Archdiocese of Philadelphia villa in Ventnor sells for $4.125 million at auction

By ANJALEE KHEMLANI, Staff Writer VENTNOR — The villa owned by the Roman Catholic Archdiocese of Philadelphia sold at auction Saturday for more than $4 million to Steve and Ilene Berger, of Philadelphia. The Bergers are owners of Berger Rental Communities, dealing in apartments in eastern Pennsylvania. Their winning bid was $4.125 million. Adding in a required additional 10 percent,…

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Real estate slump makes Atlantic City beachfront homes more affordable

Posted: Sunday, August 26, 2012 By KEVIN POST, Business Editor The bottom of this real estate cycle, which went deeper than anyone expected, has produced something else surprising: beach-town bargains and charleston homes for sale. Properties on or near the ocean typically hold their value better in a downturn because their supply is limited.But this time, even some island properties are distressed,…

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Homebuyer Enthusiasm Slips; Growing Sense that the Market Is Shifting Toward Sellers

AUGUST 29, 2012 So is it a bad thing or a good thing that the property managers and buyers are sensing that the market is shifting towards the sellers? I think that with the low interest rates the buyers are still going to get great deals and maybe get off the fence sooner than wait around thinking if the prices…

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Revel Struggles as Summer Season Dwindles

From this observer the problems with The Revel is that they thought the players would all run over from whereever they were playing without getting comps. The management starting this summer soliciting gamblers. On a different note many tourists saw the prices of the food and beverages at the casino and either stayed away or never came back. I hope…

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Pinnacle Entertainment has prime Atlantic City real estate for sale; after two years, no buyers

Posted: Sunday, August 19, 2012 By DONALD WITTKOWSKI Staff Writer For two years, Pinnacle Entertainment Inc. has been unable to sell a prime piece of casino-zoned land located in the heart of the Boardwalk. [caption id="attachment_1307" align="alignleft" width="300" caption="Pinnacle Entertainment bought the Sands Casino Hotel in 2006 for $270 million. The company razed the casino with the intention of building a…

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Mortgage Rates Continue Record-Breaking Streak

Daily Real Estate News | Friday, July 27, 2012 The 30-year fixed-rate mortgage -- the most popular choice among home buyers -- is now a full percentage point lower than a year ago, Freddie Mac reports in its weekly mortgage market survey. Fixed-rate mortgages have been on a record-breaking streak the last few weeks, pushing home affordability even higher. "Market…

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Condo Boards Take a Stand on Delinquencies

By JULIE SATOW Published: June 22, 2012 A SUCCESSFUL condominium depends, in large part, on owners’ paying their monthly fees promptly and in full. Delinquencies can mean less money for maintenance and amenities — and draw the ill will of fellow residents. While the sheer size of larger buildings can often blunt their impact on the budget, small buildings with…

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$1.2 million in place to start up the South Inlet project in Atlantic City

Posted: Tuesday, June 19, 2012 By JENNIFER BOGDAN Staff Writer Plans for a mixed-use development project expected to transform sections of the South Inlet’s blighted and vacant neighborhoods into a bustling downtown with restaurants, shops and housing moved forward Tuesday as the project received $1.2 million. Money devoted by the New Jersey Casino Reinvestment Development…

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