an average condo is more complicated than for a single family home.

A typical middle class FHA financed condo in Dade or Broward County should be limited to an approximate $250,000 to $270,000 value. Fannie Mae and Freddie Mac allow higher limits. 

However FHA has established very strict rules to govern its loans to condominium type properties. Among the requirements: a high percentage of owner-occupied units and a low percentage of investor-owned units; strict insurance requisites; rigorous re-certification steps to be taken periodically by the building associations; reserves requirements, etc. 

It often proved to be an overwhelming task to many condominium associations which simply found it too bothersome or costly. 

In reality, condominium management was never at the root of the big real estate crisis and the mortgage catastrophe was mainly the result of bankers, lenders and "financiers" greed and ruthlessness. But condominiums suffered much of its consequences; The eyes and vigilance of HUD and FHA were (as an example) transfixed on the fact that many of these condominiums did not have sufficient reserves to confront an unusual amount of failures. This was true but it was also true that reserves are not built up to tackle recessions and debacles of this magnitude, especially when they are caused by external macro-economics out of condo associations control.

This official policy has been a drawback on home affordability. 
I am a realtor and I daily observe it in my job.  

The bureaucratic fury against the least important factor in mortgage loans risk assessment had been -ironically- killing much of  Federal government's incentives to revive the "American Dream of Home Ownership".  

The following, let's hope, could be the beginning of a step in the right direction.

HUD eases FHA condo financing rules

Federal Housing Administration (FHA) Principal Deputy Assistant Secretary Ed Golding announced changes to FHA condominium policies last night at the National Association of Realtors® (NAR) convention in San Diego.

Effective immediately, FHA will streamline the condominium re-certification process and expand its definition of acceptable "owner-occupied" units to include second homes not owned by investors. The provisions expire in one year "until the agency can implement a more comprehensive condominium rule change."

The change should qualify more condo complexes for FHA loans. That, in turn, will give more buyers access to FHA low-down payment mortgages.

The new rule:

•  Modifies the requirements for condominium project re-certification,
• Revises the calculation of FHA's required owner-occupancy percentage,
• Expands eligible condominium project insurance coverages 

Florida homebuyers, perhaps more than any other state, will benefit from FHA's new rule.

"This is going to be an amazing stimulus to the housing market for the first-time homeowner and entry-level housing buyer," says Frank Kowalski, president of Florida Realtors in 2005 and an insurance agent. "It's a catalyst for change and long overdue. 

Thousands of contracts could not use FHA financing, and buyers were forced to come up with 25 – even 30 percent down payments."

Kowalski says FHA's rule change should help more than just first-time buyers, however. Condo financing problems also frustrated the move-up market – condo owners who want to make the move to single-family housing.

"It's difficult to sell an existing unit if you can't find a qualified buyer," Kowalski says. "A lot of people are frozen in place: Those in (a condo unit) can't get out; those out can't get in."

According to Golding, the just-announced FHA changes are in line with ones requested by NAR, which has been an advocate for reform. NAR cited problems with a lengthy and complex recertification process, burdensome owner-occupancy requirements, and the limits on acceptable property insurance.

One major benefit for Florida condo owners: the property insurance rule change. FHA will now accept Citizens Property Insurance coverage – the Florida-owned company and largest condo insurer in the state. In addition, FHA changed the way it will view co-insurance clauses, which exist with most Florida condos.

That change alone will help up to 85 percent of Florida's condo associations, according  to Danielle Blake, the Miami Association of Realtors' government affairs director and a long-time advocate for FHA change.

According to Golding, insurance and recertification changes will take place immediately. Policy changes related to owner occupancy, commercial space percentage, FHA concentration and spot approvals would be addressed through formal rulemaking in the near future.

"Condos are often the most affordable option for homebuyers, especially first-time buyers, and making sure FHA financing is an option is important to supporting homeownership," says 2015 NAR President Chris Polychron.

This information was read in FloridaRealtors.org  on Nov. 13, 2015

 

HENRY B. NATHAN

 is a Realtor at

UNITED REALTY GROUP INC.

call me at:

 (954) 296-6741

or Email me at:  hbnathan@gmail.com

SoLē Mia - North Miami Project

We read today in the South Florida Business Journal :

Soffers and LeFrak buy 55 acres as part of $4B project in North Miami

The $4 billion SoLē Mia project in North Miami took a big step forward as the developers acquired 55 acres from the city for $22 million.

The entire site is 183 acres at 15045 Biscayne Blvd. Oleta Partners, a joint venture between the Soffer family in Aventura and the LeFrak family in New York, plans to build 4,390 high-rise residences, a 150-room hotel, and more than 1 million square feet of commercial space, including open-air retail, office and a Warren Henry Auto Group dealership. 

