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Attorney Roy Oppenheim from foreclosure defense firm Oppenheim Law answered questions live from CBS4 during its foreclosure defense hotline. Topics discussed include: foreclosure defense, mediation in foreclosure, loan modifications and loan modification scams. For more information on Broward foreclosure defense visit: southfloridalawblog.com/ or www.oppenheimlaw.com/
Introduction:
Short Sale is a kind of real estate, where you can owe more than the estimation of your property. Lending institutes, for example, huge banks or other money related establishments will permit you to run with a short sale, so you can abstain from experiencing foreclosure issues and undoing in your credit rating over the long haul.
You can undoubtedly get rid of issues on your credit rating on the off chance that you go through this short sale process. This article will help you on how you can apply for a short sale, with the goal that you can keep away from foreclosure issues.
Contact Local Bank or Lending Institution:
As a rule, the bank goes about as a loan specialist for this situation, so it is their obligation to help you in comprehending your land issue. Attempt to show at least a bit of kindness with the Loss Mitigation Department and unveil your own trouble to them and legitimize that you truly need to go through short sale.
Gather Your Requirements:
Do your level best to gather all the required data in short selling your property. They may request that you deliver a hardship letter and before you move out of the workplace, get their names and contact subtle elements also.
Short Sale Specialists:
When you have found the right short sale specialist, request that they do market analysis and take some photographs of the property. You can likewise request assistance from your short sale specialist on the most proficient method to oversee or get ready hardship letter since, they know more than you on what to compose and to abstain from concerning it.
Compose Hardship Letter:
Set up a hardship letter with reasons on why you can't make instalments for your home loan any longer. Additionally, incorporate the bank statement copy from most recent three months, a confirmation letter on the off chance that you have ended from your employment. Additionally, incorporate business market analysis and photographs of the property taken by your short sale specialist. At that point, send the hardship letter and other documents to the Loss Mitigation Department. Usually this process may take a while, so you should be patient.
Extra Necessities:
These days, the loss migration office would ask extra requirements from you before they begin preparing your application structure. Better consult with the short sale specialists for knowing extra necessities required in the short sale process.
Sit tight For a While:
When you got the offer, your loan specialist may agree or disagree to carry out the short sale process. Generally, the final say on short sale will originate from the mouth of your loan specialist, so it is essential to be good your bank amid and after the exchange.
Foreclosed home in Cleveland's Slavic Village, one of the neighborhoods hit hardest by the housing crisis. Aproximately 2,000 of the 8,000 homes lie vacant. This is a 400th generation JPEG.
The Beaux Arts building at left is the Insurance Exchange. It was constructed in 2 phases sixteen years apart, the north half in 1912 and the south half in 1928. I am seeing it attributed to both Daniel Burnham and Graham, Anderson, Probst & White; it may have been designed under Burnham before he died and taken over by the successor firm. Its white glazed terra cotta gleams in the afternoon sun, having gotten a complete cleaning and reno in 2000. American Landmark Properties boasts of having renovated the building, at a cost of $160M, from creaky, grimy class C office space to class A, and taken it from 30% occupancy to 95% -- with $25M in equity and a $250M mortgage. Fast-forward to 2023: the bottom has fallen out of the commercial real estate market post-pandemic, the next owner is in receivership and the property is on the block at fire sale prices, estimated to bring $170M.
Meanwhile, the back side of the limestone-clad Art Deco Chicago Board of Trade building by Holabird & Root (capped by Ceres, goddess of grain) is looking its age. It was built in 1930 and is US National Historic Landmark. Maybe one of these years it will get a cleaning.
