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Valley real estate company asks potential tenants to bid on home for rent

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PHOENIX – We heard of a bidding war when it comes to properties for sale but offering properties for rent ?? This is what matters in Arizona, with a hot housing and rental market, with insufficient inventory to keep up with current demand.

Natasha Smith encountered a real estate company asking prospective tenants to submit their “best and highest offer” for monthly rent. She offered about $ 2,100, which is $ 700 more than she is currently paying, but still lost to a higher bidder.

Smith has been fighting for an affordable rental apartment for almost three months. She has lived in her current apartment building for about seven years.

It is the house where she raised her children and said goodbye to her late husband. Earlier this year, Smith’s landlord came up to her with tears in his eyes to tell her that he had decided to sell the house.

“I can’t blame them. It’s definitely the time to sell, for them. So I was advised that I had to move out so they could sell the house,” said Smith.

For nearly three months, Natasha had been looking in Gilbert for a house that matched the specifications of the house she was leaving. She currently pays about $ 1,400 for a 2,000-square-foot three-bedroom home. Most of the homes that matched this description Smith found online were valued at $ 2,000 and up and were rented out quickly.

“It was extremely difficult to find a home that would even suit your needs, let alone your budget,” said Smith.

Even so, Smith said she was extremely surprised to see an email from a real estate company asking her to make her best offer and bid on a home to rent. She posted about it on social media.

Realtor Jennifer Kovach saw the job and turned to Smith to help find a home.

“When I saw Natasha’s email that they wanted her to do something like us in the resale market, it was pretty shocking,” said Kovach.

She knew Smith from a previous job and didn’t want a friend to end up on the street for not being able to find the right home, so she offered Smith her services and expertise.

ABC15 reached out to 4:10 Real Estate and Property Management, the company behind the email asking potential renters to bid for a home. Owner Jason Geroux tells ABC15 that his company has no plans to offer the property until multiple tenants have reached out to it and offered more than the advertised price for rent.

“I don’t remember this particular property so I’ll be using simple numbers, but it’s advertised for $ 2,000 a month. I’ll give you $ 2,200 if you can rate my application better than others,” Geroux explained . After speaking with the homeowner, they decided to see how high the people would be willing to go in their offer to live in this home.

Geroux said there are plans to pursue a similar strategy for other hot-rent properties in the future at the request of property owners. He described the rental market as currently as hot as the housing market.

“In fact, even more. In fact, there is only one rental for about five sales, so the rental inventory is extremely low,” said Geroux.

The reason for this was simply the demand. Senior housing industry analyst Tina Tamboer of the Cromford Report said this was due to the increase in people moving to Arizona and willing and able to pay the higher rental rates. The Cromford Report is an insider publication for real estate agents that shows them the latest trends in home sales and market analysis.

“The industries that have been drawn to the greater Phoenix area tend to be higher-income industries,” Tamboer said. “They may not like what they get for $ 2,500 a month, but they can afford it,” she added.

Finding an affordable home is difficult for tenants like Smith. “It’s just frustrating to wait four to five days and then hear that you didn’t get it,” said Smith.

Realtors say the median rental price in Maricopa County is currently around $ 1,950. That’s about $ 1,000 more than the average cost of a typical home mortgage.

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Slate Asset Management Announces Final Close of Slate Real Estate Capital I to Complete US$2.33 Billion Portfolio and Platform Acquisition from Annaly Capital Management, Inc.

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CHICAGO–(BUSINESS WIRE) – Slate Asset Management (“Slate”), a global real estate alternative investment platform, today announced the final closing of Slate Real Estate Capital I (“SREC I”). SREC I also today closed the first closing on the previously announced $ 2.33 billion acquisition of the commercial real estate business of Annaly Capital Management, Inc. (“the Acquisition” or “the Transaction”). The portion of the portfolio acquired from Slate Grocery REIT (TSX: SGR.UN / SGR.U) is still pending and is expected to close in the third quarter of 2021.

