Condo.com Blog

Anchorage: Prestigious Waterfront Neighborhood in Hawaii Kai

Fri, 29 Aug 2008 18:53:10 GMT

Anchorage was built in Hawaii Kai as a waterfront neighborhood in the 1980s. Just a few blocks from the post office off Hawaii Kai Drive, it is located on the farthest finger of the marina from Maunalua Bay. Most of the 108 executive-style homes border the water. They range in size from more than 2,100 sq ft up to more than 3,000 sq ft, and were built on large lots, 7,000-10,000 sq ft. This leaves plenty of room for pools and lanais, which are common.

The marina-front homes usually have a dock, so boat owners enjoy easy access to the ocean. You can get from the Anchorage to open sea in just a few minutes by boat.

By 2006, the average value of homes here was over a million dollars. Sales in 2007 ranged from $1,090,000 for an off-water home to $1,395,000 for a marina-front house in original condition. Through the first six months of 2008, no sales have closed but two are active, $935,000 and $1,099.000.

Contact me for details on the Anchorage in Hawaii Kai, any Hawaii Kai neighborhood or condo complex. Hawaii Kai is my home, and I specialist in Hawaii Kai real estate.

Barbara Abe, REALTOR
barbara@barbarashawaii.com
www.movetohawaiikai.com
808-226-2537

What's going on in Canada?

Fri, 29 Aug 2008 15:00:29 GMT

Toronto Condo Market Interview

Emerging EU Markets - Bulgaria Anyone?

Wed, 27 Aug 2008 16:37:03 GMT

Audio Interview

40% Discounts in Turkey!

Wed, 27 Aug 2008 14:47:43 GMT

The Turkish condo market offers numerous emerging market opportunities for US condo buyers.

This is another of my early interviews, so it is a little raw at the beginning, but I believe that the context would indicate that the Turkish condo market is offering favorable price discounts - between 30 - 40%!

Key domestic markets: Ismir, Bodrum and Istanbul

Emerging golf resort sector - only one way well placed golfing condo communities can go as far as I am concerned

70% LTV’s available - this developers pricing runs at about $200 - 250 per square foot (EU 400/500 per square meter.

LISTEN to the INTERVIEW

cheap car insurance

Wed, 27 Aug 2008 14:29:01 GMT

Came across a great article about cheap car insurance:

You Are in Control - How Can Women Get the Best Car Insurance Deal Around

***Condo for Hot Sale Bangkok Sukhumvit rd Very close to Skytrain Nice&new room *By Owner

Wed, 27 Aug 2008 12:20:00 GMT

Condo for sale**Really nice room, cozy, windy and luxury.150 sqm 3br,2ba and 1living room with kitchen zone and dinning area.Fully furnished with new electric appliances such as LCD TV, cable, dvd player,4 aircons, water heater, refrigerator, microwave, hood, hob and ventilators.3-4 balconies.corner unit.full facilities in this condo and also have minimart,7-11,laundry,internet,salon,spa and 24 hrs security with key card both for entrance and parking.Very easy access to everywhere and everything.3mins walk to skytrain.Sale at Reasonable and even cheap price at 66000 baht per sqm or at 9.9 million baht when compare with its location and condition.

Hot Sale by OWNER!!NOW!! please call 087-5530730 or my email superjaguargirl@gmail.com

????????????????????????????????????????????????????????????? 150????????? 3??? 2??? 1???????? ??????????????? ??????? ????????????????????????????????????? ??????4 ??????????? ????????????????? ??????? ???????????????? ???????? 4??? ?????????????? ??????? ?????????? ??3-4????????????????????

?????????????????????????????????????????????????????????? ??? ?????????????????????????????????????????

?????????????????????? ??????????key card??????????????????????****????????????3?????????????????????????????????????????????

???? 66000 ??? ??? ????????? ???? ??????9.9????

??????????????? 087-5530730 ??????? superjaguargirl@gmail.com

Tax Free Belize + Interview

Tue, 26 Aug 2008 22:42:28 GMT

Belize is undoubtedly the least known out of the popular Central American second home condo markets.

This condo hotel is being sold on a fractional basis (1/12th) - hotel revenue is split 50/50 with the operator.

