10 Must Reads for the CRE Industry Today (February 2, 2015)

10 Must Reads for the CRE Industry Today (February 2, 2015)

 

  1. REITs Poised to Fall as Estimate Outperformance Says Sell “After outpacing the S&P 500 Index for the duration of the bull market, real estate investment trusts may be getting ahead of themselves. Among 172 REITs in the Russell 3000 Index with at least five analyst ratings, 76 are trading at prices above analysts’ average targets, according to data compiled by Bloomberg.” (Bloomberg)
  2. U.S.  Real Estate ETF Rally Faces Test with Rate Rise “Investors who have been piling into real estate exchange-traded funds over the past year could be in for a rocky ride if the Federal Reserve raises interest rates later this year as expected.” (Reuters)
  3. RadioShack, Hedge Fund Hashing Out Auction Process “Hedge fund Standard General LP is in talks to serve as the lead bidder at a bankruptcy auction for struggling consumer-electronics retailer RadioShack Corp., according to people familiar with the matter.” (The Wall Street Journal)
  4. Manhattan Investment Sales Market Hits Record High “The Manhattan commercial investment sales market had a rollicking 2014, with 5,197 properties trading hands, beating the previous record of 5,018 in 2007, according to a year-end report released today by Cushman & Wakefield.” (The Real Deal)
  5. Montage Laguna Beach Sells for $360 Million; Deal Shatters State Records “One of Southern California's most luxurious resorts, the Montage Laguna Beach, has been bought for $360 million by a Chicago real estate investment trust in one of the priciest hotel deals in years. At a cost of $1.4 million per room, the deal ‘shattered the price barrier for California hotels by a wide margin,’ hotel consultant Alan Reay said.” (Los Angeles Times)
  6. Wells Fargo Tops List of Top U.S. Commercial Loan Servicers “According to the Mortgage Bankers Association's 2014 year-end ranking of commercial and multifamily mortgage servicers (based on annual volumes), the top of the list was Wells Fargo with $474.4 billion. Second place was PNC Real Estate/Midland Loan Services with $396.8 billion, followed by Berkadia Commercial Mortgage LLC with $236.3 billion.” (World Property Journal)
  7. TRLPC-Loan Portfolio Sales Reach 91 Bln Euros in 2014-PWC Report “Banks have increasingly sold assets to clean up balance sheets and comply with stricter regulation. Banks are holding more than 2 trillion euros of unwanted lending and while much of it will be refinanced, there remains a sizeable pool of loans that will be sold, according to the PwC research.” (Reuters)
  8. Northern Exposure: A Look at Canadian CMBS “The major ways the Canadian CMBS market differentiates itself from the American version include 1) no interest-only lending, 2) almost all CMBS is recourse, 3) almost no borrowers use special purpose vehicles to obscure their identity, and 4) there is almost no difference in LTV between balance-sheet and CMBS lending.” (Commercial Observer)
  9. Millennials Jump Into the U.S. Mortgage Market “Statistical measures and anecdotal reports suggest that young couples and singles in their late 20s and early 30s have begun making a belated entry into the home buying market, pushed by mortgage rates in the mid-3 percent range, government efforts to ease credit requirements and deep frustrations at having to pay rising rents without creating equity.” (The Real Deal)
  10. Why Do Women in CRE Earn Less? “Unfortunately, although there are many qualified women coming into the industry as well as in mid-level management positions, there is still much too great a discrepancy between the number of men and women in the C-suite. CREW’s research indicates that this is in part because of a lack of sponsors, for example, people who actively advocate for the advancement of women in their companies.” (GlobeSt.)
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