Royce Dugan's Blog

2011-07-15T21:00:00.000-07:00

NEW TO BE BUILT - Pick your on colors, visit the design center to make this home your own style! 3 Bedroom / 2.5 Bath Lakefront home on Old Hickory Lake only $409,900

Click here for details

Existing-home sales rose sharply in December

2011-01-20T09:48:00.000-08:00

Washington, DC, January 20, 2011

Sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price2 for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes3 rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply4 at the current sales pace, down from a 9.5-month supply in November.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.

A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009.

Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago.

Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price5 was $165,000 in December, which is 7.4 percent below December 2009.

Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Hendersonville, 37075 Market Trends

2010-12-06T06:41:00.001-08:00

Market trends in Hendersonville, TN 37075 show a group of mixed signals. While the Median Sales Price reported by "trulia" this month shows a 26.3% increase in Median Sales Price, the figures could be distorted by the sharp drop in the number of home sales for the same period. With a smaller group of sales reported the Median Price could be affected by the sale of a small number of Lake Front properties in the community. The increase of Average Listing Price and Number of Listings could also reflect the reentry to the market of more of Hendersonville's larger properties and Lake Homes.

The most significant result reported by "trulia" this month is the $85 per square foot Average Price per square foot. The current quarter result of $85 reflects a fall in home prices over the previous year of 6.6% in the area. This is a great sign for Buyers to get into the market. The $85 per square foot Average Sales Price in Hendersonville makes purchasing an existing property, in most cases, less expensive than new construction.

Location	Sep - Nov '10	y-o-y	3months prior	1 year prior	5 years prior
37075	$85	-6.6%	$89	$91	$91
Hendersonville	$85	-6.6%	$89	$91	$93

Summary

The median sales price for homes in ZIP code 37075 for Sep 10 to Nov 10 was $241,950. This represents an increase of 24.3%, or $47,260, compared to the prior quarter and an increase of 26.3% compared to the prior year. Sales prices have appreciated 23.2% over the last 5 years in 37075, Hendersonville. The median sales price of $241,950 for 37075 is 0.00% higher than the median sales price for Hendersonville TN. Average listing price for homes on Trulia in ZIP code 37075 was $292,932 for the week ending Dec 01, which represents an increase of 1.2%, or $3,542 compared to the prior week and a decline of 0.5%, or $1,515, compared to the week ending Nov 10. Average price per square foot for homes in 37075 was $85 in the most recent quarter, which is 0.00% higher than the average price per square foot for homes in Hendersonville.

BILLIONS IN BANK PROFITS NOT YET TURNING INTO NEW LENDING

2010-12-04T10:09:00.000-08:00

BILLIONS IN BANK PROFITS NOT YET TURNING INTO NEW LENDING

Even though commercial real estate [CRE] asset quality continues to improve gradually on bank's books across the country, it has not translated into additional lending for commercial real estate. In fact, new lending continues to slide in all categories with the exception of multifamily.

New lending from banks on multifamily projects has increased by about $4 billion year to date. Outside of that category, lending activity continues at slightly declining levels for nonresidential properties and continues to fall off sharply for construction and development projects.

Still, a handful of banks have reported that demand has picked up slightly in the competition for quality loans.

For that reason and others, Federal Deposit Insurance Corp. (FDIC) chairman Sheila C. Bair is indicating that the end of a two-year period of contraction in loan portfolios may have run its course.

"Total loans and leases held by FDIC-insured institutions declined by just $6.8 billion, or 0.1%, in the third quarter," Bair said. "Many large banks have had sizable reductions in their loan portfolios over the past couple of years, but in the third quarter, such reductions were notably absent. I hope we are close to seeing genuine increases in loan balances again."

"The industry continues making progress in recovering from the financial crisis," the FDIC chairman added. "Credit performance has been improving, and we remain cautiously optimistic about the outlook. Lower provisions for loan losses are driving bank earnings by allowing a larger share of revenues to reach the bottom line."

But Bair also added, "at this point in the credit cycle it is too early for institutions to be reducing reserves without strong evidence of sustainable, improving loan performance and reduced loss rates. When it comes to the adequacy of reserves, institutions should always err on the side of caution."

Commercial banks and savings institutions insured by the FDIC reported an aggregate profit of $14.5 billion in the third quarter of 2010, a $12.5 billion improvement from the $2 billion the industry earned in the third quarter of 2009. This marks the fifth consecutive quarter that earnings have registered a year-over-year increase.

The FDIC noted signs of further improvement in asset-quality trends as the amount of loans and leases that were noncurrent (90 days or more past due or in nonaccrual status) fell for a second consecutive quarter. Before these two quarterly declines, the industry's noncurrent loan balances had risen for 16 consecutive quarters.

However, noncurrent balances increased in multifamily residential real estate loans (up $1.2 billion, or 13.6%) and in nonfarm nonresidential real estate loans (up $604 million, or 1.3%).

Insured banks and thrifts charged off $42.9 billion in uncollectible loans during the quarter, down $8.1 billion (15.8%) from a year earlier. This is the second quarter in a row that net charge-offs posted a year-over-year decline. Prior to the past two quarters of improvement, quarterly NCOs had increased year-over-year for 13 consecutive quarters. NCOs for most major loan categories declined year-over-year in the third quarter.

Real estate construction and development loan NCOs were down by $2.5 billion (32.4%), while NCOs of real estate loans secured by nonfarm nonresidential properties were $1.1 billion (46.2%) higher.

More banks are also continuing to report an increasing amount of asset sales. The number of banks reporting assets sales has increased 3.2% this year and the amount of assets sold in each quarter has increased 10.4% since the start of the year. In the past quarter 847 banks reported selling $53 billion in loans, leases and foreclosed assets not related to home, consumer or business loans.

As of Sept. 30, the nation's banks reported having $36.1 billion in distressed CRE assets, which includes past due loans on and foreclosed construction and land development, nonresidential income-producing and multifamily properties. That amount is approximately 2.2% of all outstanding loans on construction and land development, nonresidential income-producing and multifamily properties. The third quarter amount is up from $29.4 billion at the end of 2009.

The number of institutions on the FDIC's "Problem List" rose from 829 to 860. However, the total assets of "problem" institutions declined from $403 billion to $379 billion. The number of "problem" institutions is the highest since March 31, 1993, when there were 928. Forty-one insured institutions failed during the third quarter, bringing the total number of failures for the first three quarters of the year to 127.

MBA: Commercial and Multifamily Mortgage Delinquency Rates Mixed in Third Quarter

Separately, the Mortgage Bankers Association (MBA) reported this week that the delinquency rates for different commercial/multifamily mortgage investor groups were mixed in the third quarter. The bad news was that the delinquency rate for loans held in CMBS is the highest since the series began in 1997. The good news is that delinquency rates for other groups remain below levels seen in the early 1990s, some by large margins.

"Greater strength in the economy is bringing some stability to commercial mortgage delinquency rates," said Jamie Woodwell, MBA's vice president of commercial real estate research. "Commercial mortgage performance among most investor groups, including life insurance companies, Fannie Mae and Freddie Mac and commercial banks and thrifts, continues to be better than during the last major downturn of the early-1990s. Although weak, the economic recovery is just beginning to be seen in commercial real estate fundamentals and the mortgages they support."

Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the third quarter were as follows.

Banks and thrifts: 4.41% (90 or more days delinquent or in non-accrual);
CMBS: 8.58% (30+ days delinquent or in REO);
Life company portfolios: 0.22% (60+days delinquent);
Fannie Mae: 0.65% (60 or more days delinquent); and
Freddie Mac: 0.35% (60 or more days delinquent).

The MBA does not include construction and development loans in its numbers.

Download this story and other national news in the Watch List Newsletter,, a weekly pdf that includes leads of distressed properties and loans and other news items not found on the CoStar Group web news pages. Sign up for the Watch List E-Mail Alert. It's the quickest way to link directly to the news and leads you want. Just e-mail your name, title, company, company business, city, state, and e-mail address to Mark Heschmeyer

Mini Horse Farm in Nashville, TN area offered in ONLINE AUCTION

2010-08-26T21:24:00.001-07:00

See the full gallery on posterous

Beginning at 12:00 Noon on Friday August 27, 2010 thru 12:00 Noon on September 7, 2010: 5017 Somerville Rd, Cross Plains, TN is available for ONLINE bidding. For a property preview and additional information about bidding on this 4BR 3.5BA Brick home on 5.56 acres near Nashville, TN go to http://exitauctionstn.com/?page_id=69 to get details.

Posted via email from Exit Real Estate Commercial Solutions

Bell Forge Cinemas Sells for $1.5M-New Islamic Center Coming to Davidson County

2010-08-26T06:34:00.001-07:00

Martin Theaters Inc. sold the Bell Forge Cinemas in Antioch to the Islamic Center of Tennessee for $1.5 million, or about $33 per square foot. The new owner plans to completely redevelop the property, transforming it into an elaborate Islamic Center with prayer halls, classrooms and a swimming pool.

The 44,910-square-foot retail property was built in 1983 on eight acres of land.

Paul Gaither and James Morris of CB Richard Ellis represented the seller in the transaction, while the buyer was self-represented.

Royce Dugan Recommends an Article

2010-08-25T19:25:00.001-07:00

This news article was recommended by Royce Dugan:

PENT-UP CAPITAL GENERATES 'FEROCIOUS' COMPETITION FOR CORE, DISTRESSED SHOPPING CENTERS

While still a far cry from the avalanche some predicted would hit the market a year ago, distressed shopping malls and strip centers have contributed to a marked increase in retail sale activity this year. At the same time, a rush by institutional investors to pick up quality core properties at the other end of the retail property spectrum has also...

-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/

Posted via email from Exit Real Estate Commercial Solutions

Great Nashville, TN (White House) area Country Home / Rental / Investment Property

2010-08-12T10:55:00.001-07:00

White House, Tennessee, bedroom community for Nashville, TN. Country home close to the convienence of the city. 3 bed room 3 full bath home at a Fantastic value price. See http://bit.ly/9xpzJS For complete detail;s

Posted via email from Exit Real Estate Commercial Solutions

Port Tracker report calls for 15 percent annual volume increase and a new peak month - Article from Logistics Management

2010-08-11T12:23:00.001-07:00

via logisticsmgmt.com

Posted via email from Exit Real Estate Commercial Solutions

Royce Dugan Recommends an Article

2010-08-02T14:48:00.001-07:00

This news article was recommended by Royce Dugan:

STUDY FINDS COMMERCIAL RETROFITS COULD SAVE $41B ANNUALLY IN ENERGY COSTS

Although energy-efficient retrofitting of commercial buildings has the potential to return twice as much in savings to owners and tenants as they require in investments, interest in pursuing retrofits has remained relatively low, dampened by the financial constraints on building owners from the economic recession, and lack of available financing options...

Message from Royce Dugan:
Pricing pressure on commercial properties are causing owners to look at gains now available by reduced operating cost. Energy-efficient retrofitting of commercial buildings has the potential to return twice as much in savings to owners and tenants as they require in investments.

