Foreclosure market can yield home bargains, but be careful

Foreclosure market can yield home bargains, but be careful

For our final examination of sources for bargain properties, I want you to know something about the world of real estate foreclosures. There are pros and cons, and you may come to the conclusion that this source is more trouble than it is worth. Even so, with more than 3,000 homes being advertised as foreclosures each month in the metro Atlanta area, we are talking about a lot of real estate.

In a nutshell, when a borrower stops making payments on his home loan, the lender typically sends late notices and requests that the owner get caught up as quickly as possible. After all else fails, the lender will usually turn the case over to an attorney, who will attempt to collect the debt through the foreclosure.

As prices soar, some builders backing out of bargain contracts for new homes [South Florida]

As prices soar, some builders backing out of bargain contracts for new homes [South Florida]

Most everything was in boxes as Dottie and Gary Sahadeo prepared to move out of their Coconut Creek home to a more spacious, custom-built house west of Boynton Beach.

But with construction almost complete, the Sahadeos received an unwelcome call: Their developer was canceling their contract, requesting $150,000 more to finish the work.

“We bought stuff for it. It’s depressing,” said Dottie Sahadeo, who expected to move a year ago.

Developer still seeks condo units

Developer still seeks condo units

A developer who began buying condominiums at Cape Coral’s Sunset Towers in the wake of Hurricane Charley is still trying to do so.

But condo owners who threw up roadblocks to keep him out say they’re not budging on selling, even if work to repair damage from the 2004 hurricane is going slowly.

Vincent Kuttemperoor of VK Development said about 25 condo owners at the twin eight-story buildings on Cape Coral Parkway might be disappointed enough to sell, though.

Traps can lurk in tax savings on real estate

Traps can lurk in tax savings on real estate

Tax time provides an opportunity to cash in many of the rewards of dabbling in last year’s red-hot real estate market — but there are numerous tax traps if you sold a home, refinanced your mortgage or bought an investment property in 2005.

Although the rules are too twisted to explain fully, here’s a brief primer of four common real estate transactions that could leave you vulnerable in an audit:

If you sold your home: Most sellers can cash in one of the biggest perks in the tax code. Couples can sell their home for a $500,000 profit without paying a cent of income tax. Single taxpayers can pocket $250,000.

Proposed office building sale will shatter records [New York City]

Proposed office building sale will shatter records [New York City]

The owner of two of four buildings in a Harrison office park plans to spend $35.3 million — a record-breaking $219 per square foot — to acquire one of the adjacent properties.

In a deal born as much by necessity as desire, Heritage Realty Services LLC of New York City is buying a 161,000-square-foot office building at 3 Gannett Drive from Reckson Associates Realty Corp. The fourth building in the office park is owned and occupied by The Journal News.

3 Gannett Drive is the key to the operation of the two neighboring 106,000-square-foot buildings that Heritage already owns. It houses most of the shared mechanical systems, the chilling machines that provide the air conditioning, Heritage President and Chief Executive Officer George Constantin said yesterday.

Real estate firms tally up heady sales as outlook dims [Central Florida]

Real estate firms tally up heady sales as outlook dims [Central Florida]

Last year may have been the pinnacle — it’s clear real estate markets are slowing — but Central Florida companies sure made hay while the sun was up.

CB Richard Ellis’ Florida Multi-Housing Team handled $5.2 billion in apartment sales last year. The statewide effort included 141 properties totaling 44,000 apartments.

Bob Miller and Shelton Granade said in Central Florida the transactions included 51 properties totaling more than $1.6 billion