Residential foreclosures could exceed 2011 totals - Inside Tucson Business: Construction / Real Estate

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Residential foreclosures could exceed 2011 totals

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Posted: Friday, November 9, 2012 6:00 am

Based on the latest housing statistics, hundreds of struggling homeowners still have a long way to go to try to fix their distressed mortgages. During October, foreclosure notices remained on pace to exceed last year’s total.

With two months of the year remaining, 178 more notices have been filed in 2012 compared with the same 10-month period a year ago. This year’s 8,221 trustee’s sale notices are up 2 percent over the 8,043 notices through October 2011 (see table).

During 2012, monthly notices peaked at 984 in May and have dropped somewhat erratically since. The comparable monthly averages now stand at 804 notices in 2011 and 822 in 2012. If that rate continues, about 400 more homeowners will receive foreclosure notices this year compared to last year.

Trustee’s notices are the first step in the foreclosure process. The data is from the Pima County Recorder’s Office.

Foreclosure sales increased significantly last month but are still far behind last year’s pace.

The 627 distressed sales in October were 208 more than in September. Year-to-date, however, the 4,971 sales are 1,036 behind last year’s pace of 6,007 closings.

From January through October 2011, an average 601 foreclosures were sold monthly. The comparable 2012 average is now 497 per month, a 17 percent slow down in sales.

Long Realty brand

In a move to establish a powerful new brand, holding company giant Berkshire Hathaway Inc. is combining its real estate operations across the U.S. The move includes Long Realty, headquartered at 900 E. River Road, as an affiliate of Berkshire Hathaway.

“Our logo tagline will change and we will incorporate that over time. It will be along the lines of Long Realty Company, a Berkshire Hathaway affiliate,” said Rosey Koberlein, president and CEO of Long Companies. “Where appropriate, the logo will change. The value of the Berkshire Hathaway name is huge, we are very proud to be a part of this change.”

Berkshire Hathaway is run by famed business investor Warren Buffet, the company’s chairman and CEO.

HomeServices of America, also a Berkshire Hathaway company, has acquired a majority interest in the Prudential Real Estate and Real Living brands from a Canadian firm. In 2013, the Prudential and Real Living operations will be rolled into a new franchise brand to be called Berkshire Hathaway HomeServices.

In 1999, Long Realty was acquired by HomeServices of America, the nation’s second-largest residential real estate brokerage firm.

“Immediately, we grow by leaps and bounds by being part of a national network. To consumers, listings in Tucson will have greater exposure across the country. Likewise, someone from Michigan thinking of moving to the Southwest will have greater exposure to our market and assurance through the strength of the new network,” Koberlein said.

On several occasions, Koberlein has met and dined with the legendary Buffett, 82, during company events in Omaha, Neb. She described him as “very down to earth. With all his knowledge, he is absolutely fascinating.”

Multi-family investments

Integra Group Real Estate, 501 W. Grant Road, has launched a program to provide education and opportunities for investors in multi-family properties. Their Multi-Family Home Investors Initiative expands the company’s traditional services and provides a high level of education for potential investors.

The initiative offers workshops, one-on-one consulting and an educational newsletter. Integra Group specializes in the property management and marketing and sale of bank-owned and other distressed properties.

For details, call (520) 308-6916.

Sales and leases

• LM Investment Group purchased a 10,584-square-foot building at 1201-1215 E. Broadway for $520,000 from Target Commercial Interiors Inc., represented by Nancy McClure, CBRE, and Mark McCary, Target, Minneapolis, Minn. Target Commercial Interiors has consolidated its office, showroom and warehouse operations to 1665 E. 22nd St. The buyer will convert the Broadway property into offices and TV studios for its Azteca America station, KUDF 14. The TV station is currently located at 245 S. Plumer Ave. The buyer was represented by Jim Marian, Chapman Lindsay Commercial Real Estate Services.

• DCTN3 360 Sahuarita Az LLC purchased a 33,000 square-foot pad in Madera Marketplace, at the northeast corner of Interstate 19 and Nogales Highway, Sahuarita, for $345,000. Seller Evergreen-Interstate 19 & Nogales LLC, was represented by Brenna Lacey, Volk Company. The buyer, represented by Pat Sauer, Velocity Retail Group, plans to build a Mattress Firm retail store on the site.

• CP-East Valencia LLC purchased 4.52 acres of land at 2310 E. Valencia Road for $345,000 from Sterling Savings Bank, represented by Rick Volk, Volk Company Commercial Real Estate.

• TMC Holdings purchased 1,500 square feet at 5200 E. Farness Drive, Suite 100, for $105,000 from Paul and Maureen Lichtenstein, represented by Andrew Sternberg, Oxford Realty Advisors. The buyer was represented by Rick Kleiner and Tom Knox, Picor Commercial Real Estate Services.

• Schletter Inc. leased 67,500 square feet at 3761 E. Farnum Place from L.B.S. Farnum Place LLC. The transaction was handled by Stephen Cohen and Russell Hall, Picor Commercial Real Estate Services.

• Cactus Portable Storage LLC leased 45,908 square feet at 6161 S. Palo Verde Road from Cobalt Industrial REIT II, represented by Rob Glaser and Brandon Rodgers, Picor Commercial Real Estate Services.

• Heating and Cooling Supply leased 28,500 square feet at 2301 S. Friebus from Oak Properties, represented by Rob Glaser with Picor. Robert Delaney with CBRE and Robert Bode with Mark V Commercial represented the tenant.

• Long O. Lin leased a 10,808 square-foot building at 715 E. Wetmore Road, a former Golden Corral restaurant, from Koi Enterprises Inc. The tenant was represented by Rick Borane of Volk Company Commercial Real Estate.

• Eden Customs LLC leased 8,000 square feet at 1700 W. Grant Road from Albert E. & Debbie L. Farner Trust, represented by Rob Glaser with Picor. The tenant was represented by William Mordka of Harvey Mordka Realty.

• FreedomSmokeUSA leased 6,768 square feet at 3805 W. River Road, Suites 101 and 151, from Orange Grove Center LLC, represented by Debbie Heslop of Volk Company Commercial Real Estate.

• Conn Appliances leased 6,000 square feet at 750 E. Ohio, Suites 3 and 4 from Ohio Street Building No.2 Ltd. LLLP, represented by Rob Glaser of Picor. The tenant was represented by Robert Delaney with CBRE.

Email news items for this column to ryohem@azbiz.com. Inside Real Estate & Construction appears weekly.

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