>> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i help people with all sorts of real-estate problems, from trying to save their homes to closing major deals. eight years ago, 6,000 people a month moved here, looking for employment and affordable homes. little did anyone know that we would become ground zero for the american real-estate crisis. now, it's a different story. the american dream is back. we're gonna meet real people who faced the same problems as millions across america, and we'll dive deep into a city on the rebound because las vegas was a microcosm of america, and now vegas is back. [ woman vocalizing ]

thanks for joining us. in a few minutes, we're gonna take you inside two truly unbelievable homes. but first, i want to introduce you to a couple stuck in a property nightmare. >> which one are you looking for, jacob? >> let me tell you the story of mark and yessenia. >> go like this. >> they're a typical young couple. they're trying to raise a family and provide for their children. >> we've been married for seven years. currently, i'm a firefighter with the city of henderson fire department. yessenia is a stay-at-home mom right now with our three boys and running the household for us. >> we bought our first home in 2006. after we got married, we started our family and decided we needed to get into a bigger home. >> throw it! >> we were running out of room, and, at the time, the market wasn't the best for us to sell the house that we were in, so we decided to use it as a rental property. >> it was about three years of living into that house, and i lost my job. >> once we realized my job alone wasn't gonna handle both the mortgages on the properties, we went to the bank to see if we

could get a loan remodification or whatever processes they had at the time. >> they contacted the lenders. they wanted to try to save their homes. people who, their whole life, had great credit ratings -- they were being told, "the only way to save your home is go late on payments." >> we were pretty much told that we were making our payments on time, so there was nothing they could do for us, but if we went delinquent and stopped paying, after six months, they'd reassess the situation and go from there, but they still couldn't give us a guarantee that there'd be something they could do to help us. >> so many good people that bought the homes in good faith in '06 are now being asked to ruin their credit in the hopes -- only the hopes -- of saving their home. so, what did they do? mark and yessenia contacted a lawyer, looking and hoping for help. >> we were told it was in our best interest to file a chapter 7 bankruptcy, to surrender both properties, and begin to re-establish our credit and our family.

>> they filed a chapter 7 bankruptcy. they thought at that time that once a bankruptcy was over that they could move on with their life and eventually buy a home. so they moved in to a rental property and spent three years saving money and repairing their credit before trying to start over. >> look, cruz. want to play? we figured that houses would be sold and would be out of our name and we would wait our appropriate amount of time before we started searching for another house. >> but, suddenly, they discovered a problem. the home they gave up in the bankruptcy three years ago was never actually sold by the bank. >> the title of the house lists mark as the property owner. when i contacted bank of america, they said that bank of america rescinded on the foreclosure process. >> the title to the property was never taken out of their name. it's what we call a zombie foreclosure or zombie title. in other words, the lender, to this day, still has not foreclosed on that property, and

what that means for mark and yessenia -- they cannot buy a property, a new home, to house their family until that lender decides to foreclose on that property, and they find themselves stuck in time. >> we don't technically owe the note on the home, and bofa doesn't technically have the note, but it's still -- the title is still in mark's name. >> for every problem, there's a solution. we're gonna sit down and listen to their story, and i'm gonna give them some resolution to get them out of this mess so they can rebuild their dream. hey! >> [ chuckles ] >> what are you doing back there? hey, mark. >> hey, bob. good to see you. >> how are you, yessenia? >> hello. >> hey, honey. what did it make you feel like when they told you that you had to go delinquent, if you will, on your payments in order to even be considered? >> it was a hard pill to swallow, 'cause we had taken ide in, you know, providing for our family and doing all the right things and establishing our credit and not walking away

from a liability and our responsibilities. >> we wanted to stay in that home. we loved that house. >> so, at some point, you approached a bankruptcy lawyer. >> he had told us that this was going to give us a fresh start, that we were going to be able to have those properties out of our names and the debt out of our name and we would be able to, in a few years, as long as we tried to re-establish our credit and save some money for a down payment, we'd be able to buy a house again. it's been three years that this house has supposedly not been our responsibility. now, three years later, we're having to deal with trying to figure out what to do. >> this problem can be solved. but first i needed to see this property for myself. so, here we are at 9498. this is the property you thought was surrendered, and this is the property that's still in your name, right? >> yes. >> right. >> all right. let's go in. let's take a look. if you would have realized that

