Remember my recent post regarding how you can buy REO Bank Foreclosures at significant discounts? The group is now looking for additional investors to take part of their next foreclosure package directly from a major bank - a $5.3 million dollar REO package at 25 cents on the dollar.
Read the press release here
As I indicated in the press release, I'm very excited about this new opportunity, especially in this down period of the real estate market. We've partnered with some great companies and I'm expecting great things - RIGHT NOW! C'mon.. don't just sit there - get involved...
Tuesday, May 20, 2008
Friday, May 16, 2008
Going, Going... Eichner's Gone (from the Cosmopolitan High Rise Condo Project in Las Vegas)
According to an article written by Jennifer Forsyth and published in the May 9th edition of the Wall Street Journal, Cosmopolitan "developer" Ian Bruce Eicher and representatives of Deutsche Bank were in discussions that were expected to end with Eichner surrendering all involvement with the Las Vegas high rise condo development.
As many of you know, this wouldn't be the first time this happened to him - as he was forced to give up his empty tower in New York's Times Square sixteen years ago - and most incredibly, probably won't be the last. But you have to hand it to him - It seems Eichner contributes very little of his own money in his deals, so the failure of his projects don't hit him hard in the pocketbook.
Anyway, the article does a good job of chronicling the process and the current state of affairs with respect to the Cosmo project. The good news? According to the article, there's a developer out there who seems very interested in acquiring the project out of foreclosure. The bad news? That developer is Related Cos., who has failed more times to develop high rises in Las Vegas than Charlie Brown has at kicking that football.
As many of you know, this wouldn't be the first time this happened to him - as he was forced to give up his empty tower in New York's Times Square sixteen years ago - and most incredibly, probably won't be the last. But you have to hand it to him - It seems Eichner contributes very little of his own money in his deals, so the failure of his projects don't hit him hard in the pocketbook.
Anyway, the article does a good job of chronicling the process and the current state of affairs with respect to the Cosmo project. The good news? According to the article, there's a developer out there who seems very interested in acquiring the project out of foreclosure. The bad news? That developer is Related Cos., who has failed more times to develop high rises in Las Vegas than Charlie Brown has at kicking that football.
Monday, May 12, 2008
Buy REO Bank Foreclosures at 25 cents on the dollar
This just in: My investor group just got another REO package from a major bank consisting of $5.3 million dollars worth of foreclosed real estate properties which they are purchasing from the bank for 25 cents on the dollar. The group is looking for additional investors to take this package down which creates an amazing opportunity for those of you looking for an investment that makes sense today in these recessionary times.
Most of you are aware that we raised $2.5 million dollars from our investor base for the last bulk REO deal in just under 2 weeks, where the properties were likewise purchased at 25 cents on the dollar. This particular bank was so impressed by the urgency in which our group acted that they've come to us first for this $5.3 million dollar offering - and we have just 3 weeks to do it this time.
For those of you who missed out on the original deal, obviously time has run out and that successfully funded package is no longer available. However, our new deal will provide you with the redemption you'll need to purchase REO's at a fraction of the cost - in an environment where you couldn't possibly get anywhere close to these terms and pricing on your own.
So here's the obvious question: Why will the bank sell to our group at such a discount rather than go to individual investors? The answer is simple - the size of our group brings enormous creditibility to the table. But more importantly, we have a clearly defined EXIT STRATEGY that (like the bank) you're going to be amazed at when you hear it.
Want to invest in bulk REO properties at pennies on the dollar pricing without all the hassles of going to auctions, contacting banks, probate sales, estate sales, and all that other crap you see advertized by these "get rich quick" real estate scammers? Your window of opportunity is right now, so contact me right now for more details on how you can get involved with this package. First come, first serve ... as soon as this deal is funded, it is GONE! - and those on the sidelines will have lost out again.
Most of you are aware that we raised $2.5 million dollars from our investor base for the last bulk REO deal in just under 2 weeks, where the properties were likewise purchased at 25 cents on the dollar. This particular bank was so impressed by the urgency in which our group acted that they've come to us first for this $5.3 million dollar offering - and we have just 3 weeks to do it this time.
For those of you who missed out on the original deal, obviously time has run out and that successfully funded package is no longer available. However, our new deal will provide you with the redemption you'll need to purchase REO's at a fraction of the cost - in an environment where you couldn't possibly get anywhere close to these terms and pricing on your own.
So here's the obvious question: Why will the bank sell to our group at such a discount rather than go to individual investors? The answer is simple - the size of our group brings enormous creditibility to the table. But more importantly, we have a clearly defined EXIT STRATEGY that (like the bank) you're going to be amazed at when you hear it.
Want to invest in bulk REO properties at pennies on the dollar pricing without all the hassles of going to auctions, contacting banks, probate sales, estate sales, and all that other crap you see advertized by these "get rich quick" real estate scammers? Your window of opportunity is right now, so contact me right now for more details on how you can get involved with this package. First come, first serve ... as soon as this deal is funded, it is GONE! - and those on the sidelines will have lost out again.
Friday, May 02, 2008
Right now, it's not Hip to Be Sullivan Square - Las Vegas High Rise Condo Project Looks to be in Serious Trouble
In this corner, Glen, Smith & Glen (GSG) Development, developers of the Sullivan Square high rise condo project in Las Vegas. In the opposing corner, Harcourt Developments, a private company from Dublin, Ireland, which is financing the mixed use project to the tune of $800 million. Let the lawsuit begin!
The winner? Who knows?... The loser?: Sullivan Square condo purchasers and the entire Las Vegas high rise condo market in general.
GSG's lawsuit against Harcourt alleges breach of contract for failurre to perform funding obligations. They allege Harcourt is trying to take control of the project and build it themselves without GSG's participation.
That's a bad sign. But what's even a worse sign is that two additional lawsuits and eight liens amounting to more than $2 million have also been filed against Sullivan Square with more than $2 million owed in back payments to consultants and vendors who already have gotten Sullivan Square out of the ground. Harcourt has sent a letter to subcontractors assuring them that Sullivan Square would start vertical construction in July and everybody would be paid, even though no contract has been signed.
Developers, developers, developers... (and political candidates). Who do we believe? I believe this news signals a death toll to this project, but perhaps July will come and vertical construction will start. I've always liked this project, both design-wise and price-wise, but I'm not holding my breath at this point. Besides, with great deals on Panorama, Sky Las Vegas, Trump, and many MANY other high rise condos in Las Vegas both on the strip and downtown, let's not lose any sleep over this...
The winner? Who knows?... The loser?: Sullivan Square condo purchasers and the entire Las Vegas high rise condo market in general.
GSG's lawsuit against Harcourt alleges breach of contract for failurre to perform funding obligations. They allege Harcourt is trying to take control of the project and build it themselves without GSG's participation.
That's a bad sign. But what's even a worse sign is that two additional lawsuits and eight liens amounting to more than $2 million have also been filed against Sullivan Square with more than $2 million owed in back payments to consultants and vendors who already have gotten Sullivan Square out of the ground. Harcourt has sent a letter to subcontractors assuring them that Sullivan Square would start vertical construction in July and everybody would be paid, even though no contract has been signed.
Developers, developers, developers... (and political candidates). Who do we believe? I believe this news signals a death toll to this project, but perhaps July will come and vertical construction will start. I've always liked this project, both design-wise and price-wise, but I'm not holding my breath at this point. Besides, with great deals on Panorama, Sky Las Vegas, Trump, and many MANY other high rise condos in Las Vegas both on the strip and downtown, let's not lose any sleep over this...
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