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Orlando Rentals Battered
Orlando, Fla.—In August 2008, 40 people who had signed pre-sale contracts at the Paramount on Lake Eola, a new high-rise condo tower here, unsuccessfully sued to try to get their deposits back, according to local news reports.
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NYCHDC Eyes Failed Condos
While many market-rate developers are mulling opportunities to buy distressed condominium deals, some in the affordable housing world are also keeping their eyes open.
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Condo Crash Kills Nonprofit
Gloucester, Mass.— Local affordable housing developer Cape Ann Housing Opportunity, Inc. (CAHO), filed for Chapter 7 bankruptcy protection Jan. 7, claiming debt of up to $500,000 and assets of just $50,000.
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NYC Seeks to Turn Unsold Condos into Affordable Units
Unsold condominiums, unrented apartments, and stalled construction sites will be turned into affordable housing under a new program launched by the New York City Department of Housing Preservation and Development (HPD).
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Buyers, Sellers Look To Deal On Distressed MF Assets
A burgeoning roster of opportunity funds and related investment vehicles are poised to pounce on distressed assets, including debt secured by struggling apartment properties and failing condo development and conversion ventures.
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High Rents and Low Vacancy in NYC
New York City—This February, workers started building a 369-unit apartment tower overlooking the Hudson railyards here.
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Condo Crisis Deepens
Miami Beach, Fla. — In February, buyers at one of the biggest condominium conversion projects in Florida started to get their deposits back.
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Miami Story
APARTMENT FINANCE TODAY talked to Peter Dewes, vice president in the Miami office of Northmarq Capital, Inc., a real estate investment bank based in Minneapolis. He discussed how tightening lending standards combined with the shadow market caused by the condo glut is affecting the multifamily...
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Huddled Masses No More
In the historic neighborhoods of Brooklyn, N.Y., a short train ride from Wall Street, international homebuyers are helping to keep the condominium market afloat.
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Cleveland Condos Survive with New Markets Tax Credits
Cleveland —In the heart of this city’s downtown, in a region wracked by mortgage foreclosures and falling home prices, Zaremba, Inc., plans to build 550 condominiums at its high-rise Avenue District project.