BankUnited Blacklists Condos

Posted by John Sabia on Thursday, March 6th, 2008 at 10:21am.

The BankUnited Blacklist: What it Means for Buyers, Builders, and Lenders

Nu River Landing | Fort Lauderdale CondosMuch of the talk around the real estate water coolers the last few days has been about the BankUnited Blacklist. Most lenders have short lists of areas or properties that they will not lend to based on the merit of construction loans, the market, and other factors. But, the reason that the BankUnited lists stands out to most in the real estate world is because of its length. The exact number of properties on the list? 191. Two condos on the list are right here in Fort Lauderdale.

Buyers that are considering buying units in Nu River Landing, Q-Club Condo Hotel, or 189 other buildings mostly in Miami, shouldn’t turn to BankUnited for financial help as these are properties that have been black listed. The list was from an internal memo and its length surprised even the most seasoned real estate professionals.Q Club | Fort Lauderdale Condo Hotel

Experts claim that the biggest factor in creating such a list would be declining market value as well as high investor concentration. The lender also had to look at things such as foreclosure rates, delinquent homeowner association dues, and structural based litigation. These are considerations that lenders have to make every time they lend, and with the market like it is right now BankUnited felt that this was the appropriate way to respond.

A spokesperson said of the list and the current market value of condos, “We look at it more from our level of risk, and we are extremely conservative in our lending guidelines. We scaled back on condo lending a few years ago. We don’t have a lot of exposure in the condo market.”

The fact is that many lenders are hesitant to lend to condo projects and that is because there is some question about the real value of a condo with sales so slow and many buyers backing out of contracts. And when a lender cannot determine the value of a property it is hard to set a loan to value ratio, therefore difficult to lend to anyone including those with good credit, with confidence. While BankUnited is the only lender that is known to have a list this long, it’s a safe bet that some other lenders are considering whether or not they should be lending to condo projects, and if they do, they’ll likely be doing away with presales altogether. Of course, doing away with presales may affect construction loans, so we may very well see a slowing trend not only in the buying of condos but also in the building of them.

Blacklisted Condos

Nu River Landing

Ft Lauderdale

Q-Club Condo Hotel (Resort)