-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/

Posted via email from Exit Real Estate Commercial Solutions

Nashville and Davidson County have positive growth in Population and Job Growth according to IRS Study

2010-06-19T13:00:00.000-07:00

Click the link below to see the Forbes Magazine article about the IRS study on population movement and per capita income shift. Very interesting interactive map.

http://www.forbes.com/2010/06/04/migration-moving-wealthy-interactive-counties-map.html?preload=47037

Sumner County gains in Population Moving Into the county

2010-06-19T12:55:00.000-07:00

Click the link to see an interactive map that shows the population movement in and out of Sumner County and the per capita income of each. Interesting view of our local economy.

http://www.forbes.com/2010/06/04/migration-moving-wealthy-interactive-counties-map.html?preload=47165

Scarcity Premium Seen Driving Current Cap Rate Compression - CoStar Group

2010-05-05T18:19:00.001-07:00

Scarcity Premium Seen Driving Current Cap Rate Compression

With Little Quality Office Product in Play, Investors Vying Sharply for Low Hanging Fruit

E-mail this article
Print this article

By Mark Heschmeyer

May 5, 2010

Last year, capitalization rates on large office property sales rocketed from the mid-6 range to the mid-8 range. So far this year, cap rates have reversed course, falling back just as rapidly to mid-7 range. Under 'normal' conditions, this would imply that property values are increasing. So why isn't the commercial real estate industry elated?
Cap rates are a benchmark determined by dividing income by property value. Increasing cap rates typically imply that property values are falling. Last year, no one in commercial real estate doubted that the rapid rise in cap rates reflected an equal rapid decline in property values.
However, this year's decreasing cap rates, which would normally imply rising property values, are being viewed with some skepticism over whether they reflect a long-term trend in values, or simply a short term phenomenon.
According to Fred B. Córdova III, senior vice president / Investment Services Group for Colliers Asset Resolution Western regional team, the current cap rate phenomenon starts with that fact that there is two to three times more capital (debt and equity) in the market than there is product. That factor alone has pushed values up by 20% in three months, he said.
"There is a flight to quality NOI (net operating income) with a rational 'governor' that is price per square foot," Córdova said. "We are seeing some pricing here in Los Angeles (with cap rates) as low as 5% based on market rates. That said, there is a great deal of anxiety out there as to how far cap rates have fallen in the last six months. Foreign money is leading the charge."
According to Córdova, the current imbalance of available high quality office properties and the amount of capital seeking to invest in them has created what he calls a "scarcity premium."
"The market's fear/greed bipolar condition has created a scarcity premium that has pushed cap rates down by as much as 200 basis points, driven asset values up by 20%, for high quality, stabilized assets in submarkets with historically solid fundamentals in just three months," stated Córdova. "The only distressed properties that are coming to market are those with little hope of value recovery for the foreseeable future (more than three years). The most common examples of these are residential lots, followed by broken condo projects, apartments in markets with high unemployment and vacant unanchored retail properties. Neither the mini-bubble on the high end, nor the freeze on distressed asset transactions is sustainable."
Roy March, CEO of Eastdil Secured, also described the bifurcated activity in the current equity market focusing on either "trophy or trauma" assets.
"We began to see investors come off the sidelines in summer of 2009. After Labor Day, the depth of field for those bidders tripled, and we've seen it triple again in the first quarter," March said in comments during a panel discussion this week at DLA Piper's 2010 Global Real Estate Summit in Chicago.
The deepening pool of bidders has increased the certainty of closing deals, with due diligence and closing periods getting shorter. However, that is also putting upward pressure on pricing, he noted.
March echoed Córdova's view on the lack of quality assets coming to market producing a "scarcity premium."
"What we don't know is if this is a sugar high or whether we're going to see this as the new level of pricing," March said.
In the last few months, cap rates have tightened 100 - 150 basis points on the trophy deals relative to transactions focused on yield, he said.
"For non-stabilized assets, basis rules," March added. [Buyers] "are throwing away the yield calculation and looking at how much they're really buying it at, as a discount to either peak market or construction costs. That's drawing a lot of sellers back into the markets."
March said annualized sales volume is up 50% in 2010 versus 2009. Granted, the increase is more of a limbo than a high jump relative to 2009's dismal sales volume. But having said that, and looking at Eastdil's own transaction book as a market proxy, "we think [sales are] going to be at between 2003 and 2004 levels. We think it will be north of $75 billion in volume this year," March said.
March also said that projections for higher interest rates later this year are also driving the current market dynamic.
"There will be a big rush between now and the end of the year to get stuff to market and priced while interest rates are where they are. There's a lot of concern about interest rates going up post-election, and [sellers] want to take advantage of what they know today."
Robert Erlich, president of International Realty & Investment Inc. in Fairfax, VA, has been involved on both ends of deals involving 7% - 8% cap rates.
"I have been involved on two sales the last 11 months -- one as a seller of a multi tenant office building that sold at a 7% cap rate. I feel it sold for such a good price because it was a good location, it was where the buyer / user wanted to be and, with his lease in place, it was 100% leased and producing income. That was a $4.3 million sale," Erlich told CoStar Group. "The other property was a school that I purchased at a 8% cap rate and the reason I paid $7.625 million is that it is in a very good location and, it is 100% leased to a very strong educational tenant. I feel that the education industry is one of the few that have won the battle during the current economy."
However, Erlich does not believe the market has bottomed out for multi-tenant properties. "In this area there are still a lot of buildings that are in real trouble and losing tenants every day. (But,) "I do not think that buyers are getting too aggressive. I think competitive is a better word. There is just not a lot of quality product out there," Erlich said. "I do think that if you own quality, income producing product you are in the driver seat due to the shortage of solid product out there. I have been getting offers for some of our properties at a 6.5%-7% cap rate."
Outside of the "low hanging fruit," though, others in the industry believe negative fundamentals in the office markets are still ruling the office investment market.
David E. Thurston, director, NOIPG and Net Lease Group of Marcus & Millichap in Elmwood Park, NJ, said that the "sales that are closing that are driving the average cap rate to 7% -8% levels, are those that are in high demand and have multiple bidders, (namely) Class A properties in A locations."
Thurston added that if there were more buyers in the market - which there are not -- then more properties would be trading in the 10-12% cap range.
Scott D. Rabin, senior vice president of Edge Commercial LLC in Bethesda, MD, agreed.
"The volume of investment sales and time horizon is too short to see a real trend," Rabin said. "We need to see a sustained period (that is, four quarters or more) a higher volume of transactions before we can make a definitive conclusion. The spread is very thin between the cost of capital and the type of returns being accepted. Rents will need to rise and vacancy rates will need to fall for caps rates to hold on. I believe some buyers are being too aggressive but that most buyers are still seeking cap rates north of 8%."
What follows are additional comments from CoStar Group News readers regarding their take on the current office investment market.

via costar.com

Posted via web from Exit Real Estate Commercial Solutions

Hong Kong Skyline from The Star Walk

2010-05-04T11:08:00.001-07:00

Hong Kong Harbor at night from the Star Walk.

Posted via web from Exit Real Estate Commercial Solutions

ISM: Manufacturing jumps, inventories leap up

2010-04-02T09:05:00.000-07:00

The Institute for Supply Management's latest monthly report shows another month of growth, fueled in part by an unusually big leap up in inventory levels.

Sean Murphy -- Supply Chain Management Review, 4/1/2010

A surge in inventories fueled a high growth rate in the manufacturing sector in March, ending the first quarter with a bang, according to the latest monthly report from the Institute for Supply Management (ISM).
According to Norbert Ore, chair of ISM's Manufacturing Business Survey Committee. The index the ISM uses to measure the sector, or PMI, hit 59.6 percent, up 3.1 points from February. This marks eight straight months of increase for the PMI, Ore said, placing the sector's overall health well into "growth" territory. Ore also said the current growth rate is the fastest since 2004.

Ore said the current PMI is impressive, considering the same index registered at 40.4, in contracting territory, at this time last year.
"That's a remarkable story of what's been happening over the past year," Ore said.
In addition, similar indices in Europe and other parts of the world also indicate growth, a sign, Ore said, that the recovery isn't just happening here at home.
"We have basically a reasonably good recovery in global manufacturing going," he said.
Ore said he expected to see the PMI going up, since the New Orders and Production indices got into the 60s in March, but what really surprised him, he said, was the Inventories index. After a 46-month period of liquidation, Ore said the index made a "most unusual" leap upward in March, going up 8 points to 55.3 percent.
"I think it's an indication that we really hit bottom in inventories," Ore said.
Not all the news was positive, but even the bad news, Ore said, wasn't all bad. Prices went up as much as inventories in March, rising eight points to 75 percent. Ore's report said that prices have remained above 50 percent, indicating growth, for the past nine months.
Still, Ore said the numbers are misleading, and not an indication of pending inflation. Many of the goods which have gone up in price the most, he said, were metals.
"I don't think it's a problem yet," he said.
The employment index dropped by a single point to 55.1 percent. Ore called that "noise in the data," and said it didn't mean that employment was about to take a dive. The index, he said, went up 6 points between January and February, and still remains in "growth" territory, despite losing a point in March.

NYTimes.com: Democrats to Watch on the Health Care Vote

2010-03-21T07:55:00.001-07:00



Copyright 2010 The New York Times Company \| Privacy Policy

This page was sent to you by: royce@roycedugan.com
U.S. | March 16, 2010
Democrats to Watch on the Health Care Vote
A look at the Democrats who may decide the bill's fate.
It's not too late, call your Congressman to let them know how YOU feel on this important issue.

Posted via email from Exit Real Estate Commercial Solutions

Near-shoring back in style?

2010-03-17T11:05:00.000-07:00

Life always rotates on an axis just like our planet. What goes around always comes back around, although in some cases it is very slow. I hope this is a trend.

Near-shoring back in style?: "Yesterday, the Wall Street Journal ran a story about how Caterpillar is con..."

SwiftPageEmail Subject: MANY THANKS!

2010-03-12T14:31:00.001-08:00

via swiftpage5.com

EXIT Realty's build in Austin was a great success and we wish THANK YOU for your contribution to that success! https://www.swiftpage5.com/speasapage.aspx?X=2X0MWJG5HVALON8G00R4W3 Click the link for pictures. Thanks Again!! Royce

Posted via web from Exit Real Estate Commercial Solutions

REALTOR® Magazine-Daily News-IRS Clarifies What's Needed to Claim Tax Credit

2010-02-22T09:17:00.001-08:00

Check out this website I found at realtor.org

IRS Clarifies What's Needed to Claim Tax Credit The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit. While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common. The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.” For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements. Source: Washington Post (02/20/2010) Read More Could the Tax Credit Be Extended Again? The Basics to the Extended Homebuyer Tax Credit Browse all of today's news

Posted via web from Exit Real Estate Commercial Solutions

Jackson Nance sings Journey at age 9

2010-02-19T22:30:00.001-08:00

Jackson Nance is 10 now and has been singing a year since this audition tape was taped. Thake a look and forward to your friends. We are trying to help Jackson get 1,000,000 views of his youtube audition!! Follow the link below to see Jackson sing When the “Lights go Down in the City”

Posted via email from Exit Real Estate Commercial Solutions

Haiti earthquake: Florida prepares in case victims of quake start arriving - OrlandoSentinel.com

2010-01-18T16:43:00.001-08:00

Haiti earthquake: Florida prepares in case victims of quake start arriving - OrlandoSentinel.com

Posted using ShareThis

Polling Real Estate Opinions

2010-01-17T16:02:00.000-08:00

Last year in January I posted a poll on LinkedIn. The question was when you expected the real estate market to rebound. Click this link to see the results of the 2009 poll http://polls.linkedin.com/poll-results/18546/dmeaw . Most respondents believed the real estate market would rebound in the 1st quarter of 2010! Well here we are, its the 1st quarter of 2010 and now it is time to see if our poll was accurate.

I have posed another poll on LinkedIn to ask the question;

Will you purchase real estate in 2010?

You can go to http://polls.linkedin.com/p/74009/uiudw to cast your vote! Please give us your response and ask your friends to vote as well.

