Daily Real Estate News September 14, 2007
Auto-Size Elevators Bring Your Car Inside Your Home
A Singapore-based developer, Hayden Properties, is building a 30-story condominium with individual elevators for cars so owners don’t have to worry about their wheels getting dinged in the garage."It's not a gimmick. I love my cars and I'm worried they might get accidentally dented in a shared car park," says Ong Chih Ching, director of Hayden Properties, who owns two Porsches and an Aston Martin. "This solves that problem and lets you look at your car all the time."Similar buildings with individual high-rise garages are being built in the United States and Dubai, but Hayden's $663 million project would be the tallest, Ong says.
Source: Reuters News (09/14/07)
Friday, September 14, 2007
Thursday, September 13, 2007
Defaults Leave Condo Associations in the Lurch
Daily Real Estate News September 13, 2007
Condo associations are feeling the pain of increased delinquencies and foreclosures, which leaves them with unpaid assessments, additional legal fees and other expenses.Establishing an aggressive collections policy is the first step toward mitigating the problem, says Jim Stoller, president of The Building Group management company in Chicago. He recommends turning over any account that is 60 days late to the association’s attorney.Prompt legal intervention also will permit the association to go to court for temporary possession of the unit. It can be rented out until the debt is paid. The process takes several months and possession ends when the foreclosure occurs.Another option is to wait until the foreclosure and hope there's enough equity after the lender gets paid first. But that's risky. "Today we rarely see any surplus," says attorney David Sugar of Arnstein & Lehr in Chicago.Under certain circumstances, an association can collect up to six months of unpaid assessments from the buyer when the unit is sold for foreclosure, but the law is a new one and the process is complicated, says Sugar.
Source: Chicago Tribune, Pamela Dittmer McKuen (9/13/2007)
Condo associations are feeling the pain of increased delinquencies and foreclosures, which leaves them with unpaid assessments, additional legal fees and other expenses.Establishing an aggressive collections policy is the first step toward mitigating the problem, says Jim Stoller, president of The Building Group management company in Chicago. He recommends turning over any account that is 60 days late to the association’s attorney.Prompt legal intervention also will permit the association to go to court for temporary possession of the unit. It can be rented out until the debt is paid. The process takes several months and possession ends when the foreclosure occurs.Another option is to wait until the foreclosure and hope there's enough equity after the lender gets paid first. But that's risky. "Today we rarely see any surplus," says attorney David Sugar of Arnstein & Lehr in Chicago.Under certain circumstances, an association can collect up to six months of unpaid assessments from the buyer when the unit is sold for foreclosure, but the law is a new one and the process is complicated, says Sugar.
Source: Chicago Tribune, Pamela Dittmer McKuen (9/13/2007)
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