News about properties and real estate
Walkaways increase at WCI condos [South Florida] Builder WCI Communities said more buyers are walking away from its condos, though the company said it is ready to withstand what it called a `protracted downturn.’ WCI Communities said 17 percent of its condominium buyers have walked away rather than close on new units this year, the …
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Developer active in Florida has a cash crunch [South Florida] Even as the condo market flattened in 2006, Cay Clubs sold more than $300 million in condos in a portfolio stretching from Crested Butte, Colo., to Marathon. Last year’s profit: $46 million. Now the company says it’s in a cash crunch, without enough money to …
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Millions spent on Longboat resort [South Florida] When Longboat Key Club General Manager Michael Welly addresses the resort’s condo owners at the group’s Aug. 17 annual meeting, he will likely focus on the slew of upgrades that have been made in the recent past. It is both a good story for him to tell and …
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Statewide bankruptcy involves condo [South Florida] In Southwest Florida, Warren Hickernell was the king of condo conversions. But his $60 million in deals to convert motels rooms and apartments from Manasota Key to Anna Maria Island was child’s play compared with the more than $200 million in apartment building conversions that Hialeah businessman Juan Puig …
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As deadline looms, Lee eyes Weeks property [South Florida] County is interested, but can’t make promises, in a last-minute deal for land that includes one of the few boat ramps on eastern Estero Bay Lee County and state officials are looking hard at Weeks Fish Camp, and the historic home of one of the area’s …
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Distressing development [South Florida] he implosion of New York-based Boymelgreen Developers has reached Miami Beach. Deposits are being returned at its 66-unit Vitri project on South Beach. Contract holders are upset about getting back their deposits of the developer’s project north of downtown with only 1 percent interest after two years. And brokers are threatening …