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LOS ANGELES MULTIUNIT PROPERTY SNAPSHOT – JANUARY 2010

January 3, 2010 on 8:48 am | In Experts Say, Fascinating Information, Investment Opportunities, Statistics, Trends, all, fUNNY...mONEY, recession |

LOS ANGELES MULTIUNIT PROPERTY SNAPSHOT – JANUARY 2010

By Jodi Summers

The residential real estate market bottomed out in 2009, and the pundits at the Urban Land Institute feel that 2010 is the year “commercial real estate is going to hit to bottom as well,” notes ULI researcher Charles DiRocco.

It has been reported that commercial real estate value declines will average more than 40 percent below previous highs of mid-2007. Savvy investors are realizing that the apartment building market has hit bottom. Locally, in Los Angeles county, from December 2007 – December 2009 the median price of for multiunit properties for sale properties is down 13% and the median price of sold properties is down 70%. On the upside, the number of sold properties is up 78%, which should keep multiunits away from the wave of property falling back into their possession.

http://saratogavoice.com/wordpress/2009/10/20/california-real-estate-forecast-for-2010/

http://nyrej.com/37067

http://www.realtor.org/research/economists_outlook/commentaries/forecast1209

http://pittsburgh.bizjournals.com/pittsburgh/stories/2009/12/07/daily30.html

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[...] http://www.socalmultiunitrealestateblog.com/?p=661It has been reported that commercial real estate value declines will average more than 40 percent below previous highs of mid-2007. Savvy investors are realizing that the apartment building market has hit bottom. Locally, in Los Angeles … [...]

Pingback by What others have been saying about la real estate « nadiamaz — January 3, 2010 #
Отлично написано! Буду много думать…

Comment by Оружие России, Федеральный электронный справочник вооружения и воен� — January 4, 2010 #
Vacancy rates have climbed as high as 30% in some areas, and landlords have been offering deep discounts or such perks as a year of free rent as an incentive to sign leases.

Comment by LA Times — January 6, 2010 #
Sales of office, retail, multifamily and industrial properties could exceed $100 billion in 2010. That would more than double the $45 billion projected for all of 2009, according to Real Capital Analytics.

“We have hit bottom and are starting the new decade on the upswing,” the New York research firm said.

The projected increase would be the first year-over-year gain in investment-sales volume since 2007 when it rose 32% to $439 billion. In 2008, volumes had plunged to $133 billion.

Comment by Real Capital Analytics — January 7, 2010 #
Multifamily occupancy levels will also be hurt as weak job growth translates to the creation of fewer households.That will continue to dampen demand for rental units, which will have to continue competing against unsold condominium units.

Comment by Grubb & Ellis — January 7, 2010 #
Fifield also plans to buy real estate owned from banks, citing KeyCorp of Cleveland among the banking companies expected to be major sellers of multifamily assets.

The effort will be most active with high-rise and mid-rise properties in cities. It is also eyeing up garden-style properties in the suburbs of its target markets. Its geographic targets include Washington, D.C., as well as metro areas in Texas, Arizona, central and southern Florida and Southern California.

Fifield is mainly interested in properties of 300 to 400 units and deal sizes of about $20 million to $50 million. But he said some deals may be larger, noting that his firm last summer bid $81 million for the 480-unit Cityfront Place apartment complex in Chicago, which Northwestern Mutual Life Insurance Co. sold for $82 million to Crescent Heights Inc.

Comment by CRE News — January 21, 2010 #