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Cincinnati Real Estate Consultant Comments on Recent Listing in U.S. News report “Top 10 Cities for Real Estate Steals”

admin — Thu, 25 Feb 2010 14:46:14 +0000

A recent article in US News and World Report ranking cities where there is potential for “real estate steals” prompted a discussion of the Cincinnati housing market and its prospects with Real Estate Development Consultant Andrew Howe of Cranewoods Development.

Cincinnati, OH (PRWEB) February 25, 2010 — Andrew Howe of Cranewoods Development gives local confirmation that Cincinnati is one of the “10 cities for real estate steals” as recently reported in U.S. News and World Report. Citing stable values during the recent boom and bust and a firm price to income level, Howe says, “Cincinnati real estate has always seemed to escape the dramatic boom bust cycles that devastate other parts of the country.” While the article predicts further price drops, it anticipates a bottoming in 2010 setting the stage for future appreciation.

Howe, a Cincinnati real estate development consultant and a successful developer and general contractor for markets in Ohio and Florida for over thirty years, transformed his firm into a development consultancy using his expertise in development, construction and finance to assist lenders and development groups in resolving problem projects and loans. Cranewoods primarily serves the Greater Cincinnati area and Florida’s Eastern shore.

Unlike Florida, Howe stated, “Cincinnati’s real estate stability moderates development profits in great years, but also limits the pain on the downside.” While Cincinnati has dodged the brunt of the crash, both lenders and developers have still been faced with stalled projects and loan defaults. The stabilization of the housing market has followed the same pattern as many other parts of the country, with the under 300k housing prices leading the market in sales. Although sales prices are at discounts to where they were in 2007-2008, the fact that there was an increase sales transactions during the second half of 2009 and 2010 is a positive sign for absorbing inventory, the first step in a market bottom and eventual recovery.

Howe points to downtown’s loft projects as a prime example. “Cincinnati’s loft condominiums in the under $300k range that are well designed and well located are starting to sell again,” Howe said, pointing to Hamilton County tax records showing a surge in downtown loft sales beginning in the 3rd quarter of 2009. “The real estate cycle will turn around as they all do. It’s a matter of survival while the market takes the necessary steps to recover.”

For many developers, survival means renegotiating loan terms with bank Special Assets Departments to get the breathing room they need to navigate the market. For lenders with defaulted loans and REO (Real Estate Owned) it means realistically managing the credit and assets to maximize value and minimize negative balance sheet impacts. Howe uses his expertise in both areas to help banks and developers navigate their projects, waiting for the market’s return to normalcy.

About Cranewoods Development

Andrew Howe, President of Cranewoods Development, is an award winning developer, general contractor and real estate consultant with over 35 years 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: Cranewoods Development: Real Estate Development, Consulting, Construction Management | Jacksonville, FL | Cincinnati, OH.

Website: Cranewoods.com PH: 513-257-0749 | 904-758-3434

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Cincinnati Real Estate Consultant Comments on Recent Listing in U.S. News report “Top 10 Cities for Real Estate Steals” is a post from: Cranewoods Development LLC

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Cincinnati Makes List Of Top 10 Cities For Real Estate Steals

lewis — Tue, 23 Feb 2010 03:20:39 +0000

Cincinnati Ohio Real Estate has been recognized by U.S. News & World Report as one of the top ten markets for healthy real estate development investment and even potential “steals” (USNews).

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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Fannie Mae helping Florida’s condo market

lewis — Thu, 14 Jan 2010 01:13:56 +0000

Due to Florida’s great weather, abundance of beautiful coastal properties, it’s livability for residents, and attraction to retirees and vacationers, Florida has always had more condominiums than almost every other state in the country. Unfortunately, in the recent downturn, what’s considered a plus by many has become caught up in the economic turmoil like everything else. Fannie Mae has finally recognized that fact and is now offering more attention to condominiums in Florida and is looking to add a “special approval” to aid the market.

“Our state is probably the hardest hit as far as the condo market is concerned, and Fannie Mae’s new effort to take a closer look at project eligibility could go a long way to putting projects back on a healthy financial track,” says Moe Veissi, National Association of Realtors® First Vice President.

Adds Karen Pallotta, Executive Vice President, Fannie Mae, “This new initiative is geared toward providing maximum support for Florida’s distressed condo market as we continue to provide liquidity to the housing market more broadly.”
Good news for Florida condo buyers and sellers! Go read the whole article about how Fannie Mae is helping the Florida condo market.