Learn more by listening to my interview with the developer: Belize Interview

Brazil Real Estate

Tue, 26 Aug 2008 15:59:12 GMT

We act as property advisors, consultants and brokers. We were the first company to specialise in providing an end-to-end service covering the whole of Brazil. In Brazil we have the largest portfolio of products and can help you through all the complexities of buying property in Brazil, ranging from finding real estate, negotiating, taxation, company setup etc.

We have the experience and local knowledge that you need to assist you in your Brazilian real estate purchase. We have first hand experience of the areas and sites. Our experience enables us to guide you and give you sound advice on areas, plots and prices, as well as local amenities.

Catena&Castro Real Estate has register and record of high standard residential properties, apartments, lofts and 3 (three), 4 (four) or 5 (five) stars hotels for sale in Brazil. If you want to buy or sell your luxury house, subdivision, residence, mansion, hotel, resort, loft, apartment, condominium or commercial building send us a contact email.

Catena&Castro Real Estate has record and register of companies, industries for sale in Brazil. If you want to buy or sell your company, commercial building, factory, industry or trade company send us a contact email.

Catena&Castro Real Estate has record and register of farms and forests for sale in Brazil. If you want to buy or sell your agricultural or farm area, land, ranch, farmhouse, native forest or woodland with any hectares send us a contact email.

Catena&Castro Real Estate has register and record of high standard residential properties, apartments, lofts and 3 (three), 4 (four) or 5 (five) stars hotels for sale in Florianopolis Santa Catarina Brazil. If you want to buy or sell your luxury house, subdivision, residence, mansion, hotel, resort, loft, apartment, condominium or commercial building send us a contact email.

Catena&Castro Real Estate has record and register of farms and forests for sale in Amazonas, Amazonia region, Mato Grosso and in Bahia Brazil. If you want to buy or sell your agricultural or farm area, land, ranch, farmhouse, native forest or woodland with any hectares send us a contact email.

Catena&Castro Real Estate has record and register of soybean and corn (maize) harvest farms for sale in Brazil. If you want to buy or sell your agricultural or farm area, land, ranch, farmhouse with any hectares send us a contact email.

Catena&Castro Real Estate has record and register of biodiesel industries, alcohol plant and agricultural areas to harvest sugar cane for sale in Brazil. If you want to buy or sell your agricultural or farm area, factory, land, ranch, farmhouse with any hectares send us a contact email.

For More Information:

<a href="http://brazilrealestate.catenaecastro.com.br/">http://http://brazilrealestate.catenaecastro.com.br/</a></br>
<a href="http://brazilrealestate.catenaecastro.com.br/contact">
http://brazilrealestate.catenaecastro.com.br/contact</a>

Uruguay Properties - Invest in Uruguay Real Estate, Lands and Farms

Tue, 26 Aug 2008 15:28:59 GMT

Uruguay Properties is a foreign investment agent focused on Uruguay's high-end real estate market. We target an audience that explores the competitive advantages of the new destinations with a view to making profitable investments or choosing a permanent residence or vacation home.

Uruguay Properties aims to become a point of reference and the agent of choice for anyone interested in purchasing real estate in Uruguay. Our clients will benefit not only from their access to a segmented offering of high-end properties, but mainly from our comprehensive advice on the local regulations applicable to any real estate investment.

VISIT URUGUAYPROPERTIES

Alphaville Barra da Tijuca

Tue, 26 Aug 2008 14:58:00 GMT

Lançamentos de Sucesso no Brasil - Alphaville Urbanismo

Alphaville Gramado, Alphaville Gravataí, Alphaville Caxias do Sul, Alphaville Porto Alegre, Alphaville Pinheiros (Curitiba), Alphaville Graciosa (Curitiba), Alphaville Maringá, Alphaville Londrina, Alphaville Barueri e Santana de Parnaíba, Alphaville Burle Marx, Alphaville São José dos Campos, Alphaville Ribeirão Preto, Alphaville Sorocaba, Alphaville Campinas, Alphaville Conde, Alphaville Lagoa dos Ingleses, Alphaville Juiz de Fora, Alphaville Rio das Ostras, Alphaville Barra da Tijuca, Alphaville Serra, Alphaville Natal, Alphaville Genipabú, Alphaville Salvador, Alphaville Litoral Norte, Alphaville Eusébio, Alphaville Fortaleza, Alphaville Recife, Alphaville São Luis, Alphaville João Pessoa, Alphaville Campina Grande, Alphaville Patos, Alphaville Sousa, Alphaville Flamboyant, Alphaville Green Alphaville, Alphaville Cuiabá, Alphaville Campo Grande, Alphaville Manaus

