News about properties and real estate
WCI Slides After Rejecting Bid [South Florida] When billionaire activist Carl Icahn proposed a $22-a-share buyout of WCI Communities Inc., the Bonita Springs, Fla., home builder rebuffed him in hopes of finding a richer suitor. But as the housing market continues to slide, along with WCI’s stock price, it looks as if WCI should have …
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Commercial sales signal active market A spate of recent sales illustrate that while the region’s residential market remains sluggish, commercial real estate here continues to be highly sought after. The trend of recent transactions, involving nearly a half-dozen high-profile properties, also underscores how capital is still flocking to land and buildings. The transactions involve the …
Briny backer finds himself in middle of mortgage mess John Devaney, the deep-pocketed, high-flying trader who’s lead financier for the $510 million purchase of Briny Breezes, is facing a financial squeeze after a series of bad bets on the subprime mortgage market. Angry neighbors and skeptical regulators had been the biggest obstacle to a development …
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Investors: Few deals at foreclosure auction [South Florida] Investor Tony Barquin shifted amid the crowd in the stuffy auction room at the Miami-Dade County Clerk’s office Thursday, pondering which among scores of homes in foreclosure he might bid to buy. As more and more homeowners can’t pay their mortgages, the number of properties hitting the …
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Mortgage Mess Shines Light on Brokers’ Role In 2005, World Savings Bank honored Secure Financial Inc. with a “Top Broker Award.” It was a tribute to the sales prowess of Zak Khan, who arranged more than a hundred mortgages out of the small real-estate firm’s Union City, Calif., office. But Mr. Khan, a onetime professional …
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Texas Resort Avoids Foreclosure A West Texas resort billed by its owner as an exclusive desert getaway for the rich and famous has filed for federal bankruptcy protection. The eight-page filing in federal court in Midland on Monday came a day before a Connecticut real estate loan company was set to foreclose on an unpaid …