Ft Lauderdale

50 Biscayne

Miami

600 Biscayne

Miami

1650 Biscayne

Miami

900 Biscayne Bay

Miami

500 Brickell

Miami

1390 Brickell Key

Miami

1001 Center

Miami

1600 Club

Miami

Altas de Miami

Miami

Asia

Miami

Atlantis Condo

Miami

Avenue

Miami

Axis on Brickell

Miami

Bay Lofts

Miami

Bayshore Place

Miami

Beacon

Miami

Belle Plaza Efficiency

Miami

Biscayne Tower

Miami

Blue

Miami

Boulevard Condos

Miami

Brickell Bay club

Miami

Brickell Bay Tower

Miami

Brickell Biscayne

Miami

Brickell City Center

Miami

Brickell Commons

Miami

Brickell East

Miami

Brickell Forest

Miami

Brickell Harbour

Miami

Brickell Key

Miami

Brickell Key I

Miami

Brickell Mar

Miami

Brickell On the River

Miami

Brickell Park

Miami

Brickell Place

Miami

Brickell Station

Miami

Brickell Tennis Club

Miami

Brickell Townhouse

Miami

Brickell View

Miami

Brickell Vista

Miami

Brickell Tower

Miami

Capital at Brickell

Miami

Captiva F

Miami

Carboneil

Miami

Cima Condo

Miami

Cite

Miami

City 24

Miami

Club at Brickell

Miami

Commodore Bay

Miami

Coral Station in Brickell

Miami

Costa Bella

Miami

Courts Brickell Key

Miami

Courvosier Courts

Miami

Cynergi

Miami

Downtown Lofts 4

Miami

Elliot house

Miami

Emerald at Brickell

Miami

Empire Towers

Miami

Epic-Dupont

Miami

Espirito Santo Plaza

Miami

Everglades on the Bay

Miami

Filling Station Lofts

Miami

Flagler First Condo

Miami

Fortune House

Miami

Four Ambassadors 1

Miami

Four Ambassadors 2

Miami

Four Ambassadors 3

Miami

Four Ambassadors 4

Miami

Four Seasons Hotel & Tower

Miami

Golden Bay Club

Miami

Houses of Brickell

Miami

Ice

Miami

Ice 2

Miami

Icon

Miami

Imperial

Miami

Infinity at Brickell

Miami

IOS on the Bay

Miami

Ivy

Miami

Jade Residences at Brickell

Miami

Kenland Bend South

Miami

Lake Beach Condo

Miami

Lakewood Village

Miami

Latitude on the River

Miami

Loft

Miami

Loft II

Miami

Lofts on Brickell1

Miami

Lofts on Brickell 2

Miami

Los Suenos de Brickell

Miami

Lighte Miami Condos

Miami

Lnyx

Miami

Marina Blue

Miami

Mark

Miami

Marquis Miami

Miami

Mary Vrickell Village

Miami

Mayfield

Miami

Meridan at Hughes Center Condo

Miami

Met 1

Miami

Met 2

Miami

Met 3

Miami

Metropolitan

Miami

Midtown Miami

Miami

Mint at Riverfront

Miami

Neo River Lofts

Miami

Neo Vertica

Miami

Oasis on the Bay

Miami

One Broadway

Miami

One Miami

Miami

One Miami West

Miami

One Plaza

Miami

One Riverview Square

Miami

One Tequest Point

Miami

Onyz 2

Miami

Opera Tower

Miami

Overtown Miami

Miami

Palace

Miami

Paramount on the Bay

Miami

Paramount Park

Miami

Parc Lofts

Miami

Platinum

Miami

Plaza on Brickell

Miami

Point at Brickell

Miami

Point View

Miami

Pompeii

Miami

Premiere Towers

Miami

Provincial Garens

Miami

Pyramids of Key Biscayne

Miami

Quantum on the Bay

Miami

River Breeze

Miami

River House Lofts

Miami

River Oaks

Miami

Riverfront

Miami

Riverfront Wind

Mami

Sail

Miami

Sail Boat Cay

Miami

Samari Lake East

Miami

Seacoast Towers

Miami

Skyline Mary Brickell Village

Miami

Skyline on Brickell

Miami

SMA

Miami

Soleil Miami

Miami

Solaris Brickell Bay

Miami

South Miami Ave condo

Miami

Summit Brickell

Miami

Star Lofts

Miami

Sunset Harbour

Miami

Ten Museum Park

Miami

The Carriage House

Miami

The Jade Condominium

Miami

The Mark on Brickell Bay

Miami

The Palace Condominium

Miami

The Village of Kings Creek

 

Three Tequesta Point

Miami

Two Tequesta Point

Miami

Uptown Lofts

Miami

Vanderbilt Gulfsid

 

Villa Brickell

Miami

Villa Magna

Miami

Villa Regina

Miami

Village at Hawk's Cay

 

Vue at Brickell

Miami

Wind by Neo

Miami

Yorker

Miami

Allure

Las Vegas

District in Green Valley

Las Vegas

Manhattan Condos

Las Vegas

Mirage Condominium

Las Vegas

Newport Lofts

Las Vegas

One Queensridge Place

Las Vegas

Panorama Towers

Las Vegas

Park Avenue Condo

Las Vegas

Regency Towers

Las Vegas

Skyline Las Vegas

Las Vegas

Soho Lofts

Las Vegas

Turberry Place

Las Vegas

Tunberry Towers

Las Vegas

Carriage Hills

Hollywood

Sian Ocean Residence

Hollywood

Delray Estate Condominium

Delray Beach

The Resort at Singer Island

Riviera Beach

Venetian Bay Villages condo

Kissimmee

Villagio Condo in Port Orange

Port Orange

 

John Sabia

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