The Peninsula Hotel
(Formerly the Gotham Hotel, the Nova Park Hotel, Hotel Maxim's de Paris)
700 Fifth Avenue at 55th Street (2 West 55th Street)
New York, NY
- The Early Years -
In 1902 a group led by Henry R. Hoyt, known as the Fifty-Fifth Street Company, determined the best use of a site immediately across the street from the St. Regis Hotel (Col. John Jacob Astor's 18-story Beaux-Arts landmark) was a family hotel - to house many of the folks whose mansions were being demolished on Fifth Avenue. The hotel - The Gotham - was designed by Hiss & Weekes. The Gotham's limestone and granite facade was purposely lined-up with the University Club's facade which opened in 1899. The building was designed in a C-shape so rooms facing south would have a protected view over the University Club.
The architect's Beaux-Arts style 55th Street entranceway was designed extravagantly. Its capped broken pediment features the sculptured figures of Roman goddesses Pomona and Diana reclining on either side of the two double story banded Doric pillars.
Pomona, the goddess of orchards, carries a cornucopia and Diana, the goddess of the hunt, carries her bow and arrows. A characterization of Beaux Arts is the naturalism of the images - Diana’s hand rests on the formal building decorations - just as a real person sitting at that location would do. Unfortunately, Diana is missing her index finger.
The hotel was completed in 1905 and was forced to declare bankruptcy in 1908 - mostly due to its lack of a liquor license. The Gotham was in violation of a restriction prohibiting liquor sales within 200 feet of a church - The Fifth Avenue Presbyterian Church. The developers failed to get a law passed in the New York State Legislature exempting hotels with more than 200 rooms from the restriction. Not until the 1940's did the Gotham have a cocktail lounge. The New York State Liquor Authority states the 200-foot law is still in effect, but that court challenges have allowed the foot measurement to be made from the actual point of sale and not as the crow flies.
According to the NY Times The Gotham opened with 400 sleeping rooms, both single and suites. The hotel offered its guests the “Georgian Room” for dinner and entertainment. The hotel's name was derived form the nickname of New York City; Gotham City. A banquet hall and ballroom were on the second floor, while the third floor was dedicated to private dining rooms. The NY Times states “The furnishings of the Gotham, while extremely rich, are far from garish. There is not the slightest striving after gaudy effects, the whole atmosphere being one of good taste.”
The hotel had a complicated ownership structure. It was built for about $2,000,000 by the Fifty-fifth Street Company. Upon completion the NY Times speculated the principal owners of Fifty-fifth Street Company were the heirs of the late Mark Hanna, Senator Thomas C. Platt, James J. Hill and Thomas F. Ryan. Henry R. Hoyt served as the president of the Fifty-fifth Street Corporation. The day to day operation of the hotel was conducted by the Hotel Gotham Company, for which Henry L. Goodwin served as President. In 1908 the Knickerbocker Trust Company brought a foreclosure proceeding against the Fifty-fifth Street Company for $413,746 due on a mortgage and also the Metropolitan Life Insurance Company held a mortgage on the hotel of over $1,000,000.
In August, 1908 the NY Times reported the The Gotham Hotel was sold under the foreclosure to an entity known as Hotel Holding Company, with George C Comstock, the President. Hotel Holding Company selected William R. Wood and Charles L. Wetherbee, associates in the management of the Hotel Buckingham, to take operational control of the Hotel Gotham on a 21-yhear lease effective August 1908. They in turn appointed Frederick D. Wishard, formerly manager of the Hotel Astor, as resident manager at the Gotham.
The new operators thought they could make the Gotham successful without a liquor license by focusing on service and the food. The new operators denied there would be any attempt to operate an underground tunnel from the basement of the adjacent University Club for the transfer of alcoholic beverages to Gotham Hotel guests.
In 1920 Julius and William Manger bought the hotel for $4 million. The Manger Brothers also owned several Manhattan hotels including the Netherland (demolished - now the site the Sherry-Netherland Hotel), the Endicott, the Manger (now The Michelangelo Hotel), Martha Washington (now the Hotel Thirty Thirty) and the Great Northern (now demolished - 118 West 57th St - once a home to Jack Dempsey's Restaurant). In 1932 the Gotham entered receivership and was taken over by Metropolitan Life Insurance Company. The insurance company leased it to a Chicago hotel group headed by Arnold S. Kirkeby that also operated the Drake and Blackstone Hotels in Chicago. The Kirkeby group purchased the property from the insurance company in 1944 for $2,350,000. Kirkeby also owned and lived in the Beverly Hills mansion used for CBS sitcom "The Beverly Hillbillies".