New Lakefront Custom Home in Private Golf Community For Sale / Lease / Lease Purchase

2010-01-09T23:14:00.001-08:00

Adams Lake Construction in Gallatin, TN is offering a 5771 sq ft CUSTOM BUILT Lake home on Old Hickory Lake. This home not only has the 22,000 acre Old Hickory Lake in the back yard, but it also offers 2 beautiful on site private 18 hole golf courses. Click the link below for complete details.

http://www.roycedugan.com/Gallatin/Tennessee/Homes/Gallatin/Agent/Listing_1000908790.html

Posted via web from Exit Real Estate Commercial Solutions

Tim McGraw Ropes Decade’s Most Played Single - ArtsBeat Blog - NYTimes.com

2009-12-29T04:05:00.001-08:00

December 22, 2009, 5:29 pm — Updated: 11:38 am -->
Tim McGraw Ropes Decade’s Most Played Single

By BEN SISARIO

Rahav Segev for The New York Times Tim McGraw on tour in 2006.

What’s the most popular song of the decade? There are plenty of ways to measure it — CD sales, paid downloads, unauthorized downloads. But perhaps the most tried and true is radio play.

Based on data from Nielsen BDSradio, which monitors radio stations throughout the United States, the most-played song on any station from Jan. 1, 2000, to Dec. 17, 2009, was Tim McGraw’s “Something Like That,” released in 1999. It received 487,343 spins, beating out the most popular song on Top 40 radio, Usher’s “Yeah!,” from 2004, by a fair margin. “Yeah!,” featuring Ludacris and Lil Jon, has been spun 416,267 times.

Other high-spinning tracks include Train’s “Drops of Jupiter (Tell Me)” (2001), which topped the Hot AC (as in adult contemporary) format, with 338,749; Papa Roach’s “Last Resort” (2000), the most popular on alternative stations with 221,767 spins; “Low,” Flo Rida’s song from 2007 featuring T-Pain, which was the most popular on the rhythmic format with 206,864 spins.

“Low” has also had the most paid downloads of any song this decade, with 5.2 million, as registered by another Nielsen branch, SoundScan.

A complete list of the most frequently played songs in each genre appears below:

Country: “Something Like That” (1999) by Tim McGraw, 487,343 spins
Top 40/contemporary hit radio: “Yeah!” (2004) by Usher, featuring Ludacris and Lil Jon, 416,267 spins
Hot AC: “Drops of Jupiter (Tell Me)” (2001) by Train, 338,749 spins
Alternative: “Last Resort” (2000) by Papa Roach, 221,767 spins
Rhythmic: “Low” (2007) by Flo Rida, 206,864 spins
Album rock: “It’s Been Awhile” (2001) by Staind, 189,195 spins
Urban: “Drop It Like It’s Hot” (2004) by Snoop Dogg, featuring Pharrell, 169,511 spins
Urban AC: “Think About You” (2003) by Luther Vandross, 147,818 spins
Gospel: “Never Would Have Made It” (2007) by Marvin Sapp, 92,603 spins
Smooth jazz: “Pacific Coast Highway” (2005) by Nils, 29,328 spins

via artsbeat.blogs.nytimes.com

Congratulations Tim McGraw!!! Way to go Nashville Country!

Posted via web from Exit Real Estate Commercial Solutions

Here comes EXIT Realty's 13th Habitat build!

2009-12-24T12:05:00.001-08:00

Right behind the Austin, TX build, here comes number 13 in Orlando, FL. Contact your local EXiT Realty office to support these volunteers in their work for their communities.

Posted via web from Exit Real Estate Commercial Solutions

Another Habitat Build -Blitz Build In Austin, Texas - An Experience Of A Lifetime

2009-12-24T11:56:00.001-08:00

Participate in EXIT Realty's Austin, Texas Habitat Build!

Blitz dates: January 15 - 17, 2010

"We make a living by what we get, but we make a life by what we give."
SIR WINSTON CHURCHILL

EXiT Austin, TX is gearing up for the 12th Habitat Build for the EXiT Team!

Posted via web from Exit Real Estate Commercial Solutions

Royce Dugan Recommends an Article

2009-12-17T18:53:00.001-08:00

This news article was recommended by Royce Dugan:

SAMSUNG RELOCATING U.S. HEADQUARTERS

Samsung Electronics America Inc. is relocating its headquarters, but will remain in Ridgefield Park, NJ. The electronics and home appliances giant has signed on for 193,000 square feet at 85 Challenger Road in Ridgefield Park for 10 years, with two five-year options. Occupancy is slated for July 2010. Other terms of the lease were not disclosed....

-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/

Posted via email from Exit Real Estate Commercial Solutions

Royce Dugan Recommends an Article

2009-12-17T18:52:00.001-08:00

This news article was recommended by Royce Dugan:

FORMER SUNTRUST BLDG SELLS FOR $6.6M

EP Real Estate Fund II, managed by Eakin Partners, acquired the former SunTrust operations center at 147 4th Ave N. in Nashville from SunTrust Bank for $6.6 million, or $132 per square foot. The eight-story, 50,000-square-foot building consists of 30,000 square feet of retail/office space on the lower level and 20,000 square feet of office space on...

Message from Royce Dugan:
Commercial property in Nashville is beginning to show signs of life.

-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
http://www.costar.com/

Posted via email from Exit Real Estate Commercial Solutions

EXIT's 11th Habitat Dedication - It's All Thanks To You!

2009-12-17T15:00:00.001-08:00

Joined by Newark Municipal Council Members, Habitat staff, volunteers and EXIT associates, Tami Bonnell, President of EXIT's US Organization, handed the keys of EXIT's 11th sponsored home to Precious Kwia and her children during a dedication ceremony on Saturday, December 5.

The house has become a reality thanks to a full corporate sponsorship from EXIT Realty Corp. International and the hard work of volunteers including the new homeowner, Precious Kwia.

“I’m so grateful to Habitat Newark and EXIT Realty that I don’t know how to express it,” said Kwia. “I want to send them a whole lot of thankful thoughts for providing me with a place where my kids can play outside and they don’t have to be afraid to look out the window.”

Officials and volunteers for Habitat Newark were extremely impressed with Kwia’s work ethic after she contributed over 400 hours of "sweat equity," and agreed that she is exactly the type of person they are trying to assist.

“She came from Liberia where she and her children lived a dangerous existence and sometimes it was difficult to find food for her family,” explained David Zurheide, Executive Director of Habitat for Humanity, Newark. “Today she’s leading a productive life and helping other people every day.”

Earlier in the year, EXIT Realty Associates pitched in on the home, swinging hammers and sawing 2x4s to turn a pile of hopes and lumber into a home for Precious Kwia and her four children in time for them to have a joyous Christmas celebration this year.

Sent to: rldugan@exitrealestatesolutions.com

EXIT Realty Corp International

To view as a web page.

Posted via email from Exit Real Estate Commercial Solutions

Commercial Real Estate for Sale in Gallatin Town Square, Gallatin, Tennessee $204,500

2009-12-16T20:10:00.001-08:00

Check out this new listing at roycedugan.com

A great place to be. The City of Gallatin, TN has just completed a renovation of it's downtown "Courthouse Square". The place in Sumner County, TN for Festivals, Great food and just a fun place to visit. The English Gift and Tea Room is just steps away from the new Gallatin Public Library and the activities on the Square. Take a look, come to Gallatin and feel the new business climate! This 1880's constructed home or business location is a great opportunity for you!

Posted via web from Exit Real Estate Commercial Solutions

Start Here USA: The Archives of History Are Always Teachers of the Future…

2009-12-10T08:01:00.001-08:00

The Archives of History Are Always Teachers of the Future…

We as a people, since the beginning of time, have recorded events in our past in an effort to make the future better. The only problem with this is, someone has to look to the historical recordings with the focus to learn from it, not present arguments for their political agenda. The truth is “We the People” had no regard for political parties, just the single purpose to make all citizens of The United States of America’s lives better by the agreement to “form a more perfect union”.
I present here the Franklin D. Roosevelt, Inaugural Address, March 4, 1933 in hopes that every American will read it completely. This address was a call to action for the American public, and the leaders of the country. It is centered around the value of the true American work ethic. Social programs are paid for by Americans at work, they cannot be the sole provider of the work. The economy is driven by money moving, not by money sitting still, or being printed without value. The fear of entering the market or taking risk will continue to become the self fulfilling prophesy of recession.
Look at the history of this country. We have been conquerors of frontiers and discoverers of new ideas. We have never been afraid to move forward in the face of difficulty. This country was founded on the idea that there was a new world across the sea, with value to trade, even though no one had ever seen it Columbus set sail!
History truly repeats itself. We should learn from our successes and failures of the past to make BETTER and speedier paths for our real recovery. Read FDR's words some of them could have been written last week, some of them hold suggestions for today, some of them highlight mistakes along the path he took in 1933.
Start Here USA!!
Royce Dugan
March 4, 1933 Franklin D. Roosevelt

I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our people impel. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days.
In such a spirit on my part and on yours we face our common difficulties. They concern, thank God, only material things. Values have shrunken to fantastic levels; taxes have risen; our ability to pay has fallen; government of all kinds is faced by serious curtailment of income; the means of exchange are frozen in the currents of trade; the withered leaves of industrial enterprise lie on every side; farmers find no markets for their produce; the savings of many years in thousands of families are gone.
More important, a host of unemployed citizens face the grim problem of existence, and an equally great number toil with little return. Only a foolish optimist can deny the dark realities of the moment.
Yet our distress comes from no failure of substance. We are stricken by no plague of locusts. Compared with the perils which our forefathers conquered because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. Primarily this is because the rulers of the exchange of mankind’s goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men.
True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They know only the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish.
The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.
Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy and moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits. These dark days will be worth all they cost us if they teach us that our true destiny is not to be ministered unto but to minister to ourselves and to our fellow men.
Recognition of the falsity of material wealth as the standard of success goes hand in hand with the abandonment of the false belief that public office and high political position are to be valued only by the standards of pride of place and personal profit; and there must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing. Small wonder that confidence languishes, for it thrives only on honesty, on honor, on the sacredness of obligations, on faithful protection, on unselfish performance; without them it cannot live.
Restoration calls, however, not for changes in ethics alone. This Nation asks for action, and action now.
Our greatest primary task is to put people to work. This is no unsolvable problem if we face it wisely and courageously. It can be accomplished in part by direct recruiting by the Government itself, treating the task as we would treat the emergency of a war, but at the same time, through this employment, accomplishing greatly needed projects to stimulate and reorganize the use of our natural resources.
Hand in hand with this we must frankly recognize the overbalance of population in our industrial centers and, by engaging on a national scale in a redistribution, endeavor to provide a better use of the land for those best fitted for the land. The task can be helped by definite efforts to raise the values of agricultural products and with this the power to purchase the output of our cities. It can be helped by preventing realistically the tragedy of the growing loss through foreclosure of our small homes and our farms. It can be helped by insistence that the Federal, State, and local governments act forthwith on the demand that their cost be drastically reduced. It can be helped by the unifying of relief activities which today are often scattered, uneconomical, and unequal. It can be helped by national planning for and supervision of all forms of transportation and of communications and other utilities which have a definitely public character. There are many ways in which it can be helped, but it can never be helped merely by talking about it. We must act and act quickly.
Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people’s money, and there must be provision for an adequate but sound currency.
There are the lines of attack. I shall presently urge upon a new Congress in special session detailed measures for their fulfillment, and I shall seek the immediate assistance of the several States.
Through this program of action we address ourselves to putting our own national house in order and making income balance outgo. Our international trade relations, though vastly important, are in point of time and necessity secondary to the establishment of a sound national economy. I favor as a practical policy the putting of first things first. I shall spare no effort to restore world trade by international economic readjustment, but the emergency at home cannot wait on that accomplishment.
The basic thought that guides these specific means of national recovery is not narrowly nationalistic. It is the insistence, as a first consideration, upon the interdependence of the various elements in all parts of the United States—a recognition of the old and permanently important manifestation of the American spirit of the pioneer. It is the way to recovery. It is the immediate way. It is the strongest assurance that the recovery will endure.
In the field of world policy I would dedicate this Nation to the policy of the good neighbor—the neighbor who resolutely respects himself and, because he does so, respects the rights of others—the neighbor who respects his obligations and respects the sanctity of his agreements in and with a world of neighbors.
If I read the temper of our people correctly, we now realize as we have never realized before our interdependence on each other; that we can not merely take but we must give as well; that if we are to go forward, we must move as a trained and loyal army willing to sacrifice for the good of a common discipline, because without such discipline no progress is made, no leadership becomes effective. We are, I know, ready and willing to submit our lives and property to such discipline, because it makes possible a leadership which aims at a larger good. This I propose to offer, pledging that the larger purposes will bind upon us all as a sacred obligation with a unity of duty hitherto evoked only in time of armed strife.
With this pledge taken, I assume unhesitatingly the leadership of this great army of our people dedicated to a disciplined attack upon our common problems.
Action in this image and to this end is feasible under the form of government which we have inherited from our ancestors. Our Constitution is so simple and practical that it is possible always to meet extraordinary needs by changes in emphasis and arrangement without loss of essential form. That is why our constitutional system has proved itself the most superbly enduring political mechanism the modern world has produced. It has met every stress of vast expansion of territory, of foreign wars, of bitter internal strife, of world relations.
It is to be hoped that the normal balance of executive and legislative authority may be wholly adequate to meet the unprecedented task before us. But it may be that an unprecedented demand and need for undelayed action may call for temporary departure from that normal balance of public procedure.
I am prepared under my constitutional duty to recommend the measures that a stricken nation in the midst of a stricken world may require. These measures, or such other measures as the Congress may build out of its experience and wisdom, I shall seek, within my constitutional authority, to bring to speedy adoption.
But in the event that the Congress shall fail to take one of these two courses, and in the event that the national emergency is still critical, I shall not evade the clear course of duty that will then confront me. I shall ask the Congress for the one remaining instrument to meet the crisis—broad Executive power to wage a war against the emergency, as great as the power that would be given to me if we were in fact invaded by a foreign foe.
For the trust reposed in me I will return the courage and the devotion that befit the time. I can do no less.
We face the arduous days that lie before us in the warm courage of the national unity; with the clear consciousness of seeking old and precious moral values; with the clean satisfaction that comes from the stern performance of duty by old and young alike. We aim at the assurance of a rounded and permanent national life.
We do not distrust the future of essential democracy. The people of the United States have not failed. In their need they have registered a mandate that they want direct, vigorous action. They have asked for discipline and direction under leadership. They have made me the present instrument of their wishes. In the spirit of the gift I take it.
In this dedication of a Nation we humbly ask the blessing of God. May He protect each and every one of us. May He guide me in the days to come.

