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Lucy Puniwai's Blog

By Lucy Puniwai | Agent in 76177
  • Investors need to buy a downtown Fort Worth hotel?

    Posted Under: Foreclosure in Fort Worth, Celebrity Homes in Fort Worth  |  February 20, 2012 2:17 PM  |  988 views  |  No comments
    One of the city’s top convention center hotels has been posted for foreclosure according to Tarrant County filings.
    The Sheraton Fort Worth Hotel and Spa was posted on Feb. 9 for foreclosure and is scheduled to be sold at a March 6 auction on the steps of the Tarrant County courthouse.
    Dougherty Funding LLC, a Delaware limited liability company, posted the property located at 1601 Commerce St., for foreclosure with Tarrant County, saying that owner Presidio Hotel Fort Worth LP has defaulted on payments.
    The property has a 2011 Tarrant Appraisal District value of $20.2 million, down from its 2009 appraisal value of $26.7 million.
    The 284,049-square-foot property sits on 2.1 acres near the Fort Worth Convention Center and is made up of two towers – one ten stories and one 12 stories.
    Fairfield, Calif.-based Presidio purchased the hotel property from limited partnership Puson Gch of Indonesia in 2006. Presidio then completed a $48 million renovation of the 429-room property.
    The hotel was constructed in 1974 as a Hilton Inn and was expanded in 1980 with the addition of a second tower.

    Today, the property also is home to Shula’s 347 Grill. 

  • Foreclosure Process Gets Longer!

    Posted Under: Market Conditions in Fort Worth, Foreclosure in Fort Worth, Rental Basics in Fort Worth  |  February 28, 2011 10:16 AM  |  1,737 views  |  No comments
    Personal Experience: 2/6/2011 - one year ago my Buyer made an offer on a home that originally listed as a "SHORT SALE" The offer was 20k off from list price. The home isnow in foreclosure.
    Do you think the bank would have been better served to agree to sell the home and accept the 20k spread or hold on to it for 1-2 years and watch it deteriorate and bring down the values of the surrounding properties? Just a thought!

    Foreclosure Process Gets Longer

    Banks and mortgage servicers are taking more time to foreclose on defaulting home owners--a process that can take up to 2 years now. A backlog in foreclosures has occurred within a number of the nation’s banks, triggered by the large number of home owners defaulting on loans, a lengthy review process for loan modifications, and recent lawsuits that have accused banks of improperly filing foreclosure documents .
    Meanwhile, defaulting home owners are being allowed to stay in their homes longer. In December 2010, the average borrower in foreclosure went 507 days without making a mortgage payment, according to LPS Applied Analytics. (Prior to the housing crash, the norm was considered 250 days in default.)
    Diane Pendley, managing director of Fitch Ratings, estimates that delinquent borrowers stay in their homes an average of 19 to 20 months before they're evicted. She expects that average to grow to 22 to 23 months by the end of the year--the longest on record.
    The delays in the foreclosure process are expected to lead to less inventory of foreclosed homes for sale and higher prices for these homes, in some markets, experts note. However, the longer wait also means foreclosures could weigh on the real estate market much longer, they say.

    Source: “Home Loans in Default Drag On,” USA Today

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