The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.

The amendment also includes the $6,500 credit for existing home owners looking to change their primary residence. This is an extension for closing on existing contracts, not for any new contracts that came after the earlier deadline of April 30th. The new deadline for closings is September 30th and is welcome by buyers and banks who have been caught in the logjam of so many closings trying to come in under the previous deadline.

Read more about it here.

Contract in hand, more time to settle is a post from: Cranewoods Development LLC

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“The survey results are important because they represent a consensus view among experts with rich and diverse knowledge,” he said in a Business Insider report. “However, there were a number of panelists more or less sanguine than average, some significantly so, and this reflects continuing volatility and risk in the U.S. housing market. It will be interesting to see how panelist views evolve in future months.”

Read the whole thing here.

Analysis: Real Estate up 12% by 2014 is a post from: Cranewoods Development LLC

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Lenders lose about 40 percent of a property’s value on a foreclosure vs. about 19 percent on a short sale, according to industry estimates.

The program also offers $3000 in moving costs to the homeowner and some mortgage support if the owner moves into HUD approved housing. Read more about it here.

Incentives to Avoid Foreclosure is a post from: Cranewoods Development LLC

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Jacksonville, FL (PRWEB) March 25, 2010 — Florida real estate developer Cranewoods Development announced the sellout of their award winning loft project, The Chelsea, in the Riverside Historic District of Jacksonville Florida.

The Chelsea was the first of its kind in the area, combining classic exterior architecture with cutting edge contemporary interiors. Located in a highly walkable neighborhood, with cutting edge urban loft details like wide open spaces, stained concrete floors, quartz countertops in contemporary kitchens and artistic details like glazed tile entry walls; The Chelsea Lofts only reveal themselves when inside the classic turn of the century Florida styled exterior. The project was the recipient of four design and construction awards including recognition for the best architecturally compatible new construction by the Jacksonville Historical Society.

“We felt the Jacksonville market really wanted an ultra contemporary urban loft option, and Riverside, with its convenience and walkability, was the perfect location,” said Andrew Howe of Cranewoods. “To sell out the lofts in these tough economic times, shows we were right.”

This year, condominium sales across Florida are up 80% over the same time last year and Howe believes quality projects in mixed-use locations are in an even better position. “Many suburban areas and vacation spots will see further challenges in the near term but there’s real demand for well built innovative design in the urban core. People want the conveniences and realize they won’t be sacrificing quality of life,” Howe says. He points to changing demographics and changing needs. “The younger workforce and empty nesters don’t want to live miles from work or a grocery store. They want to park their car all weekend if not all week.”

Those changes, Howe points out, are true whether you are talking about Jacksonville Florida or Cincinnati Ohio. Cranewoods provides its real estate consulting services to both markets. “Those are national trends. Not local or regional ones,” he states, and emphasizes that the current economy may adjust the trend but does not stop it.

Developers and sellers still face a number of hurdles in selling no matter the quality and location. Howe explains, “There’s an abundance of housing in a deep recession and there’s no getting around that. Sellers, lenders and investors need every tool available: renegotiating loans, price cutting, new ways to market…the list goes on.”

Cranewoods has a reputation for creating architecturally unique projects in high demand walkable neighborhoods. Beyond development, their services include consulting to investors, banks and other developers on nearly every aspect of a project from financing and pre-design to distressed loan workouts and marketing.

 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

Florida Developer Announces Sellout of Award Winning Jacksonville Historic District Loft 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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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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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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