via starthereusa.blogspot.com

Posted via web from Exit Real Estate Commercial Solutions

TESTING THE WATERS: Wealthy Investors Remain Eager But Selective Real Estate Buyers - CoStar Group#

2009-12-03T09:45:00.001-08:00

TESTING THE WATERS: Wealthy Investors Remain Eager But Selective Real Estate Buyers

More Than Two-Thirds of Respondents in Barclays Survey are Bullish on CRE, but Credit Availability is Still a Challenge for Potential Buyers

E-mail this article
Print this article

By Randyl Drummer

December 2, 2009

Cash buyers are currently the supreme rulers of a sparse and rocky CRE transaction landscape. Although transaction sheets don't yet reflect much activity, a growing number of surveys and reports suggest that high net-worth private investors are expected to be among the first to jump off the fence and sweeten their portfolio allocations with attractively priced property investments.
The latest evidence is a report released this week by Barclays Wealth, a global wealth manager with offices in 25 nations, in conjunction with the Economist Intelligence Unit, which polled more than 2,000 high-net-worth individuals (HNWI) around the globe in August and September.
Of those surveyed for the report titled “Prospects for Property: On Solid Foundations?” 68% said they plan to increase their stakes in commercial real estate. Just over one-quarter of wealthy investors believe real estate has better long-term prospects than other asset classes, including both commercial and residential, and a little more than half expect the value of their real estate investments to rise over the next two years.
Investors queried for last month's 2010 Emerging Trends in Real Estate survey by PricewaterhouseCoopers and the Urban Land Institute (ULI) related similar anecdotes. One respondent told PwC that HNWI, cloaked in secrecy behind the walls of family offices, appear ready to form “old-school jumbo syndicates to go after some great deals.”
“They’ll move ahead of pension funds and form the leading edge of private investors coming back into the markets,” an investor opined.
Wealthy individuals are a core part of Marcus & Millichap's client base, and without question, "There's a tremendous amount of [HNWI] money and equity out there that's waiting for bargains and there's no shortage of investors," Bernie Haddigan, managing director for the national retail group for Marcus & Millichap, tells CoStar Group. However, most of the few properties that are actually trading now are low-risk, well-located and well-leased "safe bet" assets, Haddigan noted. Wealthy investors are taking a pass on many assets, especially apartments, that bear the faintest whiff of downside risk or investment mystery, such as occupancy challenges and less-than-ideal locations -- unless the price is rock bottom.
"Trading is focused on either high quality and yield oriented, or junk that's being sold on a price-per-pound basis," Haddigan said. "There isn't much change in activity yet, but I do know that there are a lot of people out there who are really excited at the prospect of buying bargains over the next year or two."
Haddigan said "sure-thing" assets like single-tenant net lease retail is the most popular in the short run for these investors, especially drug stores such as Walgreens and CVS, dollar stores, auto parts and other necessity-based retailers. Sales of well-located apartment projects, still largely flush with cheap Fannie Mae and Freddie Mac financing, remains popular among wealthy buyers, but most transactions are in the sub-$10 million range, he said.
According to CoStar Analytics, individual investor activity in multifamily sales volume fell from $1.29 billion, or 17.5% of investments, in third-quarter 2007 to $228.8 million, or 10% of all investments, in third-quarter 2009. But individual investor activity appears to be picking up so far in the fourth quarter, already exceeding third-quarter volumes, according to early data accumulated by CoStar.
Retail net lease investment activity by individual buyers also appears to be picking up steam in late 2009. In third-quarter 2007, CoStar recorded just $3.9 million in single-tenant net lease deals by individual investors, or 23.6% of all triple-net transactions. By the third quarter of 2009, the explosion in store closings had driven up acquisitions of net lease properties by individual investors to $63.5 million, or 46.4% of that niche of the investment sales market. So far in the fourth quarter, individuals have bought about 71% of all net lease transactions with more than $40 million in sales volume.
Only the most sophisticated HNWI investors are buying office buildings, which require a lot more rent forecasting, leasing and financing savvy, Haddigan said.
"Other than the safe bets and the better in-fill deals, there's just too much uncertainty out there right now for wealthy investors to feel comfortable jumping in on marginal real estate. But there's no question there's a lot of wealthy investors out there getting ready."
As per normal in this market, however, no good news comes without some sort of caveat. Nearly three-quarters of wealthy investors who described themselves as bullish on commercial property in the short term also said the high cost and weak availability of credit is hampering their investment efforts, according to the Barclays survey. Among prospective residential investors, 60% said tight financing is preventing them from taking the plunge.
“High-net-worth investors find real estate to be an attractive investment for a variety of reasons, including the potential for both capital appreciation and rental income,” said Brian Nick, Barclays investment strategist. “But we have to weigh those potential benefits against the fact that the real estate market is neither liquid nor transparent, which are also desirable characteristics for assets in a portfolio.”
Now that global real estate prices seem to be stabilizing, wealthy investors are again thinking about increasing their allocations to this asset class,” added Michael Crook, Barclays alternatives strategist at Barclays. But, "it’s clear from the survey results that the demand from high-net-worth investors for real estate will depend on the availability of credit and the sustainability of the global economic recovery.”
Although the returns are potentially great, some advisors worry that HNWI with portfolios that are already overweight with real estate may be taking a big risk by ramping up their real holdings. Almost 40% of survey respondents with assets of $50 million or greater have more than half of their portfolios invested in real estate rather than a healthy and balanced investment portfolio, Barclays officials said.
“The survey has revealed that investors are holding a much higher proportion of their wealth in real estate than we would normally recommend,” said Barlays Chief Economist Michael Dicks. “This suggests a real need for people to consider diversifying their portfolios into other asset classes in order to reduce risk.”
In other Barclays survey results, about 16% of interviewees regarded the U.S. as the most promising commercial and residential investment real estate market, with China and the United Kingdom tied as the second-most appealing markets. India followed closely in fourth place, with France, Spain, Canada, Brazil, Germany and Australia rounding out the top 10 markets.
As one respondent told a PricewaterhouseCoopers interviewer, wealthy Asian and Middle Eastern buyers could be actively bottom-fishing for discounts and core-plus returns by late 2010 and early 2011 in 24-hour cities like New York.

via costar.com

Posted via web from Exit Real Estate Commercial Solutions

Fairvue Club files for Chapter 11 | Growth | NashvillePost.com: Nashville Business News + Nashville Political News

2009-12-01T21:55:00.001-08:00

Fairvue Club files for Chapter 11
High-end Gallatin development facing foreclosure
Print By J.R. Lind

12-01-2009 3:20 PM —
One of Middle Tennessee's largest luxury home developments filed for bankruptcy Monday.
Gallatin's Fairvue Club Properties filed for Chapter 11 protection, six weeks after the club announced it was reducing services to its members in a cost-savings plan.
The development, which was to be a combination of country club and high-end subdivision on Old Hickory Lake, shut down one of its two golf courses in October and reduced dinner seatings at its clubhouse to Wednesdays, Fridays and Saturdays.
Club employees were called to meet with club General Manager David Beard Tuesday morning and a letter will be sent to club members later this week. The club was facing foreclosure Dec. 18.
The filing lists between 200 and 999 creditors, assets between $10 million and $50 million and debts in the same range.
Fairvue Club Properties LLC is subsidiary of TLP Devco, whose sole owner is Leon Moore , chairman and CEO of the former lodging development and franchising company ShoLodge.
via nashvillepost.com

I think it is important to understand that the U S Bankruptcy laws were created to protect both Debtors and Creditors. The Chapter 11 filings of big 3 automotive companies and their destruction of stockholder equity is looked on as a successful use of the same laws. When a private entity uses the same business protection tools it somehow becomes personal, and we try to find some sinister fault.

There are business reasons to use the Bankruptcy Protections when certain creditors become preditory in their persuit of assets that would be detrimental to others. In this case Members of the club as well as other creditors. Reporting of these events need to be factual, fair and balanced to look for the intentions and reasons behind the actions.

Posted via web from Exit Real Estate Commercial Solutions

Great site for English Tea Room in Gallatin, TN

2009-11-29T22:25:00.001-08:00

Click the link below for information about 112 College St in Gallatin, TN. The building was built circa 1880 in Gallatin, TN. It was moved to it's current location in 1930 and has had many uses since that time. Gallatin has just this year revitalized the downtown Gallatin City Square which is 2 blocks away from this site. 112 College St has recently been used as an English Gift Shop and Tea Room. The site offers an adjoining lot that has been paved as parking for the Office / Retail site. Click the link below for a preview of the building and the offering.

http://www.roycedugan.com/Gallatin/Tennessee/Commercial_Real_Estate/Gallatin_Town_Square/Agent/Listing_8507680.html

Posted via web from Exit Real Estate Commercial Solutions

HVCC: (Home Valuation Code of Conduct) Bad or Badly Implemented?

2009-11-18T18:59:00.001-08:00

Daily Real Estate News | November 17, 2009 |

The Home Valuation Code of Conduct (HVCC) is getting a bad rap for causing what real estate professionals say is a rise in inaccurate appraisals, Alfred Pollard told a packed room of REALTORS® Friday in a risk management-regulatory issues joint forum at the 2009 NAR Conference & Expo in San Diego.