Sobre Alphaville Barueri São Paulo Brasil

Tue, 26 Aug 2008 14:52:59 GMT

Alphaville é um bairro da cidade de Barueri, onde existem uma série de condomínios fechados, criados e idealizados por Yoshiro Takaoka, sócio da empresa Albuquerque-Takaoka, na antiga Fazenda Tamboré, de propriedade do Conde Honório Penteado, na região havia um assentamento indígena, daí a razão ainda alguns condomínios, pagarem Laudêmio ao Governo federal, cujo aforamento junto a União foi feita pelo advogado Múcio de Campos Maia Filho.

Possui o maior e mais famoso conjunto brasileiro de condomínios, que se estende desde a cidade de Barueri-SP até Santana de Parnaíba-SP, cidades pertencentes à chamada Grande São Paulo. Da mesma Construtora, há um outro empreendimento similar próximo à saída de Campinas (a 92 km da capital paulista), além de outros empreendimentos menores.

O Alphaville é o pioneiro na implantação de condominos no Brasil. Os outros "Alphavilles" localizados em varios outros lugares e estados do Brasil, não são como Alphaville localizado em Barueri, pois não mantem a mesma infra estrutura e a mesma classe do que o pioneiro, pegando apenas o nome do Bairro para tentar multiplicar a ideia, coisa que nao deu certo.

http://pt.wikipedia.org/wiki/Alphaville_(condom%C3%ADnio)

Alphaville Barueri
Foto noturna da al. Rio Negro. A avenida vai da entrada do bairro, na Rodovia Castello Branco até o condomínio chamado Alphaville Residencial Um
Foto noturna da al. Rio Negro. A avenida vai da entrada do bairro, na Rodovia Castello Branco até o condomínio chamado Alphaville Residencial Um

Implantação

A implantação deu-se com as vendas de lotes na decada de 70 a pessoas que buscavam tranqüilidade e maior contato com a natureza. Foi levando em conta esses desejos que o bairro se desenvolveu e hoje abriga mais de 12 mil residências, 42 edifícios residenciais e 16 comerciais. Totalmente urbanizado e com segurança própria, tal como uma cidade com vida e recursos próprios.

Atualidade

Alphaville Barueri tem uma população fixa estimada em 50 mil habitantes (na cidade de Barueri são 232 mil) e uma flutuante de 150 mil pessoas por dia, formada por quem ali trabalha ou visita o bairro, a passeio ou a negócios.

Embora seja propriamente um bairro de São Paulo, encaminhando para uma possivel cidade, é a região de residência de uma parcela significativa da elite da cidade. O condomínio chamado Residencial Zero, por exemplo, é famoso por servir de residência a diversos artistas famosos nacionalmente, alem de outros condominios do Bairro, morando celebridades como: Eliana, Chitaozinho & Chororó, Milton Neves, Cafú, Celso Portiolli,Luciana Gimenez e entre outros

A região conta com cinco hospitais 24h e muitas clínicas, seis laboratórios, 16 agências bancárias, oito hotéis e flats, e cinema (o mais próximo localizado no Shopping Tamboré proximo a Alphaville, onde há nove salas) e quatro supermercados.

A grande procura imobiliária nesses anos levou incorporadoras e construtoras a buscarem novos terrenos, mais distantes do primeiro centro comercial, favorecendo, desta forma, o aparecimento de novas áreas de serviços e de novos bairros, como o Tamboré, que tem empreendimentos com características semelhantes aos de Alphaville, porém com residenciais lançados a partir da década de 1980, ou como o Bethaville, um bairro planejado, com áreas comerciais, empresariais e residenciais, que se localiza próximo ao novo centro político e administrativo de Barueri e junto à saída para São Paulo pelo Rodoanel. O conjunto de empreendimentos erigidos em torno dos condomínios ficou conhecido como Centro Comercial, ou Centro Empresarial de Alphaville.

