Type Rate
30 yr fixed mtg 5.81%
30 yr fixed jumbo mtg 7.29%
30 yr FHA mtg 6.10%
20 yr fixed mtg 5.68%
15 yr fixed mtg 5.53%
15 yr fixed jumbo mtg 6.45%
10 yr fixed mtg 5.34%
3/1 ARM 5.81%
3/1 ARM (interest only) 5.73%
5/1 ARM 5.90%
5/1 ARM (interest only) 5.87%
5/1 jumbo ARM (int only 6.18%
7/1 ARM 6.15%
10/1 ARM 6.54%
Wednesday, November 26, 2008
Tuesday, November 18, 2008
Eatery Coming To Highland Square
Eatery Coming To Highland Square
11/17/2008
The former Two Amigo's will soon turn into a reasonably priced wine bar and kitchen, under a new owner and new name.
David Haynes, a professional chef from California, is considering an Italian name for his rustic, chic eatery he's envisioned for the last 17 years. "The driver for the back of the house will be a wood-fired oven (for pizza) and the driver for the front of the house will be a very dynamic bar, large selections of wines by the glass, handcrafted cocktails, all things made in house," says Haynes.
He's looking at all items being under $20 and hopes to have it up and running by late 2009. "We really want to be a part of this neighborhood," Haynes explains. "That's what drew me first and foremost to the building originally." Plans also include outdoor seating and a new side entryway.
In October, Cleveland developer Gint Strautnieks purchased the Two Amigo's and Dodi's buildings at a sheriff's auction for $423,000.
Strautnieks and Haynes are excited about the new development
The "restaurant" will be like nothing in NorthEast Ohio, Strautnieks says, and the focus will be in food and service.
Both Haynes and Strautnieks plan to keep, and restore, the buildings to their original 1920's era.
All of the windows will be replaced and be more energy efficient. There will be big windows on the street so customers can see what's going on outside and passersby can see inside.
It's still unclear what will happen to the former Dodi's space, but there is a lot of interest. All Strautnieks could says was that clients are looking at the space and how it may be used "will make people happy."
Strautnieks is looking forward to starting the project, which is in the architectural stage now, "we're not waiting for the economy to change, we want to get moving."
Haynes is a California Culinary Academy of San Francisco graduate of the Le Cordon Bleu program.
11/17/2008
The former Two Amigo's will soon turn into a reasonably priced wine bar and kitchen, under a new owner and new name.
David Haynes, a professional chef from California, is considering an Italian name for his rustic, chic eatery he's envisioned for the last 17 years. "The driver for the back of the house will be a wood-fired oven (for pizza) and the driver for the front of the house will be a very dynamic bar, large selections of wines by the glass, handcrafted cocktails, all things made in house," says Haynes.
He's looking at all items being under $20 and hopes to have it up and running by late 2009. "We really want to be a part of this neighborhood," Haynes explains. "That's what drew me first and foremost to the building originally." Plans also include outdoor seating and a new side entryway.
In October, Cleveland developer Gint Strautnieks purchased the Two Amigo's and Dodi's buildings at a sheriff's auction for $423,000.
Strautnieks and Haynes are excited about the new development
The "restaurant" will be like nothing in NorthEast Ohio, Strautnieks says, and the focus will be in food and service.
Both Haynes and Strautnieks plan to keep, and restore, the buildings to their original 1920's era.
All of the windows will be replaced and be more energy efficient. There will be big windows on the street so customers can see what's going on outside and passersby can see inside.
It's still unclear what will happen to the former Dodi's space, but there is a lot of interest. All Strautnieks could says was that clients are looking at the space and how it may be used "will make people happy."
Strautnieks is looking forward to starting the project, which is in the architectural stage now, "we're not waiting for the economy to change, we want to get moving."
Haynes is a California Culinary Academy of San Francisco graduate of the Le Cordon Bleu program.
