The Real Deal - New York Real Estate News

Sins of subprime crisis return to haunt small lender

Posted: 05 Jun 2022 12:00 PM PDT

If you thought the subprime mortgage crisis had been relegated to the history books, think again. Like cleaning up glitter, the bulk of the mess may be gone, but specks continue to turn up. One of those specks is Virginia-based Trustworthy Mortgage Corporation, which was anything but, according to the FDIC. Sometime before 2008, the brokerage secured a mortgage for a borrower receiving $543 a month in Social Security. Yet Trustworthy wrongfully stated that the

As business boomed, real estate agents took in nearly $4B in Paycheck Protection funds

Posted: 05 Jun 2022 11:30 AM PDT

Real Estate agents across the country received nearly $4 billion in taxpayer-financed Covid relief — some to help pay for as little as one employee — even as real estate sales and commissions boomed during the pandemic. NBC News is reporting the agents did nothing wrong when applying for — and receiving — the $3.9 billion doled out by the government’s Paycheck Protection Program designed to help pay employees and other eligible expenses, and the

NYC paid troubled CORE Homeless Services more than $1M in 2022

Posted: 05 Jun 2022 09:27 AM PDT

The City of New York has paid a non-profit housing provider more than $1 million in 2022 after it sued the company last year and vowed to cut ties with it and its embattled CEO Jack Brown. The New York Post is reporting the city had promised to stop funding the homeless services provider CORE Services Group — which it sued in December for allegedly siphoning money intended to help the homeless into the pockets

Housing boom comes to formerly middle-class Cape Cod towns

Posted: 05 Jun 2022 09:00 AM PDT

A stretch of traditionally middle-class towns on Cape Cod are experiencing a real estate boom as price spikes in enclaves like the Hamptons and Nantucket drive even wealthy buyers to more affordable alternatives. A median-priced home in the mid-Cape region of the Massachusetts peninsula, which includes towns like Barnstable, Yarmouth and Dennis, went for $650,000 in the first quarter — up from $590,000 average a year ago, the New York Post reported. As buyers compete

Scramble is on to develop, preserve Boy Scout campgrounds across country

Posted: 05 Jun 2022 07:35 AM PDT

They’re all out scouting the land. Developers, politicians and preservations are eying thousands of acres of land owned by local Boy Scouts councils across the country that could potentially be sold off to fund a $2.6 billion bankruptcy settlement designed to pay off victims of child sexual abuse. The Associated Press is reporting preservationists and politicians such as Sen. Richard Blumenthal ((D)-Connecticut) are sounding the alarm that if the government doesn’t do something to protect

Treeless Maine island gets plenty of inquiries, no takers

Posted: 05 Jun 2022 06:00 AM PDT

A 540-square-foot home on a treeless island off the Maine coast that attracted hundreds of callers and a half-dozen showings is still out at sea more than a year after it hit the market. The property in Wohoa Bay off Addison, Maine, also known as Duck Ledges Island, was listed last spring for $339,000 and is still on the market with Bold Coast Properties. The listing describes the one-and-a-half acre island as a weekend retreat

Dumbo apartment comes with unlimited Instagram moments

Posted: 04 Jun 2022 12:50 PM PDT

A two-bedroom Dumbo apartment on the market for $2.6 million has buyers wondering if they should do it for the ’Gram. The New York Post is reporting the condo on Washington Street in the trendy neighborhood has that extra something thanks to the fact it’s located on one of Brooklyn’s most Instagramable streets. The foot of Washington Street famously offers breathtaking views of the Manhattan Bridge and portions of the mid-town Manhattan skyline which, when

Nashville home prices soar with inflation

Posted: 04 Jun 2022 12:00 PM PDT

Housing prices in Nashville have more than doubled over the past 10 years, driven by the arrival of almost 400,000 new residents. That population boom, along with inflation of everything from food to gasoline prices, is hitting long-term residents hardest. Soaring home prices have driven many locals further from the city center, where there are few reliable options for public transportation, forcing them to contend with rising gas prices. “I love that Nashville is growing,

Betty White’s Brentwood home sells for 100K above asking price

Posted: 04 Jun 2022 10:55 AM PDT

The Brentwood home that actress Betty White lived in for more than 50 years and died in on New Year’s Eve last December has sold for more than the asking price — despite being marketed as a tear-down. The New York Post is reporting White’s abode at 506 N. Carmelina Avenue sold for $10.57 million — $100,000 more than it was being offered for as a home that was sitting on flat property worth more

Walmart heir sells undeveloped Aspen land for record $30.8M

Posted: 04 Jun 2022 09:00 AM PDT

Billionaire Rob Walton, heir to the Walmart fortune, sold a piece of undeveloped land in Aspen for one of the highest prices in the city’s history. The roughly 33,000-square-foot parcel fetched $30.8 million for the oldest son of Walmart’s founding family, the Wall Street Journal reported. Walton acquired the land, which is divided into two lots, in 2000 for a combined $9.19 million. While it was never publicly listed, the property, which runs along the