REAL ESTATE INVESTING DIRECTORY

A friend recommended Joan to look at a Manhattan penthouse apartment for sale that used to be the ballroom of a large mansion. Rivers was enamored with the space and put ‘all of her energy’ into renovating the run-down apartment. One Labor Day weekend when the workmen were gone, she dropped by her new home to check on the progress. It was a very hot night, but the apartment was freezing cold. Her dog, a ‘little yorkie’, refused to enter and bizarre ‘pornographic writings and markings’ were scrawled on the walls. She complained to the doorman, who said, ‘Oh, I guess Mrs. Spencer is back.’

Mrs. Spencer, allegedly a niece of J.P. Morgan, used to occupy the entire building as her private residence. As she grew older, she rented more and more of the building out until she resided in an apartment that what was once her ballroom. After passing away in ‘the ballroom’, her spirit reportedly returned and ‘did things’ to residents, such as tear the heads off of every cherub in a neighbor’s chandelier.

Joan’s discomfort in the apartment grew. It was freezing even when she blasted the heat. Her dog continued to refuse to enter, and the workmen ‘didn’t want to be there either’. The NYU parapsychology department reportedly referred Rivers to a voodoo priestess from New Orleans. The voodoo priestess flew in and met Rivers at her apartment. The priestess began communicating with Mrs. Spencer and claimed that the former owner still considered herself the ‘grand dame’ of the building and was furious that the residents were defiling her home. After an exhaustive exorcism involving ‘chanting…and drumming’, the priestess assured Rivers that Mrs. Spencer had departed. According to Rivers, she felt an immediate difference in the space, and even though it was now 2:30 am, she went door to door with the priestess offering to cleanse the neighbors’ apartments. ‘Not one neighbor refused.’ Rivers said. ‘Everybody had a story.’

After moving in, ‘things started again’. Her dog once again behaved strangely. The apartment was frigid and Rivers complained that her ‘electrical things’ constantly went haywire. Mrs. Spencer was apparently back. Despondent, Joan addressed Mrs. Spencer directly, pleading for the specter to leave her in peace. Shortly afterwards, she found a portrait of Mrs. Spencer and hung it in the lobby of the building. Rivers said she then received a telephone call from the voodoo priestess claiming that Mrs. Spencer had appeared to her to say she was pleased with Joan’s renovations and asked that Joan continue to keep fresh flowers in the ballroom. For the last eighteen years, Rivers stated, she has kept fresh flowers in the ballroom.

Rivers went on to say that Mrs. Spencer continues to visit her ‘just about every night’ at about three o’clock in the morning and that she feels comforted and protected by the spirit’s presence. ‘We’re friends,’ said Rivers. ‘It’s nice to know I have Mrs. Spencer to say good evening to every night.’

According to an article in the NY Times, an apartment Rivers bought ‘about 20 years ago’ with a ‘double-height ballroom’ was listed for sale over the summer for an astounding twenty-five million dollars. No mention of Mrs. Spencer in the article. This Vanity Fair interview appears to confirm that Rivers still occupied the apartment in August.

With twenty-five million dollars possibly on the line, is Rivers required to inform prospective buyers about Mrs. Spencer? A Corcoran real estate broker (who didn’t want his name used) confirmed that brokers are obligated to reveal if there was a death on the property if a buyer happens to ask, but that there wasn’t a law requiring brokers to disclose reports of paranormal activity.

Rivers should be advised of the landmark case Stambovsky v. Ackley in which Helen Ackley and members of her family reported to several newspapers between 1977 and 1989 that their house was infested with ghosts. In 1990, when Ackley put her house on the market, neither she nor her realtor told the buyer, Jeffrey Stambovsky, about the haunting before he signed a sales contract. When Stambovsky learned about the reported poltergeist activity, he filed an action requesting nullification of the contract of sale. The New York Supreme Court ruled (on appeal) in a majority opinion that the Ackleys’ public and persistent claims that their house was haunted were sufficient grounds for the buyer, who was not aware of the alleged haunting, to legally rescind the sales contract. examiner.com

Nicolas Cage sued his former business manager for $20 million, claiming bad advice and mismanagement led him toward financial ruin.
Cage filed the lawsuit against Samuel J. Levin and his firm.

“Instead of protecting and preserving Cage’s wealth during one of the greatest economic periods in the country’s history, Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses,” the lawsuit states.

Levin served as Cage’s business manager from 2001 to 2008 and collected millions of dollars in management fees, court documents state.

Cage, 45, relied on Levin’s statements and advice and couldn’t have known about the financial trouble he was facing until after he hired new management, according to the lawsuit.

Public records show Levin has been a licensed certified public accountant in California for nearly 25 years and has no public record of disciplinary actions.

An Oscar-winning actor, Cage is known for his dramatic roles in films such as “Leaving Las Vegas” and “Adaptation” as well as action turns in “The Rock” and the “National Treasure” films.

