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.
Showing posts with label Blue. Show all posts
Showing posts with label Blue. Show all posts
Tuesday, March 1, 2011
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.
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.
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.
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