Real Estate Jacksonville Florida

Jacksonville-based F&L Corp.,

2007-10-14T06:54:00.000-07:00

Local Group Trades 59-Acre Parcel for $5.6 Million

Lot To Be Used for Multifamily Development under the name of Picketville Partners Ltd., sold 59 acres to Boca Raton-based Falcon Commercial Development. The $5.6 million sale price ($95,220 per acre) included the 59-acre land parcel, as well as the site plans and permits. The parcel is at the southeast corner of Pritchard Road and Imeson Road in the Northwest Jacksonville submarket. The proposed usage for the undeveloped land is the development of an apartment complex with 500 to 550 units. Jack Allen of the Allen Land Group facilitated the transaction on behalf of both the buyer and seller. For further information, refer to CoStar COMPS #1361648.

Written by Mishka Parkins

RealEstate-JacksonvilleFlorida

Timothy G. Sparks of Jacksonville, FL,

2007-10-14T06:51:00.000-07:00

Local Investor Pays $1M for Remsen Alloys Bldg.

New Owner To Occupy N. Canal Street Industrial Space acquired Remsen Alloys at 4130 N. Canal St. in Jacksonville from Alameda Pacific Inc. of Jacksonville for $1.15 million, or approximately $33 per square foot. The 35,000-square-foot industrial building is on 1.73 acres and was built in 1963. The building is in the North Side Industrial submarket. The buyer will occupy the space. Mark Wainwright of Pine Street/RPS represented the buyer. Charlie Caddell of Atlantic Commercial Properties represented the seller. Please refer to CoStar COMPS #1391948 for further information.

Written by Megan Meyer

RealEstate-JacksonvilleFlorida

Deerwood Park - Butler / Baymeadows Jacksonville Florida

2007-10-14T06:42:00.000-07:00

Centurion Parkway Office Bldg. Trades for $6 Million First Coast Blood Alliance Acquires 50,000-SF Property

First Coast Blood Alliance bought the Carrier office buildingat 7595 Centurion Parkway in Jacksonville for $5.98 million, or about $119.50 per square foot. The property is in Deerwood Park in the Butler/Baymeadows submarket.

The one-story building was built in 1991 and is approximately 50,080 square feet. There was a 10,000-square-foot expansion of the building in 1994.

Heather Prediletto of Grubb & Ellis/ Phoenix Realty Group represented the buyer. Will Gibbs and Jim Sebasta, also of Grubb & Ellis/ Phoenix Realty, represented the seller.

Please refer to CoStar COMPS #1406884 for more information on this transaction.
Written by Mishka Parkins

RealEstate-JacksonvilleFlorida

Non-Earning Loans Mounting at BRT Realty Trust

2007-09-28T16:41:00.000-07:00

Bad Debt Rises to 21% of Loan Portfolio

BRT Realty Trust in Great Neck, NY, has found itself saddled with more than $55 million in bad debt tied to the slow down in residential sales activity.

BRT plans to reclassify four first mortgage loans as non-earning at the end of the current quarter (Sept. 30), unless interest that remains unpaid for Aug. 1 and Sept. 1 is brought current. The loans total $66.35 million, on which there is presently $44.79 million outstanding.

Foreclosure actions are being or will be pursued with respect to each of the loans.

Each of these four first mortgage loans are secured by an existing multifamily residential or hotel property, or unsold condominium units in Florida, that have converted or are being converted to condominium ownership.

As a result of the widely reported weakness in the single-family and condominium sales market, and the difficulty potential purchasers of residential condominium units are having in obtaining mortgage loans, the pace of sales has slowed considerably, and many BRT borrowers engaged in condominium conversions are being adversely affected, the company said.

The four loans are in addition to $23.38 million of non-earning loans reported by BRT as of June 30. Those loans also represent four first mortgage loans. Two of the properties, which secured mortgage loans with an aggregate principal balance of $11.6 million, are in foreclosure and are categorized as real estate owned.

The combined non-earning loans represent about 21.6% of BRT's gross loan portfolio and 16.6% of its total assets.

"All of the loans which are non-earning are first mortgage loans and the properties which serve as collateral for all these loans are properties which we are capable of taking over and operating," said Jeffrey Gould, president and CEO of BRT.

Gould added that "since our organization has experience and capability in real estate operations and management, the key for us is taking control of properties collateralizing non-earning loans as quickly as possible and, accordingly, we are diligently pursuing foreclosure actions and all other remedies which may be available to us." Written by Mark Heschmeyer

http://www.realestate-jacksonvilleflorida.com/investment-business-information-articles.php

What To Call it? Credit, Confidence or Confusion Crisis?

2007-09-28T16:33:00.000-07:00

Looking for Signs the Worst May Be Over, Investors Seem Content To Wait it Out

While investor enthusiasm sent capital markets soaring after the Federal Reserve Board cut the federal funds rate last week by 50 basis points to 4.75%, the full impact of the dramatic action is still not at all clear. The latest numbers this week on home building, real estate sales and business indices continued to show worsening conditions. But, adding to the uncertainty, those numbers tally events and opinions prior to the rate cut.

All of which has prompted a lot of discussion about just what the markets are dealing with: a real credit crunch? Investor uncertainty? Or a lack of confidence?

In a wide-ranging lecture at Wharton School of Business at the University of Pennsylvania, Sam Zell, the master real estate investor (and current media tycoon) who built a fortune on real estate cycles, said he believes the current turmoil in financial markets is more an emotional reaction to yet another period of excess rather than a true credit collapse.

Zell said markets currently are spooked by problems with U.S. subprime lending. However, they still have capital to deploy, unlike during other real estate busts when financing could not be arranged at any price.

"We're not really in a quote 'credit crunch.' I think what we are in is a 'confidence crunch,'" said Zell, who funds the Samuel Zell and Robert Lurie Real Estate Center at Wharton. "I would argue the excess liquidity that existed eight weeks ago still exists today. It has a different risk premium on it, but the actual amount of liquidity has not changed."

Zell said the slump should come as no surprise. "Over the last three years, people were flippant. They bought anything they wanted and were proud that they didn't do due diligence. I think they have all been chagrined and are scared out of their minds."

Zell predicted that markets would stabilize soon, although they will become more risk averse and less leveraged than in recent years. Zell added that going forward it would not be possible to replicate the Blackstone deal earlier this year that bought out his Equity Office Properties for $39 billion in the largest leveraged buyout in history.

David Doupe, West Coast managing director for Jones Lang LaSalle’s Capital Markets Group, who has also seen a few real estate cycles, agrees that the market dislocation is likely temporary barring a recession, but will probably blunt the blistering escalation in values of a few months ago in core assets and will probably weaken pricing of value add or development-heavy projects.

“I’ve been in the business 30 years, and I believe there’s going to be a period here of bid-ask spread -- where sellers and buyers are not going to be agreeing on pricing -- but I think that’s going to be fairly short term in duration,” Doupe said. “Our view is the credit crunch will probably go away, meaning there will be available credit within two or three months, four at the outside.

“I’ve been in New York this week meeting investment bankers on this very topic, and the general prognosis is that the debt market will re-price itself and become active again, albeit at a higher cost of capital.”

Brian Catalde, a homebuilder from El Segundo, CA, and president of the National Association of Home Builders, seemed to agree that money is sitting out there just waiting to be invested.

"Builders are expressing concern that home buyers are getting spooked by the many headlines they are seeing on mortgage market issues and their continuing effects on the housing market and home prices," Catalde said. "Indications are that consumers are trying to time the bottom of the market before making their purchase, which historically can be a very tricky thing to do and is typically not an advisable strategy. The bottom line is, with the inventory situation what it is and the selection of units and deals to be had, now is a very good time to buy a home."

Clearly, though, NAHB members aren't confident about homebuyers buying into that message about now being a good time to buy.

Concerns about the substantial and growing inventory of new homes for sale and the effects that deepening mortgage market problems are having on buyer demand caused builder confidence to decline for a seventh consecutive month in September, according to the NAHB/Wells Fargo Housing Market Index, released this week. The index dropped two points to 20, tying its record low reached in January of 1991.

Builder confidence in the current rental apartment and condo market also dipped amid concerns that an excess supply in the for-sale market is creating a shadow inventory of available rentals, according to NAHB.

Housing starts fell 2.6 percent in August to a seasonally adjusted annual rate of 1.331 million units as the downswing in the housing market continued, according to figures released this week by the Commerce Department. Starts were down 19.1 percent from a year earlier, falling to the lowest level in 12 years.

(Incidentally, the National Association of Realtors last December had forecast 1.51 million housing starts this year, down from 1.81 million in 2006).

"We believe that the Federal Reserve Board made the right move [last week] in lowering the interest rate," said Pat V. Combs, president of the NAR and vice president of Coldwell Banker-AJS-Schmidt in Grand Rapids, MI. "Making borrowing more affordable will make money more available and this could go a long way in helping turn around the sluggish housing market."

"The housing market has been correcting itself and restoring affordability. With interest rates on many conventional loans still at near historic lows and today's rate cut possibly making loans even more affordable, we believe the housing market will begin to recover over the coming year," Combs said.

NAR senior economist, Lawrence Yun, seem to suggest, however, that the credit crunch is real.

"The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through," Yun said. "Lower sales contributed to a buildup of unsold inventory."

Yun expects similar results for home sales in September.

"Once we get through these disruptions, we'll get a better sense of where the actual market is in late fall as conditions begin to normalize," he said.

Combs said, though, that the good news is that the mortgage picture is improving.

"Mortgage interest rates have been declining and loan availability is improving," she said. "Movements to enhance the FHA loan program and to raise the limits for conventional financing could provide additional relief, and it looks like the worse of the mortgage availability problem is behind us. The abundant choice of homes is permitting buyers to better negotiate price and terms. There are good opportunities in the market now, especially for first-time buyers."

The latest home price numbers show that those opportunities might be even better if buyers wait, since house prices are continuing to fall, according to data through July released this week by Standard & Poor's for its S&P/Case-Shiller Home Price Indices.

"The decline in home prices clearly continued into the summer months," says Robert J. Shiller, chief economist at MacroMarkets LLC. "The year-over-year decline reported for the 10-city composite is the lowest since July 1991. The lowest annual decline in this index, which dates back to January 1987, was -6.3%, which was reported in April 1991. The further deceleration in prices is still apparent across the majority of regions, with 16 of the 20 metro areas showing a drop in their annual growth rate from what was reported in June."

While five of the metro areas - Atlanta, Charlotte, Dallas, Portland and Seattle - are still registering positive annual returns, all five have shown deceleration in their rates of growth during the past year. Both Atlanta and Dallas are getting closer to joining 15 other metro areas in registering a year-over-year decline in home prices.

The latest numbers from homebuilders aren't encouraging. Lennar Corp posted a record quarterly loss this week weighed down by charges and write-offs in a deteriorating housing market, and said it will cut more jobs in the fourth quarter.

Lennar posted a third-quarter loss of $513.9 million. Revenue fell 44 percent to $2.34 billion. New orders fell 48 percent.

The Federal Reserve Board this week gave indications that their work in giving a boost to the economy may not be done.

Speaking for the first time since the Fed cut its benchmark federal funds rate last week Charles Plosser, president of the Federal Reserve Bank of Philadelphia President said the central bank already anticipates weaker economic growth in coming months.

"It is important to understand that the economy is expected to grow more slowly in coming months, despite last week's decision to reduce rates," Plosser said. "Therefore, I will not be surprised to see weaker statistics making headlines."

Written by Mark Heschmeyer

http://www.realestate-jacksonvilleflorida.com/finance-information-articles.php

Credit Dislocation Hits Commercial Sector

2007-09-28T16:27:00.000-07:00

Credit-market dislocation has impacted capitalization rates in the multifamily and office sectors, reports Reis Inc. Capitalization rates during late July and August dropped 30 basis points in the multifamily sector and 10 bp for office, according to Reis' latest report on credit market conditions. Late July into early August is when the commercial real estate investment market started feeling the full brunt of the credit market turbulence, in which lenders pulled back from the market, causing deals to be re-priced or cancelled altogether. The New York research firm further indicates that credit turbulence has caused a decline in investment activity and moderation in price appreciation.
http://www.realestate-jacksonvilleflorida.com/commercial-real-estate-for-sale.html

Cabot Plans 870,000-SF Distribution Center Complex in Jacksonville, Florida

2007-09-23T05:42:00.000-07:00

Boston Firm Acquires 66 Acres Near Jax Port Blount Island Marine Terminal for $11 Million

Cabot II of Cabot Properties, a Boston-based private equity investment company, acquired a 66-acre parcel of prime industrial land on Blasius Road. The parcel is 3 miles from the Jacksonville Port Blount Island Marine Terminal and traded for $11.3 million.

The site will be the home of Alta Lakes Commerce Center, an 870,000-square-foot warehouse distribution center, near the Dames Point Bridge.

Construction is scheduled to begin on Phase I of the project, which includes four buildings totaling 600,000 square feet, by March of next year.

This planned venture is one of several undertakings by Cabot, which is investing more than $1 billion in industrial properties across the U.S.

PBK Investments, which sold the property to Cabot, may be a potential lessee. Paul Robbins, a manager at PBK, is also CEO of Caribbean Shipping and Cold Storage Inc., which may take up residence in 50,000 square feet of the commerce center.

Bryan Bartlett and John Richardson of Grubb & Ellis/Phoenix Realty Group represented Cabot. Philip Parsons of Colliers Dickinson represented PBK. Written by April Francis
http://www.realestate-jacksonvilleflorida.com/list-of-duval-county-schools-in-jacksonville-florida.html

Equity To Expand Services to Jacksonville, Florida Markets

2007-09-23T05:36:00.000-07:00

Firm Plans Launch for Q3 2008

Equity plans to expand its commercial real estate services in Tampa to Orlando and Jacksonville. The expansion is expected to launch in the third quarter of next year.

Headquartered in Columbus, OH, Equity is a leader in providing commercial development, construction and brokerage services. Since expanding to Tampa last year, Equity has already acquired a portfolio totaling more than 2 million square feet of commercial space in the Tampa market.

Stevens E. Tombrink, CCIM, regional vice president of real estate services in Equity’s southeast region, plans to further develop the Tampa office by adding three more brokers to the current seven before the end of the year. Equity will continue to expand its services in the Tampa Bay region up to the launch into Orlando and Jacksonville next year.

Tombrink recently joined Equity after serving as the executive vice president of Grubb & Ellis|Commercial Florida for three years. He currently serves as president-elect of the Florida Chapter of the National Association of Industrial and Office Properties (NAIOP) and has more than 22 years experiences as an executive in commercial real estate.
Written by Megan Meyer
http://www.realestate-jacksonvilleflorida.com/commercial-realtors-in-jacksonville-florida.html

Sears Renews Lease at Jacksonville Location

2007-09-23T05:30:00.000-07:00

Retailer Inks 172,800-SF Deal at 10490 Busch Drive N

Sears Holdings Corp. and Sears Logistics Services Inc. renewed leases at 10490 Busch Drive N in Jacksonville. The distribution center is more than 172,800 square feet in the Ocean Way Industrial submarket.

Sears Holdings occupies approximately 129,600 square feet of warehouse space in the building and Sears Logistics occupies the remaining 43,200 square feet.

Dan Webb, president of Webb International Inc., represented the landlord, Continental Equities.
Written by Mishka Parkins
http://www.realestate-jacksonvilleflorida.com/duval-county.html

FHA saddles up to help delinquent borrowers

2007-09-15T09:29:00.000-07:00

By Holden Lewis • Bankrate.com

As millions of homeowners lie bleeding in the Subprime Corral, the feds ride in on an old mare to rescue a few borrowers suffering from scratches.

The bailout plan, called FHASecure, is designed to prevent foreclosures among homeowners who fell behind because the rates went up on their adjustable-rate mortgages. About 60,000 "delinquent-yet-creditworthy" mortgage borrowers will be able to refinance into FHA-insured home loans in the next year or so, an official with the Federal Housing Administration says.

It's a triage operation, with the FHA aiding the delinquent borrowers who are easiest to patch up. The rescued borrowers will be dwarfed by the number of struggling homeowners who won't qualify for FHA refinances. "Unfortunately, we think there will be some families that we won't be able to help," the FHA official says.

People who refinance under the FHASecure program will end up with fixed-rate mortgages, which are quite popular nowadays among people who were burned by rising rates on ARMs. The FHA doesn't lend money; it insures mortgages made by lenders. The agency's Web site has a search engine to find FHA-approved lenders.

Key factors of the FHA bailout plan:

• FHASecure is geared toward the homeowner with an ARM who was paying on time until the rate was reset and the monthly payment went up.
• There are loan-size limits that make these mortgages unworkable for high-cost markets, such as most of California.
• Borrowers will need at least 3 percent equity, the FHA won't help people who owe more than their houses are worth.
• The application deadline is the end of 2008.

Is it déjà vu all over again?

The FHA is a 73-year-old packhorse that was foaled during the Great Depression. In 1934, foreclosures were skyrocketing, house values were plummeting, and house sales and construction were at a standstill. In those days, people got balloon mortgages that lasted for five years, and then they were expected to refinance at a new rate. In that respect, those home loans were somewhat similar to today's adjustable-rate mortgages. Like today, many homeowners back then had trouble making their payments and they couldn't find refinancing.

"The housing industry was still flat on its face with mortgage money frozen, 2 million men unemployed in the construction industry and properties falling apart for lack of money to pay for repairs," says the FHA's self-published history of its first 25 years. The FHA was created to insure mortgages, reducing the risk to lenders and making them more likely to lend. The agency carried a lot of cargo during the decades after the Depression. But after the 1980s, the FHA grew feeble. As recently as the mid-'90s, more than one-tenth of mortgages were FHA-insured; this year, its share is around one-fiftieth. As the FHA shed its burden, piggyback loans and uninsured subprime mortgages took it up.

http://www.realestate-jacksonvilleflorida.com/florida-links.html

Developers Change Focus to Apartments - Secondary Mortgage Blossoms with Offerings

2007-08-23T11:36:00.000-07:00

Developers, who had focused on constructing condominiums and single-family homes, have shifted their focus to the multifamily sector, with the cool down in residential real estate. As a result, Reis Inc. expects the national inventory of apartment rental units to climb by 94,700 this year, the highest level since 2004. Those additions, coupled with added supply coming from units that had been slated for condominiums but have become rentals, should result in an increase in vacancies to 6.2% in the second half of 2007 from 5.8% in the first half of the year. Additionally, condo conversions have just about stopped as the country has a nine-month supply of condo units up for sale - that's a greater supply than single-family homes.

=============

Roughly $1.3 billion of commercial mortgages and loans are being offered through the secondary loan-sales market, a nearly unheard of volume for the sector. Some say the recent capital markets crunch has motivated lenders to speed up their scheduled efforts to clean up, or re-balance, their balance sheets. In addition, bank lenders have become ever-more wary of their commercial real estate exposure, given the warnings that regulators have made in recent months. Some banks are now realizing that some of the land development loans and condo conversion loans will not likely be turned around anytime soon, given market conditions. So they're essentially cutting bait and selling.

RealEstate JacksonvilleFlorida

Jacksonville Beach Group Sold Benchmark Bldg. for $4M

2007-08-21T07:29:00.000-07:00

Office Site at 1579 The Greens Way Trades for $291 PSF

Greens Way Realty Holdings purchased the Benchmark Building at 1579 The Greens Way in Jacksonville Beach. A local investor sold the two-story, Class B office building for $4 million, or about $291 per square foot.

The 13,744-square-foot property was 100% occupied at the time of sale. Local professionals and the current property owner leased the entire office building.

Kate Clifford of Strategic Sites Clifford Commercial represented both parties.

For further information, please refer to COMP #1333422.

Real Estate Jacksonville Florida

Butler Plaza’s Final Spec Office Project Breaks Ground, Jacksonville, Florida

2007-08-02T03:16:00.000-07:00

Liberty Starts Construction of 80,000-SF Class A Building

Real estate investment trust Liberty Property Trust started construction on its new speculative office building last week. Working alongside the U.S. Green Building Council, Liberty is seeking LEED (Leadership in Energy and Environmental Design) certification for the property. Butler III, an 80,000-square-foot office building, is the final installment to the Butler Plaza Office Park. If LEED certification is awarded upon building completion next April, it will be the REIT’s second sustainable development project in Jacksonville.

The building’s exterior materials will include concrete and glass, and its interior will be made of granite, limestone and terrazzo. According to Liberty, its “numerous high-performance features will include waterless urinals, low-flow shower heads and sensor faucets, high energy-efficient HVAC equipment with special filters and carbon dioxide monitors, a highly reflective TPO roof membrane, as well as low emission paints, carpet and adhesives.”

Liberty is a leader in the development of green building and holds a U. S. Green Building Council Award for Corporate Leadership. Liberty received official LEED certification for 5201 Gate Parkway, also in Butler Plaza in January. The property is the first commercial building in Jacksonville that is LEED certified and one of 10 buildings in the state of Florida that meets LEED certification requirements.

Mike Heise, vice president, Liberty Property Trust, believes that the development of green buildings is essential given the current competition and market demand. Currently, the REIT oversees more than 3 million square feet of LEED projects.

Written by Mishka Parkins

Real Estate Jacksonville Florida

Jacksonville Florida Builders Recognize Perks of Going Green

2007-08-02T03:13:00.000-07:00

Commercial Green Projects on the Rise in NE Florida

In an effort to minimize environmental impacts, more commercial building developers are seeking LEED certification for their projects. In northeast Florida the number of builders working in conjunction with the U.S. Green Building Council is increasing. The goal of most is to complete and satisfy the LEED certification process to receive official LEED certification.

The process starts with project registration with the U.S. Green Building Council (USGBC). The building is then measured against a rating system. If certification is awarded the project will be awarded basic, Silver, Gold or Platinum certification.

The USGBC reported that there are 23 total registered and certified LEED buildings in Jacksonville and Jacksonville Beach. Of these 23 projects, 21 are seeking certification and two are LEED certified buildings. In January, Jacksonville welcomed its first commercial LEED at 5201 Gate Parkway. It is one of only 10 LEED certified buildings in the state of Florida.

The Jacksonville leaders in green building design include the Haskell Co. and Newcom Development LLC, both of which are also members of U.S. Green Building Council. All acknowledge the benefits of green building design, not only for the environment but also to their bottom line.

Written by Mishka Parkins

Real Estate Jacksonville Florida

Regency Centers Signs Retailer to 20,400 SF at Jacksonville Florida Shopping Center

2007-08-02T03:07:00.000-07:00

Office Depot Leases at Highland Square

Regency Centers Corp. leased 20,442 square feet to Office Depot. The new store will be in the Highland Square Shopping Center at 1010 Dunn Ave. in Jacksonville.

Highland Square, a 262,192-square-foot community center, is in the Northeast Jacksonville submarket on the southwest corner of Dunn Avenue and Monaco Road. The property was built in 1961 and renovation was completed in 2000. Publix super market anchors the community center, occupying 37,866 square feet. Other tenants include national and regional retailers such as CVS, Payless Shoe Source, CATO, Dollar Tree and Big Lots.

Brian Platock of The Shopping Center Group represented Office Depot. Regency Centers used in-house leasing agent Patrick Mckinley.

Written by Mishka Parkins

Real Estate Jacksonville Florida

Trouble in the Debt Markets:

2007-07-27T15:22:00.000-07:00

National News

Housing Industry Woes Ooze into Commercial Real Estate

The big question everyone seems to be asking (but no one really knows the answer) is will the spillover from rising housing loan defaults and foreclosures and plunging housing demand eventually drag down the overall economy? There's no question that lenders and credit ratings agencies have tightened their underwriting as a result, which is having at least a moderate cooling effect on the commercial real estate sector. But, at least for now, national economic indications...
» Click here for full story

By Mark Heschmeyer

Investment-Business Information Articles

Florida's Super Homestead Exemption Calculator

2007-07-17T18:13:00.000-07:00

There is much information, both good and bad, about Florida's proposed new Homestead Exemption and how it affects your tax liability as a real and tangible property tax payer.

There are several tax calculators already appearing on the internet. This one is a simple version at this URL - Florida's Super Homestead Calculator.

This might help you to determine if you want ot keep your Amendment 10 CAP and $25,000 exemption or opt out of that and accept the Super Homestead Exemption.

Keep in mind that you do not have to do anything. If you already have the present homestead on your real property, it will stay there as long as you stay there. If you buy another homestead, you will automatically have the Super Homestead Exemption.

If you buy a new property to homestead, you will only have the Super Homestead Exemption option.

I would think that most fixed income families would keep their existing Amendment 10 Homestead Exemption and not opt for the Super Homestead Exemption.

Young or mobile families might be better to choose Super Homestead Exemption especially for the short term.

The main difference:

> With Amendment 10, the tax payer is taxed on the ASSESSED value which has maximum increases of 3% annually.

> With Super Homestead Exemption the taxes will be based on MARKET value which has seen increases of up to 20% and more in the recent years, especially in Duval and a few other counties such as Dade and St. Johns and a few others.

As an example: this homesteaded property would sell today at a MARKET value of $200,000. It was purchased 20 years ago for $60,000. It has been capped (max 3% assessed value/year) since 1995 (the first year of the Amendment 10 legislation). 2007 taxes will be $1,200 (+/-) on a $200,000 home because the ASSESSED (taxable) value has been "capped" since the first year of the Amendment 10 CAP in 1995.

Under Amendment 10, a new owner would pay ad valorem (property) taxes on the new purchase price of $200,000 (in theory). Under Amendment 10, the new owner would pay $4,675 in property taxes. Under this system the taxable now would have been on the ASSESSED value which in theory would have been the purchase price for year 1 and then a maximum of 3%(CPI) per year. The market value could be 10 or 20% per year, but Amendment 10 kept the TAXABLE amount (assessed amount) to a maximum of 3%/year.

The difference between the MARKET value and the ASSESSED (taxable for homesteaded properties) is called the deferred value.

So in the example above, the deferred value (which the tax payer does NOT pay taxes on under Amendment 10) is the difference between the MARKET (what the property is worth on the open market between a willing buyer and a willing seller) and the ASSESSED value (taxable amount)

Under Amendment 10 the previous owner is paying taxes on a $200,000 propety - the deferred amount of $162,000 (non-taxable) = 88,000 - $25,000 HOMESTEAD EXEMPTION = a taxable amount of $63,000 x 1.87% (2006 taxable millage rate) = $1,178.00 (+/-) tax bill.

Under Amendment 10, the new owner would pay $4,675 in ad valorem property taxes.

Under the Super Homestead Exemption @ $200,000 purchase (market value) now becomes the ASSESSD value also. But the taxes are based on 25% of that price which is $62,500 x tax % (millage rate) 1.87% = $1,168.75 in taxes.

So for the existing homesteaded property the Amandment 10 option appears a good one and for the new buyer the Super Homestead Exemption looks like a good option.

BUT - - -

one must consider all the variables in the CALCULATIONS like:

Assessed Value:
Real Estate Appreciation:
Per Capita Income Growth:
Market Value:
Consumer Price Index:

PLUS your situation: retired, fixed income, moving, transfer, salary increase, etc.

Simple? NO! Easy? NO!

Understand that none of this goes into effect as a State Constitutional Amendment until after the general vote in January 29, 2008.

I hope that this was some help to clarify this complicated issue!

Real Estate Jacksonville Florida

UPDATED: Exchange Industry Tries To Clean House: A 1031 Cautionary Tale Part 3

2007-06-15T14:05:00.000-07:00

In an Effort To Overcome Damage from Recent Financial Intermediary Failures, 1031 Exchange Industry Steps into Action

A spate of recent troubles involving a handful of financial intermediaries of 1031 tax free exchanges has sent the industry reeling from the negative publicity. In response, one industry group, the Federation of Exchange Accommodators (FEA), is hoping to overcome the recent publicity by "weeding out" unscrupulous firms from the industry and at the same time inviting regulators to provide more oversight in order to reassure jittery investors.

Section 1031 of the U.S. tax code allows investors to sell off some investments without paying taxes on the gain so long as the proceeds are passed back -- or exchanged -- into a like-kind investment within 180 days. Since being enacted basically in its present form in the early 1990s, this provision in the code has allowed literally billions of dollars a year to flow through just a few hundred financial intermediaries - called qualified intermediaries (QIs) -- with little to no oversight from state or federal regulators over what these QIs can do with the money during the 180-day holding period.
More Co Star article . . .

http://www.realestate-jacksonvilleflorida.com/economy-news-information-articles.html

United Realty Buys Jacksonville Complex for $2.55M

2007-06-15T14:01:00.000-07:00

VA Group Sells 76-Unit Almeda Apts.

United Realty Management Inc. of Margate, FL, acquired Almeda Apartments at 3801 Almeda St. in Jacksonville from Sunil Kologi of Clifton, VA, for $2.55 million, or about $33,553 per unit, with an 8% cap rate.

The 76-unit, 58,604-square-foot apartment complex on 3 acres was built in 1969 and is in the Northwest Jacksonville market.

Prior to this sale, the property last sold in December of 2002 for $783,000.

Jeff Klotz of Dickinson Commercial Real Estate Services represented the seller. United Realty Management Inc. was self-represented.

For more information, please refer to COMP ID #1284447.

Co-Star

http://www.realestate-jacksonvilleflorida.com/commercial-real-estate-news.html

Discover the best 7 marketing techniques to find all the motivated

2007-06-12T15:33:00.000-07:00

Struggling to find motivated sellers? Want to learn the latest online
and offline marketing techniques to target motivated sellers in
autopilot mode.

All on a FREE Teleseminar. To get more details visit.

http://tinyurl. com/yupc4a

Techniques so powerful they cannot be found in any book, seminar
or home study course... you miss it you lose it.

http://tinyurl. com/yupc4a

Thanks
Bob Smith

===========

Monthly Landlord Meeting
Members, friends, and everyone with an interest in residential rental property management are invited to attend the monthly meeting of The Florida Landlord Network.

Meetings are held the 2nd Wednesday of every month beginning with lunch at 12:00. The meeting runs from 12:30 until 1:30 PM and is held at The Golden Corral, 4250 Southside Blvd. Click here for map. This meeting is free to all. Bring a friend!

Eviction Service

No one like an eviction. When you must evict, Florida Landlord Network makes it easy. Just go to the website and select "Evictions" from the Services Menu. Enter the required information (this takes about one minute). Soon after you will receive all of the documents required to file in Court. Sign them and give us a call.

We will pickup those signed documents and take them to Court for you. In addition, we will return to Court at the appropriate times to file the required Motions. Assuming your tenant doesn't pay, you should receive the Final Judgement in a couple of weeks. All for $195.00. All fees included.

Visit FlaLandlord.Com Today!

Best regards!

Paul Howard
President, Florida Landlord Network

====================
Have a house in the <$150K range that needs the norm, kitchen, baths, paint, carpet, 3/2,
Owner in foreclosure. I am looking to assign this rehab. Contact me for more details. I will have pics and details on Tuesday afternoon.

also

I am looking for investors wishing to make 15% on their money secured by real estate. Have 4 deals right now that I have all the details on.
Jerry Whelan

Jerry Whelan
Our Angel House, LP
904-264-6061 Office
919-371-0300 Office
904-505-6020 Cell
904-688-1428 Fax
OurAngelHouse. com
HalfTimeMortgage. com

http://www.realestate-jacksonvilleflorida.com/fix-or-establish-your-credit.html

Trump Gives Up on Tampa High Rise

2007-06-08T17:03:00.000-07:00

Real estate mogul Donald Trump has pulled out of a proposed $300 million, 52-story condominium project in Tampa Bay and has sued the developer, according to a U.S. District Court filing. Trump claims in the lawsuit that SimDag, LLC owes him more than $1 million in unpaid licensing fees. He's also ordered developers to stop using his name on the project. Construction on the property hit a snag last November, and no timetable to resume has been established.

http://www.realestate-jacksonvilleflorida.com/economy-news-information-articles.html

Looting the Escrow Account: A 1031 Cautionary Tale Continued

2007-06-08T17:00:00.000-07:00

National News

By Mark Heschmeyer

There is increasing anxiety, anger and upheaval in the 1031 property exchange industry following the failure of a second high-dollar 1031 exchange accommodator this year. That case puts more than $250 million total in jeopardy and follows the disclosure of another case involving an exchange intermediary who is missing with more than half a million dollars of his client's money. The troubles first came to light a couple of weeks ago when CoStar Group reported The 1031 Tax Group...
» Click here for full story

http://www.realestate-jacksonvilleflorida.com/real-estate-articles.php

Real Estate Jacksonville Florida

2007-06-08T16:50:00.000-07:00

Hi again everyone,

We are still looking for a house for a primary residence, preferably a
rehabb that we can truly make our own. Our preferred area is Murray
Hill and Riverside but we are open to all areas of town as long as we
like the neighborhood. Our main criterias are a square footage of
around 1800-2000 sqft, 3/2 and, if a rehabb, something around 150-175K
max. A decent size backyard would be great as we have a hyperactive
pitbull puppy who needs space to run instead of chewing on the inside
cats for entertainement, so the bigger the yard, the better. :)

Thanks for any leads you may send our way.

Sylvie Schiller
881-9012

Rental Properties For Sale With 10-20% Equity!

Single Family, Duplexes, 4-plexes, multi-fam and commercial

10-20% BELOW market value
* C-A-S-H-F-L- O-W
* local and nationwide listings
* up to $20,000 available for down payment and closing costs

* Must Qualify *

* First come first serve. *
Many of our associates properties sell in 3 hours or less.

