Norman Radow is on the battle against the foreclosures

Norman J. Radow has been in the front line of the battle raging over residential deals that have failed. People are shouting at him, suing him and even punching him physically. It is his work that is bringing out the anger in many.

Radow is the founder of Radco Development Solutions. Banks are engaging him to give new life to developments that are gasping – in particular half-empty condo towers and gated communities that sprouted like mushrooms during the time of the housing boom and are currently in foreclosure.

Radow, originally a lawyer has now become developer who has been at this job for the last 15 years. Daily, without ceasing he has to talk with contractors and architects who have not been paid or face the ire of occupants who have neither heat nor running hot water. Bankers call him up anxious for remedies. A trip with him exposes the tangle of foreclosure mess he is trying to untangle while battling venom, fits of rage and naked emotions.

He observes that 2008 has been especially bad for him. It is not merely because of the staggering number of distressed estates. He explained, “People used to fight over the value of these projects. It was almost like someone was throwing a $20 bill in the fire. Everybody jumped for it. Now nobody knows what they are worth.”

Despite the constant mud slinging Radow is coming out unscathed and also prospering – as if covered by an invisible charm. Dennis J. Powers has given legal protection to Radow in countless law suits. He said, “He is the guy who will take a bullet for the lenders without blinking an eye. It doesn’t affect him the way it would you or me. It’s just another day in the distressed real estate business for Norm.”

Radow calculates that his firm is trying to rescue distress property across USA worth about $2 billion. Among his many clients one of the biggest is Lehman Brothers who is busy liquidating its massive real estate inventory to meet the demands of creditors. In 2008 Lehman Brothers had declared bankruptcy.

On behalf of Lehman, Radco is managing two residential communities. One of them is Mark comprising of 244 units in San Diego. 30% of the property remains unsold. The second one is in West Bay Beach and Golf Club – a veritable tropical paradise with luxurious amenities comprising of 4 eateries, a golf course (18 hole), tennis courts and Zen garden. It was built bearing in mind thousands of potential buyers. But out of 1,054 residential units only 617 have been sold.

Related tags

Nobody landed on this page from a search engine, yet!

We suggest you to read about: