Even as some sectors of the US economy see a return to growth, woes in commercial real estate are deepening, raising fears that the fragile recovery could falter.
Unlike the US home market, which has shown signs of rebounding, recovery is elusive in commercial real estate, a sector which includes apartments, offices and industrial and retail properties.
The Moody's commercial property index fell 3.0 percent in October, and remains 32.8 percent down from a year earlier and 40.3 percent lower than two years ago. "Although prices have declined steadily over the past year, the rate of decline has slowed in recent months after falling by about 8.0 percent in both April and May," Moody's said.
According to the Mortgage Bankers Association, loans for commercial and multifamily property activity fell 54 percent in the third quarter from a year ago. Loan originations were off 12 percent from the second quarter.
San Francisco Federal Reserve president Janet Yellen said the prospects for the industry are "worrisome."
"Commercial property didn't turn down until well after housing did," she said. "The sector's problems appear to stem in large part from the effects of the recession and the credit crunch, rather than the type of building boom and lax underwriting standards that tripped up housing."
The market for commercial mortgage-backed securities, Yellen said, "remains deeply distressed and issuance is meager despite support from the Fed."
A survey by the consultancy PricewaterhouseCoopers and the Urban Land Institute suggests the market may continue to slide into 2010. The survey respondents predict that commercial real estate vacancies will continue to increase and rents will decrease across all property sectors before the market hits bottom in 2010.
It projects value declines of 40 percent to 50 percent off 2007 market peaks, setting up the potential for big bargains.
Siesta Beach stretches from a site named Point of Rocks, just below the middle point of Siesta Key, north to the Siesta Village region. It might be considered Siesta Key's premier claim to fame. Siesta Key's Siesta Beach has accumulated numerous awards in recognition of its soft, clean, pure-white sand. Consistently, it is rated among the top ten beaches of Florida, the U.S., and the world. Harvard University's geology department found the sand of Siesta Beach was 99% pure quartz.
Unlike most beaches that are composed of crushed shells, rocks or lava, this sand is pure white and finer in texture than most refined sugar. The sand has been described as "dazzling" and it is stated that it never feels hot. Siesta Key's remarkable sand and the azure, warm water of its beaches are a great attraction for tourists and local beachgoers alike who come to experience the sand and the water.
Point of Rocks is a shallow formation of limestone rock that extends into the Gulf of Mexico from the middle of the western shore of Siesta Key. This very distinctive site, geologically unusual for Southwest Florida, provides habitat to a wide variety of fish and is, perhaps, the only good snorkeling beach on the west coast of Florida. For centuries, Point of Rocks has been a landmark for mariners and "legend" has it as the starting point for maps to burial places of treasures plundered by pirates.
Siesta Beach is one of the largest beaches in the area, but its 40 acres (160,000 m2) of land might not have become the wide and deep expanse of public-accessible beachfront they are today. According to a local Siesta Key publication, The Pelican, one Otis A. Kiesow could be credited with single-handedly making certain that this beachfront---then, as always coveted by real estate developers and builders---would not later become filled with homes, condos and hotels, as are much of the rest of the Gulf of Mexico's beachfronts. According to the Pelican and Mr. Kiesow, who died in January 2001, he had traveled to the Capitol in Tallahassee to ensure that the beach, in fact, was being set aside into perpetuity for the people of Sarasota: His discovery and impression from this visit was that it was not. He was told to go home and not to worry . . . that everything had been ‘taken care of'. Mr. Kiesow would then personally collect the needed signatures for a referendum that voters would later approve.
Today, the site is wide and white with mainly a pavilion and gift shop as man-made counterpoints to nature. Siesta Beach, like Crescent Beach that extends south from it and Siesta Village, boasts white sand of a similarly fine, powdery white quality; Crescent Beach public access, however, comprises a relatively narrow strip of beachfront when compared to Siesta Beach's. Turtle Beach, farther south still and nearing the southern end of the key, is a fairly large beach featuring a small mangrove-surrounded tidal lagoon; Turtle Beach, is noted for its abundance of seashells, as opposed to the sugary white sand to be found in other portions of the Siesta Key Gulf shoreline.
