News about properties and real estate
Converters Leaving Market Without Much Pain Eighteen months ago, apartment complexes were being snapped up at record pace by condominium converters. But in less than two years, the news focuses on what local experts have dubbed “reversions”–condo conversion complexes being brought to the sales block as income-producing properties. Unlike other markets experiencing condo retreats, local …
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Collapse of lender taints Lee builder [South Florida] Some first home buyers sue for fraud A Michigan credit union has collapsed following hundreds of questionable loans to people buying First Home Builder houses in Lee County. Meanwhile, some buyers have filed suit against First Home, the credit union and others — alleging fraud and conspiracy …
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Taxes, debt shadow Extreme Home Makeover family They struggle with higher bills, IRS rules, mortgage on their former house. Their house is brand new, five times bigger than the old one, and the furnishings inside are deluxe — all for free. Troubles appeared to be over for Jesus and Michelle Jacobo and their extended family …
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Bradenton condo converter cuts prices [South Florida] When Matt Kihnke paid $15.5 million for a Bradenton apartment complex in March 2005, the Chicago investor looked primed to become the architect of another condo conversion success story. That was before the real estate market went soft and became saturated with converted apartments. Kihnke’s property, a 272-unit …
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Foreclosure pain spreading in Lower Hudson Valley [New York] A home foreclosure would rank on anyone’s list of most traumatic financial experiences, right up there with a job loss, sky-high medical bills or an IRS notice for back taxes. The pain of losing a home is hitting hundreds of people in the Lower Hudson Valley, …
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Be careful with reverse mortgages South Florida is one of the hottest markets in the nation for reverse mortgages. And yet, these types of loans — which allow people age 62 and older to get payouts on the equity in their homes — are more expensive in South Florida than many areas of the nation. …