RE/MAX CityWide has announced the complete sellout of Le Brittany Condominiums at 9^th and Race in Cincinnati’s central business district. The 18 unit project has a mix of 2 bedroom 1.5 bath units and 1 bedroom 1.5 bath units, with selling prices between 179k and 240k. The project was originally an apartment building which was fully converted to condominiums.

Guiducci was recently selected by Cranewoods Development to list the McFArland Lofts project in the downtown Cincinnati West Fourth Street historic district.

“The McFarland Lofts is an exciting project for us. It has the advantage of being in the price-point ‘sweet spot’, and combines great location with inside garage parking, private balconies and 2 bedroom 2 bath contemporary floor plans”.

 “With all units in the McAlpin, Le Brittany, 18 E. Fourth, Park Place, American Building and Fountain Square Lofts selling out in this price range, we are extremely low on inventory and look forward to a strong demand for these historic condominiums”. 

The McFarland Loft’s 8 units also benefit from the 10 year City of Cincinnati real estate tax abatement project, intended to provide a significant financial incentive for homebuyers in the urban core.

Denise Guiducci is the Broker/Owner of RE/MAX CityWide, a downtown Cincinnati real estate company with expertise in the condominium and loft market. To find out more about her current downtown Cincinnati West Fourth historic district project, the McFarland Lofts, visit http://downtowncincinnatilofts.com or see all of her listings at http://www.remax-citywide.com

RE/MAX CityWide 513-7032353

Downtown Cincinnati condo project announces sellout is a post from: Cranewoods Development LLC

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November 8^th 2010 – St Augustine, FL   Bank and Real Estate development consultant Cranewoods Development announces that it has managed the final property closing of a planned multi-phase waterfront community in St Augustine Florida consisting of a future multi and single-family development that included a 3500sf West Indies style luxury home.

The St Augustine market had been hit particularly hard by the real estate downturn, ultimately creating intriguing opportunities for investors and homebuyers willing to step in and buy while prices are depressed.

“Properties are selling and inventory is being absorbed. Those are the indicators that prices are recovering. Now it’s a question of how fast,” stated Andrew Howe, President of Cranewoods Development. “This project had terrific value just sitting there, our job was to let people know about it in a way they understood.”

Cranewoods, a real estate development and consulting firm with offices in Florida and Ohio, has been assisting banks with distressed asset liquidation throughout the economic downturn. Several of the projects, including this one, were managed by Cranewoods prior to the financial crisis. Their expertise in the regional development market made them a logical choice to assist the original lenders in finding the best solution for their St Augustine properties through sales.

Cranewoods transformation from a real estate development firm to one offering financial, construction and real estate development consulting services is one of the success stories to come out of the financial crisis. Cranewoods has always provided consulting services but the economic downturn demanded more of their financial and market analysis experience than ever before.

“We’re brought in to review everything from the original financing to the original design and then asked to reimagine, essentially redevelop, an existing property in a way that minimizes risk and maximizes the asset,” said Howe. Cranewoods has assisted banks with troubled asset sales, management, and mortgage purchases. In addition to assisting others, they have found their own opportunities in the current market. Among Cranewoods’ more high profile recent projects is the McFarland Lofts, a condominium project in the Cincinnati Ohio’s West Fourth Street Historic District.

***

About Cranewoods Development:                                                                                    

Andrew Howe, President of Cranewoods Development, is an award winning developer and real estate consultant with over 35 years of experience. Cranewoods offers full service real estate consulting to lenders and investors. Services include: development consulting, bank loan workout solutions, court appointed receiver, turn-key development management, construction management and general project problem solving. To explore Cranewoods further, visit: http://cranewoods.com

Jacksonville, FL | Cincinnati, OH.

 PH: 513-257-0749 | 904-758-3434

Bank consultant announces sellout of St Augustine real estate project is a post from: Cranewoods Development LLC

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“If the market hasn’t bottomed out [in Cincinnati], it’s very near bottom,” said CB Richard Ellis managing partner Ken Murawski, adding that the first half of 2010 will show marginal growth. Then, he says, things will start to get better in the second half of the year.”