Fannie Mae helping Florida’s condo market is a post from: Cranewoods Development LLC

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Cranewoods Realty Announces Bank-Owned Ocean View Condos in Jacksonville Beach Released at Deep Discounts to Previous List Prices

admin — Wed, 27 May 2009 03:53:46 +0000

Andrew Howe, president of Cranewoods Development announces the availability of bank owned condominiums in Jacksonville Beach, Florida. Bank Owned Condos offer great values for those looking for Florida Real Estate. Serena Point in Jacksovnille Beach, Florida offers ocean view condos that are now released below appraised values. These newly released Bank Owned Ocean View Condos are selling at more than a 20% discount to the original Sales Prices.

Jacksonville Beach, FL (PRWEB) May 26, 2009 — Discounts of nearly 20 percent from original sales prices are now available on newly released bank owned condominiums. Jacksonville Beach Florida real estate developer Cranewoods Realty announced the new pricing in tandem with its release of five of the new North Florida ocean view condos in Jacksonville Beach. The recently announced prices are below February 2008 appraised values.

Located near the oceanfront at the northern end of Jacksonville Beach near the Neptune Beach city limit, Serena Point includes just 17 residences in a seven-story, architecturally distinctive community. Residents enjoy direct beach access and ocean views from every window. Serena Point amenities include a fitness center, gracious two-story lobby, garage parking under the building, bike storage room and climate-controlled storage units for each residence.

Through March 2009, six of the bank owned residences have been closed and sold. Seven bank-owned units are currently available.

“It’s almost unheard of to find this level of ocean view quality at prices starting in just the $400s.”said Cranewoods Realty’s Kristin Fanning. “This is the type of discounted ocean view property that Florida real estate buyers should be looking to purchase in today’s market.”

Located on a barrier island between the Intracoastal Waterway and Atlantic Ocean, the area has nearly 50 miles of coastline that offer some of the best water sport activities in the Southeast. Just west of Jacksonville Beach, the metropolitan city of Jacksonville, a major hub of industry, employment and cultural activities, is an easy commute from Serena Point. With its uncrowded shoreline and year-round outdoor recreation options, Jacksonville Beach and its neighboring oceanfront communities of Neptune Beach, Atlantic Beach and Ponte Vedra Beach are increasingly attracting the attention of homebuyers and investors seeking affordable Florida oceanfront real estate.

About Cranewoods Development

Andrew Howe, president of Cranewoods Development, is an award winning developer, general contractor and real estate consultant with over 35 years 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: Cranewoods Development: Real Estate Development, Consulting, Construction Management - Jacksonville, FL | Cincinnati, OH.

Website: Cranewoods.com PH: 513-257-0749 | 904-758-3434

Cranewoods Realty Announces Bank-Owned Ocean View Condos in Jacksonville Beach Released at Deep Discounts to Previous List Prices is a post from: Cranewoods Development LLC

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Jacksonville Lofts Now Released at Bank Approved Short Sale Pricing by Florida Real Estate Developer Cranewoods Development

admin — Wed, 25 Mar 2009 03:57:24 +0000

Florida Real Estate Developer Andrew Howe, president of Cranewoods Development announces short sale pricing on Jacksonville loft residences in Jacksonville’s Riverside/Avondale historic district.

Jacksonville, FL (PRWEB) March 24, 2009 — Jacksonville lofts are now available at bank-approved Short Sale pricing at The Chelsea Lofts in Jacksonville’s storied Riverside/Avondale historic district. Winner of four design awards for historically compatible design and construction, The Chelsea Lofts’ price per square foot is nearly $100 less than other residences in the area, and two lofts have been sold between December 2008 and February 2009. Only a select few residences remain. New price reductions are anticipated to clear out the short sale inventory within the next couple of months. The Developer has also released a hand full of lofts now available for rent.

The project, priced below developer construction costs, was recently completed by Jacksonville-based HCM Construction, the winner of numerous awards for its distinctive condominium and hotel projects.

These North Florida condominiums are in the heart of one of Jacksonville’s most pedestrian-friendly neighborhoods. Residents in the area enjoy easy access to unique shopping districts, museums and galleries, and some of the city’s most popular restaurants, clubs and nightspots. The neighborhood is just a short drive to business centers and recreation in downtown Jacksonville.