it was still in his name, i'm assuming the condition of the house you would have changed and tried to rent it out again. >> yeah, absolutely. we wouldn't have let any of this happen, and we would have hopefully had somebody in here that would have taken care of the house. at this point, we're willing to do almost anything to just get the house sold. >> we talked to the gentleman from the collection agency that purchased the loan. we asked him, "when are you gonna foreclose on the property?" he said, "we can't. we're just a collection agency. i don't even know where we're gonna go from here." >> do you have any motivation just to sort of fix it up and say, "hey, lender, until you take it, i'm gonna rent my house out and make some money"? >> we've thought about it a great deal -- spend 5 or 6 grand as an investment, throw it back in here, and throw a renter in here till someone says, "leave." >> now that i've seen the property, the first thing that comes to my mind is the short sale. by definition, a short sale is where you sell it for less than what the debt is. there is no debt. i think that puts you in a huge advantage because now, since the lender has done nothing for three years, you may have a

trump card to get rid of this home and get it out of your name. the other thing is i really still believe that either through the bankruptcy court, which takes a little more time, or just deeding the property back to the lender or the servicer of the loan, is definitely an alternative. what we want to try to do is keep it out of court, because, number one, it's time-consuming. you don't have to spend any money. so, i think we're gonna approach this in a very practical way. what's the quickest way to get this nightmare behind you so you can start rebuilding your dream, own a home in another year, and then move on with your life? so, will they be able to escape from zombie foreclosure? we're gonna follow mark and yessenia's story, and in a few weeks, i'll check in with them and i'll let you know how they're doing. next, i'm gonna show you two of the hottest properties in las vegas. how 'bout this -- basketball court, wine cellar? believe it or not, they're right here in las vegas. [ woman vocalizing ]

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♪ >> welcome back. i'm bob massi, the property man. when the real-estate market crashed, it took everything with it, from studio apartments to multimillion-dollar mansions. but the american dream is back, and real estate is hot again. at the end of the program, we've got some vital tips that you need to know if you're jumping back in the market. but first... if you're talking high-end real estate in las vegas, well, let me tell you, you're talking for florence shapiro and ivan sher. this duo is responsible for listing some of the most unbelievable homes around, and they offered to show us two very different but equally stunning properties. this property has nearly 16,000 square feet under the roof. listing price -- $11 million. to the left here is actually, like, an indoor/outdoor pond. >> yeah. it's a koi pond, and it goes right into the house. so, you have the sound of water

wherever you are in this house. >> and immediate meditation, ivan -- you know, that warm feeling, home feeling. and then, as we're walking in to the house, this is a very, very unique door. >> the home was obviously custom-built for the owners. at the very end of the design and development and creation project, the door was unveiled to them, and, as you can see, it epitomizes the home. >> i mean, look at this. look at this chandelier. >> incredible -- absolutely incredible. >> there's a peace about this property, ivan, that when you walk in, it doesn't overwhelm you. >> you're immediately struck by the architecture. >> yeah. >> you look at it, and you just -- you're inspired. then you walk through the home, and you feel the light. you feel the air. you feel the zen of what it has to offer. and you come out to the backyard, and the backyard kind of cascades over. >> the nice thing about this is it opens up to the family room, and you've got the fireplace that looks like it's outside,

and the main thing in here is the glass ceilings, because the light comes in and it's never right on you. it's, like, very gentle, very soft. >> this is a very functional type of kitchen, where it's not overwhelming... >> no. >> ...but yet you still have the openness, where you have the dining area, you have the -- i'm sure they spend all their time -- like all families, right? -- right in this area here. >> absolutely. absolutely. and the nice thing is look at the views you have. >> yes. >> that's an architect that thought about it. >> by the way, enjoy playing a little basketball? this house has you covered. okay. so, there are such things as, like, basketball courts, you know, like backyard courts -- a little bit of cement. however... >> for their family, what they decided to do was what could they do to add some value for the kids? >> what an amenity and what a selling point for you to have. ♪

