News about properties and real estate
Investors’ deals with developer lead to court [North Florida] A Gainesville doctor took a second mortgage on his house to make a $100,000 business loan to Sarasota developer Rod Connelly. It seemed like a good deal: 18 months at 20 percent interest. Two years later, Robert Erickson and his wife had not seen a dime. …
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Business: Who’s to blame? Coast or CCI? Or both? Any way, it’s the investors who are left in housing debacle’s lurch. The Florida housing boom was creating instant millionaires when St. Petersburg builder Jesse Battle III hit on a promising formula to feed the public’s hunger for no-pain, all-gain real estate deals. Within 18 months, …
St. Petersburg-based firm sees opportunity in S. Florida shopping centers There’s not much room to build shopping centers in South Florida. But one newcomer is squeezing its way into the crowded retail market with four new projects that aim to give local consumers convenient places to shop and do their dry cleaning and banking. The …
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Tringali lenders acting on his debts [South Florida] Three more banks have foreclosed on property or forced him to sell. The house of cards that Neil Mohamad Husani and Michael Tringali built during the height of the real estate boom has finally been flattened. Three more banks that lent Tringali $28.5 million between June 2005 …
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South Beach’s National gets new owner The National Hotel changes hands, but don’t expect any rooms to go condo, a source says. But remodeling is planned. A French real estate investor has purchased South Beach’s National Hotel for an undisclosed sum, offering a glimpse of the lodging sector’s increasing popularity at the expense of condominium …
Builders mimicked CCI and survived [South Florida] A Fort Myers builder got loans from many banks; CCI only tapped Coast. The idea of buying houses in Southwest Florida with no money down and making tens of thousands of dollars by selling them before construction was even done obviously appealed to a lot of investors nationwide. …
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