Residential
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September 18, 2023
Florida City Faces Another Suit Over Vacation Rental Law
The owners of two Florida Gulf Coast vacation rental properties allege that a local ordinance violates the Florida and U.S. Constitutions and thus is unenforceable, saying in a recent lawsuit the policy will constrain them from using their properties for investment purposes as intended by imposing strict penalties for noncompliance.
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September 18, 2023
Couple Can't Claim Theft Losses For Loans To Friend
A couple who loaned money for real estate investments to a friend later convicted of bank fraud cannot claim the loan amounts as theft losses triggering tax refunds, a South Carolina federal judge decided Monday.
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September 18, 2023
Lender Says Entities Owe $23M From Mobile Home Buy
Lender Northpoint Commercial Finance has moved in Georgia federal court to recover $23 million from a Florida company and its affiliates that it claims bought more than 600 manufactured homes with the loans before defaulting and letting many of the units fall into disrepair.
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September 18, 2023
REIT Wants $900K Judgment In Botched Water Valve Suit
A manufactured homes-focused real estate investment trust asked a Michigan federal judge to enter a judgment of more than $900,000 against a contractor for incorrectly installing water valves at several properties, after the contractor never responded to the lawsuit.
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September 18, 2023
10th Circ. Backs Gov't In 2018 Wyo. Wildfire Suit
The Tenth Circuit has thrown out a suit by survivors of the 2018 Roosevelt wildfire in Wyoming against the U.S. Forest Service, saying the government's decisions in how to address the fire were discretionary in nature and thus did not waive the government's immunity.
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September 18, 2023
Home Point Cuts $5M Deal With Investors Jilted After IPO
Home Point has agreed to pay $5 million to investors to resolve claims that the wholesale mortgage lender exaggerated its ability to keep its costs low ahead of going public in early 2021, according to a settlement agreement filed in Michigan federal court Friday.
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September 18, 2023
Ohio Justices OK Nix Of $2.3M Tax Ballot Question Over Error
The Ohio Supreme Court found that a school board failed to properly notify the public of the fiscal effects of a $2.3 million property tax levy it sought to place on the November ballot, affirming a county election board's decision not to certify the question.
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September 18, 2023
Ore. Tax Court Cuts Home Valuation For 1 Of 3 Years
An Oregon residential property was overvalued for three years by a local assessor, the state's tax court said, but it qualified for a reduction for only one year because the owner did not file appeals with a local board.
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September 15, 2023
Property Plays: Madison Capital, Platinum Equity, Barnett
Madison Capital reportedly hopes to subdivide a 30-acre California campus, Platinum Equity is said to be seeking to build 10 apartment units in Beverly Hills, and Gary Barnett has reportedly slashed the asking price of a Manhattan penthouse to $195 million.
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September 15, 2023
Loan Officer Drops Commission-Only Pay FLSA Suit
A former loan officer assistant asked a Texas federal judge to permanently toss her suit alleging that a commercial real estate loan company only paid her and other workers through commissions without wages or a salary, saying the request was timely as it came before the company could move for a quick win.
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September 15, 2023
State Farm Must Defend Ore. Landlord In Bias Suit, Judge Told
An Oregon company and its manager urged a federal court to find that State Farm Fire and Casualty Co. must defend them against claims of racial and gender discrimination in an underlying suit from the manager's tenants.
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September 15, 2023
A Few Surprises In State Of The Nation's Housing Update
Most of the trends Harvard University's Joint Center for Housing Studies identified in its annual report earlier this year have continued, but researchers spotted two notable exceptions on the homeownership side in the past few months.
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September 15, 2023
Flood Insurance Program's Delays Imperil Fish, Court Told
The Federal Emergency Management Agency is violating federal law by delaying implementing floodplain protections in Oregon in the National Flood Insurance Program, thus threatening protected species of orca, salmon and other fish, several environmental organizations told an Oregon federal court.
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September 15, 2023
California Legislature Targets Housing Obstruction
The California Legislature wrapped up a busy session late Thursday after passing a flurry of housing bills that will limit project opponents' ability to challenge developments. Here, Law360 Real Estate Authority breaks down the key pieces of legislation.
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September 15, 2023
Beverly Hills Appeals Ruling Over 'Deficient' Housing Plan
Beverly Hills is appealing a ruling by a California state judge that it advanced a deficient housing plan that included unrealistic plans to construct new mixed-use buildings that shirked the requirements of a state law.
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September 15, 2023
Ex-Exec Must Repay Tool Co. For Home Loan, NC Suit Says
Chinese tool manufacturer Positec Group Ltd. is suing its former U.S. president over money he allegedly borrowed from the company to buy a house in North Carolina, saying he never repaid the loan and is now wrongly claiming he's owed over $45 million after quitting.
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September 15, 2023
Chicago Mayor Pitches Real Estate Tax Hike To Raise $100M
Chicago's taxes on transfers of real estate worth $1 million or more would rise under a ballot initiative proposed by the mayor to raise $100 million annually for programs to fight homelessness.
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September 15, 2023
Nonprofit Says Insurer Denied Fire Payout Over Broker Error
A Hawaii-based nonprofit and property owner told an Illinois federal court its insurer wrongfully denied coverage for a burned-down apartment building as a result of an error by its insurance broker, saying the broker incorrectly listed the property as a single-family residence.
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September 15, 2023
Miami Developer Broke Condo Contract, Investor Says
A Miami businessperson claims real estate developer Rishi Kapoor approached him with an agreement to purchase a $2 million condominium only to keep his nearly $800,000 deposit and sell the condo to a third party.
