News about properties and real estate
Mortgage failures up as home prices fall As the economy worsened in June, the number of homeowners behind on their mortgages nearly doubled, contributing to prolonged pain for the South Florida housing market. Meanwhile, interest rates on home loans soared this week to their highest point in a year, meaning borrowers looking to buy a …
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Developer of stalled hockey arena is out of time [South Florida] Yet the multimillionaire and former president of the AFLAC insurance company is probably best-known here for one of the most visible development flops in the region: the unfinished hockey arena in Lakewood Ranch. Now, as a July 28 foreclosure sale of the land approaches, …
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Condo buyers struggling for closure amid credit squeeze Ronald Cowan thought he’d be living the high life in Las Vegas, rubbing elbows with sports stars and celebrities who frequent hip places like ghostbar, Rain, Playboy Club and the Pearl concert hall at the Palms. Cowan plunked down $132,000 for a deposit at Palms Place, the …
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From Russia — With Cash The Russians are coming. As many of America’s wealthy are roiled by the credit crisis and general financial gloom, a growing number of rich Russians are house-shopping — and buying — in costly U.S. enclaves. Fertilizer mogul Dmitry Rybolovlev is set to pay nearly $100 million to Donald Trump for …
Real Estate Investors May Resort to Prayer As the president of Silverstein Properties, Larry Silverstein, recently remarked on my television show: “The capital markets’ dislocation in real estate is the worst I have seen in my 55 years in real estate.” The dislocation of those markets has had a critical effect on the sales of …
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Banks in Jeopardy Tens of millions of dollars in loans have gone bad at Southwest Florida banks during the real estate slump. Are those banks ready to handle them? Federal regulators are worried that some banks in Florida and across the nation may be ill-prepared to deal with their battered loan business. U.S. banks have …