Real Estate Survey - 05/24/09 07:52 PM
LoopNet recently conducted an online poll I wanted to share with you. The poll was entitled, When will Commercial Real Estate Bounce Back?
On the first question, “When do you expect the number of completed commercial real estate transaction sales to begin to pick up vs. 2008?” 42% responded 2010, and 25%, 2011 or later.
Question #2, What do you view as the biggest obstacle to commercial real estate sale transactions getting completed? 46% responded with “access to financing”, while 29% said “uncertainty of economic forecasts”.
#3. How much further will prices need to fall vs. 2008 in order for transaction … (0 comments)

Apartment Owner’s Best Friend - 05/24/09 05:33 PM
There are more good reasons to have pets in apartments than bad ones, writes Karen Aho, of MSN Real Estate, in the 5-5-09 issue of the National Apartment Association’s Industry Insider. She goes on to say that apartment owners should advertise their apartments as “pet friendly” instead of offering free rent, wireless or free TV as incentives.
Statistics show that “pet-friendly apartments rented in 19 days versus 29 days for non-pet apartments”. Fred Thompson, president of the National Association of Residential Property Managers, a trade group, cites if soiled carpeting is your reason for not renting to someone with a pet, … (0 comments)

Appraisal System - 05/24/09 05:00 PM
Kenneth R. Harney in the 5/11/09 Washington Report writes an interesting warning to homebuyers and real estate professionals. Consumers will be experiencing higher costs thanks to the mandatory new appraisal system just put in place by Freddy Mac and Fannie Mae.
With major lenders owning most of the management companies conducting the appraisal assignments, appraisers themselves will be paid less while the consumer realizes a 30 to 50% add-on fee. Critical of the new “home valuation code” are both the National Association of Realtors and The Appraisal Institute. Homebuyers and real estate professionals need to be aware of these sharply rising … (0 comments)

Economic Outlook - 05/13/09 11:40 AM
Just last week, Chairman Ben S. Bernanke appeared before the Joint Economic Committee of the US Congress to offer his views on recent economic developments along with the outlook for the economy and current conditions in financial markets.
It’s no surprise that the gross domestic product (GDP) dropped 6% in the 4th quarter of 2008, continuing in the 1st quarter of this year. Along with this cut was the loss of some 5 million payroll jobs. Ongoing claims for unemployment forecast probable further unemployment in coming months.
The somewhat good news is that the declining housing market has shown some signs … (0 comments)

 

Pete Chrzaszcz, CCIM

San Ramon, CA

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