July 21, 2011, 12:40 pm
More progress continues to be made in renovating the Washington Park area of Over-the-Rhine. Additional newly-renovated condos and apartments officially became available on Tuesday.
A blue ribbon was cut Tuesday morning on the second phase of the City Home project, which along with the Jimmy Heath House, aims to bring more forms of mixed income housing to Over-the-Rhine.
Cincinnati Mayor Mark Mallory, Council member Wendell Young and Over-the-Rhine officials came together to cut the ribbon on a building with four renovated condominiums and retail restaurant space.
The renovated area, located at 14th and Race streets, overlooks the new underground garage being built on the north end of Washington Park, across from Music Hall.
The condos range from $230,000 to $349,000 for multiple bedrooms with hardwood flooring.
The Cincinnati Center City Development Corporation (3CDC) says the new condo building compliments previously opened apartments and homes in the City Home project.
“This is what it is about: building a neighborhood, taking everyone’s joint commitment to building a neighborhood that is for everybody,” said Chad Munitz of 3CDC.
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July 21, 2011, 8:06 am
One of Inland Southern California’s prime office properties has been sold, suggesting that investors looking for bargains could be bringing fresh money to the table.
The Empire Corporate Center, a four-story Class A tower in Ontario near the intersection of Haven Avenue and Inland Empire Boulevard, has been sold by Los Angeles-based Regent Properties to TA Realty Advisors of Newport Beach for $9.25 million, according to the Ontario office of Lee & Associates, which represented both sides in the deal.
The 81,700-square-foot building is currently 80 percent occupied, which puts it close to the vacancy rate for all of Inland Southern California.
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July 20, 2011, 3:21 pm
The Inlet House condo complex in Fort Pierce, Fla., was once the kind of place the 55-and-older set aspired. It was affordable. The pool and clubhouse were tidy, the lawns freshly snipped. Residents, push-carts in tow, walked to the beach, the bank, the beauty parlor, the cinema and the supermarket. In post-crash America, this was a dreamy little spot. Especially on a fixed income.
But that was Inlet House before the rats started chewing through the toilet seats in vacant units and sewage started seeping from the ceiling. Before condos that were worth $79,000 four years ago sold for as little as $3,000. And before the homeowners’ association levied $6,000 assessments on everyone — and then foreclosed on seniors who couldn’t pay the association bill, even if they didn’t owe the bank a dime.
Normally, it’s the bankers who go after delinquent home-owners. But in co
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July 20, 2011, 6:08 am
Ohio home sales jumped about 10 percent in June compared to May, even as the nation’s housing market continued its worst showing since the housing bust.
The Ohio Association of Realtors said Wednesday that just over 10,000 new and existing single-family homes and condos sold in the state last month.
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July 20, 2011, 3:42 am
Today, the National Association of Realtors® submitted its recommendations for a Qualified Mortgage (QM) Rule being considered by the Federal Reserve.
The Fed is implementing a new law, the Truth in Lending Act (TILA), which is part of the massive Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. (While they share many goals, the QM rule is separate from the Qualified Residential Mortgage or QRM rule under consideration by other federal agencies.)
Under TILA, the Fed must create a rule that would prohibit any creditor from providing a mortgage loan without “a reasonable and good faith determination that the borrower has the ability to repay the loan.”
The proposed rule gives creditors four ways to comply with the “ability to repay” requirement and creates criteria for compliance. Once fin Continue reading post…