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Sunday, December 23, 2007
Makeovers are set for five lobbies
Blackstone, the largest owner of office space in Boston, will spend millions of dollars redesigning and modernizing the lobbies of five prominent towers - even adding commissioned artwork - to better compete with newer buildings and towers opening over the next few years.
more stories like this
Buildings that will get new, friendlier looks on their ground floors and at entrances over the next 18 months include:
One Post Office Square, 60 State St., the Center Plaza offices across from City Hall, 225 Franklin St., and 150 Federal St.
Yesterday, the Boston Redevelopment Authority approved the plan for One Post Office Square.
The company will spend an estimated $60 million on renovations, said Gregory P. Shay, president of Equity Office, the Blackstone unit that owns 22 buildings in the Boston area. The improvements will give the company a leg up in a competitive office market.
The vacancy rate is 5 to 7 percent in top-quality office buildings downtown, Shay said yesterday.
"A lot of our competition is now coming from new buildings, and it's hard for 30- to 40-year-old buildings to compete," he said.
At the BRA meeting yesterday, Blackstone's architect, Robert Brown of the Boston firm CBT, showed the plan for a significant expansion of the three-story lobby of One Post Office Square. It would consolidate three security desks into one, extend the exterior glass walls toward the curb, and add 2,000 square feet of coffee shop or other retail space.
"It will be a good place for repose," Brown said, "and at the same time invigorate the sidewalk," where new trees will be planted. "It's a great opportunity to take an existing piece of the city and put a fresh new face on it."
The changes at the five buildings would be instantly noticeable to anyone who has gotten used to narrow entrances, lobbies crowded with security desks, and sidewalks that need new paving or additional lighting.
"They are trying to open it up and make more accessible the entire public realm of the ground floor of these buildings," said Kairos Shen, the city's director of planning, who has been working with Blackstone planners for several months.
In many cases, the lobbies are difficult for tenants and visitors to maneuver in because of the increased security restrictions that followed the terrorist attacks of Sept. 11, 2001.
State-of-the-technology turnstiles and security systems will be installed in some buildings.
"We have been against having a security desk in a very prominent location," Shen said. "It's like doormen - people are discouraged to go through."
Shen said that in several cases, Blackstone's plans are to expand the lobbies out onto sidewalk areas, making the entrances more visible, and giving lackluster openings character and style.
"They're doing the sidewalks in a much more organized way," including planting trees, Shen said.
Some buildings will also get new lighting up to their rooftops, giving them more prominence at night and enhancing the nighttime skyline.
Blackstone's plan for 150 Federal includes moving the main entrance around the corner to High Street, which now has a secondary entrance, and renaming the building to reflect new, modern space on High Street. Most of the plans require further city approvals.
Blackstone executives and city officials said that as part of the improvements to the plazas or sidewalks, the company has agreed to pay for public art. The art would be permanent, typically some sort of sculpture on the sidewalk. The process of selecting the type of art and specific artists is just beginning, Shen said.
Other Boston building owners have made similar moves recently. One Washington Square, managed by Jones Lang LaSalle, recently unveiled a new lobby and entrance near Court Street. And, nearby, the owners of One Boston Place are undertaking improvements.
Blackstone, a private equity firm, paid $39 billion early this year for the entire portfolio of Chicago-based Equity Office Properties Trust, including about 11 million square feet in 22 buildings in the Boston area, 17 of them downtown.
Though it has since resold some buildings elsewhere, the company still has almost all of its Boston holdings. Its executives view the office market here as rapidly recovering and have determined they could profit from rising rents.
In fact, the firm quickly began asking for higher rents, leading to what executives in the industry have called "the Blackstone effect" - upward pressure on rents in the overall Boston market, which in some cases have gone above $80 per square foot.
source: boston.com
more stories like this
Buildings that will get new, friendlier looks on their ground floors and at entrances over the next 18 months include:
One Post Office Square, 60 State St., the Center Plaza offices across from City Hall, 225 Franklin St., and 150 Federal St.
Yesterday, the Boston Redevelopment Authority approved the plan for One Post Office Square.
The company will spend an estimated $60 million on renovations, said Gregory P. Shay, president of Equity Office, the Blackstone unit that owns 22 buildings in the Boston area. The improvements will give the company a leg up in a competitive office market.
The vacancy rate is 5 to 7 percent in top-quality office buildings downtown, Shay said yesterday.
"A lot of our competition is now coming from new buildings, and it's hard for 30- to 40-year-old buildings to compete," he said.