Thursday, October 2, 2008
Interest Rate Snapshot
*
Key Rates
Instrument
Rate
Prime
5.00
11th Dist. (COFI)
2.693
12 MTA
2.478
Treasury Notes
Term
Yield
3 Month Treasury
.64
6 Month Treasury
1.2
2 Year Treasury
1.67
5 Year Treasury
2.74
7 Year Treasury
3.112
10 Year Treasury
3.67
12 Year Treasury
3.718
15 Year Treasury
3.79
20 Year Treasury
3.91
30 Year Treasury
4.15
LIBOR
Term
Yield
1 Month LIBOR
4.04
3 Month LIBOR
4.21
6 Month LIBOR
3.981
Constant Maturity Treasury
Term
Yield
3 Month CMT
.92
6 Month CMT
1.6
1 Year CMT
1.78
2 Year CMT
2
3 Year CMT
2.28
5 Year CMT
2.98
7 Year CMT
3.38
10 Year CMT
3.85
20 Year CMT
4.43
Key Rates
Instrument
Rate
Prime
5.00
11th Dist. (COFI)
2.693
12 MTA
2.478
Treasury Notes
Term
Yield
3 Month Treasury
.64
6 Month Treasury
1.2
2 Year Treasury
1.67
5 Year Treasury
2.74
7 Year Treasury
3.112
10 Year Treasury
3.67
12 Year Treasury
3.718
15 Year Treasury
3.79
20 Year Treasury
3.91
30 Year Treasury
4.15
LIBOR
Term
Yield
1 Month LIBOR
4.04
3 Month LIBOR
4.21
6 Month LIBOR
3.981
Constant Maturity Treasury
Term
Yield
3 Month CMT
.92
6 Month CMT
1.6
1 Year CMT
1.78
2 Year CMT
2
3 Year CMT
2.28
5 Year CMT
2.98
7 Year CMT
3.38
10 Year CMT
3.85
20 Year CMT
4.43
Banking Crisis Means Changes for Commercial Real Estate
October 1, 2008, 5:53 pm
Sushil Cheema reports from the WSJ:
Over the last few years, many cities have seen an explosion of bank branch expansions. With the current banking crisis causing banks to consolidate, many people are asking what will happen to all that commercial real estate space.
“It was a trend that the banks started five or six years ago to get back into the consumer bank line,” said Jeffrey Roseman, the executive vice president at Newmark Knight Frank Retail in New York, about the mushrooming branches. The banks, he said, realized that deposits are the “bread and butter” of their business, leading them to court their customers by making themselves more highly visible.
“Like any retailer, they thought ‘out of sight, out of mind,’ so they changed the way banking was done” by making themselves more visible to customers by adding more stores, Roseman said. Competition among banks for space drove up rent prices and drove out small businesses and even large businesses that might have fit better into those locations.
Please click on the below link for the full article....
http://blogs.wsj.com/developments/2008/10/01/banking-crisis-means-changes-for-commercial-real-estate/
Sushil Cheema reports from the WSJ:
Over the last few years, many cities have seen an explosion of bank branch expansions. With the current banking crisis causing banks to consolidate, many people are asking what will happen to all that commercial real estate space.
“It was a trend that the banks started five or six years ago to get back into the consumer bank line,” said Jeffrey Roseman, the executive vice president at Newmark Knight Frank Retail in New York, about the mushrooming branches. The banks, he said, realized that deposits are the “bread and butter” of their business, leading them to court their customers by making themselves more highly visible.
“Like any retailer, they thought ‘out of sight, out of mind,’ so they changed the way banking was done” by making themselves more visible to customers by adding more stores, Roseman said. Competition among banks for space drove up rent prices and drove out small businesses and even large businesses that might have fit better into those locations.
Please click on the below link for the full article....
http://blogs.wsj.com/developments/2008/10/01/banking-crisis-means-changes-for-commercial-real-estate/
Monday, June 23, 2008
University might back off buying Joe’s, lawyer says
Picked this news blast up off of http://www.ohiomm.com/blogs/zips/
University might back off buying Joe’s, lawyer says
June 22nd, 2008
Football
If Akron loses its appeal of the $3.1 million verdict to Joe Nemer, it might back off purchasing the land, according to Nemer’s attorney Warner Mendenhall.
