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Aspen Mortgage

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St. Regis Aspen IPO deviates from traditional offerings

The real estate investment trust aiming for a $33.5 million initial public offering of the St. Regis Aspen Resort hotel not only is testing the waters for new investors, but also entering rarely chartered waters in the stock market.

That's according to a professor at the University of Denver, who noted last week that both the single-asset REIT like the one seeking an IPO for the St. Regis, as well as its Regulation A-plus offering, "are a little bit unusual."

According to an offering circular filed Nov. 13 with the Securities and Exchange Commission, Maryland-based Aspen REIT Inc. "has been formed to own the St. Regis Aspen Resort in Aspen, Colorado. We are a single-asset REIT and currently intend to own only the St. Regis Aspen Resort. Therefore, an investment in our common stock is an investment in the St. Regis Aspen."

Because REITs traditionally have more than one asset, the investment risk in them is lower than a single-asset REIT because "one property could not be doing so well and the others are doing well. In this case, you're completely taking the risk on Aspen and the St. Regis because there's no diversity," explained Dr. Mac Clouse, a professor of finance at the University of Denver's Daniels College of Business.

Hamptons Homebuyers Have Already Figured Out How to Game the Tax Plan

The main focus of the tax debate on real estate has so far centered on mortgage-interest deductions for primary residences. The Senate version of the plan would preserve the existing write-off for up to $1 million of debt, while the House would reduce it for new purchases to $500,000 of debt.

Discretionary Purchase

Even before any change is passed by Congress, the possibility that the second-home mortgage deduction will be gone is already changing the calculus for some buyers, said Timothy Bailey, a broker with John C. Ricotta & Associates Inc. in the affluent Cape Cod town of Chatham.

Bailey said an agent told him that one of her deals, for a $1.5 million vacation property, fell apart over the tax plan.

“My whole living relies on selling second homes,” Bailey said. “Because it’s a discretionary purchase, if they lose that deduction, it might be more attractive to rent.”

The biggest impact will be felt at the lower end, for homes costing less than $2 million, according to brokers. At higher price points, buyers may pay cash or opt to take advantage of other tax benefits, such as buying the homes as investment properties, writing off upkeep and interest, and using them part of the year for themselves.

Why is everyone upset about the Chairman of Countrywide not being allowed to go to Aspen to wine & dine ?

So what if.....he and other mortgage hi rollers are ready to rock and take it deep . .and after a large percentage of the loans they made go into foreclosoure! Is it his problem.....

Americans are upset... of course they are! Many homeowners were given loans that they could not afford, which made individuals and companies such as these a lot of money.