Jerry Seinfeld just finished construction on a brand new five-story parking garage. The garage, which many speculate will be home to quite a few Porsche's, was a two-story building before Seinfeld got ahold of it. This news courtesy of Gawker. In unrelated news, did you know that people who own Porsches are more likely to cheat on their spouse? Find out more here. Somehow, I don't think Seinfeld fits the study.

CitiGroup was just fined $70-million by the Fed. Here's a snippet, courtesy of the St. Petersburg Times:

CITIGROUP PENALIZED $70-MILLION: The Federal Reserve announced a $70-million penalty against Citigroup Inc. and a subsidiary regarding practices related to borrowers taking out riskier, higher-interest rate "subprime" personal and home-mortgage loans. Citigroup and its Baltimore subsidiary CitiFinancial Credit Co., a consumer finance company, while not admitting any wrongdoing, agreed to the penalty and to take steps to ensure compliance with federal lending regulations and enhance compliance with consumer protection laws.

In local real estate news, the ParkCrest II at Innisbrook in Palm Harbor just sold for $41 million. Here's a snippet, courtesy of Globe St.:

PALM HARBOR, FL-Park Crest II at Innisbrook, a 396-unit garden apartment complex facing the Gulf of Mexico, is under new ownership today. Crescent Heights Co. of Miami paid CKT Development Co. of Tampa, FL and Nationwide Realty Investments of Columbus, OH $41.3 million, or $104,293 per unit, for the two-year-old property at 2230 Tuscany Trace.

It's likely that the building's apartment units will be converted into condos, which has recently been a popular trend.

-John Mudd
"Mr. Real Estate"