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An ad from the Gotham in the 1930's: "Delightful entertaining in the quaint Alpine Grill (Switzerland on the Avenue) the new Gold Room Cocktail Lounge with Raoul Lipoff and his orchestra and the splendor of the Renaissance Room Contributes to the universal popularity of the Gotham. The spacious rooms and suites have been tastefully furnished for comfort and luxury. Up-to-the-minute service and a delicious cuisine that is without a peer in New York. The sensible rentals assure not only a pleasant but also an economical visit. Single rooms from $4.00. Max A. Haering, Resident Manager."
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- The John Warde Suicide Jump - July 26, 1938 -
Twenty six year old John William Warde leaped from a window ledge of the seventeenth floor of the Gotham Hotel crashing through the hotel's 55th Street marquis and smashing on the sidewalk. Warde became upset in a 17th-floor room when he stepped out to the ledge beginning a 14 hour drama involving up to 300 New York City police officers and 10,000 sidewalk spectators. Warde had recently been discharged from an insane asylum. The incident was made into the 1951 film Fourteen Hours, with Richard Basehart as the man on the ledge.
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In 1955, Evelyn Sharp bought the 400-room Gotham hotel and the 350-room Beverly Wilshire in Beverly Hills, Calif., and the Saranac Inn in Saranac Lake, N. Y., for $16 million from Webb & Knapp Inc., which was William Zeckendorf's organization. Mrs. Sharp's hotel empire, which she inherited from her late husband, Jesse Sharp, also included at one time the Stanhope Hotel. The Saranac Inn closed permanently in 1962, and burned to the ground in 1978.
In 1961, Mrs. Sharp sold the Gotham and Stanhope hotels in NYC and the Beverly Wilshire Hotel to Webb & Knapp Inc. for about $25 million. At the time Mrs. Sharp said it was time to get out of the hotel business and into the office building business. She negotiated keeping a rooftop penthouse home with terraces and her office which she maintained for several years at the Gotham. She eventually divested most of her real estate holdings, including the Stanhope, and devoted herself to charities in New York and Los Angeles and to her art collection.
Webb & Knapp sold the Gotham later in 1961 to a group headed by Alvin M. Greenstein, but leased it back for 21 years plus 16 renewal options. In 1964, Webb & Knapp sold its interests (the land under the Gotham Hotel) to Wellington Associates, a partnership headed by Sol Goldman (the biggest landlord in NYC) and Alex Di Lorenzo. Heirs to the Goldman and Di Lorenzo estates divided the real estate up based on coin flips. The Goldman estate retained ownership of the land under the Gotham Hotel.
- The René E. Hatt Years (Le Big Boss) -
A Zurich apartment and office developer, René E. Hatt built the 400-room Zurich Nova-Park. Opened in 1972, the hotel was the largest in Zurich. Hatt's goal was to create a meeting place for both locals and for out of towners. Some of his hotel concepts included a Playcorner, a Newscorner, Backgammon Club, a video room, a Psychology Center - a precursor to today's "life-style hotels". His guestrooms were designed with bathtubs near the bed, red carpeting and mirrors everywhere. Zurich people flocked to the hotel's health club and restaurants. The discos were kept busy day and night. Hatt and his investors, which included Arab money and German bank loans, were eager to launch an international hotel chain based on the Nova-Park Zurich's success.
In 1978 Rene Hatt had William Zeckendorf Jr show him around NYC looking at hotel sites. Sol Goldman owned the Gotham, which was operating profitably at an annual $2.2 million GOP. Hatt performed some arithmetic and offered Goldman $3.5 million per year (the lease had escalation clauses) for a 99 lease. The lease was signed in 1979 and Hatt set out to make the Gotham the best hotel in NYC. The hotel would be re-named Nova-Park Gotham; Hatt wanted it to be the fanciest in the world with six restaurants, 10 bars and a nightclub.
