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Keyword: realestate

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  • Fraud trial juror reports getting bag of $120,000 and promise of more if she’ll acquit

    06/03/2024 6:44:34 PM PDT · by joesbucks · 46 replies
    A juror was dismissed Monday after reporting that a woman dropped a bag of $120,000 in cash at her home and offered her more money if she would vote to acquit seven people charged with stealing more than $40 million from a program meant to feed children during the pandemic. These seven are the first of 70 defendants expected to go to trial in a conspiracy that cost taxpayers $250 million. Eighteen others have pleaded guilty, and authorities said they recovered about $50 million in one of the nation’s largest pandemic-related fraud cases. Prosecutors say just a fraction of the...
  • Tame establishment media on housing costs: Don't mention migration!

    06/03/2024 4:25:05 AM PDT · by NetAddicted · 1 replies ^ | 6/3/2024 | Neil Munro
    President Joe Biden has imposed a huge migration tax on young Americans’ housing costs, but his tame media allies are hiding the evidence. “A shortage of housing, inflation, and high interest rates are squeezing renters around the country and pricing out potential home buyers,” the Washington Post told its readers on May 28 under the headline “Skyrocketing rents and home prices may be pivotal in the 2024 election.” The New York Times provided its readers the same don’t-blame-Biden’s-migration theme on May 27 with the vague headline, “America’s Affordable Housing Crisis”: President Biden worries about high housing costs … Tens of...
  • Tallest Building in Fort Worth Sells for $12/SF at Auction; Pinnacle Bank reclaims 40-story Burnett Plaza after owner defaults on its loan.

    05/14/2024 9:25:08 AM PDT · by Miami Rebel · 22 replies
    Globest ^ | 5/13/2024 | Jack Rogers
    The tallest building in Fort Worth has a commanding position in the city’s skyline, but the 1M SF building only commanded a price of about $12 per square foot at a foreclosure auction. The price per square foot amounted to less than 10% of the previous sale price for Burnett Plaza, which at 40 stories towers over the other buildings in Fort Worth. The winning bidder was one of Burnett Plaza’s lenders: Pinnacle Bank Texas bought back the building at this month’s auction with a bid of $12.3M, according to a report in the Dallas Business Journal. The previous owner,...
  • Billionaire Barry Sternlicht Warns of Weekly Bank Failures Due to Real Estate Loans: ‘That’s a Fragile Animal Right Now’

    05/10/2024 4:28:21 AM PDT · by RomanSoldier19 · 23 replies
    the ubj via msn ^ | 5/10/24 | Story by Rahul Kumar
    Barry Sternlicht, a prominent figure in the real estate industry as the co-founder, chairman, and CEO of Starwood Capital Group, has sounded the alarm regarding the precarious state of regional and community banks across the United States. His apprehension stems from the challenges faced by these institutions amid the current economic landscape characterized by higher interest rates, increasing vacancies, and inflationary pressures. Sternlicht’s concerns point to a potential wave of bank failures, with implications for the broader financial system.
  • BREAKING! Judge Arthur Engoron Under Investigation for Allegedly Receiving Unsolicited Advice Before Fining Trump $454 Million

    05/09/2024 10:17:45 AM PDT · by Macho MAGA Man · 44 replies
    Gateway Pundit ^ | May 9, 2024 | Jim Hoft
    Judge Arthur Engoron is now under investigation after claims surfaced that he received unsolicited advice from a prominent New York City real estate attorney, Adam Leitman Bailey, weeks before ordering former President Donald Trump to pay a hefty $454 million judgment. This investigation by the New York State Commission on Judicial Conduct seeks to determine whether Engoron violated judicial conduct rules, NBC New York reported
  • Fox News' Sean Hannity Lists Oyster Bay, Long Island Home For $13.7M

    05/04/2024 10:36:11 AM PDT · by SeekAndFind · 72 replies
    Daily Voice ^ | 05/04/2024 | Sophie Grieser
    Months after saying on air that he was done with New York, Sean Hannity’s 10,600-square-foot estate has been put on the market. Sean Hannity of Fox News has listed his Long Island estate after moving to Florida. Photo Credit: OneKey MLS/Wikimedia Commons via Gage SkidmoreLocated in the town of Oyster Bay village of Centre Island, it's now listed for $13.75 million, according to its listing. The estate, which has seven bedrooms and nine bathrooms, is owned by Fox News star Sean Hannity, the Wall Street Journal reported, who announced on his television show that he had officially left New York...
  • Buying and selling a home will change soon. Here’s what you need to know.

