Blue's Blog

Blue Asset Management LLC offers New Jersey performing and non performing mortgages and notes for sale

2012-04-15T09:21:00.002-07:00

(Wayne,NJ) Blue Asset Management LLC, a real estate
management and asset disposition company operating in New Jersey and Florida,
announced it is offering in excess of $15 million in performing and non
performing first mortgage loans collateralized by properties in New Jersey.

According to Charles Blumenkehl, managing partner at Blue
Asset Management, “we are very bullish on the future of real estate in New Jersey,
and believe these loans we are offering to the local market will bring solid
returns collateralized by investment caliber real estate. We have loans ranging
in size from $100,000 to over $1 million, and are excited for the opportunity
to enable local investors and operators to assist in the real estate recovery in
our local New Jersey markets while at the same time bringing properties back to
marketability helping both the occupants and surrounding properties.”

Blumenkehl said the properties would be offered both through
his office and is working with and exploring various disposition channels to achieve distribution of the assets. For more information about the loans, contact Charles Blumenkehl at Blue Asset Management LLC in New Jersey at 973 835-1400 or log onto the company’s website at blueassetmanagementllc.com

Blue Asset Management Closes on Barrington Property

2011-08-13T12:17:00.000-07:00

Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced his fund has sold its holdings in Barrington, New Jersey.

According to Blumenkehl, “After closes on millions of dollars of non-performing mortgages and distressed property throughout New Jersey, we began to recognize the strength in our local footprint to achieve high yields on our investments, As a result, we made the decision to divest ourselves of our holdings outside the northern New Jersey market, which led to the sale of our Barrington property.” According to Blumenkehl, the fund was able to provide its investors with a profitable return on the Barrington piece, and plans to further re-allocate its resources into opportunities it finds in northern New Jersey.

Blumenkehl continued, “We see the Camden county corridor as offering great opportunity for investors. However, with the opportunities we are finding existing in our local market, we were pleased to divest ourselves of our Camden County holdings and focus on asserting our local northern New Jersey footprint to achieve greater control resulting in high returns for our investments.” Blumenkehl said his company has recently purchased several properties in northern New Jersey and is aggressively seeking more acquisitions in the current market environment.

Wayne, New Jersey based Blue Asset Management LLC was founded by Charles Blumenkehl to leverage opportunities created by the mortgage meltdown. For more information about Blue Asset Management LLC call the company directly at 973 835-1400 or log onto the company website at www.blueassetmanagementllc.com.

Blue Asset Management Closes on Barrington Property

2011-05-15T12:19:00.000-07:00

Blue Asset Management LLC Weathers Floods in Northern New Jersey

2011-05-14T20:42:00.000-07:00

According to Charles Blumenkehl, managing partner of Blue Asset Management, “This has been a most unusual winter, bringing a dozen snowfalls and seemingly monsoonlike rain to the area. The result was that, for the first time since we owned the property, we experienced flooding in our Little Falls rental property twice in one 12 month period, causing evacuation of the property. In addition, several of our properties in close proximity to the river experienced minor flooding and damage from the abundance of water.” According to Blumenkehl, the floods which took place in 2010 were worse than the recent flooding, and resulted in the installation of new walls, flooring, kitchen and bathroom cabinets and vanities, and a myriad of other repairs and remedial activity to mitigate the damage caused by the flooding. The 2011 flooding, while not as high or as prolonged as the floods last year, will result in the replacement of much of the new materials installed in 2010.

Blumenkehl continued, “It is such a shame to see the investment we made in our property needing replacement so quickly. We have owned real estate in the area for more than twenty years, and I have never seen flooding come so close to each other in such a short period of time. Hopefully,” said Blumenkehl, “we won’t have to experience anything like this for a long time, if ever again.”

Blumenkehl added that while flood insurance will help to offset much of the damages incurred, it still adds to the companies already robust work list resultant from the many acquisitions his fund has made in the past months. Blumenkehl continued “Our crews and contractors are working six and seven days a week to catch up to the workload on our new acquisitions and complete the work we were unable to do because of the tough winter we experienced. This will add to the burden, and since it is a priority to repair the flood-damaged properties so our tenants can move back in quickly, we will see some of our other projects further delayed.”