Pollard, the general counsel for the Federal Housing Finance Agency (FHFA), said HVCC was released at a time when the economy was in a massive contraction—what he called a systemic event—and that this broader picture has to be taken into consideration when talking about valuation trends. "Concerns [over valuations] might not be 100-percent tied to this code," he said.

FHFA oversees Fannie Mae and Freddie Mac, which earlier this year adopted HVCC and applied it nationwide in an agreement with the New York attorney general. HVCC expires in late 2010 but the two secondary-mortgage-market companies can retain all or parts of HVCC going forward.

It isn’t fair to criticize all appraisal management companies (AMCs) for handing out valuation assignments to inexperienced or out-of-market appraisers who are willing to work for reduced fees, said Mark Johnson, chief operating officer of LSI, a large AMC. Any AMC that lets appraisers work outside their area of geographic competency is violating appraisal standards under USPAP and they should be reported. "I do believe there have been some bad actors," Johnson said.

The average travel distance of the 20,000 appraisers in his company's database is eight to 12 miles, he said. Any appraiser who wants to travel more than 25 miles under his company's policy must explain why and get an OK. "We don't want guys driving 50 miles," he said.

Steve White of Keller Williams Realty in Santa Clarita, Calif., and chair of NAR's Risk Management Committee, said real estate professionals are losing deals because valuations are coming in far below the price agreed upon by the buyer and seller and that the process for getting valuations reconsidered doesn't work. Valuations are taking so long that there is no time to get them reconsidered before the deal collapses. And when real estate professionals try to share comparables or familiarize out-of area appraisers with unique market issues, appraisers say they can't talk to them.

Pollard and Johnson said there's nothing in HVCC that prohibits real estate professionals from sharing comparable or other information with appraisers. "You can talk; you just can't drive them to a value," said Pollard.

—Source: Robert Freedman, REALTOR® magazine

Posted via web from Exit Real Estate Commercial Solutions

10 Mistakes to Avoid in the Mobile Office - Entrepreneur.com

2009-11-17T20:22:00.001-08:00

10 Mistakes to Avoid in the Mobile Office - Entrepreneur.com

Posted using ShareThis

Royce Dugan Recommends an Article

2009-11-12T12:15:00.001-08:00

This news article was recommended by Royce Dugan:

USGBC: 7.9 MILLION JOBS TIED TO GREEN CONSTRUCTION OVER NEXT FOUR YEARS

As the green building movement convenes this week at the annual Greenbuild International Conference & Expo in Phoenix, the U.S. Green Building Council (USGBC) issued a report providing 7.9 million reasons to support green building -- jobs. The report, which the USGBC co-authored with consultant Booz Allen Hamilton, linked 7.9 million U.S. jobs and a...

Message from Royce Dugan:
Green Jobs are making an impact on our economy.

-----------------------------------
CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 USA
Tel: 800-204-5960
http://www.costar.com/

Posted via email from Exit Real Estate Commercial Solutions

Watch Eco-friendly Kitchen Design

2009-11-11T21:02:00.001-08:00

rldugan@fairvueinvestments.com wants to share this video with you:

Personal Message
What to expect from an Energy audit of your home.

Eco-friendly Kitchen Design

Video:
This kitchen model at Abt Electronics in Glenview, Ill., displays some of the latest "green" kitchen trends, from sustainable kitchen cabinets to recycled glass countertops.
http://link.brightcove.com/services/player/bcpid1785312249?bclid=1747275818&bctid=6970587001

Posted via email from Exit Real Estate Commercial Solutions

Excerpt From SuccessMapping: 8 Things That Are Blocking You From Success : The Weekly Book Scan

2009-11-11T20:34:00.001-08:00

Excerpt From SuccessMapping: 8 Things That Are Blocking You From Success

November 2, 2009 by Melissa Tracey · Leave a Comment
Filed under: Book Excerpts, Business Challenges

The following is an excerpt from the book SuccessMapping: Achieve What You Want…Right Now! (Emerald Book Co., 2009) by Arlene Johnson. The book provides a step-by-step roadmap to achieving success and your personal goals.

Here’s a very basic and universal truth: We all have far more potential than we will ever realize. Really, you are wired to experience success in all that matters to you. It’s who you are. So, equipped with your belief in what might be possible and what you next want to accomplish, SuccessMapping will show you how!

The Eight Success Blockers

Even when we strongly believe that we are totally capable to achieve a specific goal, we can stall out and stop taking action before we accomplish what we set out to. What keeps preventing us from starting or completing our most important journeys toward life dreams and goals?

There are eight major reasons-”success blockers”-that can stop you from starting something you want to achieve or completing it once you’ve started.

The Eight Success Blockers are:

1. Neglecting your potential. Not believing that you can succeed with-or, because of multiple options, having no clarity about-what you really want to accomplish.

2. Lack of focus. When your thoughts, behaviors and actions are not “laser-focused” on what you want to achieve.

3. Choosing not to engage. Making decisions that Do Not Help you achieve what you want: When needing to change, choosing to wait and see and do nothing different. Or choosing to oppose or resist engaging in the change opportunity.

4. Ignoring your strengths. Not knowing, not utilizing or not leveraging your personal strengths to help you more easily achieve a goal.

5. Ignoring potential obstacles. Not being prepared to see, resolve or transform potential stumbling blocks.

6. Going it alone. Not using a collaborative approach to ask and get the specific support or resources you need to help you achieve your business or personal goal.

7. Decisions without foresight. Not weighing the benefits and consequences of important decisions and actions. Possible results? Decisions made with no commitment or that you later regret.

8. Not being change-ready. Allowing how you respond to change to sabotage having the life you want. Not recognizing and taking charge of the predictable dynamics of change.

Even with extraordinary capabilities and an abundance of resources, these Eight Success Blockers can delay you or stop you cold. Not knowing or not managing these success blockers can cause you to wait, start-stop, and become easily distracted or sidetracked with other life activities. Sound familiar?

Knowing is preventing.

So, if you are not pursuing an important business or personal goal, ask yourself: “Why not? Which block right now is causing me to delay accomplishing what I want?”

______________________________________________________

Whatever you put on those lines is self-knowledge that, alone, is a huge step toward overcoming a barrier between you and your life dream or goal.

This knowledge and the information and tools of each SuccessMapping Step will easily guide you through the Eight Success Blockers. The outcome? You will have a step-by-step Success Map that really works, regardless of what you want to accomplish.

Copyright © 2009 by Arlene Johnson. From SUCCESSMAPPING: Achieve What You Want . . .Right Now! by Arlene Johnson (Emerald Book Company). Reprinted with permission of the author. To order this book or receive more information, please visit www.successmapping.com.

-->

Tags: achievement, Arlene Johnson, book excerpt, Emerald Book Company, goals, obstacles, strengths, success, success blockers, SuccessMapping

via theweeklybookscan.blogs.realtor.org

Posted via web from Exit Real Estate Commercial Solutions

Nashville home sales climb first time in three years - Nashville Business Journal:

2009-11-09T15:45:00.001-08:00

Nashville-area homes sales were up in October compared to last year — the first time since October 2006 that year-to-year home sales increased for a given month.

According to data released Monday by the Greater Nashville Association of Realtors, 2,145 home closings were reported last month, up 22.7 percent from last October.

“This is undeniable evidence that the $8,000 tax credit has been meaningful in stimulating home sales,” Mike Nichols, president of the Realtors association, said in a news release. “There is no question that many of these sales were initiated due to the tax credit, and it is certainly our hope that, with the expansion and extension of this tax credit through next spring, we will continue to see positive sales in the area.”

“And while one month does not make a trend, having a significant number of sales pending for the next month is also encouraging,” he said.

There were 2,106 sales pending at October’s end, compared to 1,504 sales pending at this time last year.

Year-to-date closings still are down for 2009, however. According to the association’s figures, there have been 17,598 closings through October, an 18.4 percent decrease from the 21,581 closings reported through October 2008.

And while volume was up in October, values were down. The median price for a single-family home was $160,000, compared to $170,000 in October 2008. The median price for a condo was $144,000, compared to $152,500 last year.

“Inventory is down overall and actually down significantly in the single-family homes category,” Nichols said. There are 23,398 such homes on the market today, compared to 24,043 at this time last year.

“Based on October’s numbers, we are at about an eight-month supply in that category, which is much more in balance than what has been the case for some time,” Nichols said.

The condominium inventory also decreased, from 2,541 in 2008 to 2,417 currently.

via nashville.bizjournals.com

Posted via web from Exit Real Estate Commercial Solutions

How To Prune A Crape Myrtle - Gardening Tips & Advice

2009-11-09T07:38:00.001-08:00

via wilsonbrosnursery.com

Here is the pruning chart that was to be included in the previous post.

Posted via web from Royce's posterous

How To Prune A Crape Myrtle - Gardening Tips & Advice

2009-11-09T07:34:00.001-08:00

***Scroll below to see crape myrtle pruning diagram
By: Brent Wilson - Wilson Bros Nursery

When it comes to pruning crape myrtles, it would be better to leave them alone than to prune them improperly. We've all seen over-pruning - people chop back crape myrtles below the knuckles each and every year.
When a crape myrtle is pruned back too far it has two effects:
Reduces the number of blooms that will be produced during summer.
New branches will grow far too long and therefore not be able to support the weight of heavy blooms - particularly when wet. These long branches weep over and often break off during heavy rains.
When a crape myrtle is pruned properly:
It will produce twice the number of branches and therefore twice the number blooms as it did during the previous year.
The new branches will be strong enough to support blooms.
The Time To Prune Crape Myrtles
Wrong-season pruning would mean November and December. Don't let "peer pressure" by neighbors and commercial gardening crews get to you. If you trim the crapes in the last two months of the year, and we get a warming trend in January or February, the trees might actually start putting on new growth. That new growth will be highly susceptible to freezing weather should it come on the heals of a warm spell. New growth will also tend to draw the cold right into the plant, causing needless damage to a tree that should be resting in dormancy.
So, the best time to trim crapes in is late winter or early spring - just prior to new growth emerging. For years, we've suggested this as a great time to trim them, because at that time we're also trimming back our roses and many other plants and trees.
Other Crape Myrtle Pruning Tips
For older established crape myrtles that have developed a nice mature canopy and form, pruning is not necessary. What is older? Maybe over 10 years in age.
Sharp hand pruners work fine for pruning younger crape myrtles with branch diameters of 1/2" or less. For larger specimens lopping shears or a pruning saw may be necessary.
Suckers that grow from the base of the trunk of a crape myrtle tree can be removed any time of year.

via wilsonbrosnursery.com

Great information on pruning Crape Myrtle Trees. Winter or early spring is the best time to prune according to most all gardeners I have researched. Most people prune in the Fall and that leaves potential new growth subject to freezing!

Posted via web from Royce's posterous

It's Fall colors in Tennessee

2009-11-06T12:11:00.001-08:00

Beautiful fall colors are showing in the Tennessee Valley!

rldugan@fairvueinvestments.com

Posted via email from Royce's posterous

rldugan@fairvueinvestments.com has shared something with you

2009-11-06T11:54:00.001-08:00

Here is how the U S House of Representatives voted to pass the extension and expansion of the 2009 First Time Home Buyers Tax Credit Bill.

http://www.govtrack.us/congress/vote.xpd?vote=h2009-859

---
This message was sent by rldugan@fairvueinvestments.com via http://addthis.com. Please note that AddThis does not verify email addresses.

