Albuquerque Commercial Real Estate News

Albuquerque Commercial Real Estate Report 1.18.10 | Tax Lightning

Click HERE to listen to the Real Estate Report 1.18.10

Bob Clark, News Radio 770 KKOB: Walt you wanted to talk about this issue of tax lightning.

Yes, good morning.  I was talking with Todd Clarke from Cantera Consultants and Advisors, who protested numerous commercial tax assessments this year and he gave me some interesting information.  And just a little background on commercial property taxes, there is no cap on them at all and they can increase by any amount in any year.  The other issue is that New Mexico is a non-disclosure state for property taxes on commercial properties and the sales of commercial property do not have to be disclosed to the assessor. The values on the 2009 tax bill is for 2007 values.

On the properties that Todd Clark protested this year, the increase from the assessor was on average 48% higher than the 2008 values.  Again that was an average.

Two office condo owners had an increase of 127% to 156% over their 2008 values and many warehouse owners had increases from 59% to 78%. Continue Reading Albuquerque Commercial Real Estate Report 1.18.10 | Tax Lightning…

Albuquerque Commercial Real Estate Report 1.4.10 | 2010 Predictions

Click HERE to listen to the Real Estate Report 1.4.10

Bob Clark, News Radio 770 KKOB: Walt 2009 is over, what is your outlook for commercial real estate for 2010?

Yes, 2009 is over, finally.  In football terms, we took a butt kicking, a lopsided defeat, we got beat in all phases of the game, so yes, I am glad it is over.

2009 was by most accounts, one of the worst years in history for commercial real estate, as values plummeted and incomes shrank dramatically.  The hurt was deep and wide spread.

Bob: And 2010, what about it?

Thanks Bob, it’s like a bad game, I can’t stop thinking about it.  Unfortunately, much of the bad from 2009 will carry over into 2010.  There is still a lot of troublesome debt and weak fundamentals in the market that will carry over into this year.

Most exciting about 2010, will be the low priced buying opportunities; unfortunately, the worries about 2010 will be the low priced selling opportunities. Continue Reading Albuquerque Commercial Real Estate Report 1.4.10 | 2010 Predictions…

Albuquerque Commercial Real Estate Report 12.28.09 | About Sperry Van Ness

Click HERE to listen to the Real Estate Report 12.28.09

Question 1—-Since I am filling in for Bob this morning and am not real familiar with Sperry Van Ness can you tell me a little about the company and how it got started?

Good morning, and sure, let me give you a brief introduction to Sperry Van Ness.  Rand Sperry and Mark Van Ness started the company in 1987 in southern California with the premise of revolutionizing the commercial real estate business.

There is a practice that happens in commercial real estate when a broker gets a listing, sometimes it does not go out to the entire brokerage community, but is selectively passed out to the listing brokers best clients and not presented to the entire market and sometimes the listing brokers are even unwilling to share any fees with the broker that brings the buyer. Continue Reading Albuquerque Commercial Real Estate Report 12.28.09 | About Sperry Van Ness…

Albuquerque Commercial Real Estate Report 12.21.09 | Economic Predictions

Click HERE to listen to the Real Estate Report 12.21.09

Bob Clark, News Radio 770 KKOB: Walt you wanted to discuss some insights from an economist’s speech you attended last week.

Yes, Good Morning Bob, Sam Chandan, an economist, who regularly speaks at Sperry Van Ness events had some interesting insights regarding the current state of the economy.

First, one part of the economic downturn that lags the rest of the economy is the government.  Most governments are just now creating budgets with cuts that will reduce jobs, programs and projects. Governments also trail the private sector when the economy turns.  With such a large government presence in Albuquerque this could cause more pain and it could drag on for several years.

Another area that has been hit hard by the recession is 21 to 29 year olds.  The unemployment rate is close to 20% for this age group.  They can’t find work, they are moving back in with parents instead of renting.  70% of 21 to 29 year olds rent.  By moving back home they create vacancy in the multifamily apartment market and coupled with the first time home buyers credit which helps many renters out of apartments and into homes, you can see how the apartment market is struggling with high vacancies.   Continue Reading Albuquerque Commercial Real Estate Report 12.21.09 | Economic Predictions…

Albuquerque Commercial Real Estate Report 12.14.09 | Consumer Lending

Click HERE to listen to the Real Estate Report 12.14.09

Bob Clark, News Radio 770 KKOB: Walt, you wanted to talk about consumer lending.  Obviously consumer lending is on the decline. What is happening in that market and how is it affecting commercial real estate?

Good morning Bob, consumer lending was off 1.7% in October and that is the ninth consecutive drop.  There has been a $3.5 billion dollar decline in the consumer lending since the peak in July, 2008.  Before that date, borrowing by US consumers had been growing for more than half a century, which is amazing.

Bob: How does that decline affect the commercial real estate business?

The result of tight credit for consumers is that consumers purchase fewer items and businesses are reluctant to hire new workers and invest in their businesses. Continue Reading Albuquerque Commercial Real Estate Report 12.14.09 | Consumer Lending…

Albuquerque Commercial Real Estate Report 12.7.09 | Retail & Job Market Predictions, Leased Space

Click HERE to listen to the Real Estate Report 12.7.10

Bob Clark, News Radio 770 KKOB: Walt, as we come to the end of the year are there some things that property owners or companies that lease space can think about at this time?

It is a good time to do some planning for the upcoming year.  Property managers are currently producing budgets to analyze costs for the next year.

Costs for operating buildings continue to increase as costs of taxes, insurance, utilities, janitorial and other expenses continue rise, and with rents struggling to hold their value, it can put some pressure on the cash flow of the property.  So it is a good idea to get a realistic picture of income and expenses for the upcoming year. Continue Reading Albuquerque Commercial Real Estate Report 12.7.09 | Retail & Job Market Predictions, Leased Space…