A group of lenders has agreed to make the first major construction loan for a condominium project in the Miami area since the crash, marking a milestone in the recovery of real-state financing market for condos. Loans to build condo towers were common during the boom years, but the downturn left Florida with an enormous …
Category Archives: Breaking News
Builder Gibraltar Homes relieved of debt’s pressure
Gibraltar Homes, which has been struggling financially amid a general rebound in housing starts regionwide, this week completed terms of a gradual debt write-down tied to an unfinished Manatee County project. Bougainvillea Place, an Ellenton subdivision, represents the homebuilder’s largest community under development. It also sells homes in Lakewood Ranch, also in Manatee County. The …
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Bank foreclosures florida: bank foreclosures rise in florida
For the first time since the country’s real estate collapse began about six years ago, Brevard County led the nation for foreclosure filings, according to a November report by the research firm RealtyTrac Inc.More than any other county in the state, Brevard has been pummeled economically, with an estimated 7,000 to 10,000 layoffs related to …
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Longboat Key Club in talks with Ocean Properties
The owner of the Longboat Key Club is in talks to sell a financial stake in the tony resort that could jump-start its long-delayed $400 million redevelopment. Loeb Partners Realty is discussing a joint venture with Ocean Properties Ltd., a major hotel owner and operator whose holdings include three local properties, including the Lido Beach …
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Citizens board approves 10.2 percent insurance increase [Florida]
State-run insurer Citizens backed off proposals to uncap rates for new customers and limit coverage for water damage but its board voted Friday to approve an average 10.2 percent increase in premiums. In an unusual move, the board approved sending regulators two sets of rates. One is an average 8.8 percent increase statewide. But the …
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For Some, ‘Frustration’ Over Mortgage Settlement
Earlier this month, a judge approved a settlement between five major banks and nearly all of the state attorneys general. The banks admitted to taking shortcuts — or “robo-signing” documents — as they pushed through some foreclosures.Most of the $25 billion settlement is supposed to go toward reducing mortgage payments for some troubled homeowners. But …
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