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September 15, 2023
Lennar Home Deliveries, Orders Rise In Q3, Showing Demand
In a sign of continued demand for housing, Miami-based homebuilder Lennar on Friday reported higher-than-expected profits and revenue with executives saying consumer expectations about the housing market have recently stabilized.
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September 14, 2023
4th Circ. Sinks Couple's Attempt To 'Manufacture' Jurisdiction
A federal appeals court on Thursday gutted a couple's attempt to sidestep rules governing bankruptcy appeals in their effort to recoup money they spent on home renovations with a contractor who allegedly turned out to be unlicensed.
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September 14, 2023
Mobile Home Park Fights High Court Housing Voucher Probe
Iowa mobile park operators have urged the U.S. Supreme Court not to question an Eighth Circuit finding that it need not accommodate a disabled resident by accepting her rental voucher, arguing that her petition manufactures a circuit split by misconstruing cases.
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September 14, 2023
Real Estate Rumors: Chetrits, Victrix, Jack Matthews
Joe and Jacob Chetrit are said to be paying $35 million for a New York rental property, Victrix is reportedly planning to convert a former Cincinnati Macy's to residential space, and an entity led by developer Jack Matthews is reportedly planning to update a Dallas convention center.
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September 14, 2023
Alliant Capital Closes $281 Million Housing Tax Credit Deal
Alliant Capital completed a deal that raised $281 million through the federal low-income housing tax credit program to build or renovate multifamily developments in 13 states.
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September 14, 2023
Colliers Sees Dallas Unit Deliveries Rising, Rents Stagnating
The unit deliveries in the Dallas-Fort Worth area are on the rise in 2023 compared to the last five years while rent growth has "greatly moderated," according to a recent Colliers report.
Expert Analysis
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Expect CFPB Scrutiny On AI In Lending
As the Consumer Financial Protection Bureau prioritizes regulatory oversight of the financial services industry's use of automated systems and artificial technology, it will need to balance regulation and innovation, and companies should prepare to mitigate any potential for bias or unfair, deceptive or abusive acts and practices, say attorneys at Goodwin.
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Level Up Lawyers' Business Development With Gamification
With employee engagement at a 10-year low in the U.S., there are several gamification techniques marketing and business development teams at law firms can use to make generating new clients and matters more appealing to lawyers, says Heather McCullough at Society 54.
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Texas Construction Statute Of Repose Leaves Open Questions
Texas' new significantly shorter statute of repose barring certain suits against construction contractors contains some ambiguous wording that will likely raise questions to be decided by courts, says Mason Hester at Munsch Hardt.
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5 Ways Firms Can Rethink Office Design In A Hybrid World
As workplaces across the country adapt to flexible work, law firms must prioritize individuality, amenities and technology in office design, says Kristin Cerutti at Nelson Worldwide.
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In The CFPB Playbook: Abuse Policy, PACE, Payment Apps
From defining "abusive" conduct to implementing green energy financing to policing payment apps, the Consumer Financial Protection Bureau was busy last quarter. Akerman's Nora Rigby discusses all this and more in the first installment of bureau activity recaps by former CFPB personnel.
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How To Avoid Flopping When Flipping Fla. Real Estate
As land prices rise, Florida real estate developers are increasingly contracting to flip property to other purchasers for a profit, and they should carefully consider the unique risks and issues associated with the different forms that the process can take, says Gary Kaleita at Lowndes.
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Ghosting In BigLaw: How To Come Back From Lack Of Feedback
Junior associates can feel powerless when senior colleagues cut off contact instead of providing useful feedback, but young attorneys can get back on track by focusing on practical professional development and reexamining their career priorities, says Rachel Patterson at Orrick.
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States Must Fight Predatory Real Estate Listing Agreements
As momentum against long-term real estate listing agreements continues to grow, states should take action to render existing agreements unenforceable and discourage future unfair and deceptive trade practices in real estate, says Elizabeth Blosser at the American Land Title Association.
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Steps To Success For Senior Associates
Excerpt from Practical Guidance
Adriana Paris at Rissman Barrett discusses the increased responsibilities and opportunities that becoming a senior associate brings and what attorneys in this role should prioritize to flourish in this stressful but rewarding next level in their careers.
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Legal Profession Must Do More For Lawyers With Disabilities
At the start of Disability Pride month, Rosalyn Richter at Arnold & Porter looks at why lawyers with disabilities are significantly underrepresented in private practice, asserting that law firms and other employers must do more to conquer the implicit bias that deters attorneys from seeking accommodations.
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Ohio Tax Talk: Building On Federal Affordable Housing Credit
Ohio's soon-to-be-implemented low-income housing tax credit could significantly affect the state's affordable housing landscape and influence tax-credit deal financing for these projects, though Senate changes may have dampened the new credit's immense potential, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.
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Appellate Funding Disclosure: No Mandate Is Right Choice
The Advisory Committee on Appellate Rules' recent decision, forgoing a mandatory disclosure rule for litigation funding in federal appeals, is prudent, as third-party funding is only involved in a minuscule number of federal cases, and courts have ample authority to obtain funding information if necessary, says Stewart Ackerly at Statera Capital.
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LA's High-Value Real Estate Transfer Tax Should Be Scrapped
Los Angeles’ recently implemented high-value property transfer tax has chilled the real estate market, is failing to meet revenue expectations and raises significant constitutional concerns, making it a flawed piece of legislation that should be invalidated, says attorney Paul Weinberg.