South Florida Business News: Week Ending March 13

By Mark Schecter

Foreclosures in South Florida

It was recently reported that Florida is ranked number three for the highest foreclosure rate in the country. Nevada was rated first, Arizona second, and Florida following in third place.

Latest reports indicate a mixture of positive and negative information during the month of February. Last month data from RealtyTrac shows that Broward is up 48 percent, Miami-Dade 86 percent and Monroe 29 percent.

So, what does this mean? It may be premature to give a definite answer. What we do know is that although missed payments are down which indicates positive news, more homeowners are expected to be threatened with foreclosure in the future.

Condos Fill Up in Downtown Miami

There’s a bit of positive news coming from Downtown Miami. The condos that sat vacant for several months are beginning to fill up with residents, according to a study conducted by the Miami Downtown Development Authority, Goodkin Consulting and the Focus Real Estate Advisors. The report shows that 74 percent of the empty units are now occupied. This is great news for local businesses.

The declining vancancies can be attributed, in large part, to low rent as affordability remains vital in the recovering market. This growth spurt has significantly revitalized the Downtown Miami area, and is expected to increase the local economy’s revenue.

Capital Grille Loses $63M Foreclosure

The Capital Grille, a restaurant located in a Downtown Miami office building, has received troubling news. The office building in which they operate is being foreclosed on. According to public record, there is an outstanding debt of more than $58 million, in addition to fees and interest charges.

On March 9, Bank of America agreed to a $63 million judgment with Rivergate Investors. According to the county’s website, the ten story office building at Brickell Avenue and the three story building at S.E. Fifth Street were built in the 1970â€™s. They are set for a public foreclosure auction on April 28, 2010.