Blumenkehl was pleased that none of his tenants in the area suffered damages to their property since there was sufficient notice before the flooding took place. He has only received notice from one tenant that they do not intend to re-occupy their premises even if it is restored within the period provided for in the lease agreement.

Located in Wayne, New Jersey, Blue Asset Management LLC owns, manages and operates numerous rental properties throughout northern New Jersey. For more information about Blue Asset Management LLC, call the company directly at 973-835-1400 or log onto the company website at www.blueassetmanagementllc.com.

http://newjerseyprnews.com/new_jersey_articles/2011/05/blue-asset-management-llc-weathers-floods-in-northern-new-jersey-211011.htm

Blue Weathers Storm

2011-04-25T22:07:00.000-07:00

http://www.pressreleasepoint.com/blue-asset-management-llc-weathers-floods-northern-new-jersey

Blue Asset Management LLC Sees Appraisals Creating Difficulties in Closing Transactions

2011-04-25T21:22:00.000-07:00

Charles Blumenkehl, managing partner for Blue Asset Management LLC, sees home appraisals causing difficulties for buyers trying to obtain mortgages on their dream homes and consequently for sellers of real estate in today’s market.

According to Blumenkehl, “On the one hand, home values are determined by how much a buyer is willing to pay for a particular property. On the other hand, in order to protect their investment, lenders require the property to appraise for the purchase price in order to assure that the loan to value ratios required for the particular mortgage are maintained.” Blumenkehl continued, “the problem today is that so many homes that are sold and which appraisers can use as comparable sales in completing their appraisals are based on foreclosure prices and prices established through short sales, where the seller is willing to sell their property at a deep discount and the lender is willing to accept these deep discounts rather than wait to complete the over-capacity foreclosure process and all that comes with it, including carrying and maintenance costs and loss of earnings on the remaining principle that could potentially be sustained by the mortgage-holder”.

“The result”, concludes Blumenkehl, “is that today’s seller is not only subject to competing with these foreclosures and short sales when marketing and pricing their homes, but the price the buyer is willing to pay will be subject to how much the distressed and foreclosed properties in the market will sell for.” This leads to many under-valued appraisals, Blumenkehl says, which in turn will require sellers to either further reduce their already depressed sales price or try to find a new buyer and hope the next appraisal is higher. Blumenkehl also pointed out that in many types of sales, such as FHA or VA financed transactions, the seller is stuck with the appraised value even if another buyer is willing to pay more but requires the same type financing, since the appraisals are registered with HUD for a 6 month period. Blumenkehl says his fund has opted to hold certain properties that have under-appraised and achieve high rates of return on renting the property while he waits for the market to return rather than sell at over-deflated prices.

Charles Blumenkehl, a 30+ year veteran of real estate management in New Jersey, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities that arose as a result of the mortgage crisis leading to the foreclosure crisis. Blue Asset Management LLC is a buyer of performing and non-performing residential and commercial real estate mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 83-1400.

Blue Asset Management Sees Lease to Buy Making Sense in Today’s Real Estate Marketplace

2011-04-24T21:16:00.000-07:00

Aggregator.In PR 1/19/11

2011-04-23T18:18:00.000-07:00

http://aggregator.in/blog/2011/01/19/charles-blumenkehl-of-blue-asset-management-llc-sees-demand-for-residential-rentals-increasing/

widepr PR 3/2/11

2011-04-23T17:42:00.000-07:00

http://www.widepr.com/8836

pressreleasepoint PR 1/23/11

2011-04-23T17:41:00.000-07:00

http://www.pressreleasepoint.com/charles-blumenkehl-blumenkehl-properties-and-blue-asset-management-llc-predicts-quotmake-home-afford

