News about properties and real estate
Escrow Bomb ticking in S. Florida You’d be smart to keep a close eye on that escrow account attached to your mortgage. There’s a good chance many Florida property owners won’t have enough money squirreled away this year. Escrow is money held for future obligations. Every month most homeowners pay principal and interest due on …
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Citizens deficit to cost all homeowners [Florida] All Floridians with homeowner insurance policies will have a one-time charge tacked on their annual premiums to help cover Citizens Property Insurance Corp.’s $1.7 billion deficit from 2005, officials with the state-backed insurer decided Thursday. And Citizens’ board will meet next month to consider another extra charge for …
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Taxpayers strain to swallow hikes [South Florida] When Patrick Moriarity opened his tax bill this year and saw a 35 percent increase in the amount of money he owed on his two commercial rental properties in Venice, he was more than outraged. He was disgusted. Moriarity and new homeowners, owners of second homes and owners …
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Harlem Staging Its Latest Renaissance “Harlem has finally been recognized as being in Manhattan,” the chairman of global brokerage at CB Richard Ellis, Stephen Siegel, said. “It is a wonderful land for opportunity from a location, transportation, and developable site perspective.” “Harlem has arrived. Almost every storefront is full, crime is way down, and the …
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Palm Beach County property values make waves [South Florida] Lee Berman of Palm Beach Gardens watched the value of his 87-slip Hypoluxo marina increase from $28.4 million to $44 million over the past year. His property taxes soared with it, rising by more than $550,000, while his business income remained the same. “I do see …
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The Berserkonomics of One Rent-Stabilized Apartment Building [New York City] For decades, New York has owed a key part of its allure—its unwillingness to honor class divisions with geographic ones—to rent stabilization. Under the system, which governs rents for a million apartments in the city, wildly different tax brackets can be found sharing walls, watts, …
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