Just this past week (on April 21st) my buddies from the Commercial REO Brokers Association (CREOBA) were holding court in my back yard – and I missed it! In looking over the email announcement it appears the main topic of the event (other than networking with the key movers and shakers in commercial REO???) was [...]
Mar
30
Phoenix Retail Sucking Wind
The Phoenix Business Journal published a not-so-surprising article this past Friday about the state of retail shopping centers in the Phoenix MSA. The article paints a dismal picture for the state of retail in Phoenix. According to David Wetta, director of Marcus & Millichap’s national retail group, there are 1,753 retail properties in the Valley [...]
Mar
01
Another CREOBA Post
I have been receiving numerous emails from CREOBA every single day for a very long time and just archiving them for some future post or action that I have yet to think of. Today’s email does require a quick mention though. Apparently, CREOBA has decided to start offering their hugely valuable (ha!) courses via webinar! [...]
Dec
15
Holiday CRE Video
Enjoy. (HT – Calculated Risk)
Dec
04
Introducing CNRPA, an Attempt to Distinguish CREOBA’s Business Model
I have just been notified, via Twitter that CNRPA is now following me. So I go to check out who CNRPA is and I find the Commercial National REO Professionals Association! Anyone who has read this blog for any amount of time will understand when I say I can’t remember the last time I was [...]
Oct
26
CMBS Bonds Downgraded on Special Servicing Action
Standard & Poor’s had downgraded 15 classes of bonds backed by a $425 million loan secured against the Four Seasons Hotel in New York and 3 other luxury resort hotels. The action was triggered by a drop in cash flow which was 46% below S&P expectations. Surely, the expected cash flow figure had already been [...]
Oct
08
CREOBA Resorting to Shilling
This is getting out of control. The highly credible (cough) Commercial REO Brokers Association (CREOBA) has resorted to shilling as a counter to the negative press they have been receiving. If you read the comments to this post you can see the evidence for yourself. I wonder if these guys really thought that I wouldn’t [...]
Oct
01
Calls From Appraisers Increasing – Banks Clearly Worried About Losses
Lately I have been receiving a high volume of calls from appraisers. Appraiser calls are nothing new. Normally, I receive a handful a month calling to ask questions about properties I have sold or asking for my opinion on a particular property they are trying to value. Now, I am receiving several appraisal calls per [...]
Sep
29
Inland Empire Shopping Center For Sale – Calling All Investors Seeking To Lose Money
The package embedded below (see update below) just came across my desk today. It is an offering for a shopping center in Moreno Valley, CA (Inland Empire). The property consists of three ground leased fast food pads (El Pollo Loco, Del Taco and Wendy’s) as well as approximately 22,670 square feet of retail shops in [...]
Sep
25
Distressed Opportunity of the Week
I presume investors will be lining up to get a shot at this beauty. The good news is that the property is zoned M-1 (light manufacturing) so if you can’t stabilize with the currently approved use you can convert the building into a manufacturing facility making the products that will be used in other buildings [...]
Sep
22
CREOBA – Commercial REO & BPO Classes
These guys (CREOBA) never cease to amaze me. They are now offering commercial REO certification courses. Certified by whom, I have no idea. Do the banks know about this? Doubtful. Will they recognize the just-created designation? Doubtful. Do the CREOBA members organizing or leading these seminars know what they are talking about? Doubtful. I hate [...]
Aug
03
A Trip to California’s Inland Empire
I went out to the Inland Empire this morning to look at a recently developed retail center. The center is market anchored and has built-out shop space and a few national tenants operating on pads. The shop space is approximately 90% vacant. Here is a photo of the interior of one of the shop buildings: [...]
Jul
24
Evidence That US Housing is Overbuilt
Citing this article on Bloomberg, Paul Kedrosky, author of the blog Infectious Greed, takes a quick look at the current supply of vacant homes in the United States and runs a couple of calculations to put the U.S. housing oversupply in perspective. Sobering. According to the latest data, the number of vacant U.S. homes touched [...]
Jul
23
Fair Warning
The Financial Times reported yesterday that Morgan Stanley and Wells Fargo have issued warnings that the trouble in the commercial real estate industry continues to mount. Some key points from the FT article: Morgan Stanley takes a $700 million CRE write-down in the 2nd quarter 3rd straight quarterly loss for Morgan Stanley Wells Fargo states [...]
Jul
22
CREOBA Back In My Inbox – Please Go Away
Another email in my inbox today from CREOBA. The reason I think this is newsworthy is twofold. First is the predatory tagline of their upcoming dinner: “Is the commercial real estate market about to collapse?” The second is the fact their guest speaker is a residential auction specialist. Did I mention that I love their [...]