FDIC Failed Banks List
FDIC: Failed Bank List
The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. This list includes banks which have failed since October 1, 2000.
Rates: Where do Deals Get Done?
I read a great article yesterday by Robert Canter out of Texas, his closing line was:
“I know being realistic is not popular, but these same forecasters are the same that got us into this quandary in the first place”
This guy is dead on, please read his quick article. I constantly have to cross the road with Sellers and Landlords when I approach them with a lease rate or purchase price that I feel is realistic in todays market. The rub comes by way of fact that the price I am sometimes aiming for is 30% -40% below what they are asking. However, the hard part is getting their representative to realize that it is not the asking prices that are driving the market anymore, it is the comparables. To me the asking prices are irrelevant. If brokers spent more time trying to figure out where the comparables are, the better off they would be than trying to explain to a guy like me why my asking price should be higher than it is. Because the reality is, that in the cities in which I do business, there is always a Landlord near by who will gladly “better” the deal who are in a position to negotiate because they have to.
“Forecasts in commercial real estate lately have been as reliable as the weather forecasts especially those by the large brokerage full service firms.”-RC
Distressed Real Estate Summit – California
February 4, 2010 – Westin Bonaventure, Los AngelesEvent Overview
GreenPearl Events, organizer of executive-level conferences and networking events is pleased to introduce the DISTRESSED REAL ESTATE SUMMIT: CALIFORNIA, on February 4th at the Westin Bonaventure in Los Angeles. The DISTRESSED REAL ESTATE SUMMIT is the nation’s premier distressed real estate and debt conference, offering a content-rich agenda combined with the ample networking time necessary for new business development in today’s climate.
The DISTRESSED REAL ESTATE SUMMIT will bring together the Southern California commercial and residential real estate communities for this important full-day program on the state of distress, identifying opportunities for investors, while providing solutions for highly-leveraged investors If you work in Southern California commercial or residential real estate, have holdings in this region, considering investment exposure to this market, or would like to meet the key players, make plans to attend the DISTRESSED REAL ESTATE SUMMIT: CALIFORNIA on February 4th.
Harder You Work & Luckier You Are – “Quality” w/ Donald Trump
Being a Trump fan when many are not, the following link will take you to a great 40 minute video with Donald Trump on the show “The Millionaire Inside” about going to college, luck, quality service, making deals, entrepreneurship, 40 wall street in NYC, employees, being smart, persistence, negotiation, branding and timing.
Receivership – Douglas Wilson – KPBS
I went to a great conference this morning, which is very relevant in the commercial real estate industry and these tough economic times. Key speaker Douglas Wilson spoke this morning at the "Preserving Asset Value Through Receivership – The Real Story From the Trenches" seminar in Mission Valley. Hosted by www.sdreceivers.org it was a very good seminar discussing CMBS as well as small real estate secured notes and what is happening due to the lack of capital in the banking world as it relates to funding and refinancing commercial real estate loans. For more information on this topic, there is an excellent clip on the local KPBs website featuring Douglas Wilson and Maureen Cavanaugh. You can check it out here
Market Data
Grubb & Ellis Company is a publicly traded commercial real estate
advisory firm with global reach providing Brokerage, Property
Management and Consulting services. They provide on their website market reports which they put together. These reports are available to their clients and the rest of the world here . Just pick your state, city and what market your interested in (office, retail or industrial) and have at it.
Phoenix Office Market – Manhattan, Portland.
I am currently working on an requirement in Phoenix, AZ / Scottsdale area. I was there last week and toured 12 buildings and needless to say I can report that the overall condition of the market is very weak (understatement). On my way to work this week, NPR had a 4 minute segment on the Phoenix office market and its 25% vacancy rate. You can listen to it here. My thoughts are that there is some great investing to do there in the very near future, if not now. You can purchase buildings for $60 – $75 psf that have replacement values of $200psf that are generating cash flow now. Sound to be good to be true? It is………. try to go get some financing to buy one. I am going to Las Vegas next and don’t think I will be finding a much healthier market.
New York/ Manhattan Update: According to a report published by Studly, For prime buildings in Midtown Manhattan, the availability rate rose
from 9.5 percent to 12.1 percent, its highest level since the 1990s. Sublease space is expected to flood the market over the next few months with many businesses closing their doors. 13,000,000 square feet of sublease space is available now, which is double the amount available 12 months ago.
For you Portland/Vancouver area readers, In the metro area, the vacancy rates run anywhere from 10 percent on the Eastside all
the way up to 21 percent in the Vancouver area. Portland is adding another 400k of office space this year. Save your money, the outcome of this is dropping rental rates and sales prices.
Non Commercial Post
I am not a residential guru, nor claim to be. However, people ask me about the residential market frequently. I came across this article in the La Times today. I like to look at the statistical side of things and this graph does a good job of showing the market trend.
From 2001 through 2008, more than 8,000 condominium units were built in
downtown San Diego. That's double the number of downtown units
constructed over the same period in Los Angeles, a city three times its
size.Downtown San Diego, a 2.2-square-mile area, is now awash in condos.
About 400 new and occupied ones are listed for sale, and more than 450
are in some stage of foreclosure and will eventually be put on the
market. An additional 1,000 units that were under construction when the
market soured are slated to be completed this year, adding to the glut
and putting further downward pressure on prices.Here is the link to the full article, its great and was on the cover of the LA times this morning. 
Blood Bath?
I have been saying for awhile that there is a
pending blood bath about to occur in commercial real estate. Some people disagree, but as time goes on and the days add up I am getting more people to see my viewpoint.
My opinion based is from the standpoint of many loans are maturing (coming due and are not able to be refinanced) and the lack of
capital being put into real estate, it makes sense that a lot of properties
will be sold at significant discounts in the marketplace. With a minimal amount
of transactions taking place, sellers are going to have to discount their
prices in order to attract buyers. (This is the hard part for Sellers and Brokers). Additionally, vacancy rates are on the rise and tenants are vacating buildings all over the place, especially in the retail sector (The vacancy rate at U.S. strip
malls reached a 17-year high in the second quarter). Its a scary time for Landlords right now to say the least. Compound the increasing vacancy with a possible loan maturing and you can see the whites of their eyes.
If you are a broker and represent clients who own real estate and their
priority is to sell their property(ies), They should sell now and
not wait. The market will get worse and the clients will ultimately get a lower price for
the property(ies).
I am excited about this marketplace because I believe we will be seeing
opportunities like we have never seen before. I feel fortunate that if some thought is put into how to profit and that the proper vehicles are set up that we will
positioned to take advantage of and react quickly to this market and look back in 10 -15 years and pat ourselves on the back.