Lista dos demais empreendimentos Alphaville

Região Sul

Rio Grande do Sul

* Gramado
* Gravataí
* Caxias do Sul
* Porto Alegre

Paraná

* Alphaville Pinheiros (Curitiba)
* Alphaville Graciosa (Curitiba)
* Aphaville Maringá
* Alphaville Londrina

Região Sudeste

São Paulo

* Barueri e Santana de Parnaíba
* Burle Marx
* São José dos Campos
* Ribeirão Preto
* Sorocaba - Campolim
* Campinas (Rod. Campinas/Mogi-Mirim e Estrada D. Pedro)

* Conde

Minas Gerais

* Lagoa dos Ingleses
* Juiz de Fora

Rio de Janeiro

* Rio das Ostras
* Barra da Tijuca

Espírito Santo

* Serra (2 conjuntos)

Região Nordeste

Rio Grande do Norte

* Natal

Bahia

* Genipabú
* Salvador (dois conjuntos)
* Litoral Norte

Ceará

* Eusébio
* Fortaleza

Pernambuco

* Recife

Maranhão

* São Luis

Paraíba

* João Pessoa
* Campina Grande
* Patos
* Sousa

Região Centro-Oeste

Goiás

* Flamboyant
* Green Alphaville (Será entregue em 2011)

Mato Grosso

* Cuiabá

Mato Grosso do Sul

* Campo Grande

Região Norte

Amazonas

* Manaus

<img alt="Imoveis de Alto Padrão" src="http://www.catenaecastro.com.br/logorealestatenovo.jpg" align="left" width="300" height="82">
More Information:
Inácio Rodrigo de Castro - Real Estate Specialists

For more information:
<a href="http://alphaville.catenaecastro.com/">http://alphaville.catenaecastro.com</a></br>
<a href="http://alphaville.catenaecastro.com/contact">http://alphaville.catenaecastro.com/contact</a>

Projects Alphaville in Brazil;
Alphaville Gramado, Alphaville Gravataí, Alphaville Caxias do Sul, Alphaville Porto Alegre, Alphaville Pinheiros (Curitiba), Alphaville Graciosa (Curitiba), Alphaville Maringá, Alphaville Londrina, Alphaville Barueri e Santana de Parnaíba, Alphaville Burle Marx, Alphaville São José dos Campos, Alphaville Ribeirão Preto, Alphaville Sorocaba, Alphaville Campinas, Alphaville Conde, Alphaville Lagoa dos Ingleses, Alphaville Juiz de Fora, Alphaville Rio das Ostras, Alphaville Barra da Tijuca, Alphaville Serra, Alphaville Natal, Alphaville Genipabú, Alphaville Salvador, Alphaville Litoral Norte, Alphaville Eusébio, Alphaville Fortaleza, Alphaville Recife, Alphaville São Luis, Alphaville João Pessoa, Alphaville Campina Grande, Alphaville Patos, Alphaville Sousa, Alphaville Flamboyant, Alphaville Green Alphaville, Alphaville Cuiabá, Alphaville Campo Grande, Alphaville Manaus

Alphaville Barra da Tijuca Rio de Janeiro

Tue, 26 Aug 2008 14:48:25 GMT

Está chegando agora no Rio "ALPHAVILLE BARRA DA TIJUCA". O condomínio residencial mais luxuoso e conceituado do Brasil chegou ao Rio de Janeiro. Fica localizado no ponto mais nobre da Barra da Tijuca, projeto com Clube com infra-estrutura de lazer completa, possui heliponto exclusivo para proprietários.
Empreendimento inovador e com a melhor grife de condomínios residenciais, excelente investimento. Lotes unifamiliares de 600m² até 1.000m².

Nasce no litoral norte do Estado do Rio de Janeiro, na cidade de Rio das Ostras, o AlphaVille Rio-Costa do Sol, inserido num cenário de paisagem exuberante, que combina mar e Mata Atlântica. Localizado em área de fácil acesso, próximo a Lagoa de Imboassica, o empreendimento fica na RJ 106, em frente à Zona Especial de Negócios do Norte Fluminense, a ZEN.

Em fase inicial de obras, ocupará área total de 2.430.000 metros quadrados, dos quais cerca de um milhão de metros quadrados correspondem a áreas verdes A projeção, para a fase de ocupação plena, é de uma população fixa de 2.260 pessoas e 424 metros quadrados de área verde por habitante. O empreendimento reunirá setores residenciais, com praças voltadas ao convívio; área comercial, o AlphaVille Rio-Costa do Sol Clube, sistema de segurança 24 horas, entre outros equipamentos. Nesta primeira fase de lançamento, foram disponibilizados 565 lotes residenciais e 51 lotes comerciais.

os interessados em adquirir lotes no recém lançado AlphaVille Rio - Costa do Sol, em Rio das Ostras, poderão conhecer todos os detalhes do projeto, por meio de plantas conceituais, publicações, vídeos, fotos, além de obter informações comerciais e até efetuar a compra, seja para moradia, investimento ou segunda residência. Os empreendimentos AlphaVille vêm apresentando liquidez e rápida valorização, sempre superior às taxas de mercado.

