News About Properties

Growing number of foreclosures creates a new scam

J.D. Smith’s desperate bid to keep his Roxbury condo comes as a cautionary tale for the rapidly growing ranks of Massachusetts residents facing foreclosure.

Last summer, Smith sold his home for $1 in a deal arranged by National Foreclosure Centers, a Florida company that wooed him with unlikely promises: His mortgage would be repaid and he would receive more than $100,000 in cash, reflecting the fair value of his property. He could stay in the condo as a tenant. Best of all, after one year, he could pay a fee and buy it back.

“It seemed reasonable,” said Smith, who was 56 and tired of moving. “It seemed plausible.” It seemed like the only way to keep the home.

But Smith received only a fraction of the promised money. And the new owner quickly defaulted, returning Smith to the brink of eviction. He now believes he was the victim of a scam and is suing those involved in the sale.

It’s a condo conundrum [Central Ohio]

The “for lease” signs are going up at central Ohio condominium complexes, to the chagrin of owners who paid full price to buy there.

Developers who have been trying to sell condos in a weak real-estate market now are offering to lease them with the option to purchase, while slashing prices. The deals are being made in far-reaching suburbs as well as Downtown.

MAS Cos., for example, planned 60 town-house condos next to Cumberland Trails golf course in Pataskala, with a heated pool and clubhouse and not far from other condos and single-family homes.

Two years later, only 18 condos have been built at Cumberland Chase, as the complex is called, and only two have owners.

Levitt and Sons’ bankruptcy leaves Orlando-area buyers without homes

The financial collapse of one of America’s legendary home builders has left people throughout Central Florida stuck with unfinished houses, liens against their properties, unopened clubhouses and community pools, and warranties that could be worthless.

Many of the victims, scattered throughout the Southeastern United States, don’t know whether their houses will ever be finished.

“We’re just kind of in limbo here and waiting to hear,” said Vincent Santanelli, a resident of Cascades at Groveland who helped his elderly father-in-law with a $20,000 down payment on an unfinished house in the Lake County community. “We haven’t even heard a word from Levitt.”

In Central Florida alone, several hundred families purchased lots and homes in communities from St. Cloud to Winter Springs that remain unfinished.

China limits foreign investment in real estate, other key areas

China’s economic planning agency has issued restrictions on foreign investment in real estate and other industries, part of a range of measures aimed at righting imbalances in the economy.

A lengthy list of revised rules that take effect Dec. 1 imposes bans on foreign investment in some businesses such as golf courses, gambling, genetically modified crops, traditional teas, film production and weapons manufacturing, according to a document seen Thursday on the Web site of the National Development and Reform Commission.

Govt plans real estate industry shake-up [New Zealand]

A major shakeup of the real estate industry will see the creation of an independent watchdog with the power to impose stiff fines and ban “land sharks”.

The planned legislative changes, announced by Associate Justice Minister Clayton Cosgrove today, have been spurred by criticism of the current inhouse regulatory regime run by the Real Estate Institute of New Zealand (REINZ).

The institute has come under fire for weak penalties, unnecessary delays and an unwillingness to refer complaints to its more powerful licensing board.

Scoop: Real Estate Industry Revamp Good For Kiwis

New Zealand First’s housing spokesperson Pita Paraone has welcomed the real estate industry revamp which will offer better protection and compensation for consumers who are ripped off by real estate agents.

“For too long there has been insufficient redress for Kiwis who have suffered emotional and financial hardship when buying or selling a house has gone horribly wrong. Unethical real estate agents need to be held accountable,” said Mr Paraone.

“The fact that many people can no longer afford to buy a house means we must minimise the opportunity for real estate agents to contribute to this situation. Removing self regulation and establishing a new independent body to oversee the industry will help to restore Kiwis’ confidence and trust in real estate agents.