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An Information Guide to Duck Key in the Florida Keys


 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

DUCK KEY ONLINE NEWS ITEM - HAWKS CAY RESORT - April 2008

 

HAWK'S CAY VILLAGE VILLAS BLACKLISTED BY BANKUNITED

BankUnited is the largest bank headquartered in Florida with assets of $14.4 billion and deposits of $7.1 billion. During February and March of 2008, a BankUnited list started to circulate among realtors. The list made notation of condominium buildings mostly in the area of downtown Miami and Brickell Avenue that were "blacklisted" by BankUnited as "Non-Permissible" - too risky for lending. BankUnited would refuse to finance purchases of condominiums on this list.

The BankUnited's list included reasons the bank considered certain condos off limits for mortgage lending. Primarily properties were listed as "Non-Permissible" because of "high investor concentration and declining market value". Some properties were placed on the list because of delinquency issues involving the homeowner's association, high foreclosure rates, or pending litigation. A few condo buildings were placed on the list because BankUnited thought it had too many loans on units in that particular condo project already.

Scanning down the list one sees it consists primarily of condos in the Miami area. As might be expected Condos in the Las Vegas, Nevada area are listed. Other mainland Florida areas noted are Hollywood, Fort Lauderdale, Kissimmee, Riviera Beach, Delray Beach, and Port Orange.

Conspicuously, the only "Non-Permissible" Florida Keys property listed is Hawk's Cay Village (highlighted in red below).

