Bulk Condo Sales Clear Supply—at a Cost

Bulk Condo Sales Clear Supply—at a Cost

The financial clouds hovering over the Monteverde condominium development in Boynton Beach, Fla., were driven away in late spring when an investor bought 118 of the project’s 219 units in a “bulk sale,” a popular method of moving large numbers of condos in one transaction.

But Dan Berwitz, a sales representative for a computer company who paid $204,000 for a unit in the Monteverde in 2007, has mixed feelings about the deal. He is pleased that the sale will bring financial stability to his building, but he isn’t happy that the bulk-sale buyer plans to sell the units far below what he paid, in some cases as low as $100,000. “But unfortunately, right now, there’s nothing we can do,” he said.

In Florida, one of the nation’s hardest-hit housing markets, prices of single-family homes and condos have been falling for the past three years due to rising foreclosures, an abundance of supply and tight credit conditions.

While there are signs that prices for homes are starting to stabilize in some Florida cities, that may not be the case for condos due in part to bulk sales such as the Monteverde transaction, which could put more downward pressure on prices.

Rich have higher home default rates

Rich have higher home default rates

The well-off are losing their master suites and saying goodbye to their wine cellars.

The housing slump that began among the working class in remote subdivisions and progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

More than one in seven homeowners with loans in excess of a million dollars is seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic. By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lenders. About one in 12 mortgages below the million-dollar mark is delinquent.

Delayed foreclosure adds to couple’s pain

Delayed foreclosure adds to couple’s pain

Loraine and Kerry Swope likely would have lost their south Charlotte home to foreclosure last year had they not been trying to resolve issues with their lender and get a loan modification.

They rejected an offer last summer from GMAC that would have reduced their monthly mortgage payment by 40 percent because of several concerns, including their contention the debt wasn’t valid. GMAC reviewed their account several times, and the Swopes tried a court appeal, which they lost. During the battle, late fees and other charges added more than $20,000 to what had been a $197,000 mortgage.

This May, during a morning rainstorm, the Swopes were evicted. They hadn’t finished loading their belongings.

“Everything sat outside and got rained on,” she said.

National homebuilders in Denver area plan for economic rebound by buying house lots

National homebuilders in Denver area plan for economic rebound by buying house lots

Despite softening sales in the new-home market, national homebuilding companies in the Denver area are continuing to buy lots, significantly driving up prices from where they were a year ago.

It’s part of their push to have communities to build in when their existing inventory runs out and to position themselves for an economic turnaround.

The push to buy lots comes even as sales of new homes collapsed in May, falling 18.3 percent nationally compared with the same period last year.

“At the end of last year, we had just one active community that we could still sell homes in in 2011,” said Matt Janke, director of land acquisition for Meritage Homes’ Denver office.

Five Ways to Pay Your Student Loan Payments On Time

When you just completed your studies, and are just starting out in life, finances are often complicated. With an income that is still relatively low, and expenses popping up around every corner, it can be challenging to manage your cash flow… especially with all the college temptations.

Partying. Drinking. Clubbing.

Additionally, the lack of experience in managing your income could complicate matters. To make things worse, there are probably no financial reserves – since you are just starting out.

As such, there are times when there is simply not enough money to cover everything. Unfortunately, the actual essentials have to be taken care of – like accommodation, food, transport to work, etc. This often leaves you short of money to pay your student loans. Here are a few practical ways to find the money you need.

1. Find someone to share living space with – although it may be inconvenient, you will immediately cut your accommodation expenses in half. It will not only free up money immediately, but also allow you to have some spare cash in times to come. Just be careful in choosing your partner – if he or she skips a payment to you, you may be worse off than when you started.


2. Babysit – it may be inconvenient, since most babysitting jobs are likely to be available at times when you would have liked to go out yourself. However, in many cases it is possible to get called reasonably regularly. While it may not provide all the money you need in one go, doing it regularly will certainly help you to accumulate the cash needed to pay your student loan.

3. Hold a yard sale – we all have some stuff lying around we do not really need. Fortunately, as the saying goes, one man’s trash is another man’s treasure. What you do not need any more is exactly what someone else is looking for. You can clear unwanted clutter out of your home at the same time that you are accumulating money to meet your financial commitments. Unfortunately, unless you have a load of stuff to sell off, it is not something you could do regularly.

4. Proofreading – since you have already qualified, you are the perfect person to proofread assignments for other students doing the same course. Depending on how much time you have on your hands, it could become a regular income stream for most of the year. If you find yourself unable to accumulate enough students to make it profitable, you could simply offer to type the assignments as well – and kill two birds with one stone.

5. In many cases however, the financial problem is merely temporary – you do not need, nor wish to turn your life upside down indefinitely (as you would need to do by having someone share your accommodations). It could be due to changes at work causing you to earn less for the month, or an unexpected expense. In these cases, your solution may be as simple as applying for a $500 dollar loan– and just putting it behind you.

Use these tips to make sure you pay your student loan payments. Messing up in the beginning can really mess your credit up for life.

Photo Credit: “Saving is for wimps! I have a plan for affordable housing.” by woodleywonderworks

Updated: Downtown Sarasota condo tower evacuated

Updated: Downtown Sarasota condo tower evacuated

City officials went door to door in Dolphin Towers this morning, checking to make sure residents had evacuated the building deemed unsafe Wednesday.

Just before the 11 a.m. evacuation deadline, the last residents carried what possessions they could out of the 15-story building. Some shed tears, but most are trying to make the best of a situation they cannot control – going on a trip or visiting relatives – said building supervisors.

An engineering firm and the city still do not know today why the support structure of the 117-unit building has shifted, discovered June 24 when walls buckled and a cracked formed in a fourth-floor unit.

The city ordered the building evacuated until the tower’s support structure can be stabilized, meaning residents could be displaced anywhere from a few days to several months.