Program to help hard-hit homeowners to launch

Beginning April 18, unemployed and underemployed struggling Volusia and Flagler county homeowners have a new program that could help them avoid foreclosure and stay in their homes.

The Florida Housing Finance Corp. announced Tuesday that it will begin accepting aid applications statewide April 18 for the Florida Hardest Hit Fund program.

The U.S. Treasury Department created the Hardest Hit Fund in early 2010. It allocated $7.6 billion for 18 states, including Florida, and Washington, D.C. to combat falling home values, high foreclosure and unemployment rates.

via Program to help hard-hit homeowners to launch.

A Niche in the Wreckage of Florida Real Estate

One recent morning, Shannon Moore raced through a musty pink house — three bedrooms, two baths — that was advertised as having “good bones” and “primed for renovation.” As in many recently foreclosed homes in Florida, the appliances and air-conditioner were missing from this one, either taken by the previous residents or stolen.

”It’s not as bad as I thought,” Ms. Moore said. “You could probably get this place fixed up for $8,000. You could get a refrigerator on Craigslist for $200.”

“$70,000?” she asks aloud, referring to the list price. “What the heck?” Ms. Moore, a real estate broker, has found a profitable niche in the wreckage of Florida’s real estate market, where a glut of vacant homes continues to depress prices. She scouts out deals for several groups of investors, including one that counts a professional poker player as a member and a group of Macedonians from Toronto

via A Niche in the Wreckage of Florida Real Estate.

Tax break deal got sweeter with time

Terry Dykhouse is a tax guy who knows the rules, so based on the first set of rules that rolled out of Washington, he did all he could to close on the purchase of his newly constructed home in Rochester Hills, Mich., by Dec. 31, 2008.

He got his tax credit. But if he had not been such a stickler, Dykhouse could have kept an extra $500 in his pocket this tax season.

Huh? Oh, yeah, and he could have saved another $500 next year – plus $500 each year for the next 13 years.

via Tax break deal got sweeter with time.

Court: $10 million developer’s suit against Tampa can move forward

The city could be on the hook for millions of dollars in damages for denying a developer’s 2004 plans to build a condominium tower along Bayshore Boulevard.

On Wednesday, the 2nd District Court of Appeal reversed a lower court’s rejection of a lawsuit filed by Citivest Construction Corp., ruling that the case can move forward.

Tampa attorney Scott McLaren, who represents Citivest, said his clients will seek more than $10 million in damages and legal fees from the city when the case goes to trial.

via Court: $10 million developer’s suit against Tampa can move forward.

It Pays to Own a Multi-Family Home

House prices are still tanking in many parts of the country, mortgage rates are inching up, and job growth is subpar. So what are some homebuyers doing? They’re buying even more home—as in two-, three- and four-family homes—and playing a risky, but potentially lucrative, game of real estate investor and live-in landlord at the same time.

While the National Association of Realtors doesn’t have a detailed breakdown of sales of multifamily homes, there’s telling local data. In parts of New York, multi­family sales were up 26 percent in the third quarter of 2010, compared with the year-earlier period. And in Chicago’s popular Lakeview and North Center neighborhoods, the growth was even more dramatic—a 77 percent multifamily uptick midway through 2010. Individual real estate agents are likewise seeing a spike. Michael Reiser of Coldwell Banker Gundaker in St. Louis says his multifamily business has doubled in the past year. "I am working with more buyers than I ever have before," the veteran agent says.

via It Pays to Own a Multi-Family Home .

Massive Las Vegas Estate Slashes Price to $25 Million

The home, most recently listed for $37.5 million, is now asking $25 million. It had, at one point, been quietly marketed for $60 million and is one of the largest private residences in Nevada.

Located five minutes from the Las Vegas Strip, the estate was reportedly built for Prince Jefri Bolkiah of Brunei. Spanning 11.2 acres, the property has more than 73,000 square feet of living space spread across eight buildings. The 18-bedroom, 36-bathroom home has multiple master suites, a sushi bar and a discotheque. The grounds include an equestrian center, polo track and an 11-car garage.

The home is owned by Eric Petersen, a real-estate investor who was president of Consumer Credit Services, a company that ceased operations and filed for bankruptcy protection last year.

via Massive Las Vegas Estate Slashes Price to $25 Million.