Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced his fund has sold its holdings in Barrington, New Jersey.
According to Blumenkehl, “After closes on millions of dollars of non-performing mortgages and distressed property throughout New Jersey, we began to recognize the strength in our local footprint to achieve high yields on our investments, As a result, we made the decision to divest ourselves of our holdings outside the northern New Jersey market, which led to the sale of our Barrington property.” According to Blumenkehl, the fund was able to provide its investors with a profitable return on the Barrington piece, and plans to further re-allocate its resources into opportunities it finds in northern New Jersey.
Blumenkehl continued, “We see the Camden county corridor as offering great opportunity for investors. However, with the opportunities we are finding existing in our local market, we were pleased to divest ourselves of our Camden County holdings and focus on asserting our local northern New Jersey footprint to achieve greater control resulting in high returns for our investments.” Blumenkehl said his company has recently purchased several properties in northern New Jersey and is aggressively seeking more acquisitions in the current market environment.
Wayne, New Jersey based Blue Asset Management LLC was founded by Charles Blumenkehl to leverage opportunities created by the mortgage meltdown. For more information about Blue Asset Management LLC call the company directly at 973 835-1400 or log onto the company website at www.blueassetmanagementllc.com.
Saturday, August 13, 2011
Sunday, May 15, 2011
Blue Asset Management Closes on Barrington Property
Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced his fund has sold its holdings in Barrington, New Jersey.
According to Blumenkehl, “After closes on millions of dollars of non-performing mortgages and distressed property throughout New Jersey, we began to recognize the strength in our local footprint to achieve high yields on our investments, As a result, we made the decision to divest ourselves of our holdings outside the northern New Jersey market, which led to the sale of our Barrington property.” According to Blumenkehl, the fund was able to provide its investors with a profitable return on the Barrington piece, and plans to further re-allocate its resources into opportunities it finds in northern New Jersey.
Blumenkehl continued, “We see the Camden county corridor as offering great opportunity for investors. However, with the opportunities we are finding existing in our local market, we were pleased to divest ourselves of our Camden County holdings and focus on asserting our local northern New Jersey footprint to achieve greater control resulting in high returns for our investments.” Blumenkehl said his company has recently purchased several properties in northern New Jersey and is aggressively seeking more acquisitions in the current market environment.
Wayne, New Jersey based Blue Asset Management LLC was founded by Charles Blumenkehl to leverage opportunities created by the mortgage meltdown. For more information about Blue Asset Management LLC call the company directly at 973 835-1400 or log onto the company website at www.blueassetmanagementllc.com.
According to Blumenkehl, “After closes on millions of dollars of non-performing mortgages and distressed property throughout New Jersey, we began to recognize the strength in our local footprint to achieve high yields on our investments, As a result, we made the decision to divest ourselves of our holdings outside the northern New Jersey market, which led to the sale of our Barrington property.” According to Blumenkehl, the fund was able to provide its investors with a profitable return on the Barrington piece, and plans to further re-allocate its resources into opportunities it finds in northern New Jersey.
Blumenkehl continued, “We see the Camden county corridor as offering great opportunity for investors. However, with the opportunities we are finding existing in our local market, we were pleased to divest ourselves of our Camden County holdings and focus on asserting our local northern New Jersey footprint to achieve greater control resulting in high returns for our investments.” Blumenkehl said his company has recently purchased several properties in northern New Jersey and is aggressively seeking more acquisitions in the current market environment.
Wayne, New Jersey based Blue Asset Management LLC was founded by Charles Blumenkehl to leverage opportunities created by the mortgage meltdown. For more information about Blue Asset Management LLC call the company directly at 973 835-1400 or log onto the company website at www.blueassetmanagementllc.com.
Saturday, May 14, 2011
Blue Asset Management LLC Weathers Floods in Northern New Jersey
According to Charles Blumenkehl, managing partner of Blue Asset Management, “This has been a most unusual winter, bringing a dozen snowfalls and seemingly monsoonlike rain to the area. The result was that, for the first time since we owned the property, we experienced flooding in our Little Falls rental property twice in one 12 month period, causing evacuation of the property. In addition, several of our properties in close proximity to the river experienced minor flooding and damage from the abundance of water.” According to Blumenkehl, the floods which took place in 2010 were worse than the recent flooding, and resulted in the installation of new walls, flooring, kitchen and bathroom cabinets and vanities, and a myriad of other repairs and remedial activity to mitigate the damage caused by the flooding. The 2011 flooding, while not as high or as prolonged as the floods last year, will result in the replacement of much of the new materials installed in 2010.
Blumenkehl continued, “It is such a shame to see the investment we made in our property needing replacement so quickly. We have owned real estate in the area for more than twenty years, and I have never seen flooding come so close to each other in such a short period of time. Hopefully,” said Blumenkehl, “we won’t have to experience anything like this for a long time, if ever again.”
Blumenkehl added that while flood insurance will help to offset much of the damages incurred, it still adds to the companies already robust work list resultant from the many acquisitions his fund has made in the past months. Blumenkehl continued “Our crews and contractors are working six and seven days a week to catch up to the workload on our new acquisitions and complete the work we were unable to do because of the tough winter we experienced. This will add to the burden, and since it is a priority to repair the flood-damaged properties so our tenants can move back in quickly, we will see some of our other projects further delayed.”
Blumenkehl was pleased that none of his tenants in the area suffered damages to their property since there was sufficient notice before the flooding took place. He has only received notice from one tenant that they do not intend to re-occupy their premises even if it is restored within the period provided for in the lease agreement.
Located in Wayne, New Jersey, Blue Asset Management LLC owns, manages and operates numerous rental properties throughout northern New Jersey. For more information about Blue Asset Management LLC, call the company directly at 973-835-1400 or log onto the company website at www.blueassetmanagementllc.com.
http://newjerseyprnews.com/new_jersey_articles/2011/05/blue-asset-management-llc-weathers-floods-in-northern-new-jersey-211011.htm
Blumenkehl continued, “It is such a shame to see the investment we made in our property needing replacement so quickly. We have owned real estate in the area for more than twenty years, and I have never seen flooding come so close to each other in such a short period of time. Hopefully,” said Blumenkehl, “we won’t have to experience anything like this for a long time, if ever again.”
Blumenkehl added that while flood insurance will help to offset much of the damages incurred, it still adds to the companies already robust work list resultant from the many acquisitions his fund has made in the past months. Blumenkehl continued “Our crews and contractors are working six and seven days a week to catch up to the workload on our new acquisitions and complete the work we were unable to do because of the tough winter we experienced. This will add to the burden, and since it is a priority to repair the flood-damaged properties so our tenants can move back in quickly, we will see some of our other projects further delayed.”
Blumenkehl was pleased that none of his tenants in the area suffered damages to their property since there was sufficient notice before the flooding took place. He has only received notice from one tenant that they do not intend to re-occupy their premises even if it is restored within the period provided for in the lease agreement.
Located in Wayne, New Jersey, Blue Asset Management LLC owns, manages and operates numerous rental properties throughout northern New Jersey. For more information about Blue Asset Management LLC, call the company directly at 973-835-1400 or log onto the company website at www.blueassetmanagementllc.com.
http://newjerseyprnews.com/new_jersey_articles/2011/05/blue-asset-management-llc-weathers-floods-in-northern-new-jersey-211011.htm
Monday, April 25, 2011
Blue Weathers Storm
http://www.pressreleasepoint.com/blue-asset-management-llc-weathers-floods-northern-new-jersey
Blue Asset Management LLC Sees Appraisals Creating Difficulties in Closing Transactions
Charles Blumenkehl, managing partner for Blue Asset Management LLC, sees home appraisals causing difficulties for buyers trying to obtain mortgages on their dream homes and consequently for sellers of real estate in today’s market.
According to Blumenkehl, “On the one hand, home values are determined by how much a buyer is willing to pay for a particular property. On the other hand, in order to protect their investment, lenders require the property to appraise for the purchase price in order to assure that the loan to value ratios required for the particular mortgage are maintained.” Blumenkehl continued, “the problem today is that so many homes that are sold and which appraisers can use as comparable sales in completing their appraisals are based on foreclosure prices and prices established through short sales, where the seller is willing to sell their property at a deep discount and the lender is willing to accept these deep discounts rather than wait to complete the over-capacity foreclosure process and all that comes with it, including carrying and maintenance costs and loss of earnings on the remaining principle that could potentially be sustained by the mortgage-holder”.
“The result”, concludes Blumenkehl, “is that today’s seller is not only subject to competing with these foreclosures and short sales when marketing and pricing their homes, but the price the buyer is willing to pay will be subject to how much the distressed and foreclosed properties in the market will sell for.” This leads to many under-valued appraisals, Blumenkehl says, which in turn will require sellers to either further reduce their already depressed sales price or try to find a new buyer and hope the next appraisal is higher. Blumenkehl also pointed out that in many types of sales, such as FHA or VA financed transactions, the seller is stuck with the appraised value even if another buyer is willing to pay more but requires the same type financing, since the appraisals are registered with HUD for a 6 month period. Blumenkehl says his fund has opted to hold certain properties that have under-appraised and achieve high rates of return on renting the property while he waits for the market to return rather than sell at over-deflated prices.
Charles Blumenkehl, a 30+ year veteran of real estate management in New Jersey, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities that arose as a result of the mortgage crisis leading to the foreclosure crisis. Blue Asset Management LLC is a buyer of performing and non-performing residential and commercial real estate mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 83-1400.
According to Blumenkehl, “On the one hand, home values are determined by how much a buyer is willing to pay for a particular property. On the other hand, in order to protect their investment, lenders require the property to appraise for the purchase price in order to assure that the loan to value ratios required for the particular mortgage are maintained.” Blumenkehl continued, “the problem today is that so many homes that are sold and which appraisers can use as comparable sales in completing their appraisals are based on foreclosure prices and prices established through short sales, where the seller is willing to sell their property at a deep discount and the lender is willing to accept these deep discounts rather than wait to complete the over-capacity foreclosure process and all that comes with it, including carrying and maintenance costs and loss of earnings on the remaining principle that could potentially be sustained by the mortgage-holder”.
“The result”, concludes Blumenkehl, “is that today’s seller is not only subject to competing with these foreclosures and short sales when marketing and pricing their homes, but the price the buyer is willing to pay will be subject to how much the distressed and foreclosed properties in the market will sell for.” This leads to many under-valued appraisals, Blumenkehl says, which in turn will require sellers to either further reduce their already depressed sales price or try to find a new buyer and hope the next appraisal is higher. Blumenkehl also pointed out that in many types of sales, such as FHA or VA financed transactions, the seller is stuck with the appraised value even if another buyer is willing to pay more but requires the same type financing, since the appraisals are registered with HUD for a 6 month period. Blumenkehl says his fund has opted to hold certain properties that have under-appraised and achieve high rates of return on renting the property while he waits for the market to return rather than sell at over-deflated prices.
Charles Blumenkehl, a 30+ year veteran of real estate management in New Jersey, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities that arose as a result of the mortgage crisis leading to the foreclosure crisis. Blue Asset Management LLC is a buyer of performing and non-performing residential and commercial real estate mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 83-1400.
Sunday, April 24, 2011
Saturday, April 23, 2011
Friday, April 15, 2011
Blue Asset Management Sells Millville Property
Charles Blumenkehl, managing partner for Blue Asset Management LLC, announced his company has sold its last remaining Cumberland County property in Milleville, New Jersey.
According to Blumenkehl, the property, a vacant multi family structure in need of rehabilitation, was acquired through foreclosure last year. He said his fund sold the property as a part of its strategic decision to stay focused on its northern New Jersey properties. Blumenkehl said, “While we believe Milleville can offer robust returns to investors in the area, we increasingly found properties like the one we sold were more difficult to control from our statewide network.” Blumenkehl continued, “We made the strategic decision to contract our New Jersey footprint as we acquired more property near our home base in Wayne, and the sale of our Milleville piece was a furtherance of that strategy.”
