News about properties and real estate
2009 brutal for South Florida condo sales, but signs encouraging Miami’s skyline at dusk tells the story of the condo crisis in stark relief: Some of the luminous towers beam with life, others flicker half-full, and still others are completely dark, mired in legal disputes over past-due loans and stalled sales. South Florida’s condo market …
Continue reading “2009 brutal for South Florida condo sales, but signs encouraging”
Fifth Third works to turn around troubled Florida loans The more Mike Trombley heard about the Cay Club development in Clearwater, Fla., the more he liked the idea of investing in it. The sales pitch he got in late 2004 was the clincher: Buy now and get in on a luxury 5-star resort featuring renovated …
Continue reading “Fifth Third works to turn around troubled Florida loans”
Banks Take Losses on Short Sales as Foreclosures Soar Drew Schlosser tried for two years to sell his three-bedroom Punta Gorda, Florida, waterfront condominium for less than he owed on its two mortgages. The deal only went through last month when Wells Fargo & Co. agreed to take a $165,000 loss on the loans. Even …
Continue reading “Banks Take Losses on Short Sales as Foreclosures Soar”
A Toxic Drywall Antidote The company that used chlorine dioxide gas to eradicate anthrax from government buildings and mold from hospitals and houses in New Orleans said it can solve the problem of corrosive and stinky Chinese drywall without physically removing it. Sabre Technical Services said it has successfully neutralized the troublesome reduced sulfur gases …
Chinese drywall: Florida hasn’t committed to using federal money for repairs [South Florida] The Louisiana Legislature passed a law that allows the state to use $5 million in federal grants to repair homes with tainted Chinese drywall. So far, Florida lawmakers have failed to follow suit. “If Louisiana can do it, why can’t we?” asked …
The new flipping: short sales [South Florida] Untold millions of dollars that banks could have recovered from the sale of distressed Florida homes have instead been pocketed as profits by a new breed of property flipper. These flippers target houses on the verge of foreclosure and persuade banks and mortgage companies to accept lowball buyouts, …
Continue reading “The new flipping: short sales [South Florida]”