* Preferred Buyers * receive our listings FIRST

Visit: http://www.labanjoh nson.com/ preferred_ buyer

---

By the way, If you haven't heard of the Mouse Method of Real Estate
Profits you could be profiting in real estate any where in the
country, on properties, sight unseen, with none of your own money!

Click on this link: http://www.mousemet hod.com/? e=labanjohnson@ hotmail.com

Sincerely,

Laban Johnson, Founder
The Laban Johnson Group
http://www.labanjoh nson.com
"Improving the Quality of Life"

When you refinanced, you probably just bought a "lender" policy. A "owner" policy would have cost about $100 or so more so, yes, it should be purchased.

That being said, the "lender" is still guaranteed that they have a first mortgage, therefore, you should only have a first mortgage. Also, it is the responsibility of the title agent to follow up on their satisfactions.

If the title company does not call you back in a week, go to the lender and tell them the situation. Once they find out that they have a 2nd mortgage, they will take some action.

Keep me posted and if anything changes, let me know. I'll keep walking you through it.

Dave Ginn

Dave,

Your comment "I assume that you got title insurance when you got the new
loan." made me think of another question. We always purchase an owner's
title insurance policy when we purchase the property. We do not,
however, purchase a new policy when we re-finance. Should we purchase a
new owners title insurance policy upon refinancing?

And by the way, I've contacted both title companies for all three
properties and they both say they'll have to 'research and call me
back'.

Thanks again for all your input.

Kim Wisdom
Stomping Ground, Inc.
(904) 264-7079, office
(904) 465-1555, cell

Hi, Sylvie I'm an agent in the Watson Ortega office and we speciallize in the Ortega/Avondale/ Riverside area. If you want to email me back and give me some more specifications of what exactly youre looking for I can keep my eye open for you and start looking, or if you would like we could meet up this weekend and start a search together. Good luck!

-Steven McAdoo
Cell:(904) 612-6032
Direct:(904) 412-4535

-----Original Message-----
From: sylvie schiller
To: NEFRENT@yahoogroups .com
Sent: Wed, 6 Jun 2007 11:51 am
Subject: [NEFRENT] house wanted

Hi again everyone,

We are still looking for a house for a primary residence, preferably a
rehabb that we can truly make our own. Our preferred area is Murray
Hill and Riverside but we are open to all areas of town as long as we
like the neighborhood. Our main criterias are a square footage of
around 1800-2000 sqft, 3/2 and, if a rehabb, something around 150-175K
max. A decent size backyard would be great as we have a hyperactive
pitbull puppy who needs space to run instead of chewing on the inside
cats for entertainement, so the bigger the yard, the better. :)

Thanks for any leads you may send our way.

Sylvie Schiller
881-9012

Thanks a lot Dave. I will contact them tomorrow. I am just glad I
noticed it now instead of 10 or so years from now.

Kim Wisdom
Stomping Ground, Inc.

Hello everyone. My question is relative to satisfactions of
mortgages and what should be done.

I have three properties that had hard money mortgages on them at one
time. We have since re-financed them into permanent financing, but
I have noticed that there is no satisfaction recorded for the
original hard money mortgage.

I know the addresses of the people that need to sign these documents
and I can obtain a sample of a satisfaction from the clerk's site.
Question is this: Is this something I can do myself? Or would it
be better to have a title company do this?

I would have thought the title company that closed the re-fi would
have handled, but apparently not. The re-finances occurred back in
late 2005.

Thanks a lot for your feedback!

Kim Wisdom
Stomping Ground, Inc.
(904) 264-7079, office
(904) 465-1555, cell

Kim

There is a legal issue involved here. Check the Florida statutes, but I know that the lender has a legal obligation to provide you a signed satisfaction of mortgage within a certain period of time.

Have you talked to the hard money lender? They don't have to record them but they may have sent them to the closing agent who did not follow up. Happens all the time.

Call the closing agent. Play hardball with them. They guaranteed you when you refinanced that you only had one mortgage. I assume that you got title insurance when you got the new loan.

I hope this helps.

David F. Ginn
Jacksonville, FL

http://www.realestate-jacksonvilleflorida.com/duval-county.html

historic district in Jacksonville Florida

2007-05-29T15:19:00.000-07:00

Sylvie,

If you would consider another historic district in the city, we have
a rehab historic house in Springfield. It is located in the best
quadrant of the area just two blocks from Klutho Park.

It is a beautiful Dutch Rivival built in 1906. All historic
features are intact -- door and window moldings, fireplace, pocket
door, butler door, hardwood floors, clawfoot tubs, and more.

It really is a gorgeous house. Let us know if you are interested.

Marc and Kim

http://www.realestate-jacksonvilleflorida.com/real-estate-misc-news-for-sale-rent.html

Real Estate Investing, Jacksonville, FL

2007-05-27T18:31:00.000-07:00

I am looking for a house that has a minimum of 2000 sq ft with at least 3 BRs and 2 baths with a garage. Buyer has cash and can close in 14 days price must be under $300K.
Jerry Whelan
Our Angel House, LP

Jerry Whelan
Our Angel House, LP
904-264-6061 Office
919-371-0300 Office
904-505-6020 Cell
904-688-1428 Fax
OurAngelHouse. com
HalfTimeMortgage. com

=================
have client looking for lot in Mandrin to build on....
any good prospects out there?
Respectfully
--
JD Polk, founder&ceo
Alternative Resource Electric Corp inc
(solar,wind & tidal-flow generation one platform)
904.333.9814
888.448.9188

On a more serious note:

If you go to the website www.LetsSayThanks. com you can pick out a thank you card that Xerox will print and send to a soldier that is currently serving in Iraq. You can't choose who gets it, but it will go to a member of the U.S. armed services. How AMAZING it would be if we could get everyone we know to send one!

============

I am looking for a house that has a minimum of 2000 sq ft with at least 3 BRs and 2 baths with a garage. Buyer has cash and can close in 14 days price must be under $300K.
Jerry Whelan
Our Angel House, LP

Jerry Whelan
Our Angel House, LP
904-264-6061 Office
919-371-0300 Office
904-505-6020 Cell
904-688-1428 Fax
OurAngelHouse. com
-----------
Fabian,
Does it have a garage? What is the address? I of course need a reasonable finders fee under that 300K if they really won't budge over that.

=========

Hi Jerry,
I have a 4 Bedroom, 2 Bath, 2,006 sqft. One year old home, in almost new condition. The previous owner only lived in it for a month and half. Washer, Dryer, Refrigerator, 2 Car attached garage. Garage is finished inside. Home is located in St. Johns County. Please call me any time at 904-294-1632.

I also have a 3/2 1600 sqft, 2 car garage off of 9A and main street. Please call if interested.

Both homes are in nice neighborhoods.
Thank you.

Kevin Meyer
904-294-1632
============
What location ? I have one in Eagle Harbor (Fleming Island) 4/2 about 2600 sq ft. Excellent condition! Price is $ 319K but is the buyer can close quick I'll consider $ 300K.

Fabian Videla
237-4904

============

Is your buyer interested in a home in Live Oak on 5 acres and a 4bd/2ba only 4 years old with a garage?

JoAnne Conrad
828-200-0306 until Monday then
386-963-4956

---------

Hi everyone,

We are starting to look for a rehabb in Riverside. This house will be
our primary residence, not a flip. We are looking for something that
will probably need a lot of work and time, as we are not in a hurry to
move in and we'd rather wait for the right house than jump on just
anything.

Please call me at 881-9012 or email me if you have any listings or
leads on something like this. Any amount of rehabb is ok, except maybe
for a cracked foundation or a missing roof (?) :)

Thanks for your help.

Sylvie Schiller

Current wholesale deals + announcement below!

2007-05-25T15:16:00.000-07:00

1427 Hart St.
Jacksonville, FL 32209

ARV: $100k
LIST PRICE: $43k

SUMMARY: Here's another duplex!!! Double the rent, double 3/1's, double
the cashflow. 6/2 1398 sf frame property that needs a roof, ch&a,
replace wood rot, int/ext paint, carpet and updating on the inside (should
be about $20k in work). Should also bring in $700 to $750 per month in
rent for each unit (or at least $1400 per month total). This one won't
last and I'm in a time crunch to get this sold so make an offer quick.

More info @
http://www.UndergroundDeals.com/list.asp?id=1427

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

1303 W. 32nd St.
Jacksonville, FL 32209

ARV: 80K+++
LIST PRICE: $45k

SUMMARY: 2/1 asbestos siding, 850+ sf. Needs minor cosmetic repairs
(less than $1k). Half a block north is where the new Golfair Estates
subdivision contains brand new, beautiful large homes. Should bring in
about $650 to $750/mo easily. Click here to view the values of 5 homes that
are smaller than this house about $115k to $140k.

Details here:
http://www.UndergroundDeals.com/list.asp?id=1303

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

I have added two properties to the wholesale list. To view the list just click below:

www.mikeduprel.com

If this does not work in your browser just do a copy and paste to your address bar.

Thanks, Mike Duprel

==============

If you are unable to open the attachment or want more info and pictures
go
to our website

www.PropertyPayDays.net
==================

http://www.realestate-jacksonvilleflorida.com/commercial-realtors-in-jacksonville-florida.html

Flagler To Build 142,000-SF Office Bldg. in Jacksonville

2007-05-24T15:17:00.000-07:00

Flagler To Build 142,000-SF Office Bldg. in Jacksonville
Kemper Auto and Home Leases 80% of Lakeside Five at Flagler

Flagler Development Group will begin construction of Lakeside Five at Flagler in Jacksonville. The five-story, 142,000-square-foot, Class A office building will commence construction next month with a completion date set for second quarter of next year.

Along with this announcement, Flagler also announced that Kemper Auto and Home will occupy 113,600 square feet, an approximated 80% of the building. Kemper Auto and Home sells personal insurance through a network of independent agencies. The company will move from 5210 Belfort Road, Concourse II in Jacksonville.

Curtis Loftin of Beacon Realty Services represented the tenant. Ross Carrier and Gary Cox negotiated the transaction in-house for Flagler Development Group.

http://www.realestate-jacksonvilleflorida.com/jacksonville-fl-links.html

Miami Group Buys Kendall Lakes Apts. for $27M

2007-05-24T15:14:00.000-07:00

Miami Group Buys Kendall Lakes Apts. for $27M
Investor Sells Third Phase of Jacksonville Development

Kendall Lakes Apartments LLC of Miami acquired the newly built Kendall Lakes Apartments at 1140 Kendall Town Blvd. in Jacksonville from Arlington Properties of Birmingham, AL, for $27.23 million, or about $144,827 per unit.

The sale of the 188-unit, 224,472-square-foot apartment complex is the third phase of the mixed-use Kendal Lakes Development built by Arlington Properties, totaling more than $58 million in transactions. The total project consists of 400 multifamily units along with 9,500 square feet of retail space in the Arlington submarket. The 188-unit property includes a fitness center, laundry facilities, pool and on-site management office. Fugleberg Koch Architects of Winter Park designed the project, which was completed last December.

Bart Walchle and Stephen Lear of Walchle Lear Multifamily Advisors brokered the transaction for both parties.

For more information, please refer to COMP #1302370.

http://www.realestate-jacksonvilleflorida.com/florida-links.html

William Tingle Subject 2 course

2007-05-23T15:19:00.000-07:00

I'm looking for investors that buy houses or wholesale in the Green
Cove Springs area. If you could, email me. I'd like to discuss exactly
what you look for and the best strategies for that area.

Thanks,
Jason Click
jasonclick@gmail. com

==========

I have a mint condition William Tingle Subject 2 course that I am
looking to get rid of. It sells for $300 on his site, and I will sell
it for $150. This is a great course that I have gained a lot of info
from.

http://www.realestate-jacksonvilleflorida.com/real-estate-articles.php?CatID=45&ArtID=107625

Florida Association of Realtors® - EarlyBird News

2007-05-23T15:15:00.000-07:00

EarlyBird News

An information service for members of the Florida Association of Realtors® http://www.floridar ealtors.org

For legislative news visit http://farlegislati ve.org.

1031 EXCHANGES

The bankruptcy of a national 1031 exchange firm has jeopardized some real estate deals. It’s also highlighted a problem in the like-kind exchange system – a lack of oversight on this legal way to shield capital gains from the IRS.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n1-051807. cfm

____________ _________ _____

PROPERTY MANAGEMENT

Three consumer and community groups want Gov. Charlie Crist to veto a bill that allows property managers to include a lease clause requiring tenants to pay fees equal to two months’ rent if they move out early.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n2-051807. cfm

____________ _________ _____

MORTGAGE RATES

Rates on 30-year mortgages jumped to an average of 6.21 percent – the highest level in five weeks – as investors expressed disappointment that the Federal Reserve continues to worry about inflation threats, according to Freddie Mac’s weekly nationwide survey.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n3-051807. cfm

____________ _________ _____

SUBPRIME MORTGAGES

The growing number of mortgage defaults, according to Federal Reserve Chairman Ben Bernanke, won’t seriously hurt the nation’s economy. Bernanke also says that the Fed will do everything possible to crack down on mortgage fraud and abusive lending practices.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n4-051807. cfm

____________ _________ _____

MARKET TRENDS

While recent housing data indicates a soft landing in the national real estate market, some areas are showing strong growth or the first stages of recovery, according to experts speaking at a real estate business trends forum during NAR’s Midyear Meetings yesterday in Washington.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n5-051807. cfm

************ ********* ********* ********* ********* ********* *

HOMEOWNERS IN NEED

You can help. The Center for Responsible Lending (CRL) estimates that 2.2 million American households have lost or will lose their homes as monthly payments rise on high-risk mortgages in the next few years. Nontraditional mortgages that opened doors to homeownership or refinancing just a few years ago might soon be showing some borrowers the door, as interest rates reset, payments adjust, and monthly payments become unaffordable for families at greatest risk. NAR, in a partnership with CRL and NeighborWorks America, introduced a new brochure, “Learn How to Avoid Foreclosure and Keep Your Home” – the fifth mortgage-related brochure in NAR’s consumer education series. The brochure is being distributed during NAR’s 2007 Midyear Legislative Meetings & Trade Expo this week in Washington, D.C., and will soon be available through the REALTOR® Store, http://www.realtor. org/prodser. nsf/StoreHome/ REALTORstore? OpenDocument

http://www.realestate-jacksonvilleflorida.com/real-estate-articles.php?CatID=45&ArtID=105451

NEW HANDYMAN SPECIAL - GREAT DEAL

2007-05-22T06:37:00.000-07:00

MARIETTA/PAXON
1034 WESTBROOK CIR W
Jacksonville, Florida (FL)

2 bed 1 bath 825 sq ft
Lot size 5,850 sq ft

Repairs needed:
CENTRAL HEAT/AIR, PAINT, CARPET, KITCHEN FLOOR REPAIRS.

Estimated repair cost $8K. I have a written quote from a contractor.

ASKING $45,000

WORTH $85,000

HURRY WILL NOT LAST!!!!!!!! !!!!!
PROPERTY VACANT AND ON LOCKBOX. CALL FOR CODE!!

Contact

Danny (904) 236-6319

http://www.realestate-jacksonvilleflorida.com/residential-real-estate-for-sale.html

real estate investing resource

2007-05-19T11:38:00.000-07:00

I found this unique real estate investing resource that I think you'll
be interested in. It's called the Mouse Method of Real Estate Profits.
It shows you how you can profit in real estate any where in the
country, on properties, sight unseen, with none of your own money!

Click on this link:

http://www.mousemet hod.com/? e=labanjohnson@ hotmail.com

Sincerely,

Laban Johnson
================

I am looking for investors who buy in either Springfield or Callahan.
I have a couple of houses coming up that I am looking to assign the contracts
and wanted to have a starting place.

Anyone know some investors in Atlanta that are trustworthy and honest.
I have someone moving there that I thought I might strike a deal with.
Thanks
Jerry

===================

these deals are worthless and the man that gets the 7 dollars is the only one that makes any
money there are millions of these scams online be very careful..... ..

JD Polk, founder&ceo
Alternative Resource Electric Corp inc
(solar,wind & tidal-flow generation one platform)
904.333.9814
888.448.9188
Thanks
===============

I found the information to be very helpful or I wouldn't have passed it on.

Laban Johnson, Founder
The Laban Johnson Group
http://www.labanjoh nson.com
"Improving the Quality of Life"

Jerry Whelan
Our Angel House, LP
904-264-6061 Office
919-371-0300 Office
904-505-6020 Cell
904-688-1428 Fax
OurAngelHouse. com
HalfTimeMortgage. com
========================

http://www.realestate-jacksonvilleflorida.com/duval-county.html

Regency, Jacksonville, Florida, Centers Sells Local Retail Complex for $25M

2007-05-17T18:24:00.000-07:00

Georgia Investor Buys 219,000-SF Regency Court on Arlington Expressway

Regency Centers of Jacksonville sold the Regency Court Shopping Center at 9222-9398 Arlington Expressway in Jacksonville to Garfunkel Development Co. of Savannah, GA, for $25.25 million, or approximately $115.50 per square foot, with an 8.11% cap rate.

The 218,646-square-foot shopping center was originally constructed in 1970. Approximately 88% of the tenant roster is comprised of national and regional credit tenants including: Sports Authority, Comp USA, Sofa Express, Office Depot and a new K&G Superstore. Rooms To Go and Longhorn Steaks are on out-parcels.

Plaza Advisors exclusively represented the seller, Regency Centers. The buyer, Garfunkel Development, was not represented by a broker. Jim Michalak, manager partner of Plaza Advisors, acted as the sole broker in the transaction.

Plaza Advisors is a real estate brokerage firm based in Tampa. Michalak is a 22-year career real estate broker specializing in the disposition of anchored shopping center properties throughout the southeastern United States. Since 2000, Michalak has closed 66 shopping center transactions with an aggregate sales volume exceeding $1 billion.

http://www.realestate-jacksonvilleflorida.com/jacksonville-real-estate-business-news.html

Corporate Square Business Center Trades for $1.9M

2007-05-17T18:22:00.000-07:00

Corporate Square Business Center Trades for $1.9M
Dickinson Commercial Acquires 4-Building Industrial Portfolio

Dickinson Commercial Real Estate Services LLC of Ponte Vedra Beach acquired the four buildings in the Corporate Square Business Center at 8802 Corporate Square Court in Jacksonville from Group IV Corporate Square Inc. of Jacksonville for $1.9 million, or about $64.50 per square foot.

The 29,440-square-foot industrial park was built in 1998 on 2.29 acres in Jacksonville's South Side Industrial submarket.

Bart Hinson of Colliers Dickinson represented the seller. Group IV Corporate Square Inc. Dickinson Commercial handled the deal in-house. The building last sold in 2005 for $1.2 million.

Please reference COMP ID #1298101 for further details.

http://www.realestate-jacksonvilleflorida.com/commercial-real-estate-news.html

GVA Advantis Names Winters President of Central Florida Region

2007-05-17T18:20:00.000-07:00

Firm Establishes Executive Committe of Regional Presidents to Enhance Local Operations

GVA Advantis has named Michael Winters as president of the Central Florida region for the company. He was formerly managing director of the region.

Winters will be responsible for overseeing operations in the Tampa, Orlando, Jacksonville and the South Florida markets. He has more than 25 years of experience in commercial real estate, and has held executive management positions with Cushman & Wakefield, USAA Real Estate Co., The Hogan Group, South Mark Commercial, and Reynolds, Smith & Hills.

Winters is a member of the Urban Land Institute (ULI) and the National Association of Industrial and Office Properties (NAIOP). He is a past board member for the local chapters of both Building Owners and Managers Association (BOMA) and International Facility Management Association (IFMA).

Additionally, Winters will sit on GVA Advantis' newly formed Executive Committee along with the firm's four other regional presidents, who include Paul Thomann, handling Advantis Construction Co.; Bruce Ford, handling the Georgia and Carolinas region; Lucas Hewitt, handling Northwest Florida; and Deborah Stearns, handling Virginia and Washington, D.C.

"The establishment of regional presidents and the Executive Committee puts more authority and accountability at the local level, and streamlines the corporate decision-making process," said John K. Hutcheson, Chairman and CEO of GVA Advantis.

http://www.realestate-jacksonvilleflorida.com/investment-business-information-articles.php

Jacksonville , FL 32209

2007-05-17T18:10:00.000-07:00

How ya doin' ...

Here are a couple of new, interesting wholesale properties.

1256 Bridier St.
Jacksonville , FL 32209

ARV :$90k
LIST PRICE:$45k

SUMMARY: 3/2 1150+ sf concrete stucco property, large yard, ch&a.
Extra bathroom was added to the master bedroom converted from part of the
front porch. Needs paint, carpet odds and ends...roughly $10k or less
of work. Decent rental property that could bring in about $750 to
$850/mo cashflow.

More info @
http://www.UndergroundDeals.com/list.asp?id=1256

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

1303 W. 32nd St.
Jacksonville , FL 32209

ARV :$115k (at least)
LIST PRICE:$69,900

SUMMARY: 2/1 asbestos siding, 748 sf. in a quiet, promising area!
Needs minor cosmetic repairs (less than $1k). Half a block north is where
the new Golfair Estates subdivision contains brand new, beautiful large
homes. Should bring in about $650 to $750/mo easily. Click here to view
the values of 5 homes that are smaller than this house and the same
age--all about $115k to $140k.

http://www.realestate-jacksonvilleflorida.com/duval-county.html

Here are a couple of new, interesting wholesale properties.

1256 Bridier St.
Jacksonville , FL 32209

ARV :$90k
LIST PRICE:$45k

SUMMARY: 3/2 1150+ sf concrete stucco property, large yard, ch&a.
Extra bathroom was added to the master bedroom converted from part of
the front porch. Needs paint, carpet odds and ends...roughly $10k or
less of work. Decent rental property that could bring in about $750
to $850/mo cashflow.

More info @
http://www.Undergro undDeals. com/list. asp?id=1256

$$$$$$$$$$$$ $$$$$$$$$ $$$$$$$$$ $$$$$$$$$ $$$$$$$$$ $$$$$$

1303 W. 32nd St.
Jacksonville , FL 32209

ARV :$115k
LIST PRICE:$69,900

SUMMARY: 2/1 asbestos siding, 748 sf. in a quiet, promising area!
Needs minor cosmetic repairs (less than $1k). Half a block north is
where the new Golfair Estates subdivision contains brand new,
beautiful large homes. Should bring in about $650 to $750/mo easily.
Click here to view the values of 5 homes that are smaller than this
house and the same age--all about $115k to $140k.

Details here:
http://www.Undergro undDeals. com/list. asp?id=1303

$$$$$$$$$$$$ $$$$$$$$$ $$$$$$$$$ $$$$$$$$$ $$$$$$$$$ $$$$$$

If none of these are right for you, then please
forward to a friend/client. ..

Thanks and God Bless!

Robert

P.S. To find out about good deals before anyone else, sign up here
http://www.Undergro undDeals. com...

Flagler To Build 142,000-SF Office Bldg. in Jacksonville Florida

2007-05-17T15:11:00.000-07:00

Kemper Auto and Home Leases 80% of Lakeside Five at Flagler

Flagler Development Group will begin construction of Lakeside Five at Flagler in Jacksonville. The five-story, 142,000-square-foot, Class A office building will commence construction next month with a completion date set for second quarter of next year.

Along with this announcement, Flagler also announced that Kemper Auto and Home will occupy 113,600 square feet, an approximated 80% of the building. Kemper Auto and Home sells personal insurance through a network of independent agencies. The company will move from 5210 Belfort Road, Concourse II in Jacksonville.

Curtis Loftin of Beacon Realty Services represented the tenant. Ross Carrier and Gary Cox negotiated the transaction in-house for Flagler Development Group.

http://www.realestate-jacksonvilleflorida.com/business-journal-jacksonville-florida.html

WE NEED HOUSES!!!!

2007-05-15T17:45:00.000-07:00

We are looking for any type of renovations in the following areas/zipcodes:
Argyle, Middleburg, Oak Leaf, Westside, Arlington, San Marco, Mandarin,Riverside, Southside.
32211,17,18,19,
32220,22,21,24
32246
32254,58,56
32073,65,68 32003

Guidelines- Must meet hard money guidelines. I dont care about repairs, demo, etc.. ( No fires or foundation problems) Any price range with ARV's around 300K. Closing within 5 days after contract is signed. we ar enot assining, we are closing on them. We are the end purchaser.

I need at least 3 properties before the end of the month, so please reply.
Please reply and send all terms, net to you, title agency, pictures, repairs estimate, (if any) and comparables.

Thanks - Michael Salik

904-291-3266 Office
904-236-5053 Fax
www.allamericanrei.com
www.EnglandMortgageGroup.com

=======

Here's a good one I just put under contract and am assigning to whoever has cash and wants to buy it.

7862 Paul Jones Dr.
2/1 , 898 SqFt.
Needs 12K, but you can determine your own rehab numbers as they vary for everyone, needs HVAC, carpet, paint, exterior wood damage needs some replacement, and some overall cosmetic repairs
ARV $117,000
Selling for $62,000

Recent Comps:

7805 CONCORD BLVD E --$125,000 , sold 10/13/2006
8006 LEXINGTON DR-- $115,000 , sold 3/29/2007
1145 BUNKER HILL BLVD. -$115,000 , sold 9/11/2006
7938 PAUL JONES DR. -- $103,900 , sold 4/19/2007

Call me with questions,

904-392-9373
Jeff Mease
=============
http://www.realestate-jacksonvilleflorida.com/why-homes-do-not-sell.html

3/1 Single Family Northside

2007-05-10T15:38:00.000-07:00

3/1 Single Family Northside

Address: Erie Avenue 32254
Sq. Ft: 1066
ARV: 100k
Price: 50k obo
Repairs: 20k.

http://i131. photobucket. com/albums/ p303/ATWiltz/ 840%20Erie% 20Ave%2054/ DSC02144. jpg

*****Bring All Offers*****

E-mail or Call for photos & Lockbox combination.

Tim
994-0815

=============

My last duplex sold within 24-48 hours.
I also recently had a quad that sold within 3 days.
Well, there is another duplex for sale...

[NEW duplex for sale]
1602 Windle St, 32209

LIST PRICE: $43k
ARV : $105k

SUMMARY: 4 bedroom 2 bathroom 2 story duplex on need of all-around
rehab.
Great property for buy and hold rental.
Yes, it's cheap and it needs work but don't underestimate it's
potential
Get at least about $1000 to $1200 per month from one lot of land!

VIEWING INSTRUCTIONS:
Vacant. Go through the backdoor.

Details at:
http://www.sellhomeinstantly.com/deals/list.asp?id=1602

Multi-unit properties are a great way to get TWO RENTS for the price of
one house--now you have two tenants who are paying your one mortgage
payment!

Thanks and God Bless!

Robert

p.s. Forward this email to a fellow investor/client who might be
interested in houses with immediate equity and potential cashflow/profit

==============
Enter your vote today! A new poll has been created for the
NEFRENT group:

What area of town do you primarily invest in?

o Orange Park / Middleburg / Green Cove
o Mandarin
o Southside
o Beaches
o Arlington
o Westside
o Northside
o Historic Springfield
o Springfield area
o Historic Riverside / Avondale
o Ortega

To vote, please visit the following web page:
http://groups. yahoo.com/ group/NEFRENT/ surveys?id= 1830308

Note: Please do not reply to this message. Poll votes are
not collected via email. To vote, you must go to the Yahoo! Groups
web site listed above.

Thanks!
======

http://www.realestate-jacksonvilleflorida.com/why-homes-do-not-sell.html

We are in need of a reliable contractor who can finish where the

2007-05-10T15:32:00.000-07:00

We are in need of a reliable contractor who can finish where the
contractor we just fired left off. Our project is 95% complete and
what we need is pretty much just the finishing touches:

Finish dry wall
Paint
Floor boards and trim
Doors hung
Lighting fixtures installed
Plumbing fixtures installed

We would appreciate any leads you may be able to provide.

We need to get this property finished within the next two weeks...

Thanks,

Marc and Kim

=====

Kim:

We are State Certified General Contractors and I'll be happy to assist you with this. At the moment I'm out of town until this Friday. If you need immediate assistance I can get one of project managers to take a look for you.

Let me know if we can be of any assistance.

Fabian Videla
CGC1505198
Office: 904-981-9400Fax: 904-981-9499

============

Kim,
My sister-in-law, Nancy Dyal does this sort of thing. She is a new JaxReia member and has done some work for other members. I am sure she could give you some references. Her number is (904)864-5781 and her email address is n42062@yahoo. com.
Tell her I sent you.... :-)
Thanks,

--
Alice Dyal
St. Johns Realty Group, Inc.
7400 Baymeadows Way, Ste. 106
Jacksonville, Fl. 32256
Cell Phone - (904) 910-2951
asdyal@comcast. net
============

Hope you had a nice weekend ...

I just got another property I thought I'd let you know about in case
you or someone you know might be interested...

1629 W. 11th Street
Jacksonville, FL 32218

ARV : $50k+
LIST PRICE: $25k

SUMMARY: CONCRETE BLOCK outside and CERAMIC TILE throughout the house
inside!!! That should ease your future tenant maintenance. Rents easily
for $500-$600 per month cashflow. Outside AC unit needs to be replaced
because it was stolen, but air handler inside is fine--rest of house is
ready to go. Seller will pay for all of his own customary closing costs
too. Check out the pictures.

Details at:
http://www.sellhomeinstantly.com/deals/list.asp?id=1629

Thanks and God Bless!

Robert

p.s. Can I ask you a question? Who would you recommend for
hard/private money?
=======

Here's another nice one !

64 W. 55th St, 32208

ARV : $115k

LIST PRICE: $75k
Repairs needed: $0

SUMMARY: 3/1 vinyl/alum siding. 1,120 sqft with 500 sqft Detached
garage! Rented for $700.00 Mo. Below market rent ( tenant has section-8
vouchers but approved for 2 bedroom). Very nice house that has been
renovated in 2001. (New Plumbing, Electric, CH/A, Roof and Fence). Great
investment for buy and hold. SELLER shall pay for their own customary
closing costs.

Details at:
http://www.sellhomeinstantly.com/deals/list.asp?id=64

Thanks and God Bless!

Robert

p.s. Forward this email to a fellow investor/client who might be
interested in houses with immediate equity and potential cashflow/profit

==============

This property will have to go through probate based upon the information I've read so far it seems she will more than likely only have a life estate, with no right to sell the house whatsoever. She needs to seek council at this time. Authorization can only granted by the borrower and she is NOT on the mortgage.

Kevin wrote:

I am working with an individual who is the ex-wife, with a under age
child from the ex-husband who is now deceased. The ex-husband had no
will and the ex-wife does not have power of attorney. The ex-wife is
the legal guardian for the child. The ex-wifes name is not on the deed
or mortgage. She is willing to let me short sale the property.
Who do I have sign the Letter of Authorization to Release Information
and other neccesary documents.

Kevin Meyer
kr_meyer@hotmail. com

===============

[NEW duplex for sale]
1602 Windle St, 32209

LIST PRICE: $43k
ARV : $105k

SUMMARY: 4 bedroom 2 bathroom 2 story duplex on need of all-around
rehab.
Great property for buy and hold rental.
Yes, it's cheap and it needs work but don't underestimate it's
potential
Get at least about $1000 to $1200 per month from one lot of land!

VIEWING INSTRUCTIONS:
Vacant. Go through the backdoor.

Details at:
http://www.sellhome instantly. com/deals/ list.asp? id=1602

Multi-unit properties are a great way to get TWO RENTS for the price
of one house--now you have two tenants who are paying your one
mortgage payment!

Thanks and God Bless!

Mimi
262-7045

http://www.realestate-jacksonvilleflorida.com/winterizing-your-home.html

Regency Centers Sells Local Retail Complex for $25M

2007-05-10T15:26:00.000-07:00

Georgia Investor Buys 219,000-SF Regency Court on Arlington Expressway

Regency Centers of Jacksonville sold the Regency Court Shopping Center at 9222-9398 Arlington Expressway in Jacksonville to Garfunkel Development Co. of Savannah, GA, for $25.25 million, or approximately $115.50 per square foot, with an 8.11% cap rate.

The 218,646-square-foot shopping center was originally constructed in 1970. Approximately 88% of the tenant roster is comprised of national and regional credit tenants including: Sports Authority, Comp USA, Sofa Express, Office Depot and a new K&G Superstore. Rooms To Go and Longhorn Steaks are on out-parcels.

Plaza Advisors exclusively represented the seller, Regency Centers. The buyer, Garfunkel Development, was not represented by a broker. Jim Michalak, manager partner of Plaza Advisors, acted as the sole broker in the transaction.

Plaza Advisors is a real estate brokerage firm based in Tampa. Michalak is a 22-year career real estate broker specializing in the disposition of anchored shopping center properties throughout the southeastern United States. Since 2000, Michalak has closed 66 shopping center transactions with an aggregate sales volume exceeding $1 billion.

For more information, please reference CoStar COMP #1297787.

http://www.realestate-jacksonvilleflorida.com/apartment-reits-ready-for-a-fall-.html

NEW WHOLESALE PROPERTY LISTINGS - 5/10/2007!!!

2007-05-10T15:23:00.000-07:00

NEW WHOLESALE PROPERTY LISTINGS - 5/10/2007!!!

Check these out over the weekend ...

