Wednesday, November 26, 2008

Interest Rates for Commercial / Residential Real Estate

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%

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.