White House targeting mortgage deduction This autumn, the president convened a tax advisory board, who under the auspices of devising simpler and fairer tax laws, were poised to further damage the housing market by suggesting a reduction of the mortgage-interest deduction. The ill-conceived tax proposal could rival the devastation resulting from a large-magnitude earthquake in …
Monthly Archives: February 2006
A downtown condo craze
A downtown condo craze Four years ago, Pensacola developer Sonny Granger announced he was going to build a high-rise condominium in downtown Tallahassee. The cheers were muted. Sure, Tallahassee officials had talked for years about bringing residents back downtown. But apartments costing several hundred thousand dollars? High-rise buildings? No way, said the cynics. Tallahassee isn’t …
The Disappearing Las Vegas Condos
The Disappearing Las Vegas Condos Three weeks ago, Eli Verdnikov, an engineer in Los Gatos, Calif., received a letter saying that the apartment building he planned to retire to — Icon Las Vegas — would not be built. In the envelope was a check for $73,672.81, the 10 percent deposit Mr. Verdnikov had paid, plus …
Prices right for reluctant waterfront sellers in Riviera Beach (South Florida)
Prices right for reluctant waterfront sellers in Riviera Beach (South Florida) For years, a few residents in a Riviera Beach waterfront neighborhood have railed against the city on national television, in newspapers and during countless City Council meetings. Then along came Wayne Huizenga Jr. with visions of a mega-yacht building business where the homes stand. …
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Mortgage break-even point is crucial
Mortgage break-even point is crucial Experts call it the time when amassed monthly savings exceed the amount paid in points. Bob Walters is willing to shell out cash to get a rock-bottom mortgage interest rate. That’s why he always pays discount points. “I have never, in my history of being in the mortgage business, gotten …
Anybody Home?
Anybody Home? Lance Ponton Jr. was a condo developer’s dream. In September 2004, he put down 10 percent deposits on five Harbour Island condominiums before they were even built. Ponton, 27, hoped to sell them for a big profit as soon as the building was finished and his deals closed. “But when it was done, …