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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (121270)	5/7/2008 2:14:05 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

U.S. Commercial Property Sales Fall as Owners Won't Drop Prices bloomberg.com May 6 (Bloomberg) -- Sales of U.S. offices, shopping centers and other commercial properties dropped by almost half in the first quarter as pension funds refused to lower asking prices to complete transactions, a real estate index showed

To: John Vosilla who wrote (121270)	5/8/2008 12:37:41 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

WCI still unlocking shareholder value...lol WCI posts $84 million loss Builder says demand for condos light, contract cancellations high news-press.com The loss for Bonita Springs-based builder WCI Communities Inc. grew to $84.1 million in the quarter ended March 31, even as a few "courageous" buyers took advantage of bargains, executives said Wednesday. The loss equals $2 a share, compared to a loss of $15.8 million, or 38 cents a share, in the same period a year ago. Shares of WCI fell more than 15 percent after the results were announced, closing Wednesday at $2.62, down 48 cents from Tuesday's close. President and chief executive Jerry Starkey said demand for the company's luxury homes and condominium tower units remained light and cancellations on existing contracts remained high. "It continues to be a tough market with no sign of firming demand," Starkey said "Some smart and courageous buyers are snapping up bargains, mostly in Florida." Starkey said the company wrote 97 new orders for tower units in Florida, up from 11 a year ago, but those orders were hindered by 56 other contract defaults, for a net gain of 41 units. The orders were "spread throughout the state," with orders in Southwest Florida coming at The Colony and in towers near Marco Island, Starkey said. Discounts averaged about 30 percent. "Each tower in each location is a unique situation," Starkey said. WCI lost more than $500 million in 2007 as it wiped hundreds of millions off its books to reflect the falling value of the company's land, unsold homes and condominiums due to the collapsed Florida real estate market. "Liquidity continues to be tight and will be tight in the future," Starkey said. Starkey repeated a point from earlier this year, saying the company will likely have to negotiate with the holders of $125 million in notes that could be due in August. Starkey declined to say what incentives the company might offer to the bond holders in lieu of calling for the cash.

To: John Vosilla who wrote (121270)	5/8/2008 12:43:58 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Lee's real estate auctions: No amateur hour Ultra-competitive investors dominate foreclosure news-press.com It's a place where homes can sometimes be purchased at bargain prices. But don't expect to get Sanibel on a Lehigh Acres budget, and you could lose your shirt if you don't know what you're doing

To: John Vosilla who wrote (121270)	5/8/2008 1:22:38 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Building permits up, but fewer folks around Volusia economic developers monitor trends news-journalonline.com DAYTONA BEACH -- It's too soon to say Volusia County's economy is on the mend, but a recent uptick in building permits offers a glimmer of hope, the county's lead business recruiter said Wednesday. On the negative side, a growing exodus of young families leaving the county means fewer people left behind to buy the next batch of new homes coming onto the market. Rick Michael, director of the county's Department of Economic Development, touched on both trends as he gave a slide presentation to about 80 company owners and municipal officials.

To: John Vosilla who wrote (121270)	5/8/2008 1:24:30 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Turbulent housing market breeds deed scams news-journalonline.com DELTONA -- Lester Williams got a letter from the person who had bought a lot he owned in Deltona, according to a Volusia County Sheriff's Office incident report. Problem was, Williams had not sold the land, which was his retirement nest egg. But that didn't stop someone else from selling it, investigators said. All it took was a simple forgery and the seal of approval from a notary public now facing fraud charges