There was more creativity in that title than the rest of the blog will have, but hey, it's late, and I haven't blogged in a long time, so I have work back into it a bit slow. Since I blogged last we've had a recession (officially) start, more war, TARP, summer and then snow (again - it was here when i blogged last!), and I got featured in a few nice publicity things, the latest of which is here.
For those that don't already know, The Advocate is (I think) the leading (or at least A leading) gay world news magazine. I'm sorry I don't do them more justice in an explanation and description, but since Avi and I don't read or watch the news, I'm a bit ignorant there. I know they only interview gay and gay friendly leaders, professionals and entertainers. Here's the link for those that missed it. It's been so long since I blogged that I actually posted the http:// stuff in here in text before I remembered to make a hyperlink! The article was posted to the internet sometime around the 25th of November (2008) and was in the December 2, 2008 print edition. The interview was from about a month earlier.
Since this interview my views have continued to adjust downward with regards to the current status of the economy, but not at all as it relates to the buying opportunity for well capitalized investors. I got a loan quote on a deal the last week for five year fixed money, 75% LTV, at 5.01% with 30 year amortization! Of course, the non-recourse version of the same quote was for 55% LTV at 6.75% (or that darn recourse thing - some people in this business haven't been around long enough to know what that means!).
Hi Gabriel, Good to see you my friend. The article was good. Was that you in the picture?
Values in my market are down 65% over the last 24 months. 85% of the closings are either REOS or short sales. It's a brutal time to be a seller. However smart investors are getting back in the market with a vengeance. Fortunes will be made.
Now I just need to move to Chicago and sell 20mil buildings instead of 70k houses:)