Word: condo
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...janitor and then a baggage handler at the Miami airport, living in a Hialeah apartment without air-conditioning, peddling sunglasses to co-workers on the side. In the 1990s, he discovered real estate, rehabbing and selling a few foreclosed duplexes, then developing town houses and branching into condo conversions as the market went nuts. He soon built a statewide empire with 300 employees, including a staff priest who blessed his projects. He bought a waterfront mansion in Coral Gables, a fleet of classic cars, a Ferretti yacht, huge collections of fine wine, Cuban art and luxury watches. Just last year...
Puig's financial records were a mess, and his accountant was a convicted felon with ties to the Colombian drug kingpin, Pablo Escobar. But that never seemed to bother Puig's investors or lenders, who kept showering him with money as long as condo prices kept soaring. It certainly didn't bother Puig, who explained in a recent deposition that he never paid attention to his books, in part because his expertise was in matters like where to advertise property and whether to paint the doors yellow or white, and in part because he never imagined the Florida housing market...
Keep the cell phone on, Paul. In some Miami high-rises, the foreclosure rate is as high as 1 in 4, and owners who still own are getting nailed with huge condo fees to make up for the lost revenue. Florida banks repossessed 620% more property last year than in 2006, and they're starting to unload nonperforming real estate loans for as low as 30¢ on the dollar. Miami topped a recent list of America's worst housing markets, just ahead of Orlando, with Tampa fourth. From 20% to 40% of the speculators who waited on lines...
They found a way to do that with the Porter House. A SHoP-designed condo in Manhattan's ever more lustrous Meatpacking District, it consists of a 10-story zinc-clad upper portion with an irregular and eye-catching window pattern, which is built on top of and within an existing six-story masonry warehouse. It was the SHoP architects who discovered the old warehouse. Then they went to Jeffrey M. Brown Associates, a Philadelphia-based developer and former client, to broach the idea of partnering with him to purchase and transform the property. That architects-as-developers business model...
...worse for baby boomers, who must grow old in full view of their colleagues. AARP says 79% of boomers plan to work into the traditional retirement years--good news for employers facing a shortage of skilled workers, bad news for the condo market in Florida. "One way to stay competitive in the workplace is to look young, hip and current," says Krupp...