Probate court judge Bill Spicer will rule on UA’s motion to set aside the verdict early this week. Mendenhall said the university’s attorney told him it would not be interested in buying the land through eminent domain at that cost.
Would the university really set aside a huge plan for a residence hall over a measley million bucks? Probably not. It looks like posturing, because Nemer obviously can’t get $3.1 million for his land on the market. Even if the university is serious, it might not be able to back out.
For more on the Akron Zips, take a look at Rasor on the Zips webpage @ http://www.ohiomm.com/blogs/zips/
University might back off buying Joe’s, lawyer says
June 22nd, 2008
Football
If Akron loses its appeal of the $3.1 million verdict to Joe Nemer, it might back off purchasing the land, according to Nemer’s attorney Warner Mendenhall.
Probate court judge Bill Spicer will rule on UA’s motion to set aside the verdict early this week. Mendenhall said the university’s attorney told him it would not be interested in buying the land through eminent domain at that cost.
Would the university really set aside a huge plan for a residence hall over a measley million bucks? Probably not. It looks like posturing, because Nemer obviously can’t get $3.1 million for his land on the market. Even if the university is serious, it might not be able to back out.
For more on the Akron Zips, take a look at Rasor on the Zips webpage @ http://www.ohiomm.com/blogs/zips/
Monday, April 21, 2008
Private investors pledge billions to bail out National City
Posted by Teresa Dixon Murray and Peter Krouse April 20, 2008
Updated 9:59 p.m.
In a deal it had to make to survive, National City Corp. today struck an agreement with private investors to get $6 billion to $7 billion of much-needed capital pumped into the Cleveland bank.
The deal, approved by the bank's board this evening, will preserve the 163-year-old bank's Cleveland headquarters and allow it to remain independent -- a relief to 7,800 local workers and a community that doesn't want to lose another Fortune 500 company.
For full story, click on link provided here: http://blog.cleveland.com/business/2008/04/post_11.html
Updated 9:59 p.m.
In a deal it had to make to survive, National City Corp. today struck an agreement with private investors to get $6 billion to $7 billion of much-needed capital pumped into the Cleveland bank.
The deal, approved by the bank's board this evening, will preserve the 163-year-old bank's Cleveland headquarters and allow it to remain independent -- a relief to 7,800 local workers and a community that doesn't want to lose another Fortune 500 company.
For full story, click on link provided here: http://blog.cleveland.com/business/2008/04/post_11.html
Wednesday, April 2, 2008
K&D Group submits sole Ameritrust complex bid
By JAY MILLER1:03 pm, April 2, 2008
It was déjà vu. K&D Group of Willoughby again was the only bidder for the Cuyahoga County-owned Ameritrust complex, bidding the minimum $35 million.
K&D is proposing a $200 million makeover of the east side of East Ninth Street, from Euclid Avenue to the Prospect Avenue-Huron Road crossing.
The mixed-use project would include a new, 13-story, 300,000-square-foot office building at the south end of the block, with the existing Marcel Breuer-designed office tower converted into a hotel and apartments.
“I have every confidence this will be a project of national significance,” said K&D CEO Doug Price. Mr. Price said he already is hearing interest from office tenants.
For Full Article, click on link
http://www.crainscleveland.com/article/20080402/FREE/583128820/1004/newsletter01
It was déjà vu. K&D Group of Willoughby again was the only bidder for the Cuyahoga County-owned Ameritrust complex, bidding the minimum $35 million.
K&D is proposing a $200 million makeover of the east side of East Ninth Street, from Euclid Avenue to the Prospect Avenue-Huron Road crossing.
The mixed-use project would include a new, 13-story, 300,000-square-foot office building at the south end of the block, with the existing Marcel Breuer-designed office tower converted into a hotel and apartments.
“I have every confidence this will be a project of national significance,” said K&D CEO Doug Price. Mr. Price said he already is hearing interest from office tenants.
For Full Article, click on link
http://www.crainscleveland.com/article/20080402/FREE/583128820/1004/newsletter01
Thursday, March 20, 2008
For Architects, a Downturn
Link to article:
http://www.realestatejournal.com/propertyreport/newsandtrends/20080320-hudson.html
By Kris Hudson From The Wall Street Journal Online
A key barometer of construction-industry activity is signaling that the abrupt downturn in commercial construction could run deeper, and last longer, than previously expected.
