Posts Tagged ‘Miami’

The Real ‘Miami Zombie’ — David Stern!

Tuesday, June 5th, 2012

Rudy EugeneWe’ve all heard by now of the unbelievably grizzly story out of Miami about Rudy Eugene, the man so off his gourd that he ate a man’s face off.

Somewhere along the line this horrific attack became the source of comic fodder. Eugene’s been dubbed “The Miami Zombie,” and yes he even has a Twitter account.

But I might argue that there is another man worthy of that title, and his crimes, while not as physically grotesque, are none the less revolting.

I am talking about David J. Stern. The actions of Stern and his firm are continuing to have an impact on my cases, and over a year after his firm closed, the lasting effects of its shady practices are still reverberating throughout Florida.

A revised class action lawsuit was filed last week against Stern, his former CFO and the law firm he founded by two hedge funds who are accusing Stern of ripping them off.

So not only do we have a story about zombies, but we have cannibals to boot! The people who once trusted Stern have turned on him, and once again we have the banks ‘eating’ their own!

Read the gory details here.

The former head of one of largest foreclosure mills already had a less than sterling reputation, but after reading the latest allegations against Stern and his cohorts at DJSP Enterprises, Inc., I’d (playfully) argue he really is a zombie, because how he ripped off countless homeowners is TRULY disgusting and his actions continue to harm homeowners to this day.
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The Good, The Bad, The Ugly (Again): Miami Rebounds, Foreclosures Stall and Housing Prices Sink

Wednesday, June 1st, 2011

The Good, the bad and the ugly of South Florida real estateThe good:
All we can say is, you never know!

When the real estate market collapsed, Miami’s downtown epitomized the worst excesses of the building boom. Glittering new towers sat mostly vacant. Today Miami’s downtown real estate is booming and bustling with life and commerce thanks to foreign investors and renters.

A report by the Miami Downtown Development Authority indicates that 85 percent of new condo units are occupied. Downtown Miami’s population now numbers about 70,000 compared to 40,000 ten years ago. In spite of Miami-Dade’s 13.2% unemployment rate, downtown bars, shops and restaurants buzz with activity at the end of the workday. Sales at the swank Icon Brickell average 47 units a month.

The bad:
Clearing the backlog of foreclosures slows again as some delinquent homeowners successfully maintain that their mortgage companies can’t prove they own the loans, therefore forfeiting their right to foreclose. After last fall’s robo-signing debacle, many homeowners are waking up and realizing their banks are guilty of sloppy practices at best and forgery at worst. Oppenheim Law continues to see banks dismiss foreclosures.

And the ugly:
Douple Dip Housing: No Ameri-cone DreamDouble Dip Housing is no Ameri-cone Dream
As South Florida housing prices hit a new low, the The New York Times and Wall Street Journal chime in unison with a cherry on top: Goodbye, American Dream. It seems renting is the new ‘black’ in real estate fashion as desperate sellers watch not-so-desperate buyers sit on the sidelines waiting for the bottom to hit; while they rent in Miami luxury.

The S&P/Case-Shiller National Index, released today, indicated prices nationwide fell 4.2% in the first quarter after declining 3.6% in the fourth quarter of 2010, in spite of increases in 2009 after the home buyer tax credit and early 2011.
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Florida Real Estate’s Mortal Enemy: Excess Inventories

Wednesday, June 1st, 2011

Florida Real Estate’s Mortal Enemy: Excess InventoriesWhat is killing Florida real estate? Excess inventories and falling home prices.

House prices have been continuously falling for the first time in 70 years, and South Florida homeowners should expect the trend to continue.

A surplus inventory of houses caused by Florida foreclosures and short sales is the mortal enemy of home prices. Lower prices are needed to sell off excess inventories of residential properties, and in turn lower prices encourage more inventories from anxious sellers.

So how big are excess inventories and how long will it take for the real estate market to absorb them?

According to Economic Consultant Gary Shilling, we are currently facing a surplus of up to 2.5 million excess house inventories in the United States, a number that is subject to rise with further foreclosures and falling home prices.

To forecast the length of time to work off this excess inventory and have the market return to more favorable inventory and price conditions, Shilling developed projections of supply and demand for residential units.

Household formation averaged about 900,000 per year over the past decade as measured by the Census Bureau. Shilling uses this number as a reasonable estimate of yearly housing demand. However, with many college students moving back with their parents after graduation, household formation is not happening as fast as it once did.

New construction of single family homes and apartment units is running about 700,000 per year, and about 300,000 U.S. homes are torn down, converted or removed from housing stock each year. Based on these numbers, Shilling calculates new housing supply to be about 400,000.
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The Heat is On! Miami Real Estate Ranked #1 City to Buy

Saturday, May 28th, 2011

Florida real estate finally makes the #1 list for something positive.

With the real estate market in recovery mode, owning a home is more affordable than renting in 72 percent of major U.S. cities. Miami, Las Vegas and Arlington, Texas round out the top three cities where buying is a safer bet.

Renting is more affordable than buying in only eight percent of America’s largest cities, including New York City, Seattle, and Kansas City. The Offices of Weston Title and Oppenheim Law continue to help homeowners navigate through the waters (and under waters) of Florida real estate buying, selling and investing.

Roy Oppenheim on Miami Real Estate: Ranked best place to buy


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