Another Distraction For Sears Management
December 28, 2010
Sears Launches Video Download Service | www.chicagobusiness.com
One of the first things I learned from many of the top merchants in the world during a 40 + year career in Retailing was "to always try to be the best at what you do best". If you sell shoes, be the best shoe seller you can be. It is well understood and practiced by the top retailers, that distractions hurt the main effort in more ways than can be imagined.
The Last Word On CRE Indexes Of Value
December 23, 2010
Where Are CRE Values? | www.feedblitz.com
As many of you know, there has been a consistent attempt to create a benchmark around which COMMERCIAL REAL ESTATE DERIVATIVES could be created. This article does a very nice job educating the reader about the strengths and weaknesses of each of the three Indexes vying for the right to be used as the appropriate benchmark.
Depending on Who You Believe, Retailing Is Either Recovering Or Not
December 23, 2010
Store Openings to Increase in 2011, While Store Closings Will Decrease Slightly | retailtrafficmag.com
This article from the Retail Traffic trade publication is interesting because it contradicts itself in each of the three separate quotes from its' sources, yet manages to put a positive spin on its' findings.
LAS VEGAS: Foreclosure Crisis Stifled and Shifting
December 21, 2010
The Las Vegas foreclosure crisis may not be over, but it is entering a new phase. It is shifting to short-sales.Each month, Las Vegas housing data is scrutinized seeking numbers that have changed significantly. Our task is to figure out the importance of any change.This year, we have seen significant numerical changes on only three occasions. Two were found in the month of November and both have critical implications for the future of Las Vegas real estate, particularly the REO market.
A Wonderful New Indicator Of Value
December 16, 2010
Overdue loan for sale on big suburban shopping center | www.chicagorealestatedaily.com
One of Chicago's latest and greatest "special centers" has defaulted on its' $91 million construction loan from EuroHypo A.G. and the loan is now being marketed by Eastdil Secured LLC. Any GLG client interested in understanding the underlying value of troubled shopping centers should follow this marketing effort.
Forest City Pretends and Extends
December 16, 2010
Partner cuts value of stake in condos | www.chicagorealestatedaily.com
Forest City Enterprises, a real estate company with assets of approximately $11.8 billion, has taken a $18,3 million hit on the value of its' 25% stake in a large condo project in the South Loop of Chicago. This acknowledgement by such a large player that the condominium market is unlikely to perk up anytime soon, is explained away by their statement that "it is in keeping with what's happened around the country in terms of single-family homes and condos".
Private equity's real estate valuations opaque at best
December 2, 2010
In a recent article in the Chicago Tribune about an Illinois Pension fund that has reported a 9.4% negative return due to the bankruptcy of firms they have invested in, I spotted a very disturbing fact that I believe should be highlighted to the GLG reader.
Resurection Of Xanadu and Others
December 2, 2010
A New Push To Rescue Xanadu Mall Project | www.nytimes.com
This article in the NYT has a broad implication for GLG clients who follow the Mall REIT industry. Even though Xanadu is not owned by a Mall REIT, and in fact, has been passed over by every Mall REIT in the country, its' attempted resurrection should be of interest because it is symptomatic of what is happening to at least a dozen other stalled projects around the country.
November 23, 2010
October housing statistics proved to be as scary as the holiday associated with that month. For those hoping to see some indication that the worst is behind us and recovery is just around the corner, October data will come as a disappointment. It looks like Las Vegas could be in for another two years of rough sledding in the housing market. Yet, there is good news. .
Hidden Impact of Slimmed Down Stores
November 15, 2010
An article titled "BIG STORES SLIM DOWN IN A BID TO FATTEN PROFITS" in the 11/10 issue of the NYT, caught my eye and prompted me to comment for the benefit of any GLG reader who closely follows the Mall REIT industry. The impact of this growing activity is poorly understood and the NYT article did not contribute to this lack of information.
February 6, 2012
Las Vegas real estate: A happy new year?
January 20, 2012
Commercial property sales plunge in New York City: Why should everyone care?
January 19, 2012
Are Macy's closures a leading indicator of mall REIT values?
January 18, 2012
Ireland's commercial property outlook
January 9, 2012