In ‘walk of faith,’ Tamarac pastor sells churchgoers land in desolate west Texas

In ‘walk of faith,’ Tamarac pastor sells churchgoers land in desolate west Texas

The Rev. Dennis Grant has found his version of the Promised Land — miles of undeveloped desert in far western Texas he is reselling for $22,000 per 20-acre parcel.

Preaching that “God did not create us to be broke,” Grant, a community activist and senior pastor of Restoration Ministries in Tamarac, has bought up an expanse larger than the island of Manhattan in a remote area 90 mileseast of El Paso. He is selling the real estate to the Caribbean community and to members of his church as an investment to help them retire rich.

In the process, Grant stands to make millions of dollars for his company, Florida TopLand. He says he donates 10 percent of the company’s income to his church.

“God knows when money comes into my hands, I’m going to share it. So he’s going to keep giving it to me,” said Grant.

Fast-tracking mortgage payments

Fast-tracking mortgage payments

Making biweekly mortgage payments instead of monthly shaves years off the life of the loan and saves thousands of dollars in the long run. But is it the best idea? Maybe not always. And maybe not for everyone.

I wondered: Could this be possible?

The direct-mail solicitation claimed that we could shave years off the life of our 30-year mortgage and save thousands of dollars in interest by making half our mortgage payment every two weeks instead paying once a month. Of course, there was a fee.

Photographer Testino To Buy NYC Condo

Photographer Testino To Buy NYC Condo

Fashion photographer Mario Testino has signed a contract on a New York City condominium for close to $6.3 million, the asking price.
[Mario Testino]

Mr. Testino’s roughly 2,600-square-foot apartment is in 40 Bond, a soon-to-be completed downtown-Manhattan project of hotelier and developer Ian Schrager. Mr. Testino, who’s based in London and is well-known for portraits of celebrities such as Princess Diana and her sons, will have Ricky Martin as a neighbor; the Puerto Rican pop singer has signed a contract to buy a similar, $6.3 million apartment in the loft-style building. Contracts are set to start closing in mid-July.

Both the Testino and Martin apartments will have three bedrooms, 3½ baths, 10-foot tilt-and-turn windows and 11-foot ceilings. Pritzker Prize-winning architectural firm Herzog & de Meuron designed the 40 Bond project, a 28-unit apartment and town-home development wrapped in greenish cast-glass designed to evoke cast-iron buildings of New York’s SoHo. Amenities include 24-hour hotel-like concierge services. Mr. Testino couldn’t be reached for comment. Corcoran Sunshine Marketing is the building’s sales agent.

Trump withdraws offer for Running Horse [Fresno]

Trump withdraws offer for Running Horse [Fresno]

Billionaire developer Donald Trump withdrew his bid for the bankrupt Running Horse development in Fresno on Monday, claiming that owner Mick Evans was deliberately stalling in an attempt to take over the project himself.

But Trump’s withdrawal — which came in a surprise afternoon telephone call to KMJ’s “Ray Appleton Show” rather than as a message to Evans himself — isn’t necessarily the famous developer’s last word.

That’s because Trump said Monday that he still hopes to bid on the golf course and residential project as it moves through bankruptcy.

“I think I’m better off withdrawing my bid and waiting for the bankruptcy,” Trump said on the show. “Eventually, I think it’s going to go to auction.”

Palmetto subdivision homeowners surprised by blanket lien [South Florida]

Palmetto subdivision homeowners surprised by blanket lien [South Florida]

Real estate push has come to foreclosure shove in Palmetto.

Roughly 200 individual property owners are finding themselves in the first step of a foreclosure because of a legal tussle between well-known Palmetto builder deMorgan Communities and the company that did roads, utilities, sewers and drainage for the development.

The measure, which started as a lien, blankets the entire Oak View subdivision, and word of mouth is carrying the bizarre legal news from one property owner to the next.

Though some homeowners might not even know about it, the legal proceedings have already had a huge effect, ramping up Manatee County’s apparent foreclosure rate to the fifth-highest in Florida.

A deal not even a mom could love

Business: A deal not even a mom could love

Two years ago, Jason Gabay hired an architect to work on his waterfront home in Belleair. Now his widowed mother is out $500,000.

Confused? The sordid tale is laid out in a recent lawsuit.

Largo architect Steve Spencer began drafting designs in 2005, Gabay alleges. Shortly thereafter, Spencer offered him a remarkable investment deal: in exchange for a $500,000 loan, Spencer’s real estate development group would issue Gabay an 18-month promissory note at 12.5 percent annual interest – and throw in a $250,000 bonus.

Days earlier, the group had bought a 198-unit apartment building in South Pasadena to convert into condos. Now, he and his partners needed cash. The bonus represented 1 percent of the project’s anticipated $25-million profit.