At the BRA meeting yesterday, Blackstone's architect, Robert Brown of the Boston firm CBT, showed the plan for a significant expansion of the three-story lobby of One Post Office Square. It would consolidate three security desks into one, extend the exterior glass walls toward the curb, and add 2,000 square feet of coffee shop or other retail space.
"It will be a good place for repose," Brown said, "and at the same time invigorate the sidewalk," where new trees will be planted. "It's a great opportunity to take an existing piece of the city and put a fresh new face on it."
The changes at the five buildings would be instantly noticeable to anyone who has gotten used to narrow entrances, lobbies crowded with security desks, and sidewalks that need new paving or additional lighting.
"They are trying to open it up and make more accessible the entire public realm of the ground floor of these buildings," said Kairos Shen, the city's director of planning, who has been working with Blackstone planners for several months.
In many cases, the lobbies are difficult for tenants and visitors to maneuver in because of the increased security restrictions that followed the terrorist attacks of Sept. 11, 2001.
State-of-the-technology turnstiles and security systems will be installed in some buildings.
"We have been against having a security desk in a very prominent location," Shen said. "It's like doormen - people are discouraged to go through."
Shen said that in several cases, Blackstone's plans are to expand the lobbies out onto sidewalk areas, making the entrances more visible, and giving lackluster openings character and style.
"They're doing the sidewalks in a much more organized way," including planting trees, Shen said.
Some buildings will also get new lighting up to their rooftops, giving them more prominence at night and enhancing the nighttime skyline.
Blackstone's plan for 150 Federal includes moving the main entrance around the corner to High Street, which now has a secondary entrance, and renaming the building to reflect new, modern space on High Street. Most of the plans require further city approvals.
Blackstone executives and city officials said that as part of the improvements to the plazas or sidewalks, the company has agreed to pay for public art. The art would be permanent, typically some sort of sculpture on the sidewalk. The process of selecting the type of art and specific artists is just beginning, Shen said.
Other Boston building owners have made similar moves recently. One Washington Square, managed by Jones Lang LaSalle, recently unveiled a new lobby and entrance near Court Street. And, nearby, the owners of One Boston Place are undertaking improvements.
Blackstone, a private equity firm, paid $39 billion early this year for the entire portfolio of Chicago-based Equity Office Properties Trust, including about 11 million square feet in 22 buildings in the Boston area, 17 of them downtown.
Though it has since resold some buildings elsewhere, the company still has almost all of its Boston holdings. Its executives view the office market here as rapidly recovering and have determined they could profit from rising rents.
In fact, the firm quickly began asking for higher rents, leading to what executives in the industry have called "the Blackstone effect" - upward pressure on rents in the overall Boston market, which in some cases have gone above $80 per square foot.
source: boston.com
Buying cheaper fridge, floors makes financial sense
Last time, we talked about the worst places to save money when you're remodeling. Windows, roofs and exterior finishes prevailed as lousy places to cut corners. Today we'll look at some ways you can save money without sabotaging your project for the long term.
The strategy is simple: Economize on items that can be easily removed and upgraded later on, not on items that have to last the life of the house. This may mean putting off some things on your wish list until later -- but at least you'll have made sure it's still possible to get them. Here are some places to cut costs that will still allow for easy upgrades later:
* Built-in appliances. Buying less costly kitchen appliances is one of the simplest yet least exercised ways to save money -- probably because we've been conditioned to demand kitchens with huge built-in refrigerators, restaurant-style stoves, and all the other bells and whistles so beloved of appliance marketers. When you're building on a tight budget, though, mid-grade appliances will serve perfectly well -- in fact, they're often just the same high-priced units with the extraneous gimmicks deleted. What's more, since the dimensions of built-in appliances are standardized, the old units can be easily removed and replaced with fancier stuff when money becomes available.
* Kitchen and bath cabinets and countertops. Cabinets may seem very permanent, but they're actually fairly simple to remove and replace. This makes using budget cabinetry for the short term a fairly open-ended way to save money. When it's finally time to go for that fancier kitchen, the old cabinets needn't go to waste -- they can live out a second life in the garage.
As for countertops, pricey materials such as granite and its artificial knockoffs have insinuated themselves into even modest kitchens and baths of late, but there are some perfectly serviceable alternatives for the budget conscious. Ceramic tile and -- dare I say it -- plastic laminates are two time-honored standbys that can cost you thousands less than slabs. When it comes time to upgrade a kitchen or bath, the countertops and cabinets can be replaced together.
