The work of commercial appraisers is at the heart of one of the biggest real estate stories right now: the fate of the office market. Their value judgments will have a major impact on when properties sell, how and when trading volumes resume, and even who manages major assets. “There's a lot of money and control at stake, and it all hinges on the appraiser's judgment,” said Joseph Cioffi, chairman of the bankruptcy, creditor rights and finance practice group at the New York City law firm Davis Gilbert. “So you can imagine the pressure.” Many appraisers are busy trying to…
Author: Private Lending Agent
Top 10 highest paid CEOs in America This was originally posted on our Voronoi app. Download the app for free on iOS or Android to discover amazing data-driven charts from a variety of trusted sources. Average compensation for CEOs at S&P 500 companies soared to a record $15.7 million in 2023 as a strong stock market drove up executive compensation. Some of the highest-paid CEOs in America have nine-figure compensation packages, with the majority of CEO compensation tied to stock-based awards. Overall, the average executive in the index makes 196 times what the median S&P 500 employee makes, up from…
From Golden Gate Sotheby's Bay Area Market Report… Continued progress The housing market continued to improve in February as buyer activity improved following a strong January. Despite continued cost-cutting in technology and other industries, the region's economy added more than 60,000 jobs last year. The unemployment rate rose slightly to 4.1%, but remains tough by historical standards. Continued economic growth and stable mortgage rates should support further recovery in housing demand through the remainder of the year. View more homes for sale Inventory for sale fell further, while the number of homes on the market increased in February. The number…
Natalie Sherman, New York business reporterMarch 10, 2024Image caption: New York deli owner Jimmy Yabrody says his store wouldn't survive without office workersNew York City deli owner Jimmy Yabrody looks grim from the shop he opened 27 years ago in one of the city's main business districts.”Everything is empty,” he says. “I can't understand it.”The 61-year-old sent two kids to college, employed 12 people and handed out sandwiches and salads to the office workers streaming in from nearby buildings from his shop on a hilltop on Park Avenue South. More recently, it has offered a window into what some have…
White Pine Scenic Byway White Pine Scenic Byway The White Pine Scenic Byway stretches approximately 68 miles from the town of Potlatch in northern Idaho to Elk River, offering travelers a glimpse into the region's rich history and stunning natural beauty. The route passes through lush forests, past sparkling lakes and along rushing rivers, offering opportunities for outdoor recreation, sightseeing and cultural exploration. Leaving Potlatch, you can visit the McConnell Mansion Museum, a beautifully preserved Victorian-era home that offers a glimpse into Idaho's pioneer history. The byway continues east through the Palouse region, known for its rolling hills and fertile…
The commercial real estate market stands to benefit greatly if the Federal Reserve follows through on its expected interest rate cuts this year. High interest rates have led to 60% fewer commercial real estate transactions in 2023 compared to 2021, Lawrence Yun, chief economist for the National Association of Realtors, said Thursday at the association's quarterly Real Estate Forecast Summit. Lower rates would mean a recovery for the industry and collateral values, as well as increased transaction and leasing activity. The Fed decides when to cut interest rates based on certain data points. One of those data points is consumer…
Banks' real estate lending has become a growing concern for investors since the problems at New York Community Bancorp Inc. came to light in late January and sent community bank stocks plummeting.NYCB's sharp increase in loan loss reserves has caused its stock price to fall 70%. Other banks that make commercial real estate loans in the New York area have also seen their shares fall, but less dramatically. New Jersey-based Valley National Bank's shares have fallen 25% since January, even though the bank says its borrowers are not owners of rent-regulated apartments on NYCB's loan books. The banking worries prompted…
A new analysis is looking at whether B.C.'s property resale tax actually makes a difference, and the findings suggest it may not be enough. The BC Real Estate Association (BCREA) says that “by any definition,” resale activity “makes up a small percentage” of all sales in the province. Citing the Bank of Canada, it says that only 2.5 per cent of Canadian home sales are purchased within 12 months. In Vancouver and Victoria, the figure is closer to 3 per cent, BCREA said. Across B.C., the government says about 7 per cent of homes sold between 2020 and 2022 will…
Federal Reserve Chairman Jerome Powell said Thursday he expects some banks to fail due to their exposure to the commercial real estate sector, which has seen its value fall sharply as the shift to remote work has become more widespread. Mr. Powell said the banks struggling with losses in office space and retail assets are not the big ones that were designated “systemically important” after the 2008 financial crisis, which also was sparked by distressed real estate assets that led to taxpayer bailouts of the financial sector. Rather, it is small and mid-sized banks that Powell has identified as currently…
U.S. commercial insurance premiums rose again in the fourth quarter of 2023, according to WTW's latest Commercial Insurance Pricing Study (CLIPS). The study compared prices for policies underwritten in the fourth quarter of 2023 with prices charged for the same coverage in the same quarter of 2022. Overall variability in commercial prices reported by insurers spiked to nearly 10% from the second to fourth quarter of 2020. Price variability then began to decline, dropping to just below 5% in the fourth quarter of 2022, before rising again to above 5% in the first quarter of 2023 and now exceeding 6%…