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Public Storage sells Pompano industrial site for $4.9 million	7/30/2010 7:45 AM
Public Storage has sold the industrial site at 3001 Center Port Circle in Pompano Beach for $4.9 million to buyer Rexall Sundown. Public Storage was represented by Cushman & Wakefield in the transaction. The 62,000-square-foot property is looted in Center Port Industrial Park, which is immediately west of I-95 between Sample and Copans Road. It was built by Public Storage in 2001. Rexall Sundown intends to relocate its manufacturing, packaging, warehousing and distribution facilities from Boca Industrial Park after doing some renovations. TRD
Six charged in mortgage-to-marijuana scheme ... and more	7/30/2010 7:00 AM
1. Six charged in mortgage-to-marijuana scheme [SFBJ] 2. Top Chef's Curto-Randazzo to move restaurant to SoBe [TVGuide.com via Eater.com] 3. AT&T activates two new 3G cell phone sites [SFBJ] 4. Guest drowns at The Breakers [Palm Beach Daily News] 5. "Green tea party" protests climate change bill slowdown [Sun Sentinel] 6. Are HOA foreclosures necessary? [Real Estate Channel] 7. Flights to Fort Lauderdale among America's cheapest [Sun Sentinel]
Biggest price cut of the day	7/29/2010 3:30 PM
2895 NE 26th Place The South Florida home to see the biggest price cut today is a four-bedroom, four-bathroom house at 2895 NE 26th Place in Fort Lauderdale, according to data from Condo Vultures Realty. The $1.15 million Broward County home saw a $549,000, or 32 percent, price cut. It was originally listed for $1.75 million when it hit the market in February 2009. The price was last cut to $1.699 million in April 2009. The 2,499-square-foot, waterfront home sits on a 10,788-square-foot lot and has 130 feet of deepwater frontage with views of the Intracoastal Waterway, a large dock, pool and patio area. Gayle Borden of Coldwell Banker Residential Real Estate has the listing. (Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
Vornado announces quarterly dividend	7/29/2010 2:45 PM
Vornado Realty Trust, Steven Roth's New York City-based REIT, announced today a regular quarterly dividend of $0.65 per share to common shareholders. The company also announced quarterly dividends for preferred shareholders, as follows: Series A convertible are at $0.81 per share, Series E convertible are at $0.44 per share, Series F and H Cumulative Redeemable are at $0.42 per share and Series G and I Cumulative Redeemable are at $0.41 per share. TRD
Citigroup to pay $75M in mortgage settlement	7/29/2010 1:45 PM
Citigroup has agreed to pay $75 million to settle federal claims that it failed to disclose vast holdings of subprime mortgage investments that crippled the bank during the financial crisis, two sources briefed on the deal told the New York Times. The Securities and Exchange Commission has also singled out two Citigroup executives -- Gary Crittenden, the former CFO, and Arthur Tildesley, the former head of investor relations -- for omitting material information in disclosures to shareholders, according to the sources. Crittenden has agreed to pay a $100,000 fine and Tildesley will pay $80,000. The settlement, which was expected to be announced later today, centers on events in 2007 and 2008, when Citigroup’s reported losses abruptly cascaded, eventually prompting the federal government to rescue the bank. Citigroup will nether admit nor deny the SEC accusations, as is customary in such settlements. The Citigroup settlement follows the SEC's $550 million settlement with Goldman Sachs over claims that the company misled investors in a complex mortgage investment. [NYT]
New industrial broker team joins CBRE-Miami	7/29/2010 1:00 PM
CB Richard Ellis has tapped industrial brokers David Albert and Devin White for a new team specializing in industrial sales and leases in the Miami office, the firm announced today. Albert, who has $300 million in combined transactions under his belt over the course of his 16-year career, will join as senior vice president. White has done $60 million worth of deals in his nine years in the commercial real estate industry, and will become a vice president. TRD
13 Winn-Dixie closures slated for S. Florida	7/29/2010 12:15 PM
Supermarket chain Winn-Dixie has announced the store locations that are slated for closure as a result of its cost-cutting efforts, and the Sun-Sentinel has compiled a list of the 13 that are located in South Florida. Click here for the list.
Is homeownership still the dream?	7/29/2010 11:30 AM
While homeownership has long been synonymous with the "American Dream," the mortgage crisis and subsequent housing market turmoil have turned this ideology on its head. In this CNBC video, Congressman Paul Kanjorski weighs in on whether owning a home should be the ideal for many families. "It doesn't fit all people; not all people are capable of homeownership at this time," Kanjorski said. "But in reality, we've always found over history [that] homeownership is probably the best equity builder that our system has had... we want to make sure we don't throw the baby out with the bath water."
More borrowers paying down principal when refinancing mortgages	7/29/2010 10:45 AM
Homeowners looking to refinance are increasingly putting down cash at the closing table in order to lower their principal balance and take out a new loan at a lower rate, according to data from Freddie Mac released yesterday. During the second quarter, 22 percent of homeowners who refinanced put down additional money to pay off some of their principal for the third-highest “cash-in” share of refinancing borrowers since Freddie Mac started tracking them in 1985. Borrowers who increased their loan balance by 5 percent or more -- or took “cash-out”, as the practice is called -- made up 27 percent of refinance loans during the second quarter. The last three quarters have seen the lowest “cash-out” shares since 1985, which the Freddie Mac report attributed to low home prices and tightened underwriting standards. "Interest rates on fixed-rate mortgages are at 50-year lows, making refinancing attractive if borrowers qualify, and similarly rates on savings instruments like CDs are also very low, which makes the choice of paying down mortgage principal very attractive to borrowers with extra cash reserves,” explained Frank Nothaft, vice president and chief economist at Freddie Mac. TRD
Some new SoBe condo projects struggling	7/29/2010 10:00 AM
More than one third of the 37 South Beach condo projects built since 2003 still have nearly two-thirds of their inventory unsold as of last month, according to a new Condo Vultures white paper. Developers of 11 of the condo projects built in the last seven years have failed to sell 10 percent of their nearly 650 new units. The Setai and Continuum have as much as one-third of their original inventory unsold, according to the Bal Harbour-based consultancy firm. There have been deals going down in some of the buildings, like the Setai, but at higher-end price points and usually made for all-cash. TRD

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