Blumenkehl said his fund has increased its rental property footprint almost 100% in the past year, with most of the additional properties coming in Bergen, Passaic, Essex, Morris and Hudson counties. Blumenkehl continued, “With our decision to focus in northern New Jersey, we are able to achieve more robust returns and act on more opportunity in our market by exerting greater control over our management, acquisition and renovation networks.”
Blue Asset Management LLC was founded by Charles Blumenkehl to leverage the opportunities created as a result of the mortgage meltdown. For more information about the Wayne based company, contact Mr. Blumenkehl or Blue Asset Management LLC directly at 973 835-1400 or log onto the company website at www.blueassetmanagement.com.
According to Blumenkehl, the property, a vacant multi family structure in need of rehabilitation, was acquired through foreclosure last year. He said his fund sold the property as a part of its strategic decision to stay focused on its northern New Jersey properties. Blumenkehl said, “While we believe Milleville can offer robust returns to investors in the area, we increasingly found properties like the one we sold were more difficult to control from our statewide network.” Blumenkehl continued, “We made the strategic decision to contract our New Jersey footprint as we acquired more property near our home base in Wayne, and the sale of our Milleville piece was a furtherance of that strategy.”
Blumenkehl said his fund has increased its rental property footprint almost 100% in the past year, with most of the additional properties coming in Bergen, Passaic, Essex, Morris and Hudson counties. Blumenkehl continued, “With our decision to focus in northern New Jersey, we are able to achieve more robust returns and act on more opportunity in our market by exerting greater control over our management, acquisition and renovation networks.”
Blue Asset Management LLC was founded by Charles Blumenkehl to leverage the opportunities created as a result of the mortgage meltdown. For more information about the Wayne based company, contact Mr. Blumenkehl or Blue Asset Management LLC directly at 973 835-1400 or log onto the company website at www.blueassetmanagement.com.
Blue Asset Management LLC Sees Appraisals Creating Difficulties in Closing Transactions
Charles Blumenkehl, managing partner for Blue Asset Management LLC, sees home appraisals causing difficulties for buyers trying to obtain mortgages on their dream homes and consequently for sellers of real estate in today’s market.
According to Blumenkehl, “On the one hand, home values are determined by how much a buyer is willing to pay for a particular property. On the other hand, in order to protect their investment, lenders require the property to appraise for the purchase price in order to assure that the loan to value ratios required for the particular mortgage are maintained.” Blumenkehl continued, “the problem today is that so many homes that are sold and which appraisers can use as comparable sales in completing their appraisals are based on foreclosure prices and prices established through short sales, where the seller is willing to sell their property at a deep discount and the lender is willing to accept these deep discounts rather than wait to complete the over-capacity foreclosure process and all that comes with it, including carrying and maintenance costs and loss of earnings on the remaining principle that could potentially be sustained by the mortgage-holder”.
“The result”, concludes Blumenkehl, “is that today’s seller is not only subject to competing with these foreclosures and short sales when marketing and pricing their homes, but the price the buyer is willing to pay will be subject to how much the distressed and foreclosed properties in the market will sell for.” This leads to many under-valued appraisals, Blumenkehl says, which in turn will require sellers to either further reduce their already depressed sales price or try to find a new buyer and hope the next appraisal is higher. Blumenkehl also pointed out that in many types of sales, such as FHA or VA financed transactions, the seller is stuck with the appraised value even if another buyer is willing to pay more but requires the same type financing, since the appraisals are registered with HUD for a 6 month period. Blumenkehl says his fund has opted to hold certain properties that have under-appraised and achieve high rates of return on renting the property while he waits for the market to return rather than sell at over-deflated prices.
Charles Blumenkehl, a 30+ year veteran of real estate management in New Jersey, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities that arose as a result of the mortgage crisis leading to the foreclosure crisis. Blue Asset Management LLC is a buyer of performing and non-performing residential and commercial real estate mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 83-1400.
According to Blumenkehl, “On the one hand, home values are determined by how much a buyer is willing to pay for a particular property. On the other hand, in order to protect their investment, lenders require the property to appraise for the purchase price in order to assure that the loan to value ratios required for the particular mortgage are maintained.” Blumenkehl continued, “the problem today is that so many homes that are sold and which appraisers can use as comparable sales in completing their appraisals are based on foreclosure prices and prices established through short sales, where the seller is willing to sell their property at a deep discount and the lender is willing to accept these deep discounts rather than wait to complete the over-capacity foreclosure process and all that comes with it, including carrying and maintenance costs and loss of earnings on the remaining principle that could potentially be sustained by the mortgage-holder”.
“The result”, concludes Blumenkehl, “is that today’s seller is not only subject to competing with these foreclosures and short sales when marketing and pricing their homes, but the price the buyer is willing to pay will be subject to how much the distressed and foreclosed properties in the market will sell for.” This leads to many under-valued appraisals, Blumenkehl says, which in turn will require sellers to either further reduce their already depressed sales price or try to find a new buyer and hope the next appraisal is higher. Blumenkehl also pointed out that in many types of sales, such as FHA or VA financed transactions, the seller is stuck with the appraised value even if another buyer is willing to pay more but requires the same type financing, since the appraisals are registered with HUD for a 6 month period. Blumenkehl says his fund has opted to hold certain properties that have under-appraised and achieve high rates of return on renting the property while he waits for the market to return rather than sell at over-deflated prices.
Charles Blumenkehl, a 30+ year veteran of real estate management in New Jersey, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities that arose as a result of the mortgage crisis leading to the foreclosure crisis. Blue Asset Management LLC is a buyer of performing and non-performing residential and commercial real estate mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 83-1400.
Tuesday, March 1, 2011
Blue Asset Management sees Real Estate at its most Affordable level in over 20 years
According to Charles Blumenkehl, managing partner for Blue Asset Management LLC, purchasing real estate today as it relates to income is at its most affordable levels since before 1989.
Blumenkehl points to studies released by Moodys Analytics that show the ratio ofhome prices to household income falling to 1.6, less than the historical average between 1989 and 2005 which was 1.9. The ratio was at its highest level in 2005, according to the study, at a ratio of 2.3.
According to Blumenkehl, “Buying a home, based on average consumer incomes, is cheaper now than in the last 22 years. The affordability is fueled by the rate of foreclosures in many markets, and the markets which have the most foreclosures have the cheapest affordability ratios.” Blumenkehl continued, “right now, buying a home is cheaper than renting a home. The key, unfortunately for many people desirous of buying a home, is whether they can qualify for a mortgage based on the more stringent income, downpayment and credit underwriting requirements imposed by most lenders today”
Blumenkehl added, “The good news is that there are still low money down options available to buyers who are gainfully employed and have verifiable income. FHA mortgages are still available with downpayments of less than 5%, VA mortgages for qualified veterans are still available with no money down, and for the most creditworthy of potential home purchasers FNMA and Freddie Mac mortgages with 10% downpayments are available. With mortgage rates and housing prices at historic lows, anyone who can buy a house today should, and will be very pleased with their decision to buy in a few years when the glut of foreclosures subsides and the real estate market normalizes to it historic trends.”
Charles Blumenkehl, a 30+ year veteran of New Jersey Real Estate, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities which became available in New Jersey Real Estate as a result of the mortgage meltdown leading to the foreclosure crisis. Blumenkehl’s fund buys performing and non performing residential and commercial mortgages, distressed and investment real estate. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Blumenkehl points to studies released by Moodys Analytics that show the ratio ofhome prices to household income falling to 1.6, less than the historical average between 1989 and 2005 which was 1.9. The ratio was at its highest level in 2005, according to the study, at a ratio of 2.3.
According to Blumenkehl, “Buying a home, based on average consumer incomes, is cheaper now than in the last 22 years. The affordability is fueled by the rate of foreclosures in many markets, and the markets which have the most foreclosures have the cheapest affordability ratios.” Blumenkehl continued, “right now, buying a home is cheaper than renting a home. The key, unfortunately for many people desirous of buying a home, is whether they can qualify for a mortgage based on the more stringent income, downpayment and credit underwriting requirements imposed by most lenders today”
Blumenkehl added, “The good news is that there are still low money down options available to buyers who are gainfully employed and have verifiable income. FHA mortgages are still available with downpayments of less than 5%, VA mortgages for qualified veterans are still available with no money down, and for the most creditworthy of potential home purchasers FNMA and Freddie Mac mortgages with 10% downpayments are available. With mortgage rates and housing prices at historic lows, anyone who can buy a house today should, and will be very pleased with their decision to buy in a few years when the glut of foreclosures subsides and the real estate market normalizes to it historic trends.”
Charles Blumenkehl, a 30+ year veteran of New Jersey Real Estate, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities which became available in New Jersey Real Estate as a result of the mortgage meltdown leading to the foreclosure crisis. Blumenkehl’s fund buys performing and non performing residential and commercial mortgages, distressed and investment real estate. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Blue Asset Management Sees Buyers Favoring Smaller Houses over McMansions
Charles Blumenkehl, managing partner of Blue Asset Management LLC sees buyers favoring smaller and more energy efficient homes with lower costs over larger “McMansion’ type properties.
According to Blumenkehl, “the trend for buying smaller more practical housing has been increasing over the past few years for a number of reasons. Obviously, affordability is a factor, given the economic contraction of the past few years leaving less buyers positioned to buy the more expensive larger homes in their markets. In addition, the trend to go green, using less energy and wasting fewer resources, the trend to move closer to urban areas which provide more nightlife and shopping, and the trend for owner occupied multi family housing is impacting the big box home marketplace”. Blumenkehl added, “As a result of the lesser interest in these large homes today, our fund is more focused on acquisitions of smaller single family type homes between 1500 and 2200 square feet and multi-family homes that meet owner-occupant criteria.”
Blumenkehl also said he sees a slowdown in sales of these type properties amongst real estate funds who occupy the same business space as his fund, and sees an increased trend to lease/to purchase larger homes as a means of keeping them afloat and avoiding the expensive carrying and maintenance costs these properties can represent.
Blue Asset Management LLC was founded in 2008 by Charles Blumenkehl to leverage opportunities made available through the mortgage meltdown and foreclosure crisis impacting the economy. Blue Asset Management is a purchaser and seller of performing and non performing residential and small cap commercial mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Blumenkehl, “the trend for buying smaller more practical housing has been increasing over the past few years for a number of reasons. Obviously, affordability is a factor, given the economic contraction of the past few years leaving less buyers positioned to buy the more expensive larger homes in their markets. In addition, the trend to go green, using less energy and wasting fewer resources, the trend to move closer to urban areas which provide more nightlife and shopping, and the trend for owner occupied multi family housing is impacting the big box home marketplace”. Blumenkehl added, “As a result of the lesser interest in these large homes today, our fund is more focused on acquisitions of smaller single family type homes between 1500 and 2200 square feet and multi-family homes that meet owner-occupant criteria.”
Blumenkehl also said he sees a slowdown in sales of these type properties amongst real estate funds who occupy the same business space as his fund, and sees an increased trend to lease/to purchase larger homes as a means of keeping them afloat and avoiding the expensive carrying and maintenance costs these properties can represent.
Blue Asset Management LLC was founded in 2008 by Charles Blumenkehl to leverage opportunities made available through the mortgage meltdown and foreclosure crisis impacting the economy. Blue Asset Management is a purchaser and seller of performing and non performing residential and small cap commercial mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Monday, February 28, 2011
Blue Asset Management Sees Lease to Buy Making Sense in Today’s Real Estate Marketplace
With mortgage restrictions and economic uncertainties making home purchasing difficult for many in the current real estate market, an old real estate marketing strategy is finding its way back to popularity amongst potential sellers and buyers who wish to enter the real estate market but aren’t in a position to close quickly.
