Norman Radow, Hired to Clean Up Real Estate Messes - NYTimes.com: "As founder of Radco Development Solutions, Mr. Radow is on the firing line in the continuing battle over failed residential real estate deals. Banks hire him to resurrect developments gone awry, particularly those half-empty condominium towers and gated communities that sprang up like weeds during the boom and are now in foreclosure."
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Maybe a TV series? "WORKOUT ARTIST!"
Sunday, November 22, 2009
The battle at Bridgewater
The battle at Bridgewater: "WESLEY CHAPEL - As he tries to rehabilitate his struggling neighborhood, Mark Spector, president of the Bridgewater homeowners association, has taken a 'zero tolerance' approach toward people who break his community's rules."
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They even hired a PR firm. But how do you sell that zero tolerance policy to prospective buyers? That's an unpleasant prospect for most people.
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They even hired a PR firm. But how do you sell that zero tolerance policy to prospective buyers? That's an unpleasant prospect for most people.
HOA foreclosures high in Myrtle Beach area as dues fall behind - Local - TheSunNews.com
HOA foreclosures high in Myrtle Beach area as dues fall behind - Local - TheSunNews.com: "John Fritzsch knew he was behind on his payments to his homeowners association, but he was still floored when he learned those late payments had led the association to foreclose on his condominium in Myrtle Beach.
'It wasn't something that I expected,' he said, adding that he didn't know the association had the power to foreclose on him.
Fritzsch, of Brick, N.J., was diagnosed with multiple sclerosis after buying the condo in 2005, a setback that forced him to stop working and that brought mounds of medical bills - which made him fallbehind on his HOA payments."
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The foreclosures are mounting, and we are not at the peak yet.
'It wasn't something that I expected,' he said, adding that he didn't know the association had the power to foreclose on him.
Fritzsch, of Brick, N.J., was diagnosed with multiple sclerosis after buying the condo in 2005, a setback that forced him to stop working and that brought mounds of medical bills - which made him fallbehind on his HOA payments."
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The foreclosures are mounting, and we are not at the peak yet.
$300 dues hike too much, say Twin Lakes Golf & Country Club residents | Federal Way - The News Tribune | Seattle-Tacoma News, Weather, Sports, Jobs, Homes and Cars | South Pu
$300 dues hike too much, say Twin Lakes Golf & Country Club residents | Federal Way - The News Tribune | Seattle-Tacoma News, Weather, Sports, Jobs, Homes and Cars | South Pu: "“If something doesn’t change at the golf club, we won’t be in operation a year from now,” said Jimme Schneider, president of Twin Lakes Golf & Country Club’s board of trustees."
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Yes, and this is the choice that is facing thousands of condos and hoas across the nation. It will get much, much worse in the years to come.
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Yes, and this is the choice that is facing thousands of condos and hoas across the nation. It will get much, much worse in the years to come.
Menifee extends traffic enforcement to private roads in gated community | Inland News | PE.com | Southern California News | News for Inland Southern California
Menifee extends traffic enforcement to private roads in gated community : "Enforcing traffic laws for the 2 miles of roadway inside the Tierra Shores tract should not take a substantial toll on the city's law enforcement resources, McElvain said.
'There's probably thousands of miles of road in the city of Menifee. It probably won't be much of an impact,' he said.
But if city officials were to extend traffic enforcement to all the private communities in Menifee, that could start to affect the Sheriff's Department's ability to effectively cover the 48-square-mile city."
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Thanks to Fred Pilot for yet another example of the HOA getting built into the structure of local government.
'There's probably thousands of miles of road in the city of Menifee. It probably won't be much of an impact,' he said.
But if city officials were to extend traffic enforcement to all the private communities in Menifee, that could start to affect the Sheriff's Department's ability to effectively cover the 48-square-mile city."
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Thanks to Fred Pilot for yet another example of the HOA getting built into the structure of local government.
Allowing contractors' signs in their yards can save homeowners money - The Denver Post
Allowing contractors' signs in their yards can save homeowners money - The Denver Post: "Ever wondered how much of a discount your neighbor is getting from his roofer by allowing him to put a sign advertising the company on the front lawn for months on end?
Turns out it can be significant. Then again, sometimes there's nothing in it for the owner except a fight with the homeowners association."
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Why yes, of course. The entire neighborhood would turn into Tobacco Road if home owners were allowed to have signs showing who they hired to improve their property.
Turns out it can be significant. Then again, sometimes there's nothing in it for the owner except a fight with the homeowners association."
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Why yes, of course. The entire neighborhood would turn into Tobacco Road if home owners were allowed to have signs showing who they hired to improve their property.
