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commercial real estate: AIG agrees to sell 2 NYC buildings - 06/03/09 11:03 AM
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 … (4 comments)
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commercial real estate: The Making of a Landlord - 04/17/09 06:03 PM
I saw the story's title and was instantly drawn to it. A wonderful, realistic read. I hope you enjoy as much as I do. <----"The Landlord of the Shadows"
written By Christopher Palmeri s a senior correspondent in BusinessWeek's Los Angeles bureau.
I was chased by a wild dog.
I saw a home so stripped someone had even taken the front door. I attended a foreclosed-home auction that featured cheerleaders yelling in my ear. Finally, in March, I closed on a home I'm now renting out as an investment property.
I paid $125,000; it had sold for $345,000 four years ago. … (1 comments)
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commercial real estate: General Growth (2nd largest U.S. Mall owner) files for bankruptcy protection - 04/16/09 09:30 AM
General Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S. history.
Ending months of speculation, the Chicago-based mall owner, which listed total assets of $29.56 billion and total debts of $27.29 billion, sought Chapter 11 bankruptcy protection from creditors along with 158 of its more than 200 U.S. malls, while it seeks to restructure some of its debt.
Since November, General Growth has warned that it may have to seek protection from its creditors when it was unable to refinance maturing mortgages. The company … (5 comments)
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commercial real estate: Downtown Akron Office/Retail Building FOR SALE ** Impossible to Find Similar ** Motivated Sellers - 04/14/09 04:55 PM
… (2 comments)
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commercial real estate: It's Now a Renter's Market* *(in some areas) - 04/11/09 07:47 PM
Across the U.S., desperate landlords are coming up with novel ways to attract new tenants and retain old ones.
Amy Gips loves her one-bedroom apartment in a swank Manhattan building that features a gym, golf simulator, yoga studio, and massage rooms. But she no longer feels she can justify paying $4,400 a month in rent, especially now that her ex-boyfriend has moved out.
A week ago, just as the 27-year-old associate at a private equity fund was planning her next move, a letter arrived from the property management company. The rent for the 750-square-foot Chelsea apartment with floor-to-ceiling windows overlooking Madison … (5 comments)
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commercial real estate: 102- Units ** Priced to Sell ** Seller Financing Available ** Aggressive Management Opportunity - 04/10/09 10:07 AM
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commercial real estate: Commercial Real Estate Delinquency Rate Doubles - 02/24/09 12:05 PM
Commercial Real Estate delinquency rates have increased dramatically year-over-year.
The latest numbers from the Federal Reserve for Q4 2008 put the current delinquency rate on commercial real estate loans at 5.36% across all banks, and 5.27% at the largest 100 banks. 5.27% is nearly double the 2.65% recorded in Q4 2007, and a 10% quarter-over-quarter increase from Q3 2008.
The Federal Reserve defines delinquent loans as those which are past due thirty days or more and still accruing interest as well as those in nonaccrual status.
They are measured as a percentage of end-of-period loans. In addition, the Fed … (2 comments)
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commercial real estate: Create your own job? Pappas Realty Co. has Businesses 4 Sale.. Create your own future or continue someone elses success! - 02/23/09 08:55 AM
Are you downsized, looking for something new or wanting to be your own boss, then contact Pappas Realty Co., to discuss some current business opportunities we have available today. 330-762-0535
Currently, we have an upscale restaurant, a laundromat, a full service restaurant and banquet facility.
Are you one of America's recently downsized?
Are you looking at your "options"?
Should you be going down the traditional career path? You know, the one that includes a resume re-do, online job searching, and mega-trips to your local dry cleaner to get your business attire cleaned and pressed?
Or, are you … (0 comments)
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commercial real estate: FOR WHOM THE BELL TOLLS --- The Death of the Small Community Bank - 02/05/09 06:07 PM
Despite the title of this article, community banks are not going to croak and die out altogether tomorrow.
However, the U.S. banking industry has been consolidating for the past 15 years. The big gobble up the small. As a result, banks keep getting bigger. It’s harder to find small banks.
This could mean it gets harder for small businesses to get loans in the future. And at the very least, the face of small-business banking will change — in part, for the better and in part, for the worse.
According to research by Celent, smaller banks are on … (10 comments)
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commercial real estate: Mall-Oleums - 01/29/09 06:22 PM
Remember when Malls were the place to go and for a while people avoided them because they were too crowded!
Can you recall when the walkways of malls were filled with Bustling Kiosks and shiny model cars?
Those days of successful franchises filling the spaces is long gone and malls are soon to be Ghost Malls in certain areas and demographics. (i.e. Rolling Acres Mall... What a Disaster...)
For the last 20 years, the American consumer has carried the burden of the world on its broad shoulders. A heavy yoke, to be sure, but one that steroids made lighter; the steroid … (2 comments)
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commercial real estate: The Ties that Bind it all Together - 01/09/09 10:00 AM
I am the tie that binds a deal together! I am not over-confident, in fact, I am simply stating the view from my perspective. A promise that is in the below video from the 2:25 moment and on, sums up how I feel about an agents role in catalyzing a transaction!
"You will never see a player, play as hard as I will the rest of the season, and you will never see someone push the team as hard as I will push everyone the rest of the season, and you will never see a team play harder then we will … (7 comments)
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commercial real estate: Home Sales. Prices Down --- Agents Cite Foreclosures - 12/18/08 09:48 PM
Of the 300+ homes sold in November in Summit County, almost 1/3 - (91) - went for less then $30,000.
That helps explain why November sales figures were dismal in the Akron area compared with a year ago, according to the latest report from the Akron Area Board of Realtors.
Home sales for the month dropped 12.2 percent from the 345 homes sold in November 2007.
