News about properties and real estate
$510 million Briny Breezes deal collapses A dream of riches, a shimmering city by the sea, a final battle for Florida. The story is over. At least for now. Two years after a wealthy suitor came courting, eight months after $510 million became too good a deal to pass up, and 17 days after the …
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The Cost of Borrowing Moves Up When Metropolitan Real Estate Investors of Los Angeles and its Israeli financial partners agreed in April to buy 885 Third Avenue, a Midtown Manhattan office tower that is known as the Lipstick Building because of its elliptical shape, there seemed to be little doubt about how the deal would …
Housing developer’s investors ask federal court to step in [Norfolk Virginia] A half-dozen investors in CM Development have asked a federal court to force the company and its president into bankruptcy in an attempt to recoup some of the millions they’ve spent on properties across Hampton Roads. If successful, the investors’ move could spell the …
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FBI inquiry involves area home sales The FBI is investigating a convicted Florida cocaine dealer whose alleged mortgage frauds may involve homes throughout the Montgomery area and may leave investors with more than $1 million in potential losses. Federal agents received court permission earlier this year to search the offices of a real estate appraisal …
Prime pumps A state law mandating replacement of underground storage tanks is driving gas station owners to sell at a time when interest is brisk in the properties most suitable for redevelopment. Many are viewed as development opportunities but others are sold to continue as service stations at a time when gas prices are high. …
Tax Benefit Falls From Favor Some smaller real-estate investors are turning away from a popular tax-deferral strategy that has attracted scrutiny after fraud allegations. A number of investors had already started to reject the option out of concern about another problem: high prices for commercial properties. The so-called 1031 exchange strategy allows participants to defer, …