property number 2 is like slipping in to a little piece of europe right here in las vegas. [ laughs ] this is getting to be torturous. [ laughter ] oh, my god. this 5-bedroom, 5-bath home has nearly 11,000 square feet of living area, and it's listed only for $8.5 million. the custom and imported finish throughout this breathtaking estate are second to none. >> the floor that you see is reclaimed from europe. the terra cotta that you'll be walking on was brought from europe. >> when i'm walking, the first thing i notice is the ceiling. >> all of the detail that you see on the ceilings were handpainted on canvas. >> and then it was stretched in here, and the beauty is the way they've arched the ceiling so you get that impression when you walk in. >> and this is in an area called southern highlands. >> right. >> that's correct. >> so, now we're going out towards the swimming pool. you walk in to certain homes that are this large, and sometimes there isn't that feeling of warmth. this feels like a home.

it feels like it's lived in. as large as it is and as beautiful, it feels like a place you could bring the family, bring the kids, bring the grandkids, and have a great time. >> that's right. >> look at this kitchen. they have this completely open space here where people could sit and talk, and you have the view out here. and then i'm looking out here. there's even a barbecue area where they can go out. >> yes. >> what some people do incorrectly when they build a home like this is they go for the european feel but they make it heavy. that's not what's timeless, and this home is timeless. >> it's interesting you say that, because i notice that, literally, from room to room, there's different woods, so it's not, like, overbearing, where you get all this dark wood and the house gets dark. like, you look at this area over here, this cupboard area. it's not like something that's so heavy-looking that it overwhelms the room. so now we're on the second floor of this home. by the way, it has an elevator, correct? >> yes, it does. >> now, explain this hallway. >> basically, you have at the end a trompe l'oeil that looks

like a library, and then you have these antique mirrors that are on the side on the walls that gives that feeling of openness. >> and then you have this beautiful view out here of -- >> you got to suffer through these views. >> yeah, that's the problem. this is tough. puts a lot of pressure on you at night to look at the view, looking out towards the strip and the golf course. >> you'll notice that there's an indoor/outdoor component because it's vegas. >> very interesting. >> because of the weather, because of the climate, the people really use the space. >> so, now we're gonna go down to what appears to be the basement. now, this is not your average basement, with a soundproof theater, of course, a gameroom, wine cellar -- a little vino -- and a private office. >> this is the gameroom. this is where you have fun. >> look at this. oh, a nice pool wine -- every kind of wine you could imagine. >> that's right. >> and now we go into surely what my grandchildren would love -- the theater. i mean, here we go. >> you've got al the warmth and the nostalgia and the european feel, but then you still don't

miss on the technology. >> yeah, there's nothing missing in this room. >> yeah. >> yeah. >> congratulations on having this. you're representing them well, believe me. >> thank you. >> thank you so much. >> thank you very much for the opportunity. >> thank you. >> thank you. >> up next, you hear a lot about crowd funding nowadays. but could that concept actually work in real estate? meet a man who says it already is. [ woman vocalizing ] ♪ here comes the fun with sea-doo. starting at just $5,299 and get 0 percent financing. visit sea-doo.com today. i count on my dell small for tech advice. with one phone call, i get products that suit my needs and i get back to business. ♪

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>> welcome back. i'm bob massi, the property man. crowdfunding means raising money for a project by having a lot of different people invest. well, the internet has enabled all kinds of things to be funded this way, from new inventions to independent movies. but now builders have turned to crowdfunding, turning people into overnight real-estate investors. is this a good thing, though?

