Continue Reading Add comment September 19th, 2008
Monterey Springs Holdings L.L.C. gets its hands on acquisition financing for Monterey Springs Apartments, a 390-unit garden-style apartment complex in Happy Valley, Ore., less than 15 miles from Portland. Read more »
Continue Reading Add comment September 19th, 2008
To some long term observers of the mortgage market, the rout on Wall Street isn’t just a shock, it’s absurb. Banks, hedge funds and other investors are dumping mortgage securities at fire sale prices, either because they have to get them off their balance sheet or because they’re just plain scared. But some of these investments now trade at riduculously low prices. Will a bond at 60 cents on the dollar come back? The housing market is bad but will 40% of all homeowners really default? If they do, how much will you really lose?
“Our basic premise is that market pricing is unduly pessimistic,” says Tad Rivelle, who helps manage $27 billion in fixed income securities at Metropolitan West Asset Management in Los Angeles. “It does seem more of a run on the bank.”
A study on MetWest’s Web site illlustrates the potential for recovery of your investment under various scenarious. Let’s say you own a first mortgage on a house that sold for $500,000. The owner defaults, you foreclose. The equity and second loans are wiped out. The house falls in value by 30% and you lose $50,000 in legal fees, interest and property taxes. You’re still going to recover $300,000 or 70% of your loan.
Housing prices will be under pressure “for years,” Rivelle says. But the market has “discounted a severe amount of negative outcomes, massive foreclosures.” Believe it or not now may be just the time to be putting your money into mortgage bond funds.
Continue Reading Add comment September 19th, 2008
With activity from coast to coast in the past few days, Houston-based Hines sold its interest in two Boston properties, as reported by CPN earlier today, and now is earning multiple LEED certifications on two California projects and acquiring Citigroup Center from Broadway Partners in Los Angeles Thursday. Read more »
Continue Reading Add comment September 19th, 2008
Equity Office Properties now has full ownership of two trophy buildings in Boston’s Back Bay area after buying out the minority interest in both properties from ownership partner Hines. Read more »
Continue Reading Add comment September 19th, 2008
Uncertain times are in store for New York City again as it braces itself for the aftermath of the tumultuous few weeks on Wall Street. Marisa Di Natale, a senior economist for Moody’s|Economy.com and John Powers, chairman of the tri-state region for CB Richard Ellis Inc., offered their macro and micro views on what to expect at a luncheon hosted by CoreNet Global’s New York City chapter this afternoon. Read more »
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