Tips on how to keep afloat in an unstable housing market

Tips on how to keep afloat in an unstable housing market

About three years ago, northern Nevada experienced a boom in the housing market which managed to stabilize about six months ago, leaving some homeowners in a difficult financial situation.

Loan Officer Sonny Lopez of Mortgage America in Reno noticed an increase in the amount of foreclosures in the Reno/Sparks area in 2005. Lopez said he believes the increase in foreclosures in this area is due to “the cost of living going up and the retirement not matching it,” he said, noting that the greatest group affected includes those in their 50s and 60s.

“Most people believe they’ll get caught up and they’ll fall behind within six months,” said Lopez. At this point, an investor comes in and offers the struggling homeowner money to move and pays off their mortgage note, which is the remaining amount owed in the original purchase price of the house.

Developer shelves luxury condo project [South Florida]

Developer shelves luxury condo project [South Florida]

Developer decides now is not the time for its luxury condo project.

Faced with continued sluggishness in the high-end condominium market and little reason for short-term optimism, the owner of the land at U.S. 41 and Gulf Stream Avenue downtown has shelved plans for a 17-story luxury residential tower.

Kolter Communities’ decision to suspend its Grande Sarasotan project marks the biggest casualty to date for Southwest Florida’s slumping real estate market.

Though other notable condo towers — including a 15-story high-rise planned for 1740 Main St. and a pair of 16-story towers proposed for the parking lot behind Main Plaza and the Hollywood 20 movie theater — have failed to reach fruition, the Grande Sarasotan represents a higher stratum.

In Briny Breezes, some sad at selling $1 million trailers [South Florida]

In Briny Breezes, some sad at selling $1 million trailers [South Florida]

Back in the early days, before telephones, air conditioning, television and double-wides, a loudspeaker chronicled many of the joys of tropical life, trailer-park style.

When dolphins frolicked just offshore, the manager’s wife announced the sight on the public-address system. When families returned from Michigan or Ohio towing their 18-foot “tin cans” for another winter of bliss, the PA crackled with the news and the promise of another welcome-back party.

“People would come to help you unpack and get you settled in and stay a spell,” remembers Dorothy McNeice, 79, who first wintered here in 1938. “They were all very friendly and all in the same boat — coming from different states with their families. There were many gatherings. That was the Briny way.”

Today, nearly two weeks after residents of Palm Beach County’s tiniest town voted to sell their 488 mobile-home lots to condo developers for $510 million — making many of them future millionaires — the same culture of neighborliness and spontaneity prevails.

Colorado real estate a house divided

Colorado real estate a house divided

Give him a home in good condition priced below $300,000, and Grand Junction real estate broker Hal Heath claims he can probably sell it within a few hours.

“As soon as I make two phone calls, a sale is done,” said Heath, whose greatest fear is selling a home too quickly and not getting a maximum price.

Matt Rivette, a broker with Pro Realty Inc. in Greeley, has the opposite experience.

He throws cold water in the face of home sellers unwilling to accept declining values and an extended stay on the market.

West Delray condo owners still wait to return after Wilma

West Delray condo owners still wait to return after Wilma

Elena Ecker points to what used to be her kitchen, bedroom, bathroom and living room.

The one-bedroom condo is now just a shell divided by metal beams and a plywood roof.

Ecker’s home is one of an estimated 375 units at Kings Point empty since Hurricane Wilma hit the retirement community west of Delray Beach. An additional 125 units remain damaged.

Fifteen months after the storm, residents of several sections in the 55-and-older community are back to day one: looking for a contractor who can finish repairs and figuring out how to pay for them.

Sinkhole policies may change

Sinkhole policies may change

While insurers bemoan their troubles with Florida lawmakers this week, they stand to win at least one fight.

The Florida House and Senate are on the verge of dramatically changing state law on sinkhole insurance. This could cut rates in half for homeowners in hard-hit Pasco and Hernando counties, where 80 percent of all Citizens Property Insurance Corp. sinkhole claims are filed.

But homeowners would shoulder more risk.

After tweaking the process the last two years, the House and Senate are going a new route. They would make sinkhole coverage, which has been standard in most policies, an optional purchase.