SREC I is Slate’s first debt-focused investment vehicle. The fund was oversubscribed with debt commitments from a global group of new and existing institutional investors, including a preferred equity investment from Goldman Sachs Asset Management’s Vintage and Vintage Real Estate Partners Funds. This investment builds on Slate’s existing partnership with Goldman Sachs Asset Management.

“Our primary focus at Slate is creating long-term value for our investors and we are excited to deepen and expand our relationships with valued partners such as Goldman Sachs Asset Management and other global institutional investors,” said Blair Welch, co-founding partner by Slate. “With the initial completion of this transaction, our platform and our team are now geared to exploiting convincing and creative investment opportunities across the entire capital stock.”

“By leveraging size and deep underwriting skills, Slate and the Vintage Funds have been able to structure a multi-faceted investment and acquire a high quality portfolio of real estate credit positions that combines downside protection and attractive return potential,” said Sean Brenan, Managing Director, Goldman Sachs Asset Management.

The acquisition will further expand Slate’s investment capacity and enable the company to offer bridging and transition loans, acquisitions of existing loans, investments in debt and flexible liquidity solutions for strong sponsors and assets.

Slate welcomes a group of new team members as part of the transaction and has hired additional professionals to ensure a seamless transition of the portfolio. Team members will join Slate’s offices in Chicago, New York, Dallas and Los Angeles.

BMO Capital Markets acted as financial advisor and Goodwin Procter LLP and McCarthy Tétrault LLP acted as legal advisor to Slate during the transaction.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform with a focus on real estate. We focus on fundamentals with the aim of creating long-term value for our investors and partners. Slate’s platform offers a range of investment strategies including opportunistic, value-adding, core plus and leverage investments. We are supported by exceptional people and flexible capital that enable us to create and implement a wide range of compelling investment opportunities. Visit slateam.com to learn more.

About Goldman Sachs Asset Management Vintage Funds

By bringing together traditional and alternative investments, Goldman Sachs Asset Management offers clients around the world a committed partnership and focus on long-term performance. As the primary investment division within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, drawing on our deeply connected global network and tailored expert insights in all regions and markets over 2 trillion US dollars in assets regulated worldwide as of March 31, 2021. Driven by the passion for our customers’ performance, we strive to build long-term relationships based on conviction, sustainable results and mutual success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate and infrastructure. Founded in 1998, the Vintage Funds within Goldman Sachs Asset Management have been innovators in the secondary market and have invested over $ 40 billion since their inception. The Vintage Funds offer private market investors and managers worldwide liquidity, capital and partner solutions through private equity strategies. Follow us on LinkedIn.

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hot for sellers, tough for buyers

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CINCINNATI – The housing market is hot in the United States. And Cincinnati is no different.

It’s great for those looking to sell their home. But a challenge for anyone trying to buy one.

What you need to know

  • The real estate market in the greater Cincinnati area is one of the hottest in the country.
  • In June, listed houses were only on the market for nine days. The average sales prices have increased by 18.4% compared to the previous year.
  • Real estate agent Bob Dorger says it is a seller’s market.
  • Some sellers are willing to take the risk to take advantage of prices at the high end of the market.

“It’s definitely a sellers market. It can be a little frustrating to be a buyer due to limited inventory,” said Bob Dorger, owner of The Dorger Difference, a Cincinnati-based real estate agency affiliated with Comey & Shepherd Realtors.

Data released Thursday by Ohio Realtors shows sales in Cincinnati are up 10.9% year over year.

Cincinnati home sales for June 2021 (provided by Comey & Shepherd Realtors)

“We’re seeing entry level, moving and luxury properties all selling very quickly in the greater Cincinnati area, especially when a home is turnkey and ready to move in,” said Dorger.

According to Comey & Shepherd, listed homes in the greater Cincinnati area were on the market for an average of nine days last month. Compared to 23 days at that time last year.

Some sell before they’re even listed.

“In a typical market, houses sell in 30 to 60 days, so nine days gives you a barometer of how competitive the situation is. That’s why people have to be so strong with their offers,” Dorger said.

Comey & Shepherd said the average retail price for Greater Cincinnati was $ 301,969 in June. The average retail price last year was $ 254,152.

