Real Estate and foreclosure thread

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searcher said:
apnews.com

A loophole got him a free New York hotel stay for five years. Then he claimed to own the building

A man who succeeded in using a New York City housing law to live rent-free in an iconic hotel has been charged with fraud after he claimed to own it.
apnews.com apnews.com
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It fed the Court's preferred Narrative to accept the specious argument the squatter used, back in the day.

But expediencies change by the hour; and when he tried to go to the magic well a second time, he got Trumped. The Honorable Court no longer found social or political benefit in supporting his contrived construct.
 
Voodoo said:
Do you have many or any, appraisers actually call you to find incentives and buydowns for those comparable sales? It seems to me that data is very hard to come by, accurately at least. I know many MLS's have that line but it seems many of them just play fast and loose with the rules. And you have no real obligation to tell an appraiser anything. Yet somehow we are supposed to Sherlock Homes any hidden incentives in the comps, let alone its hard enough when hiding things on the subject property.
Click to expand...
From time to time, I'll get a call after I've closed one asking for more details. SC does a round robin for appraisals since 2008 debacle, banks go to the SC website, enter an address and an appraiser is selected for you... more on this later
 
BackwardsEngineer said:
From time to time, I'll get a call after I've closed one asking for more details. SC does a round robin for appraisals since 2008 debacle, banks go to the SC website, enter an address and an appraiser is selected for you... more on this later
Click to expand...

Interesting... I did not know that some states had intervened directly. I don't think that's going to work any better. Probably worse. Because, you might eliminate bias but you'll get crap too because all ya need is a license.

I've had my share of run-in's and one local realtor who went off the deep end. Wrote a nastygram and emailed it not only to me but the bankers and basically trying to keep me out of his houses. Like I am gonna work on yours now anyway dumbass. Nothing like putting into writing when you break the law.
 
The residential real estate agent talking line here currently is.... low inventory, high prices, high interest
 

Homeowners insurance and HOA fees offset falling condo prices in Florida, study says​

Feb 27, 2024

While condo prices in Florida have been dropping in some parts of Florida, there hasn't been a mass influx of home buyers to those properties as homeowners insurance and increasing HOA fees are still keeping those wanting to buy away, according to new numbers from Redfin. The Redfin study found the median sale price in the Tampa metro area for condos dropped 1% year-over-year, but sales fell 4.1% in the same time frame, and new listings jumped 27.3%. It was the same story in nearly every city Redfin looked at in the analysis. 4 mins long.



For those who prefer to read:

www.abcactionnews.com

Homeowners insurance and HOA fees offset falling condo prices in Florida: study

There hasn't been a mass influx of home buyers to condos as homeowners insurance and increasing HOA fees are still keeping those wanting to buy away, according to new numbers from Redfin.
www.abcactionnews.com www.abcactionnews.com

Here's the report:

www.redfin.com

Florida’s Condo Prices Are Falling As Cost of Insurance and HOA Fees Skyrocket

Florida’s condo market is faltering as the increasing intensity of natural disasters pushes up home insurance costs, and HOA fees soar in the wake of the 2021 Surfside condo collapse.
www.redfin.com www.redfin.com
 
Short (13 min) vid, I thought interesting. Most here probably already in the know.

Never buy these type of Houses!​

 

NO ONE CAN PAY THE SPECIAL ASSESSMENTS!​

Feb 26, 2024
I'm starting to see more and more condos go up for sale throughout Florida and Miami area due to the rising HOA fees, as well as all the special assessments that have been rolling in in order to take care of the decades of deferred maintenance on many of these buildings. The problem is now no one can pay. The special assessments and people are looking at any means possible to either pay or get out of owning the unit altogether. This condo fire sale is going to make waves throughout the housing market. 20 mins long.

 

New York real estate lobby pushes to roll back 2019 rent changes with new data​

Real estate groups contend the 2019 laws have had a “disastrous” impact on rent-regulated housing.

NEW YORK — Five years after Albany Democrats overhauled the state’s rent-stabilization laws, real estate executives are looking to weaken the reforms — bolstered by data they commissioned that validates their case.