Make sharing easier with the AddThis Toolbar: http://www.addthis.com/go/toolbar-em

Posted via email from Royce's posterous

Banks look ‘very ugly,’ says Black-Scott - Jacksonville Business Journal:

2009-10-27T14:01:00.001-07:00

Interest rates will remain low, taxes will eventually increase, some large companies may spin-off and banks “look very ugly” in regards to their problem loans and write-downs, said a former Morgan Stanley & Co. managing director.

Banks have written down only a third of their problem commercial loans and weaknesses in the commercial real estate sector are just getting started, said Margaret Black-Scott, former managing director and vice chairman of the global wealth division at Morgan Stanley. “The banking situation looks very ugly.”

Black-Scott spoke before the local chapter of the Association for Corporate Growth at the River Club Tuesday.

She talked about what has happened in the economy from 1980 through 2009 and what businesses can do to survive, as well as her predictions on the future of the economy.

The signs of continued weakness suggest tax increases could be coming.

“There is a risk of higher taxes,” she said. “They will definitely come up at some point.”

Black-Scott said there will be more growth in the independent space and she sees large companies such as JPMorgan Chase & Co. (NYSE: JPM) and UBS spinning off their domestic business.

Despite the weaknesses there are some positive signs in sectors such as residential real estate, and low interest rates are bringing some stability to a chaotic economy, she said.

“The good news is, Jacksonville is in the top 100 metro areas in the nation,” she said. “The problem is Jacksonville is 96th in metro areas”

Black-Scott said she expects interest rates to stay low through the next election cycle.

Other positive signs include improvements in housing starts, real gross domestic product and “almost $4 trillion in cash sitting on the sidelines waiting to go somewhere,” she said. “We’re already in the cycle where I hope the worst is behind us but there is still a disconnect.”

Black-Scott advised business owners to:

• Bullet-proof your business “because the shots are still coming.”

• Know yourself. “What is your temperament in the risks of business.”

• Be alert, flexible, diversified but be careful and measured in the risks that you take.

• Pay attention to taxes and expenses

• Think about the consequences and what could happen.

• Maintain balance and perspective.

• Be patient.

• Be decisive.

On Nov. 3, the ACG will host speaker Pat Blount, President and CEO of Benewolf on the topic “Halloween is not over: The frightening truth inside the banking industry.” More information can be found at http://chapters.acg.org/northflorida/.
>

via jacksonville.bizjournals.com

Posted via web from Royce's posterous

Apollo strips $1.9 bln costs from companies-letter | Deals | Private Capital | Reuters

2009-10-27T08:08:00.001-07:00

Market News

Wall St falters after weak consumer confidence | Video

World stocks slip, Europe bucks trend

Oil drops towards $78 as dollar, economy in focus | Video

More Business & Investing News...

* Apollo strips costs out of portfolio companies - letter

* Portfolio companies control over $10 bln of their debt

* Apollo has invested $9 bln since start of Q2 2008

* Latest fund valued at 120 pct of cost

By Megan Davies

NEW YORK, Oct 23 (Reuters) - Private equity firm Apollo Management [APOLO.UL] cut more than $1.9 billion of costs out of its portfolio companies after the financial crisis, according to a letter sent to its investors on Thursday.

It also invested heavily in buying debt of the companies it has stakes in -- to the extent that its portfolio companies now control over $10 billion of their debt.

Apollo's letter, from founder Leon Black, said Apollo acted "swiftly in the dark days of the downturn" to optimize the capital structures of its portfolio companies. The letter said it cut debt at gaming company Harrah's Entertainment and reduced leverage at real estate firm Realogy.

The letter, obtained by Reuters on Friday, said the firm has been a contrarian investor during the crisis, investing some $9 billion across its private equity funds since the start of the second quarter of 2008.

An Apollo spokesman declined to comment on the letter.

Private equity firms have strayed from their traditional business of leveraged buyouts since the credit crisis halted access to easy financing. They have instead focused on investment strategies such as buying distressed debt and minority stakes in firms.

Apollo's letter said it has focused on investing in leveraged senior loans, buying debt in companies such as Intelsat.

It has also bought distressed debt, where some of its largest positions are in companies including cable operator Charter Communications, chemical firm LyondellBasell Industries and transport firm Swift Transportation.

Apollo also gave an update on valuations of the funds' investments at the end of September.

Its most recent fund, with $15 billion raised in 2008, is marked at 120 percent of cost, up from a low of 55 percent of cost, the letter said.

Its two credit opportunities funds -- I and II -- created mainly to invest in large portfolios of levered loans, were valued at 122 percent and 100 percent of cost, respectively. Continued...

View article on single page
Previous PagePrevious Page'+i+'Next Page Previous Page 1 | 2 Next Page

via reuters.com

Interesting strategy... Purchase the debt of the companies you are invested in. Should reduce overall risk and potentially increase control of the asset.

Posted via web from Royce's posterous

CoStar Shines a Light on the Best and Worst Retail Markets in Third Quarter - CoStar Group

2009-10-23T06:50:00.001-07:00

CoStar Shines a Light on the Best and Worst Retail Markets in Third Quarter

CoStar Ranks the Nation's Retail Markets on Vacancy, Rental Rates, Absorption and Construction Activity -- CoStar Power Brokers Comment

E-mail this article
Print this article

By Sasha M Pardy

October 21, 2009

CoStar's recently released Third Quarter 2009 National Retail Report (now available to all CoStar Property Professional subscribers and also available soon for non-CoStar subscribers) provides a detailed view of retail rental rates, vacancy, construction and sales activity across the major metropolitan areas CoStar tracks in the nation.
In this article, CoStar, drawing from statistics in the report, shines a spotlight on the country's "hottest" and "most challenged" retail real estate markets. Additionally, we called upon CoStar Retail Leasing Power Brokers in some of these markets to discuss the driving factors behind these rankings.

VACANCY RATES

With retailer bankruptcies, store closings and the massive slowdown in retailer expansions, increasing vacancy has plagued nearly every market during the recession, with the third-quarter national retail vacancy rate rising to 7.6%, up 120 basis points (bps) over third-quarter 2008. Note that CoStar's overall retail vacancy rate includes all types of retail buildings, from freestanding single-tenant retail buildings to super-regional shopping malls.
A number of metro markets stand out as either showing improvement in retail vacancy or suffering from the most dramatic increases in vacancy over the last year. Of the 63 retail markets that CoStar Group, Inc. tracks across the nation, only six have shown a year-over-year improvement in the average retail vacancy rate (third-quarter 2009 compared to third-quarter 2008). On the flip side, only six markets have shown an increase in the vacancy rate of 250bps or greater over the course of the last 12 months.
MARKETS SHOWING IMPROVEMENT IN THE RETAIL VACANCY RATE

Memphis: 3Q 2009 8.9%, improvement of 112bps over the 3Q 2008 vacancy rate of 10%.

Providence, RI: 3Q 2009 6.6%, improvement of 69bps over the 3Q 2008 vacancy rate of 7.3%.

Long Island: 3Q 2009 4.6%, improvement of 56bps over the 3Q 2008 vacancy rate of 5.1%.

New York City: 3Q 2009 2.5%, improvement of 53bps over the 3Q 2008 vacancy rate of 3.0%.

Westchester / SO CT: 3Q 2009 6.7%, improvement of 51bps over the 3Q 2008 vacancy rate of 7.2%.

Tulsa: 3Q 2009 7.6%, improvement of 14bps over the 3Q 2008 vacancy rate of 7.8%.

MARKETS SHOWING THE MOST SIGNIFICANT INCREASE IN THE RETAIL VACANCY RATE

Phoenix: 3Q 2009 11.4%, increase of 297bps over the 3Q 2008 vacancy rate of 8.4%.

Southwest Florida: 3Q 2009 8.5%, increase of 284bps over the 3Q 2008 vacancy rate of 5.7%.

Sacramento: 3Q 2009 10.4%, increase of 274bps over the 3Q 2008 vacancy rate of 7.6%.

Tucson: 3Q 2009 8.2%, increase of 264bps over the 3Q 2008 vacancy rate of 5.5%.

Inland Empire: 3Q 2009 9.0%, increase of 263bps over the 3Q 2008 vacancy rate of 6.3%.

Orlando: 3Q 2009 8.3%, increase of 258bps over the 3Q 2008 vacancy rate of 5.7%.

RENTAL RATES

With many retailers challenged to cover occupancy costs at their stores and most landlords challenged to lease their available retail spaces and/or cover their debt service, defining fair-market rent has been a sore spot for retailers and landlords across the country.
However, statistics from CoStar's Third Quarter National Retail Report show that there has been at least a moderate meeting of the minds between retailers and landlords, which is reflected in the national average retail asking rental rate. With the caveat that landlords would like to have refrained from lowering their asking rental rates and perspective tenants would like to have asking rates lowered significantly, the national average asking retail rental rate (triple-net basis) came in at $16.94 per square foot (psf) at the close of the third quarter, down nearly 4% compared to the rate a year earlier.
Not every market is following this national trend. CoStar data shows that only 11 of the 63 major retail markets CoStar tracks recorded at least a minor increase in the average asking retail rental rate. On the flip side, nine markets have seen a decline in the asking retail rental rate of 9% or more.
MARKETS SHOWING AN INCREASE IN THE AVERAGE ASKING RETAIL RENTAL RATE
Note that with the exception of San Francisco, all of the markets showing an increase in rent have average asking rental rates that fall well below the national average retail rental rate. Six of these 11 markets have vacancy rates at or below the national average. However, an increase in the asking rental rate has certainly not helped vacancy in these markets -- all but Tulsa have recorded an increase in vacancy over the course of the last year.

San Antonio: 3Q 2009 $15.47psf, up 4.4% over 3Q 2008.

Cincinnati: 3Q 2009 $12.53psf, up 2.9% over 3Q 2008.

Tulsa: 3Q 2009 $10.09psf, up 1.8% over 3Q 2008.

San Francisco: 3Q 2009 $31.98psf, up 1.5% over 3Q 2008.

Madison, WI: 3Q 2009 $13.38psf, up 1.2% over 3Q 2008.

Raleigh / Durham: 3Q 2009 $16.39psf, up 1.3% over 3Q 2008.

Dallas / Fort Worth: 3Q 2009 $14.51psf, up 0.9% over 3Q 2008.

Birmingham, AL: 3Q 2009 $10.10psf, up 0.9% over 3Q 2008.

West Michigan: 3Q 2009 $10.68psf, up 0.8% over 3Q 2008.

Columbus, OH: 3Q 2009 $12.15psf, up 0.4% over 3Q 2008.

Philadelphia: 3Q 2009 $15.12psf, up 0.2% over 3Q 2008.

MARKETS SHOWING A SIGNIFICANT DECREASE IN THE AVERAGE ASKING RETAIL RENTAL RATE
Note that following these significant decreases, six of the nine markets still have average asking retail rental rates well above the national average. Six of these nine markets have retail vacancy rates well above the national average and with the exception of Memphis, all have suffered an increase in the vacancy rate over last year ranging from 68bps to 284bps. That said, landlords in these markets have definitely responded to market conditions by lowering asking rents, and their efforts have hopefully helped to at least soften the below of vacancy rate increases that could have been worse.

Memphis: 3Q 2009 $10.98psf, down 18.1% over 3Q 2008.

Toledo, OH: 3Q 2009 $8.04psf, down 17.8% over 3Q 2008.

East Bay/Oakland, CA: 3Q 2009 $24.88psf, down 13.8% over 3Q 2008.

Seattle/Puget Sound: 3Q 2009 $19..96psf, down 11.8% over 3Q 2008.

Southwest Florida: 3Q 2009 $17.31psf, down 10.2% over 3Q 2008.

Las Vegas: 3Q 2009 $22.55psf, down 9.9% over 3Q 2008.

Detroit: 3Q 2009 $12.72psf, down 9.6% over 3Q 2008.

