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New Wrinkle in Trump's Ed McMahon Bailout
Tweet Share on Facebook August 21, 2008 CommentLooks like Donald Trump might not end up becoming Ed McMahon's landlord after all ...
From the Los Angeles Times:
The listing agent for Ed McMahon's heading-for-foreclosure house in Beverly Hills said yesterday that the property is now in a "multiple offer situation." Last Thursday, billionaire developer Donald Trump announced that he had made the lenders an offer and expected to be able to buy the house and lease it back to the onetime "Tonight Show" sidekick. But it now appears that Trump has competition.Alex Davis of Hilton & Hyland, Beverly Hills, said a second buyer who wishes to remain anonymous is interested. The junior lien holders have agreed to a short sale at $4.6 million, Davis said, and "that's the number we need to get to."In a statement yesterday Trump, who said last week he wanted to help McMahon, said that if there was another potential buyer he wished them luck.
"I hope they take good care of Ed McMahon because he deserves it. The only reason anybody other than me would be interested in this house is because I showed an interest in it first," Trump said in the statement. "I just heard that the person negotiating doesn't have financing, and the deal would be subject to getting financing, something which I, obviously, don't need."
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Home Builder Offers Money-Back Guarantee
Tweet Share on Facebook August 20, 2008 Comment (2)With declining home values keeping many prospective buyers on the sidelines, one Texas-based homebuilder is hoping the same tactic that got you to buy that Total Gym will convince you it's time to purchase a home: a money-back guarantee.
From the Houston Chronicle, via Realtor magazine:
Stonemark Builders said it will ensure the value of two of its recently completed homes in East Shore, an upscale subdivision in The Woodlands, by offering to buy them back for the same price if the owners decide to sell within two years.
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Developers to Open Paparazzi-Proof L.A. Condo
Tweet Share on Facebook August 20, 2008 Comment (2)Tired of being harassed by that gaggle of photographers outside your house? Then here's the place for you:
From the Los Angeles Times, via Realtor magazine:
The developers of a luxury condominium high-rise in Westwood have come up with a new way to entice wealthy buyers: paparazzi-proof living.The Carlyle Residences, a 24-story tower under construction on Wilshire Boulevard, bills itself as the first building specifically designed to thwart prying lenses. Promotional materials for the property, which is set to open next year, promise round-the-clock patrols by "Israeli-trained VIP" security guards, private elevators that open directly into apartments, and high hedges that shield the swimming pool and yoga lawn from shutterbugs. Even the shape of the tower, a crescent, is advertised as an anti-paparazzi device. According to the developer, it minimizes views into the Carlyle from neighboring buildings.Thomas Elliott, chief operating officer for Elad Properties West, said the company was responding to complaints from celebrities and elected leaders about aggressive tabloid photographers."We are reaching out to the Hollywood community to do what we can to ensure their safety and security," he said.
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The Top 10 Foreclosure States (as of July)
Tweet Share on Facebook August 19, 2008 Comment (5)RealtyTrac recently released its U.S. Foreclosure Market Report for July.
From RealtyTrac, via The Real Estate Bloggers:
Foreclosure filings—default notices, auction sale notices and bank repossessions—were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.
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Realtor Sues "USA Today" for Libel
Tweet Share on Facebook August 19, 2008 Comment (2)A Realtor in Las Vegas is taking legal action against USA Today, alleging that an article in the newspaper triggered her firing and ruined her career.
From the Las Vegas Review-Journal:
Las Vegas Realtor Erin Schlumpf claims her career was destroyed by a June 3 USA Today article about mortgage fraud in Las Vegas that featured a home she sold in the Sunrise Mountain area.
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The 10 Most Expensive States for Closing Costs
Tweet Share on Facebook August 18, 2008 Comment (2)Although home prices have declined sharply at the national level, closing costs are only increasing. That's according to a recent Bankrate.com study, which found that average closing costs in 2008 increased 14 percent, to $3,118, from a year earlier.
From Bankrate.com, via Realtor Magazine.
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Elvis Presley's Former Estate Up for Sale
Tweet Share on Facebook August 18, 2008 Comment (1)Devoted—and wealthy—fans of the King of Rock-and-Roll now have an opportunity to pick up a souvenir that will put your Elvis Presley-shaped Cheese Doodles to shame.
An estate in Palm Springs, Calif., that Presley owned at the time of his death is now for sale. The asking price? $17 million, according to the Wall Street Journal.
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Donald Trump to Bail Out Ed McMahon
Tweet Share on Facebook August 15, 2008 Comment (65)Not long after President Bush enacted sweeping legislation designed—among other things—to keep struggling borrowers in their homes, Donald Trump has apparently come down with a little bailout fever himself.
"The Donald" is reportedly going to purchase the home of Ed McMahon in a deal that would save the former Tonight Show sidekick from foreclosure and create a landlord-tenant relationship that's got situation comedy written all over it.
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Son Wields Gun to Stop His Mom's Eviction
Tweet Share on Facebook August 15, 2008 Comment (1)The more foreclosures, the more stories like this...
From the Associated Press:
Authorities say a son held Bergen County [N.J.] sheriff's officers at gunpoint as they tried to evict his 88-year-old mother from her foreclosed home.
Officials say John Brennan threatened two officers with a .22-caliber handgun.
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What Does a $1 House Look Like?
Tweet Share on Facebook August 15, 2008 CommentYes, $1 can get you a house in Detroit. Unfortunately, it's this house. (From Zillow, via patrick.net)
