Developer Jerry Trooien — A vision gone bust

The scenery includes parking lots and vacant land just steps from the Mississippi River. To Trooien, who owns much of the acreage, those empty parcels were the property that would redefine downtown St. Paul.

At the height of the real estate boom, Trooien proposed the highly publicized Bridges of St. Paul project — a massive European-style collection of shops, a hotel and entertainment venues just across the Robert Street Bridge from downtown.

The stakes were high for Trooien when St. Paul City Council shot down his $1.5 billion plan in 2007. But that defeat amounts to a blip compared with what he stands to lose now in bankruptcy court — which is essentially everything he owns.

via Developer Jerry Trooien — A vision gone bust

Homeowner associations step up foreclosure filings

As Don Urquhart says, no one wants to throw a neighbor out of his home. But that is what Urquhart says he and other community association leaders have been forced to do.

When dozens of owners quit paying maintenance fees at Quadomain Condominium in Hollywood, Urquhart and other leaders stepped in and starting filing foreclosure notices.

“It’s not fair for your neighbor to pick up your share,’’ says Urquhart.

Move over, banks.

via Homeowner associations step up foreclosure filings.

Tax deductions hit home

Homeowners can claim a slew of write-offs to lower their tax bills. There are deductions for mortgage interest, mortgage points and real estate tax payments. And when you sell your home, most likely, you won’t have to pay taxes on the profit. If you bought a home last year, you might even get to write off expenses you didn’t pay. So make sure you get all the tax breaks you have coming.

Here’s a rundown:

Boats as homes. A boat that has eating, sleeping and sanitary facilities can qualify as a first or second home, so you can deduct mortgage interest paid on the loan secured by the boat to buy it. But if you are subject to the alternative minimum tax, this write-off is not allowed.

via Tax deductions hit home.

Grand finale of Marco’s 40-year condo boom

The trailer that served as the sales office for Madeira was only open for 10 days in January 2004.Marco Island’s real estate market was booming.It was the best of times.Jim Prange, successfully selling real estate on Marco Island for 30 years with Premier Sotheby’s, waited in line to place offers on desired units for several of his clients.

via Grand finale of Marco’s 40-year condo boom.

Condo inventory detailed in new report

Developers have sold 85 percent of the condos built in South Florida during the building boom beginning in 2002, according to a report released this week by Bal Harbour-based consultancy Condo Vultures.

The report, which studies condo markets from South Beach to West Palm Beach, found that developers have sold 41,258 condos in the last eight years, with the largest chunk of sales taking place in downtown Miami.

“People are certainly taking advantage of the fact that [condos] are affordable and available both to live in and also to invest in,” said Leo Zabezhinsky, manager of business development and real estate for the Miami Downtown Development Authority.

via Condo inventory detailed in new report