More problems in Atlanta…
From Atlanta Business Journal (GA):
Duke Realty takes $50M hit on 3630 Peachtree
Duke Realty Corp. has taken a $50 million write-down on the value of its 3630 Peachtree project in Buckhead, another sign of the worsening commercial real estate mess.
» Read more: Georgia: – Duke Realty takes $50M hit on 3630 Peachtree
Isn’t it a perfect time to open up a 6,000 unit hotel…
We really hope those checks won’t bounce.
From Reuters (NV):
City Center’s impact on the Strip
CityCenter’s glittering high rises have forever altered the Las Vegas skyline, but there is concern about the project’s impact on already-discounted hotel room rates along the world’s most famous gambling corridor…
» Read more: Nevada:-City Center’s impact on the Strip
People please pay attention to this.. We are not out of the woods yet.
From CNNMoney.com (U.S.):
The next real estate collapse.
When the FDIC closed Chicago’s Corus Bank last month, it may have signaled the beginning of the next shock to the banking system: commercial real estate defaults.
Good article on commercial real estate…
From Cleveland.com (OH):
Commercial real estate is expected to lag as economy recovers
As the economy makes the long, slow climb to recovery, the lagging commercial real estate market will tug against progress each step of the way.
» Read more: Ohio:-Commercial real estate is expected to lag as economy recovers
It appears there is an oasis in Alaska….
From the Anchorage Daily News (AK):
Commercial property market here isn’t that bad
The Anchorage commercial real estate market is slow and level, but compared with the rest of the country, it is an oasis of prosperity.
From News-journal Online (FL):
New buildings sit unoccupied in Volusia (Fl.)
A new oceanfront condo stands empty, construction crews were shut out of a nearly complete interstate hotel and the owner of a new retail center is offering free rent to attract tenants….
There appears to be some movement in Staten Island…
From SILive.com (NY):
City to announce that 800 rental units will be built at Stapleton home port
STATEN ISLAND, NY — A New Jersey company that developed the swank W Hotel and residences on the Hudson, the Trump Plaza in Jersey City and amenity-packed apartments on River Street in Hoboken, is in contract to buy part of the Stapleton homeport from the city to build 800 rental units there.
» Read more: City announces 800 rental units will be built at Stapleton home port
How many luxury hotels does Chicago really need?? Especially when everyone is going broke…
From NBC (Chicago, IL):
Loews Hotel pulls out of construction deal.
After 20 years, Block 37’s development is still haunting Mayor Richard M. Daley.
Another financial deal involving the downtown location went up in smoke this morning after Loews Hotels Inc. announced that it was pulling out of a $175 million hotel construction project on the corner between Randolph and Dearborn, despite buying the air rights for its construction plans for just $1.
It appears the Commercial Crisis is starting to rear its ugly head.
From vermontbiz.com (VT):
Commercial development suffering more than most
With the exception of the Northeast Kingdom and Rutland County, both of which have suffered heavy job losses, Vermont’s economy has not been badly damaged by the national recession, says state Commerce Secretary Kevin Dorn.
The commercial sector is starting to become a bigger problem than the residential sector…
From Philly.com (PA):
PhillyDeals: The value of real property has kept falling
“A full and vibrant recovery is many months away,” President Obama warned last week.
…….
The Pennsylvania State Employees’ Retirement System, the state’s biggest investment fund, showed how ugly things look when it said Friday that its real estate investments fell 43 percent in value, to $4.8 billion, in the year ended June 30.
The biggest decline hit properties purchased in 2006 and 2007, at the end of the boom. An earlier PSERS report showed real estate investments that cost PSERS managers $1.51 billion in 2007 were worth just $876 million by Dec. 31 of last year – before the latest write-downs.
………………
“The government has been propping up residential real estate, which means a lot of voters,” said Olivier Garrett, a veteran business-turnaround specialist who now runs Vermont-based Casey Research L.L.C.
“Fannie Mae and Freddie Mac, even though they’re bankrupt, have been financing conventional loans at rates that are very low, driven by the Federal Reserve’s action. That’s created the very temporary illusion that the housing market has stopped falling.
“But I can’t see government propping up commercial real estate. That would mean propping up speculators and developers, people who are not popular today.”
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