Sabre Real Estate Group LLC expanded its Garden City, NY, operations with three recent hires.
Beth Lamport joined the company as executive vice president. She was most recently a director with Breslin Realty. The retail specialist also served as a broker at Polimeni Realty and two decades at Macy’s (formerly Federal Department Stores) as a marketing executive.
Lamport’s focus is tenant representation. The Cornell University grad currently works with Ulta Beauty, Trader Joe’s, Tuesday Morning, Pet Supplies Plus, Chili’s, Maggiano’s and PGA Super Store.
Anthony Russo was hired as a vice president. The broker assumed the role after 15 years with NAI Long Island (formerly Bagnato Realty Services). Russo has represented both landlords and tenants, including Walgreen’s, NEFCU, Davis Vision Optical, Iavarone Brothers Gourmet Markets, Umberto’s of New Hyde Park and GNC.
Leasing expert Stuart Fagen joined Sabre as managing director. The entrepreneur formerly oversaw the Fagen Group., a retail brokerage company he founded. His 17 year of experience includes stints at Breslin Realty, the Alrose Group as director of acquisitions and leasing specialist with Gould Investors LP. He’s negotiated tenant leases for Walmart, Commerce Bank, Starbucks, AT&T Wireless, EB Games, Yum Brands, Omaha Steaks, Quiznos, Verizon and other retailers.
Sabre is a full-service retail real estate brokerage firm focused on tenant and owner representation in metro New York.
Thursday, December 1, 2011
Farkas Continues Piecing Together Full Service CRE Firm
Just a few weeks after announcing plans to acquire one commercial real estatebrokerage firm and help bank roll another, an investment firm controlled by Andrew L. Farkas has acquired two affiliated multifamily property management businesses - U.S. Residential Group (USRG), in Carrollton, TX; and Pacific West Management (PWM), in Irvine, CA.
Together, USRG and PWM currently manage 24,000 multifamily units in 12 states. Farkas is combining the operations of USRG and PWM and it will operate as a subsidiary of Farkas' C-III Capital Partners LLC under the U.S. Residential Group name.
C-III commenced operations with the purchase of Centerline Capital Group's institutional real estate debt fund management and commercial mortgage loan servicing businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses and it has expanded its principal investment, loan origination, fund management, and primary and special loan servicing businesses.
Then this past June, C-III announced that it had entered into an agreement to acquire NAI Global, which is the largest world-wide network of independent commercial property services companies that provide property management, leasing, investment sales brokerage and ancillary commercial real estate services. That transaction has not yet closed.
In addition, C-III is in exclusive talks to execute "a strategic transaction' that would provide a much needed cash infusion for troubled commercial real estate services firm Grubb & Ellis Co.
In August, C-III acquired the special servicing and CDO management businesses of JER Partners.
"The USRG and PWM acquisitions represent C-III's next step in creating a fully diversified commercial real estate services company," said Andrew L. Farkas, CEO of C-III and the former founder and CEO of Insignia Financial Group Inc.
Financial terms of the transaction were not disclosed.
Together, USRG and PWM currently manage 24,000 multifamily units in 12 states. Farkas is combining the operations of USRG and PWM and it will operate as a subsidiary of Farkas' C-III Capital Partners LLC under the U.S. Residential Group name.
C-III commenced operations with the purchase of Centerline Capital Group's institutional real estate debt fund management and commercial mortgage loan servicing businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses and it has expanded its principal investment, loan origination, fund management, and primary and special loan servicing businesses.
Then this past June, C-III announced that it had entered into an agreement to acquire NAI Global, which is the largest world-wide network of independent commercial property services companies that provide property management, leasing, investment sales brokerage and ancillary commercial real estate services. That transaction has not yet closed.
In addition, C-III is in exclusive talks to execute "a strategic transaction' that would provide a much needed cash infusion for troubled commercial real estate services firm Grubb & Ellis Co.
In August, C-III acquired the special servicing and CDO management businesses of JER Partners.
"The USRG and PWM acquisitions represent C-III's next step in creating a fully diversified commercial real estate services company," said Andrew L. Farkas, CEO of C-III and the former founder and CEO of Insignia Financial Group Inc.
Financial terms of the transaction were not disclosed.
Congress Calls for Principal Reductions from GSEs
Twenty-one members of Congress sent a letter to Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco urging him to encourage principal reductions on loans backed by Fannie Mae and Freddie Mac.
“We do not urge that the enterprises reduce principal on mortgages as a kindness to homeowners,” the letter stated.
Instead, the congressmen support principal reductions on the basis that they will save taxpayers from some further potential losses.
The lawmakers cite first-quarter data from the GSEs stating 17.7 percent of Fannie borrowers are underwater, as are 19 percent of Freddie borrowers. These borrowers, they say, “are obviously at great risk of eventual default.” “We do not urge that the enterprises reduce principal on mortgages as a kindness to homeowners,” the letter stated.