According to Charles Blumenkehl, managing partner of Blue Asset Management, the lease to buy scenario has become an acceptable alternative for some of today’s market participants. Blumenkehl said “With prices as attractive as they are, potential buyers are seeking to lock into a purchase without having to fully commit to closing. At the same time, sellers who find they are carrying the costs of properties they no longer wish to own are finding this alternative attractive by allowing the mortgage and most expenses to be covered by their prospective buyer as they await the point in the market that the buyer can potentially close on the property.” Blumenkehl explained “By leasing to buy, typically a buyer will put up a small non-refundable deposit which will be applied against their ultimate purchase price, and then are given the opportunity to accumulate enough of a down payment over the course of their occupancy by paying slightly above current market rents and having the overage added to their down payment.” In so doing, Blumenkehl says that buyers can meet the larger down payment requirements imposed by lenders, and if they don’t want to buy at the end of an agreed upon period of time, they can simply walk away without being saddled with a mortgage on property they decide not to own.
Simultaneously, sellers will either have their houses sold at the end of the occupancy period, or at least will not have to carry the expenses of a vacant mortgaged home while they wait for the housing market to recover. “The result,” Blumenkehl said, “is a win-win for both parties, one by locking into an attractive price and reasonable terms which could enable them to become homeowners when they would otherwise end up leasing without the ability to accumulate equity or take advantage of low housing process in today's market, while sellers are relieved of the pressure of carrying vacant property in these difficult economic times.”
Blumenkehl points out that even if the market recovers and the sellers can get more money for their homes in a year or two, the amount they would have to spend on payments for a vacant home would be more than the potential increase in sales price in many cases. Blumenkehl said that his fund has considered lease to buy on certain properties they currently own, and are seeing more of these type transactions now than they have in prior years.
Charles Blumenkehl is president of Blumenkehl Properties, owner/operator of rental properties throughout northern New Jersey, and managing partner of Blue Asset Management, buyer and seller of non performing mortgages, distressed and investment real estate. For more information about Mr. Blumenkehl and his companies, or to learn more about lease to buy opportunities currently available through Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company at 973 835-1400.
According to Charles Blumenkehl, managing partner of Blue Asset Management, the lease to buy scenario has become an acceptable alternative for some of today’s market participants. Blumenkehl said “With prices as attractive as they are, potential buyers are seeking to lock into a purchase without having to fully commit to closing. At the same time, sellers who find they are carrying the costs of properties they no longer wish to own are finding this alternative attractive by allowing the mortgage and most expenses to be covered by their prospective buyer as they await the point in the market that the buyer can potentially close on the property.” Blumenkehl explained “By leasing to buy, typically a buyer will put up a small non-refundable deposit which will be applied against their ultimate purchase price, and then are given the opportunity to accumulate enough of a down payment over the course of their occupancy by paying slightly above current market rents and having the overage added to their down payment.” In so doing, Blumenkehl says that buyers can meet the larger down payment requirements imposed by lenders, and if they don’t want to buy at the end of an agreed upon period of time, they can simply walk away without being saddled with a mortgage on property they decide not to own.
Simultaneously, sellers will either have their houses sold at the end of the occupancy period, or at least will not have to carry the expenses of a vacant mortgaged home while they wait for the housing market to recover. “The result,” Blumenkehl said, “is a win-win for both parties, one by locking into an attractive price and reasonable terms which could enable them to become homeowners when they would otherwise end up leasing without the ability to accumulate equity or take advantage of low housing process in today's market, while sellers are relieved of the pressure of carrying vacant property in these difficult economic times.”
Blumenkehl points out that even if the market recovers and the sellers can get more money for their homes in a year or two, the amount they would have to spend on payments for a vacant home would be more than the potential increase in sales price in many cases. Blumenkehl said that his fund has considered lease to buy on certain properties they currently own, and are seeing more of these type transactions now than they have in prior years.
Charles Blumenkehl is president of Blumenkehl Properties, owner/operator of rental properties throughout northern New Jersey, and managing partner of Blue Asset Management, buyer and seller of non performing mortgages, distressed and investment real estate. For more information about Mr. Blumenkehl and his companies, or to learn more about lease to buy opportunities currently available through Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company at 973 835-1400.
Monday, February 21, 2011
Blue Asset Management Sees Home Prices Stabilizing in New Jersey
Charles Blumenkehl, managing partner for Blue Asset Management LLC, says home prices in New Jersey have been stabilizing and are even experiencing gains in certain markets.
According to Blumenkehl, “Home sales have been recovering since the fourth quarter of 2010, and the trend is continuing into 2011. Available inventory is being absorbed, distressed properties in many suburban markets are starting to slow down, and with a decrease in housing inventory the real estate market is headed toward recovery.” Blumenkehl continued, “As the employment situation improves, housing will improve. It is now just a matter of time until markets normalize. With interest rates as low as they are, and prices as attractive as they are, it is hard to imagine a better home buying opportunity than the present”.
Blumenkehl points to a recently released survey by the National Association of Realtors which showed the median priced home increasing from $170,300 to $170,600 from the fourth quarter of 2009 to the same period in 2010. The same survey noted that home prices have increased in over half of the 152 Metropolitan Statistics Areas tracked by the study in the fourth quarter of 2010. Blumenkehl added, “As a major metropolitan market serving the New York and local employment hubs, New Jersey is poised for a market rebound in 2011 which will have far reaching effects into the local economies. Increases in consumer spending and employment resultant from these increases will serve as a springboard for further economic recovery in the area as the year unfolds.”
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the real estate investment opportunities which were made available through the mortgages and real estate meltdown in the area over the past few years. For more information about Charles Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or contact Blumenkehl directly at 973 835-1400.
According to Blumenkehl, “Home sales have been recovering since the fourth quarter of 2010, and the trend is continuing into 2011. Available inventory is being absorbed, distressed properties in many suburban markets are starting to slow down, and with a decrease in housing inventory the real estate market is headed toward recovery.” Blumenkehl continued, “As the employment situation improves, housing will improve. It is now just a matter of time until markets normalize. With interest rates as low as they are, and prices as attractive as they are, it is hard to imagine a better home buying opportunity than the present”.
Blumenkehl points to a recently released survey by the National Association of Realtors which showed the median priced home increasing from $170,300 to $170,600 from the fourth quarter of 2009 to the same period in 2010. The same survey noted that home prices have increased in over half of the 152 Metropolitan Statistics Areas tracked by the study in the fourth quarter of 2010. Blumenkehl added, “As a major metropolitan market serving the New York and local employment hubs, New Jersey is poised for a market rebound in 2011 which will have far reaching effects into the local economies. Increases in consumer spending and employment resultant from these increases will serve as a springboard for further economic recovery in the area as the year unfolds.”
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the real estate investment opportunities which were made available through the mortgages and real estate meltdown in the area over the past few years. For more information about Charles Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or contact Blumenkehl directly at 973 835-1400.
Sunday, February 20, 2011
Blue Asset Management in Market for New Jersey Apartment Buildings
Blue Asset Management LLC, buyer of mortgages, distressed and investment real estate in New Jersey, is seeking to buy apartment complexes and buildings in northern New Jersey.
According to Charles Blumenkehl, managing partner for Blue Asset Management LLC, “We believe we are reaching the bottom of the real estate market. The opportunity to buy residential rental properties and the demand for rentals are as good as we have seen in many years.” Blumenkehl continued, “We are aggressively seeking to add to our existing inventory of residential rental properties and are scouring the northern New Jersey market for opportunities.”
Blumenkehl says his group currently owns over 30 buildings in the northern New Jersey market, including 6 or more buildings each in Hudson, Bergen, Passaic and Morris Counties. Blumenkehl added, “With the residential rental market strengthening substantially, we can’t get apartments quick enough.” Blumenkehl invites anyone who has apartment inventory for sale or knows of buildings for sale in northern New Jersey to contact him directly at the main office of Blue Asset Management LLC in Wayne New Jersey.
Blue Asset Management LLC was founded by Blumenkehl in 2008 to leverage the opportunities which became available as a result of the real estate and mortgage meltdown of the last few years. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call Mr. Blumenkehl directly at 973 835-1400.
According to Charles Blumenkehl, managing partner for Blue Asset Management LLC, “We believe we are reaching the bottom of the real estate market. The opportunity to buy residential rental properties and the demand for rentals are as good as we have seen in many years.” Blumenkehl continued, “We are aggressively seeking to add to our existing inventory of residential rental properties and are scouring the northern New Jersey market for opportunities.”
Blumenkehl says his group currently owns over 30 buildings in the northern New Jersey market, including 6 or more buildings each in Hudson, Bergen, Passaic and Morris Counties. Blumenkehl added, “With the residential rental market strengthening substantially, we can’t get apartments quick enough.” Blumenkehl invites anyone who has apartment inventory for sale or knows of buildings for sale in northern New Jersey to contact him directly at the main office of Blue Asset Management LLC in Wayne New Jersey.
Blue Asset Management LLC was founded by Blumenkehl in 2008 to leverage the opportunities which became available as a result of the real estate and mortgage meltdown of the last few years. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call Mr. Blumenkehl directly at 973 835-1400.
Saturday, February 19, 2011
Thursday, February 17, 2011
Blue Asset Management Selling Millville property
Charles Blumenkehl, managing partner at Blue Asset Management LLC, announced that his fund has listed for sale its remaining Millville asset, a multi family property near the downtown area.
According to Blumenkehl, “Millville is a semi-urban setting that provides for excellent long term investment potential and a strong demand for rentals. However, we decided several months back to focus on our existing and strong northern New Jersey infrastructure more as we divest ourselves of properties like the Millville piece that fall out of our real estate service area.” Blumenkehl continued, “We have listed the property with Steve Crivello of ERA Statewide Realty and are confident in his ability to market the property on our behalf.” For information about the property specifically, Blumenkehl suggests interested parties contact Mr. Crivello at his Medord office directly at 609 714 0050.
According to Blumenkehl, the Millville property is one of app 7 properties currently listed for sale by the fund, which controls real estate equity investments throughout the state. Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Blumenkehl, “Millville is a semi-urban setting that provides for excellent long term investment potential and a strong demand for rentals. However, we decided several months back to focus on our existing and strong northern New Jersey infrastructure more as we divest ourselves of properties like the Millville piece that fall out of our real estate service area.” Blumenkehl continued, “We have listed the property with Steve Crivello of ERA Statewide Realty and are confident in his ability to market the property on our behalf.” For information about the property specifically, Blumenkehl suggests interested parties contact Mr. Crivello at his Medord office directly at 609 714 0050.
According to Blumenkehl, the Millville property is one of app 7 properties currently listed for sale by the fund, which controls real estate equity investments throughout the state. Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Blue Asset Management LLC Finds its Local Footprint Goes a Long Way in Managing its Real Estate Assets
Charles Blumenkehl, managing partner of Blue Asset Management LLC, says his company has built an infrastructure of effective real estate brokers, contractors and other required service providers and a depth of knowledge in their markets in Northern New Jersey that enables Blumenkehls’ fund returns upwards of 30% on certain funds they manage and control.
According to Blumenkehl, “Many national funds have purchased mortgages at deep discounts from their originating lenders. Funds concerned with a lack of local knowledge wouldn’t buy notes that companies like ourselves, who know and specialize in our local northern New Jersey urban and suburban markets, have allowed our fund to purchase properties that were in areas that wouldn’t require higher maintenance or management intensity other properties might.” Blumenkehl continued, “As a result, we have seen yields on some of our investment properties above 30%, and are please to be able to achieve a high level of results for our investors.”
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage opportunities which arose as a result of the mortgage meltdown that has affected our economy these last few years. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Blumenkehl, “Many national funds have purchased mortgages at deep discounts from their originating lenders. Funds concerned with a lack of local knowledge wouldn’t buy notes that companies like ourselves, who know and specialize in our local northern New Jersey urban and suburban markets, have allowed our fund to purchase properties that were in areas that wouldn’t require higher maintenance or management intensity other properties might.” Blumenkehl continued, “As a result, we have seen yields on some of our investment properties above 30%, and are please to be able to achieve a high level of results for our investors.”
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage opportunities which arose as a result of the mortgage meltdown that has affected our economy these last few years. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Wednesday, February 16, 2011
Blumenkehl Credits Obama Administration With Having the Commitment to lead America to Recovery
Charles Blumenkehl, managing partner of Blue Asset Management LLC, believes the current administration is fully committed to the economic recovery of our country and has taken the initiative to put into effect initiatives which will help employment and provide an infusion into the real estate market that will yield returns and low cost to the taxpayer.
