Hollo claims his understanding of the bilingual community in Miami has given him a unique insight that has helped his developing projects. Since there is no room for expansion east to west, the only ways to expand were north or south. He feels after location, the timing of a project is the most important. This is why, when the industry started crashing, he finished the projects he had going, and postponed some of the ones he had in the works to avoid ending up in foreclosure.

The 84- year old president of  Florida East Coast Realty reads the Bible first thing in the morning and spends his free time with his family and exercising. He feels it is important to give back to the community. The Tibor and Sheila Hollo Charitable Foundation is one way they practice their philanthropic endeavors, focusing on the arts and education.

Pleased and proud of the developments he created, Hollo has no intention of stopping. Besides the project at One Bayfront Plaza, he is also working on a more residential, family-oriented development in Coral Gables. Though not of the same magnitude as his development in the downtown area, it is doing very well. All he has accomplished over the years lead to how he would sum up his own life. “Vision to reality, most satisfying achievement.”

The high number of available foreclosures has caused a ripple effect in the general real estate market. Homeowners wanting to sell their homes are faced with long waits for a sale because the lower cost of foreclosures make them more attractive to potential buyers.  Homeowners hoping to compete with foreclosed properties are now lowering their asking prices creating a false market value. Many of the homes that have not been foreclosed on yet are now being sold to investors through short sale. The listing prices for these homes are much lower than what the banks will accept. Prospective buyers are not getting a true sense of what homes are worth and are holding out for even lower prices.

Investors know how long it can take to buy a house that is in default and are going for the lower priced homes not in distress. They get the house much quicker, and it is in better condition.  Many homes that have been foreclosed on have been torn apart inside. They are sold “as-is” and require a lot of work before they can be inhabited or sold for a profit. It is in their best interest to buy a home that requires little to no repair, lease it out for a while and then put it on the market when things improve.

Homeowners wanting to sell right now are at the disadvantage. Not only is the market low from the housing crash, the availability of very low-cost homes makes it hard to compete. Unless you bought your home when the price was low, you may want to consider hanging on to it for a while.

Banks have been in the habit of extending the loan when it comes to commercial real estate. They do not want to have to foreclose as this would mean the only way to get rid of it is to sell it at the current market value. They would take a huge loss. By extending the loan, they ensure they will get the money they put out for the property. As long as the payments are being met. Companies that buy the debt from the bank have the same problem. If they cannot sell the property for more than the price they paid in a short period of time, they may end up waiting until the economy regroups.

If you are considering getting into commercial real estate this way you need to be very careful in what you are buying.  Most of these properties have not been maintained. The longer the loan has been in default, the worse off the property is. You may have to invest considerable more money into a building before you can even begin to think about selling it. If the property has been empty for any length of time, you can be sure it has been vandalized. In this case, you will need to make repairs and provide some type of security immediately.

Think seriously before you decide to buy a commercial debt. Do your homework on the real estate market in the area, talk to a few different realtors. Most importantly, be sure you are not going to be needing that money any time in the near future.

The scope of this program could affect over 4.5 million cases across the nation. While not everyone will take advantage of the offer, many foreclosure attorneys will recommend it to their clients. The homeowners have nothing to lose by having their case reviewed. If the review finds the foreclosure was handled improperly, causing any type of financial damage to the homeowner, some type of compensation will be required.

Constantly changing foreclosure laws will have each review taking a couple of months to complete. Proving financial damage due to a bad foreclosure will be difficult with the current housing market. Homeowners who were making payments during the foreclosure process will be compensated under the program. Those who had to pay excessive fines, fees or penalties will receive a refund.

There are conflicting opinions on the program among foreclosure attorneys. Some feel it is a step in the right direction; banks need to be held accountable for their shoddy work. Others are afraid it will only cause the banks to find new fees to charge account holders to make up for any compensation they have to pay. Since the banks are going to have to pay for the outside audits, they feel they are already on the losing end. Banks do not like to lose money, they will make up for this is some other way. Perhaps the new program needs to take this into consideration and find a way to keep this from happening.

The homes have been previously valued at $11 million each, but will be sold to the highest bidder no matter the price. They feel the way to get the best price is with an auction. Instead of dickering over price, taking time going back and forth, they will let the potential buyers do the dickering. While over 100 people have shown an interest in the properties, Lamar Fisher, the auctioneer, expects only twenty to register and bid.  The $500,000 refundable deposit required per home could be what is keeping the merely interested from the serious. The winner’s deposit will go towards the down payment. The buyer will also have to pay the 10% fee to the auction house.

The Foxes are determined to have this done and over with. They expect closing to happen within 30 days of the auction.  They know they are taking a risk, but also know they will not be losing money. Steve bought his house for 1.6 million and is sure to get more than that. Even in the depressed market there are still people with money who are willing to spend it. Real estate agents feel the homes would sell if they were properly prices, no matter the market. It would just take more time. The Foxes are willing to settle for less money in return for a quicker sale. They are ready to move on with their lives in more simple homes.

Even though the project appears to be a success, there have been some bumps in the road.  The City of Miami is responsible for paying the property taxes on the garage of the new ballpark.  More recently, the Marlins have been issued subpoenas for the financial records of the $650 million project by the Securities and Exchange Commission.

