Dealmaker elevated flip to an art

Dealmaker elevated flip to an art

In the midst of the 2006 U.S. congressional campaign, Mark Brivik held a fundraiser at his multimillion-dollar home on Longboat Key for Republican candidate Vern Buchanan.

It was a swank affair, say those who attended. Even the Israeli ambassador was there.

The party spotlighted Brivik at the height of his wealth and social prowess, a moment of prosperity gained through a series of real estate deals where he sold properties back and forth to partners and companies he controlled to get ever-increasing mortgages.

But when Southwest Florida’s real estate market dropped, Brivik’s fortunes dropped along with it.

Mortgage Crisis [South Florida]

Mortgage Crisis [South Florida]

As more South Florida homeowners fall behind on their mortgage payments, many lenders are slow to embrace a less costly alternative to foreclosure: short sales.

In a short sale, lenders allow owners facing foreclosure to sell their homes for less than the mortgage balance. The lender absorbs the shortfall, but limits its legal fees and the carrying costs of owning a home — especially in markets with sharply declining home values.

But despite the apparent financial advantages, lenders have been deterred by several factors, including the significant amount of documentation required and the related processing costs. They are also holding out for more lucrative — yet elusive — deals.

In a short sale, lenders lose an average of about 19 percent of the loan amount, compared with an average of 40 percent through a foreclosure, said Kevin Kanouff, president of Clayton Fixed Home Incomes in Connecticut.

Condo sales turn sour [South Florida]

Condo sales turn sour [South Florida]

Market-distorting rebates and incentives helped move units at Vintage Grand, and banks are left with bad loans

Martin Caparros was late to the party with his Vintage Grand condominium conversion project, but his sales team still managed to sell 238 units for a total of $43.4 million from January 2006 to October 2007.

That comes to nearly $2 million more than the $41.5 million Caparros paid for the 432-unit complex in February 2005 — a pretty good showing considering that the once red-hot condo conversion market became increasingly frigid after summer 2005.

Buyers drive hard bargains in Puget Sound area real-estate market

Buyers drive hard bargains in Puget Sound area real-estate market

With home sales soft, agents like Windermere’s Mark Corcoran say most sellers must make concessions to be competitive.

Corcoran, whose main territory is North Seattle, recently represented the seller of a $700,000 home that quickly attracted two offers. Both were at least 10 percent below asking price, and his client declined them.

But with the real-estate market in the doldrums — April sales and prices were down from last year, according to Northwest Multiple Listing Service figures released Monday — buyers are driving hard bargains. Turning down an offer could leave sellers waiting a long time for another.

After about a month, with no buyers in sight, Corcoran’s seller agreed to drop the price 5 percent. That brought a buyer who wanted the house fumigated and the hardwood floors refinished. Again the seller declined.

Lure of a deal starts to bring buyers back

Lure of a deal starts to bring buyers back

Savvy buyers enticed by falling prices, decent inventories and low interest rates are beginning to test the waters again, local real estate experts say

Kathy Hilstein watched the housing market carefully last year, waiting for prices to fall.

In November, she decided to buy an investment property— a foreclosed condominium in Santa Maria. In March, she closed escrow on a second foreclosed property, a two-story home on an acre off Los Berros Road in Arroyo Grande. Hilstein, the owner of a cleaning service, liked it so much that it’s now her permanent residence.

Living large at Luxuria [South Florida]

Living large at Luxuria [South Florida]

Would you like to live in Boca Raton on the ocean?

If you have a friend who sells real estate, you can both be happy at Luxuria, a 24-unit condo that immodestly bills itself as the most “grandiose and extravagant residential building ever constructed in South Florida.”


At a time when the news is mostly all bad about real estate, Luxuria is further evidence that the rich are different. Regardless of rising gas prices and stock market volatility, they still have more money. Exhibit A: The recent blockbuster, $81.5 million price paid for a Palm Beach home.

Luxuria buyers seem impervious to the economy, too. With prices starting at $4.6 million and going up to more than $12 million, these “estate homes,” as the developer calls them, are as big or bigger than a single-family home. Sizes range from 4,500 to 12,000 square feet. One buyer bought two units to create a 9,000-square-foot apartment.