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Dallas-based real estate firm that specializes in selling homes for investors to flip opens first Ohio office in Columbus

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by: By Bonnie Meibers | Columbus Business First

Posted: 7/9/2021 / 2:22 PM EDT
Updated: 7/9/2021 / 2:22 PM EDT

The New Western headquarters in Dallas, Texas. New Western opened an office in Columbus on July 1st.

COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) – New Western, a Dallas-based real estate company focused on off-market real estate, has opened its first Ohio office at 4449 Easton Way.

New Western has locations across the country from Texas to Massachusetts. The company offers an exclusive platform and an extensive portfolio of investment properties designed to support real estate investors in acquiring fixer-upper properties to convert and sell or convert and lease.

“It sure is a niche,” said Myrna Gourgy, general manager of the company’s Columbus market. “New Western helps real estate investors who are working to generate passive or active income through real estate investments. We don’t partner with traditional home buyers who buy a home to live in. The investors we work with come from a wide variety of backgrounds and have different levels of experience. Some may be brand new to real estate investing while others are seasoned runaways, landlords, or both. “

Gourgy said New Western has worked with hedge funds in other markets as well.

The company said it moved to Columbus because of its rapid growth and hot housing market. There are currently more than 481,000 old homes in the Columbus area that New Western says could be ideal for flipping. More than 30,000 of these properties are located in opportunity zones – districts that receive tax breaks.

“The reason we chose Columbus is because of the tremendous opportunities in the real estate market,” said Kurt Carlton, co-founder and president of the company, in a press release. “As the population continues to grow rapidly, there are simply not enough homes available, making the number of aging homes in the Columbus market an exceptional opportunity for investors to revitalize.”

The company works with Sherman Bridge Lending for mortgages and homebuyer HomeGo. Together, the brands help homeowners get out of difficult properties while providing opportunities for local property investors to invest. Real estate investors can take advantage of New Western’s exclusive inventory of available properties, ideal for repair and flip or repair and rental.

“We use every instrument available to us to find opportunities for our investors. We don’t differentiate where a deal is coming from, ”Gourgy said in a statement emailed. “We’re also a resource for real estate agents in the community, helping them get tough deals into the hands of our pool of investors.”

New Western also uses proprietary technology to analyze data on more than 110 million single-family homes across the country and identify potential opportunities. Via HomeGo, the company contacts home owners directly in order to bring homes that are not customary on the market to the buyer network.

“I am excited to introduce New Western to this market and bring our years of experience as licensed brokers and agents to the local real estate investment community,” said Gourgy. “New Western comes at a critical time as the need for our marketplace and a sophisticated one-stop shop is paramount.”

The Columbus office officially opened on July 1st.

For more business headlines, visit ColumbusBusinessFirst.com.

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Real Estate News

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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Real Estate News

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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Real Estate News

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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