Furnishing the model at The McFarland Lofts in the Downtown Cincinnati West Fourth Street Historic District.
Prices start at $199,000 and include garage parking, private balconies and conditioned storage.
Get Social With Us:
Woodland Vistas Photos
Furnishing A Historic Loft Interior Video
ENR Magazine Interviews Distressed Real Estate Project “Fixer”
Engineering News Record (ENR) magazine points out how real estate developer Andrew Howe, of Cranewoods Development, combined his knowledge of development and construction to offer asset management services for banks and borrowers to fix broken real estate projects and loans. ENR calls him a “project fixer” and a “poster child of survival”.
Cincinnati, OH (PRWEB) November 16, 2010
In the November 3rd edition of the Engineering News Record (ENR), the leading news weekly to the construction industry, Andrew Howe, president of Cranewoods Development was spotlighted for his success at “fixing” distressed real estate projects and loans in the tumultuous real estate market.
The article, titled “Consensus Is Reached: Nowhere To Go but Up”, points out that Cranewoods “rolled with the punches” by realizing that with fewer new projects on the horizon, their expertise in construction and real estate development financing was in demand by troubled investors, lenders and borrowers with projects that had stalled or gone into foreclosure. Cranewoods began consulting long before the world’s economic troubles, but their unique knowledge is now being requested more than ever, as so many projects and loans fall prey to the changing economic conditions. Distressed asset management has become a key component of their business.
When asked how he adapted to the market, the article quotes Howe, “Having both construction and development experience is what kept us in the game”. Stalled projects, usually with less money and a smaller market available, present real challenges to bankers and developers alike. “Taking over half-finished projects is a specialized field,” Howe said. “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.” Read more →
Cranewoods featured in Engineering News Record (ENR)
in Cincinnati Real Estate Development, Construction Management, Florida Real Estate, Jacksonville Real Estate, Real Estate Consulting, Real Estate Debt Workout, Real Estate Development, Real Estate Loans, Real Estate Market News, Real Estate Receiver
In the November 3rd 2010 edition of the Engineering News Record (ENR), Andrew Howe of Cranewoods Development is spotlighted in an article called “Consensus Is Reached: Nowhere To Go but Up” for his take on how real estate developers have dealt with the economic crisis and how they see a way forward in an environment of tighter credit and slower growth.
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.
“Living Happens Here”
Downtown Cincinnati lofts got another acknowledgment of their value, convenience and quality of life. Recently, Downtown Cincinnati Inc.(DCI) and the Greater Cincinnati Relocation Council hosted a conference entitled “Living Happens Here,” to promote the wide variety and high quality of downtown and Over-the-Rhine lofts and living options for relocating professionals coming to Cincinnati.
““Downtown has a fabric that is very diverse. It has the hustle and bustle of all different races and economic backgrounds,” said Arleen Koth, vice president of DCI. “It’s where your living room can spread out into Fountain Square… And even without white picket fences, children and pets are a part of this fabric.”
The conference was organized to address a lack of awareness or misperceptions many realtors and relocation specialists have about downtown Cincinnati lofts and real estate options. The program included a guided tour of the variety of housing options available in Cincinnati’s business district and Over-the-Rhine.
Contract in hand, more time to settle
in Cincinnati Real Estate News, Florida Real Estate Development News, Florida Real Estate News, Jackonville Real Estate News, Ohio Real Estate Development News, Real Estate Market News
The Senate passed an amendment that extends the first-time home buyers $8,000 tax credit by three months IF you already have a contract in hand.
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.
Analysis: Real Estate up 12% by 2014
One of the analysts who predicted the recent housing downturn, Yale economist Robert Shiller, has conducted a recent survey of 92 economic, real estate and market analysts through his market growth company MacroMarkets LLC. The survey found a wide variety of views but overall came to the conclusion that the market will increase by 12.4% by 2014.
“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.
Incentives to Avoid Foreclosure
The Federal Government recently announced new incentives for homeowners underwater with their current mortgage to work with their bank on a “short sale.” The new rules give timelines and parameters that offer confidence to lenders who have too often been stuck in an undefined and time consuming processes. The Obama Administration’s aim is to lessen the credit ruining aspects of a foreclosure and give homeowners and lenders a start at moving forward with the least pain.
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.
Cincinnati Real Estate: Buyer’s and Tenant’s Market
in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate News, Ohio Real Estate Development News, Real Estate Market News
With the continuing housing slump and overall low growth economic conditions, commercial real estate nationwide isn’t expected to begin to turn prices around until 2011 but the local conditions in Cincinnati may have a brighter outlook.
According to a recent article in the Kentucky Post:
“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 Consultant Comments on Recent Listing in U.S. News report “Top 10 Cities for Real Estate Steals”
in Cincinnati Construction Management, Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Press Releases, Real Estate Consulting, Real Estate Development, Real Estate Market News
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.” Read more →
Cincinnati Makes List Of Top 10 Cities For Real Estate Steals
in Cincinnati Real Estate Consulting, Cincinnati Real Estate Development, Cincinnati Real Estate Development News, Cincinnati Real Estate News, Ohio Real Estate Development News, Real Estate Development, Real Estate Market News
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.
“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.