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The Lutgert Companies’ Cascada villa model at Estuary at Grey Oaks lives like an estate home.

After Lehman Brothers, which has an equity interest in West Bay Club, filed for Chapter 11 bankruptcy protection in September last year, some questioned what might become of the community. With assets of more than $600 billion, Lehman filed the biggest bankruptcy in U.S. history. After the filing, there were rumors the golf club might be forced to close. But the developer _ known as West Bay Development _ has worked hard to turn challenges into opportunities, said Norman Radow, the company president, in an e-mail.

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MIAMI – Vacancy is expected to rise and rents will fall in Miami-Dade this year as a decline in employment reduces demand for goods and services offered by retailers, wholesalers and contractors, according to the Midyear 2009 National Industrial Report by Marcus & Millichap. In addition, a drop in international trade will decrease the space needs of importers and exporters.

“Transaction velocity declined 28% last year, and only a few deals have occurred so far in 2009,” says Kirk Felici, regional manager of the firm’s Miami office.

MIAMI – There was a 76% increase of existing single-family home sales in May 2009 compared to May 2008 in Miami, according to the latest report by the Realtor Association of Greater Miami and the Beaches.

Miami was the strongest single-family market in Florida, showing a substantial increase compared to only 16% statewide. The sales of existing condominiums in Miami-Dade increased by 36% compared to the same period last year – and to the 21% statewide increase. The Miami real estate market has experienced a surge in sales each of the last 10 months.

NEW YORK – The Moody’s/REAL National All Property Type Aggregate Index from Real Estate Analytics LLC measures 135.31 for April 2009, a decrease of 8.6% from the previous month and the single largest one-month decline.

The index, which has captured price data through the end of April, is now 25.3% lower than it was a year ago and 29.5% below the peak measured in October 2007. The index also indicated a 27.4% drop in prices over the past two years.