LANDMARK RESCUEDTony Troppe renovating historic Kaiser
Building for use as cafe, offices across from Canal Park
By Betty Lin-Fisher Beacon Journal staff writer
Photo credits (Ed Suba Jr./Akron Beacon Journal)
A downtown Akron building whose last owner lost it to foreclosure after a failed attempt to sell it on eBay is getting new life under the eye of historic building renovator Tony Troppe.Plans call for the Kaiser Building, across from Canal Park on South Main Street, to have a cafe or store in two slots on the first floor, offices on the second floor and a mix of offices and loft apartments on the third floor.
''I did not like that vacancy across the street from the ballpark,'' said Troppe, who has renovated several historical buildings in downtown Akron. ''I felt for some time that a building of that stature should be brought back.'' Troppe said he wants to create ''a positive node of knowledge workers,'' referring to downtown workers and students who soon will be living at the 22 Exchange Place project a few hundred feet away. He believes they will be looking for places to hang out, eat and work.
The building, believed to have been built in 1877, formerly housed a German-American Family Club and had a grand ballroom on the third floor with 18-foot-high ceilings.
Troppe envisions a world-cafe type of eatery on part of the main floor, with coffee, beer, food and live music. He also wants to create an outdoor eating area on a brick patio to the side or possibly a drive-through window. Troppe said he is in discussions with potential tenants and might run the cafe on his own, similar to Mocha Maiden on Maiden Lane off East Market Street.
Troppe, with private investors under the name Kaiser Hall Revival Group, bought the building from the mortgage lender after a sheriff's sale for $365,000, according to public records. They have financed the project through Portage Community Bank.
The building's previous owner, Jeremy Caudill and his company, JJC Investors Inc., had purchased it in 2005 for $650,000. But Caudill was unable to renovate the building or sell it, including an unsuccessful listing on eBay, before losing it to foreclosure for delinquent taxes and back payments to the lender.
The building, at 323 and 325 S. Main St., needed a lot of internal demolition, Troppe said. Crews began in March, and Troppe hopes to have the first floor done and open for business by fall. FOR COMPLETE ARTICLE, CLICK HERE <-----
The embattled insurer American International Group Inc. is selling its headquarters building in New York and a nearby building in a deal expected to close at the end of this summer, a person familiar with the matter said Wednesday.
But the person said that AIG is not disclosing the price or who the buyer is. The person asked for anonymity because the sale has not been made public yet.
The building sales are the latest move by AIG, which has received $182.5 billion in financial support from the government since September, to shed assets to repay the loan package. The buildings are at 70 Pine Street and the adjacent 72 Wall Street in lower Manhattan.
Why do I have the feeling that the reason AIG is keeping this quiet and confidential is they are making a substantial profit on the sale and somehow are going to circumvent delivering those profits to the shareholders (The taxpayers!!!) and instead keep them for themselves.
You wait and see, I believe that will be the case.
LeBron James drills the game winning 3 point shot with 1 second remaining to seal the win 96-95 against the pesky Orlando Magic.
What an amazing shot to a breath stealing game!
Embedded video from NBA Video
#1-Chrysler plans to close 14 dealerships in Cleveland-Akron market
Northeast Ohio stands to lose 14 Chrysler dealerships from Elyria to Wadsworth, according to a U.S. Bankruptcy Court filing this morning by Chrysler LLC.
Dealerships targeted for closing include five Spitzer dealerships in Akron, Lakewood, Mayfield Heights, Parma and Sheffield Lake; three Ganley dealerships in Cleveland, Middleburg Heights and Wickliffe; and two Axelrod dealerships — Axelrod Chrysler in Parma and Axelrod-Chrysler-Dodge-Jeep Inc. in Wadsworth.
Also on the closing list are Abraham-Chrysler-Jeep in Elyria, Crestmont Chrysler Jeep in Beachwood, Great Northern Dodge in North Olmsted and Medina World Cars in Medina.
As the automaker’s bankruptcy unfolds, expect dealers to combat the closings.
