Sibdu, Professional Networking/Local Networks for All of Commercial Real Estate |
By admin | September 25, 2008
Deal Blotter for July 11, 2008 | Sibdu, Professional Networking/Local Networks for All of Commercial Real Estate |
Deal Blotter | July 11, 2008
Sibdu Deal Blotter graphicStarting today and running every other week on Friday, Sibdu brings you the Deal Blotter … a summary of some of the significant deal flow in commercial real estate across the U.S. If there’s a hugely significant international deal, we’ll bring it to you as well.
What qualifies for the Deal Blotter? Any announced deal, changes to deals, or (especially) closed transactions. We’ll only have time for a few in each installment, so they need to be noteworthy.
Additionally, we’re only doing them in video form. This means to find out the details, you’ve got to watch the video.
Ideally, I’d like to feature contributions from our blog readers and (soon) users at Sibdu. If you have a good deal coming down the pike that satisfies the requirements in the above paragraph, please e-mail me with details and either photographs of the property or a Web site or two that shows the property (both would be preferable).
As soon as we upgrade our blog software, we’ll just plunk down the video right here at Sibdu Blog (as well as have it up at the various major video providers and on our iTunes podcast). Until then, we’ll link you directly to the story (below).
Topics: Commercial Real Estate | No Comments »
Making life easy at workplace-Quickies -Features-The Economic Times
By admin | September 25, 2008
Making life easy at workplace-Quickies -Features-The Economic Times
Real estate now braces facility management
Kamlesh Pandya, ET Bureau
Life is easy — when you have someone else do the cleaning up. “In commercial real estate, this aspect has garnered support in the last decade with the thought process: let the organisation concentrate on its core business, and let someone else deal with day to day management of the premises,” says Asiff Sheikh of the Mumbai-based Crescent Constructions.
“From just commercial properties to high-end residential, it was an obvious evolution ,” says Sheikh.
As ‘outsourced services’ become an integral part of the Indian Corporate lexicon, Facility Management has come in and occupied an important space, says Pankaj Kapoor, CEO of Real Estate Research Agency Liases Foras.
Topics: Uncategorized | No Comments »
Scottsdale commercial real estate weakens
By admin | September 25, 2008
Scottsdale commercial real estate weakens
Scottsdale commercial real estate weakens
by Peter Corbett - Jul. 10, 2008 10:39 AM
The Arizona Republic
SCOTTSDALE - Look for lots of vacant office space in Scottsdale in the months ahead as the downturn in the housing and related sectors works it way through the Valley commercial real estate market.
In the second quarter, metropolitan Phoenix experienced a negative absorption of office space for the first time in 20 years, according to a CB Richard Ellis market report released earlier this week.
That means that instead of tenants filling more new office space the market actually had less space occupied. In this case, the negative absorption was 171,278 square feet of office space.
Office vacancies hit 16.3 percent in the quarter ending June 30, up from 13 percent a year ago.
Scottsdale’s overall vacancy rate was 17.7 percent.
But there has been a huge spike in office vacancies in the past two years.
“We’ve seen tremendous fallout related to housing, particularly in the Scottsdale Airpark,” said Jerry Noble, a CB Richard Ellis senior vice president who tracks office markets.
The Airpark, which has experienced a huge surge of office development along Loop 101, has seen vacancies rise from 8 percent in the second quarter of 2006 to 22.9 percent two years later.
Central and southern Scottsdale has been less volatile, but vacancy rates are up about 5 percentage points in both areas over the past two years.
Topics: Commercial Real Estate | No Comments »
Reno Commercial Real Estate Assessed at Conference
By admin | September 25, 2008
KTVN Channel 2 - Reno Tahoe News Weather, Video - Reno Commercial Real Estate Assessed at Conference
Reno Commercial Real Estate Assessed at Conference
Posted: July 11, 2008 04:19 AM
Kellene Stockwell
Channel 2 News
How is commercial real estate doing in this economy? That was the focus of a conference put on by C.B. Richard Ellis at the University of Nevada Thursday.
