News about properties and real estate
Walkaways increase at WCI condos [South Florida] Builder WCI Communities said more buyers are walking away from its condos, though the company said it is ready to withstand what it called a `protracted downturn.’ WCI Communities said 17 percent of its condominium buyers have walked away rather than close on new units this year, the …
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Developer active in Florida has a cash crunch [South Florida] Even as the condo market flattened in 2006, Cay Clubs sold more than $300 million in condos in a portfolio stretching from Crested Butte, Colo., to Marathon. Last year’s profit: $46 million. Now the company says it’s in a cash crunch, without enough money to …
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Plans for early retirement, paying off home get some fine-tuning The north Clairemont resident says her plan is to start paying more each month on her $1,200 mortgage so she’ll be left with only a few, less costly, living expenses to cover when she retires in five years. She’ll also be left with the time …
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Facing foreclosure? Consider a ‘short’ sale It’s often the better option for an owner than foreclosure — but there are pitfalls, including tax liability. Selling “short” is an alternative to foreclosure that has been gaining popularity as more homeowners default on their mortgages. Susan M. Wachter, a professor of real estate, finance and city and …
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Housing’s ills imperil condo deals Horacio and Patsy Parra cashed out two retirement accounts last year to buy an Orlando condominium they couldn’t afford. At the time, they weren’t worried. The developer, Cay Clubs Resorts & Marinas, agreed to lease back the $307,000 unit for 15 percent of the sales price — enough cash to …
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Builder charged with stealing $700,000 [South Florida] An unlicensed Palm Coast contractor was accused Thursday of stealing more than $700,000 and the American dream from Russian and Ukrainian immigrants by selling houses he never finished — and in most cases never even started. Gregory S. Bleyl, 64, was charged with six counts of forgery and …
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