News about properties and real estate
First-time homebuyers walk into financial trap Two years ago, Luis Mapula was living in a converted garage with his wife and two daughters, earning $54,000 a year as a fence company construction worker. Then, almost like magic, he became the owner of a $543,000 home with no down payment. Situated on a quiet cul-de-sac off …
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Condo resales turn buyer’s market Roughly one-third of investors who committed to downtown condo towers during Florida’s post-2000 real estate boom appear to be having buyers’ remorse. Driven by a desire to distance themselves from rampant speculation or avoid owning overpriced space, buyers are bailing from a handful of high-profile Sarasota towers. Their movement is …
Best condos restrict rentals My wife and I are interested in buying a condominium for investment purposes. But the condo homeowner association tells us we cannot rent it to tenants and must keep it vacant or live in it. Can they legally impose this restriction on us? –Joe M. Yes. When you buy a condominium …
Nicaragua, the new beachfront frontier – Los Angeles Times What second-home buyers yearn for in Central America is Costa Rica before the building boom. They want ocean views and unspoiled land, without the steep prices, crime and American fast-food chains. They want Panama before Donald Trump. Adventurous Americans, Canadians and Europeans willing to dodge livestock …
Real estate fund’s manager fleeing REITs tied to apartments Kenneth Heebner, the manager of the top-performing real estate mutual fund over the last 10 years, said the economic damage from high-risk mortgage defaults is going to get worse. “We have a trillion dollars of subprime mortgages, and we’re going to have huge defaults,” Heebner, 66, …
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Overdue mortgages linked to risky loans An explosion in overdue mortgages tailored to home buyers with less-than-sterling credit has driven foreclosure filings to record highs in Massachusetts. These mortgages, known as subprime loans, charge higher interest rates to compensate the lender for the risks associated with customers who have low credit scores or large credit …