Hatt's initial renovation budget was set at $56 million. He raised $18 million in cash from his Arab investors and obtained a $38 million loan from Deutsche Anlagen Leasing (DAL). He shut the hotel down in January, 1981 expecting the renovation to last a little over a year. Hatt hired the architect Stephen Jacobs. Jacobs was the architect involved with the renovation of the Halloran House hotel (now the New York Marriott East Side). Structurally the hotel room count was reduced from 330 rooms to 255 larger rooms and the shops fronting Fifth Avenue were replaced with a Fifth Avenue Sidewalk Cafe. Three floors were added to the top of the hotel housing a health club, restaurant/bar, skating rink and swimming pool. Hatt wanted guestroom bathtubs placed in the bedroom and not the bathroom.
Some hoteliers were saying Hatt's tastes were abominable and some were saying he was ahead of his time. Because of constant change orders ordered by Hatt the project costs skyrocketed. DAL had increased its funding from $38 million to $55 million. By 1983 Hatt was asking for another $20 million from DAL to finish the project. DAL refused and took back control of the unfinished project when Hatt failed to make monthly payments to DAL. The majestic hotel sat as a boarded up eyesore for a couple of years as lawsuits were filed.
Once a strong industry performer Hatt saddled the Nova-Park chain with $250 million in debt and he was ousted as the company's founder. Briefly Hatt re-surfaced in 1986 as a principal of the shuttered El Morocco night club on East 54th Street.
The land owner, Sol Goldman paid DAL $35 million for their interest. Goldman put together a partnership consisting of himself, Irving Goldman, his brother; Arthur G. Cohen and William Zeckendorf Jr., Steven Goodstein, who will be in charge of further renovation, and the Southmark Corporation, which controls the Pratt hotel chain of Dallas to complete the renovation. The partnership would add another $35 million on top of the $35 million paid to DAL to complete the renovation (get the bathtubs out of the living rooms) and branding of the hotel to Maxim’s de Paris. Hirsch/Bedner was the designer for the new interiors.
The NY Times reported that Southmark Corp contributed $63 million to the group to purchase and complete the refurbishment of the hotel. Pierre Cardin would receive 1 1/2 percent of the gross as a royalty fee for the name Maxim's. The royalty fee was later reduced to being payable only after the hotel's debt service was covered.
Pratt had recently opened Maxim's de Paris in Palm Springs with his partner Edward J. DeBartolo Corporation of Youngstown, Ohio.
In August 1988, Jane Goldman, the daughter of Sol Goldman, announced the sale of the Maxim's de Paris Hotel to The Peninsula Group of Hong Kong. The price was $127 million (HK$990 million) for the remaining 90 years lease on the building, and not for the land itself, which the Goldman Family retains. The price paid per room is the highest ever at that time for a hotel property in Manhattan.
The sellers of Maxim's are a group consisting of the heirs of Sol Goldman, William Zeckendorf Jr., Arthur G. Cohen and Steven Goodstein, and the Southmark Corporation of Dallas.
HongKong and Shanghai Hotels closed The Peninsula New York in 1998 for complete $45 million internal reconstruction. The hotel reopened on November 1, 1998. In 2008 the hotel's rooftop bar, The Pen-Top, received an extensive renovation and repositioning to Salon de Ning.
- The Peninsula New York Operating Statistics -
(The Hongkong and Shanghai Hotels, Limited Annual Report for 2010)
(1.00 HKD = 0.1285 USD)
2011 (six months ended June 30)
Occupancy Rate - 70%
Average Room Rate - US$ 681
RevPAR - US$ 478
2010
Occupancy Rate - 67%
Average Room Rate - US$ 715
RevPAR - US$ 478
2009
Occupancy Rate - 62%
Average Room Rate - US$ 683
RevPAR - US$ 426
2008
Occupancy Rate - 64%
Average Room Rate - US$ 814
RevPAR - US$ 520
2007
Occupancy Rate - 75%
Average Room Rate - US$ 812
RevPAR - US$ 613
In 1986 Robert Jean Berge was appointed the general manager. French-born, Mr. Berge studied at the Hotel School in Toulouse and the Cornell School of Hotel Administration. He later managed the La Mamounia in Marrakech. As of 2010 Robert Bergé is supervising the pre-opening and opening phases of the Mandarin Oriental Marrakech.