Tucson: 3Q 2009 $18.24psf, down 9.5% over 3Q 2008.

Miami-Dade: 3Q 2009 $25.83psf, down 9.3% over 3Q 2008.

ABSORPTION

With the delivery of well-leased new retail buildings and retail leasing activity at a near standstill across the nation, absorption of the nation's retail space was nearly nil (on a year-to-date net basis) at the close of third-quarter 2009. Surprisingly, more than half of the retail markets CoStar tracks have come through with positive net absorption so far this year, bringing the nation's total net absorption of retail space to a meager 3.66 million square feet, which represents only 0.04% of total retail inventory.
Ten markets showed positive net absorption in excess of 500,000 square feet at the close of third quarter. Compare this to third quarter 2007, when 31 markets recorded net absorption at this level or higher. Perhaps a more relevant figure to look at, however, is how much net retail space markets have absorbed as a percentage of their total rental retail square footage in the market. Specifically, 11 U.S. markets have absorbed at least 0.4% of their total retail space so far this year, while six markets have exuded 0.4% of their total retail space.
MARKETS SHOWING SIGNIFICANT POSITIVE NET ABSORPTION OF RETAIL SPACE
Note that seven of the following 11 markets maintain retail vacancy rates below the national average and most are among those that have either shown an improvement or very small increase in the retail vacancy rate over the course of the last year.

Westchester / So CT: 3Q09 Net Absorption of 1.92M sq. ft. = 1.08% of total retail inventory

Memphis: 3Q09 Net Absorption of 731,215 sq. ft. = 0.96% of total retail inventory

Raleigh/Durham: 3Q09 Net Absorption of 714,234 sq. ft. = 0.88% of total retail inventory

Oklahoma City: 3Q09 Net Absorption of 680,178 sq. ft. = 0.83% of total retail inventory

Nashville: 3Q09 Net Absorption of 760,506 sq. ft. = 0.78% of total retail inventory

Providence: 3Q09 Net Absorption of 407,639 sq. ft. = 0.77% of total retail inventory

Long Island: 3Q09 Net Absorption of 1.7M sq. ft. = 0.76% of total retail inventory

Kansas City: 3Q09 Net Absorption of 606,487 sq. ft. = 0.63% of total retail inventory

Hartford: 3Q09 Net Absorption of 825,274 sq. ft. = 0.60% of total retail inventory

Indianapolis: 3Q09 Net Absorption of 575,808 sq. ft. = 0.56% of total retail inventory

Austin: 3Q09 Net Absorption of 392,182 sq. ft. = 0.54% of total retail inventory

MARKETS SHOWING SIGNIFICANT NEGATIVE NET ABSORPTION OF RETAIL SPACE
Note that while half of the following six markets have average retail vacancy rates below the national average, all have suffered a marked increase in the average retail vacancy rate over the course of the last year, ranging from a 165bps to 284bps increase.

Southwest Florida: 3Q09 Net Absorption of -873,366 sq. ft. = -1.12% of total retail inventory

Orlando: 3Q09 Net Absorption of -984,246 sq. ft. = -0.67% of total retail inventory

Greensboro/Winston-Salem: 3Q09 Net Absorption of -621,278 sq. ft. = -0.65% of total retail inventory

East Bay/Oakland: 3Q09 Net Absorption of -676,595 sq. ft. =-0.52% of total retail inventory

Sacramento: 3Q09 Net Absorption of -543,118 sq. ft. = -0.48% of total retail inventory

Tampa/St. Petersburg: 3Q09 Net Absorption of -896,125 sq. ft. = -0.43% of total retail inventory

RETAIL PROJECTS UNDER CONSTRUCTION

At the close of third quarter, CoStar tallied 1,166 retail projects totaling 49.87 million square feet of retail space under construction, which, if completed would add only 0.55% more retail inventory to the retail landscape nationally. Whether due to a lack of retail leasing activity, retailers pulling out of commitments, or financing falling through, developers have cut their construction plans by more than 60% compared to this time last year, when there were 3,051 retail projects totaling 104.26 million square feet under construction.
According to CoStar data, 14 markets had 1 million square feet or more of retail space under construction at the close of third-quarter 2009, while 16 markets had less than 300,000 square feet under construction. Perhaps a more relevant figure to consider, however, is the amount of retail space under construction as a percentage of total retail inventory. Ten markets have retail space currently under construction that if delivered, have the potential to add at least 1% more inventory to their total retail landscape, while 11 markets have very little retail space under construction, amounting to under .2% of current retail inventory.
MARKETS WITH SIGNIFICANT RETAIL SPACE UNDER CONSTRUCTION
Note that only four of the following 10 markets have retail vacancy rates higher than the national average; however, only two of them have seen an improvement in vacancy over the course of the last year, suggesting that this level of retail space under construction could keep those vacancy rates rising as these buildings deliver.

Las Vegas: 2.34M sq. ft. under construction = 2.05% of total existing retail space.

Washington: 3.37M sq. ft. under construction = 1.67% of total existing retail space.

New York City: 1.03M sq. ft. under construction = 1.41% of total existing retail space.

Westchester/So CT: 2.29M sq. ft. under construction = 1.29% of total existing retail space.

Dallas/Ft. Worth: 4.32M sq. ft. under construction = 1.26% of total existing retail space.

Austin: 813,540 sq. ft. under construction = 1.11% of total existing retail space.

Birmingham: 913,661 sq. ft. under construction = 1.07% of total existing retail space.

Raleigh/Durham: 857,542 sq. ft. under construction = 1.06% of total existing retail space.

Northern NJ: 3.09M sq. ft. under construction = 1.04% of total existing retail space.

Charlotte: 657,910 sq. ft. under construction = 1.01% of total existing retail space.

MARKETS WITH VERY LITTLE RETAIL SPACE UNDER CONSTRUCTION
Note that only four of the following 11 markets have retail vacancy rates higher than the national average, but all have experienced an increase in vacancy over the course of the last year. Developers' prudent decisions to hold back on the construction of new retail space will hopefully contribute to the prevention of further erosion in vacancy in these markets.

Dayton: 0 sq. ft. under construction

Greensboro/Winston-Salem: 52,605 sq. ft. under construction = 0.06% of total existing retail space.

Milwaukee: 99,200 sq. ft. under construction = 0.07% of total existing retail space.

Baltimore: 101,585 sq. ft. under construction = 0.08% of total existing retail space.

Madison: 41,072 sq. ft. under construction = 0.11% of total existing retail space.

Toledo: 102,279 sq. ft. under construction = 0.15% of total existing retail space.

Hartford: 211,600 sq. ft. under construction = 0.15% of total existing retail space.

Tampa/St. Pete: 347,660 sq. ft. under construction = 0.17% of total existing retail space.

St. Louis: 218,697 sq. ft. under construction = 0.17% of total existing retail space.

Minneapolis: 341,665 sq. ft. under construction = 0.18% of total existing retail space.

Orlando: 281,808 sq. ft. under construction = 0.19% of total existing retail space.

via costar.com

Memphis and Nashville Tennessee make the top 5 in "Markets Showing Positive NET Absorption of Retail Space".

Posted via web from Royce's posterous

Real Estate Insights

2009-10-22T15:05:00.001-07:00

Help for a Sustainable Recovery

By Lawrence Yun, Chief Economist, NAR Research While we listen to the animated discussions surrounding the health care debate, war strategies, flu vaccines and Nobel Peace Prizes, the federal budget deficit continues to rise. There is certainly no delight in watching the budget deficit soar. The $1.4 trillion deficit in the 2009 fiscal year to September is the highest ever in U.S. history - both in sheer dollar figures as well as the highest since the Second World War if measured in relation to the overall economic pie. It's a huge burden to future generations.

Why should we be concerned? Because continuing high budget deficits could easily cause interest
rates to rise much sooner - and possibly quite sharply. Yes, there will be arguments about what federal programs work and which ones just bleed money. But Washington needs to come out with a credible plan to reduce the deficit over time.

Meanwhile, price correction - and over-correction - have wreaked havoc on the broader economy. Wall Street balance sheets were bleeding heavily before the big help from the $700 billion TARP funding. Property owners felt it, too: foreclosures spiked, strategic defaults rose among financially capable but underwater homeowners, and appraisals became messier. Most importantly in terms of economic impact, the bulk of American families have experienced a major hit to their wealth accumulation -- by more than $4 trillion in the past three years. The economy will have a difficult time gaining firm footing without government life support if home values continue to fall.

One area where federal taxpayer dollars have been effectively utilized is that first-time homebuyer tax credit. The key to any future sustainable economic recovery lies in home values stabilizing or, better yet, a return to a historical home price appreciation rate of 3 to 5 percent each year. The bubble prices crash landed, but all the excesses have already been removed. In fact, one could legitimately argue that home values have overshot downward. Price-to-income ratio is now below the historical average. The monthly mortgage payment for a middle income person buying a middle priced home is well below its historical norm.

A review of the latest data strongly suggests that the homebuyer tax credit has had its intended impact of significantly stimulating home sales. From about 4.5 million annualized home sales pace in the few months prior to the stimulus, sales have jumped to 5.1 million in recent months. That is a change of 600,000 additional existing-home sales. New home sales have risen from the mid 300,000 to low 400,000 range over the similar period. The rise in sales has been concentrated in the lower-priced home segment largely because first-time buyers are looking to stay, rightly, well within their budget.

Housing inventories, while still higher than desired levels, have been trimmed. The latest 8-month supply of existing-home inventory is much better than the double-digit figures of last year. Home values have likewise moved in an "improving" direction. Broadly speaking, they are down from one year ago, but the declines have been less steep in recent months compared to the pre-stimulus times. The median existing-home price as of August was down 12.5 percent compared to a nearly 20 percent decline early in the year. In short, sales have risen and home prices are on the verge of stabilizing.

But the housing stimulus package is set to expire. A settlement, and not the contract signing to buy, must occur by the end of November. Some first-time buyers who are signing contracts to buy in October just may make the deadline. It would be pity if the housing market which is just on the cusp of a self-sustaining recovery rolls downhill again. That could happen if potential buyers step back and inventory returns to an upward climb. Falling home values - independent of whether it is over-correcting or not - will bring back all the associated collateral damage.

A much happier scenario would be that the buying momentum continues for few additional quarters so that inventory falls back down to the normal 5 to 7 months, a level consistent with home value stabilization. Once that is accomplished, the consumer "fear factor" of waiting and waiting for a lower price later will no longer be part of the home buying decision. We will have reached a point of housing market self-sustainability. Consumer confidence will be lifted. The wealth impact of consumers opening up wallets for general consumer goods will steadily turn positive. Thus, the broader economy also gets set for a sustainable recovery without needing further stimulus dollars.

For that happy scenario to play out, a time extension on the home buyer tax credit is critically needed. At a cost of about $10 billion (if extended through the middle of next year), the housing market will likely have recovered nicely with the broader economy on track for a solid robust expansion. That $10 billion price tag is rather modest compared to the $700 billion in TARP funding and $800 billion of the broader economic stimulus package that was passed early in the year (with debate still raging over the effectiveness of that broad spending bill). Moreover, the cost of $10 billion is a static measure that does not take into account job creations and increased tax revenue from rising economic activity. Actually, if we take into consideration all of the economic dynamic responses, the homebuyer tax credit can be argued as a net positive revenue generator for the federal government.

There is nothing like economic growth to dent budget deficits. If the economy was already at full capacity, the housing stimulus would simply be moving dollars from one sector of the economy to another. But as is fully visible out in the streets, we are nowhere near full capacity. Factory capacity utilization was 69.6 percent in August, compared to an 80 percent rate that should be the case in normal economic times. On the job market front, the country is facing a double-digit unemployment rate rather than the healthy 5 or 6 percent unemployment rate. Therefore, there is a plenty of room for growth for a win-win situation for the housing market and other sectors of the economy.

