Monthly Archives: July 2011

Is Chinese drywall settlement generous enough? Some attorneys don’t think so.

Some South Florida attorneys are pushing back against a $54.5 million Chinese drywall settlement by Banner Supply Co., arguing that Miami-based distributor has not been transparent.

By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com

Last month’s $54.5 million settlement by a Miami-based Chinese drywall supplier might not be such a sweet deal for those affected, according to at least two local attorneys pushing for more transparency in the process.

At issue: How much money will end up in the hands of homeowners with tarnished drywall after attorneys take out their cut. Some estimate that the payments could be as little as $5,000.

“It’s difficult for any responsible attorney or any homeowner to make a informed decision as to whether this is a good or bad settlement in view of the lack of full disclosure and transparency,” said Victor Diaz, a Miami Beach lawyer whose firm is representing hundreds of Chinese drywall victims across the state. He was not part of the team of plaintiffs’ attorneys that reached the settlement but could be paid from the fees should his clients opt to participate. Continue reading →

Top real estate apps for Android, BlackBerry, iPhone, iPad

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Real estate professionals and consumers are tapping into the mobile revolution with a range of apps designed for on-the-go real estate searches, mortgage and investment-related calculations, property measurements, photography, and real estate licensing quizzes, among other features and functionality.

Inman News has compiled lists of the most popular and highest-rated real estate-related mobile apps designed for Android, iPhone, iPad and BlackBerry devices in a special report, “100 Must-Have Mobile Apps for Real Estate,” based on app rankings and ratings at TopAppCharts.com, Apple’s App Store, the Android Market site and the BlackBerry App World site, sampled June 28.

All of the apps featured in the report have received at least five user ratings, and the lists are based on keyword and category searches of the app sites. In some cases, applications that were only marginally related to real estate or did not have a business focus were not considered in the lists. Continue reading →

Secrets to getting a mortgage with so-so credit

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NEW YORK (CNNMoney) — Getting a mortgage can be tough these days — even people with near-perfect credit have been rejected for loans. But for some lucky borrowers, things aren’t as bad as the doom-and-gloom crowd says.

At a recent press conference, Federal Reserve Chairman Ben Bernanke said lending standards for mortgages have tightened so considerably that “the bottom third of people who might have qualified for a prime mortgage in terms of, say, FICO scores a few years ago — cannot qualify today.”

Indeed, roughly one-in-four mortgage applicants was denied in 2010, up from about 18% in 2003, according to data from the Federal Financial Institutions Examination Council. And those are just the ones that apply — many discouraged potential borrowers don’t even bother to apply anymore. Continue reading →

Strong performance for Miami high-end homes, condos

The-Setai_articleboxJust like its surging rental market, Miami’s high-end residential sector has been showing significant improvement in the first five months of 2011.

“What’s happened over the last 24 months is really kind of phenomenal,” EWM President Ron Shuffield told The Real Deal. “When you think about what a deep, dark hole we were in, now to see this real sold activity we’re having, we’re fortunate to be where we are.”
Continue reading →