It was early 2005 when I began hearing a big buzz about another development in Miami. The new building was to be called Altos de Miami. This building was projected to help transform little Havana. Its architecture and building amenities was nothing like it in the area. The building offered state of the art amenities pool, club house, gym and a lobby that represent lifestyle and luxury. In early 2007 the building quickly began to gain popularity and units began to sale. But as they say time is of the essence and timing is the next best thing. The building was completed at the end of the peak of the condo boom. Many investors and repeat buyers had already bought at other developments that were finished before Altos de Miami. The Condo market slowly began to shift as the condo market was saturated with inventory. The end of the overpriced real estate market was near. Foreclosures slowly began to rise and the subprime loans weren’t selling in the secondary market. The dawn of a new real estate market began to unfold. Little did we know that the new real estate market was going to affect the whole world. The collapse of the mortgage industry lead to many of our major lenders downfall and wrote American history once again. The future of the condo market is different than what the developers of Altos de Miami expected to be.
An Article on Altos De Miami.
“A foreclosure sale has been scheduled for Feb. 13 to auction off 56 units in the Altos de Miami condominium in Miami’s Little Havana neighborhood.
New York-based Lehman Brothers Holdings was awarded $12.5 million and Glen Royal Parkway Acquisition – which acquired a mortgage from New York-based iStar FM Loans – was awarded $6.5 million in the Nov. 13 judgment in Miami-Dade County Circuit Court.”
We know today not only were investors and first time home buyers affected but major developers and development as well.
Ready to buy a Miami foreclosure Home? Contact Global Market Realty today. We have several Miami Foreclosures for sale in , Search the MLS for foreclosures in Miami . Do you want more information on a second home or a vacation home please contact us at 305 364 0037
Want to look for great condo foreclosures sign up to be a VIP.
The End of Miami’s Condo Boom..
The End of Miami’s Condo Boom..
It was early 2005 when I began hearing a big buzz about another development in Miami. The new building was to be called Altos de Miami. This building was projected to help transform little Havana. Its architecture and building amenities was nothing like it in the area. The building offered state of the art amenities pool, club house, gym and a lobby that represent lifestyle and luxury. In early 2007 the building quickly began to gain popularity and units began to sale. But as they say time is of the essence and timing is the next best thing. The building was completed at the end of the peak of the condo boom. Many investors and repeat buyers had already bought at other developments that were finished before Altos de Miami. The Condo market slowly began to shift as the condo market was saturated with inventory. The end of the overpriced real estate market was near. Foreclosures slowly began to rise and the subprime loans weren’t selling in the secondary market. The dawn of a new real estate market began to unfold. Little did we know that the new real estate market was going to affect the whole world. The collapse of the mortgage industry lead to many of our major lenders downfall and wrote American history once again. The future of the condo market is different than what the developers of Altos de Miami expected to be.
An Article on Altos De Miami.
“A foreclosure sale has been scheduled for Feb. 13 to auction off 56 units in the Altos de Miami condominium in Miami’s Little Havana neighborhood.
New York-based Lehman Brothers Holdings was awarded $12.5 million and Glen Royal Parkway Acquisition – which acquired a mortgage from New York-based iStar FM Loans – was awarded $6.5 million in the Nov. 13 judgment in Miami-Dade County Circuit Court.”
We know today not only were investors and first time home buyers affected but major developers and development as well.
Ready to buy a Miami foreclosure Home? Contact Global Market Realty today. We have several Miami Foreclosures for sale in , Search the MLS for foreclosures in Miami . Do you want more information on a second home or a vacation home please contact us at 305 364 0037
Want to look for great condo foreclosures sign up to be a VIP.
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