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Old 06-03-2013, 06:44   #1
lethal tupperwa
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Location: Virginia
Posts: 11,337


http://www.snopes.com/politics/business/blum.asp

Snopes says this is True.


Most real estate agents get about 6% commission on sales, so that doesn't bother me as much as the fraud to the US taxpayers that helped pay for the purchase of those buildings and are basically getting nothing in return for their "investment." This is also a Conflict of Interest. Why isn't GSA trying to sell these buildings instead of a private entity?


It pays to have friends in high places.





The US has entered into a contract with a real estate firm to sell 56

buildings that currently house U.S. Post Offices. The government has decided

it no longer needs these buildings, many of which are located on prime land

in towns and cities across the country.




The sale of these properties will fetch billions of dollars and a handsome

6% commission to the company handling the sales. That company belongs to a

man named Richard Blum. Who is Richard Blum you ask?




Why the husband of Senator Dianne Feinstein, that's who. What a bunch of

crooks we have running this country!




Senator Feinstein and her husband, Richard Blum, stand to make a fortune.

His firm, C.R. I., is the sole real estate company offering these properties

for sale. Of course, C.R.I. will be making a 6% commission on the sale of

each and every one of these postal properties.

All of these properties that are being sold are all fully paid for. They

were purchased with U.S. taxpayers dollars, and they are allowed free and

clear by the U.S.P.S. The only cost to keep them is the cost to actually

keep the doors open and the heat and lights on. The United States Postal

Service doesn't even have to pay property taxes on these subject properties.

Would you sell your house just because you couldn't afford to pay the

electric bill?




Well, the Post Office is.




How does a powerful U.S. Senator from San Francisco manage to get away with

such a sweet deal?




A powerful United States Senator's husband is standing by, all ready to make

millions from a U.S. taxpayer funded enterprise.




No one in the mainstream media is even raising an eyebrow over his 6%

commission on the sale of hundreds of millions of dollar's worth of

quasi-public asset
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Old 06-03-2013, 10:48   #2
RussP
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Quote:
Originally Posted by lethal tupperwa View Post
Snopes says this is True.
Some of it...
Quote:
Originally Posted by lethal tupperwa View Post
Most real estate agents get about 6% commission on sales, so that doesn't bother me
Commercial commissions can go up to 10%, or can be as low as 3%. It depends on the property, the complexity of the listing, what expenses the seller will pay, what expenses the Broker will pay.

Listing agents and/or selling agents rarely receive 100% of the commission. Generally, the Brokers'/agents' companies take a share for operating costs and profits.

Now, for your argument that these listings enrich Blum and Feinstein, saying that the agents receive the commission, well, it weakens your position, doesn't it?
Quote:
Originally Posted by lethal tupperwa View Post
as much as the fraud to the US taxpayers that helped pay for the purchase of those buildings and are basically getting nothing in return for their "investment."
How do you figure that? What is a good return on investment on one of the buildings?
Quote:
Originally Posted by lethal tupperwa View Post
This is also a Conflict of Interest. Why isn't GSA trying to sell these buildings instead of a private entity?
Look at the current properties in the GSA "For Sale" portfolio: Current Sales and Business Opportunities.

Compare those to the current properties listed with CBRE: USPS Buildings; USPS Lots & Land.

There are properties in the GSA portfolio that would benefit from listing with a commercial broker.

GSA is grossly unqualified to effectively match the USPS portfolio to the right buyers, not to mention bringing those buyers together with the right financial institutions.

CBRE brings much to the table GSA cannot.
Quote:
Originally Posted by lethal tupperwa View Post
It pays to have friends in high places.
They entered into the listing contract in 2011 after an open bid process not subject to Congressional approval.

Wouldn't you think that a company like CBRE would have their legal staff turn the Blum/Feinstein issue inside out before authorizing the bid submission?

What friends in high places influenced the bid process?
Quote:
Originally Posted by lethal tupperwa View Post
The US has entered into a contract with a real estate firm to sell 56 buildings that currently house U.S. Post Offices. The government has decided it no longer needs these buildings, many of which are located on prime land in towns and cities across the country.

