Archive for National News

irr surveyIntegra Realty Resources (IRR) is seeking your participation in the IRR Interest Rate Survey. The purpose of the survey is to investigate the determinants of interest rate spreads across the U.S. Commercial Real Estate (CRE) industry. IRR will measure how factors such as the property type, loan size, geographic location, and characteristics of the lender affect the financing of CRE assets nationally.

If you complete the survey by 12:00 Midnight EST on October 24, 2017, you will be entered into a drawing to win one of ten $100 American Express Gift Cards we are giving away as a token of our appreciation.

We ask that you provide the financing rate spreads for at least one property type to be entered into both Prize Draws. If you are one of the lucky winners, we will send the $100 American Express Gift Card to the email address you provide.

LINK TO THE SURVEY

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Oct
03

Size of New Single Family Lots at Record Low

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The median lot size of a new single-family detached home sold in 2016 stands at 8,562 square feet, or just under one-fifth of an acre. This is a new record low and a small decline since 2015, when the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of Construction (SOC) started tracking the series for single-family detached homes.

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lot size

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Oct
02

The Boulder Group Releases Net Leased Report

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boulder group logoCap rates in the third quarter of 2017 in the single tenant net lease sector decreased across all asset classes when compared to the previous quarter. Cap rates for retail properties decreased by 12 basis points to 6.11%. This represented the lowest level in the net lease retail sector since the third quarter of 2016 when cap rates were at a historical low of 6.10%. Cap rates for net lease office and industrial properties decreased by 16 and 10 basis points to 6.98% and 7.27% respectively.

After two consecutive quarters of increasing cap rates, cap rates decreased across all three sectors. Throughout the course of the third quarter, the 10-year treasury yield reached its lowest level of the year (2.06) before ending the quarter at 2.33. Competition for retail assets increased in the third quarter as evidenced by the spread between asking and closed cap rates. In the third quarter of 2017, this spread decreased by 14 basis points to 21 basis points. While cap rates compressed among all of the net lease sectors, premium pricing for single tenant properties is concentrated in top tier assets with long term leases, credit tenants and core markets. Some investors seeking yield in a compressed cap rate environment have turned to shorter term leases or tenants with credit concerns if the underlying real estate fundamentals warrant the risk.

DOWNLOAD THE REPORT HERE

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Sep
21

Do Designations Matter When Choosing A Commercial Broker?

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CCIM_logoCommercial real estate transactions are some of the most important deals that a person or business can make. Finding the right commercial real estate can make or break a business venture. That is why people want the best professional commercial real estate broker available to guide them through the process.

But how can you separate the best professional real estate brokers from the rest?

Most other important professions have a degree or designation that any practitioner is required to have by law. Lawyers have the J.D., doctors the M.D., engineers the P.Eng and so on. Yet there are no professional designations that are required to practice as a commercial real estate broker.

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Sep
21

Permits Indicate Apartment Building Slowdown

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Annual total residential starts and permits fell in July from the previous month, according to the latest U.S. Census figures, as the volatile multifamily sector swung down again from one month and one year earlier– further adding to expectations that apartment construction will moderate in 2018 and 2019.

Single-family permitting and starts continued their healthy pace, as the housing market’s gradual improvement remained on track.

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Sep
05

Does Removing a Confederate Statue Affect Property Values?

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robert e leeIn the impassioned debate over the symbolism and meaning of Richmond’s Confederate monuments, the impact of their potential removal on property tax values has hardly been top of mind.

But the issue surfaced last week in the state’s gubernatorial race after The Washington Post quoted a local real estate agent’s back-of-the-envelope estimate that removing statues would cost the city as much as $3 million in real estate tax revenue every year.

Republican candidate Ed Gillespie seized on the nugget to ding Democratic opponent Ralph Northam, who has said he supports removing monuments.

Gillespie, who has said he believes monuments should stay in place but be “placed in historical context,” tweeted that “Northam’s plans to take down statues in Richmond means $3 million a year lost for schools, police & more.”

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Aug
29

Wells Fargo Securities Releases Lodging Report

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Click on the Report to access it.

WF lodging

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Jul
31

US Industrial Vacancy at Record Lows

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percentage downThe growth of e-commerce and a steadily improving economy are driving demand for industrial space and helping push industrial vacancy to record-low levels, particularly near major population centers, according to the 2017 U.S. Industrial Midyear Outlook report from Marcus & Millichap.

“Vacancy rates on a national level have fallen to record lows while rent growth has accelerated to outpace all other commercial real estate property types, lifting performance metrics beyond expectations. While some port and intermodal hub markets will receive significant new supply that could dampen local performance, the e-commerce driven demand for urban last-mile warehouse space has sparked the need for more infill industrial space, particularly in major metropolitan areas,” Senior Vice President Alan Pontius, National Director, Specialty Divisions & John Chang, first vice president|Research Services, wrote in the report.

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Jun
28

Disney Sues over Property Assessments

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Lawsuit moneyWalt Disney Parks and Resorts are suing over their property tax assessments from 2016, calling them “excessive.”

