The Geraci-Chenoweth-Gutierrez-Wood Team, or GCGW, of Voit Real Estate Services, has announced the completed $18.1 million sale of 45 acres of industrial land in Riverside, Calif. on behalf of LNR Property Corporation of Newport Beach, Calif.
Voit Real Estate Services, a commercial real estate firm with 38 years of expertise in commercial brokerage, asset and property management, construction and development, is expanding its operations based on client demand with the opening of a commercial real estate office in Southern California’s Inland Empire, according to Kurt Strasmann, Managing Director of Voit’s Orange County region.
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So, the organization most responsible for the current financial crisis, the US department of Housing and Urban development, has decided to blow a couple more million dollars of borrowed money for “housing counseling and training.” Dear me – I wouldn’t trust these guys to teach a five-year-old how to tie his shoe laces, so another five million dollars will get thrown into the black hole of the housing disaster.
Almost one-third (31%) of independent landlords plan to buy additional rental property by the end of 2012, according to a survey released today by The National Association of Independent Landlords.
The top reason, cited by 68% of those planning a purchase, is that current prices make rental real estate a good investment. Other reasons include pricing low enough to allow them buy a retirement home (8%) or a vacation home (8%) that can be rented out to earn additional income until needed.
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The recent FNAIM “state of the market” report is at best obtuse, and at worst a deliberate attempt to obscure the facts. As usual – no sales volumes are included in the report, but the tone suggests some panic amongst the membership. The report claims “slight upward pressure on prices in the short term,” but then states that prices fell 1.4% in the first quarter 2010.
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The biggest problem facing the UK lettings market is the low level of stock. More specifically, it is a problem if you are a tenant wishing to move, but it’s also proving to be a financial blessing for landlords for a number of reasons.
Those of us who watch these things have noticed a disturbing trend over the last month or two – The national and international newspapers talking up the housing market quite aggressively. Much to the ire of their readers who are rightfully questioning the information being given. These are a few examples.
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Numis Securities, a City investment bank, expects amateur buy-to-let landlords to begin “panic selling,” their investment properties as house values continue to decline in the UK, causing the average home value to fall below £100,000. Their recent report stated:
More on British Property Prices could fall another 55 percent
Things do seem to be hotting up in the investment property world, and I don’t mean burning down hot as seen in the recent Australian bushfires. Volatile is the word that comes to mind. As developers and agents try to combat falling prices, we are starting to see some interesting approaches. Most of Manhattan seems to be up for rent at the moment with luxury condominiums in Manhattan completely failing to sell.
An economics professor at the University of Chicago, Casey Mulligan, has just predicted that it is unlikley there will be a commercial property crisis, based on the fact that there was very little over-building in commercial real estate during the boom years.
