property

Attempted Land Grab Ends With Voters Booting Entire City Council

"Government officials like to use eminent domain for the convenience of their preferred policies and/or the enrichment of themselves and their buddies. Usually, they get away with it, because the folks on the receiving end are too few and powerless to hold their tormentors to account. In Hackensack, New Jersey, however, the officials who targeted Michael Monaghan's property for seizure as part of an 'area in need of redevelopment,' even while denying him the right to develop it himself, pushed too many people around, too often. Last month, voters booted out the entire city council." Continue reading →

Continue ReadingAttempted Land Grab Ends With Voters Booting Entire City Council

Sam Zell says sell

"At least one notable investor thinks we may be in bubble trouble again. Sam Zell on Thursday at the SALT hedge fund conference in Las Vegas said stocks are due for a fall. The legendary real estate investor thinks the market is out of touch with what is really going on in the economy. 'Right now you are buying at an all-time high,' says Zell. 'And there are times when stocks hit a high, and then go higher, but that's when you have a good economy.' By contrast, Zell said the companies he runs and looks at are still struggling to increase sales. Zell said he was worried about problems in the Middle East and recent aggressive efforts by the Bank of Japan." Continue reading →

Continue ReadingSam Zell says sell

Invest Like a Euro Zone Refugee

"The world is now witnessing a new refugee movement … but it’s not happening where you might think. These new refugees are not fleeing a war-torn province, or trying to escape from under the boot of a tyrant. They don’t need government aid. And they aren’t physically leaving their homes… Rather, these refugees are Italians, and they are fleeing their banks and their economy. Valter Badariotti, a banker with two small children, is one of the euro zone refugees. So is filmmaker Franco Fracassi. Both are worried about Italy’s economic deterioration and political morass. Sound familiar? It should … because it’s not far from what’s happening in the U.S." Continue reading →

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New York auction houses celebrate after billion-dollar sales week

"Two of New York’s leading auction houses combined for the art world’s richest sales week ever, with works going under the hammer for a breathtaking total of more than one billion dollars. Christie’s reaped in more than $638 million dollars at its blockbuster contemporary art auction on Wednesday. Its staggering haul included a record $58.4 million for a Jackson Pollock drip painting, which shattered all previous records for the highest price for any work at an art auction. An official at Christie's said the record prices 'reflect a new era in the art market, wherein seasoned collectors and new bidders compete at the highest level within a global market.'" Continue reading →

Continue ReadingNew York auction houses celebrate after billion-dollar sales week

BitPremier Sells Luxury Goods For Bitcoin

"We've found a guy who claims to be putting his Trump Soho condo up for sale. And he will only take payment in Bitcoin. Later today, he will advertise the property exclusively on BitPremier, the first-ever online Bitcoin exchange exclusively for luxury goods. The site launches today. We recently spoke by phone with BitPremier founder Alan Silbert, who also serves as a VP for GE Capital, about the goals for BitPremier. He said purchasing options for people who own lots of Bitcoin have thus far been limited. Along with the choice condo, the site will also launch with a Bahamas villa, a Leroy Neiman artwork, and a high-end watch. A Ferrari and Mercedes are also imminent." Continue reading →

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China housing inflation quickens to two year high

"China's housing inflation accelerated to its fastest pace in April in two years, driven by a jump in prices in Beijing and Shanghai, complicating the task of policymakers trying to cool the property sector while supporting economic expansion. Average new home prices rose 4.9 percent last month from a year ago, after a year-on-year increase of 3.6 percent in March, according to Reuters calculations from data released by the National Bureau of Statistics(NBS) on Saturday. The rise was the sharpest since April 2011. New home prices in Beijing rose 10.3 percent in April from a year earlier and Shanghai's prices were up 8.5 percent in April from a year ago." Continue reading →

Continue ReadingChina housing inflation quickens to two year high

West, TX blast victims may not get property tax relief

"Some West residents may end up paying taxes this year on homes that no longer exist. Residents whose homes were damaged or destroyed in the April 17 West Fertilizer Co. explosion have until the end of May to protest the appraisals on which property taxes are based. But under state law, appraisal values are supposed to reflect the value of the property on Jan. 1 of the tax year. Section 23.03 of the Texas Property Tax Code allows local governments to authorize reappraisals after natural disasters, but the fertilizer plant explosion wouldn’t qualify." Continue reading →

Continue ReadingWest, TX blast victims may not get property tax relief

Dodd-Frank Creates A Prebuilt Loan Predicament

"Loans with rates and fees above certain thresholds are supposed to be designated 'high cost' by the Consumer Financial Protection Bureau and thus subject to fewer legal protections. The bureau earlier this year decided to call loans high-cost if they have an annual percentage rate of more than 6.5 percentage points above a national average and 8.5 percentage points for many loans under $50,000. Lenders to manufactured-home buyers say many of their loans would fall into the high-cost category with this regulation, which goes into effect in January. They warn that they won't make such loans because they carry increased legal risk." Continue reading →

Continue ReadingDodd-Frank Creates A Prebuilt Loan Predicament

Mexico Bill Loosens Restrictions On Foreigners Buying Residential Property

"The longstanding restrictions on foreigners buying property along Mexico's coast and borders were loosened on Tuesday after Congress' lower house voted on a proposal that drew stiff criticism from some quarters. For decades, foreigners have had to use real-estate trusts or Mexican front companies to buy beachfront properties, because Article 27 of the constitution prohibits non-Mexicans from directly owning land within 31 miles (50 kilometers) of the coast and 62 miles (100 kilometers) of the nation's borders. The trusts and front companies have provided a lucrative income for banks, lawyers and notaries who are required to operate them." Continue reading →

Continue ReadingMexico Bill Loosens Restrictions On Foreigners Buying Residential Property

Newly Printed Bernanke Money Floods Manhattan

"The average rent in Manhattan rose by $139 to $3,367 a month in April, compared with March, a one-month increase of 4.3%, according to a report by Citi Habitats, a brokerage firm that represents many renters, reports WSJ. And Anthony Trevisan reports in that his NYC laundry just raised prices by 13%." Continue reading →

Continue ReadingNewly Printed Bernanke Money Floods Manhattan