News about properties and real estate
Screws tighten on Kelly and Sarasota Bayside Beset by bank debt and eroding property values here and abroad, Irish developer and Sarasota Quay owner Patrick Kelly is contemplating filing for bankruptcy protection. Kelly’s dilemma marks the largest example to date of how the global economic crisis is seeping into Southwest Florida. While such a move …
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Clearwater house flipper Mark Lepzinski gets 13 months in prison for mortgage fraud Calling him “a good example of why we are in an economic crisis,” a federal judge on Thursday sentenced Clearwater house flipper Mark Lepzinski to 13 months in prison for lying on applications for loans he knew he couldn’t afford. “It’s simple …
As real estate prices plunge across the country, investor Judah Hertz says he’s happy in low-key New Orleans In the years before Hurricane Katrina, Judah Hertz made a great wager on New Orleans. The California real estate investor bought four major office buildings downtown, transforming himself almost overnight into the Central Business District’s dominant landlord. …
‘Short sales’ help Hawaii homeowners get rid of their houses to avoid bankruptcy When Aloha Airlines shut down a year ago, Ron Verderame knew he had to escape the weight of a hefty year-old mortgage. The pilot faced a slumping real estate market and bleak job prospects, but finally, after trying for seven months to …
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Foreclosure Program Moves Forward With hundreds of homes currently in foreclosure in Hernando County, it didn’t take much impetus for county commissioners to green-light a program designed to help alleviate the situation. The board voted unanimously Tuesday to move forward with a Neighborhood Stabilization Program (NSP) that allows the county to access federal money that …
Condos forced to revert to apartments to survive [North Florida] When a developer converts a building into condominiums, it’s taken as a sign of prosperity and success. And when the wheels fall off the real estate market and condominiums languish back into apartments, it’s the opposite. Those condominiums are “fractured.” In Jacksonville, more condominium owners …
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