pr.com PR 1/19/11

2011-04-23T17:39:00.000-07:00

http://www.pr.com/press-release/291334

Online Discussion Club PR 1/28/11

2011-04-23T17:35:00.000-07:00

http://www.clubdoconline.com/news/press-release/gold-circle-builders-operated-by-charles-blumenkehl-sees-an-increase-in-rehabilitation/

ibtimes pr 1/19/11

2011-04-23T17:34:00.000-07:00

http://www.ibtimes.com/pr/articles/634016/20110119/charles-blumenkehl-of-blue-asset-management-llc-sees-demand-for-residential-rentals-increasing.htm

scribd pr 1/19/11

2011-04-23T17:31:00.000-07:00

http://www.scribd.com/doc/47219810/Charles-Blumenkehl-of-Blue-Asset-Management-LLC-Sees-Demand-for-Residential-Rentals-Increasing

Home Improvement PR 1/29/11

2011-04-23T17:28:00.000-07:00

http://www.improveyourhome.us/blog/2011/01/29/gold-circle-builders-operated-by-charles-blumenkehl-sees-an-increase-in-rehabilitation/

Press About PR 2/4/11

2011-04-23T17:25:00.000-07:00

www.pressabout.com/tag/charles-blumenkehl/

widepr 3/31/11

2011-04-23T17:23:00.000-07:00

http://www.widepr.com/press_release/10491/blue_asset_management_llc_adds_online_rent_payment_to_platform.html

Blue Asset Management Sells Millville Property

2011-04-15T21:29:00.000-07:00

Charles Blumenkehl, managing partner for Blue Asset Management LLC, announced his company has sold its last remaining Cumberland County property in Milleville, New Jersey.

According to Blumenkehl, the property, a vacant multi family structure in need of rehabilitation, was acquired through foreclosure last year. He said his fund sold the property as a part of its strategic decision to stay focused on its northern New Jersey properties. Blumenkehl said, “While we believe Milleville can offer robust returns to investors in the area, we increasingly found properties like the one we sold were more difficult to control from our statewide network.” Blumenkehl continued, “We made the strategic decision to contract our New Jersey footprint as we acquired more property near our home base in Wayne, and the sale of our Milleville piece was a furtherance of that strategy.”

Blumenkehl said his fund has increased its rental property footprint almost 100% in the past year, with most of the additional properties coming in Bergen, Passaic, Essex, Morris and Hudson counties. Blumenkehl continued, “With our decision to focus in northern New Jersey, we are able to achieve more robust returns and act on more opportunity in our market by exerting greater control over our management, acquisition and renovation networks.”

Blue Asset Management LLC was founded by Charles Blumenkehl to leverage the opportunities created as a result of the mortgage meltdown. For more information about the Wayne based company, contact Mr. Blumenkehl or Blue Asset Management LLC directly at 973 835-1400 or log onto the company website at www.blueassetmanagement.com.

Blue Asset Management LLC Sees Appraisals Creating Difficulties in Closing Transactions

2011-04-15T21:21:00.001-07:00

Blue Asset Management sees Real Estate at its most Affordable level in over 20 years

2011-03-01T20:04:00.000-08:00

According to Charles Blumenkehl, managing partner for Blue Asset Management LLC, purchasing real estate today as it relates to income is at its most affordable levels since before 1989.

Blumenkehl points to studies released by Moodys Analytics that show the ratio ofhome prices to household income falling to 1.6, less than the historical average between 1989 and 2005 which was 1.9. The ratio was at its highest level in 2005, according to the study, at a ratio of 2.3.