Disney filed nearly a dozen lawsuits at the end of last month in Orange Circuit Court, arguing the assessments by Orange County Appraiser Rick Singh exceeded their properties’ fair market value and incorrectly “included the value of certain intangible property in the assessments.”

“The increases in the assessments of our property are unreasonable and unjustified,” a Disney spokesperson said in a statement. “Similar to other property owners in Orange County, we have no choice but to take action to dispute these errors by the property appraiser. We look forward to presenting our case in court.”

It’s not the first time the theme parks have sought to reduce their land values. In October, SeaWorld, Universal Orlando and Disney sued Singh, arguing their properties’ taxes were too high.

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Jun
05

Are Zillow Zestimates Actually Appraisals With a “Z”?

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NoZillowWhen Barbara Andersen listed her home for sale in Glenview, Illinois, this was not the first time that the real estate litigation attorney had listed her home for sale, with an asking price listed well above its Zestimate value. Anderson alleges that Zillow’s estimates have severely impacted her ability to sell and that the property is being unfairly calculated based upon inferior surrounding real estate that was built within a close proximity to a graveyard, and also located nearby a “less desirable” golf course.

The key allegations of the complaint are the poor quality of the real estate website’s estimates, and the problematic influence over prospective buyers viewing these estimates. According to paragraph 13 of the complaint “a tremendous roadblock to same has been the fact the Zillow posts a ‘Zestimate’ of person’s homes without their permission, consent and/or any license to do so.” Further, she alleges that Zillow’s Zestimate is “a sloppy computer-driven appraisal of the home.”

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May
02

Americans’ Confidence in Economy Stable, Positive

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thumbs-up1Americans have remained upbeat about the economy for 24 straight weeks, though their current level of confidence is lower than it was earlier in the year. Gallup’s U.S. Economic Confidence Index stood at +7 last week, generally in line with readings since the November presidential election. However, it is below the +16 score observed in early March and similar high scores in late January.

Gallup’s U.S. Economic Confidence Index is the average of two components: how Americans rate current economic conditions and whether they feel the economy is improving or getting worse. The index has a theoretical maximum of +100 if all Americans were to say the economy is doing well and improving, and a theoretical minimum of -100 if all were to say the economy is doing poorly and getting worse.

Shortly after the presidential election, Gallup’s U.S. Economic Confidence Index crossed into positive territory for the first time in nearly two years. The index’s overall improvement was mainly attributable to a surge in confidence among Republicans, who expressed widespread dissatisfaction with the state of the economy during former President Barack Obama’s tenure but whose opinions quickly changed course after a Republican won the White House.

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May
02

Will the Self-Storage Sector Rebound from 2016 Setback?

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self-storage3A planned 100,000-sq.-ft. facility in West Palm Beach, Fla. appears to break new ground in how self-storage properties are developed. Aside from 830 climate-controlled self-storage units, the mixed-use project will also include 1,200 sq. ft. of rentable retail space on the ground floor.

This is part of a larger effort on the part of municipalities to restrict the development of self-storage properties in favor of preserving space for manufacturing.

New York City became the latest city, along with Charleston, S.C. and San Francisco, to enact policies reining in the development of hotel and self-storage properties to preserve land for manufacturing uses and support job growth. The developers of the planned self-storage space in West Palm Beach included retail as a tactic to make the property more appealing to local authorities and gain zoning approval, say industry observers.

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Apr
26

Large Retailers 2016 Sales Per Square Foot (E-Marketer)

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sales per sf

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Apr
18

Why Aren’t More Small Apartment Projects Built?

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Large, luxury apartment and condo developments have been dominating headlines and casting a big shadow over the “little guys” in rental housing. A new report released by Enterprise Community Partners and the University of Southern California’s Bedrosian Center on Governance aims to call attention to this overlooked segment of the market.

The Understanding the Small and Medium Multifamily (SMMF) Housing Stock report emphasizes the formidable size of this segment of the market and its importance as a source of naturally occurring affordable rental housing. SMMF properties with two to 49 units account for more than half (54 percent) of all rental housing in the United States, according to the report. Many of these properties were originally built in the 1960s, 1970s, and 1980s. That aging inventory, along with limited amenities in many cases, contributes to lower average rental rates compared with those obtained by its larger, newer competitors.

small apartments

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Oct
26

Retail Single-Tenant Net Lease Cap Rates at Record-Lows

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boulder group logoSingle-tenant net-lease cap rates for retail properties reached a record-low 6.10 percent in the third quarter, reported Boulder Group, Northbrook, Ill.

STNL cap rates for the office and industrial sectors also decreased to 7.08 percent and 7.14 percent, respectively, said Boulder Group Vice President John Feeney.

“The overall net-lease market remains active with 1031 and private investors due to the passive nature of the leases and attractiveness of relative investment returns when compared to other asset classes,” Feeney said.

Feeney noted that uncertainty in some other investments compared to the stable yields generated by the single-tenant sector created “abundant” investor demand for STNL properties.

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