Loan Extension Saves Real Estate Firm

February 18, 2009
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While some people are looking at this as bad news, real estate firm Forest City Ratner Companies consider it good news that it has obtained a two-year extension for its loan earmarked for its Atlantic Yards project in Brooklyn. On top of a string of lawsuits that the company is facing for allegedly causing the condemnation of too many properties to give way to its project, it is also bound to pay its $177 million Gramery Capital Corporation loan due this month.

It seems good fortune is still with Forest City as it has successfully struck a deal with Gramery to make a $15 million immediate payment while also committing to…

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Filed Under: Lenders, Real Estate Investment

Obama Administration To Halt Foreclosures

February 18, 2009
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Finally, President Barack Obama is stepping into the frontline to bring home the message that his federal administration is serious about staving off the wave of foreclosure.

Obama’s announcement of his administration’s plan to stop foreclosures surely brings a big boost to the housing industry of the United States, Such a move sparks hope for American households who need something to hold on to at this time when foreclosures is the rule rather than the exception.

The mechanism to prevent further foreclosure forms part of the economic stimulus package that the Obama administration is coming up with to save the national economy from crashing and at the same time save people who are heavily suffering…

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Filed Under: Foreclosures

More Credit Eyed With TALF Expansion

February 18, 2009
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Commercial real estate players can now take a sigh of relief as the federal government has expanded coverage of the Term Asset-Backed Loan Facility (TALF) which will absorb commercial mortgage-backed securities. The U.S. Treasury has announced that commercial mortgage-backed securities can now be used as collateral for a commercial estate firm to avail of TALF. This means commercial borrowers now have a means of refinancing their mature debts.

This positive development came about after the Commercial Economic Stimulus Work Group of the National Association of Realtors (NAR) drew up a plan to address issues detrimental to the survival of the commercial real estate industry and successfully influenced the federal government to adopt its proposal.

The work group pointed…

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Filed Under: Commercial Real Estate

US Real Estate A Bargain For The Chinese

February 17, 2009
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The Chinese are coming to the United States and they are grabbing real estate properties left and right. The Chinese apparently finds US real estate quite a bargain considering the low average home prices as a result of the housing problem the country is experiencing. Proof? Ying Guohua, a Beijing lawyer, is looking for a $1 million dollar home either in Los Angeles or New York not only as an investment but in preparation for his 5-year old son who might one day study College in the US.

Ying is only one of the growing numbers of Chinese nationals who are considering investing in America’s real estate. The real estate slump…

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Filed Under: Luxury Real Estate, Real Estate Investment

NYC Firms Halt Foreclosures

February 17, 2009
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Citigroup Incorporated and JPMorgan Chase & Company have decided to halt foreclosures pending the Obama administration’s housing rescue plan. This was confirmed by JPMorgan chief executive Jamie Dimon who said the loans of owner-occupied homes will not be the subject of foreclosure until March 6. Dimon already informed House Financial Services Committee Representative Barney Frank so you can expect Congress to move fast on their foreclosure solutions. Frank has earlier asked companies to implement foreclosure moratoriums.

Citigroup on the other hand said only first mortgage home loans being used as the customer’s principal residence will be included in the foreclosure moratorium. It will also include all loans where the company and…

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Filed Under: Economy Crisis, Foreclosures

Real Estate Disclosure Provisions

February 17, 2009
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The saying “buyer beware” may be good for consumers of traditional goods but not in the real estate world. Sellers including their agents could not afford to remain passive when it comes to real estate defects if they do not want to end up in litigation. And even if you and your buyer agreed on an “as is” contract this would not hold water when used as a defense in litigation. Knowingly concealing information from a potential real estate buyer can apparently cost you later on so make sure to point out any problem with your property even during the negotiation stage.

This is the reason why disclosure is an important…

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Filed Under: Real Estate, Real Estate Investment

Home Credit To Those Who Can’t Afford It Blamed For Housing Crisis

February 16, 2009
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The powers that be have nonchalantly admitted that forcing home loans on those who could not afford to pay them off is partly the reason, if not the primary reason for the housing crisis. House Financial Services Committee Barney Frank said there may have been a mistake in approving home ownership for people who could not afford it. The best option for them would have been to rent their homes.

There has been a long term pressure to provide home ownership to a great number of people regardless of the financial capability and this is now being pointed to as the culprit for the bubble burst. Fannie Mae and Freddie have…

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Filed Under: Lenders, Mortgages

Increase Your Commercial Real Estate Value; Put Up A Pool

February 16, 2009
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At times like these when even the rich are being very meticulous with their luxury spending it is high time to bolster your commercial real estate’s value both for investment and income purposes.  The best way to liven up a hotel is to put up a swimming pool. This additional facility can attract people both adults and kids and generate indirect income in terms of cafes and bars and even increase hotel occupancy. Constructing an attractive pool in your commercial real estate is a great way to get value added,

And while you’re at it, why not consider an interactive pool with all the tunnels, slides and waterfalls to make it…

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Filed Under: Commercial Real Estate, Real Estate Investment

V-Day Over, Still No Takers for 43 Love Lane Carriage House

February 16, 2009
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Valentine’s Day has left that carriage house along 43 Love Lane, Brooklyn Heights heartbroken. And why not when the property has been lingering in the homes for sale list for years now with a long line of brokers on its list. The house was originally priced at $3.5 million but the price has been slashed down to a whopping $2.5 million and just lately, to $2.175 million. Still, no takers. The house was even marketed by its brokers as a great Valentine Day gift, a lot better than chocolates!

In a desperate bid, the brokers have put up the 2,300-square-foot house in Love Lane for rent for — believe it or…

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Filed Under: Economy Crisis, Real Estate Crisis, Real Estate Investment
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