Daytona airport hotel to be put up for auction

The Courtyard by Marriott hotel next to Daytona Beach International Airport is going up for auction.

Mortgage holder MTGLQ Investors L.P. of Irving, Texas, won a $10 million foreclosure judgment in April against D&B of Daytona Inc. a St. Petersburg-based company that — as Oceanside One Ltd. — owned the hotel.

The foreclosure auction will take place June 17 at the circuit courthouse in DeLand. The tax-assessed value for the hotel building is $3.23 million, according to the Volusia County property appraiser website.

via Daytona airport hotel to be put up for auction.

Party funds not in the budget

Q. What are the rules governing expenses for condominium associations in Florida? Can an association pay for a party or any planned get-together function from the operating expenses?

For condominiums, refer to several sections in FS 718. Also, the state has administrative codes that define budgets. When you think of budgets, you must also include the financial reports and this document, which defines the items to be included in budget. In no place does it refer to entertainment expenses. One of the best sources of information is a study guide published by the state, “Budgets: Reserve Schedules, A Self-Study Training Manual for Beginners.” The document is free but you must contact the Division of Condominiums to request a copy at 850-488-1122.

via Party funds not in the budget.

For one homeowner, following bank’s advice was bad news

Lindsay Hall took out a $200,000 loan in 2005 on her paid-off beach house with the understanding that her $600 monthly Social Security check would cover the mortgage payments.

When her interest rate jumped more than a year ago, it raised her mortgage payments to $1,500. At that point, Hall started the fight to save her home.

“I want to say I did my best to fight for the American dream,” said Hall, 70.

Hall has negotiated with her loan servicer, IndyMac Mortgage Services, to modify her loan payments multiple times. Each time she negotiates payments within her $600 budget, the modification is rejected and the mortgage payment jumps back to $1,500 a month, she said.

via For one homeowner, following bank’s advice was bad news | panama, city, woes – Foreclosure woes – The News Herald.

Bank-owned foreclosures account for a third of Palm Beach County’s 2011 home sales

It took less than a week for interested buyers to home in on the two-story, five-bedroom foreclosure on Salt Water Creek Court west of Lantana.

Advertised as needing a little TLC – a pressure wash of the roof, fresh paint on the trim – the Savannah Estates home joins the ranks of Palm Beach County’s sought-after bank-owned properties, sales of which made up 31 percent of the area’s total purchases during the first part of this year.

With a list price of $316,000, a thick blanket of St. Augustine grass and a bathroom with a bidet, this home isn’t the typical foreclosure, which buyers have picked up for an average price of just $130,393.

via Bank-owned foreclosures account for a third of Palm Beach County’s 2011 home sales.

The Georgia Home of Widespread Panic Lead Singer and Guitarist John ‘JB’ Bell

Clad in jeans and cowboy boots, musician John “JB” Bell reclined in a green fabric and metal chair on a Saturday morning, surrounded by 16 computers sitting on shelves about a foot from the ceiling. The computer screens glowed blue behind multicolored static, generating so much heat air-conditioning was needed to cool the room.

Mr. Bell, 49, said he spends a few hours every night and day he’s home in this "energy room," working on lyrics, reading, thinking or sleeping. He says the energy generated by the computers creates an “uplifting vibe very similar to the feeling when the band improvises into new territory, and the audience seems to be right there alongside you." His wife Laura, 48, said, "We joke it’s the new way of catching a buzz.”

The energy room is just one of the alternative treatments at the home of Mr. Bell, who for more than two decades has been the lead singer and guitarist for Southern rock jam band Widespread Panic. For about half the year Mr. Bell is on the road, playing drawn-out concerts and jamming late into the night. It’s a frenetic life, one he seeks to balance at his 1912 white Colonial that he’s also turned into a holistic wellness center in a tiny mountain town.

via The Georgia Home of Widespread Panic Lead Singer and Guitarist John ‘JB’ Bell.

This team loves distressed properties

The foreclosure crisis helped make Al Dumas and his 11-person team into one of the most productive real estate sales operations in Florida.

His team and its four affiliated agents were responsible for closing 537 transactions and more than $50 million in sales volume in 2010.

Though sales have slowed in 2011, thanks to the foreclosure-processing mess, Dumas says foreclosure volumes will pick up again and will continue to dominate the news for years to come.

via This team loves distressed properties.