* Plumbing fixtures (except showers and tubs, which are more or less permanent) are also a good place to save a few bucks in the short term. While the price of items such as kitchen sinks, lavatories and toilets can vary by a factor of 10, for the most part they all do the job adequately. Later on, when you find that you absolutely must have that designer toilet with the hand-painted flowers on it, it'll be no problem to swap out the old one.
* Floor finishes such as carpeting and sheet vinyl, and hardware such as interior door locksets and cabinet latches are all easily replaced, allowing you to buy less expensive products in the interim while still being able to upgrade when money becomes available.
As hard as it is to put off those goodies you've had your heart set on, it helps to know that, when the time is right, you can still get exactly what you want.
source: boston.com
The strategy is simple: Economize on items that can be easily removed and upgraded later on, not on items that have to last the life of the house. This may mean putting off some things on your wish list until later -- but at least you'll have made sure it's still possible to get them. Here are some places to cut costs that will still allow for easy upgrades later:
* Built-in appliances. Buying less costly kitchen appliances is one of the simplest yet least exercised ways to save money -- probably because we've been conditioned to demand kitchens with huge built-in refrigerators, restaurant-style stoves, and all the other bells and whistles so beloved of appliance marketers. When you're building on a tight budget, though, mid-grade appliances will serve perfectly well -- in fact, they're often just the same high-priced units with the extraneous gimmicks deleted. What's more, since the dimensions of built-in appliances are standardized, the old units can be easily removed and replaced with fancier stuff when money becomes available.
* Kitchen and bath cabinets and countertops. Cabinets may seem very permanent, but they're actually fairly simple to remove and replace. This makes using budget cabinetry for the short term a fairly open-ended way to save money. When it's finally time to go for that fancier kitchen, the old cabinets needn't go to waste -- they can live out a second life in the garage.
As for countertops, pricey materials such as granite and its artificial knockoffs have insinuated themselves into even modest kitchens and baths of late, but there are some perfectly serviceable alternatives for the budget conscious. Ceramic tile and -- dare I say it -- plastic laminates are two time-honored standbys that can cost you thousands less than slabs. When it comes time to upgrade a kitchen or bath, the countertops and cabinets can be replaced together.
* Plumbing fixtures (except showers and tubs, which are more or less permanent) are also a good place to save a few bucks in the short term. While the price of items such as kitchen sinks, lavatories and toilets can vary by a factor of 10, for the most part they all do the job adequately. Later on, when you find that you absolutely must have that designer toilet with the hand-painted flowers on it, it'll be no problem to swap out the old one.
* Floor finishes such as carpeting and sheet vinyl, and hardware such as interior door locksets and cabinet latches are all easily replaced, allowing you to buy less expensive products in the interim while still being able to upgrade when money becomes available.
As hard as it is to put off those goodies you've had your heart set on, it helps to know that, when the time is right, you can still get exactly what you want.
source: boston.com
'Happy Holiday fix for The Crunch'
In thin holiday markets, The Crunch hasn't stolen Christmas, just given a mixed blessing: Mortgages fell from 6.25 percent to 6 percent in one week as fear of credit default returned and money raced to quality for safety.
more stories like this
Expectation of economic slowdown has spread during December, now nearly unanimous, modified by disagreement about extent and duration, and total chaos at the subject of what to do about it. Inflation worriers say the Fed should stay put, just ride it out, joined by believers in Mr. Market. The interveners are mostly backward-looking: in the lead, how to prevent foreclosures. Too late for that.
The worst idea came from my rapidly aging hero, former Fed Chairman Alan Greenspan: just give money to the foreclosed households. Pardon? How would you separate the unlucky and imprudent from the deserving -- and from the proud souls still making payments they cannot afford? Other ideas that won't work: a tax cut, or further cuts in the Fed's rate. They will soften the landing, but not stop the fall.
I promised last week a Happy Holiday fix for The Crunch. It begins by stating the problem. We do not have a traditional problem with aggregate demand, as in a recession following a Fed-whacking of an overheated economy. We also do not have one of the intractable problems of Christmases Past: the horrifying, 20-year ramp up in inflation that took another 20 years of suppressed growth and two recessions to fix.
Instead we have a wreck in the belly of the financial system: Credit losses are so large that if recognized -- written off -- would bankrupt the whole show. That is very good news because we have been in this pickle before, large- and small-scale; have all the knowledge and tools developed in prior pickles; and the tools can work overnight.
