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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.
Friday, March 27, 2015
BY COURTNEY SHERWOOD | Photos by Jason E. Kaplan
Pacific Seafood, one of the world’s largest processors, is rebranding as a more transparent and consumer-friendly operation. A controversial CEO and monopoly accusations from coastal fishermen complicate the tale.
Monday, February 23, 2015
Yeah, we know: Oregonians are way too cool for umbrellas. But today’s stylish, high-tech models will soften the resistance of the most rain hardened.
Monday, January 26, 2015
BY JOE CORTRIGHT
"Nostalgia is not an economic strategy."
Friday, February 20, 2015
BY JOE CORTRIGHT | OB CONTRIBUTOR
"Shipping containers to Portland is like waiting for a bus that travels once a day."
Monday, January 26, 2015
BY LINDA BAKER
The 2014 Bend Venture Conference set a record for the most cash, investments and prizes awarded at an angel conference in the Pacific Northwest. Investments in the six winning companies exceeded $1 million. The 11th annual conference was hosted by Economic Development of Central Oregon.
Tuesday, January 27, 2015
BY LINDA BAKER
Researchers in a multitude of disciplines are searching for ways to soak up excess carbon dioxide, the compound that contributes to global warming.
Thursday, March 19, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
There are 278 companies licensed to operate as brewery, according to the Oregon Liquor Control Commission. Here are three new beer-making hubs slated to open soon.
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