New findings from a survey of 781 property owners and managers covering about 242,000 units contend the 2019 changes led to disinvestment and substantial vacancies in rent-stabilized housing. A significant share of respondents said it is “economically infeasible” to invest in needed upgrades to their buildings. The study, obtained by POLITICO, was conducted by consulting firm HR&A Advisors on behalf of the Real Estate Board of New York and the Rent Stabilization Association. While the findings are unsurprising, real estate leaders are using them to fuel their argument against the 5-year-old legislative changes.

The issue is now entering the early stages of negotiations in Albany, amid broader discussions around a wide-ranging deal to tackle an acute housing shortage.

Tenant activists and progressive lawmakers are already pushing back on any attempt to reverse the reforms, which starts out as a tall order in the Democratic-led state Legislature.

More:

 

Mind-Blowing News: NYC Office Building Sold for $1​

Feb 29, 2024

How is it possible that an office building in New York City sold for only 1 dollar? It has been reported that the Canada Pension Plan Investment Board sold for $1 its 29% stake in the office building at 360 Park Ave South in Manhattan to their partner Boston Properties.

The investors, along with Singapore sovereign wealth fund GIC Pte., bought the 20-story building in 2021 with plans to redevelop it into a modern workspace. The Canada Pension Plan Investment Board already put in $71 million to renovate the building and was on the hook to add another $46 million. They decided to take their loss before they had to invest more money.

What does this say about commercial real estate in general and older buildings like this one in NYC?


10:45
 
Sold for debt liability.

Just as Chrysler, in 2005, was sold to Cerberus for $1. PLUS all the liabilities that went with it.

The CRE space is in trouble, granted; but I think this is moar a statement of reckless use of ZIRP debt than of the sudden valuelessness of office buildings.

Although, in NYC, it could be argued that the future is not rosy...
 
I don't know how it is in other parts of the country but they continue to develop farmland in the Raleigh NC area at an incredible rate. I know some jobs are coming into the general area but I have never seen this level of development anywhere else. Even when I moved to Monmouth County NJ in the early 1980's I saw nothing that compared to this. I wouldn't want to pay today's prices.
 
Casey Jones said:
Sold for debt liability.

Just as Chrysler, in 2005, was sold to Cerberus for $1. PLUS all the liabilities that went with it.

The CRE space is in trouble, granted; but I think this is moar a statement of reckless use of ZIRP debt than of the sudden valuelessness of office buildings.

Although, in NYC, it could be argued that the future is not rosy...
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I think NYC is cooked with the current governor in power. I thought Cuomo was bad this latest one is frightening. Crime and an eroding tax base. Sounds good to me.
 
Voodoo said:
Own Rentals... GTFO now... If covid wasn't enough of a clue for you. Also, this will Crash their real estate.

Click to expand...

Hey VD,
Your point is exceptional, it will fall on deaf ears... I've tried preaching, showing charts, talked abusive ad velour and insurance rates, lack of contractors, prices of matrials... but if covid lockdowns preventing eviction didn't wake them up, nothing will.

The rich dad own twelve to success was clearly a means to wealth into 2020, what wasn't taught was exit strategies. We all know the most difficult part of any investment is timing and structure of the exit. So the small investor is going to ride it all the way down and in the end .gov is going to put illegal immigrants into your hard earned places.... and there's nothing that will stop them...
 
We have a declining population, unless you want to throw in illegal immigrants, whom I also warned my brother when this gets bad they will just give them the new empty homes. And we've seen a collapse in the Rule of Law in most places. You had a good 60 year run or so but this is the Fourth Turning. The next ~20 years or so will be one to avoid all real estate. Then start taking a peak again in a decade or so.

When you start seeing homes go for Silver I'll give you a shoot out and see what the market is like for a nice home on a semi-private lake. Not really a fan of beach front property/views.
 
Been watching Dan for a while now. Normally post a vid in the business / commodity thread once in a while. Since he opens talking about insurance, I figured this would fit in here. Will include links below the vid for the stories he talks about. Once he stops talking about insurance he talks about banking, taxes, etc.

