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At 24 Years Old, Already Has A Multi-Million Dollar Real Estate Business

Nick — Tue, 06 Oct 2009 20:41:43 +0000

An inspirational story about a 24 year old that is making it in real estate. Listed on the latest Inc. 500, Atlas Properties reported revenue in 2008 of $5.8 million. The good part is that Atlas is just one of dozen companies and investment funds he runs.

And it’s not backing from a wealthy family. His inspiration came from watching what happened to his dad in the dotcom bust. Out of a job with no way to replace the high income, the family got hit hard by the financial strain. Blake swore he wouldn’t let that happen to him.

Why work for the Man, when you can work for yourself. You just need a big enough reason why.

Existing Home and Condo Sales Up In August, 2009

Nick — Fri, 25 Sep 2009 18:41:59 +0000

The Florida Association of Realtors reports that the existing home sales and condo sales rose 28% and 45 % respectively in August 2009 over the same month last year. A majority of Florida’s metropolitan statistical areas reported incresed sales for 14 consecutive months. On the flip side is a, dare I say, reversion to the mean, as existing the median home prices decreased 22% in August 2009 compared to August 2008. The 22% decrease in median prices is distorted by continued sales of distressed and foreclosures.

The national median sales price decline was 14.6% in July 2009 compared to the year earlier period.

Selective state median existing home prices in July 2009 were:

National – $178,300
Massachusetts – $310,000
California – $285,480
Maryland – $273,769
New York – $205,000
Florida – $147,000 (August)

GE Capital A Proxy For Commercial Real Estate

Nick — Fri, 25 Sep 2009 18:09:40 +0000

As one of the largest investors in commercial real estate in the word, GE is a great proxy for the commercial real estate market.

GE participates in the market as both investor and lender, with a portfolio as of the end of June, 2009 of approximately $84 billion, covering 8,000 pieces of property. Unlike most other real estate investment companies, GE will usually make cash purchases. By not having the pressure of a mortgage lender breathing down their neck, GE has the luxury of waiting out the real estate slump. With mark-to-market accounting rules in place, this luxury of being able to wait will not insulate GE from taking earnings hits from investment devaluations in its real estate portfolio.