1531 Logan St. -- NEW!
Jacksonville, FL 32209

ARV: $83k
LIST PRICE: $26,900

SUMMARY: 3/1 frame house, 1000 sf. Needs a full rehab. $30k should
turn it back into a money-making entity. Real LOW LTV!!!

More info @
http://www.UndergroundDeals.com/list.asp?id=1531

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

5724 Benedict Rd. - NEW!
Jacksonville, FL 32209

ARV: $88k
LIST PRICE: $29,900

SUMMARY: 3/1 frame house, 1248 sf. Needs a little bit of everything
inside, but roof is good: need kitchen, elec upgrade, new ch&a,
windows, carpet, paint, etc.. This is another fixer-upper!

Details here:
http://www.UndergroundDeals.com/list.asp?id=5724

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

1919 Fouraker Rd.
Jacksonville, FL 32210

ARV: $155k
LIST PRICE: $90k -- REDUCED BY $5K!!!!

SUMMARY: 4/2 property (tax rolls are wrong), 1800sf. CONCRETE BLOCK
home in Normandy Village subdivision. Contains multiple additions
adding extensive flexibility. Air ducted heating, CH&A, 2-car driveway.
Needs about $18k in repairs.

Go to:
http://www.UndergroundDeals.com/list.asp?id=1919

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Let's get these wrapped up ASAP!

If none of these are right for you , then please forward to a
friend/client...

Thanks and God Bless!

Robert

More listings found at: http://www.UndergroundDeals.com/list

P.S. Status of all properties are always updated on the website so
please check there first to find out if it is still available or not...

=============

http://www.realestate-jacksonvilleflorida.com/appreciation.html

=================

I’m new to REI and want to get into wholesaling. I’ve got 4 questions…

2007-05-09T15:32:00.000-07:00

Question #1- Which is better to wholesale real estate? Getting a property under contract and assigning the contract or getting an option to purchase the property and assigning the option?

Question #2- What’s the best way of getting purchase/option contracts? Do you use a standard realtor’s purchase contract or is there one specialized for wholesaling?

Question #3- Where can I purchase and/or download a purchase contract to be used in Florida?

Question #4- Does the contract need to have carbon copies so that when you have one signed, you can leave a copy with the seller?

========

Here's a new Paxon property...

1946 Allandale Cir. E.
Jacksonville, FL 32254

ARV : $94k
LIST PRICE: $45k

SUMMARY: Big corner lot in nice Paxon neighborhood. Needs plumbing, new
kitchen, bath, carpet, paint, new garage door, ch&a, electrical
upgrade. Seller is finishing up the corner exterior part of the house as part
of the deal--he already bought the siding supplies.

Details at:
http://www.sellhomeinstantly.com/deals/list.asp?id=1946

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

For a list of other current properties, go here:
http://www.sellhomeinstantly.com/list

Let me know ASAP if you are interested!

Robert
(904) 262-7045
=============

http://www.realestate-jacksonvilleflorida.com/

No One Likes Evictions!

2007-05-09T15:30:00.000-07:00

Earlier this week I was at the Courthouse delivering a package of eviction documents to the Clerk. I sat down at a desk to sort out some paperwork and introduced myself to the man seated at on my right.

He asked if I was an Attorney. I said: "no" and asked if he was. He said: "No, I am a landlord. I'm waiting to get an eviction filed."

Just then, a man walked up to me and introduced himself. I recognized his voice. His name was Edward. We had spoken on the phone before. He sat down with us and said: "I'm never going to do this again! "What's that?" I said. ?I'm never going to drive down here to do my own eviction again! I can't afford the time."

The three of us spent a few minutes talking about our experiences as landlords. Just then, the Clerk brought completed documents to me. I said goodbye to both of my new friends, then turned and left the building. I don't know how much longer they sat there.

I do remember the look on the face of the first man when he learned that Florida Landlord Network would do his eviction for just $195.00. ?I'm never going to do this again!"

Experience

For nearly ten years, Florida Landlord Network has been ?Making Better Landlords" by providing education and business tools that make landlording simple, profitable, and fun!

Our eviction service is easy! Just visit our website www.FlaLandlord.Com and click on Eviction Service. Spend just two minutes filling in the information requested and you are done!

Soon, you will receive completed eviction documents by email. Just sign where indicated and call us. We will pickup the documents and file them in court for you. We will pay Court fees and Civil Process fees.

Later, as the case moves along we return to Court to file the Motions and other necessary documents. All the while, we keep you informed with periodic updates.

All this for just $195.00 including the fees!

Why don't you say the same thing Edward said to me? ?I'm never going to drive down here to do my own eviction again!"

Florida Landlord Network does evictions fast!

Best regards,

Paul Howard, President
Florida Landlord Network
P.O. Box 7402, Jacksonville, FL 32238
Phone: (904) 371.9357
Fax: (904) 201.1884
Email: Paul@FlaLandlord.Com
Website: www.FlaLandlord.Com

http://www.realestate-jacksonvilleflorida.com/

2007-05-09T15:24:00.000-07:00

WE HAVE A CLUB www.JaxReia. Org
THAT MEETS EVERY TUES 6PM AT THE:

QuickStart classes meet every Tuesday evening at the Golden Corral conference room, off of Southside Blvd near the Southside Road. The instructor begins promptly at 7:00pm and runs until 9:00pm. If you would like to eat dinner or network, we encourage you to arrive between 6:00 - 6:30pm. Members may attend all QuickStart classes as many times as you like for FREE. Guests may attend 2 QuickStart classes for FREE, and then must join as a JaxREIA member.

http://www.realestate-jacksonvilleflorida.com/

=============

After clicking on attached flyer, you can go to our website to view
more
pictures at www.PropertyPayDays.net (this property accidentally got
left off
and was just put on this morning. Take advantage of our mistake)

Turn-key rental or $20K Profit, paint and carpet rehab.

Call Jeff
904-465-0897
===========

Hi,
Looking for some one who installs lawn irrigation systems.
Need two. One in the south side area, one by the JAX Airport.

Thanks
Kevin Meyer

=

THESE R GOOD QUESTIONS AND IF U GO TO THE MEETINGS EVERY TUES
U WILL BE SCHOOLED IN THE DIFFERENT PROCEDURES
THE BEST IS TO PARTNER-UP WITH SEASONED PRO
AND LEARN FROM THEIR EXPERIENCE
I HAVE PERSONALLY TRAINED MANY INDIVIDUALS
AND HAVE 32 PRIVATE INVESTORS THAT I FIND PROPERTIES 4
EVERY DEAL IS DIFFERENT AND U MUST USE THE PRODUCT KNOWLEDGE
OF DONE DEALS TO FINE TUNE WHAT U WANT TO DO AND WHAT FITS U BEST
OPTIONS R VERY GOOD YET WONT WORK WITH EVERY PROPERTY
SOME U MUST BUY YOURSELF 4 THEIR IS A LOT OF COMPETITION SO BEST DEALS
GET SWALLOWED UP VERY FAST
NEXT ? WERE I FIND GREAT DEALS.......
TO ANSWER CONTRACT ISSUES I HAVE ALL THE BASIC CONTRACTS U WILL EVER NEED..... THERE FREE ON INTERNET, BUT ONLY IF U KNOW WHERE TO LOOK
MEET ME AT MEETING
CALL ME

=

Bob:
There is a place called Atlantic Marble right off Phillips Hwy. I'm not sure if they do windows' sills but they have done a couple custom pieces for me in the past so they probably would do it. Please find the contact info below.

11240 Business Park Blvd
Jacksonville, FL , 32256-2730
Phone: 904-854-0232
FAX: 904-262-4494

(I got this info from the web so I'm not sure is entirely accurate but the address seems to be right)

Fabian Videla
Smarter Investments Corp
dba AMV Companies
Ph. 904-981-9400
Fax: 904-981-9499
=====

I would like to put cultured marble window sills in a house that I am
rehabing. some of the windows are over 10' long. where can I buy
these sills? Home Depot & Lowes have marble but much shorter lengths
and I would prefer the cultured marble.

Bob Haavisto
ARG, Inc.
------

Historic Springfield, Jacksonville, Florida

2007-05-09T15:21:00.000-07:00

1. 507 e. 2ns street Jax Fla. 32206 (historic Springfield )
3/1 1200 sq. occupied asking $90,000 appr $135,000 rent $750.00 a month

2. 1766-1768 CLEVELAND STREET – OCCUPIED- 6/4 NORTH SIDE –DUPLEX- TOTAL RENT- $1300

ASKING $110,00 APPR $135,000

--
JD Polk, founder&ceo
Alternative Resource Electric Corp inc
(solar,wind & tidal-flow generation one platform)
904.333.9814
888.448.9188

On a more serious note:

If you go to the website www.LetsSayThanks. com you can pick out a thank you card that Xerox will print and send to a soldier that is currently serving in Iraq. You can't choose who gets it, but it will go to a member of the U.S. armed services. How AMAZING it would be if we could get everyone we know to send one!

http://www.realestate-jacksonvilleflorida.com/

2007-05-08T15:16:00.000-07:00

Hi everyone,

My name is Dave, I'm just getting started in REI and found the link to
the group on craigslist. I'm starting out with wholesaling and trying
to get an investors contact list together while I search for property.
I'm also working on building a website to feature property that I have
available.

I'm going to try and get to one of the JAXreia quickstart classses if
I can get off work one tuesday night.

=======

Welcome to the group Dave. We hope this group will help you in your
investing. Ask questions and offer advice when you can. Hope to hear
good things from you in the near future!

Kim Wisdom

=======

Hi

This set of 4 units was previously sold, but is now back in the market
at a reduced price!

If you were interested before or have interest in cashflowing from FOUR
properties in one lot, then read on...

LIST PRICE: $85k
ARV : $185k

SUMMARY: 4-PLEX. 3463 square feet. Looking for that diamond in the
rough?? Look no further. There are 2 duplexes: 3 units are 2 bedroom 2
bathrooms and one is a 1 bedroom 1 bathroom unit. There is also a
vacant lot included in this rare find. Rents for a single 2/1's go for
$500-$600/mo. The repairs are about $8k for each unit. That is
potentially about $2000+ cashflow per month. DO NOT SLEEP ON THIS DEAL. CALL
NOW TO MAKE YOUR OFFER...

VIEWING INSTRUCTIONS: Vacant. Lockbox contains a set of keys for all
of the padlocks.

Details at:
http://www.sellhomeinstantly.com/deals/list.asp?id=207

Thanks and God Bless!

Robert

p.s. This one has a deadline to close by this Friday so if you are not
interested, please forward to someone who might be interested!

==========
CEDARHURST
1319 PANGOLA DR

2 bed 1 bath 841 sq ft
Lot size 5,500 sq ft

Repairs needed:

FULL REHAB. PERMITS IN PLACE UNTIL AUGUST.

Estimated repair cost $15k–$20k

ASKING $39,000

WORTH $90,000

HURRY WILL NOT LAST!!!!!!!! !!!!!

Contact

Danny (904) 236-6319

=======

This set of 4 units was previously sold, but is now back in the market at a reduced price!

If you were interested before or have interest in cashflowing from FOUR properties in one lot, then read on...

207 W 24th Street
Jacksonville , FL 32209
LIST PRICE: $85k
ARV : $185k

SUMMARY: 4-PLEX. 3463 square feet. Looking for that diamond in the rough?? Look no further. There are 2 duplexes: 3 units are 2 bedroom 2 bathrooms and one is a 1 bedroom 1 bathroom unit. There is also a vacant lot included in this rare find. Rents for a single 2/1's go for $500-$600/mo. The repairs are about $8k for each unit. That is potentially about $2000+ cashflow per month. DO NOT SLEEP ON THIS DEAL. CALL NOW TO MAKE YOUR OFFER...

VIEWING INSTRUCTIONS: Vacant.
Lockbox contains a set of keys for all of the padlocks.

Robert - 904-262-7045
Click here for more details about the property >

Click here to be informed of these deals before anyone else

========

Thanks Kim, I'm sure I'll have plenty of questions. I'm just working
on finding my first wholesale deal right now, driving around aimlessly
searching for worthwhile property LOL.

Dave

====

The point is not to drive around looking for properties. You need to look for sellers in motivated situations and the properties will appear.

Robert

http://www.sellhome instantly. com/deals

=======================
new investment Private Placement Memorandum 5mUS
min investment 10kUS 2000 shares @5.00
2yr hold on stock pro-forma looks like $20 per share easy....
2nd offering 200mUS take public
building house of the future
one with little or no electric bill
2 types of home being offered
upscale 1545sq ft 4/2.5 10 ft ceilings with co-gen built in will
retail 4 $149,950
built on your lot
first model to be built on waterfront lot
2nd modular home very low cost with high profit margin
with co-gen built-in prices from 69k to 129k
floor plans form 700 to 1325sq ft unbelievable prophet margin

e-mail solarmanjd@comcast. net
4 more info....

====

Jacksonville Sees Drop in Vacancy Rates - The vacancy space for Jacksonville, FL industrial space dropped in Q1 2007 to 5.1%, according to Colliers International. That compares with 6.2% in Q4 2006. Nationwide, the vacancy rate for industrial properties inched up to 8.15% in the first quarter, from 8.11% in Q4 2006.

============

7734 Galveston St., 32211

Both units are rented - $450, $495 a month
1120 sq ft. total, both units are 1 bed/ 1 bath

Rehab needed : has window units (no heat), original windows, needs
exterior
paint and clean-up

DO NOT DISTURB TENANTS, DRIVE BY ONLY!

Selling Price Net - $86K

Thank-you
Call Jeff
904-465-0897

This format is being used due to the fact that our prior format using
an
attachment was not accessible by all parties, but we are not sure how
many
were having trouble opening it. Please let us know if you were one that
was
having trouble so we can decide if this format works better.

Thanks

Monthly Landlord Meeting

2007-05-07T17:17:00.000-07:00

http://www.realestate-jacksonvilleflorida.com/appreciation.html

Members, friends, and everyone with an interest in residential rental property management are invited to attend the monthly meeting of The Florida Landlord Network.

Meetings are held the 2nd Wednesday of every month beginning with lunch at 12:00.� The meeting runs from 12:30 until 1:30 PM and is held at The Golden Corral, 4250 Southside Blvd. �Click here for map.� This meeting is free to all. Bring a friend!

Eviction Service

No one like an eviction. When you must evict, Florida Landlord Network makes it easy. Just go to the website and select "Evictions" from the Services Menu. Enter the required information (this takes about one minute). Soon after you will receive all of the documents required to file in Court. Sign them and give us a call.

We will pickup those signed documents and take them to Court for you. In addition, we will return to Court at the appropriate times to file the required Motions. Assuming your tenant doesn't pay, you should receive the Final Judgement in a couple of weeks. All for $195.00. All fees included.

Visit FlaLandlord.Com Today!

Best regards!

Paul Howard
President, Florida Landlord Network

====

NEW WHOLESALE PROPERTY LISTINGS!!!

Check these out ...

1478 E. 15th Street - Added over the weekend!
Jacksonville , FL 32206

LIST PRICE:$29,900k
ARV :$92k

SUMMARY: Another CHEAP HANDYMAN SPECIAL! 1200 sf 3/1 frame property.
"Ugly" means "beautiful" to the investor who snatches this diamond in
the rough and turns it into a $700-$800 cashflowing machine! Needs about
$20k-$25k in repairs...

More info @
http://www.UndergroundDeals.com/list.asp?id=1478

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

1065 Winthrop Street - Added over the weekend!
Jacksonville , FL 32206

LIST PRICE:$53,900k
ARV :$95k

SUMMARY: Large 7,200 lot 2/1 960 sf frame. Tenants are currently
paying $450/mo and has been faithfully paying under market rent for 5 years
with no plans to leave. Needs an updated kitchen (if you want) and
cosmetic stuff. Electrial panel already updated. Repairs could be anywhere
from $2k to $8k depending on how badly you want to please the (already)
happy tenants. There used to be another property in the front but it
burned down many years ago...you can build on that lot and have two
houses on the same property!!!

Details here:
http://www.UndergroundDeals.com/list.asp?id=1065

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

5215 Baycrest Rd. - Added over the weekend!
Jacksonville , FL 32205

LIST PRICE:$89,900k
ARV :$145k

SUMMARY: NICE HOUSE! 3/1 (could be a 4/1) CONCRETE BLOCK STUCCO
with over 1100sf (tax rolls incorrect). Good rental in great area. Needs
carpet, paint, new compressor and handler. This is a sweet house. Don't
pass over this one too quickly....

Go to:
http://www.UndergroundDeals.com/list.asp?id=5215

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

1018 FRAZIER ST. - Act quickly on this one!
Jacksonville, FL 32208

ARV: $85k
LIST PRICE: $22,900k

SUMMARY: Bargain hunter's galore. 3/1 frame house, 1286 sf. Needs a
little bit of everything. Handyman special! Cheap! Real LOW LTV!!!

Details @
http://www.UndergroundDeals.com/list.asp?id=1018

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

1629 W. 11th Street - Cheap and Ready to go!
Jacksonville , FL 32208

LIST PRICE:$25k
ARV :$50k

SUMMARY: CONCRETE BLOCK outside and CERAMIC TILE throughout the
house inside!!! That should ease your future tenant maintenance. Rents
easily for $500-$600 per month cashflow. Outside AC unit needs to be
replaced because it was stolen, but air handler inside is fine--rest of house
is ready to go. Bonus: Seller will pay for all of his own customary
closing costs too. Check out the pictures--it's NOT an ugly house, but you
get it at an "ugly house" PRICE!

Visit:
http://www.UndergroundDeals.com/list.asp?id=1629

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

If none of these are right for you , then please forward to a
friend/client...

Thanks!

Robert
http://www.UndergroundDeals.com

P.S. Status of all properties are always updated on the website so
please check there first to find out if it is still available or not...

=========

Jason

I think it all depends on what your goals are, what sort of resources you have available, how much time do you plan on allocating to real estate, etc..

Some folks like the low/moderate income type properties. There are a bunch of those available and they are in the lower price range. Also, are you going to acquire, repair and rent, do wholesale, rehab and resell? In short, you need a plan.

I buy homes that will retail in the $175-250,000 price range. Homes in nicer neighborhoods. It works for me and I can do 3-5 homes a year and meet my goals.

I would sit with some of the JaxREIA "oldtimers" (like Joe Locklear!) and get their feedback on what might be the best direction for you.

There are many ways to be successful in real estate investing. That being said, there are twice as many ways that you can fail.

I hope this helps and please feel free to email me directly if you have any specific questions.

David Ginn
Jacksonville

==============

IF U R LOOKING TO FIND INVESTMENT HOUSING U MUST FIRST DETERMINE
DO U WANT TO BUY AND SELL OR BUY AND RENT OUT

--
JD Polk, founder&ceo
Alternative Resource Electric Corp inc
(solar,wind & tidal-flow generation one platform)
904.333.9814
888.448.9188

On a more serious note:

If you go to the website www.LetsSayThanks. com you can pick out a thank you card that Xerox will print and send to a soldier that is currently serving in Iraq. You can't choose who gets it, but it will go to a member of the U.S. armed services. How AMAZING it would be if we could get everyone we know to send one!

============
Yes... I'm a newbie

It seems that most of the investing I hear about is in the lower
income parts of town... mostly the North and West sides. Is that
because that's the best investments or is that because most of the
investors live near those areas? Can you wholesale houses or is there
a market for houses in the 175K to 300K range? I live in Green Cove
(Lake Asbury Area) and I don't see too many homes under 150K. Should I
travel to other areas to look for investments or work the area I live in?

=======

don't think this is really a "blog type fast chat that R not seen as a business plan" type message board.

It's a message group of real estate professional that post serious questions and information that helps
them become successful in real estate investing.

Honestly, the more time you take to compose your message, the more you are apt to get a serious
response. I doubt that you would place an ad in the newspaper, that cost you money, without
taking time to word it properly.

I guess if it's free, it's not worth much.

You still didn't explain what you meant by "prophet margin".

At least you added your name, company name and telephone number.

I step at a time, I suppose.

David F. Ginn
Jacksonville, FL
========

AS A GENERAL RULE IN BLOG TYPE ROOMS LIKE THIS THESE R FAST CHAT TYPE MESSAGES AND R NOT
SEEN AS THE BUSINESS PLAN

--
JD Polk, founder&ceo
Alternative Resource Electric Corp inc
(solar,wind & tidal-flow generation one platform)
904.333.9814
888.448.9188

On a more serious note:

If you go to the website www.LetsSayThanks. com you can pick out a thank you card that Xerox will print and send to a soldier that is currently serving in Iraq. You can't choose who gets it, but it will go to a member of the U.S. armed services. How AMAZING it would be if we could get everyone we know to send one!

==============

Address: 840 Erie Avenue
Bedrooms: 3
Bathrooms: 1

Sq Ft: 1,066

Lot size: 11,124 sq ft / 0.26 acres
Repairs: 25k
ARV: 120K

Asking: $56k obo

1k binder will be required and must close within 2 weeks CASH OR HARD
MONEY.

Tim 994-0815
Jaxleads@yahoo. com

=====

This is probably the worse, most cryptic email that I have ever received.

Are you trying to sell something with this message?

I suggest that next time you construct a readable business type letter that would explain clearing what product or service your are offering.

It would also be very helpful if you would sign the message with your full name and the name and location of your company along with a telephone number.

By the way, what the heck is "prophet margin"? Are we expected to guess what we will make on what you are selling?

Just my thoughts while trying to be helpful.

David F. Ginn
Jacksonville, FL

Handyman special! Cheap! Real LOW LTV!!!

2007-05-07T05:12:00.000-07:00

I thought I'd let you know about this before the weekend!

If you know someone who likes cheap ugly houses...

1018 FRAZIER ST.
Jacksonville, FL 32208

ARV: $85k
LIST PRICE: $22,900k

SUMMARY: 3/1 frame house, 1286 sf. Needs a little bit of everything.

TAKING INTERNET BID'S ONLY….. WILL NOT LAST!!!!!
BIDDING TO CLOSE WED MAY 9TH 12:OO NOON. GOOD LUCK

1217 W 8th St. (across from center field from teh city ball park)
3/2, 1,340, all red brick, great condition, paint and carpet, cent
a/c, replumbed, 200 amp box, roof OK, fireplace.

Bid at $63,300.00 and climbing

Owner occupied.

Call for a walk thru. Drive by till then.

helpful hints from consumers reports http://blogs. consumerreports. org/home/ greenenvironment /index.html

--
JD Polk, founder&ceo
Alternative Resource Electric Corp inc
(solar,wind & tidal-flow generation one platform)
904.333.9814
888.448.9188

On a more serious note:

If you go to the website www.LetsSayThanks. com you can pick out a thank you card that Xerox will print and send to a soldier that is currently serving in Iraq. You can't choose who gets it, but it will go to a member of the U.S. armed services. How AMAZING it would be if we could get everyone we know to send one!

My long term goal is to get about 15-20 paid off rentals for
retirement. That's about 25 years off. My 3 year goal is to quit my
job and make money in real estate. From the investigating I've done so
far, and with no money and little time I think wholesaling will be the
way to go. Currently, that's the nut I'm trying to crack. I'm one of
the fence sitters that is trying to get all the facts before taking a
step forward. I live in Green Cove and it's a growing area... I guess
I need to find the buyers before trying to find the sellers.

Jason Click

Jason,

I know just what you mean when you say you are a fence-sitter. I,
too, was one of those. That was two-and-a-half years ago; we now
own 13 rental units and are rapidly expanding.

I was VERY skeptical of real estate investing when we started, but
have been very pleased with the results. In the short time we have
been investing, we have been able to pay-off all of our debts and
are living debt-free (except for the normal monthly things like
electricity, water, cable, etc.). It is attainable if you plan your
business well and maintain the proper intestinal fortitude.

My suggestion to you is to secure a hard-money provider, find a
house that is priced right and easily rehabbed, buy it, fix it, sell
it, repeat. Our properties are all in the low-income areas of
Jacksonville. We have been able to buy properties for very little,
repair them and rent them (our's is a rental strategy). Our current
project, a 3600 sq. ft. duplex with 4BR, 2BTH, W/D hookups and new
everything) was bought for $32k. We have put a lot into it, but
when complete each unit will rent for $900 - $1000 per unit. Talk
about cashflow!!!

Its all about buying right, and knowing your area. Whatever area of
town you decide to go into. Learn it well. Know what to expect
from the tenents and what the rents -- or retail values -- are
likely to be. Read a lot of real estate books (have you read Rich
Dad, Poor Dad yet? If not GET IT TODAY!).

Hope this all helped, if just a little.

Look forward to reading aobut your successes.

Marc

No. Find the sellers first or you have little to offer the buyers. It'll only cost you $10 if you can't close a deal. Stick 3 or 4 deals on your website and now you have a reason to start collecting buyers information, so you can build a buyers list that you can use to market deal after deal. And you may just sell 1 or 2 or 3 or 4 of those first few listings!

Wholeselling is mostly about marketing and sales - Marketing for motivated sellers, "selling" your services to them, marketing for buyers and selling your contracts.

So beef up your knowledge in both areas but get off the fence ASAP, or it may never happen.

Work to learn not to earn.

Laban Johnson, Founder
The Laban Johnson Group
http://www.labanjoh nson.com
"Improving the Quality of Life"

http://www.realestate-jacksonvilleflorida.com/buy-a-home.html

With condos, agency expands ownership aid

2007-04-13T20:49:00.000-07:00

Buying a single-family house in Seattle requires a lot of money. Janna Wachter doesn't have that.

Buying a condominium in the city also requires money, but often not as much.

To help Wachter and other first-time buyers with modest incomes afford homes inside the city, a nonprofit called Homestead Community Land Trust has tweaked its subsidy program to meet the harsh realities of Seattle's housing market. For the first time, it is offering subsidies not just to buyers of single-family houses, but also those purchasing condos.

By expanding its mission to include condos, Homestead is assuming greater financial and legal risk. The payoff, though, is that more buyers can take advantage of its assistance program.

"This change allows us to continue to be relevant within the housing density patterns of Seattle," said Sheldon Cooper, Homestead's executive director.

For Wachter and other Homestead clients such as Frank Video, a part-time city worker, the change makes buying a place in Seattle a possibility.

"The houses I've looked at have been the type that speculators would buy and flip, or tear-downs, but nothing I would want to live in," said Video, whose maximum price for a new home is $250,000. That includes a $105,000 Homestead subsidy, which functions like a grant that does not have to be repaid.

Homestead is another in a line of local affordable-housing programs that have had to adapt to a market in which affordable housing has gotten increasingly difficult to find. For example, Habitat for Humanity's affiliate in Seattle and South King County recently went beyond its long-standing approach of building single-family houses from the ground up, and is now also remodeling houses or building apartments for clients. Homestead's program is available to those earning less than 80 percent of median income. In King County last year, that amounted to $41,700 for an individual and $59,600 for a family of four.

Wachter, 53, a singer who recently formed a chamber group and performs in Europe, earns most of her income as a housekeeper and a gardener. "I have never made more than $40,000 in a year," she said.

Wachter was approved for a $54,000 loan, which Homestead is supplementing with a $100,000 subsidy. She is cobbling together the rest to buy a $176,000, 400-square-foot, top-floor studio at High Point, a new redevelopment in West Seattle. She'll move in this summer when it's done.

Homestead Community Land Trust

Background

Formed in 2000, the affordable-housing organization is funded through state, county and city sources, offering subsidies of up to $110,000 to first-time homebuyers in Seattle earning less than 80 percent of median income. Eleven houses have been purchased through Homestead with another 20 or so sales expected to close by this time next year.

How it works with single-family homes

Homestead owns the land beneath the house. To make sure the house remains affordable, it requires its client — the buyer — to sign a ground lease that restricts the resale to lower-income, first-time home buyers.

How it works with condos

Instead of a ground lease, buyers will sign an affordability covenant that gives first right of purchase to that same population of buyers.

More information: www.homesteadclt.org or 206-323-1227
The living room looks out on a grove of trees and a garden. The deck is big enough for a table and chairs.

"And everything is new," said Wachter, the first to buy a condo under Homestead's new program. "I'm the poster child."

Houses out of reach

The subsidy that Homestead offers — a maximum of $110,000 — increasingly can no longer fill the gap between what a client can afford to pay and the price of a single-family house in Seattle.

Homestead hopes to expand its client base to assist as many as 100 homebuyers a year by 2015, and Cooper said one way to meet that goal is to allow its clients to buy condos as well as houses.

Under the traditional land-trust model, a Homestead client buys a single-family house and Homestead owns the land beneath it. But that model doesn't work for condominium units, since there is no land for Homestead to own. The building's owner — not Homestead — is the landlord of the condo.

Homestead is thus requiring its condo buyers to sign an affordability covenant in which the owner agrees that when the unit is resold, it is offered first to buyers making less than 80 percent of median income. In any resale, condo owners would get back their original investment and a share of appreciation of the home, which is calculated on the amount of subsidy and the number of years the client owned the condo.

If the condo depreciates in value, Homestead — and not the condo owner — would take most if not all of the financial hit.

Since Homestead is not the landlord of the condo, the agency has fewer legal rights than it does with single-family houses for which it owns the land. Cooper said conflicts with condo owners — such as if the owner breaks the terms of the covenant — probably would have to be resolved through the courts.

A condo unit that has been converted from an apartment is not eligible for the Homestead program. Seattle housing-levy money helps fund the Homestead subsidy, and city policy does not allow that money to be spent on housing that has displaced renters.

$250,000 doesn't go far

That policy has limited the search for Frank Video, a 51-year-old visual artist who works 24 hours a week as a legislative assistant to City Council President Nick Licata.

Video has been looking for a condo since January and says he's discouraged to discover what $250,000 can buy. When he finds a nice place, like a couple of units he toured in Magnolia earlier this week, the location is just too inconvenient, given that he walks, takes the bus or bikes wherever he goes.

"I'm really searching for a sense of place," said Video, who lived many years in an apartment in Fremont that he helped remodel inside and out. "I had this really nice sense of ownership of that place, even though I didn't own it."

He said he doesn't have that in the apartment he's living in now.

Wachter, 53, raised her kids in a tiny rental house near Lincoln Park in West Seattle that she moved into 22 years ago. She has a new landlord, and although her monthly rent is a reasonable $825, there are rumors that the enclave of cottages will be torn down for something big and expensive. She doesn't want to wait out her fate.

"I've always been out of sync with how much houses cost," Wachter said. "And I've always said I never could afford to own."

At a party, a friend told her about Homestead and Wachter looked into it, intrigued at the idea of buying a house that she could live in for the rest of her life. She didn't make enough money — even with the assistance of a Homestead subsidy — to buy a house in the city. The worker at Homestead brought up the idea of buying a market-rate condo.

"I said, 'Eew! I've lived in a house for so long,' " said Wachter, who spent two years thinking about it. During that time, Homestead expanded its program to include condos.

"Over that time, I told myself that this is a window of opportunity that may not come again," she said.

"I had a chance to buy a house once 22 years ago for $30,000 and said, 'Oh no, I can't do that!' Well, I'm done saying that. I have an opportunity to do this. I can do this. I am doing it."

Stuart Eskenazi: 206-464-2293 or seskenazi@seattletimes.com

STEVE RINGMAN / THE SEATTLE TIMES

Habitat offers sweet equity

2007-04-13T20:48:00.000-07:00

Local chapters help hundreds with American Dream house

Most Habitat for Humanity homeowners have lived paycheck to paycheck, with a household income of $35,000 or less. Before receiving help from the organization, many had never opened a savings account, created a budget or stood a realistic chance of owning a home.

Yet local Habitat affiliates report a surprising level of success. Only three of the 168 homes built by the TriState chapter since 1987 have fallen to foreclosure. Forty of the 50 homes built by the Millcreek Valley chapter still have the original occupants. And at least 16 of the Cincinnati chapter's 134 partner families have paid off their mortgages.

As local housing organizations and government agencies join to combat predatory lending and a record number of foreclosures, there could be something to learn from the nonprofit, which thinks that it takes a village - and a lot of tough love - to raise a family out of poverty.

"One of the common myths is that these homes are free. Families do their sweat equity and take out a mortgage," says Gerry Ellspermann, executive director of TriState Habitat for Humanity, which builds in Butler, Warren, Clermont, Dearborn, Ohio, Boone, Campbell and Kenton counties.

In September, Edgar and Jamie Rowland were married in the backyard of their powder-blue Latonia Lakes home, three months after moving in. Their three boys - ages 7, 5 and 2 - have to wash their hands after dinner and take their shoes off when they come in from playing outside.

But this vision of domestic bliss once was just a mirage for the Rowlands. Before the family was selected by Habitat for Humanity in 2006, they were paying $850 a month for a two-bedroom apartment. They had no collateral or down payment to offer mortgage lenders, who saw Edgar's construction job as risky.

"We were moving at least once a year, to keep our heads above water (when) the rent would go up," Jamie says.

Like other lenders, Habitat assesses a family's financial and employment history, income and debt, but it also considers other marks of responsibility, such as satisfied letters from a landlord or Duke Energy.

More than 700 applications were received last year by the Cincinnati affiliate. All but 120 were ruled out in the first round, executive director Tom Salzbrun says.

Because families must complete 500 hours of "sweat equity" before closing on a home, most begin performing community service and working for Habitat even before they know whether they are selected.

"I showed them I was interested by working on other (Habitat) homes and at their fundraisers," says Phyllis Baber, who moved into her Habitat home in Lincoln Heights in 1991.

Part of the 500 hours is spent in class.

