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Featured Article
Commercial Real Estate: Where is all the Distressed Property?
The real estate vultures have been circling for nearly 2 years, their sharp eyes peering from high above the devastated landscape, ready to feast on dead decaying buildings and development projects.
According to conventional wisdom, the ground ought to be littered with foreclosed hotels, shopping centers, office buildings, and apartment complexes to devour, yet surprisingly, the vultures have found the pickings slim.
Anyone paying even slight attention to commercial real estate knew that virtually no property that was financed between 2005-2008, at a loan-to-value ratio above 75%, would be able to qualify for a conventional refinance when the loan matured. How could they when property values have dropped by more than 40% and lending standards have tightened? The coming wave of foreclosures would be measured in the hundreds of billions.
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Key Rates
30-Year Fixed Rate Mortgage: 4.61%
10-Year Treasury: 3.19%
1-Month Libor: 0.26%
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CONTACT US
Stephen J. Crawford, Esq.
President
Everest Land Title Agency Ltd.
8111 Rockside Road, Suite 275
Valley View, Ohio 44125
National: (866) 945-4200
scrawford@everestland.com
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About Us
Everest Land manages the settlement of commercial and residential acquisition, disposition, and refinancing activity for banks, developers, life insurance companies, pension funds, Realtors and mortgage bankers. The company issues title insurance policies, creates new sources of fee revenue for mortgage lenders, helps real estate owners and investors reduce the cost of title insurance, and provides clients with state-of-the-art, web-based real estate transaction management systems.
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Greetings!
I hope you enjoy this brief story entitled "Who is the rich man?": One day a wealthy father took his son on a trip to the country so that the son could see how the poor lived. They spent a day and a night at the farm of a very poor family. When they got back from their trip, the father asked his son, "How was the trip?" "Very good, Dad!" "Did you see how poor people can be?" "Yeah!" "And what did you learn?" The son answered...Read the rest of the story here.
Sincerely, Stephen J. Crawford, Esq.
President, Everest Land
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News: Cleveland's Flats East Bank Project Gets $32 Million Loan Guarantee from HUD
CLEVELAND, Ohio -- The U.S. Department of Housing and Urban Development will provide $32 million in long-anticipated loan guarantees to support development on the east bank of the Flats.
The federal agency has agreed to provide a $30 million loan to the city of Cleveland and a $2 million loan to Cuyahoga County, as part of a complex financing package for the Flats East Bank project.
The low-interest loans, known as HUD 108 loans, will help the Wolstein Group and Fairmount Properties build the $275 million first phase of their long-delayed development.
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News: Investors plan $55 Million Hotel Project in Historic Euclid Avenue Buildings
CLEVELAND, Ohio -- An out-of-state investor group plans to open a hotel on Euclid Avenue, in a $55 million project that could eliminate a dead zone in downtown Cleveland.
JHB Hotel LLC, an entity tied to investors in New York, California and Colorado, expects to buy the John Hartness Brown Building at 1001-1021 Euclid Ave. and the neighboring building at 1101 Euclid Ave. before the end of the year. The vacant properties could be plucked from the early stages of foreclosure, thanks to a surge of interest in hotels to complement Cleveland's planned medical mart, new convention center and casino.
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Trends: Midwest Emerges as Center for Clean Energy
CIRCLEVILLE, Ohio -- With surprising speed, and with the help of ample public incentives, a solar energy manufacturing center has emerged in the upper Midwest that is helping to supply the world's growing demand for clean power. Here in this central Ohio city of 13,400 residents, DuPont is building a $175 million, 162,000-square-foot solar materials plant that will employ 70 people.
About 320 miles north, near Midland, Mich., Hemlock Semiconductor is completing a $1 billion polycrystalline silicon plant to supply a basic raw material in the manufacture of solar photovoltaic cells, which convert sunlight to electricity. The Hemlock plant will add 300 new jobs by the end of the year.
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Fundamentals: Strategic Default: Not Such a Great Strategy
In the present glut of foreclosure proceedings and increased unemployment, more and more people debate whether to default on a mortgage loan when their home is worth less than the loan balance. Many do so under the mistaken impression that once the bank forecloses on the home, they will be able to walk away from the property with no remaining debt. However, in the State of Ohio, deficiency judgments are allowed.
A deficiency judgment is an unsecured judgment against a borrower where the Sheriff's sale does not result in sufficient proceeds to pay the original note in full. Many banks are pursuing such judgments after foreclosure. Debtors remain personally liable for the remainder-so if you owed $125,000 on your home, and it sold at Sheriff's sale for $100,000, you may have a judgment entered against you for $25,000 or more (after sale expenses). To collect a judgment, your wages may be garnished, your bank accounts may be levied, and liens may be placed upon other properties. Although some assets and income is protected, the judgment will remain on your credit report for 7 years. The only way to clear a valid judgment is payment-or bankruptcy.
Before defaulting on your mortgage, contact an attorney licensed in your jurisdiction to discuss potential repercussions.
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Want More?
If you would like to receive monthly clippings of all Plain Dealer and Crain's articles touching on real estate, just drop me a line at scrawford@everestland.com and we will add you to our email distribution list.
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