The only impediment: embarrassment. And some frustrated anger. Fix as follows:
1. The best way to reduce the foreclosures ahead is to secure an adequate supply of mortgage credit. The Treasury Secretary should stride to a microphone to say: "The Treasury stands behind Fannie Mae and Freddie Mac in any amounts necessary, as the economy needs their services for the original purpose at Fannie's founding in the Depression. They will not grow their portfolios, will act as guarantors for fee, and will apply traditionally tough underwriting standards. They may guarantee regionally appropriate loan balances not to exceed one million."
2. The bailout: a Chrysler/S&L Resolution Trust hybrid. This is the hard part, but only politically. "We (nouveau RTC) will take bad assets (crippled, opaque and illiquid; CDOs, SIVs, ABCP...) and in exchange will take equity positions in those institutions commensurate with bad-asset relief. We will manage these assets for a period of years to prevent fire sale and to maximize return to the institutions and the taxpayer. Given time and recovered markets, as we recover value we will gradually return equity to the institutions involved. If recovery is insufficient to retire all equity, we will sell the equity assets in the open market in the best interests of the taxpayer."
We need these institutions to start making new loans right now, and bailout beats selling them to China, Abu Dhabi and Singapore.
What are the chances for effective intervention? Yesterday, President Bush was asked about financial problems, and said (White House transcript): "My attitude is, is that Wall Street needs to put all their -- put it all out there for everybody to see. They need to have the -- off-balance sheet this and put out there for investors to take a look at. And if there's some write-downs to be done, they need to do it now."
I have some hope that Bush has a better handle on accounting than on geography and non-Texas cultures. However, if he says that write-downs should proceed, he either has not been briefed, has not been briefed honestly, or didn't quite get the briefing.
From here, it's up to the briefers and the briefee. If we're lucky, some financial accident will cattle-prod 'em into action before the recession.
source: boston.com
more stories like this
Expectation of economic slowdown has spread during December, now nearly unanimous, modified by disagreement about extent and duration, and total chaos at the subject of what to do about it. Inflation worriers say the Fed should stay put, just ride it out, joined by believers in Mr. Market. The interveners are mostly backward-looking: in the lead, how to prevent foreclosures. Too late for that.
The worst idea came from my rapidly aging hero, former Fed Chairman Alan Greenspan: just give money to the foreclosed households. Pardon? How would you separate the unlucky and imprudent from the deserving -- and from the proud souls still making payments they cannot afford? Other ideas that won't work: a tax cut, or further cuts in the Fed's rate. They will soften the landing, but not stop the fall.
I promised last week a Happy Holiday fix for The Crunch. It begins by stating the problem. We do not have a traditional problem with aggregate demand, as in a recession following a Fed-whacking of an overheated economy. We also do not have one of the intractable problems of Christmases Past: the horrifying, 20-year ramp up in inflation that took another 20 years of suppressed growth and two recessions to fix.
Instead we have a wreck in the belly of the financial system: Credit losses are so large that if recognized -- written off -- would bankrupt the whole show. That is very good news because we have been in this pickle before, large- and small-scale; have all the knowledge and tools developed in prior pickles; and the tools can work overnight.
The only impediment: embarrassment. And some frustrated anger. Fix as follows:
1. The best way to reduce the foreclosures ahead is to secure an adequate supply of mortgage credit. The Treasury Secretary should stride to a microphone to say: "The Treasury stands behind Fannie Mae and Freddie Mac in any amounts necessary, as the economy needs their services for the original purpose at Fannie's founding in the Depression. They will not grow their portfolios, will act as guarantors for fee, and will apply traditionally tough underwriting standards. They may guarantee regionally appropriate loan balances not to exceed one million."
2. The bailout: a Chrysler/S&L Resolution Trust hybrid. This is the hard part, but only politically. "We (nouveau RTC) will take bad assets (crippled, opaque and illiquid; CDOs, SIVs, ABCP...) and in exchange will take equity positions in those institutions commensurate with bad-asset relief. We will manage these assets for a period of years to prevent fire sale and to maximize return to the institutions and the taxpayer. Given time and recovered markets, as we recover value we will gradually return equity to the institutions involved. If recovery is insufficient to retire all equity, we will sell the equity assets in the open market in the best interests of the taxpayer."
We need these institutions to start making new loans right now, and bailout beats selling them to China, Abu Dhabi and Singapore.
