News About Properties

Arena developer angling for time [South Florida]

The company behind the partially built arena in Lakewood Ranch has sought Chapter 11 bankruptcy protection in a move company officials say will buy them time to find financing and jump-start the stalled project.

The filing Friday by DVA Arena led to cancellation of a foreclosure sale of the property that was to start Monday.

If it is granted, the bankruptcy will allow business owner Sal Diaz-Verson to hold onto the partially built arena just north of State Road 70 and restructure company debt.

“The Chapter 11 filing gives DVA additional time to reorganize the company and raise the additional capital needed to complete the arena project,” Diaz-Verson said in a prepared statement. “We remain fully committed to bringing a top-notch sports and entertainment venue to Southwest Florida.”

Local men charged in $83M bank fraud [South Florida]

Three Sarasota men and one from Tampa are facing numerous federal charges that they bilked banks out of almost $83 million on several land sales in Manatee and Sarasota counties.

A federal grand jury in Tampa has returned a 47-count indictment against Neil Mohamed Husani, 38; Larry P. Nardelli, 49; Michael A. Tringali, 46; and John A. Yanchek, 48, accusing them of conspiracy, bank fraud and money laundering, the U.S. Attorney’s Office said Monday.

They are accused of defrauding seven banks through a complex scheme involving seven real-estate transactions, four of them in Manatee, from 2004 to 2006.

The indictment was handed down last week but was sealed until Monday, when Yanchek – a Sarasota lawyer whose license is facing suspension – was arrested.

Mortgage failures up as home prices fall

As the economy worsened in June, the number of homeowners behind on their mortgages nearly doubled, contributing to prolonged pain for the South Florida housing market.

Meanwhile, interest rates on home loans soared this week to their highest point in a year, meaning borrowers looking to buy a home will face higher monthly payments.

In Miami-Dade and Broward counties, the median existing home price fell an average of 20.5 percent in June to about $299,300.

In both counties, the percentage of borrowers behind on mortgage payments i

How gifting real estate into a trust can set up your retirement

Question: Wow! Do I wish I could talk to that family (in your April 3 column)! I just assisted a couple with a charitable remainder trust that saved all the capital gains on a $1.2 million dollar home, gave them $600,000 in cash and income for life that more than pays their retirement home costs for the rest of their lives! Give them my number. John Payton, Regional Director of Planned Giving, Point Loma Nazarene University, San Diego.

Answer: This isn’t really a question, of course, but is does point to a tax-advantaged option — gifting real estate — a surprising number of people use to dispose of their properties. See previous Realty Q&A.

The Giving Institute in Glenview, Ill., estimates that $260 billion was contributed to schools, museums, the scouts and similar groups in 2005, the last year for which such information is available. Based on previous years, roughly 25 percent of that amount was real estate

As Foreclosures Mount, Condo Associations Battle With Lenders

As bills mounted and revenue shrank, the board of Miami Beach’s luxury Bentley Bay condo knew it had to take drastic action.

Facing a spike in delinquencies and the need to pay the bills, the Bentley’s condo association opted to take a hard line with lenders that took over units there — many from investors who went into foreclosure.

In one instance, the condo association took legal action against a lender that it said was dragging out the foreclosure process to avoid paying maintenance fees.

Condos like Bentley Bay are increasingly resorting to such desperate measures to collect enough money to keep their buildings operating. It’s also proof that even upscale condos in areas considered insulated to a market downturn are feeling the pinch.

Real estate president buys out developer

Sky Sotheby’s President Chad Roffers is buying the equity stake in the firm owned by developer Marvin Kaplan.

Terms of the arrangement were not disclosed. The deal is expected to close this week, Roffers said.

It marks the second time this year that Roffers has closed ranks in ownership of the Sarasota-based real estate company. In February, Roffers acquired the ownership share of Sky co-founder Brandyn Herbold. By buying out Kaplan’s stake, Roffers will take full control of the company, and will continue to serve as its president.

“I’m bullish on our future, and I’m happy owning 100 percent,” Roffers said Tuesday.