Here are the news stories you might find interesting today:
Retailers wary of Coyotes tax district
Government looks for ways to boost CRE
Taxpayers might be called upon to rescue the $3.5 trillion commercial real estate market, which has fallen 39% since its peak in 2007. The most likely fix would be an expansion of the Term Asset-Backed Securities Loan Facility by the Federal Reserve to cover commercial mortgage-backed securities. TALF also could work in sync with the Public Private Investment Program to offer relief to the sector
Bashas’ to close 14 more stores statewide
| Bashas’ Supermarkets Inc. is seeking to close 14 grocery stores as part of its Chapter 11 bankruptcy filing and ongoing restructuring efforts. The stores include 10 Bashas’, Food City and AJ’s Fine Foods locations in metro Phoenix and four stores in other parts of the state. |
Bashas’ announces 14 store closings
| Chandler-based Bashas’ will close 14 more stores in Arizona, including seven in the East Valley, as part of its Chapter 11 reorganization. See a map of the closing stores |
University of Phoenix celebrates grand opening of Chandler campus
| The University of Phoenix is hosting a grand opening celebration Thursday for its new Chandler location, which opened in May. The celebration will include a free workshop on how to finance an education with scholarships and financial aid. |
Taylor Morrison launches Total Assurance’ program for homebuyers
| Scottsdale-based Taylor Morrison unveiled a homebuyers assurance program Monday, offering a refund of a homebuyer’s down payment — up to 10 percent of the original purchase price — should the home decrease in value in five years. |
Fidelity National Title, Cromford Report’ release metro Phoenix real estate trends
| The median home resale price in metro Phoenix increased in June for the first time since 2007 — a direct result of increasing trends of multiple offers on properties and a large reduction in active listing inventory, especially bank-owned properties, according to Fidelity National Title and The Cromford Report. |
SkySong signs four tenants to join Scottsdale innovation center
| American Solar Electric will be doubling its space at ASU SkySong, and three other tenants will be moving in to the facility in deals announced on Monday. |
Valley bankruptcy filings slow
| Valley filings for Chapter 7 bankruptcy, which doesn’t require any debt repayment, jumped 93.2 percent last month compared to July 2008, according to the U.S Bankruptcy Court of Arizona. |
| Is the Worst Behind Us? |
Despite some signs of stabilization, the second quarter was another difficult one for U.S. commercial real estate. Total returns for the NCREIF Property Index (NPI) – a widely used investment performance benchmark for institutional-quality real estate assets published by the National Council of Real Estate Investment Fiduciaries – declined 5.2% in the second quarter after dipping 7.3% in the first quarter.
Retail was the best performing sector over the past quarter, benefitting from relatively strong income growth and a smaller capital decline than other sectors. The office sector was the worst performer as it struggled with a sharp drop in occupancy, steep rent declines, and considerable decompression in the capitalization rate.
Slump in Property Values May Be Nearly Over, Says CB Richard Ellis Investors
The sharp drop in valuations of commercial real estate properties during the past year may be nearing a bottom, according to Los Angeles-based CB Richard Ellis Investors, in its recently released installment of “Investment Research Quarterly”. Although the bid-ask gap remains wide between buyers and sellers, three indicators are providing some evidence that pricing will bottom out sooner than later.
First, the sharp pricing correction that has already taken place will continue to have a dramatic impact on sellers’ expectations, the authors of the report conclude. The NCREIF Property Index depreciated by 9.5% in the fourth quarter of 2008 and 8.7% in the first quarter of 2009, the two worst quarters in the history of the index that spans more than 30 years.
Cavco buys manufactured housing assets from Fleetwood
| Cavco Industries Inc. has been named the highest and best bidder for certain manufactured housing assets of Fleetwood Enterprises Inc. (OTCBB:FLTWQ), which is going through Chapter 11 reorganization. |
For a FREE market evaluation of your property, contact me immediately!
I read a few topics. I respect your work and added blog to favorites.