The site will also get two clear swimming waterways from Crystal Lagoons.

“We continue to work toward building a world-class mixed-use community within the City of North Miami,” Michael Tillman, president of Oleta Partners LLC. "This is just another milestone in our efforts towards making SoLē Mia and North Miami prime destinations in South Florida.”

The city financed 80 percent of the $22 million purchase price. 

The additional acreage that wasn’t acquired is controlled by Oleta Partners through a lease with the city.

In June 2015, the South Florida Business Journal had already announced:

Billionaire duo Soffer and LeFrak break ground on $4B SoLe Mia project

The billionaire Soffer and LeFrak families broke ground on Thursday on one of the largest development projects in South Florida, the $4 billion SoLē Mia in North Miami.

They aim to transform the 183-acre former superfund landfill at 15045 Biscayne Blvd. into a community with residential towers, upscale retail and commercial space. The project, formerly known as Biscayne Landing, was decades in the making as many previous attempts to build there stalled out.

Two condo towers were built on the site overlooking Biscayne Bay during the last real estate boom before the city took back the property during the recession. Now North Miami has a lease with Oleta Partners, led by the Soffers, who developed much of Aventura, and the LeFraks, who have built major projects for 100 years. 

The SoLē Mia name is the combination of Soffer, LeFrak and Miami. The project is expected to open in 2018 and it will require the remediation of the landfill to be completed. 

“Miami is growing and we understand the demographics very well and this is like the hole in the doughnut,” Jeffrey Soffer said. “In 20 years people will call it one of the premier communities to live in in Miami.”

The retail portion of the project is called SoLē Mia Mainstreet. Jackie Soffer said it will have 400,000 to 500,000 square feet of retail, with tenants such as a gourmet grocer, a bowling alley, a sporting goods store and restaurants. There will also be a 40,000-square-foot dine-in cinema. She said they are talking to multiple tenants and are prepared to sign leases now. 

The project will draw shoppers from Aventura just to the north and throughout the county, Jackie Soffer said.

The design features an open-air main street style with children’s play areas and a fountain.

“It is the center of the community and people want an area where they can see and be seen,” Jackie Soffer said. “Part of shopping is getting out and seeing other people. That is part of the entertainment. It’s a modern version of what main street is in the United States.”

Crystal Lagoon

SoLē Mia Mainstreet will have office space above the retail as well as freestanding office buildings, she said. The commercial space will total 1 million square feet. The office space is estimated at 220,000 square feet and nearly 4,200 parking spaces are planned.

 

Other components of the project include 4,390 high-rise residences in at least 10 towers, two man-made lagoons, a 150-room hotel, a 100,000-square-foot Warren Henry Auto Group dealership featuring Land Rover, Infiniti and Jaguar, and a 37-acre public park.

The development team includes ARQ and EDSA as the planners and designers for the residential portion and Design 3 International as the planner and designer for the retail.

Right now, the developers are building the roads and preparing to fill the lake, said Lenny O’Neil, senior VP of construction for Tunberry Associates, the Soffer’s company. That’s part of $150 million in infrastructure funded by the developers. The retail space and two rental towers will start construction in about a year.

Jeffery Soffer compared the project to how his father developed the Aventura Mall and the Fontainebleau Miami Beach when they took on overlooked sites and transformed them into thriving centers for those cities.

"We believe we can put the right components in here and create the jobs and create the right amenities to make this a great place to live,” Jeffery Soffer said.

Harrison LeFrak said both families have demonstrated their long-term commitment to building and owning projects for many years. They are putting their own money into this project and they have the talent to make it work, he added.

“If you have a big piece of land in a great location that other people have forgotten about, it is an incredible business and community development opportunity,” LeFrak said. “We share a long term strategy of commitment to the community.”

North Miami Councilman Philippe Bien-Aime noted that the development agreement requires that city residents receive preference for jobs at SoLē Mia. The developer also promised to provide vocational training to city residents so they can work there, he said.

While the property value revenue from the project would aid the city, the biggest beneficiary from those funds might be the North Miami Community Redevelopment Agency as it gets the tax incremental increases in its district. North Miami Mayor Smith Joseph said the city is in the process of restructuring the CRA and asking the county this fall to approve its charter for another 20 years. 

He expects the CRA to use the windfall from SoLē Mia’s property taxes to spur redevelopment across the city, especially in the downtown area where it’s seeking to draw businesses.

“Today North Miami realizes the dream that has been in the works for decades and today that dream comes to fruition,” Joseph said.