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|Articles - January 2010|
|Thursday, December 17, 2009|
Follow-up: May 2009 feature, "Big hairy deal"
Gorilla Capital, a Eugene-based buyer and seller of foreclosed homes, has expanded into Arizona, Idaho, southwest Washington and Florida as part of a broad strategy to become the dominant national player in distressed residential real estate.
“We wanted to prove that our business model works on a national level and we’re proving it,” says CEO John Helmick.
The national spike in foreclosures that has disrupted lives and devastated the economy represents a huge opportunity for Gorilla. The company grew from 10 employees to 25 in 2009, with the three most recent hires moving into Clark County, Wash., to capitalize on the glut of homes selling for fractions of their assessed values.
The fact that Helmick and Gorilla have sidestepped metropolitan Portland bodes well for the Portland residential real estate market. Gorilla has made its fortune by buying at fire sale prices and selling for 20% less than the competition. Prices have held up too well in Portland for the Gorilla formula to work, Helmick says. But it’s a very different story in Phoenix, Ariz.; suburban Boise, Idaho; and Daytona Beach, Fla., where Gorilla is offering a three-bedroom two blocks from the ocean for $59,900.
Helmick’s brother, Rob, who co-founded ecollege.com with him in the 1990s, is running Gorilla’s new office in Florida, the state with the second-most foreclosures, behind only California.
With millions of distressed properties weighing down home prices from coast to coast, the timing seems ideal for Gorilla’s plan to expand aggressively. Helmick says there is local competition in each of the markets Gorilla operates in, but no one else is replicating a consistent formula in multiple locations.
He intends to be first in that race. “Before there was a Wendy’s and a Burger King there was a McDonald’s,” he says.
Monday, June 30, 2014
Oregon Business magazine won two silver awards for excellence in writing in the National American Society of Business Publication Editors Western region competition.
Monday, July 14, 2014
BY TERRY "STARBUCKER" ST. MARIE
I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.
Thursday, July 03, 2014
BY TED AUSTIN & MIKE BAELE | GUEST CONTRIBUTORS
The Office of Economic Analysis announced that Oregon is currently enjoying the strongest job growth since 2006. While this resurgence has been welcome, the lingering effects of the 2008 “Great Recession” continues to affect Oregon businesses, especially with regard to estate planning and business succession.
Thursday, June 05, 2014
BY HANNAH WALLACE | OB BLOGGER
What does it take to launch and run one of these mobile food businesses?
Thursday, June 12, 2014
BY ANDREA DURBIN | OB GUEST BLOGGER
Last week, the Obama administration took an important and welcomed step in the effort to protect the health and well-being of all Oregonians by limiting carbon pollution from existing power plants.
Friday, June 13, 2014
BY CLIFF HOCKLEY | OB GUEST BLOGGER
This article summarizes the key considerations a building owner must keep in mind when thinking about leasing to a medical marijuana dispensary.
Thursday, July 24, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.
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