What are the chances for effective intervention? Yesterday, President Bush was asked about financial problems, and said (White House transcript): "My attitude is, is that Wall Street needs to put all their -- put it all out there for everybody to see. They need to have the -- off-balance sheet this and put out there for investors to take a look at. And if there's some write-downs to be done, they need to do it now."
I have some hope that Bush has a better handle on accounting than on geography and non-Texas cultures. However, if he says that write-downs should proceed, he either has not been briefed, has not been briefed honestly, or didn't quite get the briefing.
From here, it's up to the briefers and the briefee. If we're lucky, some financial accident will cattle-prod 'em into action before the recession.
source: boston.com
Picking the right sander for the job
From removing old peeling paint to putting a glass-smooth finish on a new cabinet, sanding is a part of life for any do-it-yourselfer. It can be a tedious and dusty proposition at times, but luckily over the years many manufacturers have introduced power sanders to make the task easier and less messy.
more stories like this
Here's a look at the four main types of power sanders, along with some shopping tips for finding the one that works best for your specific applications.
Belt Sander: A belt sander is the largest and the most heavy-duty of the different power sanders. A belt sander utilizes a continuous sanding belt that is stretched over two drums, one of which is rotated by a powerful electric motor. The belt lays flat against the bottom of the sander as it rotates, creating a long, wide sanding surface that sands quickly and lessens the chance of gouging into the wood. Belt sanders are best suited for fast stock removal and also leveling out imperfections, and are used with the direction of the belt rotation parallel with the grain.
Belt sanders are specified by the size of the belt -- which indicates the width and the overall length -- as well as the amperage of the motor, and when shopping you'll want to look for one that suits your job and your budget. Smaller sanders, such as Ryobi's 3-inch-by-18-inch (Model BE318-2, $49.95), is comfortable, light and easy to control, with a 5-amp motor that is well suited for light- to medium-duty use. Larger models, such as the massive 4-by-24-inch workhorse from Porter-Cable (Model 362VSK, $249), has a 12-amp motor and is designed for frequent, heavy-duty use.
Pad Sander: Also called a finishing sander, pad sanders have a flat square or rectangular pad located underneath the motor. The pad moves back and forth in a straight line, again for sanding with the direction of the grain, and the smaller sanding surface and lighter weight make these a good choice for finish sanding and paint removal on a wide variety of projects.
Pad sanders utilize standard sheets of sandpaper, which you'll need to cut to the proper size (precut sheets are also available for some sanders). The paper fits over a soft pad on the bottom of the sander that helps cushion the sanding motion, and is held in place by clips along two opposite sides of the pad.
Ridgid's 1/4-sheet sander (Model R2500, $44) is a good example of a versatile, well-designed pad sander for frequent use. It uses one-fourth of a standard sheet of sandpaper, and has a cushioned top and a conveniently located switch that makes the sander very comfortable for one-handed use, with minimal noise and vibration. Paper changing is easy -- something you definitely want to look for with a pad sander -- and the dust collection bag can be removed and the sander used with a shop vacuum hose instead.
source: boston.com
more stories like this
Here's a look at the four main types of power sanders, along with some shopping tips for finding the one that works best for your specific applications.
Belt Sander: A belt sander is the largest and the most heavy-duty of the different power sanders. A belt sander utilizes a continuous sanding belt that is stretched over two drums, one of which is rotated by a powerful electric motor. The belt lays flat against the bottom of the sander as it rotates, creating a long, wide sanding surface that sands quickly and lessens the chance of gouging into the wood. Belt sanders are best suited for fast stock removal and also leveling out imperfections, and are used with the direction of the belt rotation parallel with the grain.
Belt sanders are specified by the size of the belt -- which indicates the width and the overall length -- as well as the amperage of the motor, and when shopping you'll want to look for one that suits your job and your budget. Smaller sanders, such as Ryobi's 3-inch-by-18-inch (Model BE318-2, $49.95), is comfortable, light and easy to control, with a 5-amp motor that is well suited for light- to medium-duty use. Larger models, such as the massive 4-by-24-inch workhorse from Porter-Cable (Model 362VSK, $249), has a 12-amp motor and is designed for frequent, heavy-duty use.
Pad Sander: Also called a finishing sander, pad sanders have a flat square or rectangular pad located underneath the motor. The pad moves back and forth in a straight line, again for sanding with the direction of the grain, and the smaller sanding surface and lighter weight make these a good choice for finish sanding and paint removal on a wide variety of projects.
Pad sanders utilize standard sheets of sandpaper, which you'll need to cut to the proper size (precut sheets are also available for some sanders). The paper fits over a soft pad on the bottom of the sander that helps cushion the sanding motion, and is held in place by clips along two opposite sides of the pad.
