Bank consultant announces sellout of St Augustine real estate project
Cranewoods Development announces that it has completed the liquidation of a planned residential waterfront community on the shores of the St Augustine Inlet in Northeast Florida. “Properties are selling and inventory is being absorbed,” says consultant.
November 8th 2010 – St Augustine, FL Bank and Real Estate development consultant Cranewoods Development announces that it has managed the final property closing of a planned multi-phase waterfront community in St Augustine Florida consisting of a future multi and single-family development that included a 3500sf West Indies style luxury home.
The St Augustine market had been hit particularly hard by the real estate downturn, ultimately creating intriguing opportunities for investors and homebuyers willing to step in and buy while prices are depressed.
“Properties are selling and inventory is being absorbed. Those are the indicators that prices are recovering. Now it’s a question of how fast,” stated Andrew Howe, President of Cranewoods Development. “This project had terrific value just sitting there, our job was to let people know about it in a way they understood.”
Cranewoods, a real estate development and consulting firm with offices in Florida and Ohio, has been assisting banks with distressed asset liquidation throughout the economic downturn. Several of the projects, including this one, were managed by Cranewoods prior to the financial crisis. Their expertise in the regional development market made them a logical choice to assist the original lenders in finding the best solution for their St Augustine properties through sales.
Cranewoods transformation from a real estate development firm to one offering financial, construction and real estate development consulting services is one of the success stories to come out of the financial crisis. Cranewoods has always provided consulting services but the economic downturn demanded more of their financial and market analysis experience than ever before.
“We’re brought in to review everything from the original financing to the original design and then asked to reimagine, essentially redevelop, an existing property in a way that minimizes risk and maximizes the asset,” said Howe. Cranewoods has assisted banks with troubled asset sales, management, and mortgage purchases. In addition to assisting others, they have found their own opportunities in the current market. Among Cranewoods’ more high profile recent projects is the McFarland Lofts, a condominium project in the Cincinnati Ohio’s West Fourth Street Historic District.
About Cranewoods Development:
Andrew Howe, President of Cranewoods Development, is an award winning developer and real estate consultant with over 35 years of experience. Cranewoods offers full service real estate consulting to lenders and investors. Services include: development consulting, bank loan workout solutions, court appointed receiver, turn-key development management, construction management and general project problem solving. To explore Cranewoods further, visit: http://cranewoods.com
Jacksonville, FL | Cincinnati, OH.
PH: 513-257-0749 | 904-758-3434