FDIC Land Sealed Bid
NWC of Beloat Road and Apache Road
Buckeye, Arizona 85326
Parcel: 400-30-158-318+ call for details
Acres: 40
Square Footage: 1,742,400
Zoning: Residential
Price: FDIC Land Sealed Bid
Bids Due: April 23, 2010
Freddie Mac is Not Selling Tax-Credit Portfolio
It appears as though the 2009 rumors that Freddie Mac was going to try to sell parts or all of their low-income housing tax credits (LIHTC) portfolios will not come to fruition. According to Ed Haldeman, Freddie Mac’s CEO, the company is not pursing the sale of its credits. Freddie Mac was told on February 18, by the Federal Housing Finance Agency, that they could not sell or transfer the assets.
This came as pleasant news to the low-income housing tax credit industry as fear had set in that flooding the market with more credits would severely damage what was already a tepid demand.
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The Fall of the Phoenix Market
The average price paid for office space in the Phoenix metro area tumbled more than 50 percent last year, from $205 a square foot in 2008 to $102 a square foot in 2009, according Kammrath & Associates. During the same period, retail and industrial space underwent similar declines. To further damage the market, vacancies are at troubling levels: according to CB Richard Ellis, 25.4 percent of office space in the Phoenix metro area is unoccupied. Retail has also deteriorated: vacancy rates for that sector have risen the last 11 quarters, to 11.4 percent at the end of 2009. Surprisingly, these rates may not reflect the full extent of the industry’s weakness, however, as some landlords appear disinclined to evict even seriously delinquent tenants because of the difficulty of attracting businesses to replace them.
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CMBS Multifamily Delinquencies Close to 9 Percent
In February, the multifamily delinquency rate climbed to a record high of 9.97 percent, according to Fitch Ratings. However, some markets including Nevada, Tennessee, and Florida have delinquency rates in the 20 percent range. While other markets like Washington have a delinquency rate of less than 0.1 percent.
The combined delinquency rate across all asset classes rose to 6.29 percent at the end of February
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Investors Optimistic About Commercial RE
According to PricewaterhouseCoopers/Korpacz quarterly survey, commercial real estate investors are looking at the future with a sense of optimism for the first time in nearly two years. Respondents in 19 of the 30 markets surveyed expect cap rates to hold steady for the next six months. One reason may be the belief that market pricing is better understood between investors and lenders which may allow the credit markets to thaw.
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Bank Owned – 251 East Charleston, Las Vegas
251 East Charleston
Las Vegas, NV 89101
Parcel: 139-34-410-257
Acres: 0.40
Square Footage: 17,424
Zoning: C-2, General Commercial
Jurisdiction: City of Las Vegas
Tax District: Las Vegas City – Redv1
Bank Owned – 201 East Charleston, Las Vegas
201 East Charleston
Las Vegas, NV 89101
Parcel: 139-34-410-047
Acres: 0.56
Square Footage: 16,553
Zoning: C-2, General Commercial
Jurisdiction: City of Las Vegas
Tax District: Las Vegas City – Redv1
Bank Owned Commercial Land
Southeast Corner of 115 & Betty Lane Alignment
Las Vegas, NV 89115
Parcel: 123-28-201-010
Acres: 13.94
Square Footage: 607,226
Zoning: C-2, General Commercial
Jurisdiction: City of Las Vegas
Tax District: North Las Vegas City Library
Banks Report Small Profit But “Problem” List Jumps
The number of U.S. banks considered troubled jumped to more than 700 last quarter even as the industry eked out a small profit, the government said Tuesday. The 702 banks on the Federal Deposit Insurance Corp.’s confidential “problem” list are the most since the height of the savings-and-loan crisis in the early 1990s. Big banks have been gradually recovering… Rest of story »
Consumers’ Assessment of Current Conditions Lowest Since 1983
The Consumer Confidence Index fell almost 11 points to 46 in February. Analyst had expected a small decrease to 55. One gauge that measures consumers’ assessment of current conditions dropped to 19.4, the lowest measured level since 1983. The news sent stocks lower, as the Dow Jones fell 100.97 points. The report confirmed what many economist had been saying, that consumers aren’t feeling the nascent economic recovery.