Buyer wants to check out of Trump condo-hotel contract

Buyer wants to check out of Trump condo-hotel contract

The Trump International Hotel & Tower project on Fort Lauderdale beach Monday became the latest condo-hotel development to face a legal battle from an unhappy investor.

John Taglieri, of Nahant, Mass., filed a lawsuit asking for his $146,000 deposit back and other damages, alleging that he was misled into signing a contract for a $730,000 unit in 2005. He claims the condo-hotel was marketed to him as an investment but never registered as a “security” and that the venture was not completed on time, according to a 36-page document filed in Broward County Circuit Court.

Developer SB Hotel Associates LLCcould not be reached for comment.

The suit comes amid a slowdown in condo-hotel sales in South Florida amid a nationwide credit crunch and real estate slump.

Firm’s foreclosure net snags ex-condo owners

Firm’s foreclosure net snags ex-condo owners

Arianne Fernandez could not believe what showed up in her New York City mailbox in early June.

It was an official-looking envelope with her name on it, and inside, notice of a foreclosure hearing.

She was named in the suit. So was her mother. So was her sister. Her aunt, too.

But none of them owned the home in question. None even knew they were being sued, they say.

Cape Coral’s real estate collapse attracts bargain hunters – St. Petersburg Times

Cape Coral’s real estate collapse attracts bargain hunters [Tampa Bay Area]

As the minibus swings into the driveway, Janet Kenyon takes one look at the new three-bedroom, two-bath house and lets out a shriek. “Oh, my God. I hate yellow!” The house is indeed very yellow, but the hour is getting late and Kenyon and husband Blu have yet to see any place they really, really like. So they head inside to a pleasant surprise. “Aw, this is nice,” she coos, stroking the faux granite countertops. “Sweet, isn’t it?” he agrees, exploring a custom walk-in closet. Best of all, the price: $103,000.

Three years ago, a house like this might have gone for $250,000 as investors swooped into Cape Coral and transformed the sleepy waterfront city into one of the country’s hottest real estate markets. Then demand dried up, and by February, the Cape Coral-Fort Myers area had a new distinction: No. 1 in the nation in foreclosures.

The area is still Florida’s foreclosure capital, though it has dropped to fourth nationally. Sales are up as cut-rate prices attract buyers like the Kenyons, who are moving from Connecticut to be close to Janet Kenyon’s parents in nearby Estero.

Cape Coral is once again affordable, but with such a plunge in taxable value that the city of 170,000 is laying off dozens of employees and cutting park programs and other services.

More couples taking home-buying leap

More couples taking home-buying leap

The National Association of Realtors says unmarried couples buying a home together are the second fastest growing segment of American home buyers. In 2007, unmarried couples accounted for 7 percent of all home buyers. Their average age was 32 years old, which makes them the youngest of all first-time home buyers.

Whether it’s the economy or just changing times driving those numbers, it’s important for all parties involved to remember that the mortgage changes the partnership from strictly friendship or romance to a business one. What do both people need to think about before they tie this particular knot?

Marin Stephenson, 28, and Dan Kraushaar, 30, were neighbors in a Marietta apartment community. “We were each paying a little over $1,000 a month, throwing all that money away on rent,” says Stephenson. “Interest rates were dropping and it seemed like a good time to buy. We were in a pretty serious relationship, thinking about getting engaged, so we thought we’d combine our rent money and put it toward something that would be ours.” Kraushaar says, “We started looking for a home in a good school district for Marin’s 8-year-old daughter.

Houses sold for just $100! But banks’ deals short taxes

Houses sold for just $100! But banks’ deals short taxes

Hundreds of houses in Greater Orlando are bought each week for just $100 apiece — even in upscale subdivisions such as Baldwin Park.

But don’t run to the ATM just yet. There’s a catch.

The bargain prices only benefit the banks foreclosing on the properties. They’re so determined to protect their investments that they flex their bidding muscles at the start of public auctions.

And when they get those houses for that lowball opening bid of one Ben Franklin, it could be costing the state millions of dollars in lost taxes.

Arena developer angling for time [South Florida]

Arena developer angling for time [South Florida]

The company behind the partially built arena in Lakewood Ranch has sought Chapter 11 bankruptcy protection in a move company officials say will buy them time to find financing and jump-start the stalled project.

The filing Friday by DVA Arena led to cancellation of a foreclosure sale of the property that was to start Monday.

If it is granted, the bankruptcy will allow business owner Sal Diaz-Verson to hold onto the partially built arena just north of State Road 70 and restructure company debt.

“The Chapter 11 filing gives DVA additional time to reorganize the company and raise the additional capital needed to complete the arena project,” Diaz-Verson said in a prepared statement. “We remain fully committed to bringing a top-notch sports and entertainment venue to Southwest Florida.”