As with Federal Housing Administration-backed loans, Habitat requires families to attend at least 10 hours of accredited financing and homeownership classes.

"Ultimately, their success or failure is not based on income, it's based on their habits and training," says Gabe Blumer, director of development for Millcreek Valley Habitat for Humanity, which builds in Hamilton County north of Galbraith Road.

Patricia Rohrer, with the Home Ownership Center of Greater Cincinnati, sees education as a must for every first-time buyer.

"Even if you're a doctor or lawyer, that doesn't mean you know about buying a home," Rohrer says.

Each Habitat family is assigned a "nurturer" or "advocate" who serves as a consultant and friend. They help select carpet and countertops and offer practical advice, such as how to create a filing system or yearly budget.

This support doesn't end at the closing table.

"You really need to keep in touch that first year, because that's when a family needs you," says Bobbie Bahler, who has served as an advocate for four families since 2001.

Cincinnati advocates visit a family at least four times the first year to familiarize them with seasonal and regular maintenance - checking smoke detectors, creating a personal property inventory or testing the sump pump.

Salzbrun credits this relationship for the organization's low number of foreclosures.

"If I get a mortgage through a bank, I don't have a family coming along with me," he says.

Like many builders, Millcreek and Cincinnati Habitats cover home repairs for the first year.

The TriState Habitat chapter deposits about $15 from each monthly payment into an escrow account for repairs.

Families also can attend Cincinnati Habitat's ongoing, bimonthly meetings, which discuss painting techniques, wills, insurance, filing tax returns and keeping up with energy bills.

"It also creates a social support network," Salzbrun says.

Because most foreclosures can be avoided if a homeowner speaks up as soon as a financial problem arises, "there's one person our partner families know pretty well. They have her home phone number," Ellspermann says of the TriState affiliate's mortgage administrator.

For long-term crises, such as physical disability, the organization often will stretch the mortgage from 20 to 22 years to lower the monthly payment. But if a family can't make payments because of poor choices with discretionary income, "that requires educational assistance and some tough love," Salzbrun says.

In the past 20 years, 14 local Habitat homes - 3.9 percent - have fallen to foreclosure. Others in default deeded the home back to the organization and avoided a negative mark on their credit.

This late-in-the-game assistance is another trend that's gaining popularity in the general real estate market.

"We have some lenders who can help them, or we can help them negotiate with their current lender," Rohrer says.

Property taxes and utilities can negate the savings from Habitat's zero-interest loans. But most families, including the Rowlands, who have a monthly mortgage payment of about $450, break even and gain the chance to build equity, stability and a future.

Baber paid off her home in 2004 and now owns a rental property in Lincoln Heights as well.

The Rowlands, who are still settling into homeownership, are paying back in another way: volunteering on a Habitat home under construction next door.

"Everything just fell into place for us. All we need is the white picket fence," Rowland says.

BY AMY HOWELL

Lewistown housing project appears to lean on Missoula affiliate

2007-04-12T15:18:00.000-07:00

An affordable housing project in Lewistown appears to be relying on a Missoula Housing Authority affiliate for help with construction management and development, despite executive director Peter Hance's insistence to the contrary.

Hance and the affiliate, called Garden City Neighbors, have recently come under fire from some Housing Authority board members and city officials. They want Hance to clearly explain the operations of his agency and its affiliates, including Garden City.

The Housing Authority provides much of the financial support for Garden City Neighbors - including a $1.4 million loan, and Hance and his deputy run the nonprofit. But the Housing Authority board has no control over the entity, according to Hance.

By KEILA SZPALLER of the Missoulian
MORE . . .

ALL-BRICK exterior surrounded by other gorgeous

2007-04-11T15:31:00.000-07:00

Here's a nice one !

775 Dixon St., 32254

LIST PRICE:$59,900k
ERV: $115k

SUMMARY: 3/1 sfr ALL-BRICK exterior surrounded by other gorgeous
brick homes, well-kept appreciating neighborhood. Attract QUALITY tenants,
command top rental rates or rehab and re-sell for TOP dollar. CH&A,
200amp. Needs paint, carpet, cosmetics, cleaning, carpentry work. Old
looking kitchen. Comes with a 1-car attached garage AND a carport!
Large backyard. This won't last long so get back with me asap and let's
lock it down.

Details at:
http://www.sellhomeinstantly.com/deals/list.asp?id=775

Thanks and God Bless!

Robert

p.s. Forward this email to a fellow investor/client who might be
interested in houses with immediate equity and potential cashflow/profit

=============

Here is the latest and greatest!!

We are sorry if we have dissapointed anyone, our properties move extremely fast and sometimes you will miss out on them, if you don't move quick enough.
Don't let this happen to you!!

We have approximatley 2500 people/organizations in our data base, if you want the insider treatment on the most up to date and active list for wholesale properties, contact us by email or telephone and we will, "PUT YOU ON THE LIST!!"

Take care!!
===============

Hey all,

2611 N. Sunny Acres Dr.
3/1 Brick Home 1014 SqFt.
Needs 8-10K in rehab
ARV 108K, I have comps that support 115K
Wholesale price: 68K

do your own comps and rehab estimates!

Property is occupied, please call to set appointments for viewing.

Mike Tomasetti
904-347-5160

a real estate investment trust affiliate of Jacksonville, Fla.-based

2007-04-10T15:42:00.000-07:00

Sale of Darien Lake finalized

The sale of the Darien Lake amusement park in Genesee County to CNL Income Properties Inc., a real estate investment trust affiliate of Jacksonville, Fla.-based Parc 7F-Operations Corp., has been completed, officials announced Monday.
Darien Lake was among seven properties previously owned by Six Flags Inc. (NYSE: SIX) that the New York City-based company announced in January it would sell for $312 million.
CNL Income Properties will lease Darien Lake and the six other parks to Parc 7F-Operations, which will operate the facilities under a long-term agreement, CNL representatives said.
Darien Lake is a 978-acre theme and water park resort that also offers camping accommodations, a 21,000-capacity performing-arts center and catering. It features 43 rides, including five roller coasters, 18 adult rides and 12 children’s rides.

(c) 2007 Rochester Business Journal. Obtain permission to
reprint this article.

By TOM ADAMS
Rochester Business Journal

Website Matches Buyers and Investors

2007-04-10T15:37:00.001-07:00

Online Dating for Property Co-Ownership -- to Share Risks and Rewards

New Website matches buyers and investors for real estate co-ownership, otherwise known as "equity sharing". Equity sharing helps both the buyer-occupiers and the investors who provide the down payment avoid becoming over-extended.

San Francisco, CA (PRWEB) April 10, 2007 -- Home sales may be falling but prices aren't. It's getting ever harder for ordinary people to buy a home. With the collapse of the subprime lending market, even risky mortgages are hard to come by. A new online service called Home Equity Share (http://www.HomeEquityShare.com) has a solution: It matches people who can share the risks and rewards of ownership as partners.

"We provide what is like an online 'dating service' for investors and home buyer-occupiers so it's easier to find someone to buy with," says Dr. Jeff Langholz, CEO of Home Equity Share. "We provide analytical tools and model legal documents that give these strangers the security they need to buy real estate together. This makes the transaction cheap, safe and easy."

First-time home buyers, relocating or trading up and experienced real estate investors are using our service to buy real estate as a team.
The Website offers a streamlined matching process based on geographic factors and other screening criteria. Customers communicate anonymously through the Website's secure system, evaluating potential partners. Once they find a good fit, partners share their direct contact info with one another, and go buy real estate together.

Co-ownership, or "equity sharing," has experienced renewed interest as a wave of foreclosures on overextended borrowers has bankrupt some of the biggest lenders to first-time home buyers.

"Lending institutions are scrutinizing new loans much more closely. Equity sharing helps both the buyer-occupiers and the investors who provide the down payment avoid becoming over-extended," says Marilyn Sullivan, a California attorney and author of The New Home Buying Strategy, Solve Your Cash Crunch With Team Buying Power.

"Technology now makes it much easier to find a suitable partner," Langholz said. "First-time home buyers, relocating or trading up and experienced real estate investors are using our service to buy real estate as a team."

About Equity Sharing
Once partners find each other and purchase a property, equity sharing partnerships usually end after three to seven years, or when the property has appreciated in value to a target level partners select. When the time is right, the partners sell the property and split the profits. The real estate investor walks away with the original down payment, plus about 50% of the appreciation, often exchanging into another property tax free. The home occupiers, meanwhile, typically use their share of the profits to make a down payment on a house that they will own 100% instead of only 50%. An occupying owner who wants to remain in the house can refinance the loan and "buy out" the investor partner's ownership share. Home Equity Share even provides referrals to real estate agents who can assist in such purchases.

About Home Equity Share
Officially launched in March 2007, Home Equity Share (http://www.HomeEquityShare.com) is the only national source for finding real estate co-ownership partners, as well as equity sharing market trends and information, and qualified service providers such as real estate agents, mortgage lenders, and attorneys.

Contact:
Andrea Fuller, Director of Communications, Home Equity Share
415-621-6447
afuller @ homeequityshare.com

Florida REIT buys Wild Waves in seven-park deal

2007-04-09T11:21:00.000-07:00

CNL Income Properties Inc. has completed its acquisition of Wild Waves & Enchanted Village in Federal Way as part of a seven-park deal worth $312 million, the company disclosed in regulatory filings Monday.

CNL, a real estate investment trust based in Orlando, Fla., on April 6 bought the parks from an affiliate of PARC Management LLC. CNL then leased the properties back to PARC Management, which will operate the facilities, according to CNL filings with the Securities and Exchange Commission.

Earlier this year, New York-based Six Flags Inc. sold the seven parks to PARC Management of Jacksonville, Fla.

In addition to Wild Waves, the seven-park deal included facilities in Denver; Buffalo, N.Y.; Oklahoma City; Houston; and Concord, Calif.

CNL bought the parks for $290 million in cash and a $22 million note with a 10-year term, SEC filings show.

Wild Waves is a 67-acre theme and water park in Federal Way with 55 rides.
Puget Sound Business Journal (Seattle) - 8:43 AM PDT Monday, April 9, 2007

Iggys House

2007-04-09T09:20:00.000-07:00

I stumbled across a unique concept which this company does to help you - if you are a seller - by helping to get your home into the market place called Iggys House.

This is on their web page:

What is Iggys House?
Iggy's House is a revolutionary idea that is out to change the real estate industry. It is a totally free service to allow home sellers access to the same tools (like MLS listings) that real estate agents use and generally charge for either through a commission or a flat fee. We don't believe information should come with a price tag.

Happy Easter !

2007-04-09T05:28:00.000-07:00

Here's a new one to start out the week...

1337 Steele St
3/1 frame house with 1412 sq ft.
Retails for (at least) 80K
Needs about 15-20k in rehab
Grab it for $26K
This won't last long so get back with me asap and let's lock it down.

Details at:
http://www.sellhomeinstantly.com/deals/list.asp?id=1337

Thanks and God Bless!

Robert

p.s. Forward this email to a fellow investor who might be interested in
houses with immediate equity and potential cashflow/profit

"For God so loved the world that he sent his only begotten Son that
whoever shall believe in him shall not perish but have everlasting life" -
John 3:16

============
Monthly Landlord Meeting
Members, friends, and everyone with an interest in residential rental property management are invited to attend the monthly meeting of The Florida Landlord Network.

Meetings are held the 2nd Wednesday of every month beginning with lunch at 12:00. The meeting runs from 12:30 until 1:30 PM and is held at The Golden Corral, 4250 Southside Blvd. Click here for map. This meeting is free to all. Bring a friend!

Eviction Service

No one like an eviction. When you must evict, Florida Landlord Network makes it easy. Just go to the website and select "Evictions" from the Services Menu. Enter the required information (this takes about one minute). Soon after you will receive all of the documents required to file in Court. Sign them and give us a call.

We will pickup those signed documents and take them to Court for you. In addition, we will return to Court at the appropriate times to file the required Motions. Assuming your tenant doesn't pay, you should receive the Final Judgement in a couple of weeks. All for $195.00. All fees included.

Visit FlaLandlord.Com Today!

Best regards!

Paul Howard
President, Florida Landlord Network

Rising costs hinder Habitat for Humanity International projects.

2007-04-09T05:11:00.000-07:00

For 31 years, Habitat for Humanity International has been building homes around the world - 225,000 of them so far - for more than 1 million low-income people.
The nonprofit has depended on donations of money, materials and services and the ability to acquire land cheaply in order to build the houses.

But throughout Southern California and in other areas across the country where the value of land is soaring, the organization and its affiliates are finding it harder and harder to buy affordable land, and have been forced to seek newer, more creative ways of acquiring it.

"Land has become very expensive, and it's amazing just how that simple concept affects so many different things," said Paula Akompong, executive director for Habitat for Humanity, San Bernardino Area. Her group is in a mad dash to raise enough money, materials and services to build a home for a family of five in San Bernardino by the end of June. It negotiated the purchase of a parcel at the corner of 36th and E streets through the city's redevelopment agency and AT&T, which formerly owned the land. Now the charity needs to raise the money to build the home.

Desire for land in Southern California has become so fierce that the
nonprofit now finds itself competing with developers.

"And when you're competing with a market-rate builder, you're priced out," said Michelle Barrett, spokeswoman for Habitat for Humanity International in Corona. "What we're starting to explore now is partnering with builders, who get a tax credit for providing affordable housing."

Habitat for Humanity's San Bernardino affiliate is partnering with city redevelopment agencies and developers to acquire land for building homes.

In Redlands, for example, the organization is working on building a house for a family on Tribune Street and secured a $112,000 interest-free loan from the city's redevelopment agency that will transfer to the homeowner,

Akompong said.

"In Redlands alone, every piece of property we were looking at was $300,000 or more, for houses we were going to wind up selling for $120,000," she said. "The fact that the value of land was just so high, and the way we did fundraising, it would take forever for us to make that much money."

In Yucaipa, Habitat's San Bernardino affiliate has joined forces with Tustin-based developer Fidelity Homes Inc., which is selling one of its 1,800-square-foot, four-bedroom, three-bath homes in its soon-to-be-built gated Walnut Estates development to the nonprofit for $75,000. List prices in the 210-home development will range between $350,000 and $500,000, said Richard Alan Nagger, marketing and sales director for Fidelity Homes, Inc.

City redevelopment agencies find partnerships with nonprofits like Habitat for Humanity desirable for their affordable-housing programs because it's typically more economically feasible, Akompong said.

To address the bigger issues going on in Southern California, Habitat for Humanity has formed its Southern California Affiliates Program, which grapples with such issues as property taxes and how low-income people can afford to pay them when they didn't buy their houses at market value, Akompong said.

"Obviously they cannot afford taxes that are calculated on the market value of their home as calculated by the county assessor's office,"

Akompong said. "This is obviously a regional problem, and that's something we can address at the Sacramento level."

Barrett said the race to snatch up coveted land has left many of Habitat for Humanity's Southern California affiliates with a lot of in-fill lots or lots too small to build homes on. As a result, smaller density housing such as condos and town houses to accommodate smaller families are being built instead, she said.

Or, the nonprofit must build where land is affordable, and that usually means building farther away from metropolitan areas.

"We're pushing people further and further out from the cities. Now you're living in Blythe and commuting to Orange County," Barrett said. "And they don't have a lot of options for transportation."

Since 1994, Habitat for Humanity San Bernardino Area has built 23 homes in San Bernardino County, including eight in San Bernardino, 11 in Redlands, one in Colton, one in Fontana, and two in Loma Linda, Akompong said.

Since Akompong became the San Bernardino affiliate executive director two years ago, it has undergone major restructuring and trimmed costs.

"We've been going through a rebirth because we've had to scale back on our personnel, on our operations and focus on these families that we've chosen," Akompong said, adding that six families are on the waiting list for homes.

Among those families are Harold and Rosemary Ray and their three daughters, who will move into the yet-to-be built home at 36th and E streets in San Bernardino when it is built.

The Rays have put in nearly 500 hours of volunteer time with the nonprofit, a prerequisite to qualify for a home, since they were selected two years ago. They have been living in a two-bedroom apartment on Date Street on the city's east side for the last 12 years. They have watched the neighborhood steadily deteriorate while their rent increased.

The Rays first thought they would receive a home in Loma Linda, but were informed that the city required, through its affordable-housing program, a minimum annual income of $50,000, Rosemary Ray said, adding that she is a stay-at- home mom and her husband makes about $35,000 a year as a cable-TV installer.

Then they got their lot in San Bernardino, but the sponsor who initially agreed to do a "blitz build" of the home pulled out, opting for another project in Riverside instead, Ray said.

"So that was our second disappointment. And that's why we're trying to raise money for our home," Ray said.

Joe Nelson, Staff Writer
Article Launched: 04/09/2007 12:00:00 AM PDT

TO DONATE
To give cash, materials or services to Habitat for Humanity, call (909) 307-2362 or e-mail Habitat for Humanity San Bernardino Area at habitatsb@gmail.com

Rehabbers/Landlords:Good Friday

2007-04-07T02:53:00.000-07:00

WOW!! It's not Good Friday... Its a GREAT FRIDAY!!!!

We got another one that just popped, take a look.

Here today- Gone tomorrow

WHOLESALE PROPERTY FOR SALE!!!!!!

Just recieved short sale approval and we have clear title, must close by April 30th.

1357 West 16th St
Jacksonville, FL 32209

1256 Sq ft AS-IS / WHERE IS Net to seller is $48K
Sold in 2004 for $80K
Repairs approximately $5-8K
Comparables show STRONG $99K (attached)
Numbers work ... Make it Happen!!

Latest and greatest!!! Call or email Mike today!!! 904-291-3266 or michaelsalik@bellsouth.net

3020 Ernest St., 32205

ARV: $140k

NET 89k

Lovely 3/1 1500sq ft in Riverside near Powers Park, TLC and cosmetic updates needed and it'll be ready to go (about $12k repairs). Won't last long...

_________________________________________________________________________________________________________________________________________________________

1425 W. 2nd St.

ARV: 86K

NET: 31K

don't delay on this one. Large lot with a 3/1 on it that needs work, and will be a nice profit for rent or sale.

Good sized backyard with a shed. A couple of nearby houses sold recently for about $90K retail. Clear title search.

______________________________________________________________________________________________________________________________________________________

463 W. 66th St

ARV: 80K

Net: $31K

2/1 SFR with 525 living area. AC is reverse-cycle window unit, plumbing has been upgraded, electrical panel is 150 amps. TENANT paying $450/mo and plans to stay!!! Property cashflows 'as is'. If you insist on making repairs, there is enough equity spread for at LEAST $15k for "pretty up" and updates.

__________________________________________________________________________________________________________________________________________________________
1216 W. 4th St

ARV: 63K

NET: $15k RIDICOLOUS NET!!!! MOVE TODAY

2/1 property that needs work all around. Put basic repairs, standardize with neighborhood and then rent it out for cashflow. The numbers work.

_______________________________________________________________________________________________________________________________________________________

HOT!!!!!

8445 Brackridge Blvd. S., 32216 MUST SELL QUICKLY!!!

ARV: 150K

NET 95K

Summary: 3/1 SFR concrete block. This house would need mostly cosmetic work. There is some wood additions on exterior that would need to be replaced. There is a storage building that would need to be torn down. Owner will be leaving property and we need to move quickly on this one. Nice property in good neigborhood.

__________________________________________________________________________________________________________________________________________________________

827 W. 30th St., 32209

ARV: $80k

NET: 56K

Completely refurbished 2/1 Bungalow! Ready NOW! GOOD STARTER HOME OR GOOD RENTAL PROPERTY. Remodeled property Includes NEW Roof, NEW Central Heat & A/C SYSTEM, NEW Water Heater, Newly Painted AND Electric upgrade/rewired. Seller has never lived on property.

Michael Salik

904-291-3266 Office
904-236-5053 Fax
www.allamericanrei.com
www.EnglandMortgageGroup.com

Blackstone Property Flipped in Record-Shattering $750M Office Transaction

2007-04-05T15:35:00.000-07:00

Hines Bullish on Sacramento, Acquires Former EOP's 2.4M Sq. Ft. Portfolio

Wells Fargo Center

Not to be left out of the ongoing redistribution of Equity Office Properties massive office portfolio, an affiliate of Houston-based Hines Interests LP has locked up the former EOP's 2.4 million-square-foot Sacramento office portfolio, including the 502,365-square-foot Wells Fargo Center at 400 Capital Mall, CoStar News has learned.

The transaction, valued by sources close to the deal at more than $750 million, or $312.50 a square foot, is the largest transaction in the history of the Sacramento market by a wide margin. The acquisition, for which Hines outbid San Francisco-based Shorenstein Properties, is expected to close May 1.

"It's the largest ever. There’s nothing even close," said John Frisch, head of the Sacramento office of Cornish & Carey, which participated in due diligence in the deal. Frisch added that the top-price deal is going to raise rents -- as it has in other markets where Blackstone has flipped property at an immense profit from the $39 billion buyout of EOP.

The 32-property Sacramento portfolio includes the downtown 30-story Wells Fargo Center tower built in 1992, along with suburban office buildings in the city’s Campus Commons, Point West, South Natomas and Watt submarkets. The package includes 10 properties totaling more than 732,000 square feet in the region’s booming Roseville/Rocklin office market. However, it does not include four former EOP properties in the Folsom area split off and reportedly sold to McCarthy, Cook & Co. in a joint venture with J.P. Morgan, according to sources.

The transaction reflects growing interest from institutional investors in Sacramento, said Jason Goff of Jones Lang LaSalle, who along with partner Drew Peterson advised Eastdil Secured, the firm retained by Blackstone to market the portfolio.

"My takeaway is that institutional investors now look at Sacramento as being a primary or very close to a primary market," said Goff. "They realize there’s tremendous value in being in the capital of the state of California in an area with a broad-based economy."

Blackstone spokesman John Ford did not return a telephone call. Hines spokeswoman Kim Jagger, speaking on behalf of the officer in charge of the REIT’s Western operations, said the company does not comment on pending transactions.

However, in a filing with the U.S. Securities and Exchange Commission, Hines disclosed tha, on March 29, an affiliate of its unlisted REIT entered into a contract to acquire a portfolio on behalf of an indirect subsidiary of Hines-Sumisei U.S. Core Office Fund, as well as other properties on behalf of another Hines affiliate.

Hines set up the Core Office Fund in 2003 to invest in existing office properties that the Texas firm believes are desirable long-term holdings.

Local Investor Sells Timberwood Trace Apts. in Jacksonville

2007-04-05T15:33:00.000-07:00

CA Group Buys 224-Unit Multifamily for Nearly $13M

California investors Fair Avenue Delaware LLC and 301 W Mountain View Delaware LLC acquired the Timberwood Trace Apartments at 12250 Atlantic Blvd. in Jacksonville for $12.95 million. Locally based Flournoy Properties Co. sold the property for $57,812.50 per unit.

The 29-building, 224-unit complex was constructed in 1994 on 9 acres. Each of the units consists of three bedrooms and 2.5 bathrooms. Amenities include a swimming pool, basketball court and two playgrounds.

Matthew Kesterson of Marcus & Millichap represented both sides.

For more information, see CoStar COMP #1259719.

Graham & Co. Inc. plans to develop a warehouse park along Interstate 95, just south of Jacksonville near St. Augustine.

2007-04-05T15:32:00.000-07:00

Birmingham Firm To Develop 1 Million-SF Warehouse Park
Graham & Co. To Deliver 4-Building Complex Along I-95 By January 2008

The warehouse park will consist of a total of four buildings totaling around 1 million square feet of space. The warehouse project will commence with ground breaking on May 15 with the construction of a 203,320-square-foot distribution facility. Delivery of the first warehouse is expected next January.

The Florida warehouse project will be similar to Graham & Co. projects in Calera and Moody, AL, according to Mike Graham.

Designform Inc., an architecture and interior design firm out of Birmingham, AL, will provide architectural design, construction documentation and project management services. Jeff Graham, SIOR of King Commercial Realty in Jacksonville will handle the leasing of the warehouse park.

New Real Estate Services Firm Sets Up Jacksonville Office

2007-04-05T15:29:00.000-07:00

CNL Forms Real Estate Group

CNL Financial Group announced the formation of CNL Real Estate Services, a new commercial real estate firm offering services in brokerage, property management, development and investment, project management and corporate real estate.

The Orlando-based firm was formed from a 20-member team of former Trammell Crow Co. executives. The group is led by managing partner Paul Ellis, and principals Gregg Ickes, Chip Lilley, John McRae and Lance Pokorny. It will focus on advising clients in Florida and the Southeast U.S.

Lilley and Brad Chrischilles will head up CNL Real Estate's Jacksonville office, which began operating last month from a temporary location in the Aetna Building, at 841 Prudential Drive.

The venture is the first time CNL Financial Group has offered services to companies outside its core business units.

"This was an easy decision for us to make," said CNL Chairman and CEO James M. Seneff, Jr. "We’ve been investing in and acquiring real estate for 34 years and believe there’s an untapped opportunity to put that knowledge and expertise to work for others."

Hotel Owners Look to Cash in on Industry's Favorable Fundamentals and Higher Yields

2007-04-05T15:28:00.000-07:00

HOT FOR HOTELS: Private Equity Buyers Eye Hospitality Leaders

Only a few years ago, with the hospitality industry in full boom, hotel IPOs were all the rage with companies like Sunstone and Strategic Hotel Capital making their debuts as REITs as investors who had carried hotel properties through the downturn following 9-11 turned to the public markets to cash out.

Now the capital cycle has turned and the private equity buyers rule the roost. Blackstone Group's acquisition last year of MeriStar Hospitality Corp. signaled the arrival of the private equity players. Several other hotel REITs and chains have since traded hands and the signs indicate that more may be sold soon.

The market is buzzing that Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) might be the latest REIT -- and one of the biggest in the hospitality sector -- to be the next take-over target for private equity players.

Earlier in the week, Steven J. Heyer, the CEO of the White Plains, NY-based REIT, was asked to resign by the board of directors over issues stemming from his management style. That's led to rampant speculation that the REIT is positioning itself for a possible sale.

That news coincided with the announcement that Winston Hotels (NYSE: WXH), a Raleigh, NC-based REIT with 53 hotel properties in 18 states, struck a definitive agreement to be acquired by Inland American Real Estate Trust Inc., a public, non-traded REIT that is an affiliate of The Inland Real Estate Group of Cos. Inland outbid Wilbur Acquisition Holding Co. with an offer of $15 per share or roughly $458 million.

Meanwhile, shareholders of Four Seasons Inc. (NYSE: FS) voted today in favor of selling the Toronto-based hotel company for about $3.37 billion, including debt, to an unlikely trio consisting of Microsoft's Bill Gates, Saudi Prince Alwaleed Bin Talal and the company's CEO, Isadore Sharp. The transaction is expected to be completed in the second quarter of 2007.

It's not surprising that the industry is flush with M&A activity and take-private deals right now. There's still plenty of capital chasing real estate deals and the hotel sector has performed extremely well over the past few years, bouncing back stupendously from the woes that plagued the travel industry following the terrorist attacks on 9-11.

The industry had a record-breaking year last year in investment sales, reaching $70 billion in worldwide property trades, according to Jones Lang LaSalle Hotels. But, the large company-level and chain sales reflect the appetite of private equity players to efficiently park their capital -- a hunger matched by REITs to get more bang for their buck.

"The smart-money guys, private equity, think that certain assets and businesses are undervalued. They are value players. They think the hospitality industry and hotel assets, the public market is simply not valuing those businesses or assets correctly and therefore they can buy them cheaply by taking them private and they'll harvest the value later," said Jim Butler, author of Hotel Law Blog and chairman of the Global Hospitality Group at Jeffer Mangels Butler & Marmaro LLP.

Private equity players are also able to raise virtually unlimited amount of money for these colossal purchases, which has altered the game somewhat. Blame it on Blackstone -- the New York private equity king kicked off its phenomenal buying spree with its $2.6 billion acquisition of MeriStar Hospitality Corp. and its portfolio of 57 luxury, full-service hotels last year.

Then there's Morgan Stanley Real Estate's acquisition of CNL Hotels & Resorts for about $6.6 billion or $20.50 per share in cash. As part of that deal, CNL agreed to sell a portfolio of 51 properties in that deal to Ashford Hospitality Trust (NYSE: AHT) for $2.4 billion.

Other deals include the $3.9 billion sale of the Fairmont Hotels & Resorts Inc. chain to a venture between Kingdom Hotels International, which is owned by a trust for a Saudi Prince and his family, and Colony Capital. Cleveland-based REIT Boykin Lodging Co. (NYSE: BOY) last year for $416 million to a venture between Westmont Hospitality Group and Caisse de dépôt et placement du Québec.

More than a few REITs and public hotel companies will continue to go private because investors are chasing returns and hotels have good returns, said Thomas E. Callahan, chief executive officer - West for PKF Consulting Corp. "If they're looking for a place where they can buy large groupings of hotels, the REITs are the first place they'll look,"

Hotel properties typically offer higher yields when compared to other real estate asset types. While good quality office properties are trading at a 5% capitalization rate, comparable hotel properties are trading for cap rates at 6% or 7%, providing a better return, Callahan said. "The threat of new supply is pretty limited, there's a significant uptick in travel, demand is growing favorably and it's extremely expensive to build a hotel right now. Hotels are a favorable place to make an investment over the next three to five years," he added.

Dana Ciraldo, an executive vice president with Atlanta-based hospitality brokerage Hodges Ward Elliott, agrees that the hotel sector has got a three- to five-year window of above-inflationary revenue increases. But, he adds, this expansion may be better than past cycles, because of the favorable supply/demand scenario. Supply is growing at about 1% a year, compared to demand, which is growing close to 4%, he said.

The disparity between supply and demand has been fueled largely by the double-digit growth in construction costs over the last two and a half years and the highest and best-use challenge created by the run-up in values on the residential side, he said. Ciraldo's firm handled close to $6 billion in hotel trades in 2006, a record year for the company.

Of course, there is a bit of risk associated with the hotel sector, too. For one, it is so closely tied to the economy and the GDP. In fact, room demand is almost at a 1:1 ratio with the GDP, Butler said. "It is riskier than other types of real estate because the values depend significantly on an operating business. In other words, you don't have 10- to 20- year leases -- you sell your rooms by the night."

The hotel industry is poised to enjoy a record year in profits with $29.7 billion projected in income before taxes, according to PricewaterhouseCoopers LLC. That would make it the highest amount in at least 25 years.

Operating fundamentals are also expected to remain strong through the year. PWC LLC is forecasting an overall occupancy level of 63.3%, a 5.8% increase in the average daily room rate and a 5.8% increase in revenue per available room (RevPAR).

And investment sales for 2007 are expected to remain strong for the industry, fueled no doubt by big portfolio and M&A deals. In fact, Butler expects the M&A activity, not just to continue, but to accelerate.

"Given the amount of capital available, literally all of the hotel brands could be purchased today. The entire hotel industry could be purchased today," Butler said. "The capital is available, it's an industry that's attractive. Something that was unthinkable a few years ago is now a reality."

rent-to-own home,

2007-04-05T15:25:00.000-07:00

Follow this link to see the page:

Click to view listing(s)

This link will no longer be available after 5/5/2007.
Michael Salik

904-291-3266 Office
904-236-5053 Fax
www.allamericanrei.com
www.EnglandMortgageGroup.com

Val Crisanto
SELLSTATE FIRST COAST REALTY
8535 BAYMEADOWS RD
SUITE 1A
JACKSONVILLE, FL 32216
Office Phone - (904) 382-0804
vcrisanto@bellsouth.net
===================================

WHOLESALE PROPERTIES Contact JEFF
904-465-0897

1315 Dancy St., 32205 ( Avondale )

Heading North on Roosevelt turn right on Dancy, go approx 2 blocks and home is on the left. Tenant occupied drive by only.

Wholesale - $175K / ARV $255K Home is a turn-key rental no repairs, if buying to retail minor repairs in the range of $ 7-10K. 3/2, 1519sq ft. Home was remodeled about 5 yrs ago so doesn’t need much, could use some work in bathrooms they were inexpensively installed when remodel was done, kitchen has new cabinets and tile counters and looks good. Inside laundry, tile flooring, fireplace, very inviting back yard with large back porch and huge garage. Home has one small room that needs floor covering, carpet in rest of house is in good shape. The exterior is stucco.
Tenant occupied drive by only. More pictures at www.PropertyPaydays.net
Asking
$175,000
1315 Dancy St. 1929 3/2 1519

1348 Ingleside Ave. 264,000 1925 31 12/21/06 1403 .12
1408 Rensselaer Ave. 253,000 1920 2/2 10/24/06 1467 .17
1439 Talbot Ave. 300,000 1923 3/2 3/1/07 1621 .28
1277 Hollywood Ave. 290,000 1924 3/2 11/14/06 1588 .45
1272 Belvedere Ave 285,000 1926 2/1 10/13/06 1192 .46
===========================
I'm trying to help a friend find a fair deal on a rent-to-own home,
she needs at least a 4 or 5 bedroom, 2 bath (3 kids and another on the
way), very well behaved children. She's a legal secretary for a large
firm downtown, very secure in her position, but credit is damaged due
to a recent divorce.

Her current lease is up for renewal June 1, but she really wants to be
in a nicer area in Jacksonville or Orange Park or so where the schools
are better than where she is on the west side.

She does not want to move again after this move, so if you are willing
to do a lease option or something similar you will sell a house!

Shoot address, property and financing information my way.