Berge opened Mediterranean-style luxury restaurant called Adrienne on the second floor overlooking Fifth Avenue. On a corner of the second floor, facing 55th Street will be a bar and a more casual restaurant called Bistro d' Adrienne. ''We will serve real bistro food - rack of lamb, comfit of goose with french fries, cassoulet,'' he promises.
Jacques Chibois, chef of the Royal Gray, a highly rated restaurant in Cannes on the French Riviera (two stars in the Michelin Guide), will be the consulting chef at the new Hotel Maxim's de Paris.
In 1988, Rocco DiSpirito went to work at Adrienne in Hotel Maxim's de Paris under Jean-Michel Diot and Jacques Chibois.
In 1989, Chef Grey Kunz moved to New York to become executive chef at The Peninsula Hotel's Adrienne and the Bistro restaurants.
As of 2011 the Peninsula's executive chef is Thomas Piede. He oversees the Fives restaurant, Gotham Lounge, and the rooftop bar - Salon de Ning. Piede joined Peninsula New York as Executive Sous Chef in 2003, and previously held positions at Aureole, and Le Cirque.
In May 2007 Robert H. Rechtermann was appointed General Manager, The Peninsula New York. Previously he was Resident Manager of The Peninsula Chicago. He holds a B.S. in hotel management from Fairleigh Dickinson University.
In April, 2011 The Peninsula New York appointed Jonathan Crook as General Manager, he previously served two years as the GM of The Peninsula Manila.
The Peninsula New York appointed Sharon Telesca Feurer as Director of Marketing in September 2011. She previously was Director of Marketing for Trump SoHo New York, and prior to that, she was Vice President of Marketing for AKA Hotels.
Text compiled by Dick Johnson. Photos by Dick Johnson.
December 2011
richardlloydjohnson@hotmail.com
Free search of bank owned homes, preforeclosures, short sales that are now on the market in and around Palos Verdes & the South Bay. Free search of bank owned homes, preforeclosures and auctions of homes not on the market anywhere in California and of ANY property type - homes, apartments, commercial, residential income, land
www.palosverdesforeclosures.biz
Free search of bank owned homes, preforeclosures, short sales that are now on the market in and around Palos Verdes & the South Bay. Free search of bank owned homes, preforeclosures and auctions of homes not on the market anywhere in California and of ANY property type - homes, apartments, commercial, residential income, land
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
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Foreclosure - if you fail to pay your mortgage on a home the bank may move to claim the home since you aren’t paying for it. This is a legal process the bank must go through to claim the home from you and force you to move out. If this is successful, your rights to the home are forfeited.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
BATON ROUGE, La. (AP) - State Treasurer John Kennedy says more than 4,000 borrowers in Louisiana are owed money from a settlement with mortgage servicers stemming from the 2008 housing bubble burst.
Kennedy, in a news release Thursday, said the state had just deposited more than $2...
loanmodificationkey.com/mortgage/louisiana-gets-2-4-milli...
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
Charles Bird King -
Poor artist's cupboard [1815]
Washington Corcoran GA Inv-N 55.93
*******************************************************************************
The most important representative of early American still life alongside Peale was King.
Bread and water, tattered books on the "merits of poverty" and the "joys of hope" as well as the announcement of a foreclosure by the sheriff comment on the painter's social situation. King, who was able to make a good living as an esteemed portraitist, is not referring to himself, however, but to the representatives of "high" history painting, which was little honoured by the public at the time.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
BOSTON — The Massachusetts Senate on Thursday passed a bill that would allow cities like Springfield to require banks to post a bond that can be used to maintain vacant, foreclosed properties.
