Tag Archives: real estate

The coming Real Estate bubble


By Megan McArdle

Three and a half years ago, my newly married household acquired an actual house, a 1,750-square-foot slice of paradise in Washington’s Eckington neighborhood. In real estate euphemism, the house is what’s known as “lightly renovated,” the neighborhood “transitional.” “Lightly renovated” meant that some stuff had been done, most of it badly, but the HVAC dated from the Paleozoic, and the yard . . . um, better not to speak of the yard, unless you’re a Hollywood location scout looking for somewhere for your heroin-addict protagonist to bottom out.

Transitional” meant . . . oh, you can figure it out. We had gone north of H Street and east of North Capitol to the unfashionable precincts of the city’s Northeast quadrant. The most common response, when we told people where we lived, was “Where the hell is Eckington?” The second-most-common response was, “Wow [rapid eye-blinking]. I could never live there. It’s too far from everything.”

For complete article, click here <—-

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Google invests $50 million in online property broker Auction.com

Google invests $50 million in online property broker Auction.com

By John Gittelsohn and Brian Womack

Bloomberg News

Google’s new investment arm is buying a minority stake in Auction.com, the largest U.S. online real estate auction firm, for $50 million.

The investment by Google Capital, which expects to spend about $300 million this year to back late-stage companies, is the first in a real estate venture for the unit of the Mountain View-based Internet search firm. The deal values Auction.com at $1.2 billion, the Irvine,-based company said Wednesday in a statement.

“Like eBay kind of drove transparency and created a marketplace for hard-to-find items, Auction.com is creating transparency in part of the real estate market,” David Lawee, head of Google Capital, founded last year, said in a telephone interview. “Here, you can go on to a site and see thousands of properties that are listed for sale that would be great investment opportunities.”

For complete article, CLICK HERE <—–=====

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Bradenton apartment units sold for $65,000 per unit

Bradenton apartment units sold for $65,000 per unit

By Michael Braga , Herald-Tribune / Monday, February 24, 2014

Mil & Ros Investments Inc., an Osprey company managed by Mats G. Rosander, sold 16 apartment units in four buildings at 4540 19th St. Circle W in Bradenton to Forth Worth, Texas resident Charles Bamberger for $1.04 million, or $65,000 per unit.

Rosander’s company paid $775,000 for the four-building complex in June 2007.

Click here for complete article <—====

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2013 in review

The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.

Here’s an excerpt:

A San Francisco cable car holds 60 people. This blog was viewed about 3,400 times in 2013. If it were a cable car, it would take about 57 trips to carry that many people.

Click here to see the complete report.

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NAI Tampa Bay sells 605 Unit Class A Condo Portfolio for $54,000,000

NAI Tampa Bay sells 605 Unit Class A Condo Portfolio for $54,000,000

Crosswynde Condo Complex sold by NAI Tampa Bay

Crosswynde Condo Complex sold by NAI Tampa Bay

Crosswynde

NAI Tampa Bay sells 605 Unit Class A Condo Portfolio for $54,000,000

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Flood insurance rate hikes begin taking toll on property market

Flood insurance rate hikes begin taking toll on property market

By Zac Andersen

Hefty flood insurance rate increases are starting to have a pronounced impact on Southwest Florida’s real estate market heading into the new year, hurting sales and upending the business in high-risk flood zones.

Lawmakers from Florida and other flood-prone states still hold out hope that the National Flood Insurance Program rate increases can be rolled back
, but real estate professionals say the hikes are already taking a toll in certain neighborhoods.

Home sales have stalled, sellers are dropping prices and the mechanics of completing a deal are becoming more complicated.

We’ve seen a lot of closings just fall through,” said Bob Strayer, owner of Strayer Surveying & Mapping in Venice, who conducts surveys of properties to determine their elevations for flood insurance purposes.

Since Congress failed to pass a flood insurance fix before adjourning for the holidays, a group of senators — including Florida Democrat Bill Nelson — from states with large numbers of flood policies have been pushing for a vote early this year on legislation that would delay the new rates.

Congress approved steep rate hikes to the National Flood Insurance Program in 2012 to help make up losses after Hurricane Katrina. Older, low-lying properties in high-risk flood areas are being targeted for the largest increases.

The new rates are being phased in for most property owners. But when a home sells, the new owner must pay the entire “full risk” rate at once.

One of Clapp’s agents recently worked on a deal in which the property insurance went from $1,400 to $6,000. The seller had to drop the price, or the buyer was ready to pull out.

“It’s dramatically affecting buyers,” Clapp said.


Real estate agents are being forced to change how they do business.

Buyers and sellers have been getting into disputes over money held in escrow.

Click http://www.heraldtribune.com/article/20140104/ARTICLE/140109852/2416/NEWS?p=2&tc=pg#gsc.tab=0 for full article.

Click here for full article.

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Sarasota apartments sell for $1.6 million

Sarasota apartments sell for $1.6 million

Pic via Sarasota Herald article by Josh Salman

Pic via Sarasota Herald article by Josh Salman

Click Here For Apartments For Sale in Sarasota (One block from the property that just sold and priced at $68,750 per door (Negotiable!), pictured above)

By Josh Salman , Herald-Tribune / Wednesday, December 4, 2013

A Venice company managed by Aris Mardirossian has picked up a 24-unit apartment complex near the hospital for $1.6 million or $66,667 per door.

Citadel Apartments of Sarasota LLC used a $1.2 million mortgage with Branch Banking and Trust Co. to finance the deal, court records show.

Consisting of two separate buildings that house 12 units each, Catalina Apartments is located at 2023–2045 Hyde Park St., behind the Goodwill drop off location near Sarasota Memorial Hospital.

Seller SM-Catalina LLC, a Sarasota company managed by John Newsome and Michael Doyle, had owned the property since November 2007, when they bought it for nearly $1.7 million, court records show.

CLICK HERE For the complete article <—-==========

CLICK HERE to view apartments for sale in sarasota (located ONE block from the sold units)

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