First it was the residential market, now its the commercial market…
From the Miami Herald (FL):
South Florida banks facing a new wave in real-estate crisis
Just as the housing market is showing signs of life, here comes another real-estate crisis..
» Read more: South Florida banks facing a new wave in real-estate crisis
From Boston.com (MA)
Natic Condos to be auctioned
Bankrupt mall operator General Growth Properties is planning to auction off more than 40 high-end condominiums attached to the upscale Natick Collection with minimum bids starting at $160,000, about 70 percent below previous asking prices.
From Wall Street Journal:
Debt Clouds Future of Miami’s Fabled Fontainebleau
MIAMI — South Florida’s Soffer family, already roiled by the June bankruptcy of its $3 billion Fontainebleau casino-hotel project in Las Vegas, is grappling with troubles at another cornerstone of its $7 billion real-estate empire: The original Fontainebleau hotel in Miami Beach.
Miami’s Fontainebleau hotel recently underwent a $500 million renovation.
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