According to Blumenkehl, “President Obama has provided the leadership to focus on those areas of our economy that will have the most impact on the impetus and direction of the recovery. That includes the housing recovery, where the administration has focused efforts that have allowed the real estate market to settle without artificial aides and now begin its sustained upward cycle 5 of the past 6 months which will continue through 2011.”. Blumenkehl continued, “Throughout my career I have seen both the thick and the thin of the market, and have always understood one underlying notion, that in the short run anything can happen, but in the long run, and indications are we are headed in that direction, real estate will only move in one direction. As Malcolm Forbes said, God stopped making dirt a long time ago, but hasn’t stopped making people. Eventually, that supply will dry up and the values will continue to increase.”
Charles Blumenkehl is CEO of Blumenkehl Properties, president of Gold Circle Builders, Inc and managing partner of Blue Asset Management LLC. For more information about Charles Blumenkehl, Blumenkehl Companies or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400
According to Blumenkehl, “President Obama has provided the leadership to focus on those areas of our economy that will have the most impact on the impetus and direction of the recovery. That includes the housing recovery, where the administration has focused efforts that have allowed the real estate market to settle without artificial aides and now begin its sustained upward cycle 5 of the past 6 months which will continue through 2011.”. Blumenkehl continued, “Throughout my career I have seen both the thick and the thin of the market, and have always understood one underlying notion, that in the short run anything can happen, but in the long run, and indications are we are headed in that direction, real estate will only move in one direction. As Malcolm Forbes said, God stopped making dirt a long time ago, but hasn’t stopped making people. Eventually, that supply will dry up and the values will continue to increase.”
Charles Blumenkehl is CEO of Blumenkehl Properties, president of Gold Circle Builders, Inc and managing partner of Blue Asset Management LLC. For more information about Charles Blumenkehl, Blumenkehl Companies or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400
Blue Asset Management Sells Bergenfield Property
Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced his fund has sold a multi family property it owned in Bergenfield, New Jersey.
According to Blumenkehl, “We are pleased to have been able to take title to the property and within just a few weeks, through applying our value enhancement model, were able to sell the property at a substantial return to our investors while still providing the buyers with an outstanding value for competing property in the Bergenfield real estate market." Blumenkehl also credits Realtor Cheryl Napolitano of Coldwell Banker of Bergenfield New Jersey with helping to facilitate the sale. “Cheryl was very helpful in the expeditious processing of this transaction. Her local knowledge enabled us to sell the property at a price point that lent itself to our model in a short period of time." Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the Bergenfield sale is consistent with the funds desire to manage high yield multi family properties that are sizeable enough to lend themselves to the costs of efficient property management while maintaining a high return on properties which it purchases and resells in the short term.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Blumenkehl, “We are pleased to have been able to take title to the property and within just a few weeks, through applying our value enhancement model, were able to sell the property at a substantial return to our investors while still providing the buyers with an outstanding value for competing property in the Bergenfield real estate market." Blumenkehl also credits Realtor Cheryl Napolitano of Coldwell Banker of Bergenfield New Jersey with helping to facilitate the sale. “Cheryl was very helpful in the expeditious processing of this transaction. Her local knowledge enabled us to sell the property at a price point that lent itself to our model in a short period of time." Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the Bergenfield sale is consistent with the funds desire to manage high yield multi family properties that are sizeable enough to lend themselves to the costs of efficient property management while maintaining a high return on properties which it purchases and resells in the short term.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Monday, February 14, 2011
Spike in Mortgage Rates May Slow Down Housing Recovery
According to Charles Blumenkehl, managing partner of Blue Asset Management, the recent spike in interest rates could dampen the housing recovery
Soon after President Obama made a deal with Republicans to extend the Bush-era economic recovery initiatives, interest rates spiked to their highest levels since June and debt prices sharply fell. According to Charles Blumenkehl, CEO of Blumenkehl Companies and managing partner at Blue Asset Management LLC, “The sudden rise in interest rates to the consumer are disconcerting, Typically, a rise in rate in a normalized market could increase an urgency for buyers to get into the market before rates have a meaningful impact on their buying power.. But in the current market, real estate sales are not responding well to the incentives that are not being offered. With unemployment hovering close to 10% in most of the county, it is likely higher interest rates will dampen any meaningful real estate recovery in the first quarter of 2011”.
Blumenkehl did note that the decrease in demand has varied throughout the country, and pointed to reports that actually noted increases in certain markets including an increase in value of 3% in the New York area for 2009, as an indicator that while it may take longer, ultimately the real estate market will recover.
Blumenkehl added. “God stopped making dirt a long time ago, but hasn’t stopped making people, In the short term, anything can happen, but history has shown that in the long term, real estate will only become more scarce and as a result more valuable.”
For more information about Charles Blumenkehl or Blue Asset Management, log on to their companies website at www.bluemanagementllc.com or call the company directly at 973-835-1400
Soon after President Obama made a deal with Republicans to extend the Bush-era economic recovery initiatives, interest rates spiked to their highest levels since June and debt prices sharply fell. According to Charles Blumenkehl, CEO of Blumenkehl Companies and managing partner at Blue Asset Management LLC, “The sudden rise in interest rates to the consumer are disconcerting, Typically, a rise in rate in a normalized market could increase an urgency for buyers to get into the market before rates have a meaningful impact on their buying power.. But in the current market, real estate sales are not responding well to the incentives that are not being offered. With unemployment hovering close to 10% in most of the county, it is likely higher interest rates will dampen any meaningful real estate recovery in the first quarter of 2011”.
Blumenkehl did note that the decrease in demand has varied throughout the country, and pointed to reports that actually noted increases in certain markets including an increase in value of 3% in the New York area for 2009, as an indicator that while it may take longer, ultimately the real estate market will recover.
Blumenkehl added. “God stopped making dirt a long time ago, but hasn’t stopped making people, In the short term, anything can happen, but history has shown that in the long term, real estate will only become more scarce and as a result more valuable.”
For more information about Charles Blumenkehl or Blue Asset Management, log on to their companies website at www.bluemanagementllc.com or call the company directly at 973-835-1400
Blumenkehl Supports National Association of Realtors "Home Ownership Matters" Campaign
Charles Blumenkehl, CEO of Blumenkehl Properties and managing partner at Blue Asset Management LLC, is supporting the "Home Ownership Matters" campaign currently being initiated by the National Association of Realtors.
According to Rismedia, a real estate industry news source, owner-occupied home ownership accounts for 67% of all homes built in the United States, and 15% of the countries Gross Domestic Product (GDP) results from purchases made as a result of buying a home. "Over $60,000 is pumped back into the economy", according to the 1/14/11 Rismedia article, "including furniture, improvements and related items once a home is purchased".
According to Charles Blumenkehl, "Home ownership is a vital part of our economy and provides jobs and stability to the regions. So often, in my Real Estate career, I encountered retirees who were able to retire comfortably solely because of the investment their home, paid off over their years of living there, represented in their financial plan. As Real Estate goes, so goes the country." Blumenkehl continued, "I would strongly advocate a little incentive similar to the one ended in June by the Obama administration. The initiative then helped the economy regain some footing and create more jobs, and the tax monies that flow from the home purchase will more than pay for the same results if the government reinstates even a watered down version of the home buying incentive."
For more information about Blumenkehl Properties, Charles Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the New Jersey based company directly at 973-835-1400.
According to Rismedia, a real estate industry news source, owner-occupied home ownership accounts for 67% of all homes built in the United States, and 15% of the countries Gross Domestic Product (GDP) results from purchases made as a result of buying a home. "Over $60,000 is pumped back into the economy", according to the 1/14/11 Rismedia article, "including furniture, improvements and related items once a home is purchased".
According to Charles Blumenkehl, "Home ownership is a vital part of our economy and provides jobs and stability to the regions. So often, in my Real Estate career, I encountered retirees who were able to retire comfortably solely because of the investment their home, paid off over their years of living there, represented in their financial plan. As Real Estate goes, so goes the country." Blumenkehl continued, "I would strongly advocate a little incentive similar to the one ended in June by the Obama administration. The initiative then helped the economy regain some footing and create more jobs, and the tax monies that flow from the home purchase will more than pay for the same results if the government reinstates even a watered down version of the home buying incentive."
For more information about Blumenkehl Properties, Charles Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the New Jersey based company directly at 973-835-1400.
Sunday, February 13, 2011
Blue Asset Management LLC Purchases East Orange Multiple Family Conversion Property
Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced the company bought a multi-family conversion near Route 280 in a quiet suburban street in East Orange.
According to Charles Blumenkehl, "We are pleased to have been able to help the former owner liquidate the property quickly and without any mortgage contingency or inspection clause that could have stalled a closing. We were able to work with the City of East Orange to continue the many outstanding permits of the property, and hope to have the property marketable somewhere in April of this year." Blumenkehl continued, "The seller was confident we would be able to close quickly on this property and complete its conversion, and as a result we were able to acquire this opportunity."
Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the East Orange purchase represents the third purchase of the year in Essex county New Jersey for Blue Asset Management LLC.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Charles Blumenkehl, "We are pleased to have been able to help the former owner liquidate the property quickly and without any mortgage contingency or inspection clause that could have stalled a closing. We were able to work with the City of East Orange to continue the many outstanding permits of the property, and hope to have the property marketable somewhere in April of this year." Blumenkehl continued, "The seller was confident we would be able to close quickly on this property and complete its conversion, and as a result we were able to acquire this opportunity."
Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the East Orange purchase represents the third purchase of the year in Essex county New Jersey for Blue Asset Management LLC.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Blue Asset Management Purchases Belleville Multiple Unit Property
Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced the company bought a multi-family property in the city of Belleville.
According to Charles Blumenkehl, “We are pleased to have been able to help the former owner liquidate the property quickly and without any mortgage contingency or inspection clause that could have stalled a closing. We were able to close quickly on this property and will hope to complete the renovation of the property by the end of the first quarter of 2011.” Blumenkehl continued, “by adding the Belleville property to our portfolio, we were able to increase our Essex County holdings and provide our fund with more opportunity in applying our pricing and value enhancement models.”
Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the Belleville purchase represents the second purchase of the year in Essex county New Jersey for Blue Asset Management LLC.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Charles Blumenkehl, “We are pleased to have been able to help the former owner liquidate the property quickly and without any mortgage contingency or inspection clause that could have stalled a closing. We were able to close quickly on this property and will hope to complete the renovation of the property by the end of the first quarter of 2011.” Blumenkehl continued, “by adding the Belleville property to our portfolio, we were able to increase our Essex County holdings and provide our fund with more opportunity in applying our pricing and value enhancement models.”
Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the Belleville purchase represents the second purchase of the year in Essex county New Jersey for Blue Asset Management LLC.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Wednesday, February 9, 2011
Blue Asset Management Sees Increase in Sales Activity and Predicts Strong Spring Market
Charles Blumenkehl, managing partner for Blue Asset Management LLC, said his company is seeing more buyers interested in properties so far in 2011. He said his company has received more offers this January and put more properties into contract with buyers during the month than in the prior two months combined.
According to Blumenkehl, "I am particularly surprised that in spite of the hard winter we have been experiencing in New Jersey this month, with all the snow we have gotten, that buyers are actively looking and activity has picked up so much more than the last few months". Blumenkehl continued, "with home prices as low as they are, and interest rates still historically very very low, buyers seem to be focused on getting a good deal and a low interest rate mortgage while they still can. The recent increase in interest rates has still left the mortgage rates for a 30 year fixed rate mortgage below 5%, and has instilled a sense of urgency for many buyers that they get into their home now, and not risk paying more as prices and rates settle in and the real estate recovery in New Jersey becomes more apparent".
