Woodridge Capital Acquire Historic Fairmont San Francisco Hotel
The world-renowned Fairmont San Francisco Hotel atop Nob Hill has been sold for nearly $200 million to a consortium led by an affiliate of Oaktree Capital Management LP and real estate investor Michael Rosenfeld and his Woodridge Capital Partners LLC. The hotel was purchased from Maritz, Wolff & Co., which acquired its investment in the hotel in 1998 in partnership with Kingdom Holding, which is retaining its interest. Fairmont Hotels & Resorts, based in Toronto, Canada, will continue to manage the hotel.
Real Good Chair from Bludot
During the time when I went to school I enjoyed the Arts and Craft lessons because we could do many unusual things with our own hands. I learned how to fold paper and to make different shapes like planes and flowers, water cups and little boats. The shape changed every time you folded the paper again and you got something new.
Mortgage Rates Pop Higher
Nearly at their record lows, mortgage rates popped higher this week, up two basis points to 3.90% on a fixed 30-year mortgage, according to Freddie Mac. Rates have been hovering near their record low levels for almost two months. The shorter term 15-year fixed rate loan also popped two basis points higher for the week to 3.13%, a bargain for any home buyer.
Smallest American Town Makes Dream Come True
The smallest town in the U.S. ranked by population was auctioned-off for $900,000 to a Vietnamese man, whose dream came true to buy a piece of America. Buford, Wyoming originated in the 1860s and was a busting community of 2,000 residents before the transcontinental railroad was re-routed.
Don Sammons has been the town’s sole resident ever since his wife died six years ago. His kids had moved away from the Interstate 80 outpost years earlier.
Rent it Fast With These Easy Tips
If you have rental units to fill, you might want to put yourself in your potential tenants’ shoes, and give them what they want. So what do people look for when searching through apartment or rental home ads?
Photos: You can’t have too many photos of your rental. Exterior and interior photos are a must for attracting the right tenant. And be sure the photos are done well. Use good lighting or bright, natural light. Be sure to show features like closets, dishwashers, laundry rooms, garages, patios and any attractive views.
Rapper Drake’s Miami Digs Sell for $2.4 Million
Looks like someone snagged the best apartment they ever had!
Drake, the rapper and Grammy-nominated recording artist who currently holds the spot for No. 1 rap song and No. 2 rap album in America, has just sold his side-by-side Miami apartments. Units 4906 and 4905, which together cover 5,475 square feet, hit the market in January for a collective $2.5 million. They sold on Thursday to the LLC of professional basketball player Mario V. Chalmers, point guard for Miami Heat, for $2.4 million.
New York Fed Buys 33 Maiden Lane for $207.5M
The Federal Reserve Bank of New York bought 33 Maiden Lane, a 600,000-sq.-ft. office building in New York City, from Merit US Real Estate Fund III L.P. for $207.5 million. The buyer established a wholly-owned limited company, Maiden & Nassau LLC, to serve as the building’s owner.
Fixed Mortgage Rates Hold at Record Lows
Fixed mortgage rates remained at all-time record lows for the third straight week, while the 5-year adjustable rate loan dropped below last weeks averages, according to Freddie Mac. The 30-year fixed rate mortgage averaged 3.87% to match its all-time low. The shorter term 15-year fixed rate mortgage, which many consumers are purchasing to reduce the term of their payments averaged 3.16% across the U.S., the Freddie Mac survey showed. The 5-year ARM edged narrowly lower, dropping a single basis point from a week ago to 2.83%.
Popular neighborhood attributes: kid-friendly and hip
“Fun for Kids,” “Fun and Hip,” and “Most People Use Public Transportation,” in that order, are the most popular attributes selected in a search tool launched last year by real estate technology firm Robot Workshop, the company announced.
10 States With the Most Mortgage Debt
How much residents of each state owe on their mortgages is an interesting statistic. For the most part, residents of the states with the highest average mortgage debt are not in trouble. While the average home price in these states dropped in value during the recession, the foreclosure rates in these states are among the lowest in the country. The reason: Residents of these states can generally afford to lose and owe more money than their counterparts in other states.