>> you've seen it on indiegogo, kickstarter, sites like that, where there's been donation-based crowdfunding, charitable contributions for causes, but it's now expanded. >> normally, real-estate investments are limited to people who are writing checks of $100,000 or more. we can take a deal, put it online, allow people to invest for 5,000 bucks. giving an individual the chance for a few thousand bucks to own a piece of commercial real estate -- it's really empowering. >> it's growing by leaps and bounds. in the past year, over 100 companies have popped up. >> realty mogul, realtyshares, crowdstreet -- more and more real-estate crowdfunding websites are popping up every day. the websites say that it's bringing democracy -- democracy! -- to real-estate investing, enabling everyday people to invest in major building projects. >> there's been a lot of frustration with wall street and banks, that they're not lending to the right places for growth, and so the thought is that using technology to directly connect investors and borrowers -- it can create a more efficient process that i think will threaten the traditional centralized infrastructure.

>> but is it really that simple? for the moment, most real-estate crowdfunding is only open to so-called accredited investors. what does that mean? in short, got to have a lot of money. >> an accredited investor is a term defined by the s.e.c. it means an investor who has a net worth of $1 million or more or income of $200,000. >> but sometimes it is possible for the little guy to still participate. fundrise recently celebrated the opening of their first ever crowdfunded project. >> we were the first crowdfunding platform and the only, as well, to offer an investment to non-accredited investors. the first project, at 1351 h street northeast in washington, d.c., we bought a 5,000-square-foot auto garage, rehabbed it, and leased it to famous local chef -- opened a concept called maketto. so, it's a fusion kind of asian night market, retail store in the front, coffee shop upstairs. >> the market opened in washington, d.c., after its construction was funded by 375 individual investors -- what a country we live in --

who put up between $100 and $10,000 each. >> they could invest in that project for as little as 100 bucks, which most people have never bought real estate at all, and the idea that that entry point is successful is really powerful. >> and this is big business. the crowdfunding website realty mogul has just invested -- listen to this -- more than $50 million from 16,000 accredited investors spread over 180 properties across this great country. >> in most cases, they invest themselves into the projects. they open it up to, at this point, only the accredited investor, with as little as $5,000. >> we recently raised $5 million for 3 world trade center. it really goes to show where crowdfunding has come since we started. you have some of the most institutional, well-respected developers in the world using it, and you have places like 3 world trade center, which are iconic to everybody. >> what risk does that investor have? >> same risk as they would if they were one person buying a piece of investment property. it's still a risky venture. there's no guarantees.

>> the way the payback works is, first, the bank gets paid. then fundrise investors get in between 12% to 16% a year, and then the developer gets their upside, so the developer doesn't get any money back until we're fully paid, and we like to have that level of protection for individual investors who are often just learning the process. >> so, you can invest as little as $5,000 and, say, for 12 to 18 months, get a return of 10% to 14% on your money, which you can't at the bank. >> very shortly, it'll be something that's possible for everybody, and i think that's when you're gonna see a big shift that people can actually participate in this, from the smallest levels, all over the country. >> crowdfunding, zombie foreclosure, short sale -- well, listen, we've got a lot of information for you that you can't afford to miss. stick around. [ woman vocalizing ] [vo] when it comes to investing, looking from a fresh perspective can make all the difference.

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♪ >> welcome back. i'm bob massi, the property man. time now for the massi memo. you know, we covered a lot of ground today, and we met mark and yessenia, a couple stuck in a zombie foreclosure. but what is a zombie? remember, it's a property vacated by the homeowner, thinking the foreclosure was going to happen, and it never did. so, in effect, it's dead and buried. what could you do once you find out? immediately contact the servicer of your loan about the zombie. many times, these people are so far removed, you got to wake them up from the dead. if you get no response from the servicer, contact the consumer financial protection bureau and

file a complaint. and, finally, if there's no action at all, please get a tough, competent real-estate attorney to bring the lender back to life. we also heard about crowdfunding. now, this allows people to be involved in causes and investments they never dreamed of, including the world trade center and real-estate ventures and businesses. let me break down the different types of crowdfunding. donation -- a crowd gives money because they want to support a cause. or reward-based crowdfunding -- individuals form a crowd. they give money to businesses in exchange for some type of reward. and then you have the equity crowdfunding. members of the crowd -- they become owners of a business, and certain type of financial guidelines must be met, including, by the way, real estate -- not just businesses but real estate, also. and then you have debt crowdfunding. the company solicits from their crowd money and treats it as a loan, and you get interest back. well, that's it for today. be sure to send me your questions or property stories at...

