Posts Tagged ‘In the News’

South Florida Business News: Week Ending April 24

April 24th, 2010

By Mark Schecter | No Comments »

newspaper

Broward County Sheriff’s Department to Lay Off Employees

We have reported on Florida’s unemployment rate before on this blog.

Broward County Sheriff’s Department is next in line to lay off employees. The department will begin sending layoff notices to its employees next week. And, the layoffs will take effect on July 30, 2010.

Read more here…

Florida May Get Traffic Light Cameras

There are several states across the US that have passed laws authorizing the use of traffic light cameras. The Florida House recently voted on a bill that will allow Florida to install traffic lights at intersections.

The bill was written in memory of Mark Wandall, a married 30 year old that was killed in 2003 after a driver ran a red light.

The bill must now go to the Senate and may be voted on as early as next week.

Read more here…

Cleveland Clinic Florida Plans to Expand West Palm Beach Offices

While layoffs are inevitable for some in Florida’s public and private sectors, it is great to report on expansions and hires as we hear of them.

Cleveland Clinic Florida, the non-profit health system that reported increases in revenue in 2008 and 2009, is planning to expand its West Palm Beach offices.

“In May, Cleveland Clinic plans to start construction on a 9,750-square-foot expansion of its offices in West Palm Beach’s CityPlace Tower. It occupies 16,840 square feet and has 45 employees there. The expansion will include 20 more employees, with added space for internal medicine, pulmonary medicine, sports medicine and diagnostic testing.”

Read more here…

Tags: , , ,
Posted in In the News, South Florida, business | No Comments »

South Florida Business News: Week Ending April 17

April 17th, 2010

By Mark Schecter | 1 Comment »

newspaper

Florida’s Unemployment Rate Continues to Rise

As the national employment rate drops 1.8 percent, Florida’s sit at 12.3 percent. This is an increase from the 11.5 % rate we discussed previously on this blog.

The highest rate since 1970 and represents a little more than 1.1 million jobless out of a labor force of 9.2 million.

Florida residents are losing jobs in every industry. The nonagricultural sector has lost 4,000 jobs since February and 149,600 jobs since last year.

As for South Florida, Miami-Dade’s unemployment rate is up to 11.3% and Broward County’s is slightly lower at 10.6 percent.

Read more here…

Great Florida Bank Ordered to Raise Capital

In February, we mentioned Great Florida Bank of Miami’s winning a $33 million foreclosure judgment from Arden Park.

Days ago, the Miami bank was given 4 months by federal and state regulators to raise capital.

“According to the consent order filed on April 13 with the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation, the Miami Lakes-based bank (NASDAQ: GFLB) must have a Tier 1 leverage capital ratio of 8 percent and a total risk-based capital ratio of 12 percent in roughly six months. As of Dec. 31, Great Florida Bank had those ratios at 6.08 percent and 11.03 percent, respectively.”

If the bank is unable to raise the capital, it will be given another quarter to comply with the court’s order.

Read more here…

Tags: , ,
Posted in In the News, South Florida, business | 1 Comment »

South Florida Business News: Week Ending March 20

March 20th, 2010

By Mark Schecter | No Comments »

newspaperMiami-Dade County May Lose $1 Million Due to Foreclosures

Miami-Dade County could lose its interest in a $1 million loan to the developer of the Capital Lofts in downtown Miami if the first mortgage holder succeeds in its foreclosure lawsuit.

Aventura-based investment group Capital Loft Miami filed a foreclosure lawsuit against 117 NE 1st Avenue LLC and Miami-Dade County over the 47 unsold units in the project at the same address, according to court records. The condo has recorded 13 sales since its renovation was completed in 2008.

The complaint concerns two loans totaling $26.4 million that were last modified by original lender Citibank in 2008. In November, the bank sold the loans to Capital Loft Miami, which is managed by Guy Sharon.

Read more…

Shopping Center Loses Foreclosure Judgment

Quantum Village shopping center in Boynton Beach has lost a $19.1 million foreclosure judgment to BankAtlantic.

The Fort Lauderdale-based bank (NYSE: BBX) filed the foreclosure action in March 2009 against MPG Gateway and Charles H. Monroe III, chairman of Safety Harbor-based Monroe’s Prestige Group. That company has been hit with numerous shopping center foreclosures in South Florida.

