News About Properties

News about properties and real estate
August 11th, 2013

Spitzer’s Expanding Real-Estate Empire

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.

via Spitzer’s Expanding Real-Estate Empire.

August 8th, 2013

Nearing retirement, with 3 tuition bills to pay

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).

via Nearing retirement, with 3 tuition bills to pay.

August 2nd, 2013

Real Estate Investing With Cash? Why You Should Reconsider

Home prices are finally starting to rise, but not so much or so quickly that the great deals are disappearing. In fact, right now many investors have moved back into the market buying up properties that they will either rehabilitate and resell or rent out for cash flow. With interest rates still incredibly low, it’s easy to make a profit on the spread between your monthly mortgage payment and the rent you can get for the home.

But this means you have to get a home loan, which probably means you’ll be working with a bank. Right now, banks are not enjoying a very good relationship with most consumers, and there’s a lot of distrust in the marketplace — some of it justified and some of it not. It’s also true that banks would rather lend money for owner-occupied homes than investment homes, because there is less risk involved in these deals. That can make it harder to get the money you need from a lender.

via Real Estate Investing With Cash? Why You Should Reconsider.

July 12th, 2013

‘Isle of View’ a true Sarasota mansion

A large part of the Sarasota housing market occupies the extremes.

At one end, a third of homes in the Sarasota market are in negative equity (underwater) and the median sales price of a home is $176,360, more than 40 percent lower than it was during the boom, eight years ago.

At the other end are homes like the Bird Key mansion Doug and Cindy Tibbetts built. It’s on the market for a bit more than $8 million — a price that no longer turns heads in Sarasota.

via ‘Isle of View’ a true Sarasota mansion.

July 9th, 2013

Can Toronto survive if its real estate boom goes bust?

This summer, the first residents are expected to move into Cinema Tower, a 44-storey condominium building under construction at Adelaide and John streets.

Adam Vaughan, local city councillor for Ward 20 (Trinity-Spadina), takes pride in the amenities he managed to negotiate on behalf of the city and local residents.

“It has a huge cultural space at grade, it’s got a new park on Adelaide Street and it’s got affordable housing through Habitat for Humanity. It’s got three-bedroom units for families, because families are starting downtown and we’ve got to find ways to retain them,” said Mr. Vaughan, who has made mandates for family-sized condo units a personal crusade.

via Can Toronto survive if its real estate boom goes bust? | Posted Toronto | National Post.

June 27th, 2013

Techniques We Used to Pay Off Our Mortgage Early

 There are all kinds of advantages that can come with paying off a mortgage. From the obvious savings on a monthly mortgage payment and the interest associated with such a loan, to the reduction in stress at having this financial obligation gone and the freedom to apply the funds that would have gone to a mortgage elsewhere, there are plenty of positives to being mortgage free. For many people though, the process involved in wanting to be mortgage free and actually getting there can be a long and winding road. 

The following are the techniques we used to ditch our mortgage payment in less than five years.

via First Person: Techniques We Used to Pay Off Our Mortgage Early.

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