Alan Spitzer, chairman and CEO of Spitzer Management Inc., could not be reached this morning and did not return a call. Nick Abraham, owner of Abraham-Chrysler-Jeep, also did not return a call.
#2-Forest City Enterprises reveals big job cuts in posting fourth-quarter loss
Forest City Enterprises Inc. (NYSE: FCEA, FCEB) has reported sizable net losses for the fourth quarter and fiscal year ended Jan. 31, while also revealing that it reduced its nationwide work force by nearly 500 full-time positions during the fiscal year as part of a cost-cutting drive to increase its liquidity.
The real estate giant said its net loss in the latest fourth quarter totaled $45.1 million, or 44 cents a share, and compares to a year-earlier profit of $12.6 million, or 12 cents a share. Revenue in the quarter fell 20%, to $323 million from $404.4 million.
#3-Shiloh Industries to close Medina County plant, eliminating 111 jobs
Shiloh Industries Inc. will shutter permanently its Liverpool Manufacturing Plant this summer, putting 111 employees at the Medina County operation out of work, according to a company filing with the state of Ohio.
Valley City-based Shiloh on Monday notified the state, via a required Worker Adjustment and Retraining Notification (WARN) Act filing, that it will close the plant. The company in March told the state that it was laying off 83 workers from its Medina Blanking Division, although those layoffs were termed “temporary.”
Shiloh, which primarily supplies U.S. domestic automakers and their vendors, has been hit hard by declining auto sales.
Above - This recently released picture from the CDC (Comedy Diocese Coalition) documents the true origination of the so called "Swine Flu" or the H1N1 virus.
The moral of the picture is of course to always wash your hands, as you never know who has pressed your buzzer before you!
There are a lot of reviews on the web, but I liked this one in particular from diet spot light . com that is seemed general enough in its pro/con scope to be unbiased. Of course they ruined that by whining about not having appetite suppressants... If you think pills are the way to weight loss and health... "Here's your sign!"
What You Should Know
P90X is a weight loss system created by Beach Body, a company that offers other weight reduction programs such as Hip Hop Abs and Turbo Jam.
This system claims to get your body from “regular to ripped in just 90 days.”
P90X consists of 12 workout routines (a series of DVDs), a 3-phase nutrition plan, unique supplement options, a fitness guide, a progress calendar and online support. Tony Horton is the “personal trainer” for this specific weight loss program. There is a 100% 90-day satisfaction guarantee offered with P90X.
The key to this program’s effectiveness is stated to be “muscle confusion,” which basically means that numerous exercises are incorporated and encouraged to keep different muscle groups doing different things as much as possible. This way there is no “plateau” effect. Therefore the muscles do not get used to the routines and they continue to develop.
The workout programs are named after the muscle groups that they work out, and these are: Chest and Back, Shoulders and Arms, Yoga X, Plyometrics, Legs and Back, Kenpo X, Chest, Shoulders and Triceps, Back and Biceps, Core Synergistics, Ab Ripper X, Cardio X and X Stretch. There are success stories posted on the official P90X website.
This fitness program is stated to take one hour each day. A few additional supplies needed for P90X are resistance bands or dumbbells and a pull-up bar/place to perform pull-ups.
Product Features
P90X is a fitness program marketed toward men and women that aims to assist with losing unwanted body weight, toning up and “getting ripped.”
This weight reduction system basically involves a series of DVDs that offer exercise routines, online support and a 3-phase nutritional plan.
P90X is offered through the official website for three monthly installments of $39.95. This fitness program is offered with a 100 percent 90-day satisfaction guarantee. “Muscle confusion” is the primary focus of P90X, which addresses the notion of confusing the muscles with a number of different exercises. This supposedly leads to a stronger, slimmer and more fit physique.
There are no diet pills incorporated with P90X, just a workout routine.
Advantages
P90X can be easily and conveniently purchased through the official website. Since there are no pills involved, P90X is a one-time expense. P90X is offered with a 100%, 90-day satisfaction guarantee.
