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...Andrew Herzberg, along with his brother Kenneth, both former investment bankers, came up with the program after seeing sales grind to a halt on thousands of newly constructed and half-built single family homes and condos in markets such as Las Vegas, Phoenix and parts of Florida. The aim is to assist developers and homebuilders clear unsold inventory, which - at least theoretically - should then help to stabilize home prices industry-wide. (See the best business deals...
...very, very fearful - they have no idea where the bottom of this market is and they're very concerned that if they buy a piece of real estate now, that two or three years from now they'll see further significant erosion in the value of their property," says Andrew Herzberg, co-founder of Sirius Value Protection LLC, a closely-held company based in New York...
...Andrew Herzberg shrugs off such concerns. He says it all comes down to how the assets are managed, how the real estate performs, and, if all else fails, a reinsurance contract. He says the 20% premium fee will be placed into an investment trust and actively managed over the eight year period. He says he has two banks, Wells Fargo and Credit Suisse, on board to manage the assets and even lend money against the home in year eight if needed. On top of that, he says talks are underway to bring in a reinsurer. "The reinsurers...
Herzberg also defended his group's experience in the field, noting that he and his brother Kenneth have spent decades in the investment banking arena, with Kenneth having worked at such firms as the Carlton Group and Madison Equities and Andrew having worked as a trader at Rosenthal & Co., and Societe Generale. "We have collectively been in the real estate business - the parties combined - for about 60 years." He adds that the program would not be financially viable in the current environment, though, without...
...thought we played well,” junior midfielder Andrew Parchman said. “Everyone was pretty focused. We started out slow, but found our stride at the end of the match...