Blumenkehl said his fund has over a dozen properties currently for sale in New Jersey, and has signed contracts or is negotiating offers on about half of their available inventory from the first of the year. He anticipates a stronger spring selling market as the weather gets better and more home buyers come into the market.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors as a result of the mortgage liquidity crisis. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400
According to Blumenkehl, "I am particularly surprised that in spite of the hard winter we have been experiencing in New Jersey this month, with all the snow we have gotten, that buyers are actively looking and activity has picked up so much more than the last few months". Blumenkehl continued, "with home prices as low as they are, and interest rates still historically very very low, buyers seem to be focused on getting a good deal and a low interest rate mortgage while they still can. The recent increase in interest rates has still left the mortgage rates for a 30 year fixed rate mortgage below 5%, and has instilled a sense of urgency for many buyers that they get into their home now, and not risk paying more as prices and rates settle in and the real estate recovery in New Jersey becomes more apparent".
Blumenkehl said his fund has over a dozen properties currently for sale in New Jersey, and has signed contracts or is negotiating offers on about half of their available inventory from the first of the year. He anticipates a stronger spring selling market as the weather gets better and more home buyers come into the market.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors as a result of the mortgage liquidity crisis. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400
Blue Asset Management Selling Williamstown and Barrington properties
Charles Blumenkehl, managing partner at Blue Asset Management LLC said his fund has listed for sale properties in Williamstown and Barrington New Jersey. Blue Asset Management listed both properties for sale with Coldwell Banker Elite, who maintain real estate sales offices in the area.
According to Blumenkehl, "These properties represent investments made when the mortgage crisis was first manifesting itself in the need for cash strapped banks to monetize non performing loans quickly to achieve liquidity. I am pleased we were able to help the bank we worked with in achieving monetization of their non performing mortgages at that time, and am equally please our investors will reap the benefit we are able to achieve for the fund as a result of selling these properties associated with that purchase."
Blumenkehl founded the first of Blue Asset Managements group of funds in 2008 to leverage the opportunities made available to investors as a result of the mortgage meltdown. For more information about Charles Blumenkehl, Blue Asset Management or to view these or other properties the group has for sale, visit the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Blumenkehl, "These properties represent investments made when the mortgage crisis was first manifesting itself in the need for cash strapped banks to monetize non performing loans quickly to achieve liquidity. I am pleased we were able to help the bank we worked with in achieving monetization of their non performing mortgages at that time, and am equally please our investors will reap the benefit we are able to achieve for the fund as a result of selling these properties associated with that purchase."
Blumenkehl founded the first of Blue Asset Managements group of funds in 2008 to leverage the opportunities made available to investors as a result of the mortgage meltdown. For more information about Charles Blumenkehl, Blue Asset Management or to view these or other properties the group has for sale, visit the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Sunday, February 6, 2011
Blue Asset Management LLC Lists Buildings for Sale in Hudson County, NJ
Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced his company has listed for sale multi-family properties located in Hudson County, New Jersey. According to Blumenkehl, "Our Boyd Avenue and Rutgers Avenue properties are great investments for someone looking to create equity and cash flow. Because the properties are a fourplex and two family respectively, they are smaller than what we would like to keep in our management portfolio for the area, and so the decision was made to list the properties for sale." Blumenkehl said the Boyd Ave. property was completely upgraded, with permits completed for a new roof and upgraded seperate electrical systems, and also has all new flooring, appliances and many other features throughout.
The Rutgers Avenue property is a two family home with off street parking which according to Blumenkehl was also updated and has many new features. Blumenkehl said, "While we view the Hudson county corridor as an area with great investment potential due to its proximity to New York, its affordability relative to the surrounding markets and the addition of the local transit lines, we recognize our need to focus on larger properties for our portfolio and allow smaller operators the opportunity to maintain these solid investments."
Both properties are listed with Rosario Romero of Live Realty in North Bergen, New Jersey, exclusive broker for Blue Asset Management LLC in the Hudson County area. For more information about these properties, contact Ms. Romero at 201 869-8250.
Blue Asset Management LLC was founded by Charles Blumenkehl in 2008 to leverage the opportunities made available as a result of the mortgage crisis over the last few years. Blue Asset Management LLC is a buyer and seller of performing and non-performing mortgages, distressed and investment Real Estate. For more information about Blue Asset Management LLC or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
The Rutgers Avenue property is a two family home with off street parking which according to Blumenkehl was also updated and has many new features. Blumenkehl said, "While we view the Hudson county corridor as an area with great investment potential due to its proximity to New York, its affordability relative to the surrounding markets and the addition of the local transit lines, we recognize our need to focus on larger properties for our portfolio and allow smaller operators the opportunity to maintain these solid investments."
Both properties are listed with Rosario Romero of Live Realty in North Bergen, New Jersey, exclusive broker for Blue Asset Management LLC in the Hudson County area. For more information about these properties, contact Ms. Romero at 201 869-8250.
Blue Asset Management LLC was founded by Charles Blumenkehl in 2008 to leverage the opportunities made available as a result of the mortgage crisis over the last few years. Blue Asset Management LLC is a buyer and seller of performing and non-performing mortgages, distressed and investment Real Estate. For more information about Blue Asset Management LLC or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Support National Association of Realtors "Home Ownership Matters" Campaign
Charles Blumenkehl, CEO of Blumenkehl Properties and managing partner at Blue Asset Management LLC, is supporting the "Home Ownership Matters" campaign currently being initiated by the National Association of Realtors.
According to Rismedia, a real estate industry news source, owner-occupied home ownership accounts for 67% of all homes built in the United States, and 15% of the countries Gross Domestic Product (GDP) results from purchases made as a result of buying a home. "Over $60,000 is pumped back into the economy", according to the 1/14/11 Rismedia article, "including furniture, improvements and related items once a home is purchased".
According to Charles Blumenkehl, "Home ownership is a vital part of our economy and provides jobs and stability to the regions. So often, in my Real Estate career, I encountered retirees who were able to retire comfortably solely because of the investment their home, paid off over their years of living there, represented in their financial plan. As Real Estate goes, so goes the country." Blumenkehl continued, "I would strongly advocate a little incentive similar to the one ended in June by the Obama administration. The initiative then helped the economy regain some footing and create more jobs, and the tax monies that flow from the home purchase will more than pay for the same results if the government reinstates even a watered down version of the home buying incentive."
For more information about Blumenkehl Properties, Charles Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the New Jersey based company directly at 973-835-1400.
According to Rismedia, a real estate industry news source, owner-occupied home ownership accounts for 67% of all homes built in the United States, and 15% of the countries Gross Domestic Product (GDP) results from purchases made as a result of buying a home. "Over $60,000 is pumped back into the economy", according to the 1/14/11 Rismedia article, "including furniture, improvements and related items once a home is purchased".
According to Charles Blumenkehl, "Home ownership is a vital part of our economy and provides jobs and stability to the regions. So often, in my Real Estate career, I encountered retirees who were able to retire comfortably solely because of the investment their home, paid off over their years of living there, represented in their financial plan. As Real Estate goes, so goes the country." Blumenkehl continued, "I would strongly advocate a little incentive similar to the one ended in June by the Obama administration. The initiative then helped the economy regain some footing and create more jobs, and the tax monies that flow from the home purchase will more than pay for the same results if the government reinstates even a watered down version of the home buying incentive."
For more information about Blumenkehl Properties, Charles Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the New Jersey based company directly at 973-835-1400.
Saturday, February 5, 2011
Are delinquent borrowers slowing foreclosure process?
According to Charles Blumenkehl, managing partner for Blue Asset Management, "A percentage of long-delinquent borrowers are taking advantage of every opportunity they can to extend the mortgage foreclosure process while staying in their houses without having to pay their mortgage, taxes and insurance while allowing the properties to deteriorate rather than provide needed maintenance as required."
Blumnkehl continued, “We’re not talking about the homeowner who has no assets, or are unemployed. We are seeing borrowers who are trying to hide their assets, some of which are substantial, file multiple bankruptcies and frivolous motions with the courts, all of which are designed to stall the process so they can continue to save and hide their money at their lenders expense.” “The net result,” according to Blumenkehl, “is that the lenders have to spend more money carrying these bad loans and impacting the overall economic recovery by maintaining high leverages on the books of the lenders while lowering the value and increasing the carry of their assets.”
Blumenkehl is convinced that with the already overwhelming burden on the court systems to assist the lenders in rightfully regaining their properties, this adds to the courts agenda, costing taxpayers more money while extending the ability of the country to recover from the economic meltdown and high unemployment rates. “Until these ‘deadbeats’ are removed from the property, or the courts somehow find a way for these underhanded strategies to be engaged, more people will go longer without jobs, and the country as a whole will pay the price.”
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage opportunities resultant from the mortgage crisis and to assist their borrowers and lenders in monetizing their assets and being given the opportunity to start again. For more information about Blue Asset Management LLC or Charles Blumenkehl log on to the company website at www.blueassetmanagementllc or call the company directly at 973 835-1400.
Blumnkehl continued, “We’re not talking about the homeowner who has no assets, or are unemployed. We are seeing borrowers who are trying to hide their assets, some of which are substantial, file multiple bankruptcies and frivolous motions with the courts, all of which are designed to stall the process so they can continue to save and hide their money at their lenders expense.” “The net result,” according to Blumenkehl, “is that the lenders have to spend more money carrying these bad loans and impacting the overall economic recovery by maintaining high leverages on the books of the lenders while lowering the value and increasing the carry of their assets.”
Blumenkehl is convinced that with the already overwhelming burden on the court systems to assist the lenders in rightfully regaining their properties, this adds to the courts agenda, costing taxpayers more money while extending the ability of the country to recover from the economic meltdown and high unemployment rates. “Until these ‘deadbeats’ are removed from the property, or the courts somehow find a way for these underhanded strategies to be engaged, more people will go longer without jobs, and the country as a whole will pay the price.”
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage opportunities resultant from the mortgage crisis and to assist their borrowers and lenders in monetizing their assets and being given the opportunity to start again. For more information about Blue Asset Management LLC or Charles Blumenkehl log on to the company website at www.blueassetmanagementllc or call the company directly at 973 835-1400.
Blue Asset Management LLC Closes on North Bergen, New Jersey Multi-family Property
Charles Blumenkehl, managing partner of Blue Asset Management and CEO of Blumenkehl Properties, announced his company has taken title to a multi-family foreclosed property in North Bergen, New Jersey.
According to Blumenkehl. "We are please to have been able to complete this transaction. The property we have bought is in a very desirable area and offers our prospective tenants, once we complete the rehabilitation of our newly acquired property, spacious apartments and off street parking, a rarity in North Bergen." Blumenkehl continued, "We are also pleased that we were able to help the lender who had foreclosed on the property monetize their investment quickly despite seasonal challenges, and look forward to helping stabilize the building and already outstanding neighborhood within which the property is located."
Blumenkehl says his company is already receiving calls about the property from interested properties, and expects to the rehabilitation and upgrading of the property to be complete by the end of the first quarter of 2011.
For more information about Charles BLumenkehl, Blumenkehl Properties or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or the company directly at 973 935-1400.
According to Blumenkehl. "We are please to have been able to complete this transaction. The property we have bought is in a very desirable area and offers our prospective tenants, once we complete the rehabilitation of our newly acquired property, spacious apartments and off street parking, a rarity in North Bergen." Blumenkehl continued, "We are also pleased that we were able to help the lender who had foreclosed on the property monetize their investment quickly despite seasonal challenges, and look forward to helping stabilize the building and already outstanding neighborhood within which the property is located."
Blumenkehl says his company is already receiving calls about the property from interested properties, and expects to the rehabilitation and upgrading of the property to be complete by the end of the first quarter of 2011.
For more information about Charles BLumenkehl, Blumenkehl Properties or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or the company directly at 973 935-1400.
Friday, February 4, 2011
Blue Asset Management LLC Releases Its 2011 Property Management Investment Report
Charles Blumenkehl, managing partner for Blue Asset Management, announced his fund has released its 2011 Property Management Investment Report highlighting strategies and programs the fund plans on in 2011.
According to Charles Blumenkehl, attention to property stability, value enhancement and protection, and the acquisition of new assets are among main highlights of their report.
“To minimize risk and maximize return, we are focused on running tightly monitored property management systems lending themselves to responsible asset management and acquisition, while understanding and controlling the investments that we will make in our properties in the upcoming year,” Blumenkehl said. “We must be ready for bumps in the management process, while focusing our efforts on lowering management costs, increasing collectibles and containing property operational costs,” Blumenkehl continued.
