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Finance
Posted: April 9, 2015
Worth Avenue Capital closes $90,000 commercial loan for CT real estate investor
Worth Avenue Capital, LLC (WAC) closed a $90,000 commercial loan for a real estate investor. The loan proceeds are being used by the investor to complete the construction of a "spec" house in which the borrower has already obtained a Certificate of Occupancy on this house from the town.
Specifically the proceeds will be used to finish the flooring; window treatments and other ancillary minor items in the house. The house is located in an upper middle class section of the town in which the other homes in the neighborhood are selling in the $600,000 to $750,000 range.
The borrower expects to finish the construction within the next few months and have the house sold this spring to pay off this loan.
This loan was funded by one of WAC's private lenders and is secured by a second mortgage on the property with a very low LTV.
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Finance
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Columns and Thought Leadership
Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Are appraisers on the same page as the assessor? - by Richard Seman
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