According to Blumenkehl, “Buying a home, based on average consumer incomes, is cheaper now than in the last 22 years. The affordability is fueled by the rate of foreclosures in many markets, and the markets which have the most foreclosures have the cheapest affordability ratios.” Blumenkehl continued, “right now, buying a home is cheaper than renting a home. The key, unfortunately for many people desirous of buying a home, is whether they can qualify for a mortgage based on the more stringent income, downpayment and credit underwriting requirements imposed by most lenders today”

Blumenkehl added, “The good news is that there are still low money down options available to buyers who are gainfully employed and have verifiable income. FHA mortgages are still available with downpayments of less than 5%, VA mortgages for qualified veterans are still available with no money down, and for the most creditworthy of potential home purchasers FNMA and Freddie Mac mortgages with 10% downpayments are available. With mortgage rates and housing prices at historic lows, anyone who can buy a house today should, and will be very pleased with their decision to buy in a few years when the glut of foreclosures subsides and the real estate market normalizes to it historic trends.”

Charles Blumenkehl, a 30+ year veteran of New Jersey Real Estate, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities which became available in New Jersey Real Estate as a result of the mortgage meltdown leading to the foreclosure crisis. Blumenkehl’s fund buys performing and non performing residential and commercial mortgages, distressed and investment real estate. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.

Blue Asset Management Sees Buyers Favoring Smaller Houses over McMansions

2011-03-01T20:02:00.000-08:00

Charles Blumenkehl, managing partner of Blue Asset Management LLC sees buyers favoring smaller and more energy efficient homes with lower costs over larger “McMansion’ type properties.

According to Blumenkehl, “the trend for buying smaller more practical housing has been increasing over the past few years for a number of reasons. Obviously, affordability is a factor, given the economic contraction of the past few years leaving less buyers positioned to buy the more expensive larger homes in their markets. In addition, the trend to go green, using less energy and wasting fewer resources, the trend to move closer to urban areas which provide more nightlife and shopping, and the trend for owner occupied multi family housing is impacting the big box home marketplace”. Blumenkehl added, “As a result of the lesser interest in these large homes today, our fund is more focused on acquisitions of smaller single family type homes between 1500 and 2200 square feet and multi-family homes that meet owner-occupant criteria.”

Blumenkehl also said he sees a slowdown in sales of these type properties amongst real estate funds who occupy the same business space as his fund, and sees an increased trend to lease/to purchase larger homes as a means of keeping them afloat and avoiding the expensive carrying and maintenance costs these properties can represent.

Blue Asset Management LLC was founded in 2008 by Charles Blumenkehl to leverage opportunities made available through the mortgage meltdown and foreclosure crisis impacting the economy. Blue Asset Management is a purchaser and seller of performing and non performing residential and small cap commercial mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.

Blue Asset Management Sees Lease to Buy Making Sense in Today’s Real Estate Marketplace

2011-02-28T20:20:00.000-08:00

With mortgage restrictions and economic uncertainties making home purchasing difficult for many in the current real estate market, an old real estate marketing strategy is finding its way back to popularity amongst potential sellers and buyers who wish to enter the real estate market but aren’t in a position to close quickly.

According to Charles Blumenkehl, managing partner of Blue Asset Management, the lease to buy scenario has become an acceptable alternative for some of today’s market participants. Blumenkehl said “With prices as attractive as they are, potential buyers are seeking to lock into a purchase without having to fully commit to closing. At the same time, sellers who find they are carrying the costs of properties they no longer wish to own are finding this alternative attractive by allowing the mortgage and most expenses to be covered by their prospective buyer as they await the point in the market that the buyer can potentially close on the property.” Blumenkehl explained “By leasing to buy, typically a buyer will put up a small non-refundable deposit which will be applied against their ultimate purchase price, and then are given the opportunity to accumulate enough of a down payment over the course of their occupancy by paying slightly above current market rents and having the overage added to their down payment.” In so doing, Blumenkehl says that buyers can meet the larger down payment requirements imposed by lenders, and if they don’t want to buy at the end of an agreed upon period of time, they can simply walk away without being saddled with a mortgage on property they decide not to own.

Simultaneously, sellers will either have their houses sold at the end of the occupancy period, or at least will not have to carry the expenses of a vacant mortgaged home while they wait for the housing market to recover. “The result,” Blumenkehl said, “is a win-win for both parties, one by locking into an attractive price and reasonable terms which could enable them to become homeowners when they would otherwise end up leasing without the ability to accumulate equity or take advantage of low housing process in today's market, while sellers are relieved of the pressure of carrying vacant property in these difficult economic times.”