E a taxa de manutenção mensal, quando comparada a condomínios verticais de alto padrão, fica sempre entre as menores praticadas no mercado. “Para se ter uma idéia, em AlphaVille Rio- Costa do Sol a taxa de manutenção é de R$ 0,40 por metro quadrado de lote, ou seja, o proprietário de um lote de 480 metros quadrados pagará, incluindo a utilização do Clube por toda a família, um valor mensal R$ 295,00”, corrigido pelo IGPM

Alphaville Urbanismo está nas principais cidades do Brasil:

Lançamentos de Sucesso no Brasil - Alphaville Urbanismo

LABOR DAY

Mon, 25 Aug 2008 23:20:28 GMT

TAKE ADVANTAGE OF ALL THE OPPORTUNITIES IN NEW BUILDINGS ON THE OCEAN OR WALKING DISTANCE TO THE BEACH:

PARADISO,W CONDO HOTEL, 1500 OCEAN DRIVE, SOUTH OF FIFTH,RITZ CARLTON, CAPRI, IN SOUTH BEACH

MEI, TERRA BEACHSIDE VILLAS, CABANA, CALYPSO MIAMI BEACH

ST REGIS IN BAL HARBOUR

JADE BEACH, TURNBERRY COLONY, ACQUALINA, TRUMP TOWERS, SOLIS, PARAMOUNT BEACH JADE OCEAN, REGALIA, CHI, TRUMP ROYALE IN SUNNY ISLES

PENINSULA II, TERZETTO IN AVENTURA

TRUMP HOLLYWOOD IN HOLLYWOOD

NOW IS THE TIME TO BUY. GREAT DEALS, PROPERTIES HAVE BEEN DISCOUNTED 20% TO 30%, YOU CAN GET DEVELOPER PRICES IN MANY OF THE UNITS.

CALL ME FOR A RECENT UPDATE.

HAVE A SAFE AND ENJOYABLE LABOR DAY WEEKEND!

Costa Rica Still Caliente?!

Mon, 25 Aug 2008 20:34:09 GMT

This is one of my first recorded interview, so I aplogise for the quality. Linda Gray however is an expert on the Costa Rican market and provides listeners with sound advice on which markets are worth your attention and which projects set themselves apart from others.

Costa Rican Market Podcast

Venezuela Calling

Mon, 25 Aug 2008 17:58:01 GMT

Location: Isla Margarita, Venezuela

Starting From: $117,000

Selling Point: Guaranteed minimum 7% per annum net rental return for 10 years

The following interview is from Mark Andrew a Venezuelan developer who provides some insight on the Caracola condo hotel resort and the Venezuelan market. Enjoy!

Please listen to the podcast: Caracola Podcast

Discount Discrepancy Widens Between Miami’s Mainland, Barrier Island

Mon, 25 Aug 2008 00:02:05 GMT

Discounts in Miami-Dade County’s coastal condominium markets are moving in different directions depending upon which side of Biscayne Bay a particular project is located, according to a new report from Condo Vultures® LLC.

As the average discounts in percentage terms and total dollars deepens on Miami-Dade County’s Mainland where the bulk the new construction occurred, pricing is leveling off for condo units situated on the barrier island where the beaches are located, according to the Vultures Database™ Report for August 2008.

“The growing discrepancy in discounts between Greater Miami’s Mainland and the Barrier Island is not that big of a surprise given today’s buying trends,” said Peter Zalewski, a principal with the consultancy Condo Vultures® LLC that produced the report. “Second-home buyers with foreign currencies – who tend to be the majority of the today’s purchasers – prefer the close proximity to the sand, surf, and nightlife of the Barrier Island. Full-time residents, who are all but invisible or looking to rent in this current market, usually opt for the Mainland, which tends to offer the everyday conveniences at a more affordable price.”

Discounts on the Mainland, which is comprised of Greater Downtown, Coconut Grove, Coral Gables, and South Miami for this report, averaged a drop of -32 percent, or -$174,135, through July 31, according to the data .