Thursday, November 19, 2009
U.S. Mortgage Delinquencies Reach a Record High - NYTimes.com
U.S. Mortgage Delinquencies Reach a Record High - NYTimes.com: "The combined percentage of those in foreclosure as well as delinquent homeowners is 14.41 percent, or about one in seven mortgage holders. Mortgages with problems are concentrated in four states: California, Florida, Arizona and Nevada. One in four people with mortgages in Florida is behind in payments.
Some of the delinquent homeowners are scrambling and will eventually catch up on their payments. But many others will slide into foreclosure. The percentage of loans in foreclosure on Sept. 30 was 4.47 percent, up from 2.97 percent last year."
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Let's see. What do CA, FL, AZ, and NV have in common? Lots of sun. What else? Oh, yes. These are states where CIDs have been the predominant form of new housing in recent years. So that means the foreclosures to come will place even heavier burdens on the remaining owners in all those condo associations and HOAs.
Some of the delinquent homeowners are scrambling and will eventually catch up on their payments. But many others will slide into foreclosure. The percentage of loans in foreclosure on Sept. 30 was 4.47 percent, up from 2.97 percent last year."
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Let's see. What do CA, FL, AZ, and NV have in common? Lots of sun. What else? Oh, yes. These are states where CIDs have been the predominant form of new housing in recent years. So that means the foreclosures to come will place even heavier burdens on the remaining owners in all those condo associations and HOAs.
UIC News - University prepares for cuts in state funds
UIC News - University prepares for cuts in state funds: "As of Nov. 2, the university has billed the state for $317 million of its appropriation, but has only received about $400,000."
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And that's why we are now about to get hit with a budget rescission to the tune of $45 million. That's coming out of the budget we had for this year, which is well underway.
The state of Illinois is a fiscal basket case, and so are at least nine other states. I am not aware of any other time in memory when government budgets at all levels--federal, state, and local--have been so far out of balance. There is no pocket to get the money from. Governments are insolvent and the taxpayers are already economically stressed to the max.
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And that's why we are now about to get hit with a budget rescission to the tune of $45 million. That's coming out of the budget we had for this year, which is well underway.
The state of Illinois is a fiscal basket case, and so are at least nine other states. I am not aware of any other time in memory when government budgets at all levels--federal, state, and local--have been so far out of balance. There is no pocket to get the money from. Governments are insolvent and the taxpayers are already economically stressed to the max.
Wednesday, November 18, 2009
YouTube - Lindsey Graham Destroys Eric Holder
YouTube - Lindsey Graham Destroys Eric Holder
How can Holder be unable to answer these simple questions? It seems that the Administration has not thought through any aspect of their decision to try enemy combatants in civilian court.
How can Holder be unable to answer these simple questions? It seems that the Administration has not thought through any aspect of their decision to try enemy combatants in civilian court.
City Room™ - Business - Condo Owners Struggle to Salvage an Almost-Empty Building
City Room™ - Business - Condo Owners Struggle to Salvage an Almost-Empty Building This is the story that accompanies the WBEZ radio broadcast I just did with attorney Mark Pearlstein and Illinois State Representative Harry Osterman. There is also a link to the full story by Ashley Gross of this disastrous situation at the condo in question.
It is good to see that at least somebody is paying attention to this situation. I think the whole program was excellent, including the call from Brian White of the Lakeside Community Development Corporation, where they are trying to help out these associations and their owners. Listen to the whole thing and please comment.
It is good to see that at least somebody is paying attention to this situation. I think the whole program was excellent, including the call from Brian White of the Lakeside Community Development Corporation, where they are trying to help out these associations and their owners. Listen to the whole thing and please comment.
WBEZ, 91.5 fm, chicago
I'll be on at 9am today, on the 8/48 show, talking about how the recession has hit condos and HOAs. Attorney Mark Pearlstein is scheduled to be there as well. It will be archived as a podcast and I'll link to it.
Tuesday, November 17, 2009
Fines for too-tall grass could rise to $1,000 a day in Jupiter
Fines for too-tall grass could rise to $1,000 a day in Jupiter: "JUPITER — An overgrown lawn could cost a homeowner $1,000 a day.
A plan to quadruple the penalty from the current maximum of $250 per day for a first violation is scheduled for consideration at Tuesday night's town council meeting.
A repeat violation by the same person would be boosted to $5,000 a day maximum from $500 per day."
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This is so outrageous even the HOAs are objecting to it.
A plan to quadruple the penalty from the current maximum of $250 per day for a first violation is scheduled for consideration at Tuesday night's town council meeting.
A repeat violation by the same person would be boosted to $5,000 a day maximum from $500 per day."
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This is so outrageous even the HOAs are objecting to it.