Sales were down from 419 homes in October. The dollar value of the properties that exchanged hands plunged by a larger percentage, 30.8 percent, to $32.2 million from nearly $46.6 million in November 2007.
… (4 comments)
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commercial real estate: "Cash is King" shout Commercial Agents - 12/09/08 01:38 PM
Cash is King versus the Battered Commercial Real Estate Market. This is the sentiment from Commercial Real Estate professionals affiliated with CCIM Institute.
The liquid position "Cash", tops other investments such as Office Buildings, Apartments, Retail Centers and other commercial properties.
According to the survey conducted, this is the first time in 6 quarters that the CCIM Institute rated anything higher then Commercial Real Estate. Cash garnered a 6.7 rating (Out of possible 10), whereas Commercial Real Estate received 6.1, bonds got 4.4 and stocks brought up the rear at 3.4.
The below data is somewhat worrisome from a Commercial … (0 comments)
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commercial real estate: More Good News ** Warning, this article won't be featured! - 11/22/08 10:51 AM
This is an article I read this morning from The Plain Dealer in Cleveland.
As I sit and wonder about things, like less people shopping, my friend who has lowered the thermostat to 52 degrees and was putting on an extra sweater to save some money this winter, I came across this story and thought it was certainly well presented and worthy of activerains legions comments and review.
So here goes. Enjoy!
Number of bankrupt Ohioans is growing and they're owing more
Originally Posted by Laura Johnston and Michael Sangiacomo/Plain Dealer Reprorters
November 21, 2008 22:40PM
… (2 comments)
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commercial real estate: The Sky is Falling!...? - 11/18/08 09:12 AM
I have read so many eclectic blogs on here from SEO to residential staging to mortgage rates to fall season photogs to how to market successfully....
But what is starting to grind my gears is the fact that very few of the "Featured" blogs deal with our economic crisis. I realize the activerain community is by realtors for realtors dealing with real estate issues, but if you don't think citigroup laying off 73,000 employees or Ford and GM possibly going bankrupt or firing 100's of 1,000's of employees then your sadly mistaken or maybe business is just too good for you … (8 comments)
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commercial real estate: 12-Unit Apartment Complex ** Kent State University - 11/17/08 01:25 PM
Features Seperate Electric - Tenants Pay Owner pays Water & Sewer & Trash & Heat (Gas) GOI - Approx $85,000+ (12)-Two Bedrooms In the wall A/C Units Brick & Block Construction New Windows (2008)
Type: Investment Property Floors: Two or More Stories City: Kent County: Portage Utilities: Electric - Separate Gas - Owner Pays Roof: Pitched / Gabled Price: $475,000 Status: Available - Confidential Agent: Sean Dreznin Email: sean@pappasrealtyco.com Phone: 330-762-0535 Ex# 16 … (0 comments)
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commercial real estate: How much is that VCR in the window, the one with the sad little "sale" tag? - 11/10/08 09:04 AM
Title sung to the sound of "Puppy in the window"... I'll give you a minute to hum it out ....................................................................................................
....................................................................................................
and, we're back!
Circuit City filed for Chapter 11 Bankruptcy Protection today and will remain open through the holidays while it develops a plan for the future.
Hold on kiddies, as this slippery slope looks to have a steeper angle in the near future. With consumer spending drying up, this holiday season is going to cripple many large retailers... Think Best Buy, HH Gregg, Bed, Bath, Michaels, Guitar Center, Kmart, Dicks Sporting Goods, and others could certainly … (7 comments)
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commercial real estate: Are you using all your tools effectively? Part 3 - 11/09/08 08:18 AM
Part 3 ~ Stoking The Fire
This is a unique slant on developing a passion for this business. Some folks love the relationships, some live for the rush of closing the deal and others just go through the motions. I have developed a challenege of sorts for myself and it "Stokes my fire".
As I live around town, I have focused on a few properties that I specifically want to be involved with asd thus begins the odyssey. I start by attaining the basic data on the property, address, phone number, owner info, property attributes and starting a file for the … (5 comments)
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commercial real estate: So many taxes... Let me count the ways! - 11/03/08 09:23 AM
Let's just recap on some of Ohio's taxes:
Ohio Sales Tax Ohio Income Tax (withholdings for employees & your Sch. C) Local Income Tax Commercial Activity Tax (CAT) (broken link) Ohio Department of Job and Family Services Ohio Bureau of Worker's Compensation School District Tax (where applicable) Gasoline Tax (28 Cents a gallon plus 3 cents commercial) Homestead Alcohol & Tobacco (Sin) taxes Master Settlement Agreement (MSA) Corporation Franchise Kilowatt-hour Tax Employer Withholding Horse Racing Motor Fuel Tax International Fuel Tax Agreement (IFTA) Municipal Income Tax Natural Gas Distribution (MCF) Other Tobacco Products (OTP) Pass-Through Entities Personal Property Public Utility Excise … (0 comments)
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commercial real estate: Create your own annuities! - 10/31/08 06:16 PM
I have completed quite a few recent transactions in which my broker and myself take a note from our client on behalf of the buyer completing his fiscal responsibilities.
Obviously this may put a dent in the immediate wallet, but alas we make the same interest the seller makes from the buyer and receive a paycheck each month, which makes things easier especially in an economy like the one we find ourselves in now.
Consider this as an option, rather then reducing your fee. It hurts a little at first but it pays dividends thereafter... literally.
Has anyone tried this, or some … (0 comments)
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Sean Dreznin, Commercial Investment Real Estate Agent
Sarasota,
FL
More about me…
NAI Manasota
Address: 1718 Main St, Sarasota, fl, 34239
Office Phone: (330) 741-9667
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