The American Institute of Architects said its Architecture Billings Index for last month declined to 41.8, its lowest monthly reading since the aftermath of the Sept. 11, 2001, terrorist attacks. As recently as July, the index was near 60.
The index's 8.9-point slide in February follows a 4.3-point drop a month earlier, amounting to a 24% swoon over those two months. (Any reading above 50 indicates an increase in billings; a reading below 50 means billings for the industry declined.)
Jan Hatzius, chief U.S. economist at Goldman Sachs Group, said the ABI's decline indicates that the economic slump has engulfed commercial construction in addition to residential and likely confirms that the broader economy is in recession.
"We're really just starting to see significant deterioration in the commercial construction market," Mr. Hatzius said.
"I would tend to play down month-to-month moves, but this [February decline] certainly is consistent with the idea that the economic downturn is becoming more broad-based than it was a few months ago."
Click on link or paste in browser for full article.
http://www.realestatejournal.com/propertyreport/newsandtrends/20080320-hudson.html
By Kris Hudson From The Wall Street Journal Online
A key barometer of construction-industry activity is signaling that the abrupt downturn in commercial construction could run deeper, and last longer, than previously expected.
The American Institute of Architects said its Architecture Billings Index for last month declined to 41.8, its lowest monthly reading since the aftermath of the Sept. 11, 2001, terrorist attacks. As recently as July, the index was near 60.
The index's 8.9-point slide in February follows a 4.3-point drop a month earlier, amounting to a 24% swoon over those two months. (Any reading above 50 indicates an increase in billings; a reading below 50 means billings for the industry declined.)
Jan Hatzius, chief U.S. economist at Goldman Sachs Group, said the ABI's decline indicates that the economic slump has engulfed commercial construction in addition to residential and likely confirms that the broader economy is in recession.
"We're really just starting to see significant deterioration in the commercial construction market," Mr. Hatzius said.
"I would tend to play down month-to-month moves, but this [February decline] certainly is consistent with the idea that the economic downturn is becoming more broad-based than it was a few months ago."
Click on link or paste in browser for full article.
Tuesday, March 4, 2008
Building to make way for student housing
By Jim Carney
Beacon Journal staff writer
Published on Tuesday, Mar 04, 2008
link to article - http://www.crainscleveland.com/apps/pbcs.dll/section?category=framelink&link=www.ohio.com%2fnews%2f16206847.html&oas=www.ohio.com_news_16206847.html
The wrecking ball will begin knocking down a 98-year-old building on South Main Street in downtown Akron this week to make way for a $25 million student housing and retail project.
Demolition of the building on the east side of South Main Street between Exchange and Cedar streets where Jillian's was located is expected to begin Wednesday and take about four days to complete, said Walter Jakubiak, supervisor of Eslich Wrecking of Louisville.
Crews today are expected to take down the archway between the Jillian's building and the building that continues to house Brubaker's Pub at 373 S. Main St.
The demolition is part of a project that will provide housing to 450 University of Akron students as well as retail space along South Main Street.
Ultimately, the Brubaker's building also will be torn down, but the date is unknown.
Brubaker's remains open and its owner, Scott Brewer, said plans are for his pub to be part of the new development, even though details haven't been worked out.
Martin Mehall, owner of the downtown housing-retail project, said his company is trying to get a coffee shop and some of the ''most exciting retailers you can imagine'' in the store space.
For full article, click on link above.
Beacon Journal staff writer
Published on Tuesday, Mar 04, 2008
link to article - http://www.crainscleveland.com/apps/pbcs.dll/section?category=framelink&link=www.ohio.com%2fnews%2f16206847.html&oas=www.ohio.com_news_16206847.html
The wrecking ball will begin knocking down a 98-year-old building on South Main Street in downtown Akron this week to make way for a $25 million student housing and retail project.
Demolition of the building on the east side of South Main Street between Exchange and Cedar streets where Jillian's was located is expected to begin Wednesday and take about four days to complete, said Walter Jakubiak, supervisor of Eslich Wrecking of Louisville.
