Foreclosures and auctions seem to fill the news in the real estate industry still, even at the upper end of the market, but there is an undercurrent of positive feelings.
50 luxury waterfront condominiums were sold at auction over the weekend.
Portland – like most markets has suffered from the real estate downturn that is not happening and the luxury end of the market has by no means been immune. The over building boom that turned most of the country’s docklands into high end condo developments meant a huge glut of condos in certain areas.
A luxury home developer put three partnerships into bankruptcy in the hopes of keeping some of the land.
Despite all this talk of a “recovery,” of the stock market and a return to profitable banks, things still seem a little shaky further down the food chain and the “trickle down” effect of billions of bailouts does not seem to be “trickling down,” to where it is needed. David Bagwell, a luxury home developer in Colleyville, Texas, has placed three partnerships that own parts of his development into bankruptcy rather than lose the undeveloped land in them to foreclosure.
The amount of Las Vegas foreclosures continues to rise and the Lake Las Vegas Ritz-Carlton will close next month.
Well, the amount of foreclosed property in Las Vegas continues to increase. I spoke to a lady over the weekend who had been foreclosed upon in Lake Las Vegas and she was not a happy bunny.
And yet another group of mortgage brokers have been charged in a mortgage fraud scheme.
Federal officials have charged 13 individuals in an alleged elaborate $16.9 million mortgage fraud scheme targeting sales of luxury condominimum units in downtown Miami and single family homes in Coral Gables, according to an unsealed superseding indictment.
So whatever tentative signs of recovery are showing, the backdrop of ongoing foreclosures, failed developments and fraud allegations need to be taken into consideration.
