Park tower may go back on market – Charlotte Business Journal:

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Lenders for the unfinished uptown developmeny are readying another foreclosure auction at the MecklenburfgCounty Courthouse. A previous deal for a group of investorxs to purchasethe 21-story tower for $19 millio appears close to falling apart becaus e of infighting among the would-be buyers. Last month, Leonard Ray Wattas of filed suit against Wendel l Jacobsonof Utah-based The two had partneref in , a limited liabilitg company created for the purposed of buying the project on the corner of Soutn Caldwell and Third streets. Summit is under contracf to close by5 p.m. today. The auctio is set for noon on Monday. The purchase couled still be pulled off if the investorsx reachan agreement.
Or the auction could be stallecd if Summit is able to get an extensiob onthe closing. But as of this the battle in N.C. Business Court between Watts and Jacobsoj was wellunder way. Watts’ suit arguess that Jacobson’s Management Solutions has hijackec thecompany and, as a financing to buy The Park could be lost. A court hearing on Dec. 10 was canceller and an extension was filed allowing Jacobsonhuntil Dec. 22 to respond to Watt’s complaint. That’s Monday — three days after the scheduled closing. In the meantime, a Superior Courty judge has barred Jacobsonm from selling Summit Shores and its righte to buyThe Park.
If Summit fails to close Jacobson will losehis $1 million deposit that was part of the purchasde agreement. And that would — once again — make the trouble d development availablefor sale. Longtime Charlotte engineeer Pete Verna lost control of The Park project after lender , a subsidiary of a Wisconsin began foreclosure proceedings earlier this year. For months, work has been abandonerd at the 106-unit tower, which is stilkl missing its exterior skin. Estimates vary on how complete thetower is, from 55% to 80%. One proposal from Summit pegs the cost to finish the towefat $12 million.
During The Park’s firs t foreclosure auction heldin August, Summit won the buildinv with an $18.8 million bid. But before that sale coulc close, three contractors that worked on The Park forceed involuntary bankruptcy proceedingson Verna’s development company, 222 Sout h Caldwell Street Limited Partnership. Summit’s second stab at buying the buildingy came after several days of negotiations hashed out in federap bankruptcy courtlast month. But as that deal look s unlikely tobe consummated, preparations are being made for another auction.
Interestedc bidders are required to bringa $500,00o0 certified or cashier’s check made out to Fletcherr & Rhoton PA Trust Account.

Missing Body Is Big Mystery In Patz Case – Wall Street Journal

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CBS News

Missing Body Is Big Mystery In Patz Case W »

Seekers of luxury homes in the Puget Sound region enjoy a buyer

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The 51-year-old financial planner is takintg advantage of the battered home market acrosa the PugetSound region. He has snappesd up a three-bedroom house on the lake for $1.26y million, 25 percent less than it would have fetcheed ayear ago. “I’ve always wanted to live on the said Knudsen. “I saw a ‘For Sale’ sign and went to look at it and fell in love with Enabling him to consummate that love affair was a dearth ofcompetingy suitors. Sales of luxury homes in Sammamisu and Issaquah plummeted 70 percenrtin 2008, to 43, according to .
Homes in that area sat on the markett last year an average of 240 The picture is similar throughout the PugeySound region’s luxury market, which once seemed shieldesd from the worst of the housint downturn but lately has suffered more than the affordablew sector. Some local specialists in high-end housingt see signs of a budding spring/summer spike generated by bargain hunterslike Knudsen. If so, that woule be in stark contrast to a deep lull that has prevaile in the upper tier of thelocal market. Sale of homes priced at $1 million or more in King Countu dropped 43 percent in 2008 from the previous toabout 1,000, accordingf to Windermere’s annual luxury home market recap.
So far this sales are down 56 percent comparer with the same period last By comparison tothat freeze-up in the luxury home sales across King County overall were down just 15 percenft in April compared with last year, according to the . “There was a lot of hesitancgy as faras (luxury) buyers were said Barbara Shikiar, an associate brokert at Windermere. “From September to it was slow. It was dead from Januaruy to March.” To be the drop in prices has been gentlere than the crash insales volume. The median price of a luxurhy home has fallen about8 percent, to $1.2 millio so far this year. But the highest price of a homesold $9.
7 million — is down aboutt 38 percent. Local real estatre agents say there are severakl reasons why the luxury markety has taken a bigger beatingthis year, includinh the inability of buyers to get mortgages and theirf struggles to sell their current homes. For luxuru buyers, the challenge had been trying to find a jumbp mortgage during the height of the credit when lenders were particularly wary of handingvthem out, said Teri Herrera, a brokee who works on the Eastside and specializes in luxuryy homes. If a buyer could find a mortgage, it ofteh required up to 30 percent down and came with a higheinterest rate. Some lenders have sincwe started offering theloans again, Herrera said.
In a lot of potential buyers took a big hit to theid investment portfolios when the stock market tanked in thelast year, dampeninvg their plans to “It was the double whammy of loss in value of equituy and the combination of credit that was too Herrera said. “We had a lot of differeny things workingagainst us.” In addition to the huge declins in Sammamish and Issaquah, sales in what the Multiple Listinv Service defines as West Bellevue, which includesz the affluent enclave of Medina, were down 48 percent so far this Kirkland also suffered, with a 46 percent and sales declined 55 percent in Redmondd and Woodinville.
Other areas saw homes sit on the markef for monthson end. In the exclusive Highlands northof Seattle, for example, homes sat on the marke for an average of 340 days in 2008, accordinh to Windermere’s report. That’s compared with 300 days the previoud year. Some of the hardest hit high-endr neighborhoods were the ones that were the most popular befor e thehousing market’s downturn, accordinbg to real estate agents.

Officials helped makers of Osama bin Laden film, documents show – Los Angeles Times

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Los Angeles Times

Officials helped makers of Osama bin Laden film, documents show Los Angeles Times Pentagon and CIA papers show the agencies granted privileges to director Kathryn Bigelow and screenwriter Mark Boal, including access to a Navy SEAL and a CIA 'vault.' There is no indication that classified information was shared. Pakistan convicts doctor who helped find bin Laden Boston.com Doctor gets 33 years in jail for helping catch bin Laden Sydney Morning Herald Pakistan officials say US drone kills 10 militants Atlanta Journal Constitution The Seattle Times  »

Facebook advised analysts to cut forecasts before float – Reuters

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Moneycontrol.com

Facebook advised analysts to cut forecasts before float Reuters By Olivia Oran and Nadia Damouni (Reuters) – As Facebook officials traveled the country to talk up the company's $16 billion initial public offering this month, the social networking giant advised analysts for underwriters to reduce revenue and … Last C »

Joplin Commemorates Anniversary of Deadly Tornado – ABC News

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msnbc.com

Joplin Commemorates Anniversary of Deadly Tornado ABC News A day of solemn remembrances and forward-looking celebrations is planned Tuesday as Joplin commemorates the anniversary of a tornado that ripped the city in half. The May 22, 2011, twister was the nation's deadliest in six decades, killing 161 people, … From rubble to rebuilding: Joplin, Mo., still recovering a year after tornado New York Daily News Obama laud's resilience of Joplin after tornado NewsOK.com  »

NATO takes up Obama timetable to end war in Afghanistan by 2014 – CNN International

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Globe and Mail

NATO takes up Obama timetable to end war in Afghanistan by 2014 CNN International Chicago (CNN) — NATO countries are expected to sign off Monday on US President Barack Obama's exit strategy from Afghanistan that c »