Crews today are expected to take down the archway between the Jillian's building and the building that continues to house Brubaker's Pub at 373 S. Main St.
The demolition is part of a project that will provide housing to 450 University of Akron students as well as retail space along South Main Street.
Ultimately, the Brubaker's building also will be torn down, but the date is unknown.
Brubaker's remains open and its owner, Scott Brewer, said plans are for his pub to be part of the new development, even though details haven't been worked out.
Martin Mehall, owner of the downtown housing-retail project, said his company is trying to get a coffee shop and some of the ''most exciting retailers you can imagine'' in the store space.
For full article, click on link above.
Monday, February 18, 2008
$18 Million Fraud Proceeds Funneled Through Strip Joint
Wednesday, February 13, 2008 - By Staff Writer, Originator Times
AKRON, OH - David Willan remains in jail after a judge lowered his bond from $3 million to $1 million. The former Evergreen Corp. president, 37, has been in an Ohio county jail since his arrest on December 19. Willan will likely remain behind bars until his trial on March 18. However, if he does make bail, he is considered a serious flight risk.
Willan, along with 16 co-defendants including a mortgage broker and an appraiser, was indicted on 147 charges. The group, with Willan as the ringleader, is accused of widespread mortgage fraud and theft in the Ohio counties of Cuyahoga, Stark and Summit over a four year period and involving around 300 homes. Prosecutors claim Willan cheated homeowners, mortgage companies and local investors out of more than $18 million.
Evergreen Homes and its predecessor, Summit Redevelopment, started by rehabbing homes and then selling them for a profit. Then, prosecutors say, Willam got greedy. His scheme allegedly entailed buying and then flipping hundreds of homes – selling them for far above what they were actually worth.
Willan is also accused of bilking investors by raising millions of dollars while withholding the fact that his companies were actually unable to meet debt obligations. Prosecutors say that Willan made off with and is hiding about $16 million of those funds.
They further claim Willan laundered some of this money – at least $700,000 - through a strip club in Akron that he set up as a side-business. Willan was also apparently on a spending spree dating strippers, driving expensive cars, and even buying a yacht – which has since been repossessed – before he was arrested.
Almost half of the homes picked up and sold by the accused are in foreclosure. Prosecutors say it’s a sure sign of fraud. The defense claims it’s just bad luck in a down market.
Willan’s trial is set for March 18. He faces a sentence of more than 300 years in prison.
AKRON, OH - David Willan remains in jail after a judge lowered his bond from $3 million to $1 million. The former Evergreen Corp. president, 37, has been in an Ohio county jail since his arrest on December 19. Willan will likely remain behind bars until his trial on March 18. However, if he does make bail, he is considered a serious flight risk.
Willan, along with 16 co-defendants including a mortgage broker and an appraiser, was indicted on 147 charges. The group, with Willan as the ringleader, is accused of widespread mortgage fraud and theft in the Ohio counties of Cuyahoga, Stark and Summit over a four year period and involving around 300 homes. Prosecutors claim Willan cheated homeowners, mortgage companies and local investors out of more than $18 million.
Evergreen Homes and its predecessor, Summit Redevelopment, started by rehabbing homes and then selling them for a profit. Then, prosecutors say, Willam got greedy. His scheme allegedly entailed buying and then flipping hundreds of homes – selling them for far above what they were actually worth.
Willan is also accused of bilking investors by raising millions of dollars while withholding the fact that his companies were actually unable to meet debt obligations. Prosecutors say that Willan made off with and is hiding about $16 million of those funds.
They further claim Willan laundered some of this money – at least $700,000 - through a strip club in Akron that he set up as a side-business. Willan was also apparently on a spending spree dating strippers, driving expensive cars, and even buying a yacht – which has since been repossessed – before he was arrested.
Almost half of the homes picked up and sold by the accused are in foreclosure. Prosecutors say it’s a sure sign of fraud. The defense claims it’s just bad luck in a down market.
Willan’s trial is set for March 18. He faces a sentence of more than 300 years in prison.
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