“Lofts in walkable, multi-use settings are the wave of the future and in demand today,” says Kristin Fanning of Cranewoods Realty. “At the Chelsea, homeowners may actually park their cars on Friday after work and not need them again until Monday morning, if then.” Fanning adds that “this is an exceptional opportunity to acquire Florida real estate at short sale pricing.”

The Chelsea Lofts’ cutting-edge, modern interiors include open floor plans, 10-foot-plus ceilings and contemporary finishes. These stylish units also include concrete floors, exposed spiral ductwork and mechanical systems, and flexible lighting grids. Each loft offers private, spacious balconies with views of the historic district, pre-wiring for high-speed Internet access and flat-screen TVs, modern stainless kitchen appliance packages and much more. Buyers may choose from three professionally designed modern finish palettes and optional free-standing screens.

Convenient to the bohemian Five Points shopping and dining district, St. Johns River and metropolitan Jacksonville, The Chelsea Lofts are a unique choice in North Florida real estate. As prime Jacksonville investment property now available at substantially reduced prices, the development offers excellent rental income opportunities in a desirable neighborhood.

About Cranewoods Development

Website: Cranewoods.com PH: 513-257-0749 | 904-758-3434

Jacksonville Lofts Now Released at Bank Approved Short Sale Pricing by Florida Real Estate Developer Cranewoods Development is a post from: Cranewoods Development LLC

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Florida Real Estate Developer Receives Commendation For Work To Save Species Threatened With Extinction

admin — Sun, 02 Dec 2007 03:45:47 +0000

Cranewoods Development President Andrew Howe was honored by the Humane Society as the first Florida real estate developer to forgo destruction of gopher tortoises in favor of a new community relocation policy to protect the threatened species on it’s oceanfront home project site in Ponce Inlet, Florida.

Ponce Inlet, FL (PRWEB) December 1, 2007 — Prospects are better for future generations of the Florida gopher tortoise, a threatened species facing the risk of extinction, thanks to the actions of Cranewoods Development, the first Florida real estate developer to abandon the State required “pay-and-bury” permit, and instead opt to use the new community relocation policy.

Florida state regulations in force at the time Cranewoods’ Florida luxury oceanfront home project, The Cottages at Ponce Inlet, began construction, required developers to obtain “pay-and-bury” permits that allowed gopher tortoises to be crushed and buried alive. Cranewoods chose to make an additional investment in saving the threatened species.

Using the new relocation program, project builder HCM Construction worked with community volunteers and the Humane Society Of The United States to relocate the tortoises to Nokuse Plantation, a 50,000-acre conservation wilderness. The tortoises saved at The Cottages of Ponce Inlet site, validated the feasibility of the new program by not only acclimating, but in the surest sign of success by reproducing a new generation of gopher tortoises.

According to the Humane Society “other developers followed suit, and hundreds more gopher tortoises have been rescued”.

For its compassionate choice to save the gopher tortoises, the Florida real estate developer and builder has been honored with a commendation from the Humane Society of the United States. Awards of appreciation were presented November 14, 2007, at the Town of Ponce Inlet Town Council meeting to Cranewoods Development manager Andrew Howe, volunteer Carissa Kent, the Town of Ponce Inlet and Nokuse Plantation.

“We applaud HCM Construction for calling us in and encourage other developers to relocate rather than plow over those tortoises currently calling these sites home,” said Jennifer Hobgood, southeastern regional coordinator for the Humane Society of the United States.

According to Howe, the company’s decision to invest in the relocation was aligned with its selection of the site for its Florida oceanfront luxury homes. “Ponce Inlet’s most important assets are its natural resources, from its truly unspoiled Florida beaches and inland waterways to its wildlife,” he said. “It’s a beautiful place to live, and the people of Ponce Inlet have made it a priority to preserve that beauty.” Ponce Inlet community members were instrumental in the gopher tortoise rescue effort, helping care for the animals and assisting in the excavation.

While Florida’s government grandfathered existing “pay-and-bury” permits that allow destruction of the tortoises, hundreds more have been rescued by several developers who have followed the example of environmental stewardship set by the Town of Ponce Inlet and Cranewoods Development, who set an invaluable precedent that will impact the survival of a threatened species for generations to come.

About Cranewoods Development

Website: Cranewoods.com PH: 513-257-0749 | 904-758-3434

Florida Real Estate Developer Receives Commendation For Work To Save Species Threatened With Extinction is a post from: Cranewoods Development LLC

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