News about properties and real estate
Westside Lofts condo files for bankruptcy Proposed South Beach condominium Westside Lofts filed for bankruptcy in a bid to reorganize the troubled development. The move comes amid legal battles in Miami-Dade Circuit Court between the development company and its lender and general contractor. Eastern National Bank is seeking more than $2 million for an overdue …
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Next stop: Palmetto (South Florida) Newcomers love the city’s small-town charm, old-timers wonder what’s being lost and government tries to keep up Sleepy Palmetto has about 5,000 homes and 14,000 residents. But the city has OK’d another 4,500 homes to go up within the next five years. Most are swank resort condos that contrast sharply …
Boston condo flippers may be in too deep The Hub’s jittery condominium market faces another storm cloud: hundreds of unsold units in new condo towers that brokers and mom-and-pop investors had bought early on in hopes of flipping for quick profits. Some have exited, as planned, with thousands in windfall profits. But others may not …
You can survive ARM increase First, the bad news: If you’re among the millions who took out an adjustable-rate mortgage in the past few years, your monthly payment is likely to jump on the next adjustment date — by 20 percent, 30 percent, even 40 percent. Blame the Federal Reserve for driving up short-term interest …
Some farmers refusing developers’ big dollars Her family has lived on the Branch Ranch since the mid-1800s, long enough to be honored as one of Florida’s Century Pioneer Family Farms. It’s a program that recognizes land held in continuous ownership for 100 years or more. “When you grow up rural it’s hard to give it …
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Raleigh faces crush of condos A coming flood of condominiums in downtown Raleigh has real estate observers wondering not if, but when, the word “overbuilt” may apply and whether buyers will stomach paying prices that are touching $300 per square foot. Under construction, or soon to be, are projects that would bring on line 500 …