    04/25/2024 9:29:22 AM PDT · by where's_the_Outrage? · 26 replies
    Washington Post via MSN ^ | Apr 25, 2024 | Michele Lerner
    Starting in July, the real estate industry is bracing for a sweeping shake-up thanks to a $418 million settlement offered by the National Association of Realtors to overhaul its long-entrenched commission structure for agents and pay compensation to the sellers and real estate brokerages who sued. The NAR got a further blow on April 5, when a federal court cleared the way for the Justice Department to reopen an antitrust probe into the group and its rules regarding home-sale commissions. While the settlement awaits final approval later in the year, a preliminary sign-off by a federal judge on Tuesday means...
  • Nolte: Bidenomics Drives House Prices to Another Record High

    04/22/2024 9:54:07 AM PDT · by ChicagoConservative27 · 17 replies
    Breitbart ^ | 04/22/2024 | John Nolte
    The already insane cost of purchasing a home has hit a new high, thanks to the ongoing horror show that is Bidenomics. Fox News: Findings from Redfin show the combination of steep mortgage rates and elevated home prices has pushed the median monthly housing payment to a record $2,775 – an 11% increase from the same time last year. … There are a number of driving forces behind the affordability crisis. Years of underbuilding fueled a shortage of homes in the country, a problem that was later exacerbated by the rapid rise in mortgage rates and expensive construction materials. And...
  • Vietnam Sentences Real Estate Tycoon Truong My Lan To Death In Its Largest-Ever Fraud Case: Massive Fraud Amounting To 3% Of GDP

    04/11/2024 9:27:02 PM PDT · by SeekAndFind · 28 replies
    Huffington Post via AP ^ | 04/11/24 | ANIRUDDHA GHOSAL
    HANOI, Vietnam (AP) — Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh City in southern Vietnam in the country’s largest financial fraud case ever, state media Vietnam Net said. The 67-year-old chair of the real estate company Van Thinh Phat was formally charged with fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP. Lan illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that resulted in losses of $27 billion to the bank, reported state media VnExpress. The court asked...
  • Nearly 20% of San Francisco Home Sellers Take a Loss on Their Sale, More Than Four Times the National Share

    04/11/2024 9:14:52 PM PDT · by SeekAndFind · 6 replies
    Redfin ^ | 04/11/24 | Dana Anderson and Elijah de la Campa
    The share of San Francisco sellers losing money on their home sale is sitting near its highest level in more than a decade, largely because prices have come back down to earth after skyrocketing during the pandemic. Nationwide, the share of sellers losing money is much smaller (4%) because home prices remain near their record high. In San Francisco, the typical seller who’s parting ways with their home for less than they originally paid is losing $155,500. Nationwide, the median loss is roughly $40,000. New England sellers are least likely to lose money, with less than 2% of Providence, RI...
  • Former Trump executive Allen Weisselberg sentenced to five months in jail for perjury

    04/10/2024 6:58:40 AM PDT · by Tell It Right · 14 replies
    CNBC ^ | 4/10/2024 | Kevin Breuninger
    The perjury charges were brought by Manhattan District Attorney Alvin Bragg, who is prosecuting Trump on charges of falsifying business records as part of a hush money scheme. . . . Weisselberg falsely testified that he was unfocused on the details of Trump’s triplex apartment, which was valued at almost three times its actual size on Trump’s financial statements.
  • The typical home is worth $1 million in record number of cities, Zillow says

    04/03/2024 8:09:17 PM PDT · by anthropocene_x · 34 replies
    Spectrum News ^ | 4/2/24 | Susan Carpenter
    The number of cities where the typical home price is at least $1 million has dramatically increased over the past year. There are now 550 U.S. cities where an average home is worth $1 million or more, according to a new analysis from Zillow. The lack of available homes for sale is keeping prices elevated and pushing values even higher. Even as sales inventory has begun to tick up this spring, a typical home in the U.S. is currently worth 4.2% more than it was last year. Homes in million-dollar cities saw values grow 4.6%. Zillow anticipates interest rate decreases...
  • Homeowners Warned Against Taking Squatters to Court

    04/01/2024 10:00:56 AM PDT · by nickcarraway · 13 replies
    Newsweek ^ | Mar 28, 2024 | Matthew Impelli
    An anti-squatting "professional" is warning homeowners against taking squatters to court, amid ongoing issues relating to property rights. Flash Shelton, who describes himself as a professional squatter remover, on Wednesday spoke to Fox News' America's Newsroom about how to handle squatting incidents and different ways to remove uninvited dwellers from your home. "First thing, call law enforcement, it's dangerous, don't do anything yourself, it's property, don't risk your life. Call law enforcement and when they tell you there's nothing they can do, contact, let us assess the situation, before you hire an attorney and go to civil process," Shelton...
  • The Meltdown of Commercial Real Estate

    03/25/2024 1:35:01 PM PDT · by Heartlander · 49 replies
    Brownstone Institute ^ | March 25, 2024 | Peter St Onge
    The Meltdown of Commercial Real EstateIn case you’ve still got money in a bank, Bloomberg is warning that defaults in commercial real estate loans could “topple” hundreds of US banks.Leaving taxpayers on the hook for trillions in losses.The note, by Senior Editor James Crombie, walks us through the festering hellscape that is commercial real estate.To set the mood, a new study predicts that nearly half of downtown Pittsburgh office space could be vacant in 4 years. Major cities like San Francisco are already sporting zombie-apocalypse downtowns, with abandoned office buildings baking in the sun.So what happened? The Fed’s yo-yo interest...
  • The brutal reality of plunging office values is here.

