Artists Found Creativity in Detroit’s Housing Crisis

February 19, 2010
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The Detroit artists are using the housing crisis and turn it into some interesting projects.

First, some Detroit artists took an abandoned house and made it into the Detroit Ice House. The home’s address, which was secret for awhile, was revealed to be 3920 McClellan St, Detroit, MI. They spent weeks spraying a house with water until it froze into an eerie house sculpture.

Now, a Web designer is selling “space” on a Detroit lot for $1 per square inch. Jerry Paffendorf claims to have nearly “600 “inchvestors” who have purchased 10,000 plots in the “Loveland” art-and-real-estate project on Detroit’s east side. According to Paffendorf’s Loveland site:

“Starting with the smallest unit of…

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Filed Under: Home Improvement, Real Estate

Buying Condominiums in Today’s Real Estate Market

February 19, 2010
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Purchasing a real estate is one of the most important moves you can make toward your personal financial success. Owning your own property comes with many tax benefits. In good economic times, your home also increases in value year after year.

Purchasing a condominium always makes a good sense.

People who purchase a condominium usually want to avoid the major upkeep and maintenance usually associated with a single family house.

Research is the key to making this purchase. Begin by examining your lifestyle and priorities. Determine what is important to you. Next, you will need to know how much you can afford in monthly mortgage payments. Make a budget and evaluate how you…

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Filed Under: Condominiums, Economy Crisis, Real Estate

Does Remodeling Homes Make Big Cash?

February 19, 2010
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Over the years, you have heard stories about homeowners who have greatly improved their net worth by remodeling homes and selling them. However, while remodeling can add value, there is no guarantee that a future buyer will pay you enough to get back your investment.

Mull over the example of a homeowner who lost his home in the Oakland Hills, California, through a firestorm in 1991. Rather than rebuilding, this fire victim decided to buy an existing replacement home. He invested his insurance proceeds in the purchase and subsequent remodel of the property. When he decided to sell the property several years later, he barely recouped the money he had invested…

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Filed Under: Home Improvement, Real Estate, Real Estate Investment

A Couple Pleaded Guilty of Mortgage Fraud Scheme

February 18, 2010
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Pittsburgh, Pennsylvania – Randy Berger and Elleni Berger (also known as Elleni Klimantis) pleaded guilty in federal court to charges of Wire Fraud Conspiracy in connection with a mortgage fraud scheme. Elleni Berger also pleaded guilty to a charge of Filing a False Tax Return.

The Bergers operated All Credit Finance that was a mortgage broker company that assisted borrowers to obtain financing collateralized by real estate. The couple participated in a conspiracy in which they and other members of the conspiracy submitted fraudulent loan applications on behalf of borrowers that overstated their financial condition and a series of fraudulent documents that supported those misrepresentations.

In addition, Randy and Elleni Berger submitted…

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Filed Under: Lenders, Mortgages, Real Estate, Real Estate Fraud

Consider These Five Key Points for Green Architecture

February 18, 2010
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Reducing the wide scale construction on environment through sticking to a minimalist attitude regarding the consumption of energy, building materials and development space is the basic motto of green architecture.

The following are key points to consider for green architecture:

Using Small Space Is Critical To Green Architecture

Building smaller houses has become the order of the day. We cannot afford to waste natural resources and earth space to fulfill our desire of constructing and living in extravagant houses. Smaller houses means more people get accommodation without wasting too much of natural resources.

Solar Energy and Green Architecture Coincide Side By Side

All our energy resources are on the verge of getting used up. Hence,…

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Filed Under: Green Building, Real Estate

Spring Market Makes a Premature Debut

February 18, 2010
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For eight years, Erin McLaughlin has transformed her red-brick row house at 23 Belmont St. in Toronto. It was from a dilapidated row house to a polished showcase of original Victorian-inspired and au courant design.

Ms. McLaughlin, the newly appointed editor of Style at Home magazine, has been exceptionally attached to the house she has been enthusiastically restoring.

Despite those years of hard work, Ms. McLaughlin did not hesitate when her agent, Janet Lindsay of Chestnut Park Real Estate Ltd., advised her to launch her property as one of the first on the spring market. “I’m a decor person so it’s been my passion to make that house as perfect as possible,”…

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Filed Under: Real Estate, Real Estate Investment

Groucho Marx’s Former Home Sold for $8.8 Million

February 16, 2010
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The Beverly Hills house that was designed by architect, Wallace Neff, in 1956 for comedic actor, Groucho Marx, was sold for $8.8 million.

The rebuilt and updated Trousdale Estates home that maintains its Neff footprint is approached through a motor court with a central fountain. The one-story contemporary features walls of wood and glass and floors of terrazzo and walnut. There are five bedrooms, six bathrooms, a library and a maid’s suite in slightly more than 6,000 square feet.

A pool, a spa and a waterfall complement an alfresco dining area, patios and a fire pit that extend the living space outdoors. The gated three-quarter acre lot has downtown L.A. and canyon…

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Filed Under: Celebrity Real Estate, Real Estate

The Rockstar Energy Drink CEO Bought a Foreclosed Home

February 16, 2010
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The Miami home of Scott Storch was foreclosed as part of his financial meltdown. The CEO of Rockstar  Energy drink, Russ Weiner, has announced that he is the new owner of Villa Ferrari – Storch’s former 20,000 square foot home on Palm Island.

The mansion features a 100 foot boat dock, 11 bedrooms, 15 bathrooms, 3 guest houses and two pools. Last summer, after Storch declared bankruptcy, SunTrust bank, which held two mortgages worth a combined $7.75 million against the property, bought the property back at auction on for $5.5 million.

Storch had bought the home for $10.5 million but it had been listed for $13.9 million. Alex Shay found that SunTrust…

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Filed Under: Celebrity Real Estate, Real Estate

You Can Buy a Bungalow for $1

February 16, 2010
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Want to buy a bungalow in one Detroit suburb? A buck is all it takes.

That is what Taylor officials are asking for a two-storey Arts and Crafts-style home that was built in 1926, which features four bedrooms and two bathrooms.

The city officials say the buyer of the 2,110-square-foot fixer must move it from its current location no later than May 31, because it sits on property they’d like to add to a nearby park.

The Detroit News indicates the city that is about 15 miles southwest of Detroit bought the home for $76,415 after it went into foreclosure last year.

Officials estimate moving the home will cost at least $20,000.

If there is…

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Filed Under: Economy Crisis, Real Estate, Real Estate Investment
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