Disadvantages
There are no appetite suppressants incorporated into the P90X fitness program. P90X would call for a rather drastic lifestyle change, which may not be suitable for all individuals. There are no convenient fat burning supplements offered with the P90X weight loss system. Some individuals may find that P90X is rather pricey since it involves three separate payments of $39.95 (totaling around $120). With P90X it can take 90 days to reach your weight loss goal, which may not be ideal for some dieters, especially compared to faster-working diet supplements currently on the market.
Their Conclusion
All in all, the P90X weight loss program is interesting and quite intriguing in some respects. While it’s positive that the P90X system encourages regular exercise and a leaner diet, it’s tough to tell if this weight reduction program is really right for most individuals. In the end, P90X calls for a pretty heavy lifestyle change; not to mention a fairly high price tag for some users (around $120). If you have found that other exercise routines left you without results, there is no reason to believe that P90X is the answer, and you may want to check out some of the diet supplement alternatives that are out there.
My Preliminary Conclusion
P90x is awesome. You workout when you can, in the comfort of your own home with a pull up bar, bands, and a yoga mat. Or you can go to the gym and squeeze onto a sweaty machine between some meatheads.
Ideally, you eat well and workout at your own pace. Its awesome.
Report finds 24.8 percent of Summit, Portage owners have negative equity
Published on Thursday, May 07, 2009
This article from http://Ohio.com is a bit of a micro-view segue from the previous blog article. Zillow has plenty of research and commentary to show how Akron Residential is slowly rotting from the inside, despite all the wonderful efforts of local business people. The local government needs to hopefully read this blog and many of the available resources out there screaming about the area needing help... anyhow... I digress... enjoy the articles' worth content.
Nearly a quarter of all homeowners in Summit and Portage counties owe more on their mortgage than their home is currently worth as values fell from a year ago, according to the latest research by the online real estate firm Zillow.
Home values in the Akron metropolitan statistical area — defined as Summit and Portage counties — fell 7 percent in the first three months this year compared to a year ago, according to the Zillow Home Value Index. The Zillow Real Estate Market Reports look at 161 metropolitan areas and cover the value changes in all homes, not just homes that have recently sold.
The average home price in the greater Akron area for the first quarter this year was $115,682, down 14.9 percent since the Akron market peaked in 2006, Zillow announced in a release Wednesday. The results for Summit and Portage counties showed:
• 24.8 percent of all Akron-area homeowners now have negative equity, meaning they owe more on their mortgage than their home is currently worth. The local area still fared better than the nation overall, according to Zillow.
• Homes in the Akron area lost $815.3 million in value during the first quarter of 2009, and have lost $3.2 billion in the past 12 months.
• 28.8 percent of transactions in the past 12 months were foreclosures.
• 8 percent of homes sold were ''short sales,'' meaning the proceeds fell short of the balance owed on the mortgage.
Nationally, home values fell in the first quarter, declining 14.2 percent from the first three months of 2008 to an average of $182,378. Declining home values left 28.9 percent of all American homeowners with negative equity by the end of the first quarter, Zillow said.
''Slowing declines in select markets are a bright spot or, at least, what passes for one given current market conditions,'' Stan Humphries, Zillow vice president of data and analytics, said in a prepared statement. ''Unfortunately, given the magnitude of the current rates of decline, we're still many months away from a bottom even as depreciation slows.''
P90x is a 90 day program that focuses on "Muscle Confusion". The #1 thing I have noticed about the program is how fluid the DVD's are, in the sense that there are 30 second to 90 second breaks sprinkled in among the workouts, but the commonality to all the discs is how quickly they go. You will be sweating and done with the DVD's before you have time to realize how hard you have worked!!
Day 17 - Today was Shoulders / Arms + Ab Ripper X. Approx. 75 minutes of straight arse-kicking, sweat-inducing, fitness gold.
I purchased the perfect pushup paddles because my wrist would always start to hurt previously, when I would do pushups on my hands.
In regards to this, I am in my 2nd week of the perfect pushup program and completed 80 pushups (decline, regular, close & wide) before P90x today.
I also did 3 hours of landscaping which leads to my current predicament of not wanting to get up off my recliner... I am tired!!!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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