Among those areas singled out by Blumenkehl as part of their overall strategy of increasing existing yields on managed real estate are
- Savings in energy costs by taking advantage of the deregulation opportunities recently created in New Jersey
- Lowering insurance premiums by shopping insurance carriers and coverages while maintaining value coverage in line with the current market trends
- Renegotiating interest costs on mortgages wherever possible, and opening dialogue with mortgage holders and new lenders desiring to do business with the company because of its strong financial track record of loan repayment
- Reduction of property taxes through engaging a more aggressive and rigorous tax appeal process in many of the municipalities the company owns real estate in
- Lower water usage through the installation of low-water consumption devices in many of their buildings.
Blumenkehl has been managing real estate for over 30 years, and describes the upcoming year as one of opportunity and long term increased returns through proper planning. For more information about Blue Asset Management LLC or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Charles Blumenkehl, attention to property stability, value enhancement and protection, and the acquisition of new assets are among main highlights of their report.
“To minimize risk and maximize return, we are focused on running tightly monitored property management systems lending themselves to responsible asset management and acquisition, while understanding and controlling the investments that we will make in our properties in the upcoming year,” Blumenkehl said. “We must be ready for bumps in the management process, while focusing our efforts on lowering management costs, increasing collectibles and containing property operational costs,” Blumenkehl continued.
Among those areas singled out by Blumenkehl as part of their overall strategy of increasing existing yields on managed real estate are
- Savings in energy costs by taking advantage of the deregulation opportunities recently created in New Jersey
- Lowering insurance premiums by shopping insurance carriers and coverages while maintaining value coverage in line with the current market trends
- Renegotiating interest costs on mortgages wherever possible, and opening dialogue with mortgage holders and new lenders desiring to do business with the company because of its strong financial track record of loan repayment
- Reduction of property taxes through engaging a more aggressive and rigorous tax appeal process in many of the municipalities the company owns real estate in
- Lower water usage through the installation of low-water consumption devices in many of their buildings.
Blumenkehl has been managing real estate for over 30 years, and describes the upcoming year as one of opportunity and long term increased returns through proper planning. For more information about Blue Asset Management LLC or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Blue Asset Management Restructures Mortgage in Sussex County
Charles Blumenkehl, CEO of Blumenkehl Companies and managing partner of Blue Asset Management LLC, announced restructuring a moertgage for property owned in Sussex County New Jersey. The property was purchased in 2005 at which time they originated a 6.5% mortgage. Blumenkehl says they closed the new mortgage reducing the rate to 3 7/8%.
According to Blumenkehl, “Obviously we are thrilled at the ability to refinance the mortgage and substantially increase our returns on our property. As a valued Wells Fargo and Wachovia Bank customer for many years, we were able to leverage our excellent financial loan track record and payment history and take advantage of the available historic low rates of today’s mortgage marketplace despite the increase in restraints imposed by banks, including Wells, resultant of the residential mortgage meltdown in the past few years. We are continuing to maintain dialogues with our lenders throughout New Jersey and are seeking to restructure several more properties as well while giving our lenders the certainty and confidence of being paid back on their investment timely while maintaining meaningful collateral ratios to the benefit of their stockholders.”
Blumenkehl continued, “As the economic recovery continues to manifest itself in increased buying opportunities for our company, the ability to restructure our loans supports our equity investments we are currently making in New Jersey. We look forward to making the right equity investments in the New Jersey property acquisitions we are buying now that are undervalued and provide the opportunity to increase in value through our value enhancement procedures, systems and renovations while supporting our efforts through working with our banks on restructuring financing on our current property portfolio.”
For more information about Charles Blumenkehl, Blumenkehl Companies or Blue Asset Management LLC, log on to the company website at www.bluemanagementllc.com or call Charles Blumenkehl directly at 973-835-1400.
According to Blumenkehl, “Obviously we are thrilled at the ability to refinance the mortgage and substantially increase our returns on our property. As a valued Wells Fargo and Wachovia Bank customer for many years, we were able to leverage our excellent financial loan track record and payment history and take advantage of the available historic low rates of today’s mortgage marketplace despite the increase in restraints imposed by banks, including Wells, resultant of the residential mortgage meltdown in the past few years. We are continuing to maintain dialogues with our lenders throughout New Jersey and are seeking to restructure several more properties as well while giving our lenders the certainty and confidence of being paid back on their investment timely while maintaining meaningful collateral ratios to the benefit of their stockholders.”
Blumenkehl continued, “As the economic recovery continues to manifest itself in increased buying opportunities for our company, the ability to restructure our loans supports our equity investments we are currently making in New Jersey. We look forward to making the right equity investments in the New Jersey property acquisitions we are buying now that are undervalued and provide the opportunity to increase in value through our value enhancement procedures, systems and renovations while supporting our efforts through working with our banks on restructuring financing on our current property portfolio.”
For more information about Charles Blumenkehl, Blumenkehl Companies or Blue Asset Management LLC, log on to the company website at www.bluemanagementllc.com or call Charles Blumenkehl directly at 973-835-1400.
Thursday, February 3, 2011
James Boyle Joins Blue Asset Management
Charles Blumenkehl, managing partner at Blue Asset Management LLC, has announced that James Boyle, leadership coach and active Realtor in Essex County, has joined Blue Asset Management LLC as an asset manager for the company. James, a lifetime New Jersey resident, received his undergraduate degree at Montclair State University and earned his Masters degree at Seton Hall.
According to Charles Blumenkehl, managing partner at Blue Asset Management LLC, “James is a bright and dynamic personality who understands the business we’re in and is talented in those areas which help our systems flow.” Blumenkehl continued, “James is an excellent facilitator and communicator and has proven himself in a short time to be a valuable and effective member of our team.”
Blue Asset Management LLC is a buyer and seller of residential and commercial performing and non-performing mortgages and distressed real estate. It is a part of the Blumenkehl group of companies that own and manage real estate portfolios throughout New Jersey. For more information about Blue Asset Management LLC, James Boyle or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Charles Blumenkehl, managing partner at Blue Asset Management LLC, “James is a bright and dynamic personality who understands the business we’re in and is talented in those areas which help our systems flow.” Blumenkehl continued, “James is an excellent facilitator and communicator and has proven himself in a short time to be a valuable and effective member of our team.”
Blue Asset Management LLC is a buyer and seller of residential and commercial performing and non-performing mortgages and distressed real estate. It is a part of the Blumenkehl group of companies that own and manage real estate portfolios throughout New Jersey. For more information about Blue Asset Management LLC, James Boyle or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Blue Asset Management LLC Markets Gloucester and Cumberland Properties in New Jersey
Charles Blumenkehl, managing partner for Blue Asset Management LLC, has announced his fund is divesting its Gloucester and Cumberland county properties.
According to Blumenkehl, "While we recognize Gloucester and Cumberland counties and the south Jersey corridor as a land of much opportunity for distressed and undervalued real estate, the properties we currently own in these areas don't match our current profile and ability to provide the type of execution of our property needs as we planned out. In terms of the maintenance, demographics and control of the properties, we have determined to list the properties for sale and focus our efforts more effectively
elsewhere."
Blue Asset Management LLC had recently announced its intentions to pursue properties outside of its core real estate markets in northern New Jersey, and has extended its footprint and search for opportunity toward Monmouth and Warren counties in New Jersey. The company says that at current it has no plans to extend efforts into southern New Jersey.
Founded in 2008 by Charles Blumenkehl, Blue Asset Management LLC is a buyer and seller of performing and non-performing residential and commercial notes and distressed real estate in New Jersey. For more information about Charles Blumenkehl and Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Blumenkehl, "While we recognize Gloucester and Cumberland counties and the south Jersey corridor as a land of much opportunity for distressed and undervalued real estate, the properties we currently own in these areas don't match our current profile and ability to provide the type of execution of our property needs as we planned out. In terms of the maintenance, demographics and control of the properties, we have determined to list the properties for sale and focus our efforts more effectively
elsewhere."
Blue Asset Management LLC had recently announced its intentions to pursue properties outside of its core real estate markets in northern New Jersey, and has extended its footprint and search for opportunity toward Monmouth and Warren counties in New Jersey. The company says that at current it has no plans to extend efforts into southern New Jersey.
Founded in 2008 by Charles Blumenkehl, Blue Asset Management LLC is a buyer and seller of performing and non-performing residential and commercial notes and distressed real estate in New Jersey. For more information about Charles Blumenkehl and Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Tuesday, February 1, 2011
Blue Asset Management LLC At 100% Occupancy in Paterson
According to Charles Blumenkehl, CEO and managing partner of Blue Asset Management LLC. the company is fully occupied in the projects it has recently acquired in the Paterson New Jersey area.
According to Blumenkehl, "Having grown up in the Paterson area, I know well the opportunities within the city and where the most sensible investments in this opportunistic market can occur in this current economic environment."
Blumenkehl said his companies were greatly encouraged by the quick acceptance and stabilization the properties have experienced and looks forward to the opportunity of helping build a supply of suitable housing where it is needed most. "Paterson is a vibrant city we think is presenting an interesting market and we wish to support the efforts of the administration by helping to stabilize the city and its historical neighborhoods.
Blue Asset Management LLC and Blumenkehl Real Estate companies are buyers and sellers of performing and non performing notes and distressed real estate. For more information about the company log onto their website at www.blueassetmanagementllc or call the company directly at 973 835-1400
According to Blumenkehl, "Having grown up in the Paterson area, I know well the opportunities within the city and where the most sensible investments in this opportunistic market can occur in this current economic environment."
Blumenkehl said his companies were greatly encouraged by the quick acceptance and stabilization the properties have experienced and looks forward to the opportunity of helping build a supply of suitable housing where it is needed most. "Paterson is a vibrant city we think is presenting an interesting market and we wish to support the efforts of the administration by helping to stabilize the city and its historical neighborhoods.
Blue Asset Management LLC and Blumenkehl Real Estate companies are buyers and sellers of performing and non performing notes and distressed real estate. For more information about the company log onto their website at www.blueassetmanagementllc or call the company directly at 973 835-1400
Blue Asset Management LLC to Increase Holdings in Hudson County
Charles Blumenkehl, CEO and managing partner of Blue Asset Management LLC has announced that his company has contracted to purchase a multi-family building in the North Bergen, Hudson County area.
According to Charles Blumenkehl, CEO and Managing Partner of Blue Asset Management LLC, "The proximity of North Bergen to Manhattan, the need for rental housing in the market and the opportunity to find properties that have the ability to benefit from our value enhancement systems while providing owners viable exits and helping to revitalize and support the neighborhoods within which the properties are located are a value-added for everone involved."
Blumenkehl's companies currently manage a number of buildings in Hudson county, and plans to increase their holdings as opportunities present themselves. Blumenkehl also sites the Path trains a and local train and subway access now made available through the Jersey City North Bergen corridor as a driver in the desirability for real estate in the Hudson markets.
Charles Blumenkehl is managing partner of Blue Asset Management and Blue companies. Blue Asset Management is a buyer and seller of performing, non-performing and distressed commercial and residential real estate. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Charles Blumenkehl, CEO and Managing Partner of Blue Asset Management LLC, "The proximity of North Bergen to Manhattan, the need for rental housing in the market and the opportunity to find properties that have the ability to benefit from our value enhancement systems while providing owners viable exits and helping to revitalize and support the neighborhoods within which the properties are located are a value-added for everone involved."
Blumenkehl's companies currently manage a number of buildings in Hudson county, and plans to increase their holdings as opportunities present themselves. Blumenkehl also sites the Path trains a and local train and subway access now made available through the Jersey City North Bergen corridor as a driver in the desirability for real estate in the Hudson markets.
Charles Blumenkehl is managing partner of Blue Asset Management and Blue companies. Blue Asset Management is a buyer and seller of performing, non-performing and distressed commercial and residential real estate. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Sunday, January 30, 2011
Blue Asset Management LLC to Increase Holdings in Hudson County
Charles Blumenkehl, CEO and managing partner of Blue Asset Management LLC has announced that his company has contracted to purchase a multi-family building in the North Bergen, Hudson County area.