Uniquely Cincinnati

Beyond the effects of the national situation, Cincinnati’s circumstances may also be effected by staff consolidations from various spaces in the Central Business District as businesses, particularly American Financial, begin their long planned move into the new Queen City Square office tower. The glut of available office space has caused many landlords to lower rates and negotiate new long term leases before current leases expire.

Buyer’s and Tenant’s Market

All that means, it is a good time for forward thinkers to get into the market for investment and new leased spaces at historically low prices compared to long term trends.

“I think now is an ideal time for real estate investors to begin acquiring properties,” said Keith Yearout, also in the CBRE Investment Properties Private Client Group. He said smart investors will selectively acquire assets now, instead of waiting for the heard to come back to the market at some point in 2011.

“I think investors have to take a hard look at where market rents are, strength of tenants, length of lease terms, but for the deals that pass the little more stringent underwriting criteria, I think there are attractive values out there,” Yearout added.

There are also some cautions pointed out in the article so read the whole thing.

Cincinnati Real Estate: Buyer’s and Tenant’s Market is a post from: Cranewoods Development LLC

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In an article from February 12, 2010 entitled “10 Cities for Real Estate Steals”, U.S. News surveyed information primarily compiled by Moody’s Economy.com to search out markets where price-to-income ratios are most in line with their historical averages despite the challenging economic environment.

Cincinnati Real Estate Developers And Buyers
Certainly the news does not come as a surprise to the Greater Cincinnati real estate development community who have witnessed the near 30% downturn nation-wide and yet experienced very little of the trend locally.  In fact, buyers and investors see, despite some near term fluctuation, that many properties in the market are actually undervalued compared to the long term trends.

Cincinnati Recently Sold Homes

“10 Cities for Real Estate Steals”
Concerning the Greater Cincinnati real estate development market, the U.S. News reporter, Luke Mullins, states:

“Home prices in Cincinnati have remained relatively affordable throughout the nation’s recent boom-and-bust cycle. The area’s price-to-income ratio actually increased from 2006 to the third quarter of 2009. Its most recent reading of 1.41 is slightly below the 1.46 average ratio of the 15 years before 2003. Although home price declines have moderated in recent months, Moody’s Economy.com believes further drops may be in store as additional houses go into foreclosure. Home prices in Cincinnati are expected to bottom out this year before creeping higher.”

Here is the recent view of one local Cincinnati real estate developer, “It’s challenging to get deals done out there, but there are spots around town that are very well positioned.” via

The Real Estate Development trend in Greater Cincinnati Ohio
Mortgage rates have recently dropped to 4.93 and added federal incentives continue for first time and current homeowners looking to buy so expect the current short term fluctuation in the greater Cincinnati real estate market to begin to get back to its historical trend by the end of 2010.

Cincinnati Makes List Of Top 10 Cities For Real Estate Steals is a post from: Cranewoods Development LLC

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A court appoints a receiver only after both sides of the litigation are given an apportunity to give input upon the specific receiver and the goals of the receivership. In real estate, those goals could be as diverse as selling the property to completing construction to financial analysis and auditing.

The Court and Receiver
The litigants counsel define the skill set needed in a receiver for their particular property and identify an agreed upon receiver. But once the court accepts their choice, the receiver is an extension of the neutral court.

“Parties with an interest in the receivership should treat the receiver as an arm of the court and should not seek ex-parte communications with or special treatment by the receiver.”

What to look for in a receiver

“A receiver should be chosen on the basis of background, expertise, neutrality, availability, compensation rate and temperament, and not because of perceived alliances and relationships.”

What you need to know
If you think your situation may require a receiver, go read the clear yet short article and learn more about the process and what you may need to look for. Your familiarity will aid you and your counsel in choosing the right path and goals of the receivership in your specific situation. PDF on Court Appointed Receiver here.