Read more…

Four Indicted in South Florida Mortage Scam

A former branch manager at TopDot Mortgage in Boca Raton, along with a bank vice president and a Palm Beach Gardens attorney, have been indicted by a federal grand jury in what authorities say was a mortgage scam.

The four are identified as Joseph Miller, 63, a Palm Beach Gardens attorney; Peter Hartofilis, 33, of Flushing, N.Y.; Robert Hofler, 52, of Pembroke Pines; and Steve Vento, 41, of Jupiter.

The four were charged Tuesday in U.S. District Court for the Southern District of Florida with submitting false mortgage loan applications to Washington Mutual and other lenders between January 2006 and October 2007.

Read more…

Tags: ,
Posted in In the News, South Florida, business | No Comments »

South Florida Business News: Week Ending March 13

March 13th, 2010

By Mark Schecter | No Comments »

newspaperForeclosures 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.

Read more…

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.

Read more…

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 1970’s. They are set for a public foreclosure auction on April 28, 2010.

Read more…

Tags: ,
Posted in In the News, South Florida | No Comments »

South Florida Business News: Week Ending March 6

March 6th, 2010

By Mark Schecter | No Comments »

newspaperJackson Health Plan would Slash 4,487 Jobs

A sweeping plan to close two satellite hospitals and trim nearly 4,500 jobs would still leave a $64 million budget gap in fiscal 2010 for the Jackson Health System, according to a plan presented Friday by President and CEO Eneida Roldan.

However, it would narrow the gap by $165.4 million.

The plan, which would whack employment in the system by 37 percent, was presented to the system’s Public Health Trust board. It would undo an ill-fated venture that saw the agency in charge of Jackson Memorial Hospital acquire two satellite locations in north and south Miami-Dade County. Rather than making money as envisioned, the satellite hospitals were a further drain on profitability.

Read more here…

South Florida Fla. Hotel Cccupancy Improves

For the week ended Feb. 27, occupancy in Palm Beach County rose to 82.6 percent from 71.1 percent one year prior. Occupancy in Miami-Dade rose to 83.3 percent from 75.1 percent. Broward occupancy rose to 85.5 percent from 82.4, according to the latest statistics from Smith Travel Research.

Occupancy across the U.S. was 55.3 percent, up from 54 percent.

The average daily room rate rose in Miami-Dade County, but dropped in the other two counties.

The average rate in Miami-Dade rose 0.9 percent, to $176.40 from $174.80. Broward’s average rate fell 4.5 percent, to $146.14 from $139.54. In Palm Beach County the average rate fell 8.2 percent, to $178.76 from $164.10.

Read more here…

Florida to Receive $27M in Stimulus for Mass Transit

Florida is in line to receive $27.6 million in federal stimulus dollars to improve its mass transit operations, the U.S. Department of Transportation said Friday.

The grants, part of the $7.5 billion the Federal Transit Administration has awarded since February 2009 under the American Recovery and Reinvestment Act, will fund seven projects in Florida.

The Miami-Dade Transit Agency will receive a little more than $5.2 million to purchase three 30-foot shuttle buses, two 30-foot mini-buses for circulator bus routes, bus shelters and operating assistance.

Read more here…

Tags: ,
Posted in business | No Comments »

South Florida Business News: Week Ending February 20

February 20th, 2010

By Mark Schecter | No Comments »

newspaperTauber faces foreclosures in Bay Harbor Islands

The are two foreclosure lawsuits pending against Florida developer Irwin Tauber. These lawsuits, filed by MUNB Loan Holdings, include commercial and multi-family properties in Bay Harbor Islands.

The largest of the two cases against Tauber involves Island Club Towers and Royal Club Towers. In a previously settled case, Tauber signed off on new terms agreeing to repay the amounts owed on the construction liens.

Read more here…

Estate Home in Pinecrest Facing Foreclosure

Jose Boschetti is a co-developer of Stritter Estates, a residential project in Pinecrest. This project is among many properties in that area that are now facing foreclosure. The mortgage in this case is approximately $8 million.

The First Bank of Puerto Rico has filed an action against Boschetti for the Pinecrest property in Miami-Dade County.  This is the third lawsuit filed against him. Aside from First Bank of Puerto Rico, the City National Bank of Florida and Fannie Mae have also filed foreclosure actions against Boschetti.

Read more here…

Is Mortgage Fraud on the Rise?