    03/24/2024 6:30:09 AM PDT · by Lockbox · 79 replies
    Cairns New York Business ^ | 2/20/24 | Natalie Wong and Patrick Clark
    Across the country, deals are starting to pick up, revealing just how far real estate prices have fallen. That’s spurring widespread concern about losses that can ripple across the global financial system — as underscored by the recent turmoil unleashed by New York Community Bancorp, Japan’s Aozora Bank and Germany’s Deutsche Pfandbriefbank as they took steps to brace for bad loans. In Manhattan, brokers have started to market debt backed by a Blackstone-owned office building at a roughly 50% discount. A prime office tower in Los Angeles sold in December for about 45% less than its purchase price a decade...
  • Ending 6% commissions would mean ‘dangerous times’ for home buyers, mortgage lender says

    03/22/2024 9:18:35 PM PDT · by where's_the_Outrage? · 37 replies
    Marketwatch ^ | March 22, 2024 | Aarthi Swaminathan
    The way people buy and sell homes in the U.S. may be about to change, following a landmark settlement proposed by the nation’s top real-estate-industry group. But that may not make things easy for home buyers, one mortgage-company CEO says. The settlement proposed by the National Association of Realtors, which will go into effect in mid-July if it’s approved, would require that listings on the NAR-run Multiple Listing Service — a database of homes for sale — no longer have a field showing how much buyer’s agents will earn in commissions on the sale. In other words, buyer’s agents won’t...
  • Why Zillow is worried about America’s housing market shakeup

    03/19/2024 1:24:52 PM PDT · by where's_the_Outrage? · 34 replies
    CNN ^ | March 19, 2024 | Nicole Goodkind
    Since its founding nearly two decades ago, Zillow has revolutionized the way Americans buy, rent, sell — and fantasize — about housing in the US. But a settlement that breaks the grip of powerful real estate agents could trigger a range of problems for the platform already suffering from declining traffic in an increasingly competitive housing market. The company’s stock has dropped nearly 13% since Friday’s $418 million settlement between the National Association of Realtors and groups of home sellers which ended the standard 6% commission for Realtors. It’s a sign that investors fear the settlement could have seismic effects...
  • What ‘Bring Chicago Home' referendum is, and how it would work

    03/19/2024 11:04:28 AM PDT · by DallasBiff · 14 replies
    NBC 5 Chicago ^ | 3/18/24 | James Neveau
    Voters in the city of Chicago are being presented with a referendum on their ballots in the 2024 primary election, asking if they approve of a so-called “mansion tax” that would fundamentally change the way real estate transfers are taxed in the city. The language of the "Bring Chicago Home" referendum asks voters to decide whether the city should move from the current flat tax model on real estate transfers to a graduated tax, which would impact real estate transactions on all value levels. Supporters say that the ordinance would result in a reduction in the transfer tax for approximately...
  • The Pandora’s box of punishing Trump using lawfare

    03/19/2024 9:14:58 AM PDT · by SeekAndFind · 20 replies
    American Thinker ^ | 03/19/24 | Quentin Quill
    As former president Donald Trump battles a $464-million bond requirement from New York’s attorney general amid appealing the state’s $355-million punitive damages award, alarming constitutional questions lurk. These questions relate to the potential premature seizure of Trump’s property and the excessive nature of the gargantuan financial punishments themselves. One potential worst-case scenario gives New York authority to unilaterally seize and liquidate Trump’s real estate assets and businesses. This could happen before appellate courts including potentially the Supreme Court — render their final decisions on the matter. If Trump prevails and has the colossal penalty deemed unconstitutionally excessive, he may find...
  • Commercial Real Estate Implosion: Half Of Downtown Pittsburgh Office Space Could Be Empty In 4 Years

    03/18/2024 9:50:24 AM PDT · by SeekAndFind · 21 replies
    Mish Talk ^ | 03/18/2024 | Mike Shedlock
    The CRE implosion is picking up steam. Check out the grim stats on Pittsburgh.Unions are also a problem in Pittsburgh as they are in Illinois and California.Downtown Pittsburgh ImplosionThe Post Gazette reports nearly half of Downtown Pittsburgh office space could be empty in 4 years.Confidential real estate information obtained by the Pittsburgh Post-Gazette estimates that 17 buildings are in “significant distress” and another nine are in “pending distress,” meaning they are either approaching foreclosure or at risk of foreclosure. Those properties represent 63% of the Downtown office stock and account for $30.5 million in real estate taxes, according to the...