According to Charles Blumenkehl, CEO and Managing Partner of Blue Asset Management LLC, "The proximity of North Bergen to Manhattan, the need for rental housing in the market and the opportunity to find properties that have the ability to benefit from our value enhancement systems while providing owners viable exits and helping to revitalize and support the neighborhoods within which the properties are located are a value-added for everone involved."
Blumenkehl's companies currently manage almost 1/2 dozen buildings in the Hudson county market, and plans to increase their holdings as opportunities present themselves. Blumenkehl also sites the Path trains a and local train and subway access now made available through the Jersey City North Bergen corridor as a driver in the desirability for real estate in the Hudson markets.
Charles Blumenkehl is managing partner of Blue Asset Management and Blue companies. Blue Asset Management is a buyer and seller of performing, non-performing and distressed commercial and residential real estate. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Charles Blumenkehl, CEO and Managing Partner of Blue Asset Management LLC, "The proximity of North Bergen to Manhattan, the need for rental housing in the market and the opportunity to find properties that have the ability to benefit from our value enhancement systems while providing owners viable exits and helping to revitalize and support the neighborhoods within which the properties are located are a value-added for everone involved."
Blumenkehl's companies currently manage almost 1/2 dozen buildings in the Hudson county market, and plans to increase their holdings as opportunities present themselves. Blumenkehl also sites the Path trains a and local train and subway access now made available through the Jersey City North Bergen corridor as a driver in the desirability for real estate in the Hudson markets.
Charles Blumenkehl is managing partner of Blue Asset Management and Blue companies. Blue Asset Management is a buyer and seller of performing, non-performing and distressed commercial and residential real estate. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Blue Asset Management Expands Markets
According to Charles Blumenkehl, CEO and managing partner of Blue Asset Management, the company is expanding its markets to leverage opportunities while sustaining additional pressures by new entries into the local markets. Blue Asset Management has been focused primarily in Bergen, Essex, Morris, Passaic and Hudson Counties has now focused on distressed real estate in Monmouth, Somerset and Warren Counties as well.
"With the increase in players in the counties we have been active in, the expectations of our local sellers have become less reconcilable with our model and market expectations," Blumenkehl continued, "By increasing our markets, we can still control our product flow through existing networks while increasing our ability to leverage the opportunities in our markets." Blumekehl claims that his company controls close to $10 million in holdings and is hoping to increase their property flow in 2011.
Blue Asset Management LLC is a buyer and seller of non=performing and performing residential and commercial notes and distressed real estate. For more information about Charles Blumenkehl and Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com
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"With the increase in players in the counties we have been active in, the expectations of our local sellers have become less reconcilable with our model and market expectations," Blumenkehl continued, "By increasing our markets, we can still control our product flow through existing networks while increasing our ability to leverage the opportunities in our markets." Blumekehl claims that his company controls close to $10 million in holdings and is hoping to increase their property flow in 2011.
Blue Asset Management LLC is a buyer and seller of non=performing and performing residential and commercial notes and distressed real estate. For more information about Charles Blumenkehl and Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com
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Saturday, January 29, 2011
Blue Asset Management LLC Forecasts Slowdown in Sales of Distressed Properties
According to Charles Blumenkehl, managing partner for Blue Asset Management, real estate investor of performing and non performing mortgages and distressed real estate, the number of properties reaching the end of the foreclosure cycle are increasing and will dramatically add to the supply of homes availble to today's home consumer. The result will manifest itself, according to Blumenkehl, in increased pressure on home pricing, particularly on REO's as banks will find themselves needing to either engage value enhancement strategies which will enable them to open their inventory to buyers who would not otherwise have the funds necessary to rehabilitate the home, or lowering their prices so investors will still be able to create equity for their investments by making the needed improvements.
Blumenkehl added, "The market is not responding well right now to the buying incentives it isn't receiving. The only true incentive available to today's homebuyer are the historically low rates and low prices that are only available to the most creditworthy of borrowers, and that discounts a large portion of buyers who should otherwise be a part of the process of fulfilling the American dream of homeownership. And even those buyers find their enthusiasm tempered by by the difficulties imposed throughout the mortgage loan origination system as designed to meet today's lending concerns."
According to Charles Blumenkehl, the market will eventually thin out, with even areas that have 13-18 months of inventory and climbing hitting their apex, and eventually inventory levels will lessen. When asked when he thought that might be, Blumenkehl said he didn't have the answer but said "God stopped making land a long time ago but he hasn't stopped making people, especially those moving to the United States. Eventually, the people will overtake the land, and the pendulum will swing in the other direction."
For more information about Charles Blumenkehl or Blue Asset Management, log onto the company website at www.blueassetmanagementllc.com or call the company directly at (973)835-1400
Blumenkehl added, "The market is not responding well right now to the buying incentives it isn't receiving. The only true incentive available to today's homebuyer are the historically low rates and low prices that are only available to the most creditworthy of borrowers, and that discounts a large portion of buyers who should otherwise be a part of the process of fulfilling the American dream of homeownership. And even those buyers find their enthusiasm tempered by by the difficulties imposed throughout the mortgage loan origination system as designed to meet today's lending concerns."
According to Charles Blumenkehl, the market will eventually thin out, with even areas that have 13-18 months of inventory and climbing hitting their apex, and eventually inventory levels will lessen. When asked when he thought that might be, Blumenkehl said he didn't have the answer but said "God stopped making land a long time ago but he hasn't stopped making people, especially those moving to the United States. Eventually, the people will overtake the land, and the pendulum will swing in the other direction."
For more information about Charles Blumenkehl or Blue Asset Management, log onto the company website at www.blueassetmanagementllc.com or call the company directly at (973)835-1400
Friday, January 28, 2011
Blue Asset Management LLC Buys Multi-Million Dollar NPN Mortgage Pool in New Jersey
Charles Blumenkehl, CEO and managing partner of Blue Asset Management LLC announced his company has closed a multi-million dollar non-performing mortgage tranche collateralized residential assets located throughout New Jersey.
According to Charles Blumenkehl, "We are very pleased to have been able to help our sellers liquidate their non-peforming notes, and are excited about the opportunities we have identified within the group." Blumenkehl continued, "The areas these properties are in, and the price points we were able to achieve, will provide a benefit to our investors and provide an opportunity to stabilize the neighborhoods the properties are located in."
Wayne based Blue Asset Management was formed by Charles Blumenkehl in 2008 to leverage what he perceives are tremendous opportunities within the, market resultant from the mortgage and liquidity crunch. For more information about the company or Charles Blumenkehl you can log onto the company website at www.blueassetmanagementllc.com or by phone at 973-835-1400.
According to Charles Blumenkehl, "We are very pleased to have been able to help our sellers liquidate their non-peforming notes, and are excited about the opportunities we have identified within the group." Blumenkehl continued, "The areas these properties are in, and the price points we were able to achieve, will provide a benefit to our investors and provide an opportunity to stabilize the neighborhoods the properties are located in."
Wayne based Blue Asset Management was formed by Charles Blumenkehl in 2008 to leverage what he perceives are tremendous opportunities within the, market resultant from the mortgage and liquidity crunch. For more information about the company or Charles Blumenkehl you can log onto the company website at www.blueassetmanagementllc.com or by phone at 973-835-1400.
Thursday, January 27, 2011
Blumenkehl Companies Announce $2 Million Commitment in Paterson, New Jersey
Charles Blumenkehl, CEO of Blumenkehl Companies, announced his company is committing to purchase and manage through Blue Companies and Blue Asset Management LLC, of which he is managing partner, holdings in excess of $2 million in the city of Paterson in 2011.
According to Blumenkehl, “As the economic recovery continues to manifest itself in increased manufacturing needs, Paterson makes for an attractive pool of available labor force who can fill much needed jobs, which need to be met with an ample supply of good housing in stable neighborhoods. We hope to support that effort as we continue to apply our effective management systems to our properties in Paterson.”
Blumenkehl, originally raised in Paterson, believes that his knowledge of the area is very helpful in his company’s ability to analyze which neighborhoods present which challenges and where his funds would be best to employ their resources.
For more information about Charles Blumenkehl or Blue Asset Management, log on to their companies website at www.bluemanagementllc.com or call the company directly at 973-835-1400.
According to Blumenkehl, “As the economic recovery continues to manifest itself in increased manufacturing needs, Paterson makes for an attractive pool of available labor force who can fill much needed jobs, which need to be met with an ample supply of good housing in stable neighborhoods. We hope to support that effort as we continue to apply our effective management systems to our properties in Paterson.”
Blumenkehl, originally raised in Paterson, believes that his knowledge of the area is very helpful in his company’s ability to analyze which neighborhoods present which challenges and where his funds would be best to employ their resources.
For more information about Charles Blumenkehl or Blue Asset Management, log on to their companies website at www.bluemanagementllc.com or call the company directly at 973-835-1400.
Blue Asset Management Closes Building in Weehawken New Jersey
Blue Asset Management LLC has recently closed on a multi-family building in Weehawken, New Jersey, according to Charles Blumenkehl, managing partner for Blue Asset Management.
According to Blumenkehl, “Weehawken, in its close proximity to New York City and the Lincoln Tunnel, combined with a great school system, is a mecca for New York commuters who want to enjoy the city life without living in the middle of it. The town is well maintained, well managed, and provides some of the greatest up-close views of Manhatten across the Hudson you could ever see from our location.”
Blumenkehl and his companies have been purchasing properties throughout northern New Jersey and said his company is looking to increase their holdings an additional 25% in the coming year. "We view the current economic environment as an opportunity to acquire properties that wouldn’t have made financial sense to us before the downturn. We are optimistic about the financial future and stability of our country and in particular in the area surrounding New York City, the world capital for commerce. Charles Blumenkehl said. Blumenkehl predicts he will complete the renovation of theGregory Ave property and have it back on the rent rolls buy the end of the first quarter of 2011."
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the opportunities resulting from the mortgage and liquidity meltdown that began a few years ago. For more information about Blue Asset Management LLC or Charles Blumenkehl log onto the company website at www.blueassetmanagementllc.com.
According to Blumenkehl, “Weehawken, in its close proximity to New York City and the Lincoln Tunnel, combined with a great school system, is a mecca for New York commuters who want to enjoy the city life without living in the middle of it. The town is well maintained, well managed, and provides some of the greatest up-close views of Manhatten across the Hudson you could ever see from our location.”
Blumenkehl and his companies have been purchasing properties throughout northern New Jersey and said his company is looking to increase their holdings an additional 25% in the coming year. "We view the current economic environment as an opportunity to acquire properties that wouldn’t have made financial sense to us before the downturn. We are optimistic about the financial future and stability of our country and in particular in the area surrounding New York City, the world capital for commerce. Charles Blumenkehl said. Blumenkehl predicts he will complete the renovation of theGregory Ave property and have it back on the rent rolls buy the end of the first quarter of 2011."
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the opportunities resulting from the mortgage and liquidity meltdown that began a few years ago. For more information about Blue Asset Management LLC or Charles Blumenkehl log onto the company website at www.blueassetmanagementllc.com.
Friday, January 21, 2011
Sales of U.S. Existing Homes Jump More Than Estimated to Seven-Month High
From Bloomberg:
Sales of U.S. previously owned homes jumped more than forecast in December as buyers tried to lock in low mortgage rates before the economic recovery pushed borrowing up further.
Purchases of existing houses, which are tabulated when a contract closes, increased 12 percent to a 5.28 million annual rate, the most since May and exceeding the highest estimate of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington. The median price dropped 1 percent from a year earlier, and the share of sales represented by foreclosures climbed.
Buyers are returning to the housing market after a government tax credit expired in the middle of 2010, indicating the drop in prices and cheap lending rates are making homes more affordable. At the same time, unemployment in excess of 9 percent and record foreclosures are among concerns that have prompted Federal Reserve policy makers to follow through with a second round of quantitative easing.
“Home sales are improving slowly, but surely,” said Aaron Smith, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “We really need to see job creation pick up to ensure housing continues to recover. Housing clearly is still a weak spot in the economy.”