Despite these vast potential benefits to the economy from extending the homebuyer tax credit, valid questions should nonetheless be asked. Is there any pent-up demand remaining? Will the tax credit just go to the people who would have bought a home anyway and thereby will simply pocket the $8,000 check? Well, the following table shows a compelling case for tapping the financially healthy renter population.

In 2000, before the housing market boom, there were 11.5 million renter households who had the necessary income to buy a median priced home at prevailing market conditions. Today, the pool of renters who can buy a median priced home is over 16 million. Just nudging even a small share - say 5 percent - of these financially healthy renters into buying via a tax credit check will mean 800,000 additional home sales. That number is sufficiently meaningful to get the inventory down to the level of home value stabilization. The housing market will then be on the path to a self-sustaining recovery.

After what we have been through this decade, it would be quite nice to observe a return of a "boring" housing market with annual price growth of a steady and normal 3 to 5 percent - without any of the fits, frenzy, and panic. A faster and firmer recovery can happen if the tax credit is opened up to more buyers by making it apply to any buyers - just just first-timers - and by raising the income limit for qualification. It would also contribute to healthy economic activity - a sustained recovery - and thus help to put a dent in the deficit. In short - it's a win/win. NAR is working hard to get that homebuyer tax credit extended. You can help - by calling, writing or e-mailing your Congressional representatives. It's good for home buyers, it's good for REALTORS®, and it's good for the U.S. economy"

via realtor.org

Lawrence Yun hits a very positive note. If we want to enhance and speed the economic recovery that we all need and want to see, why not take a look at one program that has worked and enhance it! The article is long but worth the read! Please respond to the call to action, write , call, email your Congressional representatives. Let's talk about a program that works!

Posted via web from Royce's posterous

A Leadership Lesson from..... Geese

2009-10-22T07:56:00.001-07:00

A Leadership Lesson from ... GEESE!

How often do you hear people speak with envy about companies with “real heart”? Companies like Nordstrom, FedEx, Ben and Jerry’s, Southwest Airlines, Starbucks, and The Container Store to name a few. Outsiders are constantly looking for their “secrets” to success. Fact is, the secret lies in the hearts of their employees. These companies create connected teams and, as a result, build dominant businesses by acting like geese. Like geese? Yes, like GEESE!

If you ever happen to see (or hear about) geese heading south for the winter – flying along in “V” formation – you might consider what science has discovered about why they fly that way. As each bird flaps its wings, it creates uplift for the bird immediately following. By flying in “V” formation, the whole flock adds at least 71% greater flying range than if each bird flew by itself. Any goose that falls out of formation suddenly feels the drag and resistance of trying to go it alone and quickly gets back into position to take advantage of the lifting power of the bird in front.

When the lead goose gets tired, it rotates back in the set and another goose moves up to fly point. And the geese in the back honk to encourage those in front to keep up their speed. Finally, when a goose gets sick or is wounded and falls out of formation, two other geese fall out with that goose and follow it down to lend help and protection. They stay with the fallen teammate until it is able to fly or it dies. Only then do they launch out on their own – or with another formation – to catch back up with their group.

The lesson: Like geese, people who share a common direction and sense of community, who take turns doing demanding jobs, and who watch out for one another, can get where they are going more quickly and easily because they are traveling on the thrust of their teammates. Geese are defined by how they stay connected with one another. Successful teams – and excellent leaders – are defined the same way.

Quoted From 7 Moments … That Define Excellent Leaders
By Lee J. Colan

Posted via email from Royce's posterous

A Leadership Lesson from..... Geese

2009-08-27T08:55:00.000-07:00

A Leadership Lesson from ... GEESE!

How often do you hear people speak with envy about companies with “real heart”? Companies like Nordstrom, FedEx, Ben and Jerry’s, Southwest Airlines, Starbucks, and The Container Store to name a few. Outsiders are constantly looking for their “secrets” to success. Fact is, the secret lies in the hearts of their employees. These companies create connected teams and, as a result, build dominant businesses by acting like geese. Like geese? Yes, like GEESE!

If you ever happen to see (or hear about) geese heading south for the winter – flying along in “V” formation – you might consider what science has discovered about why they fly that way. As each bird flaps its wings, it creates uplift for the bird immediately following. By flying in “V” formation, the whole flock adds at least 71% greater flying range than if each bird flew by itself. Any goose that falls out of formation suddenly feels the drag and resistance of trying to go it alone and quickly gets back into position to take advantage of the lifting power of the bird in front.

When the lead goose gets tired, it rotates back in the set and another goose moves up to fly point. And the geese in the back honk to encourage those in front to keep up their speed. Finally, when a goose gets sick or is wounded and falls out of formation, two other geese fall out with that goose and follow it down to lend help and protection. They stay with the fallen teammate until it is able to fly or it dies. Only then do they launch out on their own – or with another formation – to catch back up with their group.

The lesson: Like geese, people who share a common direction and sense of community, who take turns doing demanding jobs, and who watch out for one another, can get where they are going more quickly and easily because they are traveling on the thrust of their teammates. Geese are defined by how they stay connected with one another. Successful teams – and excellent leaders – are defined the same way.

Today’s lesson is from 7 Moments … That Define Excellent Leaders
By Lee J. Colan

For more information on this resource and other high-impact WALK THE TALK publications

REALTOR® Magazine-Daily News-Study: Americans Still Want to Be Home Owners

2009-08-19T12:41:00.001-07:00

REALTOR® Magazine-Daily News-Study: Americans Still Want to Be Home Owners

Shared via AddThis

REALTOR® Magazine-Daily News-Economists Optimistic That Market Is Upward Bound

2009-07-27T12:39:00.001-07:00

REALTOR® Magazine-Daily News-Economists Optimistic That Market Is Upward Bound

Shared via AddThis

Sommet Center | Nashville, Tennesssee

2009-07-26T07:19:00.000-07:00

Sommet Center Nashville, Tennesssee

Sunday July 26th from 1:00pm till 5:00pm at the Sommet Center in Nashville, Mayor Karl Dean is hosting a Housing Fair.

Click the link above for details.

Rising Demand for Live/Work Housing, Says ULI

2009-07-21T21:03:00.000-07:00

Rising Demand for Live/Work Housing, Says ULI

REALTOR® Magazine-Daily News-Home Lending Rates Falling Again

2009-07-20T04:59:00.001-07:00

REALTOR® Magazine-Daily News-Home Lending Rates Falling Again

Shared via AddThis

Fairvue Plantation introduces plans for 80 acre Mixed Use development.

2009-05-31T12:30:00.000-07:00

Fairvue Plantation has planned to begin development of their 80 acre Mixed Use site at the corner of Nashville Pike and Douglas Bend Rd in Gallatin, TN. The site is currently planned to introduce a new 72 unit "One Level Living" condominium development and a 298 unit very upscale Waterstone at Fairvue Plantation the apartment development will offer a Lake and once approved Marina View . Plans have been approved at the City of Gallatin for both parcels to begin later this year.

The complete master plan of the entire 80 acre site is not complete at this time but is in progress. On the planning table is a Mixed Use commercial development that will bring up-to 300,000 sq ft of office space mixed with a retail component to round-out the site. Contact mailto:royce@roycedugan.com for additional information about the upcoming development plans.

2009-03-18T06:07:00.000-07:00

Brian Lackey Putts to Success in the PGA Golf Community

Brian Lackey is the Head Teaching Professional at the Johnny Warren Golf Academy at The Club at Fairvue Plantation in Gallatin, TN. He had an idea for a golf aid that would help his students putt better. He never dreamed it would be used by golfers around the world. Brian Lackey

In the summer of 2007 Brian made the first prototype from a dowel rod. It worked exactly like he thought it would. He contacted a friend who worked with EyeLine Golf, the leader in putting training aids. “Doug (Ziegler) helped me get to a founder of EyeLine and developer of most of their products, Sam Froggatte.” “I remember the first conversation I had with Brian. I knew it was a good idea, and I knew it would work,” says Froggatte. “It took several months to create the actual product, but we had the final prototype ready by the PGA Merchandise Show in late January.”

The Pendulum Putting Rod, the product’s official name, started its world tour that week. It was introduced to the professional golf tours in the summer of 2008, and has broken all records. There were 112 Touring professionals who put the Putting Rod in their bag in the 2nd half of the year. “A great aid might have 15-20 players who use it. With 112 players, the Rod is the most widely accepted training aid in Tour history,” says Ken McDonald, the Tour representative for EyeLine Golf. “It has been amazing.”

In February Lackey was recognized as the Teacher of the Year (2008) in the Tennessee PGA Section. The success of the Putting Rod may have contributed to the accomplishment. “Honestly, I didn’t create the Putting Rod to get attention or make money. I just wanted my students to improve,” Lackey says. “We have seen product brochures in Japanese and Chinese – that is amazing! That is a long way from Gallatin, TN.

For more information on the Pendulum Putting Rod, please call Doug Ziegler from EyeLine Golf at 719/481-4915. To learn more about Lackey’s instruction at the Johnny Warren Golf Academy, please visit http://www.jwga.net/home.aspx.

2009-02-16T23:16:00.000-08:00

A wedding at the Lake, a reception at the pool. The Club at Fairvue Plantation provided the exceptional staff to complement the natural beauty of Fairvue Plantation. The views were stunning, the staff was perfect. Exactly what you would have expected from Fairvue Plantation.

2009-02-15T13:24:00.000-08:00

Foxland Harbor Marina continues to move forward through the approval process from The U. S. Army Corps of Engineers.

The Foxland Harbor Condominium project has been approved by the City of Gallatin's Planning Commission and Council. Construction plans are in the final phases of development. Fairvue Plantation hopes to announce the beginning of this project in the summer of this year.

The proposed site plan is outlined above for your review. These plans are preliminary and reflect the condominium project as approved, however the marina site is still proposed until the final approval is granted by The Corps of Engineers.

The Tennessean feature article of January 13, 2009 describes the approval process of the Army Corps of Engineers and where we are today. Click the link below to see the article.

Potential marina sites narrowed to 3 finalists
Corps of Engineers could OK all or none
By Eric Miller • Hendersonville Star News • January 13, 2009

Click on the link below to see the article in The Tennessean as reported by Eric Miller

http://www.tennessean.com/apps/pbcs.dll/article?AID=/200901131557/MICRO060301/90113079

2009-02-14T15:33:00.000-08:00

2009 Fairvue / Foxland Activities

The Social Committee of Fairvue / Foxland has organized to give an opportunity to Fairvue neighbors to meet and participate in activities that will enhance your Fairvue Lifestyle.

The Social Committee organizes two events each year for all residents. These events have been very successful and have enabled people to meet their neighbors while enjoying great fellowship in a fun atmosphere.

2009 Fairvue / Foxland activities include;

FAIRVUE IN-HOME DINING CLUB - Dinners will be held every other month beginning in January, on the 3rd Saturday of the month.
LADIES MORNING BOOK CLUB BOATING CLUB - Meet discuss and analyze a book chosen for the month.
LADIES MORNING BIBLE STUDY - Share in a nondenominational Christian bible study.
LADIES EVENING BUNCO - Fun, no skill requiredgame. Join others at a different home each month.
PLANTATION KIDS - Newborn to pre-school age stroller walks through Fairvue, playgroup, a seasonal theme party, craft day, great fun!
COUPLES EVENING BRIDGE - Couples take turns hosting each month for an evening of bridge.

For information about these activities call 615-451-0909



	Participate in EXIT Realty's Austin, Texas Habitat Build! Blitz dates: January 15 - 17, 2010 "We make a living by what we get, but we make a life by what we give." SIR WINSTON CHURCHILL