News about properties and real estate
Investors in realty exchanges seek relief Appeal to avoid paying taxes on money that vanished. Hundreds of investors – some who lost millions after the collapse of a firm specializing in tax-deferred real estate deals – are seeking relief from the Internal Revenue Service to avoid paying taxes on money that has disappeared. Many are …
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Old Florida enclave is new Florida hot spot [South Florida] Before it became a people magnet, Flagler County’s biggest claim to fame was Exit 284 — where I-95 runs closer to the Atlantic Ocean than at any other exit from Maine to Miami. That’s all changed. Flagler has a new national title, courtesy of the …
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High roller of home loans [Central Florida] Daniel Sadek played Orange County’s subprime lending boom like a card shark dealt the ace and jack of spades. Just five years ago he was selling cars. Then, in January 2002, he anted up $250 for a state lender license and started selling home loans through his company, …
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Attorney sees his opportunity, switches to real-estate investing [South Florida] Southwest Florida has long been fertile ground for lawyers with a hankering for investing in real estate. Chad Gates simply represents the latest iteration of the trend. Using largely borrowed money, Gates and his partners have spent more than $16 million to buy raw land, …
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Foreclosure flood In real estate, timing is everything. That’s what David Elosegui discovered when he made an offer on the Lake Orion house he fell in love with in February for himself and his daughter. “I went to make an offer and the bank said the house had just gone to auction,” said Elosegui, who …
Facing new fields of fraud In the 1990s, Peter J. Porcelli made millions with laser printing and junk mail and poured part of his fortune into the Tampa Bay Smokers, a fast-pitch softball team that featured a cigar-chomping mascot and the best players money could buy. Porcelli became the king of the sport as his …