Hotel Receivers Earn Rich Rewards
The growing wave of U.S. hotels defaulting on their debt has spawned a growth industry for companies that oversee and operate hotels seized by lenders.
Month: August, 2009
Tishman Faces Office Downturn
A Tishman Speyer-led partnership is in default on debt tied to a large office portfolio in the Washington area. Tishman itself isn’t at risk.
What Wall Street and Uncle Sam are missing
CNBC’s Senior Futures Editor, Albert Bozzo wrote an article today discussing the dichotomy of housing’s budding rebound and the overall real estate market. Mr. Bozzo lists items such as government intervention, evidenced in the $8,000 tax credit for first time home buyers, as reasons for some apparent life in the housing market. The overall housing market (which includes commercial, retail, service industries, suppliers and so on) remains in a fiscal slump due to the recession at large. He subsequently identifies an expansion of the government tax credit program as a driver for continued growth in housing sales. I can see Mr. Bozzo does not understand basic macroeconomic theory. Read more »
Another one bites the dust!
Memphis, TN is an extremely hot market for rehabs, flipping and rentals. We have been successful in breaking into the Memphis RE market and have done a couple of deals there. That place is a veritable goldmine! Check the video of our recent deal that was purchased for $38,000, fixed up with about $3,600 of capital. And now it is about to be flipped before the end of the week.
Our strategy has been to purchase only occupied properties. This has worked out great! This particular one was able to have a tenant move in within 3 weeks!
-Richard
P.S. – This video was shot over 6 weeks ago. Don’t bother calling!
Toll Says Home Buyers Tiptoe Back
Toll Brothers reported that net orders for new homes rose 3% in its latest quarter. The firm's CEO said "the mood has changed" among prospective buyers.
Fed Grapples With Extended Stay
The Fed is getting actively involved in the Extended Stay bankruptcy, taking an awkward role as it tries to shore up the financial system.
Feeling Roomy, J.P. Morgan Shops Its Space
J.P. Morgan Chase is marketing 23 office properties across the nation in an effort to rid itself of excess space amid the worst property market in decades.
Union Station Lures a Kaiser Unit
Kaiser Foundation Health Plan has signed Washington's biggest lease of the year in a speculative office development in Union Station.
Starwood IPO Is Top in ‘09
Barry Sternlicht's Starwood increased the size of its initial public offering of a real-estate investment trust to $800 million, marking the biggest IPO to hit the market this year.
Doubts Linger for Europe’s Property Stocks
European property stocks have turned in a strong performance this year, but now investors and analysts are wondering if the rally has run its course.
