House ‘flippers’ work with no net

House ‘flippers’ work with no net

Eddie King no longer has the moves that earned him a spot as a fullback for USC in the mid-1960s. But his ability to spot an opening and capitalize on it has earned him millions in another favorite Southern California sport — home flipping.

Over the last 30 years, King has bought, renovated and sold — or “flipped” in real estate parlance — 60 houses in Los Angeles, Hawaii and elsewhere. Most years, he’s sitting on four or five homes worth a total of more than $5 million. It’s the kind of success story that inspires daydreams of quick riches among the rest of us.

But don’t cash in that home equity just yet, warns King. Like most sports, this one isn’t kind to rookies who don’t know the rule book.

Jupiter mobile home park sold for $4.45 million [South Florida]

Jupiter mobile home park sold for $4.45 million [South Florida]

The park sits on 2.5 acres of waterfront real estate

A 52-year mobile home park on 2.5 waterfront acres has been sold for $4.45 million dollars, and the seller, whose family has owned the property since 1970, says it was sold as a mobile home park.

Bell’s Mobile Home Park at 401 Alternate A1A was sold by Robert and Joan Bell, brother and sister, operating as FJB Holdings, LP to Old Jupiter LLC, whose officers run Creative Choice Homes Inc. Creative Choice Homes Inc. is building a Amrit Resort & Residences on Singer Island.

Millionaire fraud suspect can stay in Isleworth home

Millionaire fraud suspect can stay in Isleworth home

A millionaire developer accused of securities fraud and grand theft can continue to live in his $7 million Isleworth mansion — at least for now.

U.S. District Judge John Antoon II this week ordered that the home and several other assets of condominium developer Patrick B. Kirkland be administered by a court-appointed receiver.

Antoon, after a nearly four-hour hearing Wednesday, also approved a request by a Holland & Knight LLP attorney to auction off Kirkland’s office equipment and a boat as a way to preserve their value.

Are some lenders steered by competitive pressures?

Are some lenders steered by competitive pressures?

Perhaps, but even in a frenzied market, risky loans never make sense, local bankers say.

Neil Mohamed Husani had no trouble getting bank loans.

During a real estate boom in which Southwest Florida lenders were duking it out for deals, Husani and his partners have borrowed $74 million from six banks in the past 15 months.

Husani’s financial plays have generated plenty of buzz in Sarasota financial circles.

Navigator completes $17 million in building deals [Twin Cities]

Navigator completes $17 million in building deals [Twin Cities]

Minneapolis-based Navigator Real Estate Group has purchased two local office properties in deals worth more than $17 million.

Navigator purchased the Energy Park Corporate Center in St. Paul for $12.25 million at the end of February from a joint venture between Ryan Companies US Inc. and the St. Paul Port Authority.

Last week, Navigator closed on another purchase, paying $4.9 million for the 48,000-square- foot Eastwood Professional Center at 2042 Wooddale Drive in Woodbury.

Dock space continues to slip away

Dock space continues to slip away

Another S. Fla. marina succumbs to redevelopment, forcing boat owners to find slips in an already tight market

Once a month for the past four years, Roy and Carol Rouse have come to Maule Lake marina in North Miami Beach to escape their hectic jobs in Austin, Texas, and kick back on their boat.

But this month, the Rouses came for another reason: To leave. The marina’s owner, Boca Developers, plans two condominium towers and is giving them until April 8 to be out. Eventually, the slips will become available again, but only to buyers in the new condominiums.