real estate

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Obama Visit Shines Light on Florida's Gloomy Outlook

Prez follows long tradition of bemoaning Florida's unsustainability

(Newser) - When President Obama chose Fort Myers, Fla., to plug his stimulus plan, he magnified an already intense media glare on the state’s disastrous real estate market, reports the Miami Herald. The scrutiny continues in a long article in the current New Yorker—titled “Ponzi State”—and a...

Lehman CEO Sells Mansion to Wife—for $100

But Fuld's attempt to evade creditors may not work

(Newser) - The housing market is weak, but the $13 million mansion of fallen Lehman CEO Richard Fuld on the Florida coast fetched just $100 last November, reports Reuters. So who forked over the C-note for the seaside property? Fuld's wife Kathleen, famous for carrying her Hermès purchases in generic shopping...

Real-Estate Pioneer Crow Dead at 94
Real-Estate Pioneer Crow Dead at 94
OBITUARY
Jan 16, 2009 5:41 PM CST

Real-Estate Pioneer Crow Dead at 94

Turned single Dallas warehouse into international empire

(Newser) - Visionary real-estate developer Trammell Crow, who pioneered strategies that helped him become one of the world’s largest landlords, has died, the Dallas Morning News reports. He was 94 and suffered from Alzheimer’s disease. Crow, who helped popularize the concept of building on spec—erecting structures before they were...

Foreclosures Soar 81%
 Foreclosures Soar 81% 
Jan 15, 2009 6:05 AM CST

Foreclosures Soar 81%

States where property prices spiked during boom now seeing highest foreclosure rates

(Newser) - Foreclosures rocketed 81% in the US during 2008, affecting one of every 54 households in the nation, reports Reuters. A total of 3.2 million foreclosures were filed, according to research firm Realtytrac. The hardest-hit states were Nevada, Florida, Arizona, and California, the same states where property prices surged the...

Bush Years Were Dark for US Economy
Bush Years Were Dark for US Economy
Jan 12, 2009 11:49 AM CST

Bush Years Were Dark for US Economy

'We really went nowhere for almost 10 years,' says economist

(Newser) - The Bush years have not been good ones for the economy, the Washington Post reports, based on an analysis of economic data and discussions with economists of all stripes. Job growth for Bush’s tenure amounts to just 2%, the smallest 8-year gain on record, and GDP grew at its...

Jobs to Ditch Before the Recession Does It for You

Auto industry, real estate among worst fields

(Newser) - Want to keep your job this year? Steer clear of these professions, which a new study says will be hard-hit by the recession, Australia's News Network reports:
  • Car salesperson
  • Real estate agent
  • Investment banker
  • Prawn fisherman

Realtors Friend Facebook for Boost in Rough Market

Networking site is useful way reach out to friends—and to buy and sell properties

(Newser) - Facebook has been reviving more than long-lost friendships—it’s proving a useful tool for struggling real-estate agents, Daniel McGinn writes for Newsweek. Agents are increasingly using the site to promote themselves, pitch listings and keep track of potential clients. “I’m trying everything in a market like this,...

Chicago Real Estate Mogul Kills Himself

High-profile exec led expansion of Good family firm

(Newser) - A Chicago-area real estate mogul has been found dead after shooting himself in a wildlife preserve, CNN reports. Police say they don't know why 52-year-old Steven L. Good took his life; a rep said the local sheriff's department had no "concrete evidence if this had anything to do with...

Housing Bust Makes Divorce Too Costly for Many Couples

Couples stick it out as tough market makes splitting too expensive

(Newser) - Breaking up is hard to do, but in a housing bust it can be well nigh impossible. With one in six homes worth less than the mortgage owed on it, couples on the skids are finding divorce plans scuttled by an inability to sell the marital home. And with job...

Clinton's Gains-Tax Break Pumped Up Housing Bubble
Clinton's Gains-Tax Break Pumped Up Housing Bubble
ANALYSIS
Dec 19, 2008 11:18 AM CST

Clinton's Gains-Tax Break Pumped Up Housing Bubble

Eliminating levy on profit from home sales encouraged Americans to play the market

(Newser) - A tax break introduced by President Clinton and made law in 1997 helped fuel the housing bubble that eventually led to the current economic crisis, the New York Times reports. The cut, which allowed owners to sell their homes without paying capital-gains taxes on profits up to $500,000, created...