Sincerely,

Laban Johnson
laban@labanjohnson. com
============
How are you going?

Two new properties for you or someone you know:

[New listing #1]
3020 Ernest St., 32205
ARV: $140k
Asking: 87,900k

SUMMARY: Lovely 3/1 1500sq ft in Riverside near Powers Park, TLC and
cosmetic updates needed and it'll be ready to go (about $12k repairs).
Won't last long...

Details: http://www.sellhomeinstantly.com/deals/3020

[New listing #2]
827 W. 30th St., 32209
ARV: $80k
Asking: 54,900k

SUMMARY: Completely refurbished 2/1 Bungalow! Ready NOW! GOOD STARTER
HOME OR GOOD RENTAL PROPERTY. Remodeled property Includes NEW Roof, NEW
Central Heat & A/C SYSTEM, NEW Water Heater, Newly Painted AND Electric
upgrade/rewired. Seller has never lived on property.

Details: http://www.sellhomeinstantly.com/deals/827

[Back on the market] - HOT
Address: 8445 Brackridge Blvd. S., 32216
ARV: 150K
Asking: $92k (reduced)

Summary: 3/1 SFR concrete block. This house would need mostly cosmetic
work. There is some wood additions on exterior that would need to be
replaced. There is a storage building that would need to be torn down.
Owner will be leaving property and we need to move quickly on this one.
Nice property in good neigborhood.

Go here to get all the details and pictures:
http://www.sellhomeinstantly.com/deals/8445

[Recently Reduced]
[1] 1425 W. 2nd St.
ARV: 86K
Asking: $29,900
http://www.sellhomeinstantly.com/deals/1425
SUMMARY: Rehabbers/Landlords: don't delay on this one. Large lot with
a 3/1 on it that needs work, and will be a nice profit for rent or
sale. Good sized backyard with a shed. A couple of nearby houses sold
recently for about $90K retail. Clear title search.

[2] 463 W. 66th St
ARV: 80K
Asking: $28,900
http://www.sellhomeinstantly.com/deals/463
SUMMARY: 2/1 SFR with 525 living area. AC is reverse-cycle window unit,
plumbing has been upgraded, electrical panel is 150 amps. TENANT paying
$450/mo and plans to stay!!! Property cashflows 'as is'. If you insist
on making repairs, there is enough equity spread for at LEAST $15k for
"pretty up" and updates.

[3] 1216 W. 4th St
ARV: 63K
Asking: $11k
http://www.sellhomeinstantly.com/deals/1216
SUMMARY: 2/1 property that needs work all around. Put basic
repairs, standardize with neighborhood and then rent it out for cashflow. The
numbers work.

Visit website FIRST for more information or call 262-7045.

Thanks and Go Gators!

Robert

p.s. For a list of all current deals, go to
http://www.sellhomeinstantly.com/list

p.s.s. Forward this email to a friend/client who might be interested in
houses with immediate equity and potential cashflow/profit

[New listing]

2007-04-04T15:47:00.000-07:00

Just wanted to share with you about a few more properties for you or
someone you know:

1919 Fouraker Road, 32210
ARV: $155k
Repairs: About 20k-25k
Asking: 95k

SUMMARY: 4/2 property (tax rolls are wrong), 1800sf.
CONCRETE BLOCK home in Normandy Village subdivision.
Contains multiple additions adding extensive flexibility.
Good investment area for landlords who buy and hold.
Fixup and resell. Air ducted heating, CH&A, 2-car driveway.
Vacant w/ lockbox.

Details: http://www.sellhomeinstantly.com/deals/1919

[Back on the market] - HOT
Address: 8445 Brackridge Blvd. S., 32216
ARV: 150K
Asking: $92k (reduced)

Summary: 3/1 SFR concrete block. This house would need mostly cosmetic
work. There is some wood additions on exterior that would need to be
replaced. There is a storage building that would need to be torn down.
Owner will be leaving property and we need to move quickly on this one.
Nice property in good neigborhood.

Go here to get all the details and pictures:
http://www.sellhomeinstantly.com/deals/8445

[Recently Reduced]
[2] 1425 W. 2nd St.
ARV: 86K
Asking: $29,900
http://www.sellhomeinstantly.com/deals/1425

[3] 463 W. 66th St
ARV: 80K
Asking: $28,900
http://www.sellhomeinstantly.com/deals/463

[4] 1216 W. 4th St
ARV: 63K
Asking: $11k
http://www.sellhomeinstantly.com/deals/1216

Visit website FIRST for more information or call 262-7045.

Thanks and Go Gators!

Robert

p.s. For a list of all current deals, go to
http://www.sellhomeinstantly.com/list

p.s.s. Forward this email to a friend/client who might be interested in
houses with immediate equity and potential cashflow/profit

==============
All Cash Terms....Needs TLC....

3034 Imperial St, 32254 - $67,000.00 obo arv 105k
3/1 1131sq ft ch/a needs updating and pressured washing(8k in rehab)

Contact Anthony, 904-234-0751( cell); 904-302-8428( office)
====

I have added another property to the wholesale list. To view the list just click below:

www.mikeduprel.com

If this does not work in your browser just do a copy and paste to your address bar.

Thanks,

Mike Duprel

City adopted a new provision in the Building Code

2007-04-02T14:30:00.000-07:00

A few years ago the City adopted a new provision in the Building Code to allow the use of private inspectors.

An engineer or architect only need to be registered with the City and they are automatically regarded as Private inspectors due to their professional accreditation. A General Contractor can also be a private inspector.

You really don't need an electrical engineer but just an engineer or architect willing to inspect the wiring through some open spaces (attics, under the house, etc) and sign a note the work is compliant with the National electrical Code and specifically compliant with the Florida Code (if needed).

I had a similar problem in a house we were doing in Springfield a few years ago and that we took from another contractor. Some of the work wasn't inspected but instead of taking down the walls (as the City wanted), we only opened about 12" from the ceiling so the electrical inspector was able to see the wires, the building inspector was able to see that no fire caulking was installed (don't forget about this if you have to open the wall) and we only had to replace some drywall.

Don't let the City intimidate you into taking all the walls down. See exactly what they want to inspect and then come up with a solution that fits your needs too (saving some money for starters).

Some electrical inspectors only would want to look for the wire being the right size (what he can see at the devices or at the top of the wall) and that the wire is stapled (which he can also see from the top of the wall... with some effort of course) so no need to take ALL the walls down.

I don't have all the numbers with me but they are some good electrical engineers at Ossi & Meyer (please find the contact info below) and also at the Omega Group . They specially in MEP drawings and inspections.

If you need anything else please don't hesitate to call me. Fabian VidelaAMV General Contractors A Smarter Investments Corp companyPh. 904-981-9400Fax: 904-981-9499Cell: 904-237-4904

Housing authority under scrutiny

2007-04-02T13:53:00.000-07:00

The Missoula Housing Authority has embarked on a course that has raised alarm at City Hall and jolted the housing community.

The authority, a kind of housing safety net, was created in 1978 to provide safe and affordable homes for people at the bottom of the pay scale. Under the direction of Peter Hance, it has earned national recognition and is viewed statewide as a leader in low-income housing.

During Hance's five-year tenure, however, the housing agency has created numerous affiliates tied to housing authority funds. The secretary of state's office records seven active entities linked to the Missoula Housing Authority.

By KEILA SZPALLER of the Missoulian . . .(more here)

Real Estate Jacksonville Florida

2007-04-01T18:58:00.000-07:00

Hi everyone!

Here we are again. We are having a sale at the house we are currently
rehabbing starting tomorrow morning about 10am. The address is 628
Meteor St., Jax. and there are all kind of things there. The sale is
INSIDE, so don't be shy and come right in. :)
Feel free to call us at 881-9012 if you have any questions.

Thanks for your interest.

Sylvie Schiller
=========

I am purchasing a house that was remodeled by the owner, they did some
electrical work without a permit. They also have another permit that
was not completed and is still open. The building inspectors at city
hall say we have to open up the walls so they can inspect the work or
get a electrical engineer (not an electrician) to certify that the work
is OK.
Has anyone had this problem? How was it resolved? If you did get an
engineer to do the inspection who did you use?
Bob Haavisto
=============
Riverfront on the Ribault River. Almost 2200 sf all brick home with 2
car garage on navigable waterfront with boathouse. 3/4 bedrooms, 2
baths. Rehab well underway, purchase as-is now for larger profit.
Mostly cosmetics left. Price 260K. 10-15K in remaining rehab to
complete it beautifully. Appraisal 355K. Realistic ARV 340K. Owner
needs to "lose the mortgage payment" asap. Call for appointment 904-
945-2800. Thanks!

Andie Moncrief

Even Home Depot offers sod delivered.

2007-03-31T05:51:00.000-07:00

You can get sod anywhere. Even Home Depot offers sod delivered. The best price I've been able to find is from a A-1 sod but the difference only matters when you are ordering a lot.

Fabian Videla
AMV General Contractors
237-4904
========
Call Beachscapes and ask for Jason Hicks- if you need anyone to
lay the sod for you. He's out that way in OP quite often.

Jason Hicks 904-339-4712

Candice Rosenberg
904-424-8996
===========
New Wholesale properties for sale.. Priced to MOVE them... Must close by April 13th!!!!

Have your money in place. These prioperties are ready to close and have clear title.

2 houses for the price of one:

3543 Turton Ave., Jax, FL 32208 ARV: 169K

Net to me: 85k 30K sq ft lot consists of all of the following:

House #1: 3/1 ~1000sf / House #2: 3/2 ~1200sf

100% screened Pool _needs work , but its getting there. Just in time for Summer!!!

2-car garage

Quiet neighborhood. Lots of equity

Click here for more detail

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

1425 W. 2nd St. Jacksonvville, FL

ARV: 86K 3/1 needs

Net to me $34,900

_____________________________________________

463 W. 66th St Jacksonville, FL

ARV: 80K

Net to me $32,500

_______________________________________________

1216 W. 4th St, Jacksonville, FL

ARV: 63K

Net to me: $21k

Please contact me by email or office phone. These will move fast, so do not delay!!

Michael Salik

904-291-3266 Office
904-236-5053 Fax
www.allamericanrei.com
www.EnglandMortgageGroup.com
=========
Hi everyone!

Here we are again. We are having a sale at the house we are currently
rehabbing starting tomorrow morning about 10am. The address is 628
Meteor St., Jax. and there are all kind of things there. The sale is
INSIDE, so don't be shy and come right in. :)
Feel free to call us at 881-9012 if you have any questions.

Thanks for your interest.

Sylvie Schiller

I have added another property to the list.

2007-03-29T20:58:00.000-07:00

From: "Mike Duprel"
Reply-To:
To:
Subject: Mike Duprel's Wholesale List Updated 3/23/07
Date: Fri, 23 Mar 2007 18:10:48 -0400

I always put the new properties at the top of the list to make it more convenient for you to see what was added.
Click below to view the list.
www.mikeduprel.com

If that does not work in your browser just do a copy and paste it to your address bar.
Thanks,
Mike Duprel
904-693-8000

=========\

Anyone know where to get sod and have it delivered. I need it in Orange Park.

Jerry Whelan
Our Angel House, LP

Jerry Whelan
Our Angel House, LP
904-264-6061 Office
919-371-0300 Office
904-505-6020 Cell
904-688-1428 Fax
HalfTimeMortgage. com

============

From the desk of Louzonteno Johnson II

(2) Mobile Home Land Packages Available

Greetings Investors!

Today, I have a couple of Mobile Home Land Packages with good upside profit margins.

2057 Knottingham Place, Middleburg, FL 32068

3/2 1,306 Sqft Mobile Home that rests on a very desirable 1 acre lot. This home has been well maintained by its owner occupants.

Exterior
Outside storage, septic and well

Repairs
Only minor repairs are needed.

Viewing
Call Teno Johnson at 904.894.3927

Recent Comps

Sale

Price Sale Date
Beds Baths
Square Footage
Year Built
Dist

2057 Knottingham Pl
xxxx
xxxx
3 / 2
1,306
1983
xxxx

5117 Huntington Ct.
116,000
01/24/07
3 / 2
1,404
2005
.04

5020 Bent Twig Rd.
110,000
06/23/06
3 / 2
1,344
1988
.31

2006 Rose Ridge Ct.
69,000
11/29/06
3 / 2
1,216
1997
.36

Asking Price:
$65,000
Price will be reduced after short sale approval

1264 Village Green Court, Jacksonville, FL 32234 (Very Close to Baldwin)

Pictures Coming Soon!

This 1983 Double Wide Mobile Home has been converted from a 3/2 to a large 2/2.

It sits on a 2.3 acre lot in a secluded community on a private road. Minutes to I-10.

Utilities

Well & Septic (Septic Tank & Electric Power Pole Replaced within the last 3yrs.)

Repairs

Livable, but awaiting caring owners/management.

Owner Occupants will vacate before closing.

Recent Comps
Price
Date
Bd/Ba
Sqft
Yr. Blt
Dist.

1264Village Green Ct.
xxxx
xxxx
3/2
1,248
1983
xxxx

1056Village Green Ct.
125,400
08/09/06
3/2
1,223
1999
.13

1165 Yellow WaterRd.
144,500
01/11/07
3/2
1,344
1999
.54

Asking: $49,500

Submit Your Offer Today by Calling:

Teno Johnson

904.894.3927

JohnsonHughes 4728 Bedford Rd. Jacksonville FL 32207
==============
Wholesale Propery... 1800 SF 4/2 Needs $5K-$8K... Ready to Go...

Home Has: New roof, laminate floors in living area, open kitchen with
new cabinets, 4 huge bedrooms, 2 bathrooms remodeled, upgraded
electric, and central heat and a/c...

Home Needs: Carpets steamed and cleaned or replaced, laminate floor
layed in dining area, new appliances and sink in kitchen, both
bathrooms need toilets, new light fixtures, and a possible coat of
interior paint

You've got to see the inside of this house! Home was being rehabbed
but was not finished.

Sold Comps:

2002 Kingston St 1477 SF 3/2 $105,000 (7/06)- Last Yr and Smaller!

2366 Commonwealth Ave 1917 SF 4/2 $118,500 (3/07)

1994 W. 6th St 1812 SF 3/2 $128,000 (3/07)

Asking Price: $68K

Please call for lockbox code.

**Just got property, will try and get pictures up on website a.s.a.p.

Candice Rosenberg
904-424-8996
============

Mandarin for under 200K!!!!!

Put your friends or family in a beautiful home on a spacious lakefront lot (just under half acre) in the heart of Mandarin (Bartram Park).Super conveinant 1 mile from I-95 or 3 miles from 295
Home has been completely renovated, new kitchen, baths, showers, new carpet, paint, new HVAC, granite countertops in kitchen and master bath. HUGE 20ft ceilings in Living area with fireplace and recessed lighting, 16 inch tile thru-out, comes with all appliances, and NO pesky Homowners association!!!!!
3/2 1 car garage over, 1300 sq ft on city water but on a septic system, best of both worlds!!

Please contact the listing agent Val Crisanto(Hablo Espanol) for showings and or viewing appts. His number is 904-382-0804, we are paying a LARGE 4% Co-op!! Plus seller assisted closing costs if using sellers mortgage company, England Mortgage Group 904-282-5688. Mortgage brokers- if you have someone pre-qualed, have them go buy this house, Seller will give super bonus (in points) if you send the buyer!!!

Follow this link to see the page:

Click to view listing(s)

This link will no longer be available after 4/26/2007.

Val Crisanto

SELLSTATE FIRST COAST REALTY
8535 BAYMEADOWS RD
SUITE 1A
JACKSONVILLE, FL 32216
Office Phone - (904) 382-0804
vcrisanto@bellsouth.net

Michael Salik
904-291-3266 Office
904-236-5053 Fax
www.allamericanrei.com
www.EnglandMortgageGroup.com

Here is the latest and greatest, some of these are NOT ready (meaning I need a couple more weeks) to receive approval, title work , etc..then we can close.
I do this, for my buyers to reseve a property or at least they know what is is in my pipeline and that give them a heads up. Hope this helps.

Michael Salik

========
[New Property #1]:

1216 W. 4th St
ARV: 63K
Asking: $11k obo
Needs work all around. 612sf 2/1.
Practically "giving" this one away to reduce my inventory...

View comps here:
http://www.sellhomeinstantly.com/deals/1216/comps.pdf

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[New Property #2]:

7912 Denham Rd. E.
ARV: $145k
Asking: $94.5k
Summary:
4/3 sfr brick w/ stucco in subdivision of Lake Forest Hills. Property
has central ac and the garage was converted to be included in living
area. Repairs would be: general cosmetic (paint and carpet), upgrading of
bathroom and kitchen, (roof to be checked).

More details about this property found at:
http://www.sellhomeinstantly.com/deals/7917

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[Gotta Go Property #3]:

463 W. 66th St.
ARV: 80k
Asking: $29k obo (discounted to reduce inventory)

SUMMARY: 2/1 SFR 525sf. AC is reverse-cycle window unit, plumbing has
been upgraded, electrical panel is 150 amps. TENANT paying $450/mo and
plans to stay!!! Property cashflows 'as is' so leave it alone unless you
want to make the tenant very happy. If you insist on doing repairs,
then there is room for at least $15k in "pretty up" costs.

More details about this property found at:
http://www.sellhomeinstantly.com/deals/463

Thanks and God Bess!

Robert Lam
(904) 881-8265

p.s. For a list of all current deals, go to
http://www.sellhomeinstantly.com/list
---------

As a mortgage professional,

2007-03-26T19:06:00.000-07:00

it’s important to stay informed about changes in the valuation/appraisal arena. Now, there is a newsletter that helps you do just that.

The Connection is designed to give you the latest information about trends in real estate valuation & the appraisal industry that impact your business.

To continue receiving this FREE newsletter in the convenience of your inbox, click here , otherwise kindly use the unsubscribe link at the bottom of this email to opt-out.

ValuFinders enhances AVM and Appraisal Review offerings

Leader in real estate valuation and collateral risk management solutions announces the immediate availability of economical AVM and Appraisal Review products/services.

ValuFinders, Inc. was incorporated in 1999 to provide an array of real-estate collateral risk management services, including automated valuation models (AVM’s), quality control reviews, collateral assessment, web-based property tracking and technology services.

The company’s client list includes, Countrywide Home Loans, Wells Fargo Bank, Bank of America, Fannie Mae, the U.S. Department of Housing and Urban Development (HUD), and the U.S. Small Business Association (SBA).

ValuFinders’ automated valuation tools (ValuRANGE and ValuPOINT) designed to meet the needs of mortgage lenders, brokers, appraisers and investment bankers during every step of the lending process, from origination, underwriting and quality control, to servicing, portfolio review and default management.

Combining the skill of experienced collateral assessment managers with an extensive selection of industry-leading AVMs, ValuFinders’ collateral risk assessment products, QC SCORE AND QC VALUE are available to help lenders and investors isolate high-risk appraisals to identify over-valuation and protect against loss.

The company's website is www.valufinders.com

Declining home prices –which markets are sliding?
According to Global Insight report, the incidence of overvaluation in the nation's housing market continues to decline, the result of falling home prices.

Global Insight, an economic and financial analysis and forecasting company, today released the 2006 fourth quarter update of the U.S. Housing Valuation Analysis, which shows the incidence of overvaluation in the nation's housing market continues to decline, the result of falling home prices.

The overall number of single family housing units deemed to be overvalued eased down from 17 percent to 16 percent of the total number of single family housing units. In terms of single family asset value, the percent deemed to be over-valued fell to 28 percent from 31 (revised) percent in the prior quarter.

Single-family home prices moved up in the fourth quarter by 1.8 percent, the first quarterly acceleration - albeit small - since the second quarter of 2005. Compared to the same period last year, prices have moved ahead by 4.1 percent. Seventy-two metro market areas, accounting for 22 percent of all single family real estate assets, experienced price declines in the fourth quarter.

The declines were concentrated in California, Florida and the New York metro area. Between the third and fourth quarters, California had 21 metro areas out of 26 with negative price appreciation, while Florida had 10 out of 18. Price declines were broadly dispersed throughout the rest of the country - only 21 of the 50 states were entirely exempt from falling prices.

Home price appreciation continued to be strongest in those parts of the country that came late to the explosion in home prices - the interior and northern parts of the west, including northern Arizona, Utah, Idaho, Washington and Oregon.

Markets identified in the study as over-valued decreased to 57 metro areas in the fourth quarter from 60 metro areas (revised) in the third quarter. As it has for the past several quarters, the greatest incidence of overvaluation continues to exist in pockets along the Atlantic and Pacific Coasts. New England, however, no longer appears to be significantly overvalued, while Orange County, Calif.; Tucson, Ariz.; Reno and Carson City, Nev.; and Kingston, N.Y., also fell below the threshold denoting extreme overvaluation.

Meanwhile, parts of Texas continued to experience above-average price increases in the latest quarter, but also continued to have the highest concentration of under-valued markets in the nation.

Naples, Fla., remains the most over-valued market in the country, although its level of overvaluation declined during this period to 79.9 percent, down from 83.6 percent (revised) in the third quarter. Meanwhile, Dallas and College Station-Bryan, Texas, remained virtually tied for the most undervalued markets, 21.6 and 22.5 percent, respectively, although home prices rose slightly in both markets.

“Nearly all markets posted a decline in the level of overvaluation, which signals that the overall housing market is beginning to trend back to more normal price growth,” said Jeannine Cataldi, senior economist and manager of Global Insight’s Real Estate Service.

The U.S. Housing Valuation Analysis, a joint effort by Global Insight and National City Corp., examines the top 317 U.S. real estate markets, or 91 percent of the single family housing market, to determine what home prices should be, accounting for differences in population density, relative income levels, interest rates, and historically observed market premiums or discounts.

Markets with valuation premiums above 35 percent were deemed at risk for price corrections based on the typical degree of overvaluation that preceded the 63 known local market price declines observed since 1985.

The U.S. Housing Valuation Analysis combines a statistical model originally developed at National City Corp. with data largely developed at Global Insight.

REALTOR Locator Service added to appraiserConnect's CONCIERGE
New service, available immediately to all Appraisal CONCIERGE members helps connect Mortgage Brokers with Real Estate Agents nationwide.
appraiserConnect.com, the industry’s leading provider of Appraisal Management Outsourcing solutions/services, announced today that they have launched a REALTOR Locator service in the Appraisal CONCIERGE
According to the company, the REALTOR Locator allows broker members to instantly reach, and connect with, thousands of qualified real estate agents nationwide, as well as offering rebates, to borrowers, of up to $5,000.
In addition to the REALTOR Locator feature, mortgage originators/processors can take advantage of a complete set of automated features. When placing appraisal orders online through CONCIERGE, the system does the rest including: sourcing an appraiser from appraiserConnect’s National Network (or work with the broker or lender’s existing local appraisers), coordination and confirmation of the delivery date and fee, tracking orders from acceptance to delivery, automatic email notifications at each step during the process, and a five-year appraisal archive.
CONCIERGE’s affordable service programs are available for Individual Loan Officers up to Multi-Office Enterprise organizations, allowing brokers and lenders to quickly and easily outsource their entire appraisal management process, either on a local basis, or across the country, without paying the higher fees typically associated with appraisal management companies.
The Company’s website is www.appraiserconnect.com

Housing Concerns Get in Way of Recruiting
Three in 10 employees who turned down relocation did so because of housing and mortgage concerns, according to a 2006 survey by Atlas World Group.

And 46 percent of companies say recruiting employees is becoming more difficult as the housing market cools, according to a 2006 survey by Prudential Relocation."It's becoming more and more of an issue. They don't want to sell their homes at a loss," says Mardi Montague, director of talent acquisition at pet store Petco Animal Supplies. "It's (a) huge (cost) for us to supplement this for them, and savvy candidates are asking about (relocation benefits) on the front end. That hasn't been a question before."Ironically, even as it becomes more difficult for employees to move, many companies are cutting their compensation for corporate moves. The percentage of fir ms offering full reimbursement for a relocation declined significantly: 69 percent of employers offered full reimbursement of relocation expenses for transferees in 2005, compared with 58 percent in 2006, according to the 2006 Atlas survey.

Survey: Most Owners Don't Expect Home Values to Rise
Most U.S. home owners don’t expect any change in the value of their homes in the next year, according to a survey by Reuters and University of Michigan.

The survey, conducted in January and February, says 55 percent of American home owners expect their home value to stay the same, while 38 percent expect an increase in value. Just 7 percent expect value to decrease.Overall, home owners’ estimates of rising values are modest – a median price increase of just 0.1 percent. That would represent a slowing in expected price appreciation from double-digit increases in the recent past, likely discouraging the typical home owner from borrowing against their home equity, the survey concluded.

www.appraiserconnect.com

"Jacksonville Market Watch" Newsletter.

2007-03-24T06:37:00.000-07:00

Welcome to this month's "Jacksonville Market Watch" Newsletter.

Well, the last year has beenÂ difficult for sellers and great for buyers. With 12,953 single family homes for sale and 3,086 condos for sale as of today, it's still a "buyers market" in Northeast Florida.

Re-sellers are finding themselves competeing with new home builders who must literally liquidate their inventory and have slashed prices like we've never seen before. What was selling for $200,000 a year ago is selling for $190,000 - $180,000 today. New home builders can also offer incentives that re-sellers can't offer such as pre-paid HOA fees andÂ free options.

Home values DO rise & fall just like the stock marker and the cost of gasoline!Â It's all about supply and demand.Â

Housing Starts Up 9 Percent, But Still Lag 28.5 Percent
Housing starts rebounded 9.0 percent in February following a 14.3 percent drop the month before, according to figures released by the Commerce Department. The pace of construction increased to a seasonally adjusted annual rate of 1.525 million units for the month, but was down 28.5 percent from a year earlier.Â Full Story Â

Sellers... don't dispair! Builders are running out of inventory (commonly called "spec homes") and buyers who need a place to live NOWÂ will find that they will have to select a home that isn't brand new. If you are selling, just be willing to negotiate with a buyer because if you don't then the buyer will probably go down the street to your neighbors house!

Buying a home?? If you're wanting to buy, then DO NOT wait any longer!Â NOW is the time. There's plenty of homes for sale to choose from and I personally know for a fact that new home builders are RAISING THEIR PRICES on what's left of their inventory! They can't continue to sell at a loss.

OPEN HOUSE TODAY: If you're looking for a townhome, then I have a great value for you! It's 1,496 SF, 3 bedrooms, 2 1/2 baths and backs up to a preserve. Piced at $178,500, this home is $20,000 LESS than similiar units in the sub-division. OPEN HOUSE TODAY from 1pm to 4 pm. More info and virtual tour at http://13494SunStoneSt.jacksonvillehomeinfo.net

To see all my current listings visit here .

Best wishes & Happy Home Hunting

Steve Burnett
Cross Star Realty
www.JacksonvilleHomeInfo.net

2007-03-20T15:28:00.000-07:00

Elizabeth,

I thought I'd post the link to the FL construction contracting laws so you don't have to go digging

http://www.leg. state.fl. us/statutes/ index.cfm? App_mode= Display_Statute&Search_String=&URL=Ch0489/PART02. HTM

=======
Betsy

Detroit and Baltimore would not be places where you would like to have an abundance of real estate investments. It's a little rough in those locations as well as others throughout the USA.

One of my first rules when I invest in anything, be it stocks, collectible autos, antiques or real estate, I make sure I know the market. Very difficult to know the market in Detroit if you live in Florida. Come to think of it, it's difficult to know the market in Detroit if you live in Detroit.

It's nice to be compassionate, but taking another path might serve you better in the long run.

By the way, good luck on your first flip. All the response you received was excellent information. I'll add my comments by saying I don't deal with anyone that is not licensed if they are suppose to have a license. You need to check you local codes to see who meets this requirement. It's ok for a "handyman" to do things like painting, yard work, minor trim repair, stuff like that.

You are taking the proper first steps by asking about what you don't know to those that do.

David Ginn
Jacksonville
==========
Betsy, If you think doing business in Jacksonville is tough, just imagine what it would be doing business in Detroit some 2-3000 miles away.

Just food for thought

Paul Chebi

PS: does anybody know what kind of activity is going on with the new jaxreia@yahoo networking site? I posted a message on it yesterday to test activity and did not get a single response, not even to myself which is usually the case when you send a message to the group. Maybe still tied up with moderator approval?
=========

Sylvie, Fabian, Kim, and Laban,

Thanks so much for all your advice! It would be good to learn the
Florida statutes because I don't want to have anything come back
and haunt me!
I do think the job is a little bigger than I would have
preferred for my first flip but I looked a long time for a property I
really liked and could see myself living in, and afford! I believe I will create
the kind of working relationships I will want for this rehab work
with time!
On a completely different note, has anybody thought of investing
in Detroit? I don't know the area but the foreclosure rate and
unemployment rate are crazy there. It seems like Detroit could
really use some help from some compassionate investors. Folks
that can stand to wait years to see any profit.
The best to you all,
Betsy Kaupa
904 997 6924

========

Betsy, you would be wise to familiarize yourself with Florida statutes concerning contractors if you are indeed contracting someone else to do non-exempt work.

If he's a principal in the deal, such as in the case of a sweat equity lease/option type deal where the handyman also has equitable interest in the property, then he can be exempt. But its certainly worth taking an afternoon or evening to read up, or consult a legal professional to be certain you are not doing something that can come back and haunt you.

Laban Johnson
http://www.labanjoh nson.com

===========
Markets will always correct themselves when reality sets in. What is adversity for some is opportunity for others.

I always keep in mind that "the news" is a TV show, written and directed to sell commercials. They rehash and sensationalize old reports to make it sound like 'news'. I do not trust CNBC, nor the insider experts which are paid to go on CNBC and lie.

Laban Johnson
http://www.labanjoh nson.com

=======
Betsy,

That is a big job to have someone do even IF they have a contractor's
license. I would consider using a handyman on a much smaller job, but
probably not for this. You have to always look out for yourself and
keep very close tabs on all your workers. Do not ever pay a
contractor up front.

It is very difficult for me since I still have a full-time job and
cannot babysit the workers. You need to think long and hard about who
you choose to do the job.

GOOD LUCK!

Kim Wisdom
Stomping Ground, Inc.
904-264-7079

===

WANTED: MULTI-FAMILY PROPERTIES

2007-03-19T18:42:00.000-07:00

(Buildings with 2 or more residential units)

* Prefer shells or properties in need of rehab.
* Any number of units (2+) will be considered.
* Short Term Owner financing (less than 18 months), assignment of
mortgage, and/or combination of both is ***HIGHLY PREFERRED***
* ANY CITY, ANY NEIGHBORHOOD, ANY CONDITION

If you have any questions, please feel free to email or call me.

Thank You

Joseph Grant
Joe-Can-Do-It. Net
240-880-4447 office
240-744-0262 fax
904-536-4882 cell
jgrant@joecandoit. net
=
All the business news shows continue to harp on the "mortgage meltdown" that is taking place today. Most of the focus is on "sub-prime" type loans.

The reports seem to be painting a picture that the world as we know it is about to end because the entire planet is going to have an increase in their monthly mortgage payment.

Nothing could be further from the truth.

Today on CNBC they did a report on the current situation with mortgage delinquency. The report stated that the past due rate on sub-prime adjustable rate mortgage now stands in excess of 13%.

Wow, 13%! Sounds like the world is coming to an end for sure (the report failed to report that credit card delinquency runs in excess of 15% month in and month out, year end and year out).

If you recall, on the email I posted last week, I pointed out that sub-prime type loans historically make up less than 5% of the mortgage market. In the CNBC report, they stated that adjustable rate sub-prime loans originated from 2004 through 2006 made up less that 1% of mortgage originations. This sort of substantiates my comment about sub-prime loans being a small part of the overall market.

They also stated in the report that these loans in default will result in almost 500,000 properties going through the foreclose process. The period of time expected for these foreclosures to take place is over the next 6-7 years!

Again, Wow. Almost a half a million homes going into foreclosure. Sounds like a lot. But, spread it throughout the entire USA and spread it our over seven years and it will not cause doom and gloom that the "experts" keep harping about.

By the way, during "normal" times, more than 50,000 homes in the state of Florida go into foreclosure each year.

All of this being said, the financial world is not coming to an end. There will be more mortgage defaults, that is for sure. There will be more foreclosures also.

There will also be many, more opportunities for short sales. Remember, this is Florida. The state is still growing. People are still moving down here.

And almost all of them will be purchasing real estate in the next 6-7 years.

As always, just my opinion.

David Ginn
======
I want to flip a house that has >$20K materials and labor.
My thoughts were to go with a fellow that is not a GC but has
been doing this for years without license. He also can not hold
off being paid until job is done, he has no working capital to
pay helpers. So far the advise I've seen here tells me I should
not go this way. Any added thoughts?
Betsy Kaupa
=====
8402 Cocoa Ave. (Oakwood Villas) Arlington

Perfect for a Rental

2/1 Frame

Asking 57k Net

Ryan Courson

Wealthcare Solutions LLC

Licensed Real Estate Broker
25 South 2nd Street (Map)
Jacksonville Beach , Florida 32250
904.246.0894 office
904.242.7304 fax
904.762.5264 cell

ryan@wealthcarerealty.com

====
Hi Betsy,

Unless you already know the "handyman" you are thinking of hiring AND know him well on a personal level too, I have to agree with everybody else's answer. The only reason I even hire a handyman for some of my work, is because I've worked for him, with him and have known him as a friend for almost 3 yrs now. If you must absolutely hire someone who is not a GC, I would suggest you choose someone you have seen working so you know his work ethics, his attention to details and ONLY pay him for one project at a time AFTER you or someone who is qualified, has inspected his work carefully. I would also not give him money for materials, but as many other investors will tell you, go to get the supplies with him and pay for them yourself at the store. This way, you can also keep track of what was bought and how much was spent, so you can return unused materials if you have any left after the job is finished. And last, but not least, check his references, past work quality AND whethe r he has had any complaints against him at the BBB.

