Robert Mullen has raised almost $1 billion to buy distressed single-family houses across the U.S. to rent. He intends to join other financial giants in taking advantage of a 29% dip in home prices since the 2006 peak and more demand for rentals for Americans who are not yet able to buy homes. Fundamental REO, his private equity fund, has already bought almost 2,500 homes through government agencies, auctions and even an affordable housing non-profit in Arizona.
Real Estate Information Archive
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Legislative budget-writers in Florida focus their attention more of the state’s national mortgage settlement money into programs targeting homelessness and foreclosure-clogged courts.
Utilizing a part of Florida’s $334 million lump-sum payment, the legislature has already set almost $275 million to rental assistance, housing down-payments and housing for the homeless.
A modification to Senate Bill 1852 would also allot an additional $200 million from the settlement.
The Panorama, by Tibor Hollo, is planned to Miami’s and Florida’s tallest building. Located at 1101 Brickell Avenue, it would rise 830 feet and expected to be completed by 2016. It will be 85 stories high and will have 941 rental apartments, 300,000 sq. ft. office space and 100,000 sq. ft. of ground-level retail area.
The ability-to-repay rule will take effect next year. This will stop lenders from offering loans to borrowers who would not be rationally able to make repayments. Before, creditors offered no-income-verification,interest-only and other creative loans that allowed for little or no money down though it led to higher monthly repayments.
Now, banks have become more restraint when qualifying borrowers. For those who do not qualify for loans under this new rule, they can expect predictable monthly payments.
Miami’s Sabadell Bank building was bought by Prudential Real Estate Investors for $184 million. It is a 30-story, 525,000-sq. ft. building, at 1111 Brickell Avenue – last sold in 2002 for $132 million. It is one of the most important commercial office building transactions in South Florida in recent years.
Florida Bar Association is intensely separated regarding the new bill that should quicken the slow foreclosure process in the State.
The new bill would decrease the total time that a bank can go after a homeowner for unpaid mortgage debt, call for senior judges to hear foreclosure cases and limit owners whose homes were illegally foreclosed on from retrieving them if a third party has bought them. Some attorneys feel the bill favors banks.
The House’s version of the foreclosure bill, HB 87, has passed three committees and arranged to be heard in one more before a full vote. The Senate’s version of the foreclosure bill, SB 1666, has passed one committee and arranged to be heard next by the Judiciary Committee.
For the decade, residents have tried to turn the 153 acre site at 6133 Jupiter Farms Road into a middle school. It had been a hideout for gangsters what they call a film studio. Unfortunately, Palm Beach County School is planning to sell it to K. Hovnanian who plans to build a high-end residential development, and residents pledged they would fight this proposal, however.
Last year has been depressing with sales dropping 25% and the stock price sinking by 50%. On Monday, the company’s chief executive officer Ron Johnson was overthrown. However, company has succeeded to hold a large amount of prime real estate at a very low cost, because of its beneficial leases.
Due to hurricanes, the Broward County Housing Authority will utilize $1.4 million in state and federal money to strengthen several local rental communities. College Gardens in Dania Beach and Highland Gardens, and Park Ridge Court in Deerfield Beach will obtain a number of improvements, including new roofs. It must be finished by August or September, near the peak of hurricane season.
Norman Braman’s plan to construct a seven-story, almost 100,000-square-foot showroom and garage at his Braman Motors site on Biscayne Boulevard, has been approved by Miami’s land use board. This also comes with an exemption to new zoning rules that will let him to develop more than 55,000 sq. ft.
This will also have a loading area, a truck driveway, a ground-floor luxury showroom and roughly 90 spaces of parking on the upper levels for the dealership’s cars.