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Monday, August 30, 2010
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12 comments:
New article today on the commercial real estate difficulties along the Dulles Toll Road corridor for those that are interested.
Dulles Corridor office building owners struggle with high vacancy rates
They never seem to mention the cost of tolls as a reason people might not want to locate along the toll road. It was costing us over $10 a day back when my wife worked at the hospital in Leesburg for a while.
http://franklymls.com/DC7294441
now at 30% below assessment
Jeremy,
I don't think anyone is surprised that CRE is taking it on the chin. This may have been news 2 or 3 yrs ago, but everyone saw this coming. A building delivered in 2007 was probably in the works for several years - same with large condo's, etc. Too late to turn back when all signs turned negative.
Personally, I think we are past the low point in CRE valuations - but that's just my opinion. Good news on RTC. That area has been a definite focus of mine.
I doubt toll fees matter at all; it's supply and demand and location. RTC seems to still have pricing power.
Yeah, I didn't really think it was anything new - although Robert likes to post whenever a new lease is signed so I thought he might be interested in buildings that haven't had tenants in years.
You're right that it isn't really relevant to housing though. I just took the toll road / greenway this weekend out past Leesburg (Round Hill) to go on a hike and I was reminded how expensive it is to have that commute every day. The toll road isn't too bad (yet), but the greenway is almost $5 each way during peak hours! For a dual income family with different schedules it would cost my wife and I $450 a month in tolls, not to mention all that gas. Both of those costs will go up in the future I'm sure.
Anyway - had to think of something to fill the empty bucket while we all wait on tomorrow's case-shiller numbers.
Hey all,
Has anyone ever bought or refinanced through Amerisave? What was your experience? Their rates and closing costs seem very low.
We are looking to refinance our 5% interest rate 30-yr fixed loan even though we only bought 5 months ago.
Good proxy for CRE in WDC:
Link
The stock is flat over five years, but I think the dividend payout has been in the 4-5% range.
This is what they own:
Link
I'm guessing this is a typo! : list was $443,900, now is $229,900.
Oops. Link is AR7401095.
http://franklymls.com/DC7387453
here is a prtty good investment opportunity.
decent $/SF, walk to metro.
and large commercial developement coming soon.
file under
"There is nothing wrong with a property price won't fix"
obviously the LA didn't realize meant price reduction..
http://franklymls.com/AR7160097
http://franklymls.com/DC7391154
50% off assessment.
What Jeremy, you didn't want to fill the bucket with speculation based on an off the cuff comment by HUD secretary Donavan that it's conceievable the tax credit might come back from the dead
Calculated Risk from Tom Lawler
like the living walking money consuming zombie it would be?
I'm just ignoring all this "news" and hoping it goes away, I just find it mildly humorus that all of us are likewise ignoring this rumormill claptrap.
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