About 250 commercial realtors assessed the current market while also looking towards the future. “We thought it was important to really take a snapshot. Look at mid-year 2008, look at various industries for retail, office and industrial,” says Grant Sims.
Brokers say the industrial market is picking up as distribution companies look to northern Nevada.
Downtown Reno is also attracting buyers - something realtors attribute to revitalization efforts. “Local government, good planning, and vision for the downtown area is driving the recovery to a great extent bodes well for a healthy future.”
The office market is also faring well despite certain vacant pockets across the city.
As for the bad news, it seems retail spaces are still a little sluggish. But they’re expected to come around hopefully in the next few months.
Topics: Commercial Real Estate | No Comments »
Rite Aids move out of plazas in Canandaigua, Greece
By admin | September 6, 2008
Rite Aids move out of plazas in Canandaigua, Greece | democratandchronicle.com | Democrat and Chronicle
Rite Aids move out of plazas in Canandaigua, Greece
Anyone who’s familiar with both Greece and Canandaigua might be seeing a bit of deja vu this week.
Ellicott Development Co. of Buffalo has started construction of a free-standing Rite Aid Pharmacy on Canandaigua’s Eastern Boulevard. The same developer put up a Rite Aid on West Ridge Road in Greece earlier this year.
What’s so familiar is that in both instances, the new drugstores are replacing or have replaced Rite Aid drugstores in plazas almost directly across the street.
In this week’s project, the existing pharmacy is in Canandaigua’s venerable Parkway Plaza. In the Greece project, the new store was built across from Greece’s venerable Ridgemont Plaza.
In Greece, a restaurant was knocked down to make room for the new drugstore. In Canandaigua it was an Econolodge.
All you have to do to understand why old stores are being abandoned and new ones being built practically next door is to look down the road: Within a quarter mile of the Rite Aid construction site in Canandaigua is a shiny, new Walgreens. They’re popping up just about everywhere.
“It’s tough to compete with your competition” when you’re locked into an old-style plaza, said William Paladino, senior vice president of leasing and development for Ellicott Development.
Topics: Commercial Real Estate | No Comments »
Middle East Jobs, Gulf Jobs, UAE Jobs, Dubai Jobs,
By admin | September 6, 2008
Middle East Jobs, Gulf Jobs, UAE Jobs, Dubai Jobs, Jobs in Dubai, Career & Recruitment- ArabianBusiness.com
Commercial / Real Estate Lawyer
Location: Dubai, UAE
Date Posted: 13th July 2008
Experienced Real Estate Lawyer required to join this busy Dubai law firm. Specialising in Commercial Real Estate you will have between 2-4 years PQE experience.
You will be involved in all aspects of Commercial Real Estate and expected to:
1. Confidently deal with major contracts in the bustling commercial real estate sector in the UAE
2. Be looking for a demanding but rewarding legal role with lots of client contact
3. UK, Aus, Common Law Qualified commercial lawyers with a real estate background and Middle Eastern deal flow experience are sought
Topics: Commercial Real Estate | No Comments »
The Gatekeepers of Fifth Avenue
By admin | September 4, 2008
Powerful Co-op Boards: The Gatekeepers of Fifth Avenue | Page Six Magazine | The New York Post
Wonder Woman of 820 Fifth Ave. 820 FIFTH AVE. AT 63RD ST.: JAYNE WRIGHTSMAN
Real estate power broker Jayne Wrightsman has handpicked her neighbors at 820 Fifth Avenue for close to half a century.
Real estate power broker Jayne Wrightsman has handpicked her neighbors at 820 Fifth Avenue for close to half a century.
820 Fifth Ave. at 63rd St.: Jayne Wrightsman Art-lovers recognize her name from the Wrightsman galleries at the Met, where Jayne Wrightsman serves on the board. But the 86-year-old, who inherited her husband’s oil fortune when he passed away in 1986, is also a real estate power player. Art dealer Bill Acquavella is actually president of the board, but it’s Jayne—who’s lived in her third-floor apartment for more than 45 years—who rules. She’s known to micromanage everything from what kind of paneling decorates the elevators at 820 Fifth to which potential buyers get to view a unit. “She’s the end-all and be-all of not just her building, but all of Fifth Avenue,” says Steven Gaines, author of The Sky’s the Limit: Passion and Property in Manhattan.
