Continue Reading Add comment October 3rd, 2008
Storm Properties sold approximately 545,000 square feet of its industrial real estate portfolio to TA Associates Realty for more than $52 million. A total of 13 industrial properties located in Los Angeles and San Diego counties were sold. Read more »
Add comment October 3rd, 2008
We have been through the cycles of the existent estate market in front , and we will experience them over again. The right way? We have visited the rise and the fall of the stock market many times, gold, oil ,copper, coal and any number of other markets and will visit them once again. Decent?Related [...]Continue Reading Add comment October 3rd, 2008
Joseph Hegenbart of NorthMarq¹s Boston Regional office has arranged mortgage financing of $20 million for Lincoln North, located at 55 Old Bedford Road in Lincoln, Mass. Read more »
Continue Reading Add comment October 3rd, 2008
The crisis on Wall Street hasn’t hit the high cost of Manhattan real estate, but the economic slowdown has curbed the number of deals in the Big Apple, according to reports out Friday.
Continue Reading Add comment October 3rd, 2008
The deepening of the financial crisis has led to a new round of finger-pointing. The blame game can go too far, of course, but on the whole I think it’s healthy for a society to pause and figure out what went wrong before it blunders ahead. As George Santayana said, those who cannot remember the past are condemned to repeat it.
With that philosophical preamble, allow me to point you to an excellent article that appeared last March in The Oregonian newspaper. It exposed a memo by someone inside JPMorgan Chase (we still don’t know who) instructing lending officers how to commit fraud and get loans approved by the bank’s computer, known as Zippy.
The memo’s title says it all: “Zippy Cheats & Tricks.”
It is a primer on how to get risky mortgage loans approved by Zippy, Chase’s in-house automated loan underwriting system. The secret to approval? Inflate the borrowers’ income or otherwise falsify their loan application.
Hat tip to Barry Ritholtz, who mentioned The Oregonian piece in an Oct. 2 blog post.
Continue Reading Add comment October 3rd, 2008
The latest real estate sales numbers from the Corcoran Report show that the Big Apple, long thought to be immune from the housing slump, suddenly has that sinking feeling.
Home sales were down 34% in the third quarter. The median price of a condo still climbed 10% to $975,000, but that was entirely driven by some of the fancy new properties coming on the market. Those buidlings were benefiting no doubt from the cheaper dollar and wealthy foreignors looking to invest in one of the world’s greatest cities. Prices of resale property–condos that had already traded hands before–were flat at $850,000.
The national market followed a similar path last year, with transactions falling but market prices still climbing. That’s unsustainable though, especailly given all the carnage on Wall Street and its impact on jobs and pay in New York City.
So just how much will that dream townhouse on the Upper East Side cost you? $10 million, up 37% from last year. And the cool loft in Soho? They are down 26% in price but will still set you back $1.3 million. Wait a few months.
Continue Reading Add comment October 3rd, 2008
Beverly Hills-headquartered Kennedy Wilson Multifamily Management Group and New York City-based Guardian Life Insurance Co. of America have shelled out $84 million for Avalon at Blossom Hill, a 324-unit apartment property in San Jose, Calif., about 50 miles south of San Francisco in the Silicon Valley submarket. Read more »
Continue Reading Add comment October 3rd, 2008
The Shingle Springs Tribal Gaming Authority, an affiliate of the Shingle Springs Band of Miwok Indians, closed yesterday on $77 million in financing for the Red Hawk Casino in Shingle Springs, Calif., about 20 miles east of Sacramento. Read more »
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