Sales prices for the year are up 18.4%, according to Ohio Realtors.

“This is a crazy market,” said Dorger. “We have never seen anything like it. There are many different factors – the pandemic, low interest rates, limited inventory. The perfect storm, so to speak, if you will. “

Selling a house

Mark Slaughter said he and his wife were already considering selling their Maineville, Ohio home. The prospect of a substantial return on their home investment provided the added incentive they needed.

“We knew what the market was like so we decided to sell the house,” he said. “Two people on my street made a profit of $ 100,000 and I wanted to do the same.”

It wasn’t long before they cashed in.

“Our house went to market at 3pm on Wednesday and at 3:30 pm people asked if we could go because they wanted to come over to see it,” Slaughter said.

The couple had seven or eight potential buyers the next day.

“By Thursday night we had four offers, two of which were cash and we accepted one of the cash offers,” Slaughter said.

Curtis Bailey, financial advisor at Quiet Wealth Management, said financial considerations shouldn’t be the only motivating factor behind a sale.

“I wouldn’t encourage people to sell just because the market is hot,” he said. “They have to live somewhere, and to take advantage of it they may have to live in an area they’d rather not want. However, I wouldn’t be surprised if property prices are higher in the next five to ten years.”

Buy a house

The interest rates are below 3%, which makes it an attractive time to buy. But a lack of available homes and condos can make it difficult for a buyer to find what they want.

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

Mark Slaughter tours a house with his wife (Image credit: Mark Slaughter)

One number that real estate agents like to look at is the months of the listing. That is the time it would take to sell all of the homes in the market at the current price if there was no new inventory.

Dorger said during a “normal, even market”, supply would take about six months. Right now it’s less than a month.

That’s part of what is driving the price hike. It has also led to bidding wars.

The Slaughters are in their fifth week of housing hunting. You’ve looked around Anderson Township, Liberty Township, West Chester, and a few other Greater Cincinnati suburbs.

So far, they have made offers for three properties, each of which is above the asking price. They were outbid every time.

Their most recent disappointment came on Friday when they deposited the check on their home sale.

“I woke up and went to three houses with my wife. We found one we fell in love with, “Slaughter said.” We made an offer, went to the broker to close our house and then put the check on the bank. Around 2 p.m. we were told: ‘No, you didn’t get the other house.’ “

Slaughter said they turned down two separate offers for a home.

“We offered and didn’t get $ 30,000,” he recalls. “That sale failed after the inspection. We told them that if they did a few repairs we would make them the same offer. But they refused that too.”

Bailey said people who want to buy need to take into account that prices are near the top of the market. So if you’re not planning on living in the house for five to ten years, maybe now is the time to consider holding back.

Slaughter said he was a little nervous about the overpayment. But he’s more concerned with finding the house that best suits his family’s needs.

At 51, he doesn’t want to move and “go through this over and over again,” he said.

“Buyer fatigue”

Slaughter said his agent Debra Ayers at Coldwell Banker Realty was great. They have been working together for more than a decade.

But he feels like he’s “bumping into a wall a bit”.

Bob Dorger, The Dorger Difference (provided)

Bob Dorger, The Dorger Difference (provided)

“I was free eight of the last 10 days, getting up at 7:00 a.m. each day to see the houses until 2 or 3 p.m. It was worse than work, “said Slaughter.

He and his wife will be visiting more homes this weekend. But planning ahead can be tricky as things change quickly.

Slaughter jokingly compared it to trying to find toilet paper last year.

“Every day we get a list of about eight houses that we will see the next day with our agent, but by the time we wake up this list will be reduced to five because three have closed overnight or are pending. It happens every day, ”he said.

The closure of the former Slaughters’ home took place on Friday. You have to move out by August 23rd. The couple knew that finding a home could be challenging and that they might need to find a short term rental.

They’ll do that if they can’t find anything in the next few weeks.

“We’re seeing a little buyer fatigue right now. We have buyers who tried to buy four, five, six houses and lost,” said Dorger. “Making the mental decision to buy a house is not an easy one.

