News about properties and real estate
Strong demand and rapidly diminishing inventory is significantly boosting rental rates in Brickell’s condos, brokers say. “Rents have gone up by 12%-15%,” said Edgardo Defortuna, president of Fortune International Realty. "In our luxury buildings, we used to rent for $1.85-$1.90 a foot. Now it’s $2.20-$2.35 a foot.” In some properties such as Icon Brickell, he said, there’s …
Continue reading “Fueled by strong demand, Miami condo rents rise in double digits”
Homeowners facing foreclosure may take some solace in this; even West Palm Beach retail monolith CityPlace is wrestling with its lenders for a loan modification. The outdoor shopping complex, celebrated for reinventing downtown, last paid on its $150 million loan in February, sending it into 90-day delinquent status last month. Although retail occupancy remains high …
A recent RealtyTrac/Trulia survey revealed that 85 percent of current homebuyers are interested in distressed properties—residences that have been foreclosed or are being offered as short sales. At the same time, the city and suburbs possess a substantial stock of distressed condos, lost either by homeowners or by developers. But buying a foreclosed condo has …
Continue reading “Expert Tips for Buying a Foreclosed Condo in Today’s Market”
After experiencing one of the worst housing market crises, Miami is making a strong comeback — above other major cities in the US — fueled by international investors buying local real estate with cash. The coastal and desert regions in the US, including South Florida, are seeing significant sales activity compared to the rest of …
Continue reading “Miami residential sales recovery rockets past rest of nation”
During the boom years, as big housing developments mushroomed throughout the country, developers worked with local governments to raise billions of dollars for roads, sewers and sidewalks through a municipal-debt security known as “dirt bonds.” Now, as those bonds get tested by the worst housing downturn since the Great Depression, dirt-bond investors are getting a …
After his wife died, retired plumber Leonard Selinsky tried to simplify his life by moving into Sunset Village, a mobile home park in Glenview with tidy homes and friendly neighbors.His new home is no trailer – it’s a two-story Cape Cod with three bedrooms and an attic. “I love my house," he said. "This is …
Continue reading “Residents of foreclosed mobile home park fight to control their future”