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When it’s tax appeal time, taking the right steps can be critical for winning an assessment dispute. Follow these four steps to make the best case. 1. Provide current and accurate property information. Review the assessor’s property card at least annually and correct any errors. This is also an opportunity to determine if there is reason to dispute the valuation. Consider public records, appraiser credentials, and national cost or capitalization guides. Look for inaccurate information regarding land size or improvements, as well as inaccurate depreciation of improvements. 2. Make sure the proper party files the administrative protest. In most jurisdictions,…

By: James DuMars, managing director-NorthMarq Capital’s Phoenix office We’re seeing increased activity from several large banks and investment banks as they seek to accumulate loans for their CMBS programs as well as increase “on book” commercial real estate loans. Just this week, I met with one national bank and learned that they funded approximately $1 Billion in new permanent loans in the past 60 days within their Commercial Mortgage Origination group, bringing their total year-to-date production to $1.6 Billion. Their goal this year is $3 Billion, significantly more than the $700 Million they originated in 2009. Many of these loans…

Sustainability, much like global warming to the scientist, is a word that has now become part of every Property Manager’s vocabulary. Having witnessed this evolution first hand, one must applaud the U.S. Green Building Counsel (USGBC) in how well they have been able to sell the greening of commercial office buildings. Survey any property manager and ask if they believe that they must be sustainable to be successful in their career, they will overwhelmingly all answer “yes!” because they must. Why is this? America is a capitalistic society with property value predicated on supply and demand. With this in mind,…

This headline is being broadcast throughout the real estate industry and is stirring up optimism that more liquidity is returning to the marketplace. The new loans are more conservative and have some nuances reflecting the decrease in risk tolerance of both the originators and the purchasers of the paper. The originator doesn’t want to be stuck with the paper and the purchaser wants to make sure the value or rating of the paper stays intact. To identify the major differences in the new CMBS loans verses those offered during the credit boom, I’ve summarized a brief comparison below: Present/Former  Amortization:…

It is a cold, windy and rainy day in Seattle. In looking for signs of spring, they are evident – there are tulips, sunbreaks, and cherry blossoms, and in being in our South Lake Union neighborhood, there is something bigger happening here – something that is about to transform this part of the city. Amazon in moving in to our neighborhood – all 6,000+ of them. There are 11 buildings in various stages of completion, construction, and planning, developed by Vulcan Real Estate and Schnitzer West.  Today the first 3-building block is complete. It is the new heart, the epicenter of Amazon –…

Much has been reported on Downtown Miami’s recent spike in residential occupancy, with nearly three out of four of the condo units built since 2003 now filled. The impact this population growth is having on Downtown’s real estate economy is already being felt: the area’s retail occupancy of 5% is among the nation’s lowest as business owners flood the area to serve and employ new residents. The next question on the minds of many observers is what impact residential occupancy will have on Downtown’s office market, where nearly 1.2 million SF of new class-A construction is slated to come online…

It seems like we enjoy clichés each cycle to try and generalize the norm. For example, if “extend and pretend” applies to banks and “amend to the end” applies to CMBS then “unwilling to bend” may be the next catch phrase to describe life companies when it comes to work-outs and maturity extensions. Why the lack of flexibility? The lack of flexibility on behalf of some life companies could rest with their MEAF. MEAF – Mortgage Experience Adjustment Factor The purpose of MEAF is to help calculate the appropriate amount of capital an insurer should hold (think cash reserves) based…

Creating an “Online Presence” for your business means more than simply having a company website.  In today’s information-hungry world, your business should have multiple means to get messages to new and prospective clients, as well as industry-related news and articles to show that you are staying on top of the industry. As the market begins to thaw, now is a great time to review your company’s online strategies and, if necessary, make improvements.  Here are five tips to help get you on the way to building an online presence for your business. (For more on how to Build Your Business…

Despite widespread volatility in retail markets across the United State, Downtown Miami is experiencing continued growth in the commercial and residential sectors, which is serving to drive new retail business openings throughout the area. In fact, recent research conducted by the Miami Downtown Development Authority (DDA) found that 42 new net retail businesses opened in Downtown Miami in 2009, marking the third straight year that the district has seen 40 or more new net retail outlets open. In total, 152 new retailers have established a Downtown Miami presence since 2005. Added to that, we are already tracking over 20 businesses…