and check out our website at... i'm bob massi. i'll see you next week. [ woman vocalizing ] >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real-estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's a different story. the american dream is back, and nowhere is that more clear than the sunshine state of florida. so we headed from the strip to the beach to showyou how to live the american dream. i'm gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe, and give you the tips that everyone needs to navigate the new landscape, because information is power, and the property man has got you covered. [ woman vocalizing ]

we've all heard the expression "if these walls could talk." but the walls behind me -- man, would they have some stories. this is 93 palm, better known as al capone's mansion. >> al capone, commissar of vice and corruption, became a front-page figure and a millionaire... >> capone was america's most notorious gangster, running the prohibition-era chicago mob known for bootlegging, smuggling, prostitution, and guess what -- murder. in 1927, capone came to miami beach and secretly bought the compound under someone else's name. ♪ now, 93 palm has been renovated and turned into an upscale venue for shooting films and videos. the 6,000-square-foot main house, it sits on a 30,000-square-foot lot overlooking biscayne bay on palm island between miami and miami be >> this is a private beach of the mansion. every six months, we bring new sand. ♪

>> the new italian owners paid $8 million for the property plus a nearly $2 million renovation. >> we found it in very bad condition. when we bought this property, we decided to save it. >> but they made sure to maintain many of the original details. >> now we are in the bathroom of the cabana. all the structure is original. >> this is the original window. >> as many 1920s touches as possible were kept, including the wood multi-pane windows, some original light fixtures, fireplaces, and art deco features such as gold-and-black powder room. >> we want to show you the al capone bath. ♪ >> this is completely the design from al capone. and it's a clear example of the art deco style. and the tiles are amazing. it's -- everything, it's original. >> the estate is actually a

collection of three houses -- the main villa, a gatehouse, and a two-story cabana. >> al capone wanted to be protected from the land and from the sea. >> the guesthouse, which served as the guardhouse during capone's days, has peepholes that would help determine if a visitor could be let in, and it's protected by a 7-foot wall and a heavy gate. ♪ al capone used his palm island estate as a getaway from his life as a big-time chicago gangster. >> it's a mediterranean flavor, and this historical building, it's a part of the eastern united states and of miami. >> when capone moved in in 1927, he immediately began over $100,000 worth of upgrades. he built this pool, which at the time was the largest privately owned swimming pool in the area, connected to the bay with a filtration system able to handle both sea- and freshwater. capone added a new dock for his

speedboats, new garages, a boathouse, and details like rock gardens and fountains. >> i want to show you the grotto, the bridge, and the lighthouse. >> the coral and rock grotto lighthouse and bridge is where al and sonny capone would feed their tropical fish. ♪ >> here we are in the al capone master bedroom with a bath and with a closet. >> you can see a lot of windows, but the view is amazing. there is a very mediterranean flavor inside this room. >> once word got out that it was actually al capone who'd bought the house, the miami officials, well, they were outraged. the authorities pledged to do whatever they could to keep capone out and show that he was not welcome to the area. and so there were multiple arrests and raids on the compound. instead of leaving, he invited people in and threw wild parties right here on these very grounds. ♪

february 14, 1929, the saint valentine's day massacre. seven members of chicago's north side gang were assassinated as they waited for a shipment of bootleg whiskey. while it was widely suspected that capone ordered the hit, well, he had an ironclad alibi. he was relaxing right here on palm island in florida. [ jazz playing ] october 17, 1931, capone was sentenced to 11 years in prison for tax evasion. he was first sent to the u.s. penitentiary in atlanta but later transferred to alcatraz island. he got out early in 1939, but he left alcatraz sick and a broken man. he retreated to 93 palm to live out his final days. this small bedroom above the front entrance is where al capone spent most of his time, especially near the end. from this bedroom, he was able to watch through the window to see those who were coming and

going, and it was here that he died in 1947. up next, how do you know when it's time to move from your starter home to your forever home? i'll tell you and introduce you to a couple who have found paradise by doing it the right way. [ woman vocalizing ] whoa, this thing is crazy.

