The Saint Paul Real Estate Blog brings us a great post on bank owned property: When the bank is the seller.
The author’s statement, “banks do a lousy job selling the real estate they own,” mirrors my own thoughts on REO property.
House-hunting can be a time-consuming process and you often spend more time in a real estate agent’s car than you do viewing houses. Here is a novel concept whereby agents offer customers the chance to check out properties and neighbourhoods in a more healthful and leisurely fashion: via bicycle.
Launched by real estate professional, avid cyclist and Ironman triathlete Matt Kolb, Pedal to Properties is currently licensing its model to realtors across the United States.
The Idea: Get foreclosed homes into the hands of new owners.
The Plan: The Patrick administration has asked subprime lenders to reduce the asking price of their foreclosed homes in distressed neighborhoods.
The Reality: The overnight reduction of prices on all forclosed homes (roughly one for every 10 owner-occupied homes in hard hit neighborhoods like North Lawrence) will collapse a neighborhood’s market entirely. This is maybe the single worst plan ever concocted. It sacrifices the the current homeowners for the sake of … yeah I am not sure who benefits here. GO TEAM PATRICK!
The Massachusetts Institute of Technology has bought into a portfolio of office and laboratory properties owned by Alexandria Real Estate Equities. Assets included in the transaction include 770, 784 and 790 Memorial Dr. (784 can be recognized as the long-time headquarters of Polaroid Corp.) 161-171 and 170-176 Sidney St. and three properties on Brookline and Erie Streets.
This is one of a series of long term real estate moves that MIT has made to increase its control over the Charles River waterfront, Cambridgeport and Kendall Square.
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