Albuquerque Commercial Real Estate Report 3.29.10: Foreclosures & Bank-Owned Opportunities
April 9, 2010 at 12:06 pm | Posted in Radio Show Reports | 3 CommentsTags: albuquerque, asset, banks, commercial, CRE, distressed assets, foreclosure, foreclosures, investment, investments, market, New Mexico, opportunities, property, radio show, real estate, sperry van ness, walt arnold
>>> Click here to listen to the Commercial Real Estate report for 3-29-10 <<<
Bob Clark, News Radio 770 KKOB: Walt we have heard a lot about commercial real estate foreclosures and the coming wave of more foreclosures. Is this a good time to be looking at purchasing commercial real estate?
We are starting to see some properties make substantial discounts in their asking sale prices. We sold an out of state bank owned office condo that started out at $170.00/sf which was already a discounted price and the final price was less than $120.00. So the opportunities are starting to show up and lenders that need to sell their real estate are beginning to look deep discounts in pricing. There will be buying opportunities in this market.
Bob: That leads me to two questions. First is, what can someone do to get ready for these discounts, and the second is what about the property owner that is trying to sell in this market and is not a lender trying to dispose of an asset?
On the first question if someone is serious about going after opportunities they need to talk to a commercial real estate company like Sperry Van Ness and develop a strategy to analyze and acquire some of these banked owned assets. We talk weekly to lenders across the country regarding their assets in the Albuquerque market. But the important thing is to be ready to act.
Regarding an individual trying to sell in this market, if the property is well located, or if it is an income property and has good leases in place, it might not be worth what it was in 2007 and if it still has strong attributes it will hold its value. And if the sale of the property could wait a few years that would probably be the best option at this time.
Bob: What is the financing situation for properties in this market? Continue Reading Albuquerque Commercial Real Estate Report 3.29.10: Foreclosures & Bank-Owned Opportunities…
Albuquerque Commercial Real Estate Report 3.8.10 | Tenant Representation
March 18, 2010 at 2:20 pm | Posted in Radio Show Reports | Leave a commentTags: albuquerque, commercial, CRE, for lease, foreclosures, investments, leased space, opportunities, property, radio show, real estate, tenant, tenant representation, walt arnold
>>> Click Here to listen to the Commercial Real Estate Report 3.8.10 <<<
Bob Clark, News Radio 770 KKOB: Walt you wanted to discuss Tenant Representation and how the process could benefit Tenants in their selection of new lease space
Yes, good morning Bob. Tenants will try to look for new lease space on their own and end up negotiating in a Silo, meaning they deal with one landlord at a time, thereby eliminating any competition that will work to their benefit. The competition is strong for tenants that are relocating. And that is why exclusive tenant representation is in their best interests.
The process is to first develop a strategy to figure out the tenants objectives and expectations. The next step is a detailed needs analysis. The 3rd step is to get out and tour the properties and develop a request for proposals and then the final step is to analyze the properties on side by side apples to apples comparison to select the right choice, get the lease reviewed and signed and assist with tenant improvements process and move in. This process can take from 2 months to over a year.
Bob: What is the cost of this process? Continue Reading Albuquerque Commercial Real Estate Report 3.8.10 | Tenant Representation…
Albuquerque Commercial Real Estate Report 3.1.10 | Opportunities & Distressed Assets
March 11, 2010 at 11:48 am | Posted in Radio Show Reports | Leave a commentTags: albuquerque, banks, commercial, CRE, distressed assets, foreclosures, investments, lenders, market report, opportunities, property, radio show, real estate, walt arnold
Click HERE to listen to the Real Estate Report 3.1.10
Bob Clark, News Radio 770 KKOB: Walt, there is so much doom and gloom in commercial real estate these days, are there any opportunities in this market?
Good morning Bob. Before I start, I just want to mention how much I enjoyed the Winter Olympics. There were so many great stories and the drama was exceptional. I have to admit I am still baffled by curling, the teamwork, the strategy, the preciseness in making the correct move. The enthusiasm of the crowd was a little hard to figure out and as much as I watched it, I still have no idea how the game is won. But I did understand the student sign in the Pit against Air Force that said Curling is more exciting than AFA Basketball, now that made sense.
Back to opportunities… Yes, that is one lesson that always plays itself out and that is, out of difficult times, come opportunities. There will be some great opportunities to purchase properties at bargain prices, but it will take strategy and planning to accomplish it.
Bob: There is so much news about distressed assets, how can investors or people find out about properties that are available?
At Sperry Van Ness we are talking to banks and lenders on a continual basis, not only in Albuquerque but across the country, regarding assets that are in New Mexico. Sperry Van Ness also has an Asset Recovery team of which I am a team member working with banks everywhere to help dispose of assets through real estate brokers or through the auction process.
Bob: So there a lot of foreclosures that are taking place in Albuquerque that are from out of state lenders? Continue Reading Albuquerque Commercial Real Estate Report 3.1.10 | Opportunities & Distressed Assets…
Walt Arnold, SIOR, CCIM
Blog at WordPress.com.
Entries and comments feeds.
Albuquerque Commercial Real Estate News 