The sale of these properties will fetch billions of dollars
I cannot find any values that come close to $1 billion, much less several billion dollars. Where are you getting those individual appraised values to total that number?
Quote:
Originally Posted by lethal tupperwa View Post
and a handsome 6% commission to the company handling the sales.
Maybe...
Quote:
Originally Posted by lethal tupperwa View Post
That company belongs to a man named Richard Blum.
No, he does not own CBRE.
Quote:
Corporate Governance
Quote:
Richard C. Blum Chairman
Director Since July 1993
Chairman of the Board


Mr. Blum has been Chairperson of our Board since September 2001 and a member of our Board since May 1993. He is the Chairman and a member of the Management Committee of Blum Capital Partners, L.P., a long-term strategic equity investment management firm that acts as general partner for various investment partnerships and provides investment advisory services, which he founded in 1975. Mr. Blum holds a B.A. and an M.B.A. from the University of California, Berkeley.
Quote:
Originally Posted by lethal tupperwa View Post
Who is Richard Blum you ask?

Why the husband of Senator Dianne Feinstein, that's who. What a bunch of crooks we have running this country!

Senator Feinstein and her husband, Richard Blum, stand to make a fortune.
Exactly how will they make a fortune? Let's say the value on the current listings is $100,000,000. (Add them up on the CBRE site above. It is elss than that.) At your 6% commission, that's $6,000,000. The agents involved will get between 50% and 80%, $3.0 million to $4.8 million. That leaves what, $3.0 million to $1.2 million? The company will get some for sales costs. Does that leave a "fortune" for someone?
Quote:
Originally Posted by lethal tupperwa View Post
His firm, C.R. I., is the sole real estate company offering these properties for sale. Of course, C.R.I. will be making a 6% commission on the sale of each and every one of these postal properties.
Who, what is C.R. I.?
Quote:
Originally Posted by lethal tupperwa View Post
All of these properties that are being sold are all fully paid for. They were purchased with U.S. taxpayers dollars, and they are allowed free and clear by the U.S.P.S. The only cost to keep them is the cost to actually keep the doors open and the heat and lights on. The United States Postal Service doesn't even have to pay property taxes on these subject properties.

Would you sell your house just because you couldn't afford to pay the electric bill?

Well, the Post Office is.
While the carrying costs may seem low, some of the buildings are suffering from functional obsolescence. Some could be rehabed, repurposed, but at a cost. That cost affects value. Higher the cost, the lower the value to a buyer. The longer you hold such a property, the lower that value becomes. Ultimately, the value reverts to the land. I believe that is the case with some of the properties. That will be true with small buildings on prime parcels.

Some properties have been held too long already.

Some USPS properties have historical designations which essentially take them off the market unless a buyer is willing to adhere to the historical guidelines for repurposing.

Citizens also hold properties hostage. Admittedly, some have good reasons. Close their post office and the next one is 10, 15, 20 miles up the road.

Others just think their PO is cute. Good, buy it...
Quote:
Originally Posted by lethal tupperwa View Post
How does a powerful U.S. Senator from San Francisco manage to get away with such a sweet deal?

A powerful United States Senator's husband is standing by, all ready to make millions from a U.S. taxpayer funded enterprise.
Again, show us how Blum or Feinstein will make millions by the sale of these properties.
Quote:
Originally Posted by lethal tupperwa View Post
No one in the mainstream media is even raising an eyebrow over his 6% commission on the sale of hundreds of millions of dollar's worth of quasi-public asset
Could be because he isn't receiving a 6% commission.

Look, I started doing business with Coldwell Banker in 1978 long before it was the powerhouse it is today. As they grew, they left a market segment unattended. That enabled me to build a property management business to fill that void. I still referred larger properties to them. Part of the referral was that if the owner ever sold, I'd get a portion of the listing fee. They came through three times on those agreements.

When I moved over to the lending side of the business, I knew when a CB deal came in, the numbers could be trusted.

I have also done business with the four commercial brokerage firms under CBRE. They are good, but they are not as complete as CBRE.

If you have a better suggestion, a better plan based on your experience in commercial real estate, I am certain everyone would like to hear it.

I was more interested in Blum's ownership of Perini Corp and URS Corp. back 5-6 years ago. That smelled real bad.
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