CityPlace seeks loan modification

Homeowners facing foreclosure may take some solace in this; even West Palm Beach retail monolith CityPlace is wrestling with its lenders for a loan modification.

The outdoor shopping complex, celebrated for reinventing downtown, last paid on its $150 million loan in February, sending it into 90-day delinquent status last month.

Although retail occupancy remains high at 93 percent, according to a March report from Fitch Ratings, a recent appraisal of the property listed its value at $143 million, down from a boom-time value of $233 million.

via CityPlace seeks loan modification.

Expert Tips for Buying a Foreclosed Condo in Today’s Market

A recent RealtyTrac/Trulia survey revealed that 85 percent of current homebuyers are interested in distressed properties—residences that have been foreclosed or are being offered as short sales. At the same time, the city and suburbs possess a substantial stock of distressed condos, lost either by homeowners or by developers.

But buying a foreclosed condo has its own particular pitfalls. “When you buy a single-family home, you’re in control of your own destiny,” says the Coldwell Banker agent Matt Garrison, whose CondoShark.com aids in foreclosure shopping. “When you’ve got shared ownership, you’re all in it together, no matter what.” That’s why it’s important to remember the following tips from foreclosure specialists when looking for a distressed condo.

via Expert Tips for Buying a Foreclosed Condo in Today’s Market.

Miami residential sales recovery rockets past rest of nation

After experiencing one of the worst housing market crises, Miami is making a strong comeback — above other major cities in the US — fueled by international investors buying local real estate with cash.

   The coastal and desert regions in the US, including South Florida, are seeing significant sales activity compared to the rest of the nation, with foreign buyers representing the primary group actively scooping up homes and condos at discounted prices.

   Regions like Southern California, Tucson, Miami and Las Vegas are seeing an increase in the number of units sold, said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors, part of HomeServices of America, a Berkshire Hathaway affiliate that owns a network of 23 realty firms nationally.

via Miami residential sales recovery rockets past rest of nation.

Investments Muddy Dirt-Bond Holders

During the boom years, as big housing developments mushroomed throughout the country, developers worked with local governments to raise billions of dollars for roads, sewers and sidewalks through a municipal-debt security known as “dirt bonds.”

Now, as those bonds get tested by the worst housing downturn since the Great Depression, dirt-bond investors are getting a few nasty surprises.

Take a case playing out in U.S. Bankruptcy Court in Florida involving an ill-fated 6,000-home project in Naples, Fla., known as Fiddler’s Creek. The investors who bought some $100 million in dirt bonds backed by the project have been hamstrung because of the unusual structure of the dirt-bond deals.

via Investments Muddy Dirt-Bond Holders – WSJ.com.

Residents of foreclosed mobile home park fight to control their future

After his wife died, retired plumber Leonard Selinsky tried to simplify his life by moving into Sunset Village, a mobile home park in Glenview with tidy homes and friendly neighbors.His new home is no trailer – it’s a two-story Cape Cod with three bedrooms and an attic. “I love my house," he said. "This is ideal for me.” But in recent years, Selinsky and other residents say, the park’s streets have been crumbling, water service has cut out for days at a time, and they can’t drink the water because it’s contaminated. Now, the situation has worsened: Sunset Village is in foreclosure, and residents fear it could be sold and demolished, leaving them with homes they can’t afford to move.

via Residents of foreclosed mobile home park fight to control their future.

Risky retirement

Holly says she is done with work. She wants to retire and sell her $400,000 home, which is mortgage-free.

Jeff, her husband, still has a lot of years before he wants to retire from his IT job.

But here’s the real catch to their situation: They’re both in their late 30s, and Holly says she wants to invest the proceeds of the sale of the home to generate income to cover the cost of renting a nice, low-maintenance apartment.

via Risky retirement.