Just my thoughs. I hope this helps. :)

Sylvie
881-9012

ING Funds all set to sell 50 per cent stake

2007-03-18T18:49:00.000-07:00

ING Funds (Thailand) expects the sale of a 50-per-cent stake to a new partner will be completed next month.

Bangkok Bank, or one of its subsidiaries, is thought likely to be buying the stake in ING Funds (Thailand), of which 49 per cent is owned by the Netherlands-based ING Insurance International BV and the remainder by Atlas Capital.

Maris Tarab, managing director of ING Funds, said ING Group's top executives would be coming to Bangkok this week to discuss the deal in detail.

"The new partner will be a major bank that already owns an asset-management firm. Negotiations are well advanced, and only the paperwork needs to be done. At this stage it will only be a strategic partner. However, the possibility of a merger of both asset-management firms has not been discussed so far," Maris said.

"At this stage the shareholding is 50-50. However, any changes in the ratio will depend on the negotiations."

Maris said the entrance of a new partner was expected to help ING Funds increase its assets under management by an additional Bt100 billion from Bt150 billion now.

ING Funds' portfolio excluding property funds for resolving financial institutions' problem loans is around Bt48.06 billion.

Sources in mutual-fund circles speculated earlier that the new partner would be Bangkok Bank or its affiliate Bualuang Securities. BBL is the major shareholder in Bualuang Asset Management, holding a 75-per-cent stake. Bualuang Securities' president Yarnsak Manomaiphiboon, however, did not admit or deny that his firm planned to acquire a stake in ING Funds.

He said only that investment in a mutual-fund company was an option now that the Securities and Exchange Commission (SEC) allowed brokers to do this.

The bank recently began an aggressive overseas investment plan. It recently acquired a 10-per-cent stake in Bumrungrad International Holding, a company set up to invest mainly in overseas entities.

BBL president Chartsiri Sophonpanich then said the holding in Bumrungrad was to increase overseas investment opportunities. It has just received a licence to operate as a local bank in China.

Financial sources expected that the involvement of ING Funds would strengthen Bualuang Asset Management's Foreign Investment Funds as it only has one FIF, compared to a total of 33 in the industry.

Bualuang's assets under management total Bt101.71 billion, and the majority of them are fixed-income funds, which last year expanded its asset under management by almost Bt60 billion. The firm reported Bt41.98 billion assets under management at the end of 2005.

However, it has not been revealed whether BBL or its affiliate will hold the ING stake.

According to Bank of Thailand regulations, a bank cannot hold a stake in more than one asset-management company.

If a bank wants to hold a stake in another asset-management firm exceeding 10 per cent of the mutual-fund firm's registered capital, the bank must seek approval from the central bank on a case-by-case basis.

Siam City Bank earlier held a stake in ING Fund but sold its shareholding three years ago before setting up its own asset-management firm.

Piyarat Setthasiriphaiboon

The Nation

AAA: Don't worry about $3 gas

2007-03-17T18:51:00.001-07:00

The Heathrow office of AAA said it doesn't expect motorists east of the Rocky Mountains to have to pay $3 a gallon or more for gas this spring.

The motorist organization said the nationwide price of self-serve regular gasoline is currently $2.54 a gallon, though the statewide average in California is $3.12 a gallon.

Florida currently averages $2.57 per gallon, while Jacksonville's current average for self-serve regular is $2.53.

"This wide price discrepancy is primarily due to rising demand for fuel on the West Coast, the region's limited refining capacity and strict air quality standards and its relative isolation from fuel supplies elsewhere in the nation," AAA said.

The group says prices may still increase elsewhere in the country during the next few months -- they just shouldn't reach California levels.

AAA said seasonal demand should rise as fuel inventories come under now-normal pressure from the production of cleaner-burning, warm-weather fuel.

At some point, however, prices will peak and then level off -- well shy of $3, AAA predicts.

The group also notes motorists concerned about a return of $3-a-gallon gasoline this spring should remember that two unusual and extreme events pushed the national average price to that level in 2005 and 2006:

Hurricane Katrina and the damage it did to critical energy infrastructure
Israel's invasion of Lebanon and the brief threat this posed to oil shipments from the Middle East
Self-serve premium averages almost $2.80 a gallon nationwide, up from $2.43 a month ago and nearly $2.56 a year ago.

Landing to host casting call for Sharon Stone film

2007-03-17T18:49:00.000-07:00

Background Entertainment will hold an open casting call Saturday at the Jacksonville Landing for "Elliot Rockett," a feature film starring Sharon Stone and Jimmy Fallon that is being filmed in Jacksonville.

The casting call will be held from noon to 5 p.m. Casting directors will be looking for all background types, as well as Sharon Stone's 5-foot-8-inch stand-in.

Those trying out must bring a photo or head shot and go to suite 106, next to Nine West on the main floor.

The comedy/drama is about a man unable to commit to anything but work who returns to his mother.

Investors pay $13M for Timberwood Trace apartments

2007-03-17T18:46:00.000-07:00

Jacksonville Business Journal

A group of investors has paid $13 million for the Timberwood Trace apartment complex

The investors, Fair Ave. Delaware LLC and 301 W. Mountain View Delaware LLC, acquired the property at 12250 Atlantic Blvd. from Flournoy Properties Co.

Timber Trace is a 224-unit community. Eleven of those units are one-story garden apartments and the balance are two-story townhouses. All the units have three bedrooms and two-and-a-half baths and are leased for $815 per month. Amenities at the community include a swimming pool, basketball court, volleyball court, two playgrounds and a tot lot.

Hediger Enterprises Inc. is the managing agent of the property. President and CEO Gary Hediger said his company manages five properties in Florida owned by the same group of investors, one of which is Hillwood Pointe Apartments on McCormick Road in Jacksonville.

The Encino, Calif. investor group and Hediger's company, based in Greenville, S.C., are looking for other properties in Jacksonville.

"Nothing's on the list right now," Hediger said, "but we think Jacksonville is a good market, and a forward thinking city."

Flournoy is a development, construction and management company based in Columbus, Ga. The company manages over 10,000 units throughout the Southeast and Midwest. A representative from the company did not return phone calls but the company's Web site listed two properties in Jacksonville, the Forest Lake Apartments and Pinewood Pointe.

Wal-Mart pulls ILC application

2007-03-17T18:45:00.000-07:00

Jacksonville Business Journal - 12:29 PM EDT Friday, March 16, 2007

Print this Article Email this Article Reprints RSS Feeds Most Viewed Most Emailed
Wal-Mart has withdrawn its July 2005 application to open an industrial loan company (ILC), saying it was surrounded by "manufactured controversy" over its bid to acquire its own bank.

"This action follows January's FDIC decision to extend the moratorium on a number of pending ILC applications," said Jane Thompson, Wal-Mart Financial Services president. "Unlike dozens of prior ILC applications, Wal-Mart's has been surrounded by manufactured controversy since it was submitted nearly two years ago. At no stage did we intend to use the ILC to establish branch banking operations as critics have suggested -- we simply sought to reduce credit and debit card transaction costs."

FDIC chairman Sheila C. Bair said in a prepared statement that Wal-Mart (NYSE: WMT) made a "wise choice."

"This decision will remove the controversy surrounding their intentions," Bair said. "They don't need an ILC to play an important role in expanding access to financial services, they can do so by partnering with banks and others. We look forward to working with Wal-Mart in meeting the need for low-cost financial services across all populations."

A record number of commercial businesses are currently pursuing industrial loan charters, including the Blue Cross/Blue Shield Association, Berkshire Hathaway and The Home Depot Inc. (NYSE: HD). But the Independent Community Bankers of America (ICBA) has been lobbying Congress to close a loophole in the law that allows commercial firms to own ILCs. Banks and real estate agents also have come out against Home Depot owning its own bank.

Business Condos USA Buys 14 Acres in Middleburg

2007-03-17T18:41:00.002-07:00

Developers Plan 144,000-SF Mixed-Use Project on Clay County Land Parcel

Business Condos USA, also known as Mayfield Business Center LLC, acquired 13.91 acres in Middleburg from BFC Partnership Ltd. of Orange Park for $3.82 million, or about $274,393 per acre.

The 13.91-acre parcel is in the Clay County submarket. There are plans to construct 80,000 square feet of retail space and 64,800 square feet of office and warehouse space on the parcel.

No brokers were mentioned in reference to the sale. For more information please reference CoStar COMP #1239344.

An Industrial-Strength Cold Storage Lease

2007-03-17T18:41:00.001-07:00

ICS Logistics Enters Long Term Lease Agreement

ICS Logistics, Inc., also known as Industrial Cold Storage, recently leased a 71,588-square-foot freezer and cold storage facility at 1505 Dennis Street in Jacksonville through August 2010.

Hobart Joost and John Lining of Colliers Dickinson represented the landlord, Caribbean Cold Storage, Inc.

CoStar Lead Street

2007-03-17T18:38:00.000-07:00

Generally Strong

A Weekly Report on Future Trends and Plans, Acquisition/Disposition Strategies and Properties Under Contract

In CoStar Lead Street, we highlight the Federal Reserve's survey of economic conditions and while markets remain generally strong, the word robust no longer shows up. We also report on: Montecito's and ING's new venture to acquire medical office buildings; BP's sell off of gas stations; Comerica's plans to relocate to Dallas and give you the latest properties under contract, including 15 hotels.

CRE Markets Remain Generally Solid

Commercial real estate markets continued to firm in many districts and remained generally solid or strong elsewhere, according to the Federal Reserve Beige Book, the bank's nearly monthly survey of economic conditions.

New York did report a slight overall easing in the New York City office market, as vacancy rates edged higher in midtown Manhattan. However, asking rents throughout the city were up 25% from a year ago. Chicago also reported slightly slower expansion of nonresidential construction in the district as a whole but said office construction in downtown Chicago was quite strong and that office rents were increasing in the city. Boston reported considerable increases in commercial investment throughout New England over the past year. Atlanta also said demand for commercial development remained strong.

According to the Richmond district, one area experiencing some difficulties in its office market was greater Washington, DC, including northern Virginia, where high rents and lower optimism had reduced leasing activity.

More specifically, district banks reported the following commercial real estate market conditions.

First District-Boston

Commercial real estate investment in Boston doubled from 2005 to nearly $8 billion in 2006 according to one regional real estate contact. Other regional markets have also seen considerable increases in commercial investment. Contacts note that real estate yields continue to decline as prices increase faster than leasing fundamentals. Rents across the region remain steady to increasing while vacancies trend downwards. Boston's core business district features vacancy rates around 8%, with rents about $43 per square foot. Both Hartford and Providence exhibit stable rents and stable to decreasing vacancies.

Contacts cite overall job creation and industrial growth for life science and biotechnology sectors as sources for improved leasing fundamentals. Selected suburban office markets around Boston and Hartford enjoy particularly low vacancies and increasing rents. Contacts expect rents to continue to increase and vacancies to decline. Key concerns remain job creation and declining real estate yields.

Second District--New York

New York City's office market eased slightly in January, though rents remain markedly above comparable 2006 levels. Midtown Manhattan's Class A vacancy rate rebounded to 6.0%--up from 5.6% in December, but still a half a point lower than a year ago. In contrast, Lower Manhattan's vacancy rate slipped 0.3 points to 6.8% in January and was down dramatically from 12.3% a year ago. Throughout Manhattan, asking rents are up by 25% or more over the past 12 months.

Manhattan's apartment rental market has grown increasingly tight; a large real estate firm reports that rents have accelerated in recent months and have eclipsed previous highs set in 1999 and 2000.

Third District--Philadelphia

Commercial real estate firms reported that vacancy rates in the region's office markets have declined slightly in the past few months. Rents have risen for newer buildings and tenant concessions have decreased, but effective rents have eased somewhat for older buildings. The amount of leased space has increased in most markets throughout the region. Commercial real estate contacts expect rents to remain on the rise and vacancy rates to continue to decline through the rest of the year.

However, they expect office construction activity to moderate after several large buildings currently under construction or renovation are completed. Demand for industrial space remains strong, with rising rents and declining vacancies. Construction and sales of industrial buildings have been brisk, especially for warehouse and distribution facilities along the region's highways. Competition for prime locations has been pushing up the price of land suitable for industrial uses in many suburban areas.

Fourth District-Cleveland

Activity among the district's commercial contractors has increased for the most part since early January and on a year-over-year basis. A majority of builders are optimistic in their outlook for 2007 based on the level of inquiries and backlogs. Segments showing strong activity include health care, public works, and recreation.

Fifth District-Richmond

Commercial real estate agents gave generally mixed reports. A Washington, DC, contact said that retail leasing activity slowed in recent weeks due to "some resistance to high rents and less optimism going forward." A Northern Virginia agent noted softer demand for office space, though he said that rental rates remained strong despite recently higher vacancy rates. In contrast, the Raleigh commercial market continued to strengthen since our last report. The office and industrial segments were particularly active with lower vacancies and higher rents. Most other areas in the district reported little change in recent weeks.

Sixth District-Atlanta

Nonresidential construction in the district remained at healthy levels. Contacts reported that demand for commercial development continued to be strong in January and February. Vacancy rates remained low in several markets and rental rates were trending upward.

Seventh District-Chicago

Office construction in downtown Chicago was particularly strong, and the development of health care facilities was robust in many areas. A contact in Indiana said a number of speculative "big box" warehouses were under construction, and that net absorption in those properties was strong. Office rents were increasing in Chicago, but remaining flat in the Detroit area. Commercial vacancy rates were little changed.

Eighth District--St. Louis

Commercial real estate market conditions continued to improve throughout the district. The 2006 fourth-quarter industrial vacancy rate declined in Memphis and Louisville over the third quarter, while the industrial vacancy rate increased in St. Louis. During the same period, the office vacancy rate declined in St. Louis, Memphis, Louisville, and Little Rock.

Contacts in northeast Mississippi report that commercial development is strong. Contacts in west Tennessee reported that January 2007 commercial permits increased substantially over January 2006. In Louisville, contacts report that the outlook for the 2007 industrial market is positive with a few reservations, and contacts in St. Louis predict a healthy industrial market for 2007.

Ninth District-Minneapolis

Commercial construction was up. An industry publication forecasted activity in Minnesota and the Dakotas to be up slightly in 2007 from the strong activity last year. Authorities approved construction of a $300 million oil pipeline in Minnesota this year. A large railroad announced plans to make $54 million in track improvements in Montana. Developers in Sioux Falls, SD, began purchasing land for a $150 million mixed-use downtown redevelopment. Market analysts predict an expansion of retail and industrial construction in Minneapolis-St. Paul this year.

A shift toward multifamily construction was noted in several areas, including Minneapolis and Rochester, MN. Commercial real estate was robust. The overall office vacancy rate in Minneapolis-St. Paul at the beginning of the year was almost a full percent point lower than a year earlier; landlords are becoming more aggressive in pushing up rents. Strong demand for retail space was noted in Minneapolis-St. Paul and Sioux Falls.

Tenth District--Kansas City

Absorption of office space increased in most cities, and vacancy rates continued to decline throughout the district. Office prices and rents increased further, though sales were flat since the last survey. Commercial real estate contacts expected more new construction in the months ahead.

Eleventh District-Dallas

Demand for nonresidential space remains strong. There continues to be a lot of construction of new office space in Dallas/Fort Worth, and activity is expected to increase in other areas, such as Houston and Austin. Contacts note a lot of apartments and condominiums are still under construction.

Twelfth District--San Francisco

In a continuation of existing trends, vacancy rates generally fell and rental rates rose. Construction activity for commercial and public projects grew further, largely offsetting the decline in residential construction activity, though the pace of growth for nonresidential construction reportedly has fallen compared with last year.

Be Among the First To Read Lead Street

Nearly 2,500 people read CoStar Lead Street each week. If you want to be among the first to know when a new CoStar Lead Street is posted, e-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

Strong Construction Growth Projected

Growth for non-residential construction markets may reach as high as 9% overall and almost all sectors, with the exception of religious buildings, will be well ahead of the growth rate for GDP in 2007, according to FMI Corp.'s newly released 2007 U.S. Markets Construction Overview

FMI predicts continued growth for the industry with an optimistic forecast of 2.2% increase for total construction put in place in 2007.

According to the report, continued growth will present two ongoing challenges, rising materials costs and the need to find skilled workers. Driven by demographic and social changes, FMI notes that the talent shortage is not likely to go away in the near future for the engineering and construction industry.

Overall, FMI notes that price increases for construction products and materials have slowed. FMI expects future increases to moderate and settle at a new level, although there will be continued market shortages of selected materials, such as cement, steel, copper and diesel fuel, causing project delays and cost escalation.

Montecito Teams Up with ING for Medical Office Purchases

Montecito Medical Investment Co., a joint venture with ING Clarion Partners, plans to acquire medical office properties across the country.

Montecito Medical noted that the company's interest in acquiring medical office properties is due to the rapid increase of the health care needs of aging Baby Boomers, and other demographic and medical trends.

"We are serious about this market," said Montecito Medical's CEO, Chip Conk. "Ours is a long term strategy. We will be in key markets throughout North America acquiring well-located, cash-flow stable properties with strong growth potential. Every piece of infrastructure is in place to put Montecito Medical at the top of the list for any hospital executive or medical building owner who wants to monetize one of their properties and utilize that freed up capital more dynamically. We can make that happen."

The new venture plans to expand by acquiring existing facilities, investing in properties with the potential for redevelopment and repositioning, and by undertaking new development in selected major medical markets throughout the U.S.

The firms have already acquired their first properties.

· El Dorado Senior Services Building in Tucson, AZ;
· Vero Beach Medical Suites in Vero Beach, FL;
· Gwinnett Medical Office in Lawrenceville, GA; and
· Knoll I and II, two off-campus medical office buildings in Columbia, MD.

The four facilities total 466,000 square feet and were purchased for more than $90 million.

Broad Street Advisors acted as an advisor to Montecito in forming the joint venture. Robert Rizzi, executive vice president and partner at Broad Street handled the transaction.

Presidential Hopeful Rudy Guiliani Sells His Firm

Sydney, Australia-based Macquarie Group plans to acquire the business and assets of Rudy Giuliani's firm Giuliani Capital Advisors LLC. Financial details of the transaction have not been disclosed.

With approximately 100 employees and offices in Chicago, New York, Los Angeles, Atlanta and Troy, Michigan, Giuliani Capital Advisors is a boutique investment banking firm specializing in providing restructuring and mergers and acquisitions advisory services to companies dealing with complex business challenges, strategic transactions or financial distress.

"The acquisition of Giuliani Capital Advisors is a significant strategic step forward for Macquarie and a highly complementary addition to our North American investment banking business," said Murray Bleach, head of Macquarie's Investment Banking Group in North America and co-CEO of Macquarie Securities (USA) Inc. "Giuliani Capital Advisors provides Macquarie with an opportunity to build upon and expand our existing U.S. capabilities, particularly in corporate restructuring transactions. At the same time we gain access to a wider geographic footprint of M&A professionals and clients, providing greater reach for our existing infrastructure, utilities, oil and gas, real estate, TMET and industrials expertise."

Under the terms of the agreement, following a transition period Giuliani Capital Advisors' platform and employees will become part of Macquarie Securities (USA). Giuliani Capital Advisors' current office locations will operate as Macquarie offices.

Completion of the purchase is subject to finalization of the employment of Giuliani Capital Advisors staff by Macquarie and regulatory approvals. Financial close is expected to occur in April 2007 with the transition period should be completed by the end of June 2007.

BP Continues Gas Station Sell Off

BP West Coast Products has retained NRC Realty Advisors to arrange and execute the sale of 37 ARCO stations on the West Coast.

The portfolio features 19 sites in California, eight sites in Washington, five sites in Oregon, and five sites in Arizona. All sites are currently operating stations with convenience stores. They are being sold with 20-year ampm franchises and fuel supply agreements from BP.

The ARCO branded network consists of both company-owned and dealer/franchisee-owned locations, which has proven to be very successful for both BP and its dealers/franchisees. BP's approach is to continue to grow and strengthen its brands by growing and strengthening its franchise network.

These sites will be sold through a sealed bid sale in a "buy one, some or all" format with bids due on May 22, 2007.

BP also has retained NRC Realty Advisors to coordinate the sale of 43 sites in the Chicago metro area to be re-imaged or developed as ampm franchise stores with BP branded gasoline stations.

Of the 43 sites to be branded as ampm franchise stores with BP gasoline stations, 36 are existing BP-branded sites, including:

· Eighteen sites that will have convenience stores rebranded to ampm prior to closing;
· Eight sites that the buyers will initially operate under current BP branding and complete the conversion and rebranding to ampm after closing; and
· Ten sites that will require complete redevelopment before opening with the ampm brand; closings for these sites will occur after buyers have obtained all necessary construction permits.

In addition, BP is offering seven vacant sites for construction by buyers of new ampm retail franchises with BP branded gasoline stations.

In addition to the ampm franchise sites, BP is offering 18 properties (including the seven vacant sites and one of the redevelopment sites described above which are being offered either for franchise or commercial use) for other commercial use, including the potential operation of de-branded gasoline stations on two of these properties.

The BP sites are being sold through NRC's sealed bid sale process. NRC requests sealed bids by May 8, 2007.

Comerica Moving from Detroit to Dallas

Comerica Inc. plans to relocate its corporate headquarters from Detroit to Dallas, where Comerica already has a major presence. The move is designed to position the company in a more central location.

"Today, a significant percent of Comerica's earnings is generated in the Texas, Arizona, California and Florida markets," said Ralph W. Babb, Jr., chairman and chief executive officer of Comerica. "Moving our corporate headquarters to Dallas will give us greater proximity to all of our markets, and the additional resources in these markets will lead to accelerated growth for Comerica. In addition, the vibrant and diversified economies of Dallas, Houston and Austin will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees."

The company currently has 71 banking centers in Dallas, Houston and Austin, and expects to significantly increase its growth in Texas. With more than $58 billion in assets, Comerica will be the largest bank holding company headquartered in the state.

Comerica will maintain a significant presence in Detroit, remaining one of Southeast Michigan's largest employers with about 7,300 employees following the relocation to the new Dallas headquarters office.

The relocation is expected to occur by the end of the third quarter of 2007.

Be Among the First To Read Lead Street

Nearly 2,500 people read CoStar Lead Street each week. If you want to be among the first to know when a new CoStar Lead Street is posted, e-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

Supertel To Buy 15 Hotels

Supertel Hospitality Inc. agreed to purchase 15 Masters Inn hotels from entities in which two individuals own all or a majority of the capital stock. The purchase price for the hotels is $42.7 million.

The purchase agreement also provides for a management agreement to be entered into at closing. HLC Hotels Inc. (an affiliate of the seller) will manage the hotels for a two-year term at a management fee equal to 5% of the gross revenues derived from the operation of the hotels.

The closing of the transaction is expected to occur on or about April 30.

The hotels are as follows.

· 3600 McFarland Blvd., Tuscaloosa, AL;
· 8222 Jamaican Court, Orlando, FL;
· 5367 West Irlo Bronson Memorial Highway, Kissimmee, FL;
· 2945 Entry Point Blvd., Kissimmee, FL;
· 6010 CR 579, Seffner, FL;
· 6606 Dr. Martin Luther King Blvd., East Tampa, FL;
· 3092 Presidential Parkway, Doraville, GA;
· 2682 Windy Hill Road, Marietta, GA;
· 1435 Montreal Road, Tucker, GA;
· 3027 Washington Road, Augusta, GA;
· 4200 Highway 21 N, Garden City, GA;
· 300 Wingo Way, Mt. Pleasant, SC;
· 6100 Rivers Avenue North, Charleston, SC;
· 613 Knox Abbott Drive, Cayce, SC; and;
· 2125 Commerce Drive, Cayce, SC

Also Under Contract

SL Green Realty Corp. agreed to acquire 331 Madison Ave. and 48 E. 43rd St. in New York for a total of $73 million, from a group of private investors. Both buildings are adjacent to 317 Madison Ave., a 450,000-square-foot commercial office property on the corner of 42nd Street and Madison Avenue that SL Green acquired in 2001. Upon completion of the acquisition, SL Green will consider implementing a strategic capital improvement and marketing plan to reposition the assets and will also look closely at combining the property sites with 317 Madison Ave. Built in 1923, 331 Madison Avenue is an approximately 92,000-square foot, 14-story office building on the southeast corner of Madison Avenue and East 43rd Street. It is 100% leased to a diverse mix of finance, law and real estate tenants. The property also has a retail tenancy that includes Nine West Group and Shoe Mania. The 22,850-square-foot 48 E. 43rd St., situated between Madison Avenue and Vanderbilt Avenue, is an 86.2% leased, seven-story loft building built in 1900 that was later converted to office use.

Development Firm Acquires Zaxby's Chicken Fingers on Bonneval Rd.

2007-03-17T18:37:00.002-07:00

Southpoint Buys Small Retail Bldg. for $1.74M

Southpoint Development Group LLC acquired a small retail building at 7122 Bonneval Road in Jacksonville, FL, for $1.74 million or $506.11 per square foot.

The 3,438-square-foot retail building was constructed in 2001 and is home to Zaxby’s Chicken Fingers.

Greg Tucker of Pro Realty Consultants Inc. represented the buyer in this transaction. Grace Gonzales of Commercial Investment Advisors represented the seller, S & R Properties LLC.

For more information please reference CoStar COMP# 1247875.

Popeyes Planning to Open 100 New Restaurants in 2007

2007-03-17T18:37:00.001-07:00

Fast Food Operator Targets Locations on "Going Home" Commuter Routes

Atlanta-based AFC Enterprises (NASDAQ:AFCE), franchisor and operator of fast food restaurant chain Popeyes Chicken, announced plans to open at least 100 new store locations, depending on how fast it can line up franchisees.

At the end of 2006, Popeyes had 1,559 U.S. restaurants. The chicken & biscuits fast-food joints’ growth is heavily dependent on qualified existing and new franchisees opening new restaurants. Last year, the company opened 100 new U.S. restaurants, while 37 were shuttered.

Targeted growth areas for 2007 include Albuquerque, Boston, Charlotte, Cleveland, Dayton, Denver, Indianapolis, Las Vegas, Portland, Richmond, Seattle, Tulsa, Upstate New York, and Raleigh.

Popeye’s said its ideal site criteria is a corner lot of at least 25,000 square feet, with traffic light access. The company prefers locations on the 'going home' side of major commuter routes with an average daily traffic count of at least 20,000 and population counts of at least 25,000 within 2 miles, with median income between $30,000 - $85,000.

AFC Enterprises operates 56 corporate-owned stores, which includes 13 Memphis and Nashville area franchised restaurants acquired during 2006.

The prospect of Popeyes as a ground-lease tenant are favorable, as financial highlights of 2006 include sales growth of 7%; a 1.6% increase in same-stores sales, and a 6.7% increase in revenues over the previous year.

Don't worry about $3 gas

2007-03-17T18:33:00.002-07:00

The Heathrow office of AAA said it doesn't expect motorists east of the Rocky Mountains to have to pay $3 a gallon or more for gas this spring.

The motorist organization said the nationwide price of self-serve regular gasoline is currently $2.54 a gallon, though the statewide average in California is $3.12 a gallon.

Florida currently averages $2.57 per gallon, while Jacksonville's current average for self-serve regular is $2.53.

"This wide price discrepancy is primarily due to rising demand for fuel on the West Coast, the region's limited refining capacity and strict air quality standards and its relative isolation from fuel supplies elsewhere in the nation," AAA said.

The group says prices may still increase elsewhere in the country during the next few months -- they just shouldn't reach California levels.

AAA said seasonal demand should rise as fuel inventories come under now-normal pressure from the production of cleaner-burning, warm-weather fuel.

At some point, however, prices will peak and then level off -- well shy of $3, AAA predicts.

The group also notesJacksonville Business Journal - 9:44 AM EDT Thursday, March 15, 2007 motorists concerned about a return of $3-a-gallon gasoline this spring should remember that two unusual and extreme events pushed the national average price to that level in 2005 and 2006:

Hurricane Katrina and the damage it did to critical energy infrastructure
Israel's invasion of Lebanon and the brief threat this posed to oil shipments from the Middle East

Self-serve premium averages almost $2.80 a gallon nationwide, up from $2.43 a month ago and nearly $2.56 a year ago.

Investors pay $13M for Timberwood Trace apartments

2007-03-17T18:33:00.001-07:00

Jacksonville Business Journal - 10:14 AM EDT Friday, March 16, 2007by Christian Conte
Print this Article Email this Article Reprints RSS Feeds Most Viewed Most Emailed
A group of investors has paid $13 million for the Timberwood Trace apartment complex

The investors, Fair Ave. Delaware LLC and 301 W. Mountain View Delaware LLC, acquired the property at 12250 Atlantic Blvd. from Flournoy Properties Co.

Timber Trace is a 224-unit community. Eleven of those units are one-story garden apartments and the balance are two-story townhouses. All the units have three bedrooms and two-and-a-half baths and are leased for $815 per month. Amenities at the community include a swimming pool, basketball court, volleyball court, two playgrounds and a tot lot.

Hediger Enterprises Inc. is the managing agent of the property. President and CEO Gary Hediger said his company manages five properties in Florida owned by the same group of investors, one of which is Hillwood Pointe Apartments on McCormick Road in Jacksonville.

The Encino, Calif. investor group and Hediger's company, based in Greenville, S.C., are looking for other properties in Jacksonville.

"Nothing's on the list right now," Hediger said, "but we think Jacksonville is a good market, and a forward thinking city."

Flournoy is a development, construction and management company based in Columbus, Ga. The company manages over 10,000 units throughout the Southeast and Midwest. A representative from the company did not return phone calls but the company's Web site listed two properties in Jacksonville, the Forest Lake Apartments and Pinewood Pointe.

Hanger to open foot care center

2007-03-17T18:31:00.000-07:00

Jacksonville Business Journal - 12:17 PM EDT Friday, March 16, 2007
Print this Article Email this Article Reprints RSS Feeds Most Viewed Most Emailed
A company that provides orthotic and prosthetic products and services will open a Jacksonville Beach location dedicated to foot care.

The Hanger's Foot Health Center will be on South Third Street and will be the second location in Florida. The center will offer medical expertise with retail products, including foot scanning.

Hanger will offer free foot scans at the grand opening from 2 p.m. to 6 p.m. March 21.

Based in Bethesda, Md., Hanger Orthopedic Group Inc. owns and operates hundreds of patient care centers across the country, including a prosthetics and orthotics store in San Marco.

Wal-Mart pulls ILC application

2007-03-17T18:28:00.000-07:00

Jacksonville Business Journal - 12:29 PM EDT Friday, March 16, 2007

Wal-Mart has withdrawn its July 2005 application to open an industrial loan company (ILC), saying it was surrounded by "manufactured controversy" over its bid to acquire its own bank.

"This action follows January's FDIC decision to extend the moratorium on a number of pending ILC applications," said Jane Thompson, Wal-Mart Financial Services president. "Unlike dozens of prior ILC applications, Wal-Mart's has been surrounded by manufactured controversy since it was submitted nearly two years ago. At no stage did we intend to use the ILC to establish branch banking operations as critics have suggested -- we simply sought to reduce credit and debit card transaction costs."

FDIC chairman Sheila C. Bair said in a prepared statement that Wal-Mart (NYSE: WMT) made a "wise choice."

"This decision will remove the controversy surrounding their intentions," Bair said. "They don't need an ILC to play an important role in expanding access to financial services, they can do so by partnering with banks and others. We look forward to working with Wal-Mart in meeting the need for low-cost financial services across all populations."

A record number of commercial businesses are currently pursuing industrial loan charters, including the Blue Cross/Blue Shield Association, Berkshire Hathaway and The Home Depot Inc. (NYSE: HD). But the Independent Community Bankers of America (ICBA) has been lobbying Congress to close a loophole in the law that allows commercial firms to own ILCs. Banks and real estate agents also have come out against Home Depot owning its own bank.

The Ten Deadly Deal Analysis Disasters

2007-03-17T07:25:00.000-07:00

MISTAKE #1.

Taking TOO Long: Good deals don't wait around for indecisive people.
Many people "think a deal to death." The best way I know to lower your
anxiety level with a deal is to move forward provisionally (i.e. with
a subject to clause or liquidated damages clause of some sort.)

MISTAKE #2

Trusting Seller's Numbers: Even if they have only good intentions,
most sellers just aren't knowledgeable and all of them are inherently
biased at least a bit. The most common problems with a seller's
numbers are pretty obvious-they think the value is too high (often
times confusing "listing prices" of local homes with actual "selling
prices"), and they think the cost to fix it up is too low.

MISTAKE #3

Trusting "appraisals": An appraisal really isn't meaningful, unless
YOU hired the appraiser, and YOU gave them the instructions, and YOU
are handing the appraiser the check. I can influence an appraiser to
appraise a "$100,000" house for as little as $80,000 and as high as
$120,000 (or more). That's close to a 40% variance on the two
appraisals of the same property! So take any "appraisal" the seller
hands you in the spirit that it was intended, as a MARKETING piece!
The best appraisals are ones that you hire the appraiser and give them
their instructions. If I really want an appraisal to be accurate then
I choose a reliable appraiser I've used before and ask her, "What
would this house need to be priced at to sell in 90 days or less?"
This should give you a conservative estimation of value.