The average discount on the more expensive Barrier Island, which is comprised of the cities of Miami Beach, Surfside, Bal Harbour, and Sunny Isles Beach for this report, stood at -27 percent, or -$198,199, according to the data.

By comparison, the average discount on the 3,321 condos in the Vultures Database™ in South Florida through July 31 was -30 percent, or -$175,147, off of the historical high price.

The Vultures Database™ tracks properties – condos, townhouses, and single-family homes - east of Interstate 95 and/or U.S. 1 in the South Florida region of Miami-Dade, Broward, and Palm Beach counties that have decreased in price by at least -10 percent or -$100,000.

The complete Vultures Database™ is comprised of 4,818 properties that have been reduced by -$1.08 billion, or an average of -$223,233 each, and languished on the market for an average of 593 days. Condos represent 69 percent of the total inventory, and single-family houses and townhouses the remaining 31 percent of the properties in the database.

Overall, the top five markets with the biggest average discounts off of the historical high asking prices for condos, townhouses, and single-family homes are located in Palm Beach and Broward counties. Miami-Dade County has only three cities that rank in the Top 10 markets for the deepest discounts, according to the report .

Royal Palm Beach has the deepest South Florida discount at -52 percent, although this drop is based on a single property. Dania Beach ranks second with an average discount of -39 percent on 38 properties and Oakland Park is third with an average discount of -37 percent on 33 properties.

Rounding out the top five markets with the deepest discounts are Lantana with a -37 percent on a single property, and Boca Raton with an average decrease of -36 percent on 42 properties, according to the report.

In the first seven month of this year, 722 properties in the Vultures Database™ have been sold at an average discount of -38 percent, or -$320,462. That works out to a pace of 103 properties per month in a market where financing is a challenge.

This year’s number of closings is up slightly compared to 2007 when there were 1,226 properties in the Vultures Database™ that sold for an average discount of -29 percent, or -$259,586. Last year’s number of total transactions works out to an average of 102 closing per month.

The discrepancy in pricing between Miami’s Mainland and the Barrier Island is also prevalent in the deals that have closed this year. There have been 214 Barrier Island properties in the Vultures Database™ this year that have sold for an average discount of -34 percent, or -$398,488. On the Mainland, there have been 178 sales at an average discount of -37 percent, or -$325,079, according to the report.

All indicators are this trend will continue through the summer and into what is expected to be a busy winter tourism season. Consider that in the last three summer months, the difference between Miami's Mainland and Barrier Island in average discounts and total inventory on a percentage basis has continued to widen.

In July, the Barrier Island accounted for 29.1 percent of the total number of condos in the Vultures Database™, down from 29.5 percent in June, and 30.7 percent in May.

At the same time, Miami’s Mainland has seen its share of the properties in the Vultures Database™ increase to 24.7 percent in July from 23.9 percent in June and 23.2 percent in May, according to the report.

“We expect the current trend of the growing pricing discrepancy between the Barrier Island and the Mainland to continue to widen,” Zalewski said. “As buyers scoop up units on the Barrier Island at smaller discounts, sellers on the Mainland are faced with trying to differentiate their units from the nearly 21,000 new units that have been constructed since 2003.”

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

Copyright © 2008, Condo Vultures® LLC

"Discriminatory" Rental Ban Stays in Place

Sun, 24 Aug 2008 00:30:05 GMT

It is generally a true statement that most neighborhood residents would prefer owner occupants over tenants. This opinion is especially prevalent in the secondary mortgage market where policies are in place that make high owner-occupancy rates, as well as rental restrictions, a condition for approving condominium loans. However, last year this long held belief was put to the test when an Indiana Court of Appeals ruled that one condo association’s ban on rental units violated the federal Fair Housing Act. Naturally, this decision sent national shockwaves throughout the entire community of condominium and homeowner associations.

The condominium association argued that they had an obligation to protect property values in the community and their rental ban was needed to assist with that obligation. The Indiana State Supreme Court held in favor of the association. The court stated that both renters and home owners have an incentive to improve their property by presently enjoying those improvements, but only homeowners are able to reap the fruits of their labor upon selling the home. The court further noted that prospective buyers might choose to purchase their home based upon the notion that their owner-occupant neighbors are likely to make such investments in maintaining the property. While this case did not take place in Michigan, it is vitally important to community associations in that it is not uncommon for courts in one jurisdiction to rely on the decisions of courts in other jurisdictions.

