commercial real estate: Center City Auction Gives Pulse of Local Commercial Market
- 10/06/10 01:41 AM
Yesterday's auction of 1441 Chestnut - a parking lot in Center City that has been awaiting redevelopment for years - gave some good indications of where the local commercial real estate market stands. The property traded hands for $12,000,000, with the winning bidder being one of the partners in the group that already owned the property and had been trying to develop it as a hotel and condo tower. The main conclusion to be drawn from auctions like this one is that there is still very little demand for speculative properties in Philadelphia, especially vacant land. Even in one of the … (0 comments)
commercial real estate: When 10% Unemployment is Good News
- 12/07/09 02:27 AM
A few years ago news of 10% unemployment would have been dire news. Oh how times have changed... When the latest unemployment figures were released on Friday the drop from 10.2% in October to 10% in November was hailed by many as a sign that we may really be at the bottom of this recession and starting on the long, hard climb back to strong economic growth. While the report still shows a net 11,000 job losses in November, that's far below past months and was a big surprise to economists who expected 130,000 lost jobs. Not only did the percentage … (1 comments)
commercial real estate: A Smart Way to Diversify - and Discover Hidden Capital
- 04/03/09 07:16 AM
This week, Chris Pummer at Marketwatch.com did a great 3-part series on using self-directed IRA's to invest in real estate which you can read here. I've long thought that this is an excellent way to diversify your retirement savings away from the typical stocks, bonds, and mutual funds and tie your future wealth more solidly to a hard asset, namely real estate. Self directed IRA's are also an often-overlooked source of capital for real estate investing that allows you to avoid tying up your more liquid assets. For savvy real estate investors who are old enough to have a sizeable IRA … (2 comments)
commercial real estate: Trends Overview
- 03/31/09 12:11 PM
One of my consulting clients asked me to put together a one-page summary of current trends in the overall real estate market. It was a good exercise for me to try to condense so much information into a few bullet points and I thought I might as well share it with anyone else who's interested. Check out the publications section of www.scireconsulting.com to see what I came up with. Cheers,James … (1 comments)
commercial real estate: Sellers Get Real...Please?
- 03/27/09 03:53 AM
I'm reading that the bid-ask gap between buyers and sellers is slowly narrowing, which is certainly what needs to happen in order for real estate markets nationwide, and here in Philly too, to get back to a state of normalcy. While the bid-ask gap is usually portrayed as a two-sided disconnect between buyers and sellers, from my perspective it seems like the sellers are the ones who are eventually going to have to make the biggest concessions in order for us to start on the long road to a true recovery. Everything in the markets is working against asset prices, and … (3 comments)
commercial real estate: Check out the Llenrock Blog
- 06/23/08 05:55 AM
Check out the new blog that I am contributing to at http://llenrock.blogspot.com. It covers all types of commercial real estate trends, news and issues and we're always open to receiving comments, feedback, and ideas for future posts. … (0 comments)
Yesterday's auction of 1441 Chestnut - a parking lot in Center City that has been awaiting redevelopment for years - gave some good indications of where the local commercial real estate market stands. The property traded hands for $12,000,000, with the winning bidder being one of the partners in the group that already owned the property and had been trying to develop it as a hotel and condo tower.
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