Many have speculated Tiger Woods has a tough time keeping his commitments – well perhaps not his banker.

In a story reported by TMZ, Tiger Woods has taken out a $54.5 million mortgage for a brand-new mansion he’s building on Jupiter Island, Fla. And no “go-for-the-adjustable-rate-and-pray” route for Tiger; no, he intends to pay back the loan by Jan. 15, 2016. (See, folks? That’s sound financial strategy. If you’ve got a spare $54 million lying around, go ahead and get your mortgage paid off.)

You can get a look at the full tiger_loan right here (PDF format, and remember, this is all public record.) Among the findings:

• This consolidates Woods’ holdings in three properties on Jupiter Island, Fla. Woods is listed as “a single man,” and for the record, his real first name is “Eldrick,” not “Tiger.”

• At standard interest rates, Woods will pay about $1 million a month in mortgage payments.

File Under: I don’t think Tiger needs to sweat out his monthly mortgage payments.

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I was just sent this email:

 re: SW BOSTON HOTEL VENTURE, LLC, et al.,^{[ 1 ]} Chapter 11, Debtors.

Case No. 10-14535-JNF, (Jointly Administered).

United States Bankruptcy Court, D. Massachusetts, Eastern Division.

August 27, 2010. Click here for link

MEMORANDUM REGARDING MOTION BY SW BOSTON HOTEL VENTURE, LLC FOR AUTHORITY TO LEASE CONDOMINIUM UNITS IN THE ORDINARY COURSE OF BUSINESS

JOAN N. FEENEY, Bankruptcy Judge

I. INTRODUCTION

The holder of the Debtor’s first mortgage on the Property, Prudential Insurance Company (“Prudential”), filed an Objection to the Motion asserting two reasons: first, that the information that the Debtor has provided in support of its leasing proposal is inadequate, and that the Debtor has not shown a proper business justification for the proposal; and second, that Prudential’s prior consent to leasing is required, which the Debtor did not obtain, either before or after filing the Motion, and which consent Prudential does not give. The holder of the Debtor’s second mortgage on the Property, the City of Boston, filed a Statement in support of the Motion. Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) filed a Reply to the Motion, which the Debtor and Starwood reported resolved at the hearing held on August 26, 2010, with the Debtor agreeing to comply with the provisions of the Condominium Marketing Licensing Agreement executed by the Debtor and Starwood in all respects, including terms with respect to leasing activity.

Prudential requested an evidentiary hearing, which the Court held on an emergency basis on August 26, 2010. At the outset of the hearing, the Court directed, and the parties agreed, that in lieu of direct testimony of witnesses, the Debtor would present an offer of proof through its counsel, Prudential would conduct cross-examination of the Debtor’s witnesses, and the Debtor would have the opportunity to conduct redirect examination. Prudential did not call any witnesses. Based upon the evidence presented, the Court now makes the following findings of fact and conclusions of law in accordance with Fed. R Bankr. P 7052.

II. FINDINGS OF FACT

The Debtor’s Property is a 26 story four—star hotel and luxury condominium development in downtown Boston. In addition to a 235 room W Hotel, the Property has 122 condominium units. The Debtor’s initial business plan was to sell all of the units and not engage in leasing. The Debtor has sold 22 of the condominiums, but sales are “behind pace,” according to the Debtor’s financial advisor, Derek Flanagan (“Flanagan”). Because the market for rentals is currently better than the market for sales, the Debtor has embarked on a leasing strategy for up to 25 of its condominium units, which approximates 25 percent of its inventory of available units. The Debtor contemplates renting the units for terms of six months to one year. The Debtor submits that there are a number of reasons for leasing a select number of units: namely, that leasing will provide significant income for the Debtor, enhance the activity in the complex, and create a pool of potential purchasers.

Kevin Ahearn (“Ahearn”), a licensed real estate broker with thirty years of real estate sales and leasing experience, of the Boston firm Otis & Ahearn, has been employed by the Debtor to market its condominium units. He testified that the Debtor currently has three pending offers to purchase condominium units. Describing the Property as a “fluid situation,” Ahearn explained that the leasing of the units will generate revenue in the form of monthly rent, will generate interest in the development, and will enhance the prospects for sales of units to lessees who may be interested in purchasing once they have occupied the premises.

Read (more…)

There’s a lot of talk these days on helping the housing market. Some good, some off the wall, but everyone agrees that the more ideas the better. Here’s a quick look at what some are saying:

The Boston Fed head said that the link between rich and poor cities and distressed housing rates is clear. His solution? Well he’s definitely onboard with more “equitable” revenue sharing — meaning states and Feds need to funnel more state aid to where it’s needed. More good money after bad or necessary sand bags?

The Obama administration said yesterday that it’s made headway in getting banks to give nonprofits and municipalities a shot at buying foreclosed homes ahead of private “speculators.” The administration’s concern is that “speculators” will just flip properties with minimal improvements — unlike nonprofits and local governments which have access to a $7 billion fund set up by congress for this purpose.

And Real Estate Now blogger Scott Van Voorhis says a reader suggested the following: a “cash for clunkers” idea, but for homes. Buy an energy-efficient home, get a big rebate (like the homebuyer tax credit), and bulldoze the old place.

File under: Invest in bulldozers?

As if all the double-parked moving vans, mountains of discarded furniture and trash on our streets, along with 75,000 college students moving into the area are not enough to fray nerves – city officials are were up against a tiny problem that poses a huge threat. Bedbugs.

Read more.

The Clarendon sold another condo yesterday. Unit 16A sold for $1,000,000. This would be the 36th unit that sold at The Clarendon.

File Under: Good job!

The Boston Globe reports on the new $60 million Liberty Wharf Pier project in the Seaport District which is almost finished. This is the old site of Jimmy’s Harborside, which will now feature a new 4,000 square foot Legal Seafoods complete with rooftdeck, three other restaurants, outdoor seating and public marina with floating docks for water taxies and private boats.

Two of the other restaurants will be a Jerry Remy’s sports bar and a steak place. Here are some great pics of the development which will feature three huge glass walls. Add this to the long list of Seaport changes in the past few years.

File Under: Fishy pier no more.

It was surprising news this week when the Globe launched a new and free real estate app for the iPhone. But the word “free” doesn’t just mean you don’t have to pay to download it from iTunes. It’s free for advertisers and the Globe says it has no plans to charge for listings to be included on the app. So says Robert Kempf, the Globe’s VP of digital effort in this article from Harvard’s Nieman Journalism Lab.

The app lets users browse listings by neighborhood, by your location (“what’s near me right now?”). You can search for open houses and search for property many ways (square foot, price, newly listed, etc.).

In Massachusetts, the median price for single-family homes climbed 3 percent to $315,000 in July from $305,000 during the same month last year, The Warren Group, publisher of Banker & Tradesman, reported. July was the second straight month of the year that the median price exceeded $300,000. The median price for homes sold January through July was $297,000, up almost 6 percent from $281,000 in the prior year.

I have an apartment building for sale at 85 North Margin Street in the North End for $739,000. For more information call Linda Mitrano at 617-512-4557 or at 617-720-5454. Motivated seller – so bring offers!

Brokers welcome!