Blumenkehl points out that even if the market recovers and the sellers can get more money for their homes in a year or two, the amount they would have to spend on payments for a vacant home would be more than the potential increase in sales price in many cases. Blumenkehl said that his fund has considered lease to buy on certain properties they currently own, and are seeing more of these type transactions now than they have in prior years.

Charles Blumenkehl is president of Blumenkehl Properties, owner/operator of rental properties throughout northern New Jersey, and managing partner of Blue Asset Management, buyer and seller of non performing mortgages, distressed and investment real estate. For more information about Mr. Blumenkehl and his companies, or to learn more about lease to buy opportunities currently available through Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company at 973 835-1400.

Blue Asset Management Sees Home Prices Stabilizing in New Jersey

2011-02-21T19:47:00.000-08:00

Charles Blumenkehl, managing partner for Blue Asset Management LLC, says home prices in New Jersey have been stabilizing and are even experiencing gains in certain markets.

According to Blumenkehl, “Home sales have been recovering since the fourth quarter of 2010, and the trend is continuing into 2011. Available inventory is being absorbed, distressed properties in many suburban markets are starting to slow down, and with a decrease in housing inventory the real estate market is headed toward recovery.” Blumenkehl continued, “As the employment situation improves, housing will improve. It is now just a matter of time until markets normalize. With interest rates as low as they are, and prices as attractive as they are, it is hard to imagine a better home buying opportunity than the present”.

Blumenkehl points to a recently released survey by the National Association of Realtors which showed the median priced home increasing from $170,300 to $170,600 from the fourth quarter of 2009 to the same period in 2010. The same survey noted that home prices have increased in over half of the 152 Metropolitan Statistics Areas tracked by the study in the fourth quarter of 2010. Blumenkehl added, “As a major metropolitan market serving the New York and local employment hubs, New Jersey is poised for a market rebound in 2011 which will have far reaching effects into the local economies. Increases in consumer spending and employment resultant from these increases will serve as a springboard for further economic recovery in the area as the year unfolds.”

Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the real estate investment opportunities which were made available through the mortgages and real estate meltdown in the area over the past few years. For more information about Charles Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or contact Blumenkehl directly at 973 835-1400.

Blue Asset Management in Market for New Jersey Apartment Buildings

2011-02-20T19:08:00.000-08:00

Blue Asset Management LLC, buyer of mortgages, distressed and investment real estate in New Jersey, is seeking to buy apartment complexes and buildings in northern New Jersey.

According to Charles Blumenkehl, managing partner for Blue Asset Management LLC, “We believe we are reaching the bottom of the real estate market. The opportunity to buy residential rental properties and the demand for rentals are as good as we have seen in many years.” Blumenkehl continued, “We are aggressively seeking to add to our existing inventory of residential rental properties and are scouring the northern New Jersey market for opportunities.”

Blumenkehl says his group currently owns over 30 buildings in the northern New Jersey market, including 6 or more buildings each in Hudson, Bergen, Passaic and Morris Counties. Blumenkehl added, “With the residential rental market strengthening substantially, we can’t get apartments quick enough.” Blumenkehl invites anyone who has apartment inventory for sale or knows of buildings for sale in northern New Jersey to contact him directly at the main office of Blue Asset Management LLC in Wayne New Jersey.

Blue Asset Management LLC was founded by Blumenkehl in 2008 to leverage the opportunities which became available as a result of the real estate and mortgage meltdown of the last few years. For more information about Charles Blumenkehl or Blue Asset Management LLC, log onto the company website at www.blueassetmanagementllc.com or call Mr. Blumenkehl directly at 973 835-1400.

Blue Asset Management LLC Releases Its 2011 Property Management Investment Report - PR.com

2011-02-19T18:23:00.000-08:00

Blue Asset Management LLC Releases Its 2011 Property Management Investment Report - PR.com