Allure Waikiki gets $169M financing

The developer of a new luxury high-rise condominium in Waikiki has secured more than $169 million in financing from a Chicago lender.

Construction began last week on the 35-story, 291-unit Allure Waikiki.

The developer, Fifield Co., closed on a $169.2 million loan from Corus Bank on Monday, Corus Bankshares Inc. (NASDAQ:CORS) said in a news release.

The bank has worked with Fifield CEO and Chairman Steven Fifield on more than a half-dozen other projects over the past 10 years.

"We believe the Allure Waikiki will further enhance the thriving condominium market in the Waikiki Beach submarket," said Keith Gibbons, Corus Bank's first vice president.
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Waikiki condo developer gets $169.2 million loan

The developer of the Allure Waikiki, a new Waikiki condominium, has received a $169.2 million loan from a unit of Corus Bankshares Inc.

The loan was made to FRC Waikiki LLC, an associate of Fifield Cos. Developer Steve Fifield has worked with the Chicago-based bank on more than a half dozen developments during the past decade.

The project consists of 291 units in a 35-story tower.

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source: honoluluadvertiser.com

China's real estate boom continues in November

BEIJING, Dec. 18 (Xinhua) -- China's real estate sector is continuing to boom despite tighter monetary policy, at least in terms of total fund inflows, the latest government statistics show.

Also, more foreign capital is going into the property market.

Just over 3,204 billion yuan (435.4 billion U.S. dollars) flowed into China's property sector during the first 11 months of the year, up 40.8 percent. This figure includes the value of new contracts.

Overseas capital flows into real estate surged by 71.9 percent over the same period last year to 53.9 billion yuan. Overseas capital includes investment from Hong Kong and Macao.

The data was released by the National Bureau of Statistics (NBS) Monday in its November national real estate climate index report, which tracks real estate trends in China.

The real estate climate index rose slightly in November to 106.59, up 0.85 points from October and up 2.67 points from last November.

Completed investment by property developers rose more than 30 percent to 2,163.2 billion yuan in the first 11 months. Of that total, investment in residential buildings was 1,544 billion yuan, up 33.7 percent.

Within the residential category, 69.3 billion yuan went into affordable or subsidized housing in the first 11 months, up 31.7 percent. That figure was just 3 percent of total investment in housing.

The government is still trying to boost programs to provide affordable housing for low-income households. Last month, the government urged local authorities to reserve at least 70 percent of the land designated for residential construction for low-rent units or smaller, cheaper homes.

Although investment and capital in real estate increased in value terms in November, government efforts to deflate the property bubble seemed to be taking effect. The floor space of marketable, unsold buildings dropped 4.5 percent to 117.97 million square meters, which could be the result of developers building more affordable homes and fewer luxury properties.

China has raised the benchmark one-year lending rate five times this year amid efforts to curb investment growth and slow the economy.

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source: xinhuanet.com

Florida ranks No. 3 for November foreclosures

The Sunshine State is near the top in the nation in November and year-to-date foreclosure filings, according to a monthly report by ForeclosureS.com.

Florida reported the third highest number of November bank or lender repossessions with 5,087, a 198 percent increase from the 1,708 reported in November 2006. The state also placed fourth nationwide in year-to-date foreclosures, with 36,393 foreclosures, up 156 percent from the 14,203 foreclosures filed in the same period the year prior.

Florida also led the nation in November pre-foreclosure filings with 33,194, a 194 percent jump from the 11,278 pre-foreclosures filed in the same month in 2006.

Florida ranked second in year-to-date pre-foreclosure filings per capita, with 34 filings per 1,000 households, up 141 percent from the same period in 2006. The state reported 214,694 preforeclosure filings so far this year, a 140 percent increase from the 89,335 filed in the first 11 months of 2006.

Nationwide, nearly 1.1 million homes entered the foreclosure process so far this year, up 93 percent from the 559,750 foreclosures filed during the same period last year. About 526,936, or more than six out of every 1,000 households in the United States, were repossessed by banks or lenders during the first 11 months of the year, up 41 percent from the same time last year.

ForeclosureS.com uses a database of 3.5 million property listings and bases its analysis on the number of formal notices filed against a property in the against a property in the foreclosure process.
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source: bizjournals.com

Missed Your House Payment?

Home owners who are having difficulty paying their house payments and have missed house payments need to watch this video to help protect themselves.

As soon as you start missing your house payment, predators are eagerly contacting you and promising all kinds of help. Don’t be taken in by these fools. They will have you sign lots of documents and promise that you can stay in the house and rent it back from them. Please watch the video so you are not taken advantage of again.


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Also an excellent article that you might want to share with someone you know who is having difficulty paying their house payment is Avoiding Mortgage Fraud. Be careful who you talk to.

For authorized help, call 1-800-995-HOPE and on the Internet go to Tips for Avoiding Foreclosure by the U.S. Department of Housing.

Remember, if it sounds too good to be true, IT IS! Don’t get caught up in fraud where scammers are looking for a quick buck, that take your money, your deed and leave you holding the bag.

Think smart and only deal with reputible real estate agents, the bank where you have your loan and HUD.

Other Fraud Articles:

Sacramento Real Estate Fraud-Homeowners Read This

Sacramento Short Sales and Foreclosures

Are Short Sales and Foreclosures A Good Deal?

Fraud in Real Estate

What Does Short Sale Mean?

Foreclosures, Buy or Don’t Buy?

Do You Understand Foreclosure?

2007 Where Knowledge is Power in Real Estate

Want to Be An Investor?

What Sellers Need to Know About Receiving Offers

This entry was posted on Tuesday, December 18th, 2007 at 8:00 am and is filed under Fraud, Loan Fraud, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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source: sacramentorealestatevoice.com