The Building: The 12-story building has an Italian Renaissance–style limestone façade and one apartment per floor—each with five bedrooms, seven “servants” rooms and a 44-foot-long gallery overlooking the Central Park Zoo.
Who Gets In: Oil tycoons, shipping magnates and CEOs. The former CEO of Yahoo, Terry Semel, purchased the seventh floor for $12.5 million in 1996. Bill Acquavella bought his 11th floor pad for $9.8 million in 1993. Tommy Hilfiger purchased the fourth floor for $10 million in 1999, but never moved in. Instead, he flipped it for $18 million, selling to banking widow Lily Safra, who sold it again for $24.5 million in 2003.
Who Gets Rejected: “I don’t really know what a celebrity is, but we’ve never had any of them,” sniffs board member H. Fred Krimendahl II, a senior director at Goldman Sachs. Jayne has rejected fashion designer Valentino, as well as billionaires such as investor Ron Perelman and casino developer Steve Wynn. “Perelman had a lot of publicity, and it’s a very low-key building,” says broker Laurence Kaiser IV, president of Key-Ventures Realty. Residents seem to be happy about that: there hasn’t been a unit on the market at 820 Fifth Avenue in about four years.
Topics: Ok | No Comments »
Nicole Kidman Buys in Beverly Hills, $65 Million in Malibu
By admin | September 4, 2008
Curbed LA: Celebrity Real Estate Wrap: Nicole Kidman Buys in Beverly Hills, $65 Million in Malibu, More
Celebrity Real Estate Wrap: Nicole Kidman Buys in Beverly Hills, $65 Million in Malibu, More
Monday, July 14, 2008, by Dakota
Actress Nicole Kidman has purchased the Beverly Hills Post Office home of Geffen Records president/chairman Ron Fair. We mentioned the home earlier this year when it hit the market for $4.795 million. More via Big Time Listings: “Built in 1965, the five-bedroom house has four full baths, one quarter bath, and a full-floor upstairs master suite with dual walk-in closets.” Images via Real Estalker. [BTL]
More on William J. Chadwick’s listing of a 10,500-square-foot Malibu home for $65 million. “If sold at that price, it could be a record for Malibu — at least among transactions in the public eye,” according to the LA Times. [LAT]
Hard Rock Cafe creator Peter Morton has listed his Beverly Hills home for $22.5 million. But it doesn’t seem you can go look at the home: “The single best view lot in prime location. Sold as land value, no inspection on home. View is from downtown to ocean and trees of Beverly Hills & Holmby Hills. This is an extraordinary view property on 4 acres. Will be shown only on a clear day.”[LA Times]
Topics: Ok | No Comments »
Topping the Tax Scam List
By admin | September 3, 2008
Salt Lake City Real Estate Blog: Topping the Tax Scam List
usaRUSSIArealty.com
Welcome to Salt Lake City Blog-Real Estate Blog for Russian and English speaking clients. I try to cover lots of topics in a weekly newsletter format, and I hope you like it. (Comments are always welcomed) Please feel free to post questions or comments about anything relating to Real Estate. Thanks,
Marina Vialtsina
Realtor with Service First Realty Group
801-649-5883
www.usaRUSSIArealty.com
Thursday, July 10, 2008
Topping the Tax Scam List
The Internal Revenue Service recently issued its 2008 “Dirty Dozen” list: the 12 most egregious tax schemes and scams, nine of which affect or are often perpetrated by business owners. Here are those that small business owners should be on the lookout for:
1. Phishing—Phishing is a tactic used by web-based thieves to trick unsuspecting victims into revealing personal information that they can then use to access the victims’ financial accounts. These criminals use the information obtained to empty victims’ bank accounts, run up credit card charges and apply for loans or credit in their names. Phishing scams often take the form of an email that appears to come from a legitimate source. Some scam emails falsely claim to come from the IRS. To date, taxpayers have forwarded more than 33,000 of these scam emails, reflecting more than 1,500 different schemes, to the IRS. The IRS never uses email to contact taxpayers about their tax issues. Taxpayers who receive unsolicited email that claims to be from the IRS can forward the message to a special electronic mailbox, phishing@irs.gov, using instructions contained in an article titled “Protect Yourself from and Report Suspicious emails or Phishing Schemes.”