Problem Real Estate Loans Contribute To 9th Bank Failure

Sat, 23 Aug 2008 23:42:07 GMT

Showing no sign of relenting from a strategy to shore up the financial industry, regulators seized their fifth bank since July 11th, and the ninth institution this year as the U.S. housing crisis spreads to the Great Plains.

The Columbian Bank and Trust Co., a $752 million in assets institution based in Topeka, Kansas, was shutdown Friday afternoon and placed into the receivership control of the Federal Deposit Insurance Corp.

“The cost to the FDIC's Deposit Insurance Fund is estimated to be $60 million,” according to an FDIC statement that announced the failure.

Founded in 1978, Columbian Bank operated eight locations throughout Kansas and one branch in Missouri with combined deposits of $596 million on March 31, which is the most recent data available from the FDIC.

Columbian Bank had loans of $633 million, of which $482 million was real estate related. The bank’s noncurrent loans to loans ratio spiked at the end of the first quarter of 2008 to 6.77 percent from 1.16 percent a year earlier.

The primary reason for the dramatic jump was the surge in noncurrent real estate loans that increased from 1.62 percent in March 2007 to 8.95 percent in March 2008, according to the FDIC data.

In advance of Friday’s seizure, banking regulators negotiated a purchase and assumption agreement for Columbian Bank’s deposits to be assumed by Citizens Bank and Trust in the northwestern Missouri city of Chillicothe.

Citizens Bank also plans to purchase nearly $86 million worth of Columbian Bank’s assets, according to the FDIC.

“The assets are comprised mainly of cash, cash equivalents and securities,” according to the FDIC statement. “The FDIC will retain the remaining assets for later disposition.”

Under the arrangement with regulators, the former Columbian Bank branches will be reopened Monday morning under the direction of the new suitor, Citizens Bank and Trust.

Founded in 1889, Citizens Bank has 21 locations in Missouri with assets of $1.03 billion and loans of $647 million at the end of the first quarter of 2008.
Columbian Bank is the first institution in Kansas to fail since April 1993 when Midland Bank of Kansas was shuttered.

For the year, California and Missouri lead the nation in failed institutions with two banks each. Florida, Nevada, Arkansas, Minnesota, and of course Kansas, have each had one institution shuttered this year.

A host of other banks are being closely monitored by industry watchers who anticipate further failures this year, especially in Sun Belt states where the housing crisis has hit hardest.

The last bank to be shut by regulators was in Florida about three weeks ago.

First Priority Bank of Bradenton, a six branch institution with $261 million in assets located on the state’s west coast, was shutdown on, Aug. 1, marking the first Florida institution to be closed by regulators in more than four years.

To see a Florida bank fail wasn’t a shock to many. Investors are closely watching the banking industry in Florida given the state’s rapidly deteriorating real estate market, which was a key lending focus for most institutions.

Deteriorating real estate markets on the West Coast of the United States has already prompted federal regulators to seize three banks in three states in the month of July.

Federal regulators shut down on July 25 two banks in three states with combined assets of $4.6 billion and 28 locations scattered around Arizona, California, and Nevada.

Regulators seized the First National Bank Holding Co. in Scottsdale, Ariz, the parent company of First Heritage Bank in Newport Beach, Calif., and the First National Bank of Nevada in Reno, Nev. The First National Bank of Arizona merged with the First National Bank of Nevada on June 30, only to be shutdown 25 days later.

The estimated cost of the failure of First National Bank of Nevada and First Heritage Bank is projected to be $862 million, according to the FDIC.

On July 11, federal regulators shut down IndyMac Bank, a $32 billion institution based in Pasadena, Calif. The estimate cost of that seizure is between $4 billion and $8 billion, according to the FDIC.

Before IndyMac, regulators seized Minnesota-based First Integrity Bank with $54.7 million in total assets and $50.3 million in total deposits on May 30; Arkansas-based ANB Financial with $2.1 billion in total assets and $1.8 billion in total deposits on May 9; Missouri-based Hume Bank with total assets of $18.7 million and total deposits of $13.6 million on March 7; and Missouri-based Douglas National Bank with $58.5 million in total assets and $53.8 million in total deposits on January 25, according to the FDIC.

Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .

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