Sunday, April 20, 2008
Real Estate Investors Buy South Florida Foreclosure Properties
International interest in Miami and Miami Beach properties, particularly luxury South Beach condominiums, from buyers and investment groups in Canada, United Kingdom, Europe, Russia and even India," said Folland, who pointed out that all the negative real estate news headlines spark interest from buyers and investors looking to purchase properties for less than the the actual value. Combined with the currently weak US dollar, buying financially distressed pre-foreclosure properties through short sale negotiation or lender-owned properties adds up to a good investment opportunity for foreign cash buyers.
Saturday, April 12, 2008
On-site auctions are becoming popular as owners struggle to sell their properties
But now, despite the large volume of properties that need to be dumped, some lenders are trying the on-site method of auctioning individual properties – at all price points.
“It’s not that we haven’t tried everything else,” said Dean Williams, chairman and chief executive officer of Williams & Williams, a Tulsa, Okla.-based company that auctions an average of 50 properties on-site in South Florida each month. “But the authenticity and transparency of an on-site auction has shown to be more effective,” Williams said.
Bidders usually are more comfortable making an offer on a property they can tour at the time of an auction, he said. Williams also said the company has found that on-site auctions help focus attention on a specific property.
“It’s not that we haven’t tried everything else,” said Dean Williams, chairman and chief executive officer of Williams & Williams, a Tulsa, Okla.-based company that auctions an average of 50 properties on-site in South Florida each month. “But the authenticity and transparency of an on-site auction has shown to be more effective,” Williams said.
Bidders usually are more comfortable making an offer on a property they can tour at the time of an auction, he said. Williams also said the company has found that on-site auctions help focus attention on a specific property.
Wednesday, April 2, 2008
Stressed lenders shy away from program used to fund low-income housing
When Miami-based Carrfour Supportive Housing applied for tax credits in April 2007, the low-income housing developer hoped to raise $23.47 million by selling credits to corporate investors on Wall Street.
Carrfour wants to build a 100-unit apartment building for low-income families and homeless people at Northwest 14th Avenue and 54th Street in Miami’s Liberty City. The project, named Dr. Barbara Carey Shuler Manor, carries an estimated cost of about $28 million. Carrfour hoped to subsidize most of the project by selling tax credits.
Carrfour wants to build a 100-unit apartment building for low-income families and homeless people at Northwest 14th Avenue and 54th Street in Miami’s Liberty City. The project, named Dr. Barbara Carey Shuler Manor, carries an estimated cost of about $28 million. Carrfour hoped to subsidize most of the project by selling tax credits.
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