Office space market on its way back

Lee County's office market has struggled over the last few years. But as 2004 winds down, market data is showing some positive signs. "Lee County's office market continues to improve with strong transaction volume and velocity," explains Randal Mercer of CB Richard Ellis, who recently completed his 2004 office market study. The study looks at Class A and B space with 15,000 or more square feet, multi-tenant, non-governmental, non-condominium properties.

Office space market on its way back [News-Press]

Hampton Inn developer seeks hand-out

Hotel seeks $875,900 in CRA funds

Investors behind the proposed downtown Hampton Inn and Suites say they need an $875,900 commitment from the city's redevelopment district or the project might not be completed.

But a committee of high level city officials say the project qualifies for $144,500 of funding through the Community Redevelopment Agency's tax incremental financing program.

Hotel seeks $875,900 in CRA funds [News-Press]

Minorities hurt by investor flipping

fast resale scam targets minorities

House flippers are being targeted by government officials. In a recent Syracuse NY case, a developer interested a client in the house, bought it himself for $44,000, and resold it hours later to the minority client for $85,000, according to the Fair Housing Council of Central New York.

New rules have been imposed on banks and other HUD-backed mortgage lenders. For instance, a house cannot be bought and sold with HUD loans within 90 days. New York officials want to do more: This week, a legislative hearing will focus on house flipping and Internet real estate sales

House flipping' said to cheat minorities [Boston Globe]

Lee home-building permits surge to near-record

Lee County issued 662 single-family-home permits last month — the second highest monthly total ever and a 63 percent increase from a year ago.

“What can I say, it’s phenomenal,” said Lee Building Industry Association executive vice president Michael Reitmann. “It has not slowed down.”

Lee home-building permits surge to near-record [News-Press]