Dorger said some buyers will “pause” their searches until fall or perhaps early next year when more inventory is expected.

A return to more traditional sales patterns is a “good thing,” he said.

“The current market is unsustainable, but I think we’re starting to see patterns that show we’re moving towards 2019 and pre-pandemic numbers,” Dorger said. “But I think it will be a strong second half of the year and we see 2022 strong as well. We don’t see it cooling off much anytime soon.”

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Longmont-area real estate, commercial deals; July 25, 2021

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July 25th – Acts of confidence

This list includes trust deeds (to secure the repayment of a loan) of $ 750,000 or more. The information includes the borrower, the lender, the address or legal description of the property, the date the trust deed was deposited, and the amount.

Allen Paul and Brenna Rachelle Nichols, Tbi Mortgage Co., 2476 Claystone Circle, Erie, 7/1/2021, $ 787,030.00

Cornerstone Homes Caribou Ridge LLC, Elevations Credit Union, Mult Prop, 6/7/2021, $ 2,400,000.00

Ctc Properties LLlp, Community Bk Colo, 6/7/2021, $ 12,500,000.00

Daniel and Christina Alleman, Guaranteed Rate Inc., 7273 Spring Creek Circle, Longmont, 6/7/2021, $ 886,500.00

David B. Nelson, Bk Colo, 2040 Estes Lane, Longmont, 6/7/2021, $ 876,177.00

David B. Nelson, Bk Colo, 1974 McCall Place, Longmont, 7/6/2021, $ 1,172,548.00

David B. Nelson, Bk Colo, 2040 Estes Lane, Longmont, 6/7/2021, $ 1,172,548.00

David B. Nelson, Bk Colo, 1974 McCall Place, Longmont, 6/7/2021, $ 876,177.00

David B. Nelson, Bk Colo, 1974 McCall Place, Longmont, 6/7/2021, $ 787,822.00

David B. Nelson, Bk Colo, 2040 Estes Lane, Longmont, 6/7/2021, $ 787,822.00

David B. and Sherian L. Nelson, Bk Colo, 13 Birch Court, Longmont, 6/7/2021, $ 787,822.00

David B. and Sherian L. Nelson, Bk Colo, 13 Birch Court, Longmont, 6/7/2021, $ 1,172,548.00

David B. and Sherian L. Nelson, Bk Colo, 13 Birch Court, Longmont, 6/7/2021, $ 876,177.00

David J. Hudak, Guaranteed Rate Inc., 8249 N. 39th St., Longmont, 6/7/2021, $ 1,867,250.00

Diagonal Affordable LLC, Keybank, 6/7/2021, $ 16,021,950.07

Grove 3 LLC, Flatirons Bk, Mult Prop, 7/1/2021, $ 1,300,000.00

Holiday Ventures LLC, Anb Bk, Mult Prop, 6/7/2021, $ 2,720,000.00

Jeffrey B. Shellan, Elevations Credit Union, 6359 Snowberry Lane, Longmont, 7/1/2021, $ 1,452,000.00

John Lund Hotel LLC, Credit Union Denver, Mult Prop, 7/1/2021, $ 4,430,000.00

Mary Lou Nielsen, Am Advisors Group, 441 Vivian St., Longmont, 7/1/2021, $ 765,000.00

Mary Lou Nielsen, Fed Housing Commissioner, 441 Vivian St., Longmont, 7/1/2021, $ 765,000.00,

The story goes on

Michael Vyskocil, Fms Bk, 613 Frontage Road, Longmont, 6/7/2021, $ 1,312,000.00

Mount View Wadsworth Phase One LLC, Wells Fargo Bk, Mult Prop, 7/14/2021, $ 50,000,000.00

Oracle Lynn, Weinberg Servicing LLC, 69 227 County Road, Lyon, 6/7/2021, $ 1,075,000.00

Deeds

This list includes deeds (transferring title to a property) of $ 350,000 or more. The information includes the seller, buyer, address or legal description of the property, date of filing of deed and amount.

