Word: condos
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...last piece of the last residential construction crane in Miami is coming down this week. Don't expect to see another crane in this city for a decade, says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty intelligence service. Miami is both a metaphor and model for once torrid real estate markets that melted in the subprime debacle. Miami developers threw up some 23,000 units beginning in 2003, many of them bought by speculators who thought they could flip them for a quick profit. Some...
...national headquarters of John McCain's campaign are in northern Virginia, near the condo where he stays when he is working across the river in Washington. But McCain didn't get around to actually campaigning in the most pivotal part of this pivotal state - exurban Prince William County - until the weekend of Oct. 18. That's when he realized he was running about 10 points behind in a state that hasn't voted Democratic since...
...something you wanted to buy. On Wall Street, debt funded investments in pretty much everything a financial firm could bet on, including the toxic mortgage-backed securities that led the way into this crisis. On Main Street, it meant borrowing to buy a house or a condo - maybe two - then perhaps borrowing again off the increasing value of that property to pay for something else: a flat-screen TV, a new set of golf clubs, your daughter's braces...
...consumers everywhere are reeling. Christopher Adams is an architect who lives with his wife Rachel in a North Miami Beach condo project in which fully 25% of the 244 units are in foreclosure. That means higher maintenance fees for those - like the Adamses - who continue to pay their mortgages. And as his monthly payments have gone up, Adams' income has gone down. His firm has lost three projects over the past year as commercial developers canceled jobs. As a result, he and his wife make decisions that ripple through the economy. He cashed...
...Zogran said that he supports a more even mix of affordable and market-rate units between the condo tower and the lower-rise in order to promote social equity...