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 spring and summer seasons.
The number of houses sold in the Strategic Realty Fund was down for the quarter, though we have been active with remodeling many properties and pushing to get them ready for the spring/
summer market. In fact, we just read that the index of pending homes sales surged in March, which is encouraging.
We continue to source properties from auction companies as well as going directly to banks. We have also expanded our consumer direct marketing campaigns.
Strategic Realty Fund has been selling inventory in anticipation of closing. The Fund will officially close at the end of the third quarter, 2019. Distributions of investor capital will be made in the
month following the end of 2019’s third and fourth quarters.
Featured Asset:
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Our featured property this quarter is located at 1001 Arlington Drive in Hopewell, Virginia. The property is a single family home, with 3 bedrooms and 2.5 bathrooms. It was built in 2006 and sits on a 8,960 sqft lot.
Investment Stats (rounded):
- REO Purchase Price: $66,879
- Expenses:$26,782
- Sold Retail: $119,900
- Gross Profit: $26,239
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Fund Performance:
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