Canterbury’s oldest commercial winery – and a pioneer in the profile of New Zealand wine on the international stage – is on the market through a mortgagee sale.
St Helena Vineyard in the Christchurch suburb of Belfast was established in 1978 by the Mundy family. At the time, St Helena became the first winery to be financed by a Rural Bank loan – and was opened by the Prime Minister. It won Canterbury’s first ever gold medal at a wine competition in 1982.
The 41.6 hectare winery operation produces a range of styles – including pinot blanc, pinot gris, pinot noir, riesling, and chardonnay.
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Tags: Mortgagee Sale, Sale
In October of this year, government-controlled Fannie Mae and Freddie Mac will stop making expensive, “jumbo” loans of more than $625,500. Analysts predict that this deadline could cause purchases in high-end properties with hefty price tags to spike in the coming months as borrowers rush to beat the deadline and avoid huge down payments on their new homes[1]. Currently, Fannie and Freddie will make mortgages in amounts up to $729,750. Onc
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Tags: Jumbo, Jumbo Mortgages
One of the major distinguishing factors between a strategic default and any other default on a mortgage is that a strategic default is a deliberate business decision. The homeowner has the ability to make mortgage payments but simply decides not to – usually because the value of the property is less than the money still owed on the property. Traditionally, lenders have used the degree of home value depreciation to try to predict strategic defaults, but FICO Labs, an analytics and decision management technology provider associated with FICO, has released new software and analysis strategies that can “identify borrowers who are over 100 times more likely to default strategically than others”[1].
Researchers have found that home value and principal amount do play a role in strategic defaults, but that there are some other distinct character traits that identify likely candidates to make this decision. Strat
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Tags: Default, Strategic Default
Transwestern Chicago recently represented tenant Advertising Resources Inc. in a 430,000-square-foot long-term lease renewal at 11601 and 11701 South Central Avenue in Alsip, Ill.
Advertising Resources Inc. (ARI) specializes in integrative marketing production and packaging, offering fully integrated services from design to packaging to processing. The two connected buildings in Alsip provide ARI with both office and warehouse/distribution space including refrigerated storage, conditioned storage, shipping/receiving doors and truckloads.
“Working with two landlords to structure lease extensions was complicated, with each ownership group presenting unique challenges despite the two properties being connected. I
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Tags: Lease Renewal, Renewal
Although the number of properties entering foreclosure in the first quarter of this year dropped 27 percent over last year, real estate analysts like James Saccacio, RealtyTrac’s CEO, are concerned that the real estate market “continued to languish” in early 2011[1]. He credits “weak demand, declining home prices…and the dual threat of a looming shadow inventory…and the probability that foreclosure activity will begin to increase again” with keeping the real estate market slow in early 2011. Because many lenders are not certain what the fallout from last fall’s robo-signer debacle will be, they have slowed or even stalled many foreclosures while they await the outcome of negotiations on a settlement agreement[2]. However, with e
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Tags: Analysts, Analysts Bemoan
