News about properties and real estate
CDD defaults may be disaster for a swath of homeowners [Tampa Bay] More than 50 of Tampa Bay’s community development districts are in or near default, a condition that could have serious ramifications for thousands of homeowners across Tampa Bay and accelerate the decline of already troubled Florida banks. Developers use CDD bonds, or “dirt …
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Dubai: A High Rise, Then a Steep Fall As financial crisis roiled much of the world in October 2008, the head of Dubai’s biggest state-owned developer unveiled his latest megaproject: a $38 billion development that would include a tower nearly two-thirds of a mile tall. “I’m sure most of you are asking why we’re launching …
View of home as investment needs to change, expert says [Southern California] Kajal and Vishal Dharod paid $559,000 in 2006 for a new four-bedroom house built in Rancho Cucamonga, Calif. Today, it’s worth about $360,000. “We don’t know how we can come back from a loss like that,” said Kajal Dharod, 29, a first-time homeowner …
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Chinese drywall: Florida hasn’t committed to using federal money for repairs [South Florida] The Louisiana Legislature passed a law that allows the state to use $5 million in federal grants to repair homes with tainted Chinese drywall. So far, Florida lawmakers have failed to follow suit. “If Louisiana can do it, why can’t we?” asked …
The new flipping: short sales [South Florida] Untold millions of dollars that banks could have recovered from the sale of distressed Florida homes have instead been pocketed as profits by a new breed of property flipper. These flippers target houses on the verge of foreclosure and persuade banks and mortgage companies to accept lowball buyouts, …
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Districts in Distress [South Florida] Stressed community development districts in Florida this month have told bondholders that they continue to rely on reserves to make debt payments. Some have filed notices of default and analysts expect their number to increase. The state currently has 571 active CDDs, according to state records. Since the early 1980s, …