April 08 Multifamily Sales Report Now Available
I just updated the sales figures for April 2008. This data is compiled from MLS and as I’ve mentioned here previously this data largely excludes the bigger commercial multifamily sales but is inclusive of probably 85% or more of the small and mid-sized buildings, that is what seems to make it into MLS.
The average multifamily [...]
Make Your Goals Match Your Market
I write from time to time about how to size up a real estate investment. We’ve discussed cap rate and gross rent multiplier and briefly IRR. In the multifamily market though it seems there are as many measures of a good investment as there are investors.
Recently we were talking with an investor who is out [...]
More Banks May HAVE to Sell at Foreclosure
It is the norm for big banks foreclosing in Massachusetts to use the process simply as a title clearing procedure. The way it works is that there is minimal marketing and the bid process involves the foreclosing attorney “bidding the debt” or bidding the full amount that the bank has into the property. Very often [...]
Massachusetts Foreclosures Break Another Record
I want to stop writing this type of headline quarter after quarter. This news from a press release just out from foreclosuresmass.com. This comes on the heels of the National Association of Realtors report that pending home sales dropped to a new low…which was immediately followed by a report, from the same organization, that said [...]
Bank Owned Multifamily: FAQ
These questions were emailed to me today after a recent inquirer reviewed the list of bank owned multifamilies:
In the listings, there’s a list price. Is this how much the bank wants or is that the original list price prior to the bank owning the property?
The list price is the ‘ask price’ what we’re [...]
Mortgage Heat Maps
I don’t know how useful this thing is going to be but here it is. Homethinking.com went and compiled mortgage data for the entire US from the FDIC website and then they try to make sense of it with various charts and graphs and heat maps and whatnot. I suppose it shows us to some [...]
Bad Loans Piling Up at Local Banks
Last week I reported that Massachusetts’ banks are realizing growing default balances in their loan portfolios. This week the BBJ is reporting the same.
On Friday I was contacted by a guy in the industry whom I met at a number of the larger auctions we’ve held over the last year or so. He is in [...]
Commercial Lenders Report More Default
Most of the first quarter thrift reports are in from Massachusetts’ commercial lenders. In my last Non-Accrual and REO report for these lenders I reported that across the board lenders were reporting more non-accrual and OREO. You can check that post if you need a definition for non-accrual, OREO is the property that a lender [...]
