Developer of Carlisle has rebuilt his career [Central Florida]

Developer of Carlisle has rebuilt his career [Central Florida]

Developer Steve Walsh doesn’t shy from a fight.

He spent a decade battling his way out of bankruptcy and has sued opponents of his projects. That tenacity has helped his Broad Street Partners amass $1 billion worth of current and future projects in Central Florida.

But this time, Walsh is ready to walk away.

Winter Park’s resistance to The Carlisle, a four-story condo/retail project, has been so great, he is ready to leave behind years of work if the city will pay him and his partners the $5.3 million they have invested.

Builder leaves subcontractors unpaid [South Florida]

Builder leaves subcontractors unpaid [South Florida]

Tradesmen say they’re owed more than $1 million

Imagine hiring a dozen crews to build at least two dozen homes and then running out of money before you can pay them for their services, and you can imagine the mess that Construction Compliance Inc. faces.

The company, which has some 90 active building permits in Charlotte County, has apparently been placed in financial limbo after many of its subcontractors — who claim they haven’t been paid for some $1 million in work — filed liens against the homebuyers.

At least one bank involved in financing CCI’s home construction projects has ceased releasing cash advances on the work on at least one of the homes.

Kara Homes seeks $5M loan to keep operating

Kara Homes seeks $5M loan to keep operating

Bankrupt builder Kara Homes Inc. wants to borrow $5 million from a hedge fund, money that the company would use to stay afloat and finish the construction of some homes that are close to completion.

The loan from Plainfield Special Situations Master Fund Ltd., a hedge fund based in Greenwich, Conn., will be the subject of hearing before U.S. Bankruptcy Court Judge Michael B. Kaplan on Tuesday.

East Brunswick-based Kara filed for Chapter 11 bankruptcy Oct. 5, saying the real estate market downturn prevented it from paying its debts. The company reported $350 million in assets and $227 million in liabilities.

How about a college education with your new condo?

How about a college education with your new condo?

A slow market has developers offering everything from shopping sprees to new cars to vacations.

When Karen Nisius was considering buying a new two-bedroom condominium at Toscano in Kendall, one of the deciding factors was a $5,000 shopping spree offered by the developer, Fairfield Residential.

”I had been looking for about six months, and didn’t have an immediate need to buy,” said Nisius, an agricultural exports manager for Cargill who was seeking a shorter commute to her Coral Gables office. “The developer offered to waive his fees and pay my closing costs.”

Before Nisius moves into her $400,000 condominium this month, she will take advantage of a $4,000 credit from Rooms to Go, whose Dadeland showroom is on the ground floor of Toscano, and another $1,000 credit from Best Buy. ”I’m moving from a three-bedroom house further south and downsizing, so some of my current furniture won’t work at my new condo,” she said. “Getting all new furniture for free was a real incentive for me.”

Condo builders: Deposits back soon [South Florida]

Condo builders: Deposits back soon [South Florida]

Still debating which New Year’s resolution to keep through next week?

Developers of two unbuilt West Palm Beach condo projects have their resolutions already lined up: We promise to give buyers back their deposits … soon.

During the past month, buyers in the Opera Place and Palladio Terrace high-rises slated for downtown West Palm Beach have been peppered with Dear Buyer letters from their Miami-based developers. The letters promise the return of buyers’ deposits now that these luxury condo towers aren’t going forward. Blame a lousy condo market and vaporized bank financing.

What’s Become Of The Condo Conversion?

What’s Become Of The Condo Conversion?

Two years ago one of the easiest ways to make big money in America was to convert apartments into condominiums.

The housing slowdown has taken a toll, pruning profits and thinning out herds of condo buyers so much that many converted properties are reverting to apartments. But conversions still take place, suited to certain markets and pared expectations for investment return.

The conversion process is simple. For as little as $75 in some counties, a developer can initiate a legal process to convert multiunit apartment buildings into individual condos to be purchased by separate owners or investors. Current renters normally are given relocation money and the option to vacate their unit at lease end or the opportunity to buy their old apartment slightly below the sales price of the newly refurbished condos.