Daily News – September 16, 2009

Here are the news stories you might find interesting today:

Planners sketch out new interstate to Las Vegas

Valley apartments rebound after ownership woes

Six months ago, Valley apartment renters who held leases in complexes owned by Bethany Group were worried.

Irvine, Calif-based Bethany went of business because of financial problems and walked away from its 13 apartment communities across the Phoenix area. Some tenants began to complain about trash bins, green swimming pools, overgrown landscaping and lack of maintenance staff.

International Buyer Demand for U.S. Real Estate Decreased Due to Recession

Washington, D.C.–Interest in U.S. real estate from international buyers declined due to the worldwide recession and severe credit crunch, according to the 2009 National Association of Realtors Profile of International Home Buying Activity.

PwC Survey: Defaults Could Jump-Start Stalled Distressed Buying Opportunities

Despite rapid deterioration of commercial real estate fundamentals, equity investors have been frustrated with the lack of distressed buying opportunities. However, according to the third-quarter PricewaterhouseCoopers’ Korpacz Real Estate Investor Survey, investors anticipate near-term defaults combined with looming due dates on commercial mortgage-backed securities (CMBS) maturities to jump-start distressed buying opportunities during the next year.

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Commission to discuss Chandler sign laws

The proposed relaxation of Chandler sign laws to help local businesses during the ongoing economic downturn will be a topic of discussion at Wednesday’s Planning & Zoning Commission meeting.

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Orbital to officially open Chandler facility

Orbital Sciences Corp. will officially open its new Arizona Program Management Center with a ribbon-cutting ceremony at 9 a.m. Thursday at 3377 S. Price Road, Chandler.

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Bernanke says recession ‘very likely over’

WASHINGTON – Federal Reserve Chairman Ben Bernanke said Tuesday that the worst recession since the 1930s is probably over.

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Wallick & Volk opens Glendale office

Wallick & Volk, a Wyoming mortgage banker, is expanding its Arizona presence with a Glendale office.

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Metro ridership exceeds projections

Ridership on the Metro light rail increased in August, as transportation officials had hoped. There were 882,328 boardings in August compared with 750,551 in July.

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NRF: Retail sales up in Aug. for first time in six months

Retail sales – excluding automobile sales boosted by Cash for Clunkers – saw its first gain in six months, a sign consumers may be turning the corner, according to a leading retail group.

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BofA CEO says economy may rebound faster than expected

The U.S. may pull out of the Great Recession at a faster clip than many anticipate, Bank of America CEO Ken Lewis said Tuesday. (BAC)

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Stimulus to help tribe build complex for D-backs, Rockies

Federal stimulus money will help the Salt River-Pima Maricopa Indian Community build a $100 million spring training complex on its reservation for the Arizona Diamondbacks and Colorado Rockies.

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Survey results: The crisis–one year on

A year after the global economic system nearly collapsed, many companies are finally finding ways to increase profits under the new economic conditions. But almost as many expect profits to continue falling, and executives also indicate that their broader economic hopes remain fragile. Many expect more government involvement in economies and industries over the long term.
Read more on the McKinsey Quarterly >

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.