MISTAKE #4

Doing your math in pencil: The next time you catch yourself thinking
it's okay to "fudge" your numbers a little to make the deal cash flow
or the rehab payoff on paper, BEWARE! Some investors have a tendency
to "play" with the number a little to make them show a marginal deal
is better than it really is. Remember, just because the deal makes a
profit on paper doesn't mean you'll make money in the real world.

MISTAKE #5

Overestimating the market rents: This one happens all the time. The
way you know what a house will rent for is to do a market rent survey.
The rents listed in the paper or that a real estate agent told you may
or may not be accurate.

MISTAKE #6

Overestimating the "as is" value: So many investors forget that to
turn a house in 90 days or less requires the price to be REAL, not pie
in the sky. What would it really take to get the house into top
showing condition? Be careful to be conservative in your estimate of
value going into the deal. The worst case then is that you make MORE
money!

MISTAKE #7

Getting bogged down in process... Learn to trust your due diligence
and evaluation process and make sure it is checklist driven. This is
your best insurance that you'll do it the right way every time.

MISTAKE #8

Worrying about the house on the Quick View step: On your first pass,
you are only concerned about three things: 1. What is the real market
value of the house? 2. Is your price right? 3. If you are planning on
holding onto the property long term, will it cash flow?

MISTAKE #9

Underestimating the time it will take to Flip / Fix / Fill / Sell:
I've bought a lot of houses from investors who got stuck with holding
costs being too much for them to handle. Be careful here. If your exit
strategy is to sell the house to a retail cash buyer it will need to
be in showing condition or you'll struggle to find a quality retail
cash buyer. Always be conservative with how long it will take you to
execute your exit strategy and if possible, build in a healthy cushion
of extra time.

MISTAKE #10(The Biggest Deadly Deal Disaster of All)

Hiding behind analysis because you are afraid to pull the trigger on
the deal! At a certain point as an investor you will need to step
forward in the deal and commit.

Chase Expands North Florida Presence with Mortgage Office Opening in Jacksonville Beach Florida

2007-03-17T07:16:00.000-07:00

Chase, one of the nation's leading residential housing lenders, announced the opening of its mortgage office in Jacksonville Beach on 4200 Marsh Landing Blvd.

"We will provide additional mortgage expertise for home buyers and real estate professionals in this vibrant and fast-growing area," said Derrick Levy, manager of the new office. "Our loan officers know the local market and have developed unique joint marketing programs for local real estate agents and builders."

Levy, a Jacksonville Beach resident, has more than a decade of mortgage banking experience including in underwriting and operations.

Chase is celebrating its opening by inviting real estate agents and builders to the branch on Thursday, January 25, at 4 p.m., for a ribbon-cutting ceremony. There also will be a special demonstration previewing a new industry tool for real estate agents.

The Chase mortgage office in Jacksonville Beach is open from 8:30 a.m. to 5:30 p.m., Monday through Friday. Loan officers can be reached by calling 904-273-1830.

Chase has more than 32 mortgage offices throughout Florida. The closest Chase mortgage office to the Jacksonville Beach location is at 10151 Deerwood Park Blvd in Jacksonville.

For more information, visit http://www.chase.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

RISMEDIA,

JAXREIA BLOG

2007-03-16T19:05:00.000-07:00

Good Point Dave-

I have heard that some investors don't pay either. That was a suprise to me- Just F.Y.I. for anyone out there... I pay by the job now also, but I did pay "weekly" for 1 Job- BIG MISTAKE! I agree, always pay by the Job- not by the week or any other "time" frame. And Pay on Time if you have good help- they are hard to find!

Candice Rosenberg
904-424-8996
====
It's a good point. The way I work this out with first time customers, and when the scope of work is substantial, is in a percentage of job completed. We assign an amount to all the task to be completed (Permitting, engineering, framing, trades, etc) and we bill the customer based on completion. If we completed 10% of the framing we bill the customer weekly or bi-weekly ONLY for that. This allow us to keep a tight control on the services performed and our exposure on the jobs. Again, as David mentioned before, there is a lot of contractors with no working capital but at the same time there are some investors that use the money marked to pay for construction to pay for something else (sometimes even personal use) and that leaves the contractor hanging. I remember somebody once saying the same way a investor check around for references on the contractors, the contractors should do the same and that will, somehow, protect them again dishonest investors.

Fabian Videla
==

I am sure that most of you have heard the news reports and read the articles about lenders of sub-prime type mortgages are going through a rough period. The stories say that all those bad ARM loans are adjusting and the borrowers cannot afford the increase payments.

An article I read yesterday says that loan delinquency (loans 30 days or more past due) has increased from 4.69% to 4.90% (I'm working from memory but these figures are close) and that loans in "default" and the foreclosure process has begun, went for .050% to .052%. Foreclosure rates on home mortgages are historically less than 1/2 of 1%. A very small percentage considering.

So, it appears that delinquencies on sub-prime loans are, indeed, on the increase. Please remember, that sub-prime loans only make up about 5% of all mortgage loans made in the US. A very small percentage.

I just heard a report of CNBC that said that "sub-prime lender is a very, very small part of all investments" . Miniscule, in fact. I believe that this has been more than overblown in the financial markets.

You would not believe how many times I've heard people say that sub-prime lenders make these loans so that they can take the properties back and make money of the resale. Nothing could be further from the truth. If they wanted to do that, they would just buy real estate and become real estate investors and eliminate the lending process all together. Why go through the cost of making a loan then the cost of taking the property back just to acquire real estate? A lender suffers a loss of about 35% on each foreclose that takes place.

Why is that, you ask? Because, most of these loans are near 100% loan to value. There is no equity in them. Once the borrower stops paying, the interest income stops. Add in attorney's fees, taxes, insurance, repairs, Realtor fees and other costs and it adds up to about 35% on the average.

Also, if acquiring these properties via foreclosure was such a good deal, you would not be hearing all these reports about how much trouble they are in, you would be hearing about how much they are going to make in the future.

All of this is being pointed out so that I can bring up a couple of issues about buying homes in default:

1- Approaching a homeowner that is in default may be a good way to buy a property. Remember, most of these properties have little or no equity. Waiting to buy it at auction on the court house steps almost never works. Interest has accumulated along with other costs and the property certainly has no equity left.

2- The market has opened up bigger than ever for "short sales". The lenders DO NOT WANT TO ACQUIRE THESE PROPERTIES. Lenders work on the basis that "the first loss is the least loss". They would rather take a 30% loss of principal now than 35% in the future.

As an example, I purchased property two months ago via a short sale. The lender, Chase, held a first and second mortgage on the property. The payoff was $105,000 on the 1st and $26,000 on the second. I bought the property for $110,000. The lender got full payoff on the 1st and settled for $900 on the 2nd. The rest of the funds went toward closing costs. The property is listed for $139,500 after $1,500 in repairs.

It is a win-win situation for everyone concerned. The lender had a less than normal loss, the buyer avoided a foreclosure, the Realtor made a few bucks and I got a nice property at a good price.

So, while there is a lot of hype about high defaults and lenders in trouble, it appears to me that short sales are the way to go. I might point out also, that once the lenders acquire the properties, they are less likely to cut a good deal. Now you have longer carry periods, repairs, Realtor expenses, etc.

Strike while the iron is hot.

As always, just my opinion.

David Ginn
==
Dave,
How did you find your short sale? Just curious...

--
Alice Dyal
St. Johns Realty Group, Inc.
7400 Baymeadows Way, Ste. 106
Jacksonville, Fl. 32256
Cell Phone - (904) 910-2951
asdyal@comcast. net
=
Hi everyone,

We have found in a nice area, a property that looks pretty much
abandoned and has been gutted out. Some research on coj.net shows that
the taxes are being payed but the owners were cited in 2005 by the city
for mandatory repairs but they haven't done anything to correct the
problem. There is nothing in the public records but a real estate
attorney has told us that he believes the property will go into
foreclosure in the next couple of months. Before contacting the owners
directly, is there a way to find out if they are defaulting on their
mortgage or how much they still owe on the property so we know whether
we should approach them and how? This is a house we would like to buy,
fix and use as a primary residence if that makes a difference. It needs
A LOT of work.
We've never tried to purchased a property this way, so we appreciate
all your input and advice. :)

Sylvie Schiller
881-9012
=
Alice

A Realtor that I had dealt with had it listed. He told me about it and did the work with the lender on the short sale.

He earned his money. Hey, he made a sale!

Dave Ginn
===
Sylvie

Use the property address to find the owners name on the Property Appraiser's page. Then, go to the Clerk of the Court page and do a public records check of the owner. This will give you info on mortgages, liens, etc. on the property owner as well as the property itself.

The only way to know if the loan is in default is if a Lis Pendes has been filed by the lender. The LP is the notice to the borrower that legal action is about to commence.

The taxes are probably paid by the lender. Lenders make sure taxes and insurance are paid.

Just curious, how did that attorney know that the property "will go into foreclosure in the next couple of months"?

David Ginn
=========
Sweet! The realtor dealt with the mortgage company to work the
short sale? You didn't have to go thru the hassle of showing
damages, repairs needed, proving your case so they'd accept less?
I've heard horror stories about how difficult the lenders are on
these things.

Sounds like a win-win-win- win for EVERYONE!

Kim Wisdom
Stomping Ground, Inc.
904-264-7079
====
Hi David,

I did look up the public records and there was nothing listed about a foreclosure or a Lis Pendes. The only recent thing I did find, was an assignment of mortgage done on 01/11/2007 where Washington Mutual assigned or sold the mortgage to Wells Fargo. The mortgage amount was not listed. Except for the citation for repairs, a notice of commencement in 2001 and some expired (and one old active) permits, there was nothing recorded since 1995 when the owners bought the property.
As for the attorney, I have no idea how he could make such a statement and nobody else seems to know how to get that info either. I'm not sure if he making an assumption or if, somehow, he has access to it . That's the reason for my posting. I am trying to get as much info as possible before I approach the owners.

Thanks for your input and reply. :)

Sylvie
=
When real estate is appreciating 20% a year and the market is hot,
lenders can be a really pain in the...... you know what. That is not the
case now.

That being said, you have to be persistent. If they are working with you to save a possible foreclosure, it is probably not the only loan in trouble. They are clerks doing clerk jobs and they get paid if they talk to you or don't talk to you. They are unmotivated. If they solve all the problems that the lender has too quickly, they will work themselves out of a job. Plus, there are several layers they have to go through for approval.

They will require that an appraiser or someone that they designate look at the property to determine conditions

Like I said, the Realtor had to work hard and he earned his fee. It will pay off for him because I have done the repairs and re-listed the property with him. He will sell it twice. Plus, I used him to purchase another property.

The key to doing a short sale is getting to the right person with the lender.
Also, my seller had filed for bankruptcy and the lender did not want to delay the whole thing even longer.

It also helps that I was a lender for 40 years and know who they work and think.

Dave Ginn
-==

If there is an assignment of mortgage recorded, then there is a mortgage recorded. Pull up the mortgage and you can determine to amount that is owed.

Lenders will not talk to you about the status of the loan. The attorney may be one that does foreclosures and has been assigned the case. If that's true, he should not be talking about it. Otherwise, unless he is representing the property owners, he would have no way of knowing.

Approach the owners and tell the you saw that house and ask if they want to sell it. If they do, they will give you all the info you need.

Good luck.

Dave
===
There was an FHA mortgage done by St John's mortgage co. in 1995 for $77K and it looks like they sold it to a Fleet Real Estate Funding Co. on the same day for $10K then nothing until 01/07 when Washington Mutual assigned the mortgage to Wells Fargo. Where did the 2 new banks come from? They were never mentioned anywhere in the original paperwork.

Thanks for all the help.

Sylvie
====
I think Fleet Funding was acquired by Washington Mutual just as HomeSide Lending and others have been acquired. So basically, it was the same servicer until WaMu sold the servicing rights to Wells Fargo. These big loan servicers do that all the time. These two companies would not be named in the mortgage because at the time of closing the ultimate buyer was not known.

I would guess that the property has the same FHA mortgage in place unless a loan satisfaction has been recorded.

I'm not sure what the "$10K" unless it was the "for $10 and other consideration" wording that was in the mortgage assignment.

If that attorney you mentioned does foreclosures (that would be his primary business) then he well been assigned the case to begin foreclosure procedures. He would be the one who file the Lis Pendes.

I hope this helps.

Dave Ginn
=
You definitely got the better end of that deal! I am sure he earned every penny!! :-)
Thanks...and btw, glad to see you back emailing again...I missed you...

--
Alice Dyal
St. Johns Realty Group, Inc.
7400 Baymeadows Way, Ste. 106
Jacksonville, Fl. 32256
Cell Phone - (904) 910-2951
asdyal@comcast. net
====
David,
Would you happen to know the steps for foreclosure in the state of Florida or know a good website or book I can read to help me gain the knowledge I need to understand the foreclosure process? Thanks in advance. Also the posts have been great. Keep the good questions coming.
Glenda Hall904-981-9400
=======

Like the Good O'l Days....

Paul Chebi

You definitely got the better end of that deal! I am sure he earned every
penny!! :-)
Thanks...and btw, glad to see you back emailing again...I missed you...
=

Glenda:

Foreclosure on real estate in Florida is a judicial process. That is, it's done through the courts. In states like Georgia, a deed of trust state, the title is held by a third party trustee and the lender can acquire title in as little a 30 days. In Florida, the average is about 9 months.

First, the borrower must be 3 payments behind on the mortgage before a "notice of default" can be sent. That is the official notice that foreclosure may start soon. If the owner does not take action with the lender to cure the default, it is assigned to an attorney to begin the foreclosure process.

A "Lis Pendens" is filed. This is a notice of pending legal action to the borrower. After a month or so, a court date is set to hear the case. If the borrower does not show up for the court date, the judge normally issues a judgment in favor of the lender. The judgment is for the principal balance, past due interest, out of pocket costs such as taxes and insurance and for attorney fees.

Once the judgment is issued, the lender then requests that a date is set to sell the property on the court house steps. Another 60 or so days down the road. Once the property is sold, the lender is paid the proceeds for his judgment. They cannot be paid more than the judgment. Any excess funds can be claimed by second mortgage of lien holds that were wiped out by the foreclosure process. Any funds about that can be claimed by the prior owner. That rarely happens.

This whole process takes for 6 to 10 months or so. It can be delayed an additional 6 months if the property owner files for bankruptcy. The costs add up in a hurry, so the lender wants to get rid of the REO (real estate owned) as soon as possible. As I mentioned in an earlier post, lenders can lose up to 35% of the value of the property via the foreclosure process.

So, that means a "short sale" is currently the way to go. All the stars have to be aligned for this to happen. The lender, first and second mortgage lenders and any lien holders plus the property owner must agree for this to happen. They owner cannot, normally, get any proceeds out of the sale.

I am sure that there are books written on the foreclosure process, but the about is a brief summary of what happens. I hope this helps.

David Ginn
=
Hi everyone,

I just purchased a house to rehabb and flip so I have several items
someone might be interested in for a rental unit. Here is a tentative
list. There might be more later.

1. brass mailbox
2. medium oak kitchen cabinets
3. white kitchen sink w/faucet
4. white glass top stove
5. almond range hood
6. single door fridge
7. washer
8. dryer
9. water heater (to be removed when replaced)
10. large bathroom vanity w/sink and faucet
11. sliding white wood closet doors
12. misc. light fixtures and others
13. 2 pc. dining room hutch

And some personal items from my house my daughter and I are getting
read of.

Feel free to call me at 881-9012 if you would like to have a look. I
will be there later today and most of this weekend. No fair or
reasonable offer will be turned down. Please remember. These items
are all in working order BUT are used and should be regarded as that.

Thanks for your interest.

Sylvie
881-9012
====
hehe good idea, Sylvie!

You should take pics and slap them up on E-bay, too

:)
=
Not a bad suggestion, although I'm not sure I want to pack and ship a fridge or a whole kitchen of cabinets. :) That's a lot of work for a couple of bucks! lol

And btw, I forgot to mention there is also a large corner computer desk.

Thanks for the input. :)
=
How much do you want for the stuff? Great idea...

Kim Wisdom
Stomping Ground, Inc.
264-7079
=======
've seen much bigger things shipped on E-bay! e.g. server racks the size of a walk in closet :)

But you can also have local pickup. Just an idear :)
=====
Hi Kim,

It depends what you want. The best way to do this is for you to have a look, see if anything interests you and make an offer. I'm not trying to be greedy. I figured it can be a win-win situation. You get something you need at a cheap price. I make a couple of bucks and I save myself the trouble of having to move it. That's all. :)

Sylvie
===
I will definitely keep that in mind if I can't get read of it this way.

Thanks again. :)

Sylvie
=
628 meteor st, jax, fl 32205 but i don't live there. You will have to call me 1st to make sure I will be there because I live on the southside. I'm actually going to head that way in a little while. You can reach me on my cell at 881-9012. This is the easiest way to get in touch with me, much faster than by email.

Thank you.

Sylvie
881-9012
=====

Sex, Cash and The King

2007-03-15T17:53:00.000-07:00

A Weekly Report on Future Trends and Plans, Acquisition/Disposition Strategies and

Wow. It was hard to choose art for this week's CoStar Lead Street, what with stories about Elvis Presley's and Johnny Cash's old haunts coming up for sale and expansion plans for Victoria's Secret. I opted for this photo of showing Jerry Lee Lewis, Carl Perkins, Elvis Presley and Johnny Cash rehearsing together. We also have stories on The CPP Investment Board in Toronto putting $500 million into office properties; and Maguire Properties, Temple-Inland, Crescent and Ashford Hospitality planning portfolio restructurings. There are other stories as well plus news of facility expansions and the latest properties under contract.

Honky Tonk Properties Up for Sale

The Nashville-based Honky Tonk Hall of Fame is facilitating the sale and marketing of property once owned by Elvis Presley's father as well as one once owned by Johnny Cash.

Presley's father, Vernon, purchased a 270-acre farm in the rolling hills one hour east of Memphis in Moscow in 1974, and sold it only six days before his son died in August of 1977.

"This is just an incredible property," says Stephen Shutts of The Honky Tonk Hall of Fame. "It's no secret that Elvis's money bought it for his father as kind of a big toy for Vernon, who kept nearly 60 cattle on the farm. I walked around the farm myself and wanted to quit everything I was doing and move there. It's just fantastic."

Elvis was a frequent visitor to the property that includes a 1940 era log cabin, a barn and five lakes and ponds. One pond is stocked for fishing.

In addition to the Moscow property, the Honky Tonk Hall of Fame is also leading the sale of two other prominent Presley-related properties.

In Killeen, TX, Elvis Presley's home while in boot camp, on Oak Hill Drive, is also for sale. Presley, who was drafted in 1958 but didn't completely adapt to military life, was allowed to live off base in a quiet neighborhood in this 4-bedroom, 1950s style home. It was in this home Presley entertained his friends and spent what would be the last months with his mother Gladys.

In Memphis, Johnny Cash, under the direction of Sam Phillips, was seeing his career take off when he lived with his wife Vivian, daughters Kathy and Rosanne, in this property from 1957 to 1960. The residence, at 5676 Walnut Grove Place in Memphis, was his home from 1957 to 1960 and continues to this day to maintain the guitar shaped mailbox Johnny himself erected on the front curb.

The Honky Tonk Hall of Fame, which maintains one of the largest private collections of country music memorabilia in the nation, facilitated the spring 2006 eBay sale of Presley's home on 1034 Audubon Drive in Memphis for $1 million.

Be Among the First To Read Lead Street

Nearly 2,500 people read CoStar Lead Street each week. If you want to be among the first to know when a new CoStar Lead Street is posted, e-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

Canadian Board Pumping $500 Million into Office Purchases

The CPP Investment Board in Toronto and TIAA-CREF Asset Management closed a $500 million real estate transaction that includes a $300 million investment in a joint venture which will invest in Class A office properties in the United States, and a $200 million investment in a TIAA-CREF Asset Management direct real estate investment strategy.

The Global Real Estate group of TIAA-CREF Asset Management will manage all assets.

The total commitment to the joint venture is $612 million in equity of which TIAA-CREF will contribute 51% ($312 million) and will provide asset management services, and the CPP Investment Board will contribute 49% ($300 million). Including debt, the gross value of the venture is expected to reach approximately $1.5 billion. TIAA-CREF has seeded the joint venture with two suburban Class A office properties in California, near San Francisco, and in McLean, VA, just outside of Washington, DC.

Going forward, the joint venture will invest in large cap, Class A office properties with a gross value ranging from $100 million to $200 million. The investment focus is on strategic acquisitions of partially leased office properties in stable or recovering metropolitan areas with at least 500,000 residents.

In addition, the CPP Investment Board has made a $200 million commitment to a TIAA-CREF Asset Management direct real estate investment strategy that primarily focuses on institutional-quality U.S. real estate assets.

Crescent Redux
By: Jillian Ambroz

After months of rumors that it was planning to follow the same route as several other high profile REITs and pursue a buyout offer, Crescent Real Estate Equities Co., a diversified REIT with four lines of business, instead will reposition itself into a pure play office REIT in a bid to take advantage of the void left by rabid industry consolidation and take-private deals within the sector.

The Fort Worth, TX-based REIT concluded after six months of evaluation that its diversified platform remains largely misunderstood by investors and undervalued by the public equity markets. The REIT is planning to transform itself through a series of bold moves, including the sale of two business lines, and it expects to emerge by year's end with a stronger balance sheet and a tidy portfolio of top quality office assets.

"Clearly influencing the board's evaluation was the significant amount of private equity interest in real estate assets. In the last two years, close to $70 billion in office companies have been taken private -- many high quality companies that have merged and opened up a void of options for public equity markets for pure play office companies," said John C. Goff, vice chairman and CEO, in a conference call. "Our design here was to try to arrive at a company, a redesigned Crescent, that with a pure play strategy in the office space with a demonstrated expertise in this industry, a simplified business model, a portfolio that has built-in growth and a balance sheet that's very powerful. We have the fuel to grow what we think is an attractive business and find our place among high-quality office REITs that remain."

To achieve that new status, the REIT must sell off all of its hotel and resort assets, its resort residential development investments and some office properties -- a heavy pruning that represents about 50% of its gross assets.

It has hired Lehman Brothers to sell its hotel assets and is already deep in the process of those dispositions. The assets include the Fairmont Sonoma Mission Inn & Spa in Sonoma, CA, the Ventana Inn & Spa in Big Sur, CA, and the Park Hyatt Beaver Creek Resort & Spa in Avon, CO. The portfolio also includes three business-class hotels: the Omni Austin Hotel in downtown Austin, Denver Marriott City Center and Renaissance Houston Hotel in Houston.

The REIT is also whittling its office portfolio by about 5 million square feet or cutting 26% of its current holdings, to get down to its "crown jewels." The remaining portfolio will total 22.6 million square feet of managed property and 14 million square feet of office space owned by Crescent in markets such as Dallas, Houston, Denver and Las Vegas.

It is selling all but one of its suburban Dallas properties -- a cut of 55% of its Dallas holdings, representing 3.1 million square feet out of 5.6 million square feet. Holliday Fenoglio Fowler will handle the marketing for the 12 properties. It will retain The Crescent, Fountain Place, Trammell Crow Center and the Carter Burgess Plaza in Fort Worth, Texas.

It is selling all of its Austin assets, six buildings totaling about 1.5 million square feet. CB Richard Ellis has the listing for five of the properties and Holliday Fenoglio has been tapped to sell the property at 301 Congress Ave. downtown.

Crescent will also sell its lone Seattle and Phoenix properties, the 295,515-square-foot Exchange Building in Seattle and the 309,983-square-foot Financial Plaza in Phoenix.

The REIT has not decided yet what to do with its Canyon Ranch brand and its stake in AmeriCold REIT, but it is exploring all options with both businesses. It considers Canyon Ranch, a wellness lifestyle company that is owned in partnership with Mel Zuckerman and Jerry Cohen, to be a valuable brand with rich growth opportunities well beyond the real estate business.

It is also exploring options for AmeriCold, which it owns in partnership with Vornado Realty Trust and The Yucaipa Cos. AmeriCold owns and operates refrigerated warehousing, transportation management and other logistical services, including increasing its leverage capacity.

Maguire Shops 17 SoCal Office Properties
By: Randyl Drummer

Making good on a promise to investors last month when it announced its purchase of, Maguire Properties Inc. plans to sell 17 office properties totaling nearly 4.7 million square feet to help pay for its purchase of most of The Blackstone Group's Southern California portfolio.

Maguire's properties are expected to fetch more than $2 billion when the disposition is completed, likely in the second quarter. The portfolio includes 11 office properties in Orange County totaling 3 million square feet, the company's entire Glendale office portfolio consisting of four properties totaling about 950,000 square feet, and two properties in San Diego totaling approximately 700,000 square feet. Eastdil Secured is acting as advisor for the transaction.

Maguire Chairman and CEO Rob Maguire said the portfolio includes a mix of the company's existing properties and buildings from the EOP portfolio acquisition, expected to close in April. He said the disposition would allow the REIT "to focus on a streamlined asset base in L.A., Orange and San Diego counties, including our development pipeline."

Victoria's Secret Will Be Busting Out all over This Year
By: Sasha M Pardy

Limited Brands Inc., parent company of well-known retail store brands Victoria’s Secret, Express, Bath & Body Works, The Limited, La Senza, White Barn Candle Co. and others, is planning aggressive store expansion and remodeling plans.

Victoria’s Secret: In addition to plans to open 35 new stores in 2007, the company will remodel 105 stores, increasing square footage of those stores by about 50%. Remodeling of stores is expected to begin in the latter-half of the year. Redgrave noted that this brand surpassed $5 billion in sales in 2006.

Bath & Body Works: Expect 55 new stores in 2007; real estate preference will be placed on specialty center locations for these new stores, as opposed to traditional malls.

La Senza: La Senza is a Canadian lingerie brand that has infiltrated the U.S. market in recent years. Limited has owned the company for little more than seven weeks and is planning to use the brand to increase its penetration in foreign markets. Limited plans to open 32 new La Senza stores in 2007.

To support the store expansions, Limited said that a new, state-of-the-art distribution center, which began construction in 2006, will be coming online in 2007 providing an improved distribution infrastructure supporting the anticipated growth of direct sales.

Ashford Starts Deleveraging

Ashford Hospitality Trust Inc. has initiated the first phase of deleveraging strategy in connection with its previously announced agreement to acquire a 51-hotel portfolio from CNL Hotels and Resorts for $2.4 billion. Ashford Hospitality has accelerated its ongoing capital recycling efforts. The total number of non-strategic assets currently being marketed has been increased to 18, including two office buildings. The sales, some of which have already closed or are under contract or letters of intent, are expected to generate approximately $170 million in gross proceeds and result in a net gain of approximately $33 million, or $0.35 per diluted share, in 2007.

The non-core assets marketed for sale include: a portfolio of seven Towne Place Suites; office buildings adjacent to the Hilton Fort Worth in Fort Worth, TX, and Embassy Suites in West Palm Beach, FL; the Doubletree Guest Suites in Dayton, OH; the Radisson Hotel Indianapolis Airport in Indianapolis, IN; the Embassy Suites in Phoenix, AZ; the Radisson Hotel in Covington, KY; the Hampton Inn in Horse Cave, KY; the Fairfield Inn in Princeton, IN; the Fairfield Inn in Evansville, IN; the Marriott Trumbull in Trumbull, CT; and the Sheraton Iowa City in Iowa City, IA. These non-core hotel assets account for a total of 2,399 rooms.

Temple-Inland To Spinoff Real Estate Ops

Temple-Inland Inc. plans to separate into three focused, stand-alone, public companies. The plan includes the spinoff of its real estate operations and the sale of its strategic timberland, the spinoff of its financial services operation, and retaining its manufacturing operations - corrugated packaging and building products.

The real estate business, which operates under the name Forestar Real Estate Group, is focused on real estate investment and development activities which include single-family residential, commercial, mixed use and multi-family housing projects.

Temple-Inland's real estate activities include over 236,000 acres, 85 projects in eight states and 12 markets.

"The most significant concentration of our real estate holdings is around Atlanta, Georgia with over 205,000 acres of real estate property," said Kenneth M. Jastrow, II, chairman and CEO of Temple-Inland. "Atlanta is the largest homebuilding market in the U.S., and over time its projected growth will create significant real estate development opportunities. We believe there is substantial opportunity to accelerate the creation of shareholder value by operating this business as an independent public company."

Navy Picks GMH

The Department of the Navy selected GMH Military Housing to enter into exclusive negotiations for the design, construction, management and maintenance of the military family housing at 11 Southeast Region Navy bases in five states. The 50-year term of the project will commence with a 6-year Initial Development Period (IDP) that is valued in excess of $700 million making this initiative one of the largest public-private venture (PPV) housing initiatives to date.

Throughout the term of the Navy Southeast project, the company will earn management, construction/renovation and development fees, as well as an equity return on its capital investment. The specific Navy Southeast Project family housing locations are: Naval Weapons Station Charleston, SC; Naval Submarine Base Kings Bay, GA; Naval Air Station Jacksonville, FL; Naval Station Mayport, FL; Naval Air Station Key West, FL; Naval Support Activity Panama City, FL; Naval Air Station Pensacola, FL; Naval Air Station Whiting Field, FL; Naval Construction Battalion Center Gulfport, MS; Naval Air Station Meridian, MS; and Naval Air Station Joint Reserve Base Fort Worth, TX.

The company is utilizing its strategic alliances with two homebuilders -- Centex Construction Co. and Hensel Phelps Construction Co. -- to provide construction services for the project. The GMH team also includes Niles Bolton Associates for planning and architecture and Woolpert Inc., for engineering services.

Be Among the First To Read Lead Street

Nearly 2,500 people read CoStar Lead Street each week. If you want to be among the first to know when a new CoStar Lead Street is posted, e-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

Facility Expansions and Developments

Toyota has chosen a 1,700-acre site in Blue Springs, MS, to build its eighth North American vehicle assembly plant. The new plant, to be just outside of Tupelo, will have the capacity to build 150,000 vehicles annually of Toyota's popular Highlander sport utility vehicle. Production is scheduled to begin by 2010. The new plant represents a $1.3 billion investment by Toyota and is expected to create approximately 2,000 new jobs for the region and indirectly create work for many more. Operations at the plant will include stamping, body weld, plastics, paint, and assembly.

Nike Inc. agreed to acquire a 125-acre land parcel in Memphis, TN, known locally as Northridge, where it plans to build a new 1 million-square-foot footwear distribution center. Nike and Memphis-based Belz Enterprises signed the land purchase agreement March 1, 2007. The new facility is expected to house employees from both Nike's existing Winchester Road facility in Memphis, and employees relocating from a second distribution center based in Wilsonville, Oregon. As a precursor to completing the Northridge purchase, Nike also reached a sale-leaseback agreement on the Wilsonville, OR, facility with CB Richard Ellis Investors, an institutional real estate investment manager that purchased the property on behalf of the Illinois State Board of Investment. The recorded sale-leaseback price was $27.6 million. This agreement will allow Nike's continued operations at the Wilsonville site through 2008. At the end of the Nike lease, the owner may seek proposals for new tenants that will capitalize upon the facility's premier product distribution site.

BAE Systems plans to lease a manufacturing plant in Cordova, AL, beginning in the summer of 2007. The plant will fabricate and deliver ammunition magazines for BAE Systems' Advanced Gun System and missile launcher assemblies for their Mk57 Vertical Launching System. Both of these systems will be used as weaponry on board the U.S. Navy's new DDG 1000 Zumwalt class of surface ships. BAE Systems will lease the Warrior River Steel LLC site in current operation as a metal manufacturing and welding facility. BAE Systems expects to occupy the full facility during the fall of 2007.

As part of its strategy to increase its high-rate manufacturing capability, Raytheon Co. plans to expand operations at its manufacturing facility at the Navajo Agricultural Products Industry Industrial Park south of Farmington, NM. Raytheon will increase the manufacturing space of the 38,000-square-foot facility to 68,000 square feet to accommodate additional work and will increase employment to as many as 200 employees. Raytheon partnered with the state of New Mexico and Navajo Nation to fund the expansion project. Upon completion, the Navajo Nation will retain ownership of the site, and Raytheon will lease the manufacturing space. At the NAPI facility, Raytheon currently assembles parts of 12 missile and munitions programs for the U.S. Army, Air Force, Marine Corps and Navy.

Under Contract

A joint venture among affiliates of NorthStar Realty Finance, Goldman, Sachs & Co. and an unnamed publicly traded real estate finance company agreed to acquire a diversified portfolio of multifamily properties from an unnamed developer and operator of long-term incentive tax credit properties. Each of the joint venture partners will equally share in the approximately $525 million purchase price, inclusive of estimated fees and expenses, and the total transaction value, including assumed debt, will be approximately $1.9 billion. The assets to be acquired consist of notes, general partnership interests and incentive fees relating to the underlying multifamily properties. The transaction, which is subject to a 120-day due diligence period and obtaining limited partner, lender and other consents, is expected to be completed in the third or fourth quarter of 2007. Three weeks ago in CoStar Lead Street, we reported that Boston Capital Tax Credit Fund LP in Boston began soliciting consent from its limited partners to liquidate the assets of the partnership and wind up its affairs. Boston Capital Tax Credit Fund owns 57 apartment complexes across the U.S. totaling 3,591 units. Any tie in could not be confirmed.

