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.

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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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ENR is the leading news magazine for engineers in the construction industry in America and they rightly point out, “For developers able to roll with the recession’s punches, some new activity in markets this fall has owners and lenders finally mustering some optimism and cautiously returning to the fray.”

The article points out that Cranewoods rolled with the punches by realizing their expertise in construction and real estate development financing was needed by troubled investors, lenders and borrowers. Cranewoods began consulting long before the world’s economic troubles but their unique knowledge was in greater demand when so many projects and loans had to adjust to the changing economic conditions.

 The article calls Cranewoods a “poster child of survival” and quotes Andrew Howe on how it adjusted.

“When a local bank brought Howe aboard as a consultant on a stalled condo project in Jacksonville last year, “a light- bulb went on,” he says. Cranewoods took over the project, resurrected construction and brought the eight-story condo project to completion. The strategy that worked was “putting together a plan where everyone loses something, but no one loses everything,” Howe says.”

………..

“Having both construction and development experience is what kept us in the game,” he says, even though the projects presented some challenges. “[Taking over] half-finished projects is a specialized field,” he says. “Since the time when those projects were initiated, the markets had changed, which required we make design changes. We’re now in the business of fixing broken projects.”

As they say, go read the whole thing HERE

Cranewoods featured in Engineering News Record (ENR) 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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