State Sen. Eric Lesser, D-Longmeadow, said on the Senate floor that the bill "preserves S...
loanmodificationkey.com/mortgage/foreclosure-bill-passes-...
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
SearchSoCalRealEstate.com allows you to search the official MLS database used by licensed real estate professionals, absolutely for free! Search foreclosures, bank owned property, reo's, standard listings and anything else an agent can search for you.
Another house on my street went in to foreclosure. I guess this is part of the "Change" folks voted in. That make nine house on my street that are now empty. Hopefully the economy will turn around soon.
Short Sale is a kind of real estate, where you can owe more than the estimation of your property. Lending institutes, for example, huge banks or other money related establishments will permit you to run with a short sale, so you can abstain from experiencing foreclosure issues and undoing in your credit rating over the long haul.
You can undoubtedly get rid of issues on your credit rating on the off chance that you go through this short sale process. This article will help you on how you can apply for a short sale, with the goal that you can keep away from foreclosure issues
Postcard for crunchtime2010.org exhibit in the U.K.
Extract from brief sent to artists: When I conceived of the idea of Crunchtime2010 I was thinking of the current financial crisis, consumerism and its effect on society and individual lives. Yet this is not the only issue facing human beings but rather the one currently occupying our attention – how to stimulate growth and get consumers spending and banks lending – this against a background of uncovered greed, financial mismanagement, credit, debt, lifestyle, climate change, celebrity and spectacle, poverty and inequality, rampant consumerism, fragmentation of society, globalisation, pollution etc. All of these are part of a whole that we as individuals try to piece together and make sense of. They represent a network of issues regarding world and societal organisation.
Asking for artists’ responses to the global issues is perhaps a shorthand for how we as artists view what’s going on, what strikes us, what interests us creatively and how we express our experience of living in all this. I was not asking for answers or for artists to tackle the whole thing but to work from the aspects that interest and inspire them. Requesting responses from artists from around the world also creates the possibility of sharing and exchange about life and conditions elsewhere.
The whole event is designed to offer a mirror to the issues we are all face in relation to ‘the how and why of living’. (Robert Hughes)
It’s a snapshot of voices contained in work engaging with how the world and living is at the present time. We also anticipate that this will not necessarily be gloomy but can also cover positives, compassionate responses and possibilities. What we’re after is meaningful, skilful, imaginative and worthwhile artwork in this time of upheaval. It might be oblique, direct, analytical, witty, warm, personal, an alternative world model, highlight important issues, be rooted in the past, be about a single life or everyone's!. We’re asking artists we think and feel about things and what’s going on, and working with their practices to make art.
Graham Martin, Curator, Crunchtime2010
FST US, a leading financial services website, take a look at foreclosure activity in the 3rd quarter of 2009.
As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.
In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans - those extended to home buyers with troubled credit - to the far more numerous prime loans issued to those with decent financial histories.
From: NY Times, May 24, 2009
It says the [1358] lots they own were appraised at $13,072.86/ea. on June 22, 2005. I would have sold 48 of my lots to them (kept two) for that amount. When I made the suggestion at one of the Homeowner's Association meetings, [****] jumped up to assault me but was held back. I accused him of flipping the lots among his shell companies to boost the value.
NOTE: The "New Tucson" subdivision was recently changed to "Sycamore Vista."
Another weird thing: the budget has funds for HOA dues but they never paid any! We didn't know about this until someone bought these properties at foreclosure-sale. The new majority owners aren't much better: they continue to make us pay HOA dues on vacant lots and they won't help me sell my lots in Unit 2. The previous owners would help us sell to the major builders . . . I don't think they even charged a commission. I sold three lots in Unit 8 for $138,000 and made a huge profit . . . went on a trip to Europe! :)
Map link shows Unit 2 of the subdivision, photo taken at the courthouse.