News about properties and real estate
Subprime defaults close mortgage firm [North Jersey] Bergen County mortgage banker David Sadek was riding high a year and a half ago, serving sushi and shish kebab to investment-banking clients aboard his yacht A Loan at Sea. His firm, founded in 1991, was on track to achieve a company record of $1 billion in annual …
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Developer Ross Says Real Estate At ‘Best Moment’ in History Wall Street is jittery about the fallout from a meltdown in the subprime lending industry, a slowdown in consumer spending, and a sagging retail sector. But for master developer Stephen Ross, the chairman, chief executive officer, and founder of the Related Cos., the economy couldn’t …
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Florida lawmakers want to help renters with cuts in property taxes The more than 850,000 residents of Broward and Palm Beach counties who rent their homes would benefit by changes key lawmakers say they are now willing to make to the tax cut plans taking shape in the Legislature. Until now, many Republican lawmakers had …
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Bad houses, busted loans? For Midlands investor, it’s all good When mortgage lenders get stuck owning dilapidated houses in shabby neighborhoods, they often call James Odell Barnes. Barnes works the rock bottom of the housing market, what his lawyer calls the “sub-subprime market.” He and his partners buy foreclosed homes by the dozens, sight unseen, …
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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 …