Stonecrest’s Real Estate Growth Fund is scheduled to close in 2021 and management has decided to make an early distribution of capital, which is reflected in your enclosed statement. The fund was established to take advantage of the pool of distressed properties and non-performing mortgages that were created during the “Great recession”. The business model
Stonecrest’s real estate team was able to liquidate seventeen properties in the third quarter. Additionally, we have nine properties currently in escrow. Some of these higher margin assets have finally had their title issues resolved, or been freed from litigation, so we are excited to finally see them in escrow. We are hoping to close
The Covid-19 pandemic is having an interesting effect on the real estate market. Mending from a sharp drop in activity, the real estate market has begun to heat up (since mid-May) as inventory remains low. This is a reflection of both the release of pent-up demand and a desire by some to move out of
First and foremost, we hope this update finds you and your loved ones healthy and safe. The COVID-19 pandemic, with all its associated restrictions in moving properties and loans through foreclosure and sale processes, is impacting our ability to close out transactions. We do not know when these restrictions will be lifted. Hopefully, the country
Our company was founded on the market opportunities associated with the acquisition & disposition of distressed real estate. In 2007, when the great recession occurred, we began purchasing lender-owned properties (REO’s) from banks, servicers, hedge funds, etc. We forged relationships with many of these institutions, which enabled us to purchase thousands of properties at significant
I was recently at a small real estate conference discussing market outlook. There were a number of diverse opinions as to why the present real estate market is behaving so uniquely. Everyone agreed that, with high employment and low interest rates, the market typically would be performing better. Observations: Some feel that because so many
Now that the Fed has lowered interest rates, the mortgage market is heating up. However, the majority of that increase is due to refinancing current mortgages and not new purchases. The real estate market continues to be flat across the country, with industry experts seeing moderate price increases and even falling prices in some parts
Overall, sales in the real estate market were slow during the first quarter of this year. The winter season is traditionally a time of slower real estate activity. However, in March, the Federal Reserve mentioned there would be no rate increases for the rest of 2019. This was good news, which may positively impact the
After studying the nationwide real estate market very closely, we believe the odds are that 2019 will be a flat year. We still see houses in some areas of the country commanding multiple offers, while others in those same areas are having to cut their listing prices. Those homes that are fully remodeled and initially
Real Estate Growth Fund sold 28 properties and 3 mortgages in the 3rd quarter. REGF also continued to purchase properties through auction channels as well as banks. We are networking with other large banks to increase our deal flow through them. The real estate market has been slowing overall for a variety of reasons. In
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