Faces of the Downturn: Foreclosure crisis creates heartache, opportunity [South Florida]

Faces of the Downturn: Foreclosure crisis creates heartache, opportunity [South Florida]

It was a motley crew that arrived at the Fort Myers courthouse, and it had one thing on its mind — profit.

Men and women wedged themselves into a windowless second-floor room and spilled into the neighboring jury room. They mingled in baseball caps, in T-shirts and in ties, and their voices blended into an excited murmur.

Here was the foreclosure auction, the marketplace in which bank-owned properties are bought on the cheap so they can be resold for a profit.

In a county that outpaces the nation in mortgage defaults and lost properties, this once-quiet auction is now seen as a money-maker. Potential buyers arrive by the dozen, many of them novices looking to snag a cheap home and resell it — or flip it — for a quick buck.

Luxury downtown hotel faces economic music [Southern California]

Luxury downtown hotel faces economic music [Southern California]

Just 1½ years after opening one of downtown San Diego’s glitziest hotels in the midst a deep recession, the owner of the 184-room Sè San Diego has been notified that it is in default on its construction loan, owing the lender nearly $73 million.

Although the original mortgage of $67.8 million came due a year ago, the German lender, WestLB, waited until late March to officially file a notice of default on the 23-story luxury property at 1047 5th Avenue.

The hotel’s financial difficulties are emblematic of the tough economic times faced by the hospitality industry, especially upscale hotels and resorts that have seen sharp declines in once-free-spending business and leisure travelers.

Both the lender and operator of the hotel declined to comment, although a written statement from the hotel ownership stressed that no foreclosure sale has been set.

Struggling Miami ‘Bulk Condo Buyer’ Opts to Auction Remaining Units at Discount Prices

Struggling Miami ‘Bulk Condo Buyer’ Opts to Auction Remaining Units at Discount Prices

According to a new report from Condo Vultures, a Miami bulk buyer struggling to resell individual condos is taking the surprising step of auctioning off most of its remaining units at an asking price of $11 per square foot less than the original acquisition price.

VH Miami Investments LLC with Vicky Haw as principal plans to auction off 37 units out of the remaining 42-unit portfolio at a price of $58 per square foot in the Altos de Miami condominium in Miami’s Little Havana neighborhood, according to report based on the auction collateral and government records.

Some 15 months earlier in March 2009, VH Miami Investments purchased 56 units for $4 million, or $69 per square foot, in the troubled 16-story condo tower. At the time of the bulk deal, 69 units had sold in Altos de Miami at an average of $181 per square foot, according to the report based on Miami-Dade County records.

“This is a first for the South Florida bulk market during this latest condo crash,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based Condo Vultures, LLC. “To date, none of the other nearly 50 South Florida bulk buyers that have purchased blocks of new condos in South Florida at deep discounts have taken such a unique exit strategy. Most other bulk buyers are opting to sell units slowly and lease out the remainder.

Margate condo eviction: Residents at complex face eviction over water bill

Margate condo eviction: Residents at complex face eviction over water bill

Dozens of residents at the Atlantic Palms condominium complex could be evicted from their homes within two weeks if they’re unable to pay a city utility bill of more than $7,000.

Margate officials say more than 60 of the 76 units at Atlantic Palms, at 400 NW 65th Ave., are in different stages of foreclosure, and their homeowners association can’t afford to pay the water bill.

Now, the city has posted notices on residents’ doors saying they have until 6 p.m. June 3 to pay their water and sewer fees. If residents don’t pay, their water service will be shut off June 7, and they will be forced to leave because of health concerns.

“I’m going to lose my home. I’m trying to do a [loan] modification to save my home,” said Etienne Rodriguez, 37, a three-year resident whose condo is in foreclosure proceedings after he was laid off from his sprinkler installation job. “I think the city should give these people an opportunity if we can come up with the money.”

Your Aging Parent Behind the Wheel: 5 Signs it May be Time to Hang up the Car Keys


Vintage Car by kayugee

Just as important as safety in your home, is safety in your car. The following is part three of a three part series on car safety.

A startling fact by the National Highway Traffic Safety Administration shows that older drivers make up nine percent of the population, but nearly 14 percent of all traffic fatalities.

The issue of whether our parents can remain behind the wheel is a sensitive one, as many people equate driving to freedom and independence. However, when your parents begin to experience a decline in either their mental or physical health, it may be time to ask them to hand over their car keys.

