Signs Of New Life Found On Sunny Isles Real Estate Market – Local Site Purchased For $24 Million

23 September 2011

Times are always tough in the South Florida real estate market. Sometimes certain parts of Miami are blessed with home and condo property purchases, but some parts just need a little more advertisement to click. Take Sunny Isles for example; this neighborhood is visited by at least a million tourists every year.

One of the reasons why the Sunny Isles real estate market has been having its share of difficulty is the fact that some of the greatest properties found in this neighborhood have alarming mortgage rates due to previous owners that were faced with the inability to settle their monthly dues. That is why when you hear something like a mortgage-crippled property being sold for more than its loaned price; you would believe that there is still hope for Sunny Isles.

The Regalia LLC has successfully sold their development site for $24 million—which was more than its loan—to Golden Beach Developers. Prior to the sale, the Sunny Isles real estate property of Regalia LLC, which consists of Jerold M. Kaufman, Abraham Cohen, Paul C. Murphy and Avra J. Jain, has had issues with its previous lender, FirstBank, where FirstBank filed a whopping $11.7 million foreclosure lawsuit. Luckily for the Regailia LLC, their property remained in their hands and now, they are literally free from any attachments.

Regalia LLC’s plans of building a 43-story 42 unit condo building on their development sites never had a chance to start due to financial issues both from the lender and from the developers itself. Thanks to Louis Montello and the Golden Beach Developers, it seems that there will be a new breathtaking building to be built at 19505 Collins Ave. in the near future.

If you still have a property in Sunny Isles Beach, keep it. Now that there is a new development within the neighborhood, expect new exposures ranging from internet marketing, to television ads and so much more! Having a new building being built within the neighborhood means there is progress waiting to happen. As of now, the Sunny Isles real estate market is currently waiting for more opportunities to happen so they can gauge if they need the property or sell the property instead.

Remember that having a Sunny Isles real estate property that is mortgage free in today’s troubling times, those properties are worth it especially when the day comes that you have to move to a different neighborhood. Consider investing on different Sunny Isles real estate properties today to give you a more pleasure in life.

Joan Vonnegut
Sunny Isles Real Estate