Here are the news stories you might find interesting today regarding commercial real estate and business:
Email me if you would like a copy of the 2010 STNL Outlook completed by M&M. I have highlighted a couple key items regarding the cap rates and their rise from previous year.
Radical Bunny settles part of SEC suit
Radical Bunny LLC, an obscure Phoenix firm federal and state regulators say defrauded investors out of almost $200 million, has reached a partial settlement with the U.S. Securities and Exchange Commission. The agreement, filed last week in federal court, could preserve some money for the firm’s 900-plus investors, who are trying to recover their losses from Radical Bunny’s pending Chapter 11 bankruptcy case.
What to know about property assessments
Full cash value: Used to compute secondary taxes for bonds, budget overrides, special districts like fire or flood control, and other limited-purpose districts. The Assessor’s Office uses a variety of information to determine the full cash value of a home, including previous sales in the neighborhood, square footage and lot size. The full cash value does not take into account specifics, such as whether a home has a new roof or kitchen upgrades. Thus, it may or may not reflect the home’s actual resale market value.
Appeals of property valuations soar in Maricopa County
The Maricopa County Assessor’s Office is working its way through the largest wave of property-valuation appeals in nearly two decades as real-estate values continue to decline and owners try to save money in the lagging economy.
Chase to hire 1,200 mortgage officers
| JPMorgan Chase announced plans to hire 1,200 mortgage loan officers by the end of 2010 to help customers finance home purchases or reduce their monthly payments through refinances. |
Metro light rail marks 1.12M riders
| The Metro light rail system reported a record number of riders for the second straight month in October. |
Southwest Network signs $1.8M lease deal
| Southwest Network, a nonprofit organization that provides behavioral health services, has leased 12,800 feet of space at Regency Park, 1445 W. Chandler Blvd. in Chandler. |
| Draft of Regulatory Reform Bill Calls for 3 New Agencies U.S. Sen. Christopher Dodd, D-Conn. and chair of the Senate Committee on Banking, Housing, and Urban Affairs, on Tuesday released a much-anticipated draft of a regulatory reform bill that would strip the Federal Reserve and other agencies of their power to regulate the banking industry. |
Downtown Scottsdale Sugar Shack bar’s Runyan, 55, dies
Steve Runyan, who ran the Sugar Shack bar in downtown Scottsdale for 20 years, died unexpectedly Saturday.
REGISTER ASAP! THERE ARE A LIMITED NUMBER OF TICKETS AVAILABLE FOR THIS EVENT! I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.