The question of whether our parents are unable to drive anymore is a highly personal one, as some individuals may be able to drive well into their 80s, while others may not. In other words, instead of determining your parent’s ability to drive based upon their age, consider their physical and mental status instead.

If your parents are experiencing any of the following problems when driving, it may be time to begin talking to them about their safety (and the safety of others) when behind the wheel:

1. Stopping at a green light or stopping when there is no reason to stop – Many times, older drivers become nervous and scared and tend to apply the brakes when there is no reason to apply them. This can result in rear-end collisions and other problems.

2. Having trouble reading basic traffic signs – Your parents may find that navigating the road becomes more difficult as their vision decreases. There are many eye problems that may result in poor or low vision, including cataracts and macular degeneration.

3. Not maintaining the speed limit – If your parents are having difficulty maintaining the stated speed limit, then they could be unknowingly causing a dangerous situation on the road. They may risk being rear-ended by a faster moving vehicle, or they could be a victim of other drivers’ impatience and rage from not driving fast enough. In short, a slow driver may be just as dangerous as a driver who exceeds the speed limit.

4. Mistaking the gas pedal for the brake pedal and vice versa – There have been many accidents caused by seniors who simply have hit the wrong pedal and caused serious injury and even death to both other motorists and pedestrians. Any confusion behind the wheel is not acceptable.

5. Getting lost in familiar places – Mild dementia may result in a dangerous situation when your parents are behind the wheel, either from confusion about where they are to confusion about what to do behind the wheel. Either way, it can prove incredibly dangerous to experience any type of memory loss on the road.

If you are worried about your parent’s ability to continue driving, encourage them to take a driver’s refresher course (AARP has information about these types of courses). A driver’s refresher course will help your parent feel more confident behind the wheel and may also lower their auto insurance quotes when seeking new insurance. Lower auto insurance rates are a great way to encourage your parents to take a driver’s refresher course and will also help when looking for other insurance companies

Understanding the Child LATCH Restraint System: Your Top Questions Answered

Just as important as your hom
bear_childseat by mrbeck

Just as important as safety in your home, is safety in your car. The following is part two of a three part series on car safety.

Understanding the Child LATCH Restraint System: Your Top Questions Answered

The LATCH system, which stands for Lower Anchors and Tethers for Children, is a system that consists of both lower anchor attachments and a top tether. Many cars in the United States have been manufactured with LATCH systems since about 2003.

The LATCH system takes the place of seatbelts for car seat installation. In other words, if you have the LATCH system, the use of seatbelts to secure the car seat is unnecessary. The LATCH concept was first created as a way to make the process of installing a car seat easier and more universal. Any type of car seat that contains an internal harness can be used with the LATCH system.

Here are the top questions parents have about the LATCH system:

Q: Is the LATCH system safer than a seat belt installation?

A: Not necessarily. When a seatbelt installation is done properly, it can be just as effective as the LATCH system. However, the goal of the LATCH system is to help ensure that a car seat is installed correctly.

Q: What does the LATCH system consist of?

A: The LATCH system, in LATCH-equipped vehicles, will consist of two small anchors that are located between the seat back and the seat cushion of the rear seat and a top tether anchor. There are usually two LATCH-equipped seating positions in LATCH-equipped vehicles.

Q: Do I need to use the LATCH system on my car or can I use a seatbelt instead?

A: It is recommended that if your car is fitted with a LATCH system, then you should use it. However, if you feel like you can achieve a better fit with a seatbelt than a LATCH system, then you should opt for the seatbelt installation.

Q: I just bought a car with a LATCH system. Do I need to buy a car seat that is compatible?

A: No. All car seats manufactured during the last few years are all compatible with the LATCH system.

Q: Can I also use the LATCH system with my child’s booster seat?

A: Some booster seats can accommodate the top tethers of the LATCH system, while others cannot. Some dedicated boosters are LATCH equipped and some are not. Your car seat installation manual will provide further instructions on installation with the LATCH system.

Q: Can I use the top tether of the LATCH system on my rear-facing infant car seat?

A: Unless otherwise stated, you cannot use the top tether for a rear-facing infant seat.

If you have any questions about your LATCH system, it is best to either contact your auto company or the car seat manufacturer.
Just like researching the best ideas for car seat installation, it is always best to get a number of auto insurance quotes when seeking car insurance quotes. A comprehensive auto insurance policy will allow you to save on auto insurance while also enjoy excellent benefits and features.