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Commercial Real Estate Industry - Is the Condo Craze Over, or Just Gaining Steam
Over the last two years there has been so much condo activity that many commercial real estate lenders are starting to express concern over the future stability of condo markets. Some lenders have recently found themselves over allocated in condominiums as a result of the recent activity and have therefore become wary of all but the best opportunities. While the best opportunities (typically in Florida, Southern California and select destination markets) are still attractive, developers in smaller markets are finding condos much more difficult to finance in recent months. The reality is that many of the lenders expressing concern over the current state of affairs in the condo market are the lenders that have been the least active and have less knowledge about the asset class. Lenders familiar with the condo market are not as concerned about the opinions of their peers, but rather with the fundamentals of the projects and sponsors they underwrite. Projects that demonstrate that they underwrite according to the following guidelines should be able to find financing even with the caution currently being expressed by some in the lending community: The bottom line is that good projects from good sponsors will always receive interest from the capital markets. Mike Myatt is Executive Managing Director of Pacific Security Capital, a leading commercial real estate investment banking firm providing commercial real estate loans, structured finance, investment sales and advisory services. Contact Pacific Security Capital at 1-800-844-6085 or by visiting the company website at http://www.PacificSecurityCapital.com
MORE RESOURCES: There is something emotionally charged about the buying and selling of New York high-end real estate. How else to explain the juggernaut of reality TV shows about high-end brokers? After 30 years of marriage, Sharon and Michael Newman decided it was finally time to move from the Catskills to New York City. On blocks near Kissena Park streets are quiet, houses are small, and the electricity that charges the atmosphere in downtown Flushing is nowhere to be found. A five-story, seven-bedroom house in Brooklyn Heights has sweeping views of New York Harbor and the Manhattan skyline. Demand is so intense that there are waiting lists in some buildings, and a few landlords report that eager renters are even bidding up rents. Sales at the very high end of the market barely missed a beat in the recession. But that prosperity hasn’t yet trickled down. A Flatiron condo, a Midtown South co-op and a Brooklyn Heights carriage house. A four-bedroom ranch in Montclair, N.J., and a four-bedroom colonial Cape in Babylon, N.Y. For a century, Roosevelt Island housed a grim penitentiary. It was demolished in the 1930s. More borrowers are opting for fixed-rate loans with terms other than the standard 30 or 15 years, especially when it comes to refinancings. Two more glass skyscrapers are added to a group of towers on the waterfront of Long Island City. Insurance coverage for a co-op unit; when a tenant is ‘blacklisted’; a co-op is smaller than estimated. The market for $500,000-to-$600,000 houses in Westchester has become especially active. A shaky real estate market means more sellers are providing buyer concessions, from gift cards to help with paying property taxes. Houses of worship are adaptable to residential and other uses as congregations dwindle. The settlement reached last week over questionable mortgage practices by major American banks hardly cracks the iceberg that is the foreclosure mess. Under the settlement, nearly two million Americans could benefit from mortgage relief from the nation’s biggest banks. A cold war-era satellite relay station is for sale in California after a Silicon Valley mogul gave up on plans to turn it into a weekend home. How can I make my front porch more appealing to buyers? Court hearings meant to protect New York homeowners from foreclosure are hopelessly slowed by endless paperwork and requests for additional information. The Bay Area and Silicon Valley expect the windfall from the Facebook stock offering to make their in-demand region even hotter. The house, designed by the architect Eric Fisher, looms over the street like a big industrial arm. A town house in Dallas, a midcentury modern in Rhode Island and a Tudor in Denver. Prices in some parts of the country are still off by as much as 25 percent from their 2007 peak. Trinity Church is the largest landlord in Hudson Square and is part of the effort to rezone the area to residential from manufacturing. Rising oil prices and a boom in shale exploration are leading companies to add office space in the Houston area, most notably Exxon Mobil. Ms. de França is the president and chief executive of Douglas Elliman Development Marketing, which focuses on new residential developments. Meet the real estate broker’s interns: an ambitious group willing to do anything, earn nothing and wake up early on a Sunday to fluff the couch cushions at open houses. A Flatiron condo, a Midtown South co-op and a Brooklyn Heights carriage house. A four-bedroom ranch in Montclair, N.J., and a four-bedroom colonial Cape in Babylon, N.Y. Homes in Dallas, Rhode Island and Denver. Compare the cost of renting and buying equivalent homes. For recently divorced men, a new breed of decorators offers help navigating a strange new world. Plants that light up the winter garden can be found at Broken Arrow Nursery in Connecticut, which has long been a favorite of gardening geeks. A sister in need drew the painter Beverly McIver back home to North Carolina, unaware that a new beginning was in store for both of them. A jewelry designer finds striking new objects for storage. Timothy Sakamoto and Jochen Repolust are part of the small but growing niche making mobile apps focused on specific works of architecture. To promote an auction of 20th- and 21st-century design, the interior designer Stephen Sills has created a preview exhibition in an apartment at the Apthorp. Fishs Eddy now sells plates acquired from the archives of the now-defunct Syracuse China Corporation, many more than 100 years old. The designer Russell Greenberg creates custom baby rattles with ends shaped like profiles of mom and dad. |
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