Here are the news stories you might find interesting today regarding commercial real estate and business:
To view this week’s Watch List by Costar, click here. The first article, “What? Me Worry?” discusses that most banks plan to restructure maturing loans. This week also has a chart showing the loan portfolio for now bankrupt Capmark. Even though Student Housing makes up only .5% of the portfolio, it is 100% nonperforming!
To view the October 2009 Affordable Housing Financing magazine, click here. There was a great article discussing the LIHTC.
Regulator sees big reform ahead, cautions bankers
CHICAGO (Reuters) – U.S. bankers need to prepare for sweeping financial regulation changes that are gaining momentum in Congress, Comptroller of the Currency John Dugan said on Monday.
The recession has hit retailers hard. Big box stores such as Circuit City and Linens ‘N Things went bankrupt. Small businesses have laid off workers. Among national retailers, store openings are falling across the board while firms plan to shutter a hefty number of storefronts.
Phoenix drops from top 10 in foreclosures
|The Phoenix fell from the top 10 in RealtyTrac’s Q3 2009 Metropolitan Foreclosure Market Report published Wednesday.|
Mesa raises stakes to keep Cubs in town
|In a continued effort to retain the Chicago Cubs spring training schedule in Mesa, city leaders will host team owners and executives as they travel here next week.|
$215M Gila River hotel/casino opens Friday
|A $215 million chunk of Las Vegas will land in the East Valley on Friday when the Wild Horse Pass Hotel and Casino opens on the Gila River Indian Community at Interstate 10 and Wild Horse Pass Boulevard.|
Halloween sales up despite bad economy
|Halloween and costume stores say business is up despite the downturn in the economy. About 20 Spirit shops have sprung up in previously uninhabited store-fronts across the Valley. Most businesses have been open since the middle of September and will be leaving a few days after Halloween.|
Global Markets Begin to Recover as U.S. Lags Behind
Governments have taken extraordinary measures to jolt the global economy back to life and their efforts are working, according to a new report by Chicago-based brokerage Jones Lang LaSalle. The worst of the worldwide commercial property meltdown is over, the report concludes, and momentum is on the side of recovery
Economy Watch – Feds to Publish CRE Loan Modification Guidelines Soon
The heads of the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Office of Thrift Supervision were all before the U.S. Senate Subcommittee on Financial Institutions on Wednesday sounding a warning about bad commercial real estate loans and their threat to the health of the banking system, none of which is news, but all of which is troubling.
Phoenix ranks as 14th-safest city
The Phoenix metropolitan area is considered the United States’ 14th-safest city, according to a recently released forbes.com list.
Shipping company relocates to Phoenix
Whether it’s Nike shoes imported from Vietnam, Alaskan salmon sent to Asia or the non-stop supply of Asian-made clothes needed for the New York garment industry, chances are a Phoenix company is helping deliver those goods on time.
Trust will buy medical offices near 2 hospitals
A Scottsdale-based real-estate investment trust will spend $107 million to acquire 17 medical buildings on or near the campus of Banner Boswell and Banner Del E. Webb hospitals.
Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.