Real Estate News by GLG Council Members

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

The new method of creating false optimitism...talk in percentages.

February 5, 2010

Analysis of:Mortgage Bankers Stepping up Financing for Commercial Real Estate: MBA | www.dsnews.com

Now we have the Mortgage Bankers Association chiming in about the surprise uptick in commercial real estate lending. Their way of hiding the facts of this morbid bound sector of commercial real estate is to report percentages....how misleading.

Kenneth LeonardPrincipalLeonard Associates

Movie Gallery Going to the Gallows

February 2, 2010

Analysis of:Movie Gallery Plans Restructuring | online.wsj.com

Hollywood Video chain owner Movie Gallery is preparing to file for bankruptcy for the second time. They are closing stores and fighting a good fight but in my opinion, are doomed to failure for the reasons outlined below.

The Irish Property Market – Where To From Here?

February 2, 2010

Analysis by: GLG Expert Contributor

Analysis of:Ireland - Commercial Real Estate Outlook 2010 | www.cbre.ie

2009 marked a low point for the commercial property market in Ireland. Although sentiment is starting to improve and the economy will emerge from recession in 2010, it is premature to expect a rebound in activity in the short to medium term with 2010 expected to be another challenging year for the sector. With sentiment and domestic economic conditions weak and bank funding remaining severely restricted, it will likely be 2011 before conditions in the Irish property market improve significantly.

Jack KernManaging DirectorKern Investment Research

EQR Faces Roller Coaster Future to Appease Neithercut

January 27, 2010

Analysis of:Equity Residential Appoints Mark Shapiro to Board of Trustees | www.earthtimes.org

In a little noticed press release, Equity Residential on January 26th, 2010, appointed Mark Shapiro to the company's board of trustees. Shapiro, 39, is the Chief Executive Officer of Six Flags, Inc. the world’s largest regional theme park company. Prior to joining Six Flags in 2005, Shapiro spent 12 years at ESPN. He also serves as a director of Live Nation and the Tribune Company. Whether you're long or short on EQR, it makes you wonder doesn't it?

Irish commercial property market shows signs of stabilising

January 26, 2010

Analysis by: GLG Expert Contributor

Analysis of:Decline in property returns eases | www.irishtimes.com

Recent data on Irish commercial property returns suggests that the end of the downturn in this market might be in sight. However, any recovery will be gradual and returns are unlikely to move into positive territory until later this year.

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

The Difference between Forecasts and Reality in Commercial Real Estate

January 26, 2010

Analysis of:Forecast Sees Bright and Dark Spots in Recovery | www.globest.com

Optimistic forecasts for the near term future of commercial real estate says  those that are making these forecasts have not done their due diligence or are in total denial of the reality of what is going on in the United States or worse yet, outright making things up.

Texas Champ of Case/Shiller, if not BCS Poll

January 25, 2010

Analysis by: GLG Expert Contributor

Analysis of:October Home Prices in 20 U.S. Metro Areas Fall 18% | www.bloomberg.com

Texas - The Case/Shiller index, like the BCS poll, is flawed from it's precept in that it uses an incomplete data sample to derive it's conclusions. The method is akin to eating soup with a fork. With C/S, the "problem" properties that get sold again and again are overstated. The house that backs to the train track is easy to sell in a "hot" market, try selling it when no one can qualify for financing. The house in the flight path of the airport is "urban hip" when the market bubble is expanding, it's noisy and loud when there are more homes than buyers. The point is that the very best homes don't sell that often. They are bought, held, improved, bequeathed... you get the picture. These homes never make it into the revered index. While there might be no better method for looking at valuation of the housing market nationwide, it just one more reminder that in real estate, location location location can often be just as, if not more important than any macro economic condition.

Opportunities / Risks for developers and investors: Australian Office Buildings

January 19, 2010

Analysis by: GLG Expert Contributor

Analysis of:Improving the energy efficiency of Australia's office buildings | www.environment.gov.au

Australia's Federal Government has confirmed that from late 2010, building owners will be required to disclose the energy efficiency rating for office space greater than 2,000m2 for leasing and sales transactions. Additional key drivers for the demand for energy efficient office space will evolve from the NSW State and Federal Government's commitment to occupy office space of a minimum of 4.5 Star NABERS rating from 1 July 2011.What opportunities and risks exist for developers and investors?

Steve BottfeldPrincipalMarketing Solutions

Las Vegas Residential Sector Begins Recovery

January 18, 2010

Analysis of:Home Sales Finish Strong in '09 | www.lvrj.com

The gradual stabilization of the Las Vegas real estate market was the theme of December’s residential housing data.     Sales continued to gain strength;      Inventory continued to decline; and      Prices remained relatively stable.Perhaps the most striking statistic was that the number of foreclosures was considerably less than expected, down for both the month and the year 2009.Here are the details:

Kenneth LeonardPrincipalLeonard Associates

Lampert Fiddles While Stores Burn

January 12, 2010

Analysis of:Sears Shares "Marketplace" | www.chicagotribune.com

An article ostensibly about Sears new online marketplace but one that reveals some never-before-revealed insights into the inner workings of the company.

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