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♪ >> welcome back. i'm bob massi, the property man. shopping for a home is one of the biggest things we'll ever do, and you can't take that process lightly. this is critical -- picking the right realtor could be the important decision andisthe most important decision you make when buying a home. >> it's important to understand how long the agent's been doing this. have they gone through the ups and the downs of the market? because many agents leave the real-estate industry once times get tough. and what are their sales? >> scott and tamlyn are a young couple raising a family in florida. in the past six years, they've moved five times.

and all were rental properties. why? because they wanted to make sure that when it was time to make the huge investment of buying a house, it would be their forever home. >> we don't want to buy something that's not where we're going to live for the rest of our lives, so we decided to rent, and we're so glad that we decided to do that. we tried neighborhoods that we thought were gonna fit for us, and they didn't. >> did you ever get to the point, scott, where you felt, "geez, maybe i'm just throwing good money after bad. you know, i'm appreciating somebody else's home while i'm paying rent"? >> absolutely. that gone through my mind every time we wrote a monthly check. but when we did relocate at one point in my career, we bought a house that we liked based on appeal of the house. we didn't know much about the area. we didn't know much about the neighborhood. and after we lived there, we realized that was not the ideal location for us. >> so, scott and tamlyn turned to a realtor, warren cleveland. >> a lot of agents, they don't want to take the time to sit down and discuss what's important. you know, i think that's really

key 'cause with the days of the internet, you can go online, you can find all kinds of information, but sending you 300 properties, which may or may not meet your criteria, that doesn't really help you. i don't care if this takes a week, a month, a year, two years. i mean, we've had clients that have lasted two years until they found the perfect home. >> when i work with buyers, specifically buyers, i want to make sure they know what they want. >> what are the things that will make the home the best fit for you over the long haul? >> when we go through a buyer counseling interview, that's what we're trying to get to, and that's an evolving target sometimes. >> i don't want to look at 100 houses. i want you to take what we're looking for, whittle it down to what you can find, 'cause i know the market is competitive, and i know we need to get out there, and if we find the house, we need to jump on it. >> what must the house have before you say yes? >> water. >> okay. >> cul-de-sac. >> good place for the kids to run around. there's got to be space for them to play. >> it's all about priorities. >> the more you can understand what's important to them in the very beginning, really the more successful this outcome becomes.

>> how did you know that warren was the right person for you? >> i gave him our checklist. he goes, "i can do that. i can get you in a house. i promise you i can get you in a house." and at that point -- and we sat for an hour on the back porch, and we really talked about what our family's needs were and what we were really looking for. this house is our forever house that we're getting. even when we drove up to the front of the house, we were like, "enh." and then we walked through the front doors, and we looked at each other, and we were like, "okay! so let's sign a contract." because he knew. he found us the house that had everything we were looking for. because he listened. it was amazing. >> so, we're gonna go look at this new property that i know right now i believe is gutted. >> yes. [ chuckles ] >> and you're gonna make it your own. >> yes. ♪ >> hey, guys. >> hey. what's up, buddy? >> so, you talked to me about this home and you said, "eh, the outside was sort of not sure." but then you said it was the back part of the house.

i'm gonna go look at the back part of this house. >> absolutely. >> come on. let's take a walk. yeah. come on. wow. >> absolutely. >> wow. no, i get this. >> you get it? get why we waited? >> oh, boy. >> this is it. >> scott and tamlyn decided that their number-one priority was to be waterside with an amazing view. and who could blame them? just look behind me. >> you're buying location. you can't move it. you can change it, but you can't move it. so location is key. and for this property, this is why i brought them here. >> even though the actual house was not what they wanted, well, this location can't be beat. so, they decided to gut the house and remake it to fit their needs. >> this is gonna be the new den. there'll be a pergola-covered porch off the back that will lead to the pool. our living room is coming out another 10 feet. >> okay. >> so, and then this used to be the old master bedroom and bathroom, so we'll have a cabana bath and a den on this side. >> how many bedrooms is the house going to be? >> three bedrooms.