103 Sunset LLC, Hannah J. Cangilla, 103 Sunset St., Unit A, Longmont, 7/1/2021, $ 360,000.00

Ag Essential Housing Multi St. 1 LLC, Lennar Colo. LLC, Vl, 7/15/2021, $ 935,100

Allan L. and Kathleen R. Weyhrauch, James C. Shanor, 2275 Whistler Drive, Longmont, 7/1/2021, $ 543,000.00

Bernard J. and Susan Davis Smith, Susan Adamsthompson, 947 Reynolds Farm Lane No. B8, Longmont, 6/7/2021, $ 452,000.00

Binkm Co. LLC, Frf Properties 2017 LLC, Mult Prop, 7/1/2021, $ 570,000.00

Brian Englebardt, Ann M. Weatherby, 214 Vivian St., Longmont, 7/1/2021, $ 515,000.00

Calatlantic Group Inc, Kari Lynn and Michael Edward Donovan, 916 Cabot Drive, Erie, 7/1/2021, $ 628,500.00

Charles E. II and Annette H. Carlson, Morgan and Ashley Lee, 2226 Spinnaker Circle, Longmont, 6/7/2021, $ 626,500

Coal Creek Station Properties LLC, Coal Creek Village LLC, 6/7/2021, $ 4,850,000.00

Cw Realty LLC, Emily Beth and Kellen Michael Jacobs, 1301 County Road 84w, Allenspark, 6/7/2021, $ 475,000.00

Dale L. Bruns, John D. Deibert, 1626 Hideaway Court, Longmont, 6/7/2021, $ 760,000.00

Darren L. and Heather M. Christiansen, Elicia Strazzeri, 1821 Sweeney Place, Longmont, 6/7/2021, $ 455,000.00

David E. Chaknova Trust, Nova West LLC, 7/1/2021, $ 3,000,000.00

Erik and Amber Hicken, Christopher H. Greer, 4409 San Marco Drive, Longmont, 7/1/2021, $ 701,000.00

Erin Delargy, Thomas Merri Wurtz Living Trust, 1543 Gay St., Longmont, 6/7/2021, $ 516,000.00

F Alan and Kim C. Schwarz, Stefan Depetris, 1332 Aspen St., Longmont, 6/7/2021, $ 500,000.00

G A. Invest LLC, Steven Jacob Holdings LLC, 721 Confidence Drive, Unit 1, Longmont, 6/7/2021, $ 499,000.00

Giovannitti Real Estate LLC, Mojos Madhouse Pllc, 7/1/2021, $ 400,000.00

Hans Frederick Staab, Leslie Martin, 1038 Tulip St., Longmont, 7/1/2021, $ 372,000.00

Helen M. Coffman, Lynda Scarbrough Deremer, 1603 Sherman Way, Longmont, 7/1/2021, $ 610,000.00

Hotel Burlington LLC, Molly Hammock Schimpf, 1085 Hwy 7 Business Rte, Allenspark, 07/06/2021, $ 400,000.00

Jacob M. and Candice N. Anderson, Roger B. and Karen J. Haden, 935 Dakota Lane, Erie, 7/6/2021, $ 855,000.00

Jeremy C. and Cynthia D. and Andrea F. Sheehan, Sarah Roosevelt, 472 Golden Lane, Longmont, 6/7/2021, $ 590,000.00

Joel D. and Grace E. Snow, Stephanie Vanlangenhoven, 2611 Betts Circle, Erie, 6/7/2021, $ 663,000.00

John and Nancy Ries, Thomas Reed, 277 County Road 107e, Allenspark, 6/7/2021, $ 585,000.00

Jose Luis Saldana, Eric D. Heiser, 1015 Ninth Ave., Longmont, 7/1/2021, $ 417,000.00

Kenneth Andrew and Sandra Jean Bertelson, Jessica Podoll, 5866 Park Lane Road, Longmont, 7/6/2021, $ 870,000.00

Kenneth M. Orona, Jill S. Zimmerman Rutledge Declaration Trust, 1101 Chokecherry Lane, Longmont, 6/7/2021, $ 575,000.00

Lcf Erie LLC, Aaron Littlefield, 705 Delechant Drive, Erie, 7/1/2021, $ 876,800.00

