October 04, 2013 By mortgage
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September 30, 2013 By mortgage
Category Archives: Buying and Selling
“Zilliow” is considered to be one of the most frequently searched real estate websites in the world. Zillow recently listed the historical and iconic home of the U.S President. Zilliow put the estimated value of the iconic White House near the $319 million mark. Apart from putting a suggestive price tag on the lavish Presidential property, the website has even estimated that the White House can easily fetch a monthly rental of $ 1.8 million.
It looks like the Blackstone Group is going ahead with its planned IPO for Brixmor Property Group, with expected gross proceeds of $750 million. Given the shopping center owner’s strong portfolio and potential for growth, it’s likely to attract plenty of investors, according to market analysts. But due to rising interest rates and Brixmor’s reliance on supermarket anchors, those investors will likely expect a built-in discount for Brixmor shares.
Hedge fund SAC Capital Advisors owner Steven A. Cohen is known for his rapid fire trading style. The same is now evident in his real estate endeavours. He has reportedly paid around $60 million for an oceanfront property in East Hampton. The property lies on the road on which Steven A. Cohen already owns a property.
Gianni Versace’s palace, known as Casa Casuarina, sold at auction SEP. 17, 2013, for $41.5 million. The highest bidder was VM South Beach LLC—a group that includes the Nakash family, who own Jordache Enterprises. Joe Nakash, the owner of the Victory Hotel next door, told the Miami Herald that he plans to turn the mansion into a hotel, which will operate in conjunction with the Victory. If the deal falls through, the mansion will go to Donald Trump, whose team had the second highest bid at $41 million.
Don’t let the sharp plunge in new home sales mislead you: it’s a tale of two housing markets, says one investor. “What we’re learning about the housing market over here is that it’s really bifurcated in that you have a lot of private-equity type money and more leveraged-type money buying up some of the older houses that have been in foreclosure, short sales,” said Yra Harris, partner at Praxis Trading.
Maryland’s foreclosure starts in July increased 275 percent from last year, according to RealtyTrac’s July 2013 U.S. Foreclosure Market Report. Overall Maryland foreclosure activity — including default notices, scheduled auctions and bank repossessions — saw a 148 percent increase since July 2012 with one in every 598 housing units in foreclosure. That puts the state at No. 2 in the country, the highest it has ever ranked, behind Florida’s 1 in 328 rate.
In the fall of 2014, a group of nearly a dozen institutional investors will report to the World Federation of Exchanges recommendations for developing sustainability disclosure requirement for companies listed on the U.S. and international stock exchanges. That plan, noted in a June report by PricewaterhouseCoopers, falls in line with what is already the law of the land: Institutional investors and REITs are leading the way in green building.
For a few days during July or August, 17 states will temporarily suspend sales tax in the hopes of spurring economic growth. At other times of the year, tax-free shopping days focus on items like hurricane preparedness supplies, hunting supplies or Energy Star products, but late-summer sales tax holidays offer savings on clothing and school supplies in anticipation of kids heading back to school.
The bankruptcy filing by Detroit is a credit negative, Moody’s Investors Service said on Thursday, because it creates uncertainty for bondholdersThe bankruptcy filing by Detroit is a credit negative, Moody’s Investors Service said on Thursday, because it creates uncertainty for bondholders, will likely interrupt payments on general obligation and limited tax bonds, and begins a process that may span years.
The pace of prime borrowers going into foreclosure is accelerating, especially in states with mounting unemployment or property values that saw a big run-up during the housing boom. It’s a marked shift from earlier this year, when foreclosures were driven by defaults on subprime loans. And it has major implications — ravaging the credit scores of borrowers who once had unblemished records and dragging down property values in more affluent neighborhoods.