Ridgid's 1/4-sheet sander (Model R2500, $44) is a good example of a versatile, well-designed pad sander for frequent use. It uses one-fourth of a standard sheet of sandpaper, and has a cushioned top and a conveniently located switch that makes the sander very comfortable for one-handed use, with minimal noise and vibration. Paper changing is easy -- something you definitely want to look for with a pad sander -- and the dust collection bag can be removed and the sander used with a shop vacuum hose instead.
source: boston.com
Two years on market, no offers: Time to take action
Q: We purchased a single-family residence for investment with another couple in California in early 2005. Our intent was to hold the property short term, then sell it. We took out a standard adjustable-rate mortgage (ARM) to purchase the property, and we are all co-borrowers on the loan.
more stories like this
Unfortunately, we purchased this home at the peak of the market and now we can't sell it. It's been two years since we've started to sell it and we've lowered the price of the home below what we paid for it. Meanwhile, it's costing us each about $1,000 a month.
Our loan will convert to a variable-rate loan at the end of 2009.
Both couples are hurting for money, but our partners are in worse condition than we are. If they became unable to make their portion of the mortgage payments, would we have any recourse with the lender? We can handle our portion of the payments for now, but we couldn't cover theirs too for any length of time.
In a situation such as this, are lenders ever willing to work with the borrowers? We have excellent credit and I'd hate to see us lose so much because of this one mistake. Your counsel in this matter is greatly appreciated.
A: Unfortunately, your situation isn't unique. Many people became real estate investors the last several years until the market forces changed. It didn't occur to them, as it didn't occur to you, that the good times wouldn't last forever. Without planning for a worst-case scenario (which you're experiencing now), many of these people should never have become real estate investors.
You have genuine pain but it's unlikely that anybody can really help you without a change in market forces. In some parts of the country there are far too many homes for sale and too few buyers.
You and the other couple are in the same boat, and while they may have worse financial issues, if they stop paying their share of the loan and you don't pay their share for them, both of your credit histories will be hurt.
Let's go over your options. You can rent the home, which will at least give you some income coming in to cover some of the costs and limit your losses. When the market changes again, you can sell at that time.
Your second choice is to sell the home at any price. You'll lose whatever you put into the house and, if the sales price and commission are below the amount of the mortgage, you'll have to either dig in out of your own pockets to pay the missing amount or negotiate a "short sale" with your lender.
In a short sale, the lender agrees to take the proceeds from the sale of the home to pay off the mortgage even if the funds aren't enough to pay off the loan if full, and the lender accepts the partial payment.
source: boston.com
more stories like this
Unfortunately, we purchased this home at the peak of the market and now we can't sell it. It's been two years since we've started to sell it and we've lowered the price of the home below what we paid for it. Meanwhile, it's costing us each about $1,000 a month.
Our loan will convert to a variable-rate loan at the end of 2009.
Both couples are hurting for money, but our partners are in worse condition than we are. If they became unable to make their portion of the mortgage payments, would we have any recourse with the lender? We can handle our portion of the payments for now, but we couldn't cover theirs too for any length of time.
In a situation such as this, are lenders ever willing to work with the borrowers? We have excellent credit and I'd hate to see us lose so much because of this one mistake. Your counsel in this matter is greatly appreciated.
A: Unfortunately, your situation isn't unique. Many people became real estate investors the last several years until the market forces changed. It didn't occur to them, as it didn't occur to you, that the good times wouldn't last forever. Without planning for a worst-case scenario (which you're experiencing now), many of these people should never have become real estate investors.
You have genuine pain but it's unlikely that anybody can really help you without a change in market forces. In some parts of the country there are far too many homes for sale and too few buyers.
You and the other couple are in the same boat, and while they may have worse financial issues, if they stop paying their share of the loan and you don't pay their share for them, both of your credit histories will be hurt.
Let's go over your options. You can rent the home, which will at least give you some income coming in to cover some of the costs and limit your losses. When the market changes again, you can sell at that time.
Your second choice is to sell the home at any price. You'll lose whatever you put into the house and, if the sales price and commission are below the amount of the mortgage, you'll have to either dig in out of your own pockets to pay the missing amount or negotiate a "short sale" with your lender.
In a short sale, the lender agrees to take the proceeds from the sale of the home to pay off the mortgage even if the funds aren't enough to pay off the loan if full, and the lender accepts the partial payment.
source: boston.com
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