2. Fuel tax credit scams—The IRS is receiving claims for the fuel tax credit that are unreasonable. Some individuals are claiming the tax credit for nontaxable uses of fuel when their occupation or income level makes the claim unreasonable. Fraud involving the fuel tax credit was recently added to the list of frivolous tax claims, potentially subjecting those who improperly claim the credit to a $5,000 penalty.
3. Hiding income offshore—Individuals continue to try to avoid paying U.S. taxes by illegally hiding income in offshore bank and brokerage accounts or using offshore debit cards, credit cards, wire transfers, foreign trusts, employee leasing schemes, private annuities or life insurance plans. The IRS and state tax agencies continue to aggressively pursue taxpayers and promoters involved in such abusive transactions.
4. Abusive retirement plans—The IRS continues to uncover retirement plan abuses, including transactions that taxpayers are using to avoid the limitations on contributions to Roth IRAs. Taxpayers should be wary of advisers who encourage them to shift appreciated assets into Roth IRAs or companies owned by their Roth IRAs at less than fair market value. In one variation of the scheme, a promoter has the taxpayer move a highly appreciated asset into a Roth IRA at cost value, which is below annual contribution limits, even though the fair market value far exceeds the amount allowed.
5. Zero wages—Filing a phony wage- or income-related information return to replace a legitimate information return has been used as an illegal method to lower the amount of taxes owed. Typically, a Form 4852 (Substitute Form W-2) or a “corrected” Form 1099 is used as a way to improperly reduce taxable income to zero. The taxpayer also may submit a statement rebutting wages and taxes reported by a payer to the IRS. Sometimes fraudsters even include an explanation on their Form 4852 that cites statutory language on the definition of wages or may include some reference to a paying company that refuses to issue a corrected Form W-2 for fear of IRS retaliation. Taxpayers should resist any temptation to participate in any of the variations of this scheme.
Topics: REAL ESTATE FRAUD | No Comments »
Dealing with Fraud in Real Estate
By admin | September 3, 2008
Dealing with Fraud in Real Estate Purchase in Alberta : Investment Basics
Dealing with Fraud in Real Estate Purchase in Alberta
The Real Estate Council of Alberta has resolved to take the issue of fraud very seriously. It is a fact that of late many Alberta residents have been victimized by mortgage fraud upon being lured by promises of big returns. There have also been cases where some person has quite unknowingly allowed a fraudulent act to become a part of their action which has given shape to the plan of some fraud mastermind.
Mortgage fraud and the victims of fraud in real estate purchase
Mortgage fraud is defined as the material misstatement, misrepresentation or omission that is relied upon by an underwriter or lender for funding, purchasing or insuring a mortgage loan. The misstatement, misrepresentation or omission refers to the lies as also the white lies. In case a lender makes an advancement of mortgage money while telling any small lie regarding the borrower’s income, property value, intended use of property etc. then a mortgage fraud is said to have occurred.
Common victims of fraud are those who have purchased real estate whose values have been over inflated by a series of fraudulent transactions. In this way several consumers have had incurred huge financial losses and their credit ratings have been damaged.
Dealing with real estate related fraud in Alberta
This is a crime and you need be informed and armed beforehand to effectively combat the damaging influence of mortgage fraud. You need to beware when approached for opting for any scheme set to help make quick and easy money in real estate. Caution needs to be observed when your name is being taken down for credit purposes or when you are being asked to create or alter certain documents in a real estate or mortgage transaction. If you are suspecting that you can get involved in a fraudulent transaction then you ought to immediately report such suspicions to the Real Estate Council of Alberta (RECA) for them to take suitable action.
Topics: REAL ESTATE FRAUD | No Comments »