From the desk of Al Boek
March 3rd., 2010
No, this is not a Tony Robbins moment. Even Zig Ziggler would have
a real hard time finding anything positive to say about the future of
real estate in America. The single family housing market has been
in the tank, starting down about the first quarter of 2007, give or take
depending on where you live. Commercial holdings appeared to
hold their own through most of 2007 and seemed the one bright
spot there for a few months. Chase recently in the Huffington
Post (Google It) ran an article called Housing Woes and woe are
we. More foreclosures nationwide, prime, sub-prime and are
any of you folks out there paying back your equity lines at all?
$5.4 Billion in defaulted equity lines predicted by Chase for 2010.
Last week in our own rural city of Redding, California (90,000pop)
in the almost farthest reaches of the North state, 45,000 sq ft. of
commercial real estate closed escrow for $2.6 Mil. OK, you
say that's a handsome figure, except for one thing, this three-
story, empty office complex, located across from city hall had
a $11+ Million dollar first construction loan on it had been
foreclosed on, offered on the court house steps for an opening
bid of over $4 million, with no takers. Folks, that's .20 cents
on the dollar. Perhaps it's time you begin reviewing your
commercial holdings, because we are ramping up, beginning
our online seminar marketing and fully expect to train at least
hundreds, if not thousands in the art of Commercial Short
Sales/Distressed Properties. The biggest shift of wealth since
the Bushes left the Whitehouse with a nations treasury.
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