Madoff Shakes NY Real Estate Industry

Scandal jeopardizes dozens of projects; loans may be called in

(Newser) - New York's once booming real estate industry has already been struggling with the recession, but the revelation of Bernie Madoff's $50 billion Ponzi scheme has hit commercial brokers and developers particularly hard. Deals across the city have been put in jeopardy, buyers have withdrawn pledges to purchase, and Madoff investments...

FBI Circled Around Blago's Wife for a Year

She dropped real estate work amid questions about clients paying for influence

(Newser) - She's known for ranting on an FBI tape—but that wasn’t the first time Patricia Blagojevich’s name has surfaced in the corruption probe of her governor husband, the Chicago Tribune reports. A federal investigation that began a year ago prompted Mrs. Blago to quit real estate work amid...

Beverly Hills Turf War Splits Wealthy Residents

Residents of ritzy enclaves head to court over access, upkeep fees

(Newser) - A turf war has broken out between two upscale Beverly Hills enclaves, home to the likes of movie mogul Sumner Redstone and basketball legend Magic Johnson, the Los Angeles Business Journal reports. Residents of North Beverly Park got fed up with nannies and other employees of their South Beverly Park...

Young Americans Ride Out Recession in Dubai

Booming reality counters talk of bubble in Middle East's 'Manhattan'

(Newser) - Back in Texas, Brooke Butler’s friends are worrying about their homes and jobs. Butler has other worries. “I’m thinking it’ll take about 5 years to make a million now,” the 24-year-old saleswoman tells New York. “It’s not that difficult over here.” Here...

Manhattan Real Estate Prices Plummet

News will only get worse, experts predict

(Newser) - Manhattan real estate is already taking a major hit from the economic crisis, reports the New York Times. Median property prices in Harlem are down nearly 20%, and east midtown condos have plunged more than 18%. The downturn will eventually rock even the toniest neighborhoods, experts predict. Sales have slowed...

Trump in Trouble on Chicago Tower

Bleak outloook makes financing a tall order for 92-story skyscraper

(Newser) - Donald Trump's 92-story Chicago tower has been hit by a triple-whammy of the credit crunch, the housing slump, and sagging retail sales, making foreclosure a real danger, the Wall Street Journal reports. Trump, who developed the tower without partners, owes $1 billion on the project but has so far sold...

Cities Fight Urban Blight With Free College Tuition

'Promise Communities' are tried across the country

(Newser) - Cities on the decline across the country are testing a new strategy to stem urban decline: Families who buy homes in town get their kids college tuition paid in full. These "promise communities"—about 80 in all—seek to attract new residents and keep upwardly-mobile city dwellers from...

Once-Brash Big Apple Wilts in Crisis

Once-brash Big Apple is reeling from Wall Street crisis

(Newser) - A New York state of mind is giving the city’s big spenders a migraine, the Washington Post reports. Economic meltdown has withered the Big Apple, where private jet and yacht bookings are off, lavish parties are being trimmed, and lofts sit freshly vacant. Worse, the Mets and Yankees are...

GM May Sell Detroit Home Base
 GM May Sell Detroit Home Base 
Oct 7, 2008 4:46 PM CDT

GM May Sell Detroit Home Base

Firm seeks investment from pension funds in landmark Renaissance Center

(Newser) - General Motors will ask to borrow $500 million from pension funds for Detroit city employees to refinance its headquarters, the Renaissance Center, the News reports. The firm will make a pitch to the police and fire retirement system Thursday; GM will consider selling the landmark and leasing office space inside...

For Sale: Brit's $7.9M Breakdown Palace

Beverly Hills estate famous site of crazy scenes

(Newser) - Pop tart Britney Spears has put her six-bedroom Beverly Hills home on the market for $7.9 million, and you can almost hear champagne corks pop as neighbors rejoice, reports the Los Angeles Times. The manse, with mosaic tile floors, pool and spa, has been the site of paparazzi mob...

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