Biggest Apartment Manager In USA Gets Foreclosed On

It's Super Bowl weekend. Meaning Mahomes and MaAuto along with MaAuto's girlfriend will be taking the field. Here is to a good game and good commercials.?

Until then here is my weekly top 5:

1. Mortgage Rates Will Drop To 5.5% ??
2. America's Largest Apartment Group Faces Foreclosure ??
3. Is Amazon Prime Still Worth It? ??
4. Nashville Just Keeps Getting Better ??
5. No Wonder Your Property Insurance Costs Are So High ??

Before we get into our top 5 here is our weekly one-question poll.

?? Markets: Year to Date as of 2/8

?? Our Top 5

Mortgage Rates Will Drop To 5.5% ??

Good news for hopeful homebuyers! According to Bloomberg, mortgage rates are expected to drop to 5.5% by the end of the year. This would mark the first annual decline in more than three years. Already, the rate for a 30-year fixed mortgage has fallen slightly from above 7% in 2023 and currently stands at 6.63%.

However, it's important to note that the high cost of borrowing previously had a negative impact on existing home sales, which hit a nearly three-decade low. Thankfully, one economist believes that the worst is over for the housing market. While a wider recovery may not be immediate, this drop in mortgage rates provides a glimmer of hope for homebuyers. Who are expected to ramp up their purchasing behavior in the next few weeks after the Super Bowl.?

America's Largest Apartment Group Faces Foreclosure ??

There is that saying misery loves company. If you are a passive investor or an active partner in a real estate deal that is not going as planned, then you can take comfort in knowing you are not alone.?

Greystar, a leading apartment management company based in South Carolina, manages an impressive portfolio of almost 727,000 units. According to a report from the Dallas Morning News, they secured a $127 million mortgage from a lender in New York for a 378-unit property in Dallas that is now being foreclosed on. This financing was obtained in early 2022, amounting to approximately $336,000 per unit.

While recent foreclosures in the Dallas commercial real estate market have been on the rise, it's important to note that they have primarily impacted the office sector. This sector has faced challenges due to factors such as increasing interest rates and the growing trend of remote work.

A foreclosure hearing has been scheduled for February 6th by Ares Management. As per legal filings, Ares has instructed a trustee to proceed with the foreclosure process on the tower. However, it is also possible that the lender and borrower may reach a resolution before the scheduled auction.

Is Amazon Prime Still Worth It? ??

I know I am probably committing a crime in some people's eyes just by asking that question. But more recently Amazon Prime has decided to take up their prices and even added ads to their Prime Video service. This brings the price for Prime to $139/year.?

As an avid user of delivery services, (because you can never have enough diapers) I don't think I could ever pull the plug on my Amazon membership. But for those that are interested in weighing the pros and cons you can check out this Wall Street Journal article.?

Nashville Just Keeps Getting Better ??

We all have cities that hold a special place in our hearts. For me, one of those cities is Nashville. With its convenient central location, warm and welcoming community, and endless possibilities for the future, Nashville truly has it all.?

And speaking of exciting developments, something big is happening in Nashville. Construction is currently underway at Nashville Yards, an expansive entertainment district spanning over 2.46 million square feet and costing over $1B.??

The project includes a 12-story building with a state-of-the-art movie theater, creative office spaces, retail options, and a 125,800-square-foot event venue. Nashville Yards will also have two residential towers with 696 units, offering luxurious amenities like meeting rooms, top-notch restaurants, fully-equipped gyms, and a pool. A charming pedestrian "paseo" will connect the four main buildings, featuring outdoor seating, inviting dining areas, and beautiful landscaping.

Nashville just keeps getting better, and Nashville Yards is set to be the crown jewel of this incredible city... Now if only I could get my wife to move there. ??

No Wonder Your Property Insurance Costs Are So High ??

Stop me if you've heard this before. Property insurance costs are getting out of control. There is a reason for that...

The U.S. experienced 28 weather and climate disasters in 2023, costing a total of $92.9 billion in damages, according to NOAA’s National Centers for Environmental Information.

More than 18 million rental units are under threat from such environmental hazards, according to a recent study by Harvard University’s Joint Center for Housing Studies.

According to Jeremy Porter, the head of climate implications research for First Street Foundation, it is evident that climate hazards are not only occurring more frequently, but they are also increasingly affecting areas where people reside.

Property owners will have to be creative in how they work to solve the challenges of rising insurance costs.?

If You Get A Message From Me Asking To Connect, Here's Why...

I made a New Year's Resolution that is not normal. However, I can say that one month into the year this has been the best goal I have set thus far.?

You can read more about it in last week's blog.?

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Dad Jokes For The Super Bowl

Where do football players go when they need a new uniform?

New Jersey ??

Why can’t football players wear glasses on the field?

Because it’s a contact sport. ??

What dessert do they serve at the Super Bowl?

Sundays. ??