Daily News for Commercial Real Estate & Business – December 20, 2010

To view the December 2010 Real Estate Forum magazine, click here

To view the Realpoint Research - Monthly Delinquency Report for December 2010 focusing on November 2010 Remittance Data, click here.

AEW CAPITAL MANAGEMENT FUND SPENDS $42.3 MILLION FOR SCOTTSDALE APARTMENTS A company managed by AEW Capital Management L.P. in Los Angeles, Calif. paid $42.3 million ($169,200 per unit) to purchase The Palladium, a 250-unit apartment community located at 4111 N. Drinkwater Boulevard in Scottsdale. The seller was ACPRE TSP II Realty LLC, a company managed by The Archon Group in Irving, Tex. View article...

ONNI GROUP STRIKES AGAIN . . . PAYS $19.6 MILLION FOR 454-UNIT APARTMENT PROJECT IN PHOENIX A company formed by the Onni Group of Cos. in Vancouver, B.C., Canada. (Rossano De Cotiis, Giulio De Cotiis, Morris De Cotiis, principals) paid $19.6 million ($43,172 per unit) to acquire the 454-unit Diamonte on Bell apartments located at 3202 W. Bell Road in Phoenix. The seller was Royal Bank of Canada. View article...

Availability of affordable housing rentals to increase for veterans In the next 18 months, individuals who served in the military will find more affordable rentals from south Phoenix to Sunnyslope to call home. For the most part, the new projects are financed by low-income housing tax credits. The Valley has more than 28,000 veterans with annual household incomes below $16,000. View article...

Scottsdale move-up home market is soft The absence of a strong move-up market is limiting growth in Valley home prices, according to the latest monthly report from Arizona State University Realty Studies. That particularly hurts Scottsdale. Sales and prices of existing homes and condominiums continued to decline, but foreclosures also dropped significantly in November. View article...

Report points to better commercial real estate market While home prices in the Valley continue to drop, the commercial real estate market finally seems to have leveled off, according to new reports from the W.P. Carey School of Business at Arizona State University. "If the historical pattern is followed, which appears to be the case, 2011 should see a significant improvement in commercial prices, basically a recovery from the distressed levels of 2009 and 2010," professor Karl Guntermann, who authored the reports with research associate Adam Nowak, said in a news release. View article...

Barclays Capital to Launch CMBS 2.0 Index Barclays Capital plans to launch a new U.S. commercial mortgage-backed securities (CMBS) 2.0 index on January 1. The company says this index will offer investors a clear new measure for evolving CMBS markets by tracking the new category of recently issued securities commonly referred to as "CMBS 2.0." View article...

FDIC Lowers Budget as Bank Failures Slow The number of bank closings has slowed in recent months, and that's given the FDIC reason to believe that the worst phase of institutional collapses is behind us and the agency won't need as much money next year to cover bank seizures. View article...

6 Banks Closed on Dec. 17 Federal and state regulators closed six banks on Friday, Dec. 17. Additionally, one credit union closed this past week, and another was placed into conservatorship. These latest announcements raise the total number of failed institutions to 181 so far in 2010. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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