Instead, the congressmen support principal reductions on the basis that they will save taxpayers from some further potential losses.
With 44 percent of loans modified in the past two years more than three months past due, according to Freddie Mac data cited in the letter, “[t]he performance of the enterprises’ mortgage modifications leaves much to be desired for homeowners, for the housing market, and for taxpayers,” the letter stated.
The representatives urge DeMarco to disregard the short-term effects of principal reductions on the GSEs’ balance sheets in favor of looking at the long-term positive effects these reductions might have.
They point to an Amherst Securities study that negates the “moral hazard” theory, which hypotheses that offering principal reductions encourages homeowners to default.
“Right now, the FHFA is preventing underwater homeowners with mortgages backed by Fannie Mae or Freddie Mac from receiving balance reductions, even when a principal modification would save the investor – in this case meaning taxpayer – money compared to foreclosure,” said George Miller (D-California), one of the representatives who signed the letter
"The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails."
John Maxwell
http://ping.fm/zcM9O
John Maxwell
http://ping.fm/zcM9O
Wednesday, November 30, 2011
Tuesday, November 29, 2011
Housing to gradually improve in 2012, NAR economist says
Gradual improvement in the housing market is expected next year, with existing-home sales edging up 4% to 5% and new home sales getting an even bigger boost off this year's record lows, the chief economist of the nation's largest real estate group said Friday.
"Tight mortgage credit conditions have been holding back homebuyers all year, and consumer confidence has been shaky recently," Lawrence Yun, chief economist of the National Association of Realtors, said. "Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely."
Yun, who made his comments during the annual NAR conference for real estate agents under way in Anaheim, Calif., projected gross domestic product growth of 1.8% for 2011, rising to 2.2% in 2012 with the unemployment rate declining to 8.7% by the second half of 2012.
Mortgage interest rates, he predicted, would gradually rise from record 2011 lows to 4.5% by the middle of 2012.
"Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970. Our hope is that credit restrictions will ease and allow more homebuyers to take advantage of current opportunities."
Existing-home sales are forecast to edge up about 1% this year. Based on NAR’s current projection model, existing-home sales would total 4.96 million in 2011. NAR is revising downward existing-home sales totals in recent years although it expects little change to previously reported comparisons based on percentage change.
New-home sales for 2011 are projected at 302,000 this year, a record low, with expectations that they will rise about 23% to 372,000 in 2012.
Housing starts are forecast to rise about 8% to 630,000 from 583,000 in 2011.
With falling inventory, the median home price should rise in 2012, he said. "Home prices have yet to show a definitive stabilization pattern in most areas. Still, given an over-correction in prices, there likely will be moderate appreciation in 2012," Yun said.
Richard Peach, senior vice president at the Federal Reserve Board of New York, said the economy continues to disappoint. "Among the significant structural impediments are the legacy of the housing boom and bust, and fiscal contrition at the state and local level."
He promoted moving foreclosures by giving incentives to military servicemembers.
"My idea is to allocate certificates to 2.5 million service members who served in Afghanistan and Iraq that could be used as a down payment on a foreclosed home in the Fannie or Freddie portfolio," he said. This would help to absorb the inventory and stabilize the housing market.
"Tight mortgage credit conditions have been holding back homebuyers all year, and consumer confidence has been shaky recently," Lawrence Yun, chief economist of the National Association of Realtors, said. "Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely."
Yun, who made his comments during the annual NAR conference for real estate agents under way in Anaheim, Calif., projected gross domestic product growth of 1.8% for 2011, rising to 2.2% in 2012 with the unemployment rate declining to 8.7% by the second half of 2012.
Mortgage interest rates, he predicted, would gradually rise from record 2011 lows to 4.5% by the middle of 2012.
"Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970. Our hope is that credit restrictions will ease and allow more homebuyers to take advantage of current opportunities."
Existing-home sales are forecast to edge up about 1% this year. Based on NAR’s current projection model, existing-home sales would total 4.96 million in 2011. NAR is revising downward existing-home sales totals in recent years although it expects little change to previously reported comparisons based on percentage change.
New-home sales for 2011 are projected at 302,000 this year, a record low, with expectations that they will rise about 23% to 372,000 in 2012.
Housing starts are forecast to rise about 8% to 630,000 from 583,000 in 2011.
With falling inventory, the median home price should rise in 2012, he said. "Home prices have yet to show a definitive stabilization pattern in most areas. Still, given an over-correction in prices, there likely will be moderate appreciation in 2012," Yun said.
Richard Peach, senior vice president at the Federal Reserve Board of New York, said the economy continues to disappoint. "Among the significant structural impediments are the legacy of the housing boom and bust, and fiscal contrition at the state and local level."
He promoted moving foreclosures by giving incentives to military servicemembers.
"My idea is to allocate certificates to 2.5 million service members who served in Afghanistan and Iraq that could be used as a down payment on a foreclosed home in the Fannie or Freddie portfolio," he said. This would help to absorb the inventory and stabilize the housing market.
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