Posted by BuyingFlorida
on 08-13-2009
A New York firm has given the ‘go’ signal to develop nearly 20 acres near SeaWorld Orlando into a $500 million, 1,400-unit timeshare resort called Zena. Flushing, N.Y.-based developer Show-Lain Cheng, who last year got Orange County’s zoning and conceptual plan approval, on Aug. 4 authorized the development team to start on stormwater and architectural designs for the proposed Zena. Those plans could be done by mid-September and then submitted to the county for preliminary development approval, said Jim Hall, director of planning for planning consultant and civil engineer firm Vanasse Hangen Brustlin Inc. in Orlando. The project site includes two vacant parcels near I-Drive and Westwood Boulevard totaling about 19.2 acres, which Cheng’s 12020 International Drive FL LLC bought for $13.4 million in 2006, said Orange County records. www.buyingflorida.com
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Posted by BuyingFlorida
on 08-13-2009
The number of Orlando area houses in some state of foreclosure in July rose 37 percent compared to the same month in 2008, as fallout from the weak economy and depressed housing prices continued to spread. RealtyTrac , an online real estate listing business, reported 7,248 foreclosures in Orange, Seminole, Osceola and Lake counties last month, up from 5,286 a year earlier. The area had 6,667 foreclosures in June. Florida’s foreclosure volume was second only to California in July as 56,486 Florida dwellings went into foreclosure during the month, rising from 45,884 in July 2008, a 23 percent increase. Orange County had the greatest number of foreclosure activity in July with 4,150, 41.9 percent more than a year earlier. Seminole followed with 1,133, a 67 percent increase. Lake recorded 1,010 incidents of foreclosure activity, double the number last year. Osceola trailed with 955, 19 percent fewer than in July 2008. Nationwide, the flood of foreclosure filings continued as 360,149 default notices, …
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Posted by Joshernaut
on 08-13-2009
By M.P. MCQUEEN Shortly after buying their home in Cape Coral, Fla., in 2006, Keith and Denise Cramer noticed a peculiar acidic smell they thought was wet paint. The odor never left. There were other strange occurrences. Chrome-plated faucets and showerheads became pitted or turned black. The central air-conditioning unit faltered and failed. Their baby son, Gavin, suffered frequent ear and upper respiratory infections, and Gavin and Denise got rashes. The Cramers—along with thousands of other homeowners in Florida and elsewhere—now believe that imported Chinese drywall is making them sick and destroying their property. The drywall, which is used in walls and ceilings, is emitting sulfur-compound gases that homeowners have described as giving off a sour or “rotten egg” odor. Many blame the fumes for eye, skin and breathing irritation and nosebleeds, as well as the corrosion of copper pipes, electrical wiring and air conditioners. The Cramers say if government tests conclude the …
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Posted by BuyingFlorida
on 08-10-2009
Taylor, Bean and Whitaker Mortgage Corp. – one of the largest non-bank residential lenders in Florida – has been barred from issuing mortgages in the state by the Florida Office of Financial Regulation . The state agency released an emergency cease and desist order Aug. 7 against Ocala-based Taylor Bean, which has 30 offices in Florida. State residents in the middle of the application process should be placed with viable alternate lenders. “Our main goals in this order are to limit Taylor, Bean and Whitaker’s operation in Florida and to protect any Florida consumers who may have a mortgage application in the pipeline with them,” Acting office Commissioner Linda Charity stated in a press release. According to the order, Taylor Bean’s lines of credit have been suspended and it is not able to fund loans, including 60 that have closed. This week, the U.S. Department of Housing and Urban Development and the Federal Home Loan Mortgage Corp. banned Taylor Bean from selling and …
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Posted by BuyingFlorida
on 08-06-2009
U.S. Bankruptcy Judge Karen Jenneman has given developer Kevin Azzouz nearly two months to finalize a plan to save a portion of his Veranda Park mixed-use development. Jenneman dismissed a motion Aug. 5 by Fifth Third Bank that would have ended the Chapter 11 bankruptcy case and allowed the mortgage holder to foreclose on the partially built Offices at Veranda Park 1500 building in the MetroWest development. Azzouz’s VP Phase IV and other related companies owe $15.3 million to Fifth Third Bank, which on May 7 filed a motion asking the judge to either allow the foreclosure to continue or dismiss the bankruptcy case. Fifth Third claimed VP Phase IV filed the petition in an effort to stop the foreclosure and that the single-asset entity had no reasonable prospects to reorganize under Chapter 11, the filing said. VP Phase IV filed its reorganization plan Aug. 4, which included seven classes of creditors, and now has until Aug. 14 to file its disclosure statement, which will specify how it plans to repay …
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Posted by BuyingFlorida
on 08-03-2009
Colonial BancGroup reported July 31 a net loss of $606 million in the second quarter and the termination of a key agreement with a Florida mortgage company to provide $300 million in capital. The Montgomery bank's net loss for the second quarter is more than three times higher than the $168 million net loss reported in the first quarter. Besides the bad news of the loss, Colonial also reported the loss of a deal with Taylor Bean & Whitaker Mortgage Corp., which Colonial said fell through because it was still pending by the required close date of July 31. The bank had hoped the $300 million would help it reach eligibility for federal TARP funds, which would have boosted its capital. FBC Mortgage LLC and Securities Capital Holdings, both of Orlando, were part of the group that was led by Taylor, Bean & Whitaker. The deal called for the group to obtain 75 percent of Colonial's stock for its $300 million. Colonial is suffering under a big portfolio of bad real estate loans, many of them in Florida. In …
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Posted by BuyingFlorida
on 07-29-2009
Dates for second Orlando Foreclosures Expo being considered. The inaugural expo, held Feb. 7-8, generated so much business for exhibitors that founder Phil Peachey is already working on an expanded event slated for late 2009 Orlando – Buying Florida LLC an Orlando based company that specializes in procuring Bank owned properties for its clients has seized the opportunity to sponsor the second Orlando Foreclosures Expo . This is an incredible opportunity to get our business in front of people and the media says’ Dave Briley, CEO of Buying Florida LLC . Our main business in Bulk REO purchases from banks for our Investor clients but we also have customers just looking for a great deal on one property. This Expo gives us the opportunity to network with other people in our industry and present our product to an audience that we would not normally get in front of. Angela and Frank Schifano were excited about their presence at the inaugural Orlando Foreclosures Expo because it gave …
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Posted by BuyingFlorida
on 07-29-2009
First-time investors win home at Orlando Foreclosures Expo Jason and Alicia Goldberg, a married couple who live in Oviedo, received a duplex from REO Resolution Trust, LLC Orlando – Jason and Alicia Goldberg were interested in buying their first investment property, so they attended the Orlando Foreclosures Expo last weekend. The married couple, who live in Oviedo, were like many of the expo attendees who talked to exhibitors about how to purchase bank-owned properties. The Goldbergs received an unexpected head start on their portfolio when they won a duplex which was given away by REO Resolution Trust, LLC, an Orlando company that owns and operates BankerREOs.com, buys bank-owned properties and sells them to investment groups and individual investors. The duplex is located in Detroit and valued at $67,742. It includes four bedrooms, 2.5 bathrooms and 2,354 square feet of living space. “We have bought many properties and it is our intention to give away one home per month,” said Will …
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