Banks auction homes at fire-sale prices [South Florida]

Banks auction homes at fire-sale prices [South Florida]

Another sign of desperation in the South Florida housing market: banks tired of paying taxes and upkeep on foreclosed homes put 200 up for auction Saturday in Fort Lauderdale.

Ranging from the most modest one-bedroom efficiency condos to five-bedroom houses worth close to a million dollars at the height of the market, these once-dignified symbols of the American dream were reduced to tiny thumbnail photos in an auctioneer’s guidebook.

”It’s very bittersweet,” said Realtor Renee Dworkin, who accompanied several clients to the sell-off. “Each one of these homes represents heartache for someone.”

Did appraisers juice Florida real-estate market?

Did appraisers juice Florida real-estate market?

Almost every street has one: a vacant house that sold a couple of years ago for a jaw-dropping price. It could be another example of appraiser-inflation during the overheated housing market, which saw property values soar tens of thousands of dollars with each sale.

Appraisers so commonly pumped up house values to meet demands of developers, real-estate agents and lenders that complaints against them tripled in Florida in recent years — the largest complaint increase for any profession regulated by the state.

Frank Gregoire, former chairman of the Florida Real Estate Appraisal Board, said most appraisers are honest but some succumb to pressure from lenders who want higher appraisals.

“I’m not alone. Plenty of appraisers want a light shined on this,” said Gregoire, who owns an appraisal company in Pinellas County and is campaigning to become Pinellas property appraiser. “Consumers need to know about what they are buying and the devastating effects of this on their neighborhoods.”

Did20appraisers20juice20Florida20real-estate20market3F20–20OrlandoSentinel.com

Did20appraisers20juice20Florida20real-estate20market3F20–20OrlandoSentinel.com
Almost20every20street20has20one3A20a20vacant20house20that20sold20a20couple20of20years20ago20for20a20jaw-dropping20price.20It20could20be20another20example20of20appraiser-inflation20during20the20overheated20housing20market2C20which20saw20property20values20soar20tens20of20thousands20of20dollars20with20each20sale.0D0A0D0AAppraisers20so20commonly20pumped20up20house20values20to20meet20demands20of20developers2C20real-estate20agents20and20lenders20that20complaints20against20them20tripled20in20Florida20in20recent20years20–20the20largest20complaint20increase20for20any20profession20regulated20by20the20state.0D0A0D0AFrank20Gregoire2C20former20chairman20of20the20Florida20Real20Estate20Appraisal20Board2C20said20most20appraisers20are20honest20but20some20succumb20to20pressure20from20lenders20who20want20higher20appraisals.0D0A0D0A22Im20not20alone.20Plenty20of20appraisers20want20a20light20shined20on20this2C2220said20Gregoire2C20who20owns20an20appraisal20company20in20Pinellas20County20and20is20campaigning20to20become20Pinellas20property20appraiser.2022Consumers20need20to20know20about20what20they20are20buying20and20the20devastating20effects20of20this20on20their20neighborhoods.22

Call from God has investor selling on a prayer

Call from God has investor selling on a prayer

While the majority of his brethren rejoice in a market downturn that would allow them to buy properties at bargain prices, Powell is praying to sell his holdings in Fort Lauderdale and Lauderhill.

The timing couldn’t be worse, and he knows it’ll take nothing short of divine intervention to reap a huge profit.

But Powell figures God is on his side — and in a big way.

After 40 years in South Florida and dozens of real estate deals, Powell is leaving to attend a three-year ministerial program at Unity Village near Kansas City, Mo., the headquarters of the Unity, a new thought Christian church with about 1,000 locations throughout the world.

Maitland may OK rentals instead of condos [Central Florida]

Maitland may OK rentals instead of condos [Central Florida]

City leaders did not imagine a downtown full of apartments when they were planning their upscale city center.

They spent years vetting plans to replace old and shuttered storefronts on U.S. Highway 17-92 with more profitable shopping plazas, office buildings and upscale condominium complexes.

Yet they are revising their dreams as the housing and credit meltdown meets Maitland’s downtown makeover. The developer of The Villages at Lake Lily — the project that will anchor the downtown’s south end and the first major project to start construction — is pushing to convert 200 planned condominiums to luxury apartments, in addition to 250 apartments already approved, because he can’t get construction money for condos.

City leaders appeared willing to go along with that at a work session Thursday with planning, redevelopment and financial advisory board members. They advised staffers to work with the developer on a revised agreement that would allow 450 apartments but provide for their conversion to condos when the market rebounds.

44 Whitehall condos sell fast [Columbus Ohio]

44 Whitehall condos sell fast [Columbus Ohio]

A portion of Whitehall’s most rundown housing complex was auctioned off yesterday, leaving real-estate investors smiling as they snatched up condominiums for the price of a used car.

It’s not often you can find a three-bedroom, one-bathroom condo for $13,738.

But this is Woodcliff Condominiums, the complex near Hamilton Road and E. Broad Street where untreated sewage seeped up into basements and roaches returned despite several extermination attempts.

Mike Crawford got 28 of the units, each for $11,000.