Blaine hotel builders sued

Blaine hotel builders sued

Blaine Hospitality faces foreclosure proceedings after defaulting on a $5 million loan to Home Federal Savings. The developer says construction delays are to blame.

The developers of a 98-room hotel near the National Sports Center in Blaine are facing foreclosure after defaulting on $5 million in construction financing.

Home Federal Savings Bank of Rochester is suing Blaine Hospitality of Bemidji, Minn., its partners and several subcontractors who have mechanics liens against the hotel property. Michelle Jester, a Minneapolis attorney representing Home Federal, last week declined to comment about the complaint.

2 payments: No problem

2 payments: No problem

In today’s difficult real estate market, many sellers are looking for alternatives to dumping their existing home on a low-ball offer, especially if they’ve already found another home they need or want to go ahead and buy.

Renting out the previous home has proved to be a reasonable solution for some of these sellers, and it’s a good one if you are careful about how you do it. Read these stories of two Atlantans who have done it and the expert advice they heeded to make sure they did it right.

Amy Symms had just finished creating her dream place in Connecticut. She bought a two-bedroom plus loft condo and gutted it, fashioning a high-end haven in an exclusive area.

In slow market, developers offer ‘test drive’ of condos

In slow market, developers offer ‘test drive’ of condos

The Carruth, a mix of affordable apartments and market-rate condominiums in Dorchester, opened earlier this year, as the market for condos had turned sharply downward.

Sales of the 42 condos in the building languished, with only three sold to date.

So, developer Trinity Financial Inc. of Boston decided to offer the units as a variation of rent-to-own – leases with an option to purchase at a potential discount.

“We’ve had great success with it so far,” said Abby Goldenfarb, project manager for the developer, noting that nearly all of the 20 new renters have signed up for the purchase option. “We are really trying to respond to the market.”

Short sales help make home buying a reality

Short sales help make home buying a reality

Three years ago, home ownership for Stephen and Cassie Treap seemed as likely as winning the Florida Lotto, because home prices were far above what the family of four could afford.

It’s getting more difficult to remember, but it was only three years ago this month that the median price of a single-family home in Brevard County reached its apex at $248,700. The median price — the point at which half the homes sell for more, half for less — now stands at $166,400.

While not good for some sellers, the Treaps this June bought a 1,746-square-foot, three-bedroom home in Palm Bay for $121,900 in a foreclosure transaction. Nearly three years earlier, the same property sold for $215,400.

New Citizens discounts kicking in for condos [Florida]

New Citizens discounts kicking in for condos [Florida]

Local condominiums will see significant savings on their insurance premiums starting Monday.

Citizens Property Insurance Corp., which insures many of the condominium buildings in the state, is doubling the hurricane mitigation discounts for condo buildings with a replacement cost of $10 million or less, as policies renew on Sept. 1. The move is to comply with an order mandating the additional discounts for low- and mid-rise condo buildings that have roofs meeting the 2002 building code.

While the new discounts from state-sponsored Citizens will mean substantial savings for some area condo buildings, they also come with some controversy.

The discounts are being implemented nearly two years after Gov. Charlie Crist and the Florida Cabinet ordered property insurers to increase mitigation discounts. But more importantly, Citizens will take on additional risk as it doubles the premium discounts it now hands out annually to condos rising to $340 million. Citizens’ rates are frozen through 2009, even though state lawmakers admit that those rates are inadequate to cover potential hurricane risk.

Do you need flood insurance? [Central Florida]

Do you need flood insurance? [Central Florida]

You’ve seen the angst as hundreds of Central Florida homeowners try to battle the rising waters in Tropical Storm Fay’s aftermath.

Hundreds of homes are flooded and evacuated. More people still are anxiously watching the rising St. Johns River.

Folks such as Hans Anderson, who lives on Lake Harney, remain in a desperate race to save their homes and belongings.

Wondering whether this could ever happen to you? Here’s what you need to know to prepare for the worst.