Insurance Exodus - Why Your Policy Might Vanish Overnight!​

Here we go again. Another insurance company admits that they have massive losses and are going to cancel policies for homeowners in seven states. First off is California with 34,475 people losing their homeowners insurance. Who is next? 14 mins long.



Here are the links for the stories mentioned in this video:
https://www.newsweek.com/american-nat...
https://www.insurancejournal.com/news...
https://www.cnbc.com/2024/03/01/the-u...
https://www.thesun.com/money/1054905...
https://stocks.apple.com/AY8aBUTW_R9m...
https://nypost.com/2024/03/01/busines...
https://nypost.com/2024/03/01/us-news...
https://nypost.com/2024/02/29/sports/...
https://www.cnbc.com/2024/03/01/ceo-e...
 

Insane Real Estate Stories!║ The Real Estate Halftime Show w/ Tony Carletello and James Harper​

Premiered Mar 1, 2024

Really not much to see, can listen in one tab, surf the forum in a different tab.

This weeks guest is an old friend, Tony Carletello. Tony has been in the real estate business for over 20 years, and this point has seen it all! And we mean all! Sit back, relax, and listen as James & Tony dive deep into some the craziest real estate experiences that they have been witness to over their careers. You won't wanna miss this one. 27 mins long.

 

Proposal to Eliminate Property Taxes Leaves Homeowners Divided​

Michigan residents who wrote to Newsweek about a proposal to eliminate property taxes for homeowners and businesses in the state are divided between embracing the measure and strongly opposing it, with some expecting it to be "disastrous" for public services.

The initiative, dubbed "Ax Mi Tax," was launched by Michigan real estate agent and small business owner Karla Wagner, who is trying to collect enough signatures to bring it to the state ballot in November. She previously told Newsweek she wants to eliminate property taxes "because people can't afford them anymore."

"With the high cost of living and everything else that has gone up, we are losing way too many homes, farms and businesses in Michigan," Wagner said. "People are leaving Michigan because of the high cost of living here."

Thomas B., a Michigan resident who asked not to use his last name, said he's definitely "overtaxed," so much so that he's considering leaving the state, as Wagner mentioned. Thomas told Newsweek that he has lived in six different states and Mexico over the past 30 years due to his job, "and Michigan is by far the most heavily taxed state."

More:

 
A few people in our state are really starting to push for property tax reform. Most however, won't do much. What we need to do, and is much more Constitutionally based, is to Exempt property taxes on anything that is NOT owned by a corporation. Small LLC's should be allowed but I don't know where that break would go.

A.) This would end Serfdom and allow people to actually Own their property again

B.) Ends the worry about large corporations taking over and buying up all the houses, but still would collect taxes on most commercial and industrial properties.
 

Philly residents say a law meant to fight blight is being used to take homes in valuable locations​

Mar 5, 2024

Two Philly families were served with Act 135 petitions over properties that had passed down through generations. This is what happened when they fought back.


7:38
 
A brother just sold a property my parents built in a resort area of New York State...it was intended as their retirement home, but instead, they rented it out for 30 years. And my brother continued doing that.

Out of the blue, he decided to sell it this summer. And for what had been a $15k investment (land that was hard to build on, but waterfront; pre-cut kit home, three-seasons insulated) he got a million dollars out of it.

It was appraised at $200k when my parents died. Nice work.

Nicer move in selling it just before the chaos and lawlessness of New York exploded. Since he's such a flaming lib he should be placarded, I don't know how he did it (and he lives in Colorado, another Liberal Utopia) but he got out in the nick of time.

I honestly don't think I want to put money in real estate ANYWHERE in this nation, until we return to some structure of law and property rights.
 
Nearby. Lots of pics.

While Curtis G. Smith appeared in court Tuesday on weapons charges, police and code enforcement representatives descended on his Middletown home to start undoing the illegal construction work there.

More than a half-dozen police vehicles were posted near the 500 block of Langhorne-Yardley Road, at Valley View Drive, while a construction subcontractor razed a detached, cinder-block garage built without permits.

