First Quarter Commercial Real Estate Sales Up in US Too

After posting yesterday about the tremendous year over year increase in City of Peterborough commercial real estate sales (Yeah, I know it's a small number -> 8 vs 3 sales, but this isn't a major metropolitan area either!), this tidbit was released today on nreionline.com:

Q1 CRE Sales: Change in Attitude

Apr 26, 2010 1:55 PM, By Ben Johnson, a special to NREI from OKCREview

What a difference a year makes. You hear that a lot around the commercial real estate industry today, especially when it comes to the overall investment sales market.

According to new data from New York-based researcher Real Capital Analytics (RCA), sales volume reached $15.4 billion, which is a 50% increase from the first quarter of 2009. More good news: Every property type registered higher volume.

Surprisingly, despite the huge overhang of distressed properties, it was core rather than distressed sales behind the volume gains. Sharp declines in cap rates were recorded for certain assets due to competition among buyers and the rapidly improving debt markets that are allowing buyers access to low interest rates.

Let the good times roll....I can dream can't I?


Source: http://bit.ly/8XQ2gF

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Peterborough 2010 Commercial Real Estate Market Off to Great Start!

It's a bright new day for commercial real estate in Peterborough!

Just a quick note about sales volume and dollar volume of commercial sales reported on Peterborough and the Kawarthas Associaion of REALTORS® MLS®.

In 2009 during the period from January 1 to April 25, there were a total of 3 property sales recorded within the City of Peterborough, not including leases and business sales of course.  In 2010, during the same period, there were 8 property sales through the MLS® for the City.  This is an increase of over 166%!

Looking at the dollar volume of sales is even more striking.  During this same time period in 2009, the total sales volume was just $684,000.  In 2010 year to date, total sales volume was $4,105,000.  This represents an increase of just over 500%!

And you thought the commercial real estate market in Peterborough was slow...

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Moustached Americans Seeking Tax Break

And now for something completely irrelevant to commercial real estate! I love it! Here's hoping we can get a similar scheme passed here in Ontario :)

By QMI Agency

Moustached Americans are looking for a tax break from Uncle Sam.

The American Mustache Institute (AMI) says the "social and environmental benefits to moustache growth and maintenance provide a service to the U.S. economy."

And at least one expert agrees with them.

Dr. John Yeutter who is an associate professor of accounting and tax police at Northeastern State University in Oklahoma says in his paper, Mustached Americans And The Triple Bottom Line, that moustache maintenance is a deductible expense.

"Given the clear link between the growing and maintenance of moustaches and incremental income, it appears clear that moustache maintenance costs qualify for and should be considered as a deductible expense related to the production of income under Internal Revenue Code Section 212," he wrote.

Yeutter points out that in the U.S. Congress, there are 29 Democratic members sporting moustaches and 12 who have beards.

Previous congresses have provided tax incentives for specific societal segments whose efforts enhanced economic growth, Yeutter said.

The AMI is suggesting a $250 special deduction for moustache grooming supplies. It says those tax incentives could be used to purchase items like wax, facial hair colour, moustache combs and mirrors, condoms, moustache insurance and "Burt Reynolds wallet-sized photos."

 Source: http://www.torontosun.com/news/weird/2010/04/15/13597256.html

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Sometimes You Just Have to Jump Off the Edge

After seeing this video, I'm reminded of the importance of just getting in there and doing it!  You have to jump off the edge sometime.

Coincidentally, I read a great post this morning on the Bloodhound Blog titled: Simple Concept – Not So Simple To Execute – Grow a Pair  It's a great read, and worth taking the time for.

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GTA Commercial REALTORS® Release Commercial Market Report

TORONTO, ONTARIO--(Marketwire - April 6, 2010) - In March, TREB Commercial Members reported 860,895 square feet of leased space, a 104 per cent increase from the 421,642 leased square feet recorded in March 2009, Commercial Council chair Garry Lander announced today.

In the first quarter of 2010, lease transactions for commercial space increased 73 per cent from the first quarter of 2009.

"Demand for commercial real estate is strongly related to economic growth and job creation. As company's order books expand, they will take on more employees and many will ultimately require more space," Mr. Lander said.

"The level of GTA employment has been trending upward since the summer of 2009, with the Canadian economy growing more strongly than expected. The commercial market has benefitted."

Lease rates for industrial space dipped to $4.91 per square foot net (sfn) from the $5.59/sfn figure recorded in March 2009. Commercial and office lease rates rose, with the former trading for $18.59/sfn compared to $17.44/sfn last year and the latter climbing to $12.47/sfn compared to $9.78/sfn last year.

Sales Market Highlights

TREB Members recorded 54 sales of IC&I properties in April, including 34 industrial buildings of all size categories, with an average selling price of $70.27 per square foot. This compares to a figure from non-MLS sources of $70.60 per square foot.

For a complete copy of the Commercial Realty Watch visit www.TREBCommercial.com.

Members of the Toronto Real Estate Board's Commercial Division adhere to a strict Code of Ethics and Standards of Business Practice, only those who have met the standards established by their peers are eligible to become Members.

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

For more information, please contact
For Media/Public Inquiries:
Toronto Real Estate Board
Mary Gallagher, Manager Media Relations
Office: (416) 443-8158
Email:maryg@trebnet.com
www.TorontoRealEstateBoard.com

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