For all of last year, purchases decreased to 4.91 million, the fewest since 1997.
Sales of U.S. previously owned homes jumped more than forecast in December as buyers tried to lock in low mortgage rates before the economic recovery pushed borrowing up further.
Purchases of existing houses, which are tabulated when a contract closes, increased 12 percent to a 5.28 million annual rate, the most since May and exceeding the highest estimate of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington. The median price dropped 1 percent from a year earlier, and the share of sales represented by foreclosures climbed.
Buyers are returning to the housing market after a government tax credit expired in the middle of 2010, indicating the drop in prices and cheap lending rates are making homes more affordable. At the same time, unemployment in excess of 9 percent and record foreclosures are among concerns that have prompted Federal Reserve policy makers to follow through with a second round of quantitative easing.
“Home sales are improving slowly, but surely,” said Aaron Smith, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “We really need to see job creation pick up to ensure housing continues to recover. Housing clearly is still a weak spot in the economy.”
For all of last year, purchases decreased to 4.91 million, the fewest since 1997.
Tuesday, January 18, 2011
Charles Blumenkehl of Blue Asset Management LLC Sees Demand for Residential Rentals Increasing
While sales and rental markets have softened these last two years according to the National Association of Realtors, Charles Blumenkehl, managing partner of Blue Asset Management LLC and CEO of Blumenkehl Properties, managers of investment properties throughout New Jersey, says his company is seeing more demand for residential rental properties and believes this trend will dramatically increase in the next few years.
Blumenkehl points to statistics released by the National Association of Home Builders at the International Builders Show, which had only 114,000 multi-family homes started in 2010, which the Association states is less than the number of multi family homes removed from the market during the same period. NAHB further stated that while they anticipate another 133,000 multi family units will be started in 2011, they too predict that number will be far less than the expected demand.
According to Blumenkehl, “With a large part of the population reaching rental age, combined with the number of home share and live at home arrangements already in place due to the economic contraction of the last few years, the demand for rental housing is becoming greater as the country moves toward economic recovery.” Blumenkehl, whose properties have a 96% occupancy rate in New Jersey at current, continued, “Rents have already began climbing in some of our markets, and a shortage of new multifamily units coupled with a rise in prime renter-age households will give landlords clout they haven’t seen since we emerged from the last housing recession in the mid-1990s.”
Blumenkehl Properties and Blue Asset Management LLC are managers and buyers of performing and non-performing mortgages and distressed and investment properties in New Jersey. For more information about Blue Asset Management or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com
Blumenkehl points to statistics released by the National Association of Home Builders at the International Builders Show, which had only 114,000 multi-family homes started in 2010, which the Association states is less than the number of multi family homes removed from the market during the same period. NAHB further stated that while they anticipate another 133,000 multi family units will be started in 2011, they too predict that number will be far less than the expected demand.
According to Blumenkehl, “With a large part of the population reaching rental age, combined with the number of home share and live at home arrangements already in place due to the economic contraction of the last few years, the demand for rental housing is becoming greater as the country moves toward economic recovery.” Blumenkehl, whose properties have a 96% occupancy rate in New Jersey at current, continued, “Rents have already began climbing in some of our markets, and a shortage of new multifamily units coupled with a rise in prime renter-age households will give landlords clout they haven’t seen since we emerged from the last housing recession in the mid-1990s.”
Blumenkehl Properties and Blue Asset Management LLC are managers and buyers of performing and non-performing mortgages and distressed and investment properties in New Jersey. For more information about Blue Asset Management or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com
Saturday, January 15, 2011
Look for Increase in Commercial Foreclosures in 2011
(Wayne) Charles Blumenkehl, managing partner for Blue Asset Management LLC, predicts a higher rate of commercial backed mortgage foreclosures in 2011.
According to Blumenkehl, many of the Commercial Mortgage Backed Securities that were popular toward the end of the real estate boom years ending in 2006 will be maturing through their foreclosure cycle as the negotiations that lenders lt will inevitably and their commercial borrowers undertook to keep the loans from defaulting have failed, and the result will inevitably be the foreclosure of these properties. Alternatives already being seen in the market on many of these loans have resulted in the lenders assuming rights to the property through receivership clauses in the mortgage documents specific to the properties with motions made by the lenders to be allowed to sell the properties in receivership. Another strategy which has become popular is lenders accepting a ‘deed in lieu of foreclosure’ which is where the borrower or owner if the properties signs the deed and ownership rights back to the bank prior to the foreclosure action being completed in return for a release of any future obligations to the lender if the property ultimately sells for less than the amount owed by the borrower.
Blumenkehl said, “the need for these commercial loans to be monetized is a key component of the mortgage recovery. Lenders and borrowers both have accepted that this is not a short-term recovery that will cure itself imminently.” Blumenkehl continued, “Borrowers continue to default on their renegotiated mortgage terms for the same reasons that put them there in the first place, lower sales, tighter margins, and overall a contraction of the local economies which makes it impossible for them to keep their doors open long enough to reach recovery.”
Blumenkehl considers this a necessary component of the mortgage recovery, and says the sooner these commercial backed mortgages are monetized, the quicker the country will be back on its feet. “We are substantially overleveraged as a country, and as the ratios normalize, we will be able to leverage the underlying economic recovery more meaningfully, translating to higher employment opportunities and more actual productive cash dollars being returned to the economy to further enable our economic recovery as a whole.”
For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Blumenkehl, many of the Commercial Mortgage Backed Securities that were popular toward the end of the real estate boom years ending in 2006 will be maturing through their foreclosure cycle as the negotiations that lenders lt will inevitably and their commercial borrowers undertook to keep the loans from defaulting have failed, and the result will inevitably be the foreclosure of these properties. Alternatives already being seen in the market on many of these loans have resulted in the lenders assuming rights to the property through receivership clauses in the mortgage documents specific to the properties with motions made by the lenders to be allowed to sell the properties in receivership. Another strategy which has become popular is lenders accepting a ‘deed in lieu of foreclosure’ which is where the borrower or owner if the properties signs the deed and ownership rights back to the bank prior to the foreclosure action being completed in return for a release of any future obligations to the lender if the property ultimately sells for less than the amount owed by the borrower.
Blumenkehl said, “the need for these commercial loans to be monetized is a key component of the mortgage recovery. Lenders and borrowers both have accepted that this is not a short-term recovery that will cure itself imminently.” Blumenkehl continued, “Borrowers continue to default on their renegotiated mortgage terms for the same reasons that put them there in the first place, lower sales, tighter margins, and overall a contraction of the local economies which makes it impossible for them to keep their doors open long enough to reach recovery.”
Blumenkehl considers this a necessary component of the mortgage recovery, and says the sooner these commercial backed mortgages are monetized, the quicker the country will be back on its feet. “We are substantially overleveraged as a country, and as the ratios normalize, we will be able to leverage the underlying economic recovery more meaningfully, translating to higher employment opportunities and more actual productive cash dollars being returned to the economy to further enable our economic recovery as a whole.”
For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Tuesday, January 11, 2011
Mortgage Restrictions are slowing real estate recovery
From what I am hearing from the brokerage community interest in properties currently for sale have increased since the beginning of 2011, which makes sense since as it has historically been slower bretween Thanksgiving and New Years, and in 2010 maybe even a little earlier. But from what I see on the offers we are being presented, loan restrictions placed on potential borrowers and properties has made the effort to buy and sell a home more cumbersome on the consumer and could slow the real estate recovery through 2011 while our overleveraged mortgage system tries to catch up to itself. Prices and rates are more affordable than they have been in many years. However, the restraints being placed on the lending process, including the amount of reserves required by the lenders from borrowers, increased down payments, seasoning requirements, and multiple appraisals reviews that take long periods of time are making it harder for buyers with the best of credit to close title on their property timely. The system has to ease up so credit-worthy, gainfully employed home buyers can take advantage of the tremendous opportunities that abound today. I also think the government could help by providing a stimulus to first time buyers. Obviously there is a tax cost in any incentive the government might offer. But when you think of the income that flows from the transaction, even a small stimulus offering that could spur increased activity will generate more tax dollars in the form of transfer tax and state and federal income tax than the incentives will cost, and will help employment by providing more opportunity to ancillary service providers who provide services and goods to the homeowners post sale. Look at the increase generated in sales until the Obama administration ended the new buyer stimulus package in mid 2010, at which time real estate unit sales fell over 20% across the country. God Stopped making dirt a long time ago, but hasn't stopped making people. In the long term the people will overtake the dirt and pricing will follow supply and demand. But in the short term, anything can happen, and as Real Estate goes so goes the country, employment and the hopes and dreams of so many. I wouldn't advocate the government infusing an overdose, like they did when mortgages were given with wreckless abandon, which is what got us here. But a little medicine is needed sometimes, I look forward to some meaningful input from the second two years of the Obama administration tenure.
Thursday, January 6, 2011
Blumenkehl Commits To Investing in Urban Markets
Charles Blumenkehl, CEO of Blumenkehl Companies, announced his company is committing to purchase and manage through Blue Companies and Blue Asset Management LLC, of which he is managing partner, holdings in excess of $2 million in the city of Paterson in 2011.
According to Blumenkehl, “As the economic recovery continues to manifest itself in increased manufacturing needs, Paterson makes for an attractive pool of available labor force who can fill much needed jobs, which need to be met with an ample supply of good housing in stable neighborhoods. We hope to support that effort as we continue to apply our effective management systems to our properties in Paterson.”
Blumenkehl, originally raised in Paterson, believes that his knowledge of the area is very helpful in his company’s ability to analyze which neighborhoods present which challenges and where his funds would be best to employ their resources.
For more information about Charles Blumenkehl or Blue Asset Management, log on to their companies website at www.bluemanagementllc.com or call the company directly at 973-835-1400.
According to Blumenkehl, “As the economic recovery continues to manifest itself in increased manufacturing needs, Paterson makes for an attractive pool of available labor force who can fill much needed jobs, which need to be met with an ample supply of good housing in stable neighborhoods. We hope to support that effort as we continue to apply our effective management systems to our properties in Paterson.”
Blumenkehl, originally raised in Paterson, believes that his knowledge of the area is very helpful in his company’s ability to analyze which neighborhoods present which challenges and where his funds would be best to employ their resources.
For more information about Charles Blumenkehl or Blue Asset Management, log on to their companies website at www.bluemanagementllc.com or call the company directly at 973-835-1400.
Wednesday, January 5, 2011
Blumenkehl encouraged by inner city opportunities
Blue Asset Management LLC is almost completely occupied on all its Paterson properties including a series of multi-family buildings acquired in Paterson, which it added to its previously owned Paterson apartments, according to Charles Blumenkehl, CEO and managing partner for Blue Asset Management.
“We see Paterson as a city that is in support of a stable and well maintained housing supply and we are doing our part locally to support that effort," said Blumenkehl. Many buildings have also been and are being revitalized in the city helping to support the need for housing but being able to stabilize and provide proper maintenance to all these properties, not just newly maintained and renovated units is a big plus for all.”
Charles Blumenkehl grew up in Paterson and has been active in the residential real estate business since 1977. He founded Blue Asset Management LLC in 2008 to leverage the opportunities resultant from the mortgage meltdown which he forsees extending itself for the next few years, combined with the myriad of contacts, networks and effective systems he has developed over the years.
For more information about Blue Asset Management LLC or Charles Blumenkehl log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400
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“We see Paterson as a city that is in support of a stable and well maintained housing supply and we are doing our part locally to support that effort," said Blumenkehl. Many buildings have also been and are being revitalized in the city helping to support the need for housing but being able to stabilize and provide proper maintenance to all these properties, not just newly maintained and renovated units is a big plus for all.”
Charles Blumenkehl grew up in Paterson and has been active in the residential real estate business since 1977. He founded Blue Asset Management LLC in 2008 to leverage the opportunities resultant from the mortgage meltdown which he forsees extending itself for the next few years, combined with the myriad of contacts, networks and effective systems he has developed over the years.
For more information about Blue Asset Management LLC or Charles Blumenkehl log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400
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