Memphis, TN -- January 22, 2008 --  First American Development Group of Sarasota, Florida has announced plans to immediately liquidate its Memphis Tennessee residential real estate holdings in an aggressive reaction to the nationwide sub-prime Mortgage crisis.  President Rod Khleif has dramatically reduced the sell price in a portfolio of 78 homes to only 59% of the appraised value as a desperate measure to begin restructuring and prevent bankruptcy. The portfolio will be made public on January 23, 2008.

Cooling real estate climates did not prepare Khleif for what he is describing as the worst real estate crisis in his 28 year history as an investor.  During this time, his company has owned over 1,500 homes throughout the Gold Coast in Florida;  Memphis Tennessee; and Denver Colorado; supervising in the selection, acquisition, renovation, leasing and management of every home.  In spite of fluctuations in the marketplace, Khleif has managed to maintain an inventory of over 600 homes consistently for a period over 20 years. But now the reality is that he will have to consolidate in order to maintain solvency for his company’s other holdings.

“I’m practically giving the homes away” says Khleif  “but if it means that I can keep my Company afloat until the market bottoms out, then I’m prepared to make the sacrifice.”  “These homes have produced tremendous revenues at a 90% occupancy rate”  Khleif continues “and selling them at 59 cents on the dollar is a decision I may regret down the road.  But it’s a matter of taking responsibility for today, instead of banking on tomorrow.”

Khleif is making his offering available through his representatives at First American Development Group beginning this Friday January 23, 2008.  The portfolio is offering 78 homes at a value of $2,950,000; or 59% of true value based on MAI appraisals.

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If you would like more information about this topic, or to schedule a print, television or radio interview with Rod Khlief, please call Claudia Vitulich at 216/470-5500 or e-mail Claudia at This email address is being protected from spam bots, you need Javascript enabled to view it