The worst is yet to come: Unemployed Americans should hunker down for more job losses
The worst is yet to come: Unemployed Americans should hunker down for more job losses: "As a result of these terribly weak labor markets, we can expect weak recovery of consumption and economic growth; larger budget deficits; greater delinquencies in residential and commercial real estate and greater fall in home and commercial real estate prices; greater losses for banks and financial institutions on residential and commercial real estate mortgages, and in credit cards, auto loans and student loans and thus a greater rate of failures of banks; and greater protectionist pressures."
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Thus spake Nouriel Roubini, aka Dr. Doom.
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Thus spake Nouriel Roubini, aka Dr. Doom.
Sunday, November 15, 2009
Administration to Propose Federal Oversight of Subways, Report Says - FOXNews.com
Administration to Propose Federal Oversight of Subways, Report Says - FOXNews.com: "In the wake of last summer's deadly Metro crash in Washington, D.C., the Obama administration reportedly plans to propose that subway and light-rail systems across the country fall under federal oversight.
The pitch comes as the administration moves to increase regulation over the financial, auto, health care and industrial sectors."
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I keep hearing from leftists that the Obama administration is disappointing because they aren't going far enough to the left. How's this?
The pitch comes as the administration moves to increase regulation over the financial, auto, health care and industrial sectors."
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I keep hearing from leftists that the Obama administration is disappointing because they aren't going far enough to the left. How's this?
Friday, November 13, 2009
Barrick shuts hedge book as world gold supply runs out - Telegraph
Barrick shuts hedge book as world gold supply runs out - Telegraph: "Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world's top producer Barrick Gold."
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Why don't we all just decide that quartz is the new gold?
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Why don't we all just decide that quartz is the new gold?
Association suits, claims prevalent -- chicagotribune.com
Association suits, claims prevalent -- chicagotribune.com: "Community associations have a big legal headache these days. They, or their representatives, are spending increasing amounts of time on lawsuits and liability claims. Some of the action is initiated by boards, and some by residents. The disputes vary, but many are prompted by the economy."
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They are prompted by the economy, and in some cases by lawyers who make a living doing covenant enforcement and assessment collection.
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They are prompted by the economy, and in some cases by lawyers who make a living doing covenant enforcement and assessment collection.
F.H.A., Cash Dwindling, Tightens Home Loan Rules - NYTimes.com
F.H.A., Cash Dwindling, Tightens Home Loan Rules - NYTimes.com: "The Federal Housing Administration, the government agency whose loan-insurance programs have become a crucial source of support for the housing market, said on Thursday that its cash reserves had dwindled significantly in the last year as more borrowers defaulted on their mortgages."
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So they are tightening loan requirements and making noises about so far not yet needing a bailout that wouldn't really be a bailout.
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So they are tightening loan requirements and making noises about so far not yet needing a bailout that wouldn't really be a bailout.
Ex-soldier faces jail for handing in gun
Ex-soldier faces jail for handing in gun: "A former soldier who handed a discarded shotgun in to police faces at least five years imprisonment for 'doing his duty'.
Paul Clarke, 27, was found guilty of possessing a firearm at Guildford Crown Court on Tuesday – after finding the gun and handing it personally to police officers on March 20 this year."
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Jolly old England. As it circles the drain.
Paul Clarke, 27, was found guilty of possessing a firearm at Guildford Crown Court on Tuesday – after finding the gun and handing it personally to police officers on March 20 this year."
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Jolly old England. As it circles the drain.
Thursday, November 12, 2009
Griffin Lake residents continue to argue over weed assessment | davisonindex.mihomepaper.com | The Davison Index
Griffin Lake residents continue to argue over weed assessment | davisonindex.mihomepaper.com | The Davison Index: "At issue is a $379.86 special assessment per parcel on 14 parcels around Griffin Lake, a private lake off M-15, just south of I-69.
A majority of residents got together more than a year ago and petitioned the township to handle the collection of the special assessment so all parcels paid their fair share of weed control treatments on the lake. Before the township took over collection of the assessment, some residents said they were footing the bill for the entire lake and not every homeowner there was paying.
But some residents object, saying they are being represented by a mysterious home owners association they are not a part of, who has made all the decisions regarding who is contracted to do the weed control on the 15 acre lake."
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So the township is collecting the private HOA special assessment. How nice. And now the township wishes they had never gotten involved.
Thanks to Fred Pilot for this.
A majority of residents got together more than a year ago and petitioned the township to handle the collection of the special assessment so all parcels paid their fair share of weed control treatments on the lake. Before the township took over collection of the assessment, some residents said they were footing the bill for the entire lake and not every homeowner there was paying.
But some residents object, saying they are being represented by a mysterious home owners association they are not a part of, who has made all the decisions regarding who is contracted to do the weed control on the 15 acre lake."
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So the township is collecting the private HOA special assessment. How nice. And now the township wishes they had never gotten involved.
Thanks to Fred Pilot for this.
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