Nicolas Cage is facing more financial woes amid reports the actor owes over $6 million (£4 million) in unpaid taxes. The Internal Revenue Service (IRS) has placed a tax lien on Cage’s vast real-estate holdings after he failed to pay income tax totaling $6.26 milion (£4.2 million) on his wages dating back to 2007, according to the New York Post.
blog.taragana.com

The “Material Girl” is not afraid of hunting for a good bargain in today’s real estate market. Madonna, acting as a savvy investor and international property shopped, picked herself up a new investment during the Summer 2009 real estate down-turned market.
Thanks to the American economic recession and many less fortune-laded millionaires fleeing New York due the “Millionaires Tax”, the cash laden maven of pop culture stardom was able to buy a lovely residence (a town house) in the Upper East Side of New York City for a mere forty million dollars.
Because the house is has a dated feel, it is likely Madonna will remodel the prime location home.
Madonna, known for perpetually remaking and remodeling herself, is not afraid of hard work or without creative inspiration. As such, a property in the right place, at the right price, and with the right potential for reconstruction inspired the international singing sensation, new divorcée, and movie star to purchase. Examiner.com

Bruce Willis and his model wife, Emma Heming, may be on the hunt for a new place to call home.

The newlyweds were spotted taking a tour of L.A.’s megapricey Carlyle Residences.

In the 24-story building from the owners of New York City’s legendary Plaza Hotel, apartments start at $2.9 million, with penthouses going for as much as $15 million, according to real estate website Curbed LA.

A current listing for a 3,535-square-foot apartment with three bedrooms and four-and-a-half baths is listed for a mere $5.1 million. Fendi Casa has designed the common areas. Amenities include a Sports Club/LA gym, library, dining room and even a wine cellar.

No word on whether Mr. & Mrs. Willis made mention of needing a baby nursery in their new pad.
ca.eonline

The youngest of the Baldwin brothers’ New York foreclosed home is being put up for public auction while he is participating in the reality show “I’m a Celebrity… Get me Out of Here!”

The 43-year-old actor and his wife Kennya paid $515,000 for their 1.4-acre home in Rockland County in 1997. The couple tried to sell it in 2006, but failed. They reportedly defaulted on more than $824,000 in payments to mortgage holder Bankers Trust Co.

They also owe National City Bank for a separate mortgage and may owe thousands of unpaid state and federal taxes on the property, LoHud.com reports.

Their Old Mountain Road home will be going under the hammer on June 24 at Rockland County Court.

Stephen is a contestant on the NBC reality show, which is currently filming in Costa Rica.

Source: allheadlinenews

The current real estate market and financial crisis have brought about an opportunity to invest in lower priced homes and other real estate. Those who have funds to invest can now look to foreclosed real estate as a means to generate future profitable returns for investment funds.
The real estate market is currently at its lowest point and many properties are priced below their usual market rates. Governments and banks have greater inventories of foreclosed properties that they are required to manage. Lower prices and increased availability means that investment opportunities are created that will generate future greater returns on investments, perhaps beyond other investment products.
Like any investment, research and knowledge of foreclosed real estate opportunities are important. Those who wish to make investments should understand some things.
1) Not every property is a good investment. Look for foreclosed properties that are being sold at less than their value. Look for homes that are in good condition in neighborhoods where growth is taking place or future growth is likely to take place.
2) Understand the financial condition of the foreclosed property that is being sold. Find out if, the price of the property is for a clean title to the property or if there are liens and other expenses attached to the property.
3) Use services that can provide complete and accurate listings of foreclosed home and real estate.
4) Have the funds available to purchase foreclosed real estate properties. Do research into lenders that are willing to loan money of foreclosed properties to qualified applicants.
5) The best way for most new investors may be to join with those who have experience in buying foreclosed real estate and making a profit. Investing in a business that buys foreclosed properties may be the best way to make a profitable return on investment money without the need to do all the activities of finding, purchasing, and selling involved in foreclosed real estate.
6) Quick returns may not always be possible or plentiful. Purchasing foreclosed real estate and homes in a down market will mean that it will be necessary to hold the properties until the real estate market rebounds. Properties may need to be rented, or improved. Those looking for a low cost home to own and live in may be the ones who may find the best opportunities to make a profit as their home appreciates while they live in it.
The current real estate market provides great investment opportunities for those who will look for the best values and use wise procedures to obtain a high rate of return on their investment funds.
Source: http://www.ArticlePros.com/author.php?Richard Miller

Foreclosure is the forced sale of a property owned by the borrower in order to satisfy the debt(s) secured by the property. Foreclosure laws are complex, and they vary from state to state. There are no federal laws governing foreclosures. The borrower is the legal owner of the property who has entered into a mortgage agreement with a lender to pay back all borrowed money, fees and interest due.
The Mortgage is a security instrument that pledges the property as the security for the loan. This document provides the lender the ability to force the sale of property to satisfy the debt if the borrower fails to pay in accordance with the terms of the agreement. The lender does not own the property; they merely own a lien on the property which can be exercised to force a sale to satisfy the debt. At the time of a sale, all proceeds first go to settling this indebtedness before any residual “equity” goes to the seller.
Foreclosures are always public auctions where the lender must notify the general public in advance, and the general public must be allowed to bid on the property. This public auction is necessary to prevent the lender from forcing the borrower to sell the property at a below market price to the lender who could then resell it for a profit on the open market.
Lenders do not want to own real estate. Lenders are in the business of loaning money and collecting fees and interest. At a foreclosure auction the lender will generally bid on the property up to the value of the loan. This ensures auction bids will be high enough to satisfy the outstanding loan amount. The lenders do not want to be the highest bidder. They would rather someone else bid over the loan amount and make them whole. If they end up being the highest bidder, then they must manage the property and ultimately arrange for its sale in the non-auction real estate market. There are costs and fees associated with this endeavor which eats in to the final disposition amount garnered from the final sale of the property. These fees generally increase the loss for the lender.
Source: http://www.ArticlePros.com/author.php?Lawrence Roberts