University Mall LP, an affiliate of Glimcher Realty Trust, agreed to sell the regional shopping center in Tampa, FL, to Somera Capital Management LLC for $149 million. Glimcher Properties will provide a guaranty for the lease between the company and Ohio Entertainment Corp. involving a theater at the mall until it expires on Dec. 31, 2011. Glimcher will provide property management and other administrative services to the mall for a period of one year after the transaction's closing date.

Base Partners Inc. began the development process for a new 116,000-square-foot state-of-the-art data center in El Segundo, CA. The company entered into an agreement to acquire an existing building on a 6-plus acres in the west Los Angeles municipality.

Embassy Industries Inc., a wholly owned subsidiary of P&F Industries Inc., agreed to sell its Farmingdale, NY, premises at 300 Smith St. to Tell Realty LLC for $6.3 million. The sale is expected to June 1, 2007.

Montgomery Realty Group agreed to sell its London Square Apartments in Austin, TX, for $5.31 million or about $45,000/unit. The agreement allows the buyer to have a 45-day due diligence period to investigate the property with the closing to occur 15 days after the due diligence period has elapsed. Montgomery purchased the London Square Apartments in June 2005 for $3.2 million. The London Square Apartments consist of 118 apartment units. This is Montgomery's second sale of an Austin apartment complex, with the Ashdale Garden Apartments having been sold in October 2006. Montgomery continues to own and operate the Glen Oaks Apartment complex. CoStar Lead Street (March 4-10):

An Industrial-Strength Cold Storage Lease

2007-03-15T17:51:00.000-07:00

A Weekly Report on Future Trends and Plans, Acquisition/Disposition Strategies

2007-03-15T17:49:00.000-07:00

In CoStar Lead Street, we highlight the Federal Reserve's survey of economic conditions and while markets remain generally strong, the word robust no longer shows up. We also report on: Montecito's and ING's new venture to acquire medical office buildings; BP's sell off of gas stations; Comerica's plans to relocate to Dallas and give you the latest properties under contract, including 15 hotels.

CRE Markets Remain Generally Solid

Commercial real estate markets continued to firm in many districts and remained generally solid or strong elsewhere, according to the Federal Reserve Beige Book, the bank's nearly monthly survey of economic conditions.

New York did report a slight overall easing in the New York City office market, as vacancy rates edged higher in midtown Manhattan. However, asking rents throughout the city were up 25% from a year ago. Chicago also reported slightly slower expansion of nonresidential construction in the district as a whole but said office construction in downtown Chicago was quite strong and that office rents were increasing in the city. Boston reported considerable increases in commercial investment throughout New England over the past year. Atlanta also said demand for commercial development remained strong.

According to the Richmond district, one area experiencing some difficulties in its office market was greater Washington, DC, including northern Virginia, where high rents and lower optimism had reduced leasing activity.

More specifically, district banks reported the following commercial real estate market conditions.

First District-Boston

Commercial real estate investment in Boston doubled from 2005 to nearly $8 billion in 2006 according to one regional real estate contact. Other regional markets have also seen considerable increases in commercial investment. Contacts note that real estate yields continue to decline as prices increase faster than leasing fundamentals. Rents across the region remain steady to increasing while vacancies trend downwards. Boston's core business district features vacancy rates around 8%, with rents about $43 per square foot. Both Hartford and Providence exhibit stable rents and stable to decreasing vacancies.

Contacts cite overall job creation and industrial growth for life science and biotechnology sectors as sources for improved leasing fundamentals. Selected suburban office markets around Boston and Hartford enjoy particularly low vacancies and increasing rents. Contacts expect rents to continue to increase and vacancies to decline. Key concerns remain job creation and declining real estate yields.

Second District--New York

New York City's office market eased slightly in January, though rents remain markedly above comparable 2006 levels. Midtown Manhattan's Class A vacancy rate rebounded to 6.0%--up from 5.6% in December, but still a half a point lower than a year ago. In contrast, Lower Manhattan's vacancy rate slipped 0.3 points to 6.8% in January and was down dramatically from 12.3% a year ago. Throughout Manhattan, asking rents are up by 25% or more over the past 12 months.

Manhattan's apartment rental market has grown increasingly tight; a large real estate firm reports that rents have accelerated in recent months and have eclipsed previous highs set in 1999 and 2000.

Third District--Philadelphia

Commercial real estate firms reported that vacancy rates in the region's office markets have declined slightly in the past few months. Rents have risen for newer buildings and tenant concessions have decreased, but effective rents have eased somewhat for older buildings. The amount of leased space has increased in most markets throughout the region. Commercial real estate contacts expect rents to remain on the rise and vacancy rates to continue to decline through the rest of the year.

However, they expect office construction activity to moderate after several large buildings currently under construction or renovation are completed. Demand for industrial space remains strong, with rising rents and declining vacancies. Construction and sales of industrial buildings have been brisk, especially for warehouse and distribution facilities along the region's highways. Competition for prime locations has been pushing up the price of land suitable for industrial uses in many suburban areas.

Fourth District-Cleveland

Activity among the district's commercial contractors has increased for the most part since early January and on a year-over-year basis. A majority of builders are optimistic in their outlook for 2007 based on the level of inquiries and backlogs. Segments showing strong activity include health care, public works, and recreation.

Fifth District-Richmond

Commercial real estate agents gave generally mixed reports. A Washington, DC, contact said that retail leasing activity slowed in recent weeks due to "some resistance to high rents and less optimism going forward." A Northern Virginia agent noted softer demand for office space, though he said that rental rates remained strong despite recently higher vacancy rates. In contrast, the Raleigh commercial market continued to strengthen since our last report. The office and industrial segments were particularly active with lower vacancies and higher rents. Most other areas in the district reported little change in recent weeks.

Sixth District-Atlanta

Nonresidential construction in the district remained at healthy levels. Contacts reported that demand for commercial development continued to be strong in January and February. Vacancy rates remained low in several markets and rental rates were trending upward.

Seventh District-Chicago

Office construction in downtown Chicago was particularly strong, and the development of health care facilities was robust in many areas. A contact in Indiana said a number of speculative "big box" warehouses were under construction, and that net absorption in those properties was strong. Office rents were increasing in Chicago, but remaining flat in the Detroit area. Commercial vacancy rates were little changed.

Eighth District--St. Louis

Commercial real estate market conditions continued to improve throughout the district. The 2006 fourth-quarter industrial vacancy rate declined in Memphis and Louisville over the third quarter, while the industrial vacancy rate increased in St. Louis. During the same period, the office vacancy rate declined in St. Louis, Memphis, Louisville, and Little Rock.

Contacts in northeast Mississippi report that commercial development is strong. Contacts in west Tennessee reported that January 2007 commercial permits increased substantially over January 2006. In Louisville, contacts report that the outlook for the 2007 industrial market is positive with a few reservations, and contacts in St. Louis predict a healthy industrial market for 2007.

Ninth District-Minneapolis

Commercial construction was up. An industry publication forecasted activity in Minnesota and the Dakotas to be up slightly in 2007 from the strong activity last year. Authorities approved construction of a $300 million oil pipeline in Minnesota this year. A large railroad announced plans to make $54 million in track improvements in Montana. Developers in Sioux Falls, SD, began purchasing land for a $150 million mixed-use downtown redevelopment. Market analysts predict an expansion of retail and industrial construction in Minneapolis-St. Paul this year.

A shift toward multifamily construction was noted in several areas, including Minneapolis and Rochester, MN. Commercial real estate was robust. The overall office vacancy rate in Minneapolis-St. Paul at the beginning of the year was almost a full percent point lower than a year earlier; landlords are becoming more aggressive in pushing up rents. Strong demand for retail space was noted in Minneapolis-St. Paul and Sioux Falls.

Tenth District--Kansas City

Absorption of office space increased in most cities, and vacancy rates continued to decline throughout the district. Office prices and rents increased further, though sales were flat since the last survey. Commercial real estate contacts expected more new construction in the months ahead.

Eleventh District-Dallas

Demand for nonresidential space remains strong. There continues to be a lot of construction of new office space in Dallas/Fort Worth, and activity is expected to increase in other areas, such as Houston and Austin. Contacts note a lot of apartments and condominiums are still under construction.

Twelfth District--San Francisco

In a continuation of existing trends, vacancy rates generally fell and rental rates rose. Construction activity for commercial and public projects grew further, largely offsetting the decline in residential construction activity, though the pace of growth for nonresidential construction reportedly has fallen compared with last year.

Be Among the First To Read Lead Street

Nearly 2,500 people read CoStar Lead Street each week. If you want to be among the first to know when a new CoStar Lead Street is posted, e-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

Strong Construction Growth Projected

Growth for non-residential construction markets may reach as high as 9% overall and almost all sectors, with the exception of religious buildings, will be well ahead of the growth rate for GDP in 2007, according to FMI Corp.'s newly released 2007 U.S. Markets Construction Overview

FMI predicts continued growth for the industry with an optimistic forecast of 2.2% increase for total construction put in place in 2007.

According to the report, continued growth will present two ongoing challenges, rising materials costs and the need to find skilled workers. Driven by demographic and social changes, FMI notes that the talent shortage is not likely to go away in the near future for the engineering and construction industry.

Overall, FMI notes that price increases for construction products and materials have slowed. FMI expects future increases to moderate and settle at a new level, although there will be continued market shortages of selected materials, such as cement, steel, copper and diesel fuel, causing project delays and cost escalation.

Montecito Teams Up with ING for Medical Office Purchases

Montecito Medical Investment Co., a joint venture with ING Clarion Partners, plans to acquire medical office properties across the country.

Montecito Medical noted that the company's interest in acquiring medical office properties is due to the rapid increase of the health care needs of aging Baby Boomers, and other demographic and medical trends.

"We are serious about this market," said Montecito Medical's CEO, Chip Conk. "Ours is a long term strategy. We will be in key markets throughout North America acquiring well-located, cash-flow stable properties with strong growth potential. Every piece of infrastructure is in place to put Montecito Medical at the top of the list for any hospital executive or medical building owner who wants to monetize one of their properties and utilize that freed up capital more dynamically. We can make that happen."

The new venture plans to expand by acquiring existing facilities, investing in properties with the potential for redevelopment and repositioning, and by undertaking new development in selected major medical markets throughout the U.S.

The firms have already acquired their first properties.

· El Dorado Senior Services Building in Tucson, AZ;
· Vero Beach Medical Suites in Vero Beach, FL;
· Gwinnett Medical Office in Lawrenceville, GA; and
· Knoll I and II, two off-campus medical office buildings in Columbia, MD.

The four facilities total 466,000 square feet and were purchased for more than $90 million.

Broad Street Advisors acted as an advisor to Montecito in forming the joint venture. Robert Rizzi, executive vice president and partner at Broad Street handled the transaction.

Presidential Hopeful Rudy Guiliani Sells His Firm

Sydney, Australia-based Macquarie Group plans to acquire the business and assets of Rudy Giuliani's firm Giuliani Capital Advisors LLC. Financial details of the transaction have not been disclosed.

With approximately 100 employees and offices in Chicago, New York, Los Angeles, Atlanta and Troy, Michigan, Giuliani Capital Advisors is a boutique investment banking firm specializing in providing restructuring and mergers and acquisitions advisory services to companies dealing with complex business challenges, strategic transactions or financial distress.

"The acquisition of Giuliani Capital Advisors is a significant strategic step forward for Macquarie and a highly complementary addition to our North American investment banking business," said Murray Bleach, head of Macquarie's Investment Banking Group in North America and co-CEO of Macquarie Securities (USA) Inc. "Giuliani Capital Advisors provides Macquarie with an opportunity to build upon and expand our existing U.S. capabilities, particularly in corporate restructuring transactions. At the same time we gain access to a wider geographic footprint of M&A professionals and clients, providing greater reach for our existing infrastructure, utilities, oil and gas, real estate, TMET and industrials expertise."

Under the terms of the agreement, following a transition period Giuliani Capital Advisors' platform and employees will become part of Macquarie Securities (USA). Giuliani Capital Advisors' current office locations will operate as Macquarie offices.

Completion of the purchase is subject to finalization of the employment of Giuliani Capital Advisors staff by Macquarie and regulatory approvals. Financial close is expected to occur in April 2007 with the transition period should be completed by the end of June 2007.

BP Continues Gas Station Sell Off

BP West Coast Products has retained NRC Realty Advisors to arrange and execute the sale of 37 ARCO stations on the West Coast.

The portfolio features 19 sites in California, eight sites in Washington, five sites in Oregon, and five sites in Arizona. All sites are currently operating stations with convenience stores. They are being sold with 20-year ampm franchises and fuel supply agreements from BP.

The ARCO branded network consists of both company-owned and dealer/franchisee-owned locations, which has proven to be very successful for both BP and its dealers/franchisees. BP's approach is to continue to grow and strengthen its brands by growing and strengthening its franchise network.

These sites will be sold through a sealed bid sale in a "buy one, some or all" format with bids due on May 22, 2007.

BP also has retained NRC Realty Advisors to coordinate the sale of 43 sites in the Chicago metro area to be re-imaged or developed as ampm franchise stores with BP branded gasoline stations.

Of the 43 sites to be branded as ampm franchise stores with BP gasoline stations, 36 are existing BP-branded sites, including:

· Eighteen sites that will have convenience stores rebranded to ampm prior to closing;
· Eight sites that the buyers will initially operate under current BP branding and complete the conversion and rebranding to ampm after closing; and
· Ten sites that will require complete redevelopment before opening with the ampm brand; closings for these sites will occur after buyers have obtained all necessary construction permits.

In addition, BP is offering seven vacant sites for construction by buyers of new ampm retail franchises with BP branded gasoline stations.

In addition to the ampm franchise sites, BP is offering 18 properties (including the seven vacant sites and one of the redevelopment sites described above which are being offered either for franchise or commercial use) for other commercial use, including the potential operation of de-branded gasoline stations on two of these properties.

The BP sites are being sold through NRC's sealed bid sale process. NRC requests sealed bids by May 8, 2007.

Comerica Moving from Detroit to Dallas

Comerica Inc. plans to relocate its corporate headquarters from Detroit to Dallas, where Comerica already has a major presence. The move is designed to position the company in a more central location.

"Today, a significant percent of Comerica's earnings is generated in the Texas, Arizona, California and Florida markets," said Ralph W. Babb, Jr., chairman and chief executive officer of Comerica. "Moving our corporate headquarters to Dallas will give us greater proximity to all of our markets, and the additional resources in these markets will lead to accelerated growth for Comerica. In addition, the vibrant and diversified economies of Dallas, Houston and Austin will be particularly helpful to Comerica as we seek to continue attracting and retaining talented employees."

The company currently has 71 banking centers in Dallas, Houston and Austin, and expects to significantly increase its growth in Texas. With more than $58 billion in assets, Comerica will be the largest bank holding company headquartered in the state.

Comerica will maintain a significant presence in Detroit, remaining one of Southeast Michigan's largest employers with about 7,300 employees following the relocation to the new Dallas headquarters office.

The relocation is expected to occur by the end of the third quarter of 2007.

Be Among the First To Read Lead Street

Nearly 2,500 people read CoStar Lead Street each week. If you want to be among the first to know when a new CoStar Lead Street is posted, e-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

Supertel To Buy 15 Hotels

Supertel Hospitality Inc. agreed to purchase 15 Masters Inn hotels from entities in which two individuals own all or a majority of the capital stock. The purchase price for the hotels is $42.7 million.

The purchase agreement also provides for a management agreement to be entered into at closing. HLC Hotels Inc. (an affiliate of the seller) will manage the hotels for a two-year term at a management fee equal to 5% of the gross revenues derived from the operation of the hotels.

The closing of the transaction is expected to occur on or about April 30.

The hotels are as follows.

· 3600 McFarland Blvd., Tuscaloosa, AL;
· 8222 Jamaican Court, Orlando, FL;
· 5367 West Irlo Bronson Memorial Highway, Kissimmee, FL;
· 2945 Entry Point Blvd., Kissimmee, FL;
· 6010 CR 579, Seffner, FL;
· 6606 Dr. Martin Luther King Blvd., East Tampa, FL;
· 3092 Presidential Parkway, Doraville, GA;
· 2682 Windy Hill Road, Marietta, GA;
· 1435 Montreal Road, Tucker, GA;
· 3027 Washington Road, Augusta, GA;
· 4200 Highway 21 N, Garden City, GA;
· 300 Wingo Way, Mt. Pleasant, SC;
· 6100 Rivers Avenue North, Charleston, SC;
· 613 Knox Abbott Drive, Cayce, SC; and;
· 2125 Commerce Drive, Cayce, SC

Also Under Contract

SL Green Realty Corp. agreed to acquire 331 Madison Ave. and 48 E. 43rd St. in New York for a total of $73 million, from a group of private investors. Both buildings are adjacent to 317 Madison Ave., a 450,000-square-foot commercial office property on the corner of 42nd Street and Madison Avenue that SL Green acquired in 2001. Upon completion of the acquisition, SL Green will consider implementing a strategic capital improvement and marketing plan to reposition the assets and will also look closely at combining the property sites with 317 Madison Ave. Built in 1923, 331 Madison Avenue is an approximately 92,000-square foot, 14-story office building on the southeast corner of Madison Avenue and East 43rd Street. It is 100% leased to a diverse mix of finance, law and real estate tenants. The property also has a retail tenancy that includes Nine West Group and Shoe Mania. The 22,850-square-foot 48 E. 43rd St., situated between Madison Avenue and Vanderbilt Avenue, is an 86.2% leased, seven-story loft building built in 1900 that was later converted to office use. Written by Mark Heschmeyer

CoStar Lead Street (March 11-17): Generally Strong
and Properties Under Contract

Industry Ponders Impact of Mortgage Collapse

2007-03-15T17:47:00.000-07:00

Waiting For the Sub-Prime Fallout

Deals On the Sidelines For Now in Once Red Hot Market as Industry Ponders Impact of Mortgage Collapse

Nobody’s sure yet how profoundly the woes of New Century Financial Corp. and other sub-prime lenders will affect the lives of their employees and mortgage holders. But with sub-primes on the hook for more than 5 million square feet of office space in Orange County -- and up to 3 million square feet of new office development about to hit the market -- landlords and their brokers are also getting sweaty palms.

Direct vacancy rates that have held steady at 7% over the last year could go up into double digits if mortgage companies go belly up just as the new deliveries hit the market. Opinions vary, though, how deep or lingering the effects would be.

"Tenant demand is down, and a big part of the reason is that people are waiting on the sidelines to see what happens with the sub-primes," said Greg May, senior vice president, Grubb & Ellis. "You’ve got landlord expectations on one hand and tenant expectations on the other, it’s kind of deer-in-the-headlights for now."

The New York Stock Exchange on Tuesday gave the boot to Irvine-based New Century, cut off by its lenders because of its high-risk loan portfolio and under investigation by federal regulators and prosecutors. The Dow Industrials fell 242.66, or nearly 2%, Tuesday on reports of the financial problems at New Century, Accredited Home Lenders Holding Co., and General Motors Acceptance Corp.'s residential unit. The index rebounded to close 56 points higher after a volatile session Wednesday.

The looming threat of a bankruptcy filing by New Century prompted its landlord, Maguire Properties Inc. (NYSE: MPG), to release a statement saying the loss of the tenant would create "minimal exposure" for the Los Angeles-based REIT.

New Century has two leases totaling 267,000 square feet at Maguire’s Park Place campus in Irvine and a pending lease for 190,000 square feet at its new $240 million tower under development at 3161 Michelson.

Maguire believes that should New Century leave, it could re-lease the existing space at Park Place for 50% more than the $24.27 per square foot the lender is paying. Maguire, which would became Orange County's second-biggest landlord following the purchase of a portfolio of properties from The Blackstone Group, has been able to sign Park Place tenants to starting rents recently at $35 to $37 per square foot. The new 3161 Michelson tower could yield 25% more in rent if New Century can’t take occupancy, Maguire said.

The 2.5 million to 3 million square feet in new buildings by Maguire and other developers is more worrisome than the sub-prime shakeout, May said. "By my count, 105 full floors of Class A office are being delivered in the next six months," he said. "Only 10 floors have been pre-leased, and of those, six were New Century pre-leases at Park Place."

New Century also leases space at Irvine Center Towers in Irvine from The Irvine Co., the county's largest landlord, which also leases to sub-prime lenders such as the Orange-based parent of Ameriquest Mortgage and Option One, a unit of H&R Block based in Irvine.

May believes that worst case, the market would see vacancy rates of 12-13%, chiefly because of the new inventory. But he said that’s manageable if the economy keeps creating jobs.

Another executive who represents office owners in the Irvine market was glummer about the market’s ability to absorb the expected hit. Between existing vacant sublease space, new development and leases abandoned by the sub-primes, "that’s a lot of space coming back at us to absorb." The executive didn't want to be identified.

May noted that Ameriquest Mortgage Co. has been able to sublease about two-thirds of the 600,000 it put back on the market last year. But potential subtenants may shun New Century if they think it’s going out of business, he said.

"If you’re a subtenant and your sublessor goes out of business, you’re generally at the mercy of the landlord," May said. Written by Randyl Drummer

In OC:

A Weekly Column of Distressed Commercial Properties, Mortgages and Corporate News

2007-03-15T17:45:00.000-07:00

Ordinary People, Extraordinary Risks

A year of bad news in the housing market has the industry sounding a lot pricklier. In this week's issue of Watch List, D.R. Horton Inc.'s CEO Donald J. Tomnitz said conditions "suck." We also give you the latest facility closures and properties on the watch list in: Southfield and Troy, MI; San Antonio and El Paso, TX; Kokomo and Lafayette, IN; Moorestown, NJ; Waveland, MS; Tallahassee, FL; Chicago; Fort Atkinson, WI; and Cody, WY.

Blunt Talk

As new worries about rising defaults and delinquencies in the mortgage industry pile on top of the housing market downturn, industry assessments are becoming less sugarcoated.

D.R. Horton Inc.'s CEO Donald J. Tomnitz said what most others in the housing industry have been cautious not too when he said last week that 2007 "is going to suck, all 12 months of the calendar year."

His blunt assessment contrasted with much of the spin that has been coming from lenders, realtors, trade groups, homebuilders and others in recent months. There haven't been many straight shooters discussing the housing and mortgage market collapse.

In his presentation to an investor conference, Tomnitz said new home prices will continue to decline this year as builders try to sell the glut of houses currently available. His firm is unlikely to get more pricing power until 2008, he said.

Horton, the nation's largest homebuilder by the number of homes sold, is currently building 26,000 houses, down 35 percent from its peak of 40,000. Tomnitz said that further cuts are coming.

The real problem Keitaro Matsuda, senior economist of Union Bank of California in San Francisco said last week is the lack of affordability.

"Most people would agree that falling mortgage rates between 2000 and 2003 created a feeding frenzy in the market," Matsuda wrote this month in his annual housing assessment. "But the frenzied market condition came about because so many people were previously excluded from owning homes in the face of already high prices. When lower mortgage rates cracked open the door to homeownership, everyone rushed in. Conversely, when mortgage rates rose last summer, buyers retreated and price appreciation halted."

"Those new buyers took advantage of recent innovations in mortgage products, including interest-only loans, fixed-adjustable rate hybrids with low initial rates, and optional-payment adjustable rate mortgages (option ARMs), not to mention the whole new genre of subprime lending. The end result was that ordinary Californians took extraordinary risks, not because they were reckless, but because that was the only way for them to participate in the housing market," Matsuda wrote.

Be the First To Get Watch List

Want to receive notice of when a new Watch List is posted? E-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

Friendly Puts Ice Cream Shops Up for Sale

Friendly Ice Cream Corp. has retained Goldman Sachs & Co., as financial advisor, and Weil, Gotshal & Manges LLP, as legal advisor, to assist it in exploring strategic alternatives, including a possible sale of the company. Friendly Ice Cream operates 514 company and franchised restaurants throughout the Northeast.

La-Z-Boy Consolidating Plants

La-Z-Boy Inc. plans to close its Lincolnton, NC, and Iuka, MS, upholstery manufacturing facilities, the closure of its rough mill lumber operation in North Wilkesboro, NC, the consolidation of three operations into one at Kincaid's Taylorsville, NC, upholstery operation and the elimination of a number of positions throughout the remainder of the organization.

The company's Lincolnton facility employs 250 people, accounts for approximately 5% of the La-Z-Boy branded business total upholstery manufacturing capacity and produces high-leg recliners and occasional chairs. La-Z-Boy will cease operations at the Lincolnton plant in July 2007, with production shifting to the company's Newton, MS; Siloam Springs, AR; and Dayton, TN facilities.

The Iuka facility produces sofas, love seats and upholstered chairs for the company's Bauhaus division and has about 150 employees. The Iuka facility is scheduled to close in early May 2007 and its production will move to Bauhaus's Saltillo and Sherman facilities in Mississippi.

The consolidation of the company's North Wilkesboro rough mill lumber operation into its Hudson, NC, facility and the consolidation of the Taylorsville facilities, combined with the change in La- Z-Boy's corporate structure, will eliminate approximately 100 positions.

The Lincolnton facility, which is approximately 370,000 square feet, and the two facilities at Taylorsville, will be idled after operations cease and will be marketed for sale along with the equipment at the North Wilkesboro rough mill operation. The North Wilkesboro casegoods plant will continue to produce bedroom furniture with approximately 300 employees. The Iuka property is a leased facility.

More Facility Closures

Bassett Furniture Industries, Inc. plans to cease operations at its wood manufacturing facility in Bassett, VA. The closure of the 323,000-square-foot facility on Fairystone Park Highway is planned to begin over the next 60 to 90 days and affect approximately 280 employees or 15 percent of the company’s workforce. The company plans to source the majority of the products currently produced at this facility from overseas suppliers, to continue to produce certain custom bedroom products domestically and to discontinue providing certain slower selling items. The company will continue to operate two domestic manufacturing facilities.

On April 23, Greenfield Research Inc. will begin a permanent mass layoff at its 347 Edgewood Ave. facility in Greenfield. OH. This mass layoff is a result of the loss of business with Johnson Controls Inc. The layoff is expected to be completed by Aug. 31 and affect a total of about 100 employees.

Dillard's, Inc. and The Higbee Co. are closing the Dillard's store at the Midway Mall at 4000 Midway Mall in Elyria, OH, between May 5 and May 18, affecting about 96 employees.

A following upcoming plant, store and office mass lay offs were reported last month in Arizona.

· Wells Fargo Home Mortgage plans to layoff 191 employees at 1150 W. Washington St. in Tempe on April 30.
· USF Bestway Inc. plans to layoff 52 employees at 17200 N. Perimeter Drive, Suite 200, in Scottsdale now through Oct. 31.
· Motorola Mobile Devices plans to layoff 46 employees at 2900 S. Diablo Way in Tempe on May 11.

Be the First To Get Watch List

Want to receive notice of when a new Watch List is posted? E-mail me your name, title, company and e-mail address. You can reach me by clicking on the byline above or at mheschmeyer@costar.com

North Park Plaza, Southfield, MI
Special Servicer: LNR Partners

The loan on this 295,356-square-foot office building at 17117 W. Nine Mile Road is in monetary default due to loss of major tenant in December 2006. The loan transferred to special servicing in January 2007. LNR has initiated foreclosure proceedings on this property.

Collins & Aikman HQs, Troy, MI
Special Servicer: LNR Partners

The borrower on this 60,000-square-foot office property at 5755 New King Court requested relief based on the fact that it has been paying 100% of the loan payments and operating expenses for well over two years, with no tenant other than the its own corporate office and wanted to begin discussions on a restructure of the loan. Borrower reported they were negotiating a lease that would re-tenant the property to approximately 82%, but would need debt relief to do so. The borrower's proposal was deemed unacceptable and LNR is initiating foreclosure.

1509 Glen Ave., Moorestown, NJ
Special Servicer: Capmark Finance

The property manager, GVA Smith Mack, reported that this 77,700-square-foot office building had negative monthly NOI for December 2006 due to higher than budgeted utility bills. The listing broker, CBRE, has been actively marketing the property for sale. A business plan was written and approved to reduce the listing price from $3.995 million to $3.495 million. A contract with the prospective buyer was expected to be executed early this year.

170-180 W. Westfield Ave., Roselle Park, NJ
Special Servicer: LNR Partners

The loan on this 78,000-square-foot industrial property is now current on principal and interest. There are still shortages in the escrow accounts. Negotiations are in process. There are no collateral issues.

Doral Club and Sutton House Apartments, San Antonio, TX

Moody's Investors Service has downgraded the bonds backing Doral Club, a 297-unit complex built in 1985 composed of 11, three-story buildings in the northwest section of San Antonio and Sutton House Apartments, a 265-unit garden style complex built in 1985, comprised of 18 three-story buildings in the north central section of San Antonio. The rating downgrades are reflective of debt service coverage level that are not consistent with Moody's benchmarking standards and the expectation that supply in the pipeline will erode occupancy further in the near term.

Oak Park Apartments, Waveland, MS
Special Servicer: LNR Partners

LNR is still awaiting release of insurance funds on this hurricane-damaged 136-unit apartment complex at 2009 Waveland Ave. Once funds are released and put into the existing escrow account, LNR will then negotiate with the borrower on getting the loan paid off.

La Plaza Apartments, El Paso, TX

Moody's Investors Service downgraded the rating on some of the bonds used to finance this 129-unit complex. The rating downgrade primarily reflects Moody's concern about the volatility in the affordable housing sector and a revision to the rating approach for this sector, including growing expenses charged to reserve and replacement balances that may become recurring expenses, thereby reducing net operating income. In addition, Moody's noted that potential market competition is arising from increased multifamily building.

Landmark Apartments, Tallahassee, FL
Special Servicer: Midland Loan Services

Midland Loan Services has been working with borrower to bring the loan current on this 128-unit apartment complex at 2125 Jackson Bluff Road. The borrower has indicated that an increase in taxes and insurance have made the loan subperform. The borrower would like to reallocate escrows to cover shortfalls in these two categories. Midland has indicated payments must be brought current prior to discussing any forbearance agreements, or reallocation of escrows. The borrower noted that it is looking at ways to bring payments current, and may look for a buyer to assume the loan obligations. Property is in good to average condition. Improvements are older, but decently maintained.

Meadow Lawn Apartments, Kokomo, IN
Special Servicer: LNR Partners

A sale closing and loan payoff on this 122-unit apartment complex at 1930 South Goyer Road has been delayed due to a drainage pipe issue at the property.

Bethany Rose Apartments, Lafayette, IN
Special Servicer: LNR Partners

The borrower on this 45-unit apartment complex at 3545 McCarty Lane owes penalty items and tax advance. Foreclosure is underway. A summary judgment hearing is scheduled for March 12.

10212-14 South Martin Luther King Drive, Chicago, IL
Special Servicer: LNR Partners

The borrower has made several partial payments since the loan on this 12-unit complex went into special servicing and loan is current on principal and interest. Outside counsel has been retained for possible foreclosure.

1338 N. LaSalle St., Chicago, IL
Special Servicer: LNR Partners

A matured second mortgage loan on this seven-unit apartment complex was paid off in full. First mortgage is current and LNR is discussing payment of default due with borrower.

Hotels, Fort Atkinson, WI; Cody, WY
Special Servicer: CW Capital Asset Management

This loan is secured by a 60-room Best Western-Courtyard Inn in Fort Atkinson, and is 90-plus-days delinquent. A receiver is in place and foreclosure is expected to be filed shortly.

A 52-room Days Inn hotel in Cody also secures this loan. CW Capital began the foreclosure process after the court dismissed the borrower's case for bankruptcy.

Compiled by CoStar Group from the following sources: Fitch Ratings, Standard & Poor's, Moody's Investors Service, CoStar Property Professional, Securities & Exchange Commission CMBS filings; CMBS bondholder reports, Worker Adjustment and Retraining Notifications and corporate news releases. Written by Mark Heschmeyer

Watch List (March 11-17):

Southpoint Buys Small Retail Bldg. for $1.74M

2007-03-15T17:42:00.000-07:00

Development Firm Acquires Zaxby's Chicken Fingers on Bonneval Rd.

Southpoint Development Group LLC acquired a small retail building at 7122 Bonneval Road in Jacksonville, FL, for $1.74 million or $506.11 per square foot.

The 3,438-square-foot retail building was constructed in 2001 and is home to Zaxby’s Chicken Fingers.

Greg Tucker of Pro Realty Consultants Inc. represented the buyer in this transaction. Grace Gonzales of Commercial Investment Advisors represented the seller, S & R Properties LLC.

For more information please reference CoStar COMP# 1247875. Written by Troy Duncan

Great investment property for equity and great rental for cashflow.

2007-03-14T15:06:00.000-07:00

Hi

I have a new wholesale deal I wanted to share with you:
1038 Oakley Street

ERV: $90K (conservative)
List Price: $39,900

Summary:
Great investment property for equity and great rental for cashflow.
Large home and large, spacious yard for a family. Across from a church and
near park. CONCRETE BLOCK exterior. 200 amp service. Light rehab.
Priced to sell quickly!

Go here to get all the details, comps and pictures:
http://www.sellhomeinstantly.com/deals/list.asp

Thanks and God Bess!

Robert Lam
(904) 881-8265