News about properties and real estate
Office Investor Broadway Partners Faces the Music on Short-Term Debt [Manhattan] Broadway Partners put its name up in lights by being one of the most aggressive buyers of office skyscrapers in the past two years. Now, it’s scrambling to put its financial house in order. Broadway, a closely held New York-based office investor, bought $13.6 …
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Construction Companies Are Clamoring for Managers Despite rising interest rates, new home sales and housing starts remain remarkably robust. July housing starts jumped 8.3% over the prior month and 4.5% over year-earlier levels to a seasonally adjusted annual rate of 1.978 million, the Commerce Department reports. The industry’s run of good health is causing homebuilders …
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Unpaid fees trouble condos [South Florida] From the West Broward suburbs to Miami’s trendy Brickell high-rises, condo associations are raising fees or cutting services because some of their members aren’t paying their share. At the Fountains of Tamarac, the condo association has no insurance, a couple of unit owners are cutting the community’s grass themselves, …
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Builder woes hit home [North Florida] Six months ago, the lots in Weschester, a subdivision in northwest Gainesville, were flying off the market. Today the first wave of homeowners is beginning to wonder when the vacant lot next door will see development. Continue to 2nd paragraph And further signs of troubling times have come as …
The condo boom moves on to Latin America What to do when you have a network of real-estate brokers selling new condominiums, but few new condos to sell? Edgardo Defortuna, who has made millions selling South Florida condos, hopes one answer is found on the Pacific shores of Mexico. Defortuna, who heads Fortune International, last …
Foreclosures take money from neighbors Valerie Guerra’s Livermore home has lost $100,000 in value through no fault of her own. Guerra and her husband have paid their mortgage without fail. Yet foreclosures in her neighborhood and on her street have erased much of the equity in their house. “I certainly believe my house is worth …