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.
Sunday, January 30, 2011
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.
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