BankUnited's Non-Permissible Condo List
• 50 Biscayne in Miami
• 600 Biscayne in Miami
• 1650 Biscayne in Miami
• 900 Biscayne Bay in Miami
• 500 Brickell in Miami
• 1390 Brickell Key in Miami
• 1001 Center in Miami
• 1600 Club in Miami
• Allure in Las Vegas
• Altas de Miami in Miami
• Asia in Miami
• Atlantis Condo in Miami
• Avenue in Miami
• Axis on Brickell in Miami
• Bay Lofts in Miami
• Bayshore Place in Miami
• Beacon in Miami
• Belle Plaza Efficiency in Miami
• Biscayne Tower in Miami
• Blue in Miami
• Boulevard Condos in Miami
• Brickell Bay Club in Miami
• Brickell Bay Tower in Miami
• Brickell Biscayne in Miami
• Brickell City Center in Miami
• Brickell Commons in Miami
• Brickell East in Miami
• Brickell Forest in Miami
• Brickell Harbour in Miami
• Brickell Key in Miami
• Brickell Key I in Miami
• Brickell Mar in Miami
• Brickell on the River in Miami
• Brickell Park in Miami
• Brickell Place in Miami
• Brickell Station in Miami
• Brickell Tennis Club in Miami
• Brickell Townhouse in Miami
• Brickell View in Miami
• Brickell Vista in Miami
• Bristol Tower in Miami
• Capital at Brickell in Miami
• Captiva-F in Miami
• Carboneil in Miami
• Carriage Hills in Hollywood
• Cima Condo in Miami
• Cite in Miami
• City 24 in Miami
• Club at Brickell in Miami
• Commodore Bay in Miami
• Coral Station in Brickell in Miami
• Costa Bella in Miami
• Courts Brickell Key in Miami
• Courvosier Courts in Miami
• Cynergi in Miami
• Delray Estate Condominium in Delray Beach
• District in Green Valley in Las Vegas
• Downtown Lofts 4 in Miami
• Elliot House in Miami
• Emerald at Brickell in Miami
• Empire Towers in Miami
• Epic-Dupont in Miami
• Espirito Santo Plaza in Miami
• Everglades on the Bay in Miami
• Filling Station Lofts in Miami
• Flagler First Condo in Miami
• Fortune House in Miami
• Four Ambassadors 1 in Miami
• Four Ambassadors 2 in Miami
• Four Ambassadors 3 in Miami
• Four Ambassadors $ in Miami
• Four Seasons Hotel & Tower in Miami
• Golden Bay Club in Miami
• Houses of Brickell in Miami
• Ice in Miami
• Ice 2 in Miami
• Icon in Miami
• Imperial in Miami
• Infinity at Brickell in Miami
• IOS on the Bay in Miami
• Ivy in Miami
• Jade Residences at Brickell in Miami
• Kenland Bend south in Miami
• Lake Beach Condo in Miami
• Lakewood Village in Miami
• Latitude on the River in Miami
• Loft in Miami
• Loft II in Miami
• Lofts on Brickell 1 in Miami
• Lofts on Brickell 2 in Miami
• Los Suenos De Brickell in Miami
• Lyghte Miami Condos in Miami
• Lynx in Miami
• Manhattan Condos in Las Vegas
• Marina Blue in Miami
• Mark in Miami
• Marquis Miami in Miami
• Mary Brickell Village in Miami
• Mayfield in Miami
• Meridan at Hughes Center Condo in Las Vegas
• Met 1 in Miami
• Met 2 in Miami
• Met 3 in Miami
• Metropolitan in Miami
• Midtown Miami in Miami
• Mint at Riverfront in Miami
• Mirage Condominium in Las Vegas
• Neo River Lofts in Miami
• Neo Vertica in Miami
• Newport Lofts in Las Vegas
• New Wave in Miami
• Nu River Landings in Fort Lauderdale
• Oasis on the Bay in Miami
• One Broadway in Miami
• One Miami in Miami
• One Miami West in Miami
• One Plaza in Miami
• One Queensridge Place in Las Vegas
• One Riverview Square in Miami
• One Tequesta Point in Miami
• Onyz 2 in Miami
• Opera Tower in Miami
• Overtown Miami in Miami
• Palace in Miami
• Panorama Towers in Las Vegas
• Paramount on the Bay in Miami
• Paramount Park in Miami
• Parc Lofts in Miami
• Park Avenue Condo in Las Vegas
• Park Place in Miami
• Platinum in Miami
• Plaza on Brickell in Miami
• Point at Brickell in Miami
• Point View in Miami
• Pompeii in Miami
• Premiere Towers in Miami
• Provincial Gardens
• Pyramids of Key Biscayne
• Q Club Condo Hotel in Fort Lauderdale
• Quantum on the Bay in Miami
• Regency Towers in Las Vegas
• River Breeze in Miami
• River House Lofts in Miami
• River Oaks in Miami
• Riverfront in Miami
• Riverfront Wind in Miami
• Sail in Miami
• Sail Boat Cay in Miami
• Samari Lake East in Miami
• Seacoast Towers in Miami
• SIAN Ocean Residence Condo in Hollywood
• Sky Las Vegas in Las Vegas
• Skyline Mary Brickell Village in Miami
• Skyline on Brickell in Miami
• SMA in Miami
• Soeil Miami in Miami
• Soho Lofts in Las Vegas
• Solaris Brickell Bay in Miami
• South Miami Ave Condo in Miami
• Summit Brickell in Miami
• Star Lofts in Miami
• Sunset Harbour
• Ten Museum Park in Miami
• The Carriage House
• The Jade Condominium
• The Mark on Brickell Bay
• The Palace Condominium
• The Resort at Singer Island in Riviera Beach
• The Village of Kings Creek
• Three Tequesta Point in Miami
• Turnberry Place in Las Vegas
• Turnberry Towers in Las Vegas
• Two Tequesta Point in Miami
• Uptown Lofts in Miami
• Vanderbilt Gulfside
• Venetian Bay Villages Condo in Kissimmee
• Villa Brickell in Miami
• Villa Magna in Miami
• Villa Regina in Miami
Village at Hawk's Cay
• Villagio Condo in Port Orange in Port Orange
• Vue at Brickell in Miami
• Wind by Neo in Miami
• Yorker in Miami

What does this mean?

It is doubtful that Hawk's Cay villas will be shunned by all lenders, but finding buyers for listed properties will become harder. Lenders may possibly ask for higher interest rates and larger down payments will be required, and buyers may find it harder to qualify.

Sellers are continuing to lower their asking price on units.

It does not seem quite fair that Hawk's Cay Village should be listed along with Miami condos that are considered Non-Permissible. Most real estate in Florida is experiencing a decline in value not just the villas at Hawk's Cay Village, and the Village has not experienced a high foreclosure rate. Unlike the condos of Miami and Brickel Avenue the villas bring in rental income and should not be branded as ineligible for lending. Unlike the condos of Miami, the Village has been completed for some time.

Like BankUnited, Washington Mutual also has a list of inelible condos.
Washington Mutual has designated more than 40 ineligible projects in Miami-Dade County, and another two dozen ineligible projects in Palm Beach County. There is a list also for Broward County.

The worry of having Hawk's Cay Village appear on a list is that other lenders will follow suit and post the Village on their own exclusion lists. Then no one will be able buy or sell a villa at Hawk's Cay Village.

 

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