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.

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.

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