While David Samson has refused to issue comments on the Securities and Exchange Commission investigation, he has remained positive about the project.  In addition to creating an attractive new home for the Marlins, the project has provided much needed jobs to individuals living in Miami and the surrounding areas.  It is hoped that the popularity of the ballpark will continue to help Miami meet its local employment goals.

Already the ballpark is setting, and breaking, new ticket sales records.  All of the ballparks Championship Suites, Diamond Club seats, and MVP Suites are already sold out.  Other sections of the stadium have also sold out, and less than two dozen seats remain behind the first base and third base areas.  In order to accommodate the growing demand for tickets, the Marlins have been forced to add additional phone lines and hire more staff to answer phones.

With additional hours available for employees, and several sold out sections, the new Marlin ballpark appears to be a complete success even though it is four months before opening day.

The separation of funds was meant to help the blighted area recover by transforming rundown buildings into prospering businesses and homes.  Anyone currently living in, or working near, Omni Mall would say the program has been a success.  There are now new condos, upscale restaurants, and well maintained parks in areas that were once known for high levels of drug use and homelessness.

Major retailers have announced plans to build new department stores and grocery stores in the area further assisting the areas economic growth.  The latest triumph for the Omni redevelopment project is the addition of a casino to be built by the world renowned Genting Resorts World Miami.  This latest triumph has also lead to a dispute among members of the Omni Community Redevelopment Agency.

The Committee chair Commissioner Marc Sarnoff believes it is time to dismantle the committee.  He feels that the millions of dollars in property taxes the casino will generate should be shared with the entire state.  However, other committee members are concerned that the money generated will not be enough to offset the added burden of paying for the Omni area’s financial obligations.

Commissioner Francis Suarez has suggested an alternative to completely dismantling the agency.  Instead of completely ending the redevelopment project, he suggests making it smaller and allowing the property tax revenue generated by new businesses (including the casino) to be placed in the general Miami city fund.

Some commissioners, and other Omni area residents, feel the redevelopment project is not complete.  Though there have been many positive changes in the area, there are still parts of the project zone that do continue to need assistance.

The massive project was not something Cockrum conceived and started overnight.   Initially planning to create an environmentally tower that combined her knowledge of cultivation with her experience building towers, Cockrum started designing the tower in 2006.  After demolishing the previous building, Cockrum began official construction in 2007.

Initially planning to finish construction quickly, Cockrum was forced to slow down construction as more competition appeared.  The failing real estate market and impending recession also forced Cockrum to reevalluate her initial plans.  Her goal was to make a building that stood out, and four years and $310 million the building is completed.

The Platinum rated energy efficient building is estimated to have an average water consumption that is 30 percent less than its neighbors.  Also, the build design should result in tenants saving at least 18 percent on their electricity bills.  Now that the environmentally friendly building is ready to be occupied, potential tenants are extremely excited.  However, each tenant must be prepared to meet certain mandatory requirements.

Prior to occupying a space, tenants must agree to meet certain environmentally friendly requirements.  Recycling and the utilization of natural light are going to be mandatory.  Though sticking to these requirements might be difficult for some new tenants, Cockrum and other members of her group are confident that tenants will enjoy lower operating costs because of the efficiency of the building’s design.

The owners of Casa Casuarina allege the mortgage holder, WestLB, was planning to sell the mortgage without the owner’s permission to an unnamed third party.  Adam Steinberg, the attorney representing Luxury Resorts, has stated WestLB attempted to add signature pages to a loan document that Luxury Resorts never agreed to.   The attorney also stated WestLB claimed the document was a finalized loan agreement even though the bank knew this was not true.  The lawsuit alleges the German based lender planned to profit from the sale using documents that were never shown to the property’s legal owners.

Filed in Miami-Dade Circuit court in December 2011, the civil suit initiated by Casa Casuarina alleges their mortgage holder, WestLB, attempted to use fraudulent transfer, forgery, mail fraud, and wire fraud to deprive Luxury Resorts of its property.  The suit claims that the actions of WestLB have directly led to Casa Casuarina and Luxury resorts losing property interest and income through rentals.  Casa Casaurina also alleges the bank’s actions have damaged Luxury Resort’s reputation in the business community and the Florida real estate community.

Casa Casuarina has requested a jury trial in addition to being awarded damages for the alleged actions of WesLB.  Attempts to contact the New York branch of German based WestLB have met no response.

The lawsuits were filed after HOPE completed an investigation involving several HOPE employees acting as potential rental applicants.  During the investigation HOPE employees found discrimination online in several rental ads.  Employees also collected additional evidence during meetings with prospective landlords and by documenting several phone conversations.

Some of the defendants of the lawsuit have sharply criticized the lawsuit and the methods used to collect evidence.  Individuals named who were acting members of the home owners association or condo board have explained that some the online ads being cited were placed by private property owners.  The attorney representing Embassy Condominium Apartments, Robert Rubinstein, has stated that the association did not know the property owner in question was planning to rent his unit and therefor had no knowledge of the possibly discriminating language that was used.

Another defendant, Chip Rowand, has also criticized HOPE and the lawsuits.  Included in the lawsuit because his name was found in an ad prohibiting children under the age of 12 from living in a property, Rowand claims he never saw the ad.  Explaining that he was not responsible for the text, and the ad was automatically listed on several websites, Rowand stated his company would never knowingly discriminate against anyone.

Though the defendants are outraged by what they feel is a crusade, HOPE president and CEO Keenya Robertson strongly believes that anyone providing housing should understand the federal laws.