Receivers and Receivership is a post from: Cranewoods Development LLC

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If you’re a veteran or active duty military, then you must consider a VA Loan, a benefit thanks to your service to the United States. A VA Loan is a great option for buying a home, whether it’s your first or your third time buying a house; the VA Loan gives you flexibility as well as offers an affordable solution to financing your next purchase.

Perhaps the biggest highlight of the VA Loan is the no down payment requirement. Sure, there were plenty of no down payment options 24 months ago, but like the housing bubble, those programs burst and now the VA Loan is the last zero-down mortgage product available. In addition to zero down, the VA Loan also has no private mortgage insurance, which is standard on conventional loans unless you put 20 percent down. Another aspect of the VA Loan is the relaxed credit requirements that still allow you to get a low interest rate. While most conventional products require a 720 or above to get the lowest rates, VA lenders generally only require a 620 minimum credit score, and the rates for those scores are still the lowest available.

The VA Loan also allows you to refinance into a lower interest rate (down the line) without appraisal or income documentation; said Jake Vehige, VA Loan Specialist with VAMortgageCenter.Com.

There is a VA funding fee associated with a VA Purchase Loan, however that fee is 2.15% of the loan amount for first-time VA users and 3.3% for subsequent VA Loan use. That fee can be rolled into the cost of the loan, or the seller is allowed to pay for it as well. Borrowers who can document at least a 10% service-connected disability are exempt from the funding fee.

Provided you’ve got good credit, doesn’t have to be great, you were honorably discharged and you’ve had steady income for the past two years, a VA Loan is definitely worth your consideration when purchasing your next home.

The VA Purchase Loan Has Many Advantages is a post from: Cranewoods Development LLC

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“Twenty percent of homeowners are more likely to consider purchasing a home than they were six months ago, thanks to the revised $6,500 federal tax credit, according to the survey.”

Coldwell Banker conducted the survey of over a thousand homeowners and found that the vast majority planned to use the money on “smart spending” that pays off existing debts, goes to home improvements, savings and household expenses.  All of which aid our economy by increasing consumer confidence. That’s good news for existing homeowners.

“This may mean the move-up buyer is back in the marketplace,” said Jim Gillespie, chief executive officer of Coldwell Banker. “We’ve got a strong market for the first-time buyer and a strong market for investors. The move-up buyer has been sitting on the fence but hopefully the $6,500 tax credit will stir him to contact a realtor.”

Tax Credits working for Homeowners, First Time Buyers and the Economy is a post from: Cranewoods Development LLC

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In a 1031 tax free exchange a real estate investor can sell an appreciated property and invest the sale proceeds in a like kind property. By investing the real estate profits in a new property purchase, the taxes on the gain are deferred. A financial institution that is knowledgeable in 131 tax free exchanges should handle the transaction to make certain that all regulations are complied with. This is a valuable tool for the preservation of cash and equity in the appreciated real estate.

Real estate investors will find oceanfront condos, downtown lofts, apartment projects, apartment conversion candidates and office buildings, all worthy of considering for the reinvestment of 1031 proceeds.

Condos provide supply and demand upsides and a wide variety of potential future buyers including homeowners, vacation homeowners and investors.

Downtown lofts offer unique loft designs, proximity to  downtown business districts and lively downtown neighborhoods.

Apartment buildings and offices, particularly in high demand areas like historic districts, present the opportunity for positive cash flow and future equity appreciation.

When zoned CRO, which allows a building to be used for residential, commercial or office purposes, apartment building have the additional value of being able to be converted to offices. Small apartment buildings zoned CRO in historic neighborhoods are prime candidates and highly sought after by real estate investors looking for 1031 exchanges.

A 1031 exchange can save a real estate investor a great deal of cash.

Investing in Real Estate through 1031 Exchange is a post from: Cranewoods Development LLC

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