>> bob, they didn't believe me. >> i didn't believe -- >> they just didn't believe me when i said, "we've gotta go see this house. this is -- this is what you've asked me to find you." >> if you feel like a realtor is pushing you towards a home just to make the sale, that person is not right for you. finding a property is less important than finding the right property. >> like a doctor. you wouldn't walk into a doctor's office and just demand a prescription, right? the doctor's got to counsel you, talk to you, find out what's wrong. it's the same process, and, you know, not that we're doing surgery here, but, you know, if you're gonna invest $200,000, $300,000, $400,000, $500,000, a million dollars or more, you should spend some time really understanding "what do i really want out of this?" >> up next, we'll meet the father-daughter team that is building their own city. yes, you heard that right. they're building a city. [ woman vocalizing ] i count on my dell small business advisor

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♪ >> welcome back. i'm bob massi, the property man. i'm standing in doral, florida, a place with an interesting history and an even more interesting future. in the late 1950s, alfred and doris kaskel paid about $50,000 for 2,400 acres of swampland outside of miami. they built a hotel and country club and combined their first names, doris and alfred, to name it doral. eventually, their grandson went on to expand the community, building doral estates and doral park. now another family is completely transforming the area with a massive billion-dollar downtown doral project. ♪ the father-daughter duo of armando and ana-marie codina bought 31 buildings in an industrial area. >> it took us several years,

but we have now demolished 27 of the 31. >> we really wanted to build a community of locals. we want a vibrant place where people want to live, work, play. >> condo towers, more than 70 stores and restaurants, over a million square feet of office space, even the new $20 million city hall and village green that you see behind me. armando codina says his plan is all coming together now, but it was 30 years in the making. >> i was lucky enough that cuba was 90 miles from the united states and that i was able to come here. so, everything that i have, i owe to this country. you couldn't do what i've done anyplace else. you interview my daughter -- she has an mba from m.i.t. i didn't go to college. i went to support my mama when she got out of cuba, so... >> it wasn't until 2003, after a seven-year battle, that residents finally voted to incorporate and doral became an actual city. >> we want like mixed-use

developments like this one, where you can work and learn and play and whe more massive transportation and you can have all together in the city. >> when doral incorporated, it was part of dade county. it was never meant to be a city. >> here is an area that doesn't have a downtown, that doesn't have a center, all of a sudden, wants to call themselves a city. a lot of warehouses, office buildings, employment based. the regular population of doral is 45,000 people. during the day, it balloons to over 150,000. so, it's a major employment base. >> employees used to come here at 8:00 and leave at 5:00. tremendous traffic problems. >> the idea was to build something that would address the traffic because you have everything nearby, as opposed to having to drive everywhere, and to give doral a heart. >> the mixed-use community will feature 2,840 residences and 180,000 square feet of retail space. and they say that it's already filling up.

>> this is actually a small portion 'cause this is a 120-acre project, so this is really the core and the main entrance of the project that we have shown in this scale model. that's our main entrance, the corner of 87th avenue and northwest 53rd street. the trump national doral is directly across the street. so, these two condo towers, that one over there is 100% sold out. this one's about 65%. we really wanted it to feel like a true town center, not a development. and so that was very intentional. this one-story building you see wrapping around is the first phase of our retail. the retail, we curated it very carefully. we had a number of chain restaurants that were interested. we really weren't interested. we wanted local operators who had two or more units, so we wanted people with some experience who had a local flavor. this is our first condo tower. you see we have the pool deck, we have a gym, a party room, amenities, but our true amenity here is the community. it's the retail. you can go downstairs, have dinner. you can walk your child to

