Bankrupt condo – hotel reflects downturn Aug Funding lent the owners of the St. Augustine condo-hotel $5 million in late 2005 and hoped to be paid off with interest by now. But its attempt to auction off the 24-room South Beach hotel failed, despite more than 100 inquiries. ”Nobody showed up,” said Phillip Hudson III, …
Category Archives: Regional
As Condos Rise in Florida, Investors Try to Flee
As Condos Rise in Florida, Investors Try to Flee As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits. “Motivated” sellers are flooding online …
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Retirement interrupted
Retirement interrupted One couple mapped out their retirement, but the plan hinged on being able to flip Florida real estate. Oops. Time for Plan B. Walking along a pier in Daytona Beach with their youngest grandson on a recent Saturday afternoon, Steve and Carol Daimler stopped to see what fish the locals were catching. The …
Old Florida enclave is new Florida hot spot [South Florida]
Old Florida enclave is new Florida hot spot [South Florida] Before it became a people magnet, Flagler County’s biggest claim to fame was Exit 284 — where I-95 runs closer to the Atlantic Ocean than at any other exit from Maine to Miami. That’s all changed. Flagler has a new national title, courtesy of the …
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High roller of home loans [Central Florida]
High roller of home loans [Central Florida] Daniel Sadek played Orange County’s subprime lending boom like a card shark dealt the ace and jack of spades. Just five years ago he was selling cars. Then, in January 2002, he anted up $250 for a state lender license and started selling home loans through his company, …
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Attorney sees his opportunity, switches to real-estate investing [South Florida]
Attorney sees his opportunity, switches to real-estate investing [South Florida] Southwest Florida has long been fertile ground for lawyers with a hankering for investing in real estate. Chad Gates simply represents the latest iteration of the trend. Using largely borrowed money, Gates and his partners have spent more than $16 million to buy raw land, …
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