My favorite blog posts are ones that are inspired by reader questions, and today we respond to a doozy from “DC” who asks about investing and student housing.
We get all kinds of questions from our readers, but this one is very insightful in that I believe he suspects there could be a problem brewing for some of the investors in the Tallahassee real estate market.
And I believe he is correct.
All year long, we’ve been hearing that the housing rebound is upon us. Yes, there has been some marked cooling in the market in the past couple of months, but by and large, the stars have remained aligned.
The economy is recovering, unemployment is inching down and the Federal Reserve is trying to keep interest rates low, helping create the greatest buyers’ market in anyone’s memory. Things are looking brighter for sellers, too. The often-quoted S&P/Case-Shiller home-price index is chronicling the biggest price increases in half a decade.
It no doubt makes a lot of people want to jump into the housing market again.
via The housing market is looking up. But don’t ignore the more sobering facts..
Some seven years after the dramatic South Florida real estate crash of 2007, lenders have begun to open the financing spigot for proposed condo towers east of Interstate 95 in the tricounty region of Miami-Dade, Broward and Palm Beach.In the past 20 months, lenders have provided nearly $900 million in financing to condo developers — excluding the massive Brickell CityCentre mixed-use project that includes a trio of condo towers — who are proposing more than 150 new projects in South Florida.This condo financing figure is addition to the untold number of loans currently being provided to developers of rental apartments in South Florida.
via Lenders provide nearly $900 million in financing for new South Florida condo projects.
One of the most prominent urban properties in Florida will hit the market for sale following a four-year foreclosure saga.
The Irish government, acting as receiver for the defunct Anglo-Irish Bank, repossessed the former Sarasota Quay property Monday after no other bidders made a viable offer at its long-awaited foreclosure auction, court records show.
The acquisition caps years of limbo for the 15-acre bayfront property, considered one of the most coveted along the Gulfcoast of Florida. Once planned for a $1 billion mix of condominiums, retail space and hotel rooms, the tract is worth only a fraction of the $100 million that Anglo-Irish has into it.
This week, Eliot L. Spitzer, the former New York governor, invited journalists to view his recent tax returns in his office in the French chateau-influenced Crown Building, on Fifth Avenue, which is doubling as his campaign headquarters. On the twenty-second floor, a gold-plated placard on the office door still bears the name of Spitzer’s father, Bernard. The lobby of the office features scale models of apartment buildings owned by the Spitzer family. But the details in Spitzer’s tax filings reveal that the senior Spitzer has quietly passed along much of his real-estate empire to his son, far more than previously has been revealed.
Bernard Spitzer, the son of Austrian immigrants, built a real-estate empire from scratch, after getting an engineering degree from City College of New York and working as a contractor. By the time the younger Spitzer graduated from Princeton and Harvard Law and became a prosecutor under Manhattan District Attorney Robert M. Morgenthau, Bernard was one of the city’s most prominent real-estate magnates. The eighty-nine-year-old has been ill with Parkinson’s disease in recent years, however.
At 59 and 60, Kim and John Keuning are closing in on retirement — but they aren’t quite ready for it.
Six years out from their target date, the Duluth, Minn., duo have roughly $500,000 saved. Selling the small ad agency they own could net them another $150,000, they figure. (None of their five grown children is interested in taking it over.)
The sale of a vacation cabin and office building could add $250,000 to the pot. Even so, they’ll likely come up short.
Saving more — they now put away $12,000 of their $150,000-plus income — will be tough. The Keunings carry hefty loans on their home ($334,000) and office ($156,000).
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