school. >> tell us about the school here. >> it's a public school that's privately operated. usually, charter schools and the public school system are at odds, and this was a partnership. >> they have created a brand-new main street, which will be the heart of an urban center with more than 50 retailers and restaurants. >> 80,000 feet of retail. 40,000 feet of restaurants. 40,000 feet of lifestyle-support shops. >> this is one of the high-rises. this is gonna be one of the condominium high-rises. >> yes, we'll deliver that in... >> third quarter of next year. >> now, as it relates to these stores, they're obviously still working on them. when do you anticipate that they're all gonna be open? >> all of it should open by february, and it's 90-plus percent leased. look at the sidewalks, the width. so these would all be sidewalk cafés. parallel parking, not angle parking, so that it doesn't disturb the diners. >> does the employment just from -- >> very big employment generator.

>> and what's wonderful about this is private funding -- i mean, there's literally no government funding involved. >> not a penny. >> not at all. >> it goes to show you, it's way past the american dream. >> not even a tax-increment district, where we would take some of that -- no. not a penny of government, and all of the real-estate taxes go to the city of doral and the county. ♪ the school is open. city hall is open. we built and donated a park. >> this is the heart of downtown doral. you have city hall, so the heart of government; our downtown doral park, which is right in the middle of the whole community; and you have our school right across from the park. >> and tell us about the history of city hall. >> we wanted the city to have a very elegant, iconic hall. >> again, it's consistent with what you're trying to do -- build a self-contained city, in this case. >> we donated the land, bob, and the improvements. >> for the park. >> for the park. >> for the park and built that sculpture. >> everything's pretty well

self-contained. i mean, everywhere you look. you have the park in the middle. you have the condominium high-rises. you have the retail over here. you're gonna have the restaurants. >> offices. >> be a million feet of office when we're finished. >> and are all those offices occupied presently? >> 90%. >> codina has been a great partner for the city, and we have built here a workable city. >> our focus is on complex projects. our attitude really is if somebody else can do it, we're not interested. we want to build communities. we don't want to build a building and walk away. ♪ >> up next, the massi memo with information you can't afford to miss. so, stick around. [ woman vocalizing ] liberty mutual stood with me when this guy got a flat tire in the middle of the night. hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix his flat so he could get home safely. my dad says our insurance doesn't have that. don't worry - i know what a lug wrench is, dad.

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♪ >> time now for the massi memo. earlier, we met a couple who took their time finding the home that was perfect for them. they did their research, worked with a good realtor, and made sure that it was something they could afford. here are some tips to make sure that you do it right. make sure you find the right realtor. this is critical. he or she needs to understand you -- what is important to you and how much you can afford. avoid someone who's trying to sell you on property just to make a sale and get a commission. fully understand your own finances and all of the costs that go into the purchase -- get pre-qualified; get a credit check -- to make sure when you look at the home you want that you actually can afford it. study all lending changes with

a qualified broker. understand the laws and regulations that are presently on the books at the time of purchase. now, effective october 3, 2015, there is an entire new regulation before closing with escrow called "know before you owe." you will receive a loan estimate, and three days before closing, a closing disclosure form has to be provided by the lender to you, the prospective home buyer. the home buyer compares the estimate received to this new disclosure form. if they're not the same, such as interest rates or payments amount, you have the right to challenge that and extend it another three days, no matter what, until it's rectified. it was, in fact, the consumer protection finance bureau, an expert, that made these changes to protect the home buyer for full understanding of what they're buying. that's it for today. as always, there is much more information on our website at foxnews.com/propertyman.

be sure to send me your questions or property stories at propertyman@foxnews.com. i'm bob massi. i'll see you next week. [ woman vocalizing ] from new y. >> announcer: from the salt conference in las vegas, the new "wall street week." here is maria bartiromo. maria: welcome to "wall street week," the show that's analyzes the week that was and helps position you for the week ahead. former federal reserve chairman ben bernanke is my special guest today. first weave have the big headlines from wall street to main street and of course it was a busy week. reporter:ed dow had its worst day in 8 months, dropping 400 points to wednesday. and the worst day during the trump presidency.