The structure isn’t the only improvement on the property that authorities allege that Smith has illegally done since purchasing the property in August. 2022. Demo crews will return Wednesday to remove a winding stamped concrete driveway, said township Solicitor Jim Esposito.

news.yahoo.com

Middletown razes illegal garage of 'sovereign citizen' who says he's not 'bound by any law'

After more than a year of legal battles, Middletown has started removing improvements at the home of a man who claims laws don't apply to him.
news.yahoo.com news.yahoo.com
 
I'd be driving a killdozer towards City Hall by now.

It's just as well I have nothing, other than PMs and a couple of cars. Although I guess they'll get those, too, eventually...
 
Lancers32 said:
Property tax relief. Man I ain't gonna hold my breath on that one.
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i have about 1.5 yrs more till i can apply for my prop taxes to be frozen till death or i buy new property
its a state of missouri program ....hopefully i can qualify (no clue what the qualifications are)
 
In my county, when you turn 65 you pay zero property tax if your adjusted gross income is less than $12,000.
Trying to look broke by next summer.
I think maybe a one time sales tax on property would be easier to swallow than a yearly tax bill.
But I would perfer none of the above.
 
Chigg said:
In my county, when you turn 65 you pay zero property tax if your adjusted gross income is less than $12,000.
Trying to look broke by next summer.
I think maybe a one time sales tax on property would be easier to swallow than a yearly tax bill.
But I would perfer none of the above.
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pretty hard to get AGI down that low......even if your on SS it would take some losses
 

INSANE Insurance Hikes LEAVING PEOPLE IN THE DUST!​

Mar 6, 2024

All across the country people are seeing massive increases in their homeowners insurance, their car insurance, their health insurance pretty much any type of insurance you can think of is going up at a stunning clip right now. The problem is, a lot of people can't afford these increases, and I'm gonna be stuck with the decision of do they pay the insurance or skip out on it and hope they don't get caught. Just another sign our economy is doing great...


28:20
 
Maybe the intentional immigration fiasco is to prop up the housing market for the banksters.
 
Voodoo said:
Or perhaps just more incentives to offer all these invaders. You'd be better off revoking your "citizenship" and burning your ID.

California Moves To Expand Zero-Down, Interest-Free Home Loan Program To Illegal Immigrants | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
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And go where?

Any safe place is going to be MADE by rational Americans.

Time to start planning an organized, defended Secession movement.

And no, don't use chat or Gmail to plan it.
 

A ‘rain tax’ spurs a storm of controversy in the Philly region, and a court case with broad implications​

While it’s not quite in a league with the Boston Tea Party or Pennsylvania’s infamous Whiskey Rebellion, a recent bump in stormwater fees has stirred a wave of protest in the bankrupt City of Chester, where more than one in four residents live in poverty.

The typical homeowner now pays $16.50 a month, compared with $8.25 when the Stormwater Authority of Chester started billing in 2017. Chester homeowners now pay among the highest rates in the country, based on a survey by a national stormwater-management expert.

The Stormwater Authority of Chester says it is pouring the money into reducing runoff and water pollution, along with other projects, in the flood-prone riverfront city of 33,500. The agency says that since it was created in 2016, “Chester has seen a tremendous reduction in flooding and road closings.”

Horace Strand, the authority’s chief, says the authority has added retention basins and upgraded pipes.

But some Chester residents derisively call the fee “the rain tax,” and evidently a lot of them have balked at paying it. As of last month, the authority had nearly more than 1,700 liens against property owners for non-payment, according to county records.

More:

 

Biden Calls for $10,000 Tax Credits for First-Time Homebuyers and Starter Home Sellers​

  • President Joe Biden is calling for a $10,000 credit for first-time homebuyers as well as a $10,000 credit for people who sell starter homes.
  • The measures, which would have to be passed by Congress, are aimed at un-freezing a housing market all but paralyzed by high mortgage rates and rising prices putting ownership out of reach for many first-time buyers.
  • The credits are part of a batch of housing policies Biden will announce Thursday evening in his State of the Union address.
More:

www.investopedia.com

Biden Calls for $10,000 Tax Credits for First-Time Homebuyers and Starter Home Sellers

If you’re one of many people who want to buy a house but can’t afford to break into today’s pricey market, President Joe Biden is proposing a new tax credit to help tip the financial scales in your favor.
www.investopedia.com www.investopedia.com
 
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