New Owner of Atlantic City’s Tropicana Somewhat of a Surprise
July 1st, 2009 — News
Home prices drop, but at a slower rate
June 30th, 2009 — News
NBA Renewal Marks Big Win for Midtown Manhattan
June 30th, 2009 — News
Mel Gibson, 50 Cent, Tim Geithner, Richard Gere, and Christie Brinkley can’t sell their houses
June 29th, 2009 — News

As if celebrities didn't have enough problems--like paparazzi and wrinkles--along comes the housing bust to tarnish their silvery existence. a story by Laura Mann of Newsday. That's the tippy top of Christie's house, known as Tower Hill, in the photo. It's been on the market for $30 million ever since 2007. Don't feel too bad for the uptown girl, though. According to Newsday, she bought Tower Hill in the late 1990s for less than $3 million.
Best way to find a home loan
June 29th, 2009 — News
California M-F Scores $18M in Financing
June 28th, 2009 — News
KABR Fund Takes 235,000-SF New Jersey Office
June 27th, 2009 — News
Banks Need to Hire More Loan Officers
June 26th, 2009 — News
Are banks overwhelmed and understaffed for all the work coming out of the housing bust? On June 24, Ciitgroup said it was temporarily suspending new loans brought to them by independent mortgage brokers as it seeks to fix “quality control” issues regarding loan documentation. Rob Jenson, a real estate agent with the Jenson Group in Las Vegas says he’s been trying for eight months to get Bank of America to approve the sale of house for less than the loan amount, a so-called short sale that banks say they are working more diligently to accommodate. “It’s insane,” Jenson says. “It’s getting worse.”
The house Jenson is having problems selling was originally listed for $795,000 in November. It's a five bedroom, 4,500 square foot home in the Vegas suburb of Summerlin. Jenson immediately got a full-price, all-cash offer which he submitted to the bank late last year. “It took two to three weeks to get a workout negotiator,” he says. “Then they order an appraisal, additional documents from the seller.” Two months later the bank said okay to $795,000, but by then the buyer had moved on.
That started the process all over again. Jenson brought in another buyer, but this one needed to get a loan. By then the house had fallen in value. The property appraised at only $747,000 and the buyer couldn’t get a mortgage for the higher purchase price.
Jenson said the bank negotiator he’s been dealing with said she’s got 145 files that she is working on at once. “Bank could create some jobs,” a frustrated Jenson says. “They should hire more negotiators.”
84,000SF Former Call Center in PA to Become Office Space
June 25th, 2009 — News
Omega Takes Majority Stake in Developer of 440-Acre Fresno Project
June 25th, 2009 — News