Real Estate News by GLG Council Members

John SalomoneManaging DirectorStructured Finance International, LLC

Not All Real Estate Is the Same - 4 Different Issues

November 9, 2009

Analysis of:Handling real estate loans will be a tough act | www.dallasnews.com

Real estate financing and refinancing poses 4 different levels of risk for lenders and owners, based on the project life cycle and its financing and overall structure. Broad statements about the looming problems are just that "broad statements" Real estate market participants must look at each transaction within the context of the 4 kinds of Real Estate Finance Structures, if they want to properly assess financing and refinancing values, issues and risk.

At Best, an Incremental Step In the Right Direction

November 6, 2009

Analysis by: GLG Expert Contributor

Analysis of:CMBS Savior? Developers Diversified Deal Is Nearer | online.wsj.com

The pending Developers Diversified ("DDR") transaction represents, at best, a marginal step in the right direction with respect to getting the CMBS machine back on track. The successful launch of a new CMBS transaction, and placement of the related bonds should be considered a victory given the dearth of CMBS deals over the past +12months. At the same time the nature/characteristics of the transaction and the requirement for government involvement highlight the challenges confronting the sector.

The Current Real Estate Downturn is Different

November 4, 2009

Analysis by: GLG Expert Contributor

Analysis of:Real Estate Downturn of the Early ’90s Differs From Today’s Crash In Important Ways | nreionline.com

Unlike prior downturns where economic weakness compounded with addition of recently completed property supply contributed to commercial real estate downturn, the current downturn has been fueled by excessive use of creative debt financing. The unwinding of creative leverage will take longer than previously and could delay recovery.

Solar companies need cut installation costs

November 4, 2009

Analysis by: GLG Expert Contributor

Analysis of:Solar companies focus on nuts and bolts to cut costs | www.reuters.com

The article by Laura Insee correctly points out how cost cutting of solar panels is now focusing on the installation process. Much work has been done on the manufacturing process of the panel, and it is evident how further cost reduction is going to be way more difficult, law of diminishing returns.With 30% of the panels going to the residential market, building-integration should increase its market penetration.

Irish Commercial Real Estate - What is the Natural Vacancy Rate?

November 4, 2009

Analysis by: GLG Expert Contributor

Analysis of:Dublin Office Report Q3 2009 | edition.pagesuite-professional.co.uk

The 'natural' vacancy rate in Irish commercial property markets may be twice agents' current published estimatesImplies that the turning point in Irish office market could come sooner than expected

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

We know why Geithner isn't Worried about the Banks problems with CRE Credit

November 2, 2009

Analysis of:Banks Get New Rules on Property | online.wsj.com

Last Week Secretary Geithner said "Commercial Real Estate Woes Won't Spark Crisis"Of course we now know why he isn't worried! It's called  Systematic "Extend and Pretend".

German Investment Firms buying US properties at Discounted Prices

October 31, 2009

Analysis by: GLG Expert Contributor

Analysis of:German Firms Scour U.S. for Deals | online.wsj.com

Deka an asset manager for German banks operates the country’s largest of open-ended property funds of around $28.24 B in property assets. In September, Deka bought a 12-story building in Washington, D.C., for $208 m at the top end of prime office space in the capital. Other German buyers of U.S. property included the insurance company Allianz SE which purchased a 50% stake in Boston’s Once Beacon Square from Beacon Capital Partners in a deal that is valued the building at $508 million.

Case-Shiller Report is Old News & the Information is Outdated

October 31, 2009

Analysis by: GLG Expert Contributor

Analysis of:Home Price Improvements May Be Short-Lived | www.realestateeconomywatch.com

The most recent Case-Shiller report stated, that home price index has risen four consecutive months a sign of steady improvement and stabilization of the housing market. The August date compared to the same data (August 2008) was down about 11.2 per cent. There will be further softening of the Real Estate sales as well as home values.

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

Not good news for the Retailers and Shopping Center Owners.

October 30, 2009

Analysis of:Consumer spending tumbles, incomes flat | www.msnbc.msn.com

This just confirms what this writer posted with the last three analysis'.With tight credit, high unemployment,  and a continuing battered housing market, there is no relief in sight and the consumer is loudly sending the message.

Robert CanterPresident-FounderPerformance Realty Solutions, LLC

If you believe the above statement, I have a bridge to sell you!

October 30, 2009

Analysis of:Geithner Says Commercial Real Estate Woes Won’t Spark Crisis - Bloomberg.com | www.bloomberg.com

TheTreasury Secretary's remarks as reported in the subject article can not be believed.

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