It just the beginning of a new year and the headlines are already swarming with troubled news of the U.S. housing and Florida condo market as well as Miami real estate and news of Florida Foreclosures.
Here are the latest headlines:
Here are the latest headlines:
"Bank America's Takeover of Countrywide"-. As The Wall Street Journal puts it, “Bank of America’s move is a gamble that the U.S. is nearing a housing bottom and crystallizes the divide on Wall Street over whether now is the time to buy housing-related assets on the cheap — or flee from them to avoid further losses.” Only time will tell if Bank of America made the right move or whether the second largest bank in the U.S. should have waited.
"Florida Condos, Target of Florida Foreclosure Lawsuits"-The Daily Business Review reports that The Whitney Condominium in West Palm Beach is the target of a foreclosure lawsuit brought by the lender for default on a $52.5 million loan. According to the article, the Whitney is beset by contractor and subcontractor liens. A whopping 146 of the 210 condo units for sale in the building remain unsold, and no closings have taken place for 2 months.
"Bulk Purchases of Florida Condo Units by Investment Funds"- An article from Miami Today which reports on the bulk purchases of Florida condo units by investment funds which are almost sure to hit Florida in the coming year however these deals might not be so great for individual condo buyers. The outcome: individual buyers who close on their units may end up moving into nearly empty or renter-dominated buildings where investment funds run the condo associations without a real incentive to keep up the common areas and scrupulously maintain the premises. In the meantime, some developers are actively defaulting individual buyers who currently have a purchase agreement — perhaps by rushing to schedule closings on very short (or even no) notice, perhaps by simply refusing to negotiate any price reductions or other types of concessions on the units — in the hopes of freeing up units for bulk sales. Some say such practice could be considered unethical, and may even be a violation of the purchase agreement itself.
"Florida Condos, Target of Florida Foreclosure Lawsuits"-The Daily Business Review reports that The Whitney Condominium in West Palm Beach is the target of a foreclosure lawsuit brought by the lender for default on a $52.5 million loan. According to the article, the Whitney is beset by contractor and subcontractor liens. A whopping 146 of the 210 condo units for sale in the building remain unsold, and no closings have taken place for 2 months.
"Bulk Purchases of Florida Condo Units by Investment Funds"- An article from Miami Today which reports on the bulk purchases of Florida condo units by investment funds which are almost sure to hit Florida in the coming year however these deals might not be so great for individual condo buyers. The outcome: individual buyers who close on their units may end up moving into nearly empty or renter-dominated buildings where investment funds run the condo associations without a real incentive to keep up the common areas and scrupulously maintain the premises. In the meantime, some developers are actively defaulting individual buyers who currently have a purchase agreement — perhaps by rushing to schedule closings on very short (or even no) notice, perhaps by simply refusing to negotiate any price reductions or other types of concessions on the units — in the hopes of freeing up units for bulk sales. Some say such practice could be considered unethical, and may even be a violation of the purchase agreement itself.
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