Monthly Archives: February 2013

Regulators and 13 Banks Complete $9.3 Billion Deal for Foreclosure Relief

Regulators and 13 Banks Complete $9.3 Billion Deal for Foreclosure Relief

BY JESSICA SILVER-GREENBERG

Distressed Housing in Florida Market

Distressed Housing in Florida Market

Under a deal formalized on Thursday, homeowners who faced foreclosure abuses can receive up to $125,000 in cash relief.

Federal banking regulators have reached a $9.3 billion pact with 13 major lenders to settle claims of foreclosure abuses like bungled loan modification and flawed paperwork.

The details the settlement, made up of $3.6 billion in cash relief and $5.7 billion in relief to avert foreclosures, were announced Thursday.

Under the deal, homeowners can receive up to $125,000 in cash relief. Despite the banner numbers in the settlement, consumer groups and a range of lawmakers have criticized it for not providing enough relief for aggrieved homeowners.

The agreement formalizes the tentative deals that were reached in January between the mortgage servicing companies and the regulators from the Office of the Comptroller of the Currency and the Federal Reserve.

Beyond the cash relief, the 13 mortgage lenders will provide $5.7 billion in other assistance like reducing mortgage balances and refinancing burdensome loans.

Three firms — GMAC Mortgage, Everbank and OneWest — didn’t sign the pact. The lenders will continue to review their mortgages, according to the regulator. Those three companies service more than 450,000 loans in foreclosure from 2009 to 2010.

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Money Matters Are Top Of Mind for Multifamily Pros

Money Matters Are Top Of Mind for Multifamily Pros

By Sule Aygoren Carranza | National

MIAMI—Capital—the availability of it, the amount of it and where it’s being placed in the market—was a recurring topic of conversation at the RealShare Apartments East conference on Tuesday. In fact, the first and last panels of the event, which drew some 400 people to the Hyatt Regency Downtown here, focused on debt and equity financing.

The day kicked off with Prudential Mortgage Capital Co. managing director Michael McRoberts chatting with Freddie Mac’s John Cannon and Fannie Mae’s Manuel Menendez. In the “GSE Report: 2012 in Review and the Outlook for 2014,” the execs both related that business and activity is up tremendously for the GSEs’ multifamily arms.

Menendez, senior vice president and head of multifamily customer engagement, said that both loan activity and sizes are up for Fannie for all apartment products across the board, except for seniors housing. In fact, the mortgage giant saw its third largest production year in 2012; yet whereas the prior record years of 2006 and 2007 were driven by large pools, last year’s activity was comprised of mostly one-off, bread-and-butter-type deals. The company also broke the $200-billion mark in its aggregate book of business in the third quarter of last year, with delinquency levels at a mere 28 basis points

Meanwhile, Cannon, Freddie’s senior vice president of multifamily production and sales, related that the company saw $29 billion in production in 2012, up 45% from 2011 and a 110% increase over 2010 volume. About $2.7 billion of that total was in student housing, while the rest was largely traditional multifamily product, which Cannon said was quite “profitable. We like to joke our credit losses were less than our telephone bill.”

The three speakers noted that with investment activity on the rise, fundamentals for lenders continue to be positive. “The market looks ripe to be a great year for debt players,”said McRoberts.

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Bradenton apartment complex loses $30 million in value

Bradenton apartment complex loses $30 million in value

Apartments for sale, Sean Dreznin

Apartments for sale, Sean Dreznin

By Michael Braga, Herald-Tribune / Monday, February 25, 2013

Bayshore Sunvest Devlopment LLC, a Hallandale company managed by Harvey Birdman, Louis Birdman and Herbert Hirsch paid $60 million for the 376-unit, Champions Walk apartment complex at 4148 53rd Avenue W in Bradenton in January 2007.

Just 18 months later, the company lost a $53.7 million foreclosure judgment to the now defunct Lehman Brothers and ceded the complex to Lehman Brothers two months later.

Earlier this month, Champions Walk of Bradenton LLC bought the complex out of foreclosure for $30.1 million, 50 percent less than the previous owner paid six years ago.

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Commercial sales pick up in Manatee

Commercial sales pick up in Manatee

Fountain Lake Apartments in Bradenton, FL sold.  via Sean Dreznin's blog  Pic via Herald-Tribune, Inside Real Estate

Fountain Lake Apartments in Bradenton, FL sold. via Sean Dreznin’s blog Pic via Herald-Tribune, Inside Real Estate

Click here for the most recent Top 10 sales http://insiderealestate.heraldtribune.com/slideshow/commercial-sales-pick-up-in-manatee/

If your looking for a professional company to list your property with or your seeking quality property to acquire or lease, then contact one of Sarasota & Manatee’s best Commercial Real Estate companies.

Sean Dreznin at NAI Manasota

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10 signs you may have overpriced your property via Dwell Real Estate

10 signs you may have overpriced your property

Overpricing property

Picture via J Parisi (I believe)

Posted by Marc Rasmussen on Wednesday, February 13th, 2013 at 12:03pm.

We all want to sell our properties for more than they are worth. Dealing with a seller who wants to overprice their property can be a Realtor’s biggest frustrations. There is nothing wrong with wanting to find a buyer willing to overpay for your home. It is just human nature.

The most common reason a property is not selling is because of price. In most instances it has nothing to do with how often it is being advertised, the quality of brochure, how many websites the listing is found on etc.

HOWEVER, there are some (usually rare) instances where price is NOT the problem. It could be a lack of good marketing, or cumbersome Realtor access to show the property, bad photos, bad Realtor, bad real estate market, high interest rates, tight lending guidelines etc.

1. Your asking price formula was something similar to: mortgage balance + Realtor fees + credit card balance + car loan payoff.

2. You are praying every night for a cash buyer that won’t do an appraisal.

3. You based your asking price on how much you spent improving it.

4. Your home has been on the market a long time.

5. You are getting LITTLE to NO SHOWINGS.

6. Despite several showings, no buyer has made an offer.

7. You start insisting that your Realtor advertise your home to wealthy people in China.

8. Your asking price was based solely on what other (unsold) sellers are asking for in your neighborhood rather than homes that actually have sold.

9. Your agent didn’t agree with your pricing, or worse – the first agent you spoke with wouldn’t list your home at “your” price so you had to search for someone else who would.

10. You believe your house is so “unique” from all other homes, despite its similarities in size, age, condition, view and location to other homes. You believe your homes “uniqueness” warrants a higher price than all those other homes

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Architect sells Sarasota office building

Architect sells Sarasota office building

By Michael Braga, Herald-Tribune
/
Tuesday, February 5, 2013

Pic via Inside Real Estate - shown on Sean Dreznin's Blog

Pic via Inside Real Estate – shown on Sean Dreznin’s Blog

A company managed by Sarasota architect Donald M. Lawson sold a 6,782-square-foot office building at 269 Osprey Avenue in Sarasota to Osprey Housing LLC for $1 million.

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