Markel Homes Constr. Co, Jeffrey Woodruff, 741 Kubat Lane, Unit B, Longmont, 6/7/2021, $ 446,900.00

Markel Homes Constr. Co, Amanda Marie Ramirez, 741 Kubat Lane, Unit D, Longmont, 7/1/2021, $ 515,900.00

Marshall Dawson, Kirsten Koflowitch, 608 Sandpoint Drive, Longmont, 6/7/2021, $ 500,000.00

Marylou Schlapia Administrative Trust, Arturo Barcenas Vergara, 1506 S. Terry St., Longmont, 6/7/2021, $ 415,000.00

Maurice Fauvel Revocable Trust, Travis James and Rachel Marie Majors, 7213 Rozena Drive, Longmont, 7/1/2021, $ 725,000.00

Michelle R. and Jason M. Kelly, Jared T. and Kalie K. Stokes, 2221 Ridgeview Way, Longmont, 7/1/2021, $ 1,000,000.00

Quinata Family Trust, Andrew Thomas Hill, 715 Glenarbor Circle, Longmont, 7/1/2021, $ 725,000.00

Red Lyons Cabin LLC, Jesse Beightol, 183 White House Drive, Lyon, 6/7/2021, $ 575,000.00

Sara Ashmore, Rohail Abid, 234 Sweet Valley Court, Longmont, 7/1/2021, $ 519,500.00

Sarah Ann German, Logan Schlutz, 6 Emery Way, Longmont, 6/7/2021, $ 450,000.00

Sharlene F. Kesler, Nicola M., and David K. Gilbert, 3123 Concord Way, Longmont, 6/7/2021, $ 599,000.00

Stephen Adam and Sue Gladys and Mark David Robinson, Michael Z. Mowen, 1745 Shavano St., Longmont, 6/7/2021, $ 432,000.00

Stephen C. and Jessica L. Silver, Caroline L. and Stephen N. Jr. Scott, 1115 Cooke Court, Erie, 6/7/2021, $ 685,000.00

Steven B. Ashby, Lawrence W., and Patricia H. Greenberg, 3325 Camden Drive, Longmont, 6/7/2021, $ 630,000.00

Steve Weaver, Hamm Weller Bldg. LLC, 324 Main St., Longmont, 7/1/2021, $ 775,000.00

Toll Co. LP, Tamim and Kochie Aslamy, 2443 Claystone Circle, Erie, 7/6/2021, $ 939,900.00

Toll Co. LP, Dinuka Malinda Peiris Malalanayake, 1256 Limestone Drive, Erie, 6/7/2021, $ 744,300.00

Toll Co. LP, Allen Paul and Brenna Rachelle Nichols, 2476 Claystone Circle, Erie, 7/1/2021, $ 983,800.00

T Wayne Anderson, Oracle Lynn, 227 County Road 69, Lyon, 6/7/2021, $ 1,600,000.00

Venancio Lopez, Michael W., and Travis McCormick, 1074 Ponderosa Circle, Longmont, 6/7/2021, $ 442,500.00

Wallace B. III and Ruth A. and Anne Carr, Jordan J. Hardy, 2237 Eagleview Way, Longmont, 7/1/2021, $ 770,000.00

Wayne and Cindy Smith, Tarah N. and Gregory R. Palencar, 1524 Red Mountain Drive, Longmont, 6/7/2021, $ 625,000.00

Wg Longmont LLC, Peter B. and Carolyn C. Mattox, 5606 Four Leaf Drive, Longmont, 6/7/2021, $ 784,500.00

William G. Shafroth, Dana M. and Thomas and Elizabeth P. Blumenthal, 633 Wagener Road, Allenspark, 6/7/2021, $ 420,000.00

William Lyon Homes Inc, Kevin Laurin and Sandra Lynn Parkes, 1987 Marfell St., Erie, 6/7/2021, $ 733,600

Zach Stanley, Jorge Gonzalezmunoz, 2954 Hughs Drive, Erie, 6/7/2021, $ 718,000.00

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