Ginn files for bankruptcy protection for Tesoro, other project
Two affiliates of Celebration-based Ginn Resorts last week filed a flurry of Chapter 7 petitions. Ginn sought bankruptcy protection for Tesoro and for Quail West in Naples. Tesoro will continue operations under the supervision of the bankruptcy court and a court-appointed trustee until the property is sold, Ginn said in a statement.
18% annual drop in October puts home prices at 2004 levels
The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday fell by a record 18 percent from October last year, the largest drop since its inception in 2000. The 10-city index tumbled 19.1 percent, its biggest decline in its 21-year history.
Bank bids to buy Seasons at Tradition for $23 million at foreclosure auction
If no one contests Monday morning's foreclosure auction, KeyBank will buy back the 1,200-home Seasons at Tradition development from the bankrupt Levitt and Sons for $23 million.
Seasons at Tradition development sold for $23 million
In a foreclosure auction that lasted less than five minutes Monday morning, KeyBank placed the one and only bid ? $23 million ? and bought the 1,200-home Seasons at Tradition development from the bankrupt Levitt and Sons, which owes the bank $86.2 million.
WCI at halfway mark as it tries to emerge from bankruptcy
Uncertainty remains for WCI Communities as the developer reaches the halfway point in its reorganization efforts. The Bonita Springs-based home builder, filed for Chapter 11 bankruptcy protection in August. Reorganization plans are due by April 1. ?There?s a good chance that ... it may cause WCI to go into liquidation,? said Jack McCabe, chief executive officer at Deerfield Beach-based McCabe Research and Consulting.
Chinese drywall causes problems on the Treasure Coast
Martin and St. Lucie counties are two of nearly a dozen counties where complaints of possible exposure to the contaminated drywall in new homes have arisen.
Martin, St. Lucie County home sales increase while prices drop in November
In the Fort Pierce-Port St. Lucie Metropolitan Statistical Area, which includes Stuart, sales of single-family homes increased 38 percent with 318 units sold, up from 230 a year earlier, according to the Florida Association of Realtors.
The median sales figure dropped 37 percent to $130,500 from $206,500 a year earlier. Prices were last this low in July 2002, when the Realtors association said the median price of a home was $133,200.
Nationally, sales price of homes drops by largest amount on record
Sales of existing homes plunged far more than expected last month as buyers recoiled from October?s financial wreckage on Wall Street. The median sales price fell by the largest amount on record. The National Association of Realtors said Tuesday existing home sales fell 8.6 percent to an annual rate of 4.49 million in November, from a downwardly revised pace of 4.91 million in October.
Personal bankruptcy filings on the rise on Treasure Coast
In the current economy, more and more people on the Treasure Coast and throughout South Florida are turning to federal bankruptcy courts for relief from mounting debts, and that trend is expected to continue for years, experts say.
From Indian River County to the Florida Keys, personal and business bankruptcy filings were up about 71 percent last month, compared to November 2007, said Katherine Gould Feldman, clerk of the U.S. Southern District of Florida Bankruptcy Court in Miami.
Fewer buyers attracted to foreclosed homes
At a time when foreclosures continue to mount, there's less of an appetite to buy these distressed homes, according a survey released Tuesday. The decline is attributed to prospective buyers gradually understanding the negative aspects of dealing in foreclosures or so-called short sales, in which lenders take less than what's owed on the mortgages and forgive the remaining debt.
Fed moves lead to lowest mortgage rates in 37 years
Rates on 30-year-fixed mortgages dropped this week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the moribund U.S. housing market.
Freddie Mac, the mortgage company, reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent.
New project for ex-villas site in Jensen Beach gets final approval despite minor concern
Two homeowners' concerns about the boundary of a preserve area were not enough Tuesday to hold up the final step in Martin County's approval process for 36 single-family homes on the site that once sported the Villas of Pinecrest.
Elderly care facilty near Jensen mall takes step forward
A proposal to develop a 267-bed residential care facility for the elderly at the Treasure Coast Square mall took a major step forward Tuesday when the Martin County Commission approved a related land-use change.
Breckenridge developer withdraws rezoning bid after St. Lucie neighbors object
Zentex Ventures of Palm Beach withdrew its request during a meeting of the City Commission "in an effort to show good faith," said the company's attorney, Cynthia Angelos.
Firm attracts international buyers for Treasure Coast properties
Laurie Andrews is changing the way she does business. As the chief operating officer at Stuart-based Cotton & Co., she is trying to drum up business from the other side of the pond.
Richard White: Notice of board meetings must be posted 48 hours in advance
I am a member of a condominium association. A recent board meeting was in violation of the 2008 Florida statues. The notice for this meeting was posted for about 28 hours, not 48 hours as required.
$6 million grant to help housing problem in Fort Pierce, St. Lucie County
The county and Fort Pierce will receive about $6 million to help some of its residents during the housing crisis.
