Florida among top states for mortgage fraud
Florida remains one of the top three states for mortgage application fraud risk. That's according to Core-Logic's latest Mortgage Fraud Report. Among the top 25 metro areas, the Tampa Bay area ranked eighth in the risk-of-application fraud. Reports say that type of fraud is increasing as the lending market shifts from re-financings to purchase loans. New York, New Jersey and Florida remain the top three states for the risk of mortgage fraud, according to the financial services company CoreLogic. Read more at WTXL.
» CoreLogic's 2018 Mortgage Fraud Report (PDF)
Luxury real estate in South Florida has long served as a magnet for wealth from South America. The continent’s tycoons, celebrities, athletes and assorted hustlers have seen it both as a playground and a bank — a good place to invest or park cash, given its proximity, culture, weather and, most of all, its discretion: The provenance of the wealth has historically mattered little to Miami-area developers and brokers. [Source: Real Deal Miami]
The impact of the widely-publicized red tide on Florida’s West Coast is still not known but it has the potential to reduce the value of commercial properties and may already be driving some tourists to choose the other side of the state’s coast. [Source: Globe St.]
San Francisco-based Opendoor moved into the Tampa Bay market this summer. Already in Orlando and 13 other cities across the country, the company plans to expand to Jacksonville later this year, and hopes to be in 50 markets in 2020, including parts of South Florida. [Source: TBO.com]
The internet may be changing the real estate industry, but the amount of people who find an agent online has been stagnant for a decade. Just 9 percent of buyers find an agent online, which was the same amount that did so 10 years ago, according to Inman, citing data from the National Association of Realtors. [Source: The Real Deal]
› PMG to build Waldorf Astoria tower in downtown Miami [The Real Deal]
New York-based Property Markets Group signed a contract with the landmark hotel flag to build a Waldorf Astoria hotel-condo tower at 300 Biscayne Boulevard. The skyscraper, designed by Miami-based Sieger Suarez Architects as a stack of glass cubes, is projected to reach a total sellout of more than $1 billion
› Developments abound for Tallahassee by 2020 [Tallahassee Democrat]
It won't be long before major developments polish Tallahassee's landscape with lofty projects first etched as blueprints. By 2020, one to watch will be the Cascades Project.
› Authorities: Foreclosure lawyer Mark Stopa made nearly $5 million off clients’ homes [Tampa Bay Times]
During the foreclosure crisis, thousands of Floridians turned to Mark Stopa for help in saving their homes. But even as Stopa helped many people hold on to their homes, he acquired millions of dollars worth of property from other clients through what authorities say was a years-long pattern of fraud and deception.
› August sales soar in Estero, drop on FMB and Pine Island [Florida Weekly]
Lee County’s housing market saw a lot of positive change during the month of August, according to the latest statistics released by Florida Realtors and reported by the Royal Palm Coast Realtor Association. Year-over-year, sales were up quite a bit for both single family homes and townhouses and condos. Estero was the hottest market by far.