According to the latest Interthinx’s Mortgage Fraud Risk Report, mortgage fraud is on the rise and more and more people are becoming victims. To many, it seems like everywhere you turn there are con artists looking to take advantage of unsuspecting people.

The report indicates Florida is ranked #4 for mortgage fraud risk. Here’s the order of the top five states with the highest mortgage fraud rates:

  1. California
  2. Nevada
  3. Arizona
  4. Florida
  5. Colorado

Understandably, this is alarming news for first time home buyers, and can undoubtedly contribute negatively to the real estate market. There are steps that should be taken in order to protect yourself from being a victim of these scams.

Read more here…

Tags: ,
Posted in business | No Comments »

South Florida Business News: Week Ending February 13

February 13th, 2010

By Mark Schecter | No Comments »

City of Hallandale Beach Wins Breach of Contract Case

Arbitrator Lawrence Kellogg, Esq of the American Arbitration Association panel recently ruled that Reuter Recycling of Florida, Inc breached its contract with the City of Hallandale Beach by taking actions which destroyed the essence of the parties’ contract which originally provided that the waste stream generated by four cities would be composted by Reuter to accomplish waste reduction goals.

Damages of $525,000 were awarded to the City of Hallandale Beach. In addition, a counter claim against the City of Hallandale Beach for $2 million was involuntarily dismissed by the Arbitrators at the hearing.

The estimated cost savings to the City as a result of having the remaining term of the solid waste contract terminated is estimated to be more than $1 million.

Read more here…

Lennar Homes files Breach of Contract Lawsuit Against Several

Lennar Homes, a Miami-based homebuilder, filed a breach of contract lawsuit against 5 drywall installers in Lee County, a couple of Chinese drywall manufacturers, and several other companies on January 30, 2010.

Lennar sued eight drywall suppliers for product liability and breach of implied warranty, as well as 12 installers for breach of contract and breach of express and implied warranty.

Contractors J.D.M. Builders, Florida Style Services, Ocean Construction, B&B Stucco and Harrell’s Drywall, whose primary place of business is in Lee County, according to the suit, were among about 20 companies being sued along with Taishan Gypsum Co. and Knauf Gips KG, a German company whose affiliate is Knauf Plasterboard Tianjin Co., a Chinese manufacturer, the suit said.

The lawsuit alleges the Chinese manufacturers were negligent and liable for damages because they produced drywall for a dozen or so homes in Lee County that may have been corroded by air conditioning coals, wiring and other copper fixtures.

Read more here…

Whether you’re a company contemplating filing a breach of contract lawsuit against others or a contractor being sued, the lawyers of Schecter Law may be able to assist you. Contact our law office today to discuss your matter.

Tags: ,
Posted in In the News, breach of contract, business | No Comments »

South Florida Business News: Week Ending February 6

February 6th, 2010

By Mark Schecter | No Comments »

We are kicking off a weekly “In the News” series in which we will provide you with a brief overview of some of the top on and offline stories affecting South Florida corporations and small businesses.

If there is a topic or story you’d like for us to discuss, please submit the story here.

Biscayne Bank Increases Loans by 13 Percent

Biscayne Bank, a Coconut Grove-based bank, has felt the pain of the current economic state for awhile now, and has endured its share of ups and downs. Some of the bank’s financial problems have been traced back to loans that are tied up in pending foreclosure lawsuits.

In June 2009, Biscayne Bank received more than $6 million in TARP funds. By the end of the year, the bank had increased its loans total from $152.2 million, at the time of receiving the funds, to $171.8 million thereafter. Approximately $280,000 of interest has been paid to the U.S. Treasury department on the TARP money.

The Chairman of Biscayne is hopeful that there will be improvements in the economy as well as the bank’s overall performance in the near future.

Dollar General Stores is Set to Expand

Dollar General Stores is one company that continues to perform very well in spite of the economical down turn. The company recently announced it plans to open 600 stores and create approximately 5,000 jobs throughout 2010. In 2009, the company hired 4,000 employees.

The growth that Dollar General continues to witness is due in large part to the fact that more Americans are becoming frugal and are looking for the most economical way to shop for their families.

According to South Florida Business Journal, Dollar General has more locations than any other retailer in America. In Florida alone there are nearly 450 stores. Current job seekers are excited about the opportunity to work with the company, and considers this a step in the right direction. Hopefully, other companies will follow suit.

Read more about all of these stories at South Florida business journal.

Tags: , , ,
Posted in In the News, South Florida | No Comments »