Press Release: Kent Warehouse Sold

August 24, 2010: McQuaid Commercial has sold a warehouse in Kent, representing the seller who is an out of state bank that foreclosed on the property late last year.

“When I first arrived at the property I discovered it to be in complete disarray following a bankruptcy auction of essentially the entire interior of the building.” Michael McQuaid, the agent for Private Bank, said Tuesday. “This included all HVAC equipment and the vandalism/theft of most of the plumbing and wiring distribution, so I knew selling this property would be a significant challenge”.

The seller wished to find a broker known for being able to assess a situation like this one and give guidance; acting as the eyes and ears of the owner with a single goal of selling the property as quickly as possible in a market place with very, very few sales comparables. While there were several offers from buyers hoping to pay land value only, McQuaid continued to seek an owner-user type buyer and then worked with his agent to coordinate the challenges of obtaining financing due to the condition of the building. In the end, the buyer, a local food distribution company, obtained a great loan from two SBA participating lenders.

The property sold for $2,100,000. The building was a shell of 44,000 square feet on a 77,000 square foot parcel of land located at 22613 76th Ave S in the city of Kent, WA


MCQUAID Commercial Real Estate is located at 400 Roy Street in lower Queen Anne. It is an open-concept boutique-style firm offering advising services and focuses on superior client representation.

###

Russian buyers in Bulgaria

The property market in Bulgaria continues to be the first in the list of Russian property portal Prian.ru, which oversees the interests of Russian buyers of overseas property, two years now. Accordingly, in July the country's share of total search queries in the database offers the portal has grown to a record 21.55 percent. For the previous June, he was just under 20%.

Previous record in list Bulgaria has made in November 2008 - 21.27%.

Although the increased interest in Bulgaria difference between coming home and favorites do not increase as interest ranks second to Germany in July also increased compared to June

The ranking of the most popular destinations from Russian property buyers abroad remained stable third consecutive month, in top 10 occur only one amendment - Turkey gave the eighth place of Montenegro.

Estimated share continues to decrease the interest of Russians to the United States and Finland indicated by the portal. The property market in the Republic has ceased to decline in the rankings in May and June and again closer to fifth place, now occupied by Italy.

Reported by analysts on the site in May and June increased interest in "warm" countries in July has stabilized and even begun to decline. This is not surprising - in Moscow and St. Petersburg thermometers showed between 30 and 40 degrees. Most interest has fallen to the Russians to Turkey (from 3.93% to 3.32%) and Egypt (from 2.04% to 1.79%).

Outside the top 10 in July significantly increased interest in Thailand, Estonia, Sweden and Cyprus, while losing positions Lithuania and Hungary.

Top 10 countries in the interest of Russian property buyers abroad in July 2010
(The share of total search queries)

Bulgaria - 21.55%
Germany - 10.86%
Spanish - 7.22%
USA - 5.62%
Italy - 4.78%
Republic - 4.47%
Finland - 3.85%
Montenegro - 3.77%
Turkey - 3.32%
France - 2.88%

Mortgage Fraud on the Rise

A recent article in the Wall Street Journal stated that despite the new regulations, mortgage fraud is on the rise. The article sited findings by CoreLogic, a mortgage value tracking company. The company uses proprietary computer software that detects discrepancies in loan documents and predicts the likelihood of fraud.

Scammers are now getting more sophisticated and are recruiting employees of mortgage companies to help them. As a result, identify theft is also rising. You can read the rest of the article here.

Monaco expensive housing markets in world

Monaco remains the most expensive housing market in the world class - the secondary housing market there seems to average 45 thousand per square meter, a study by the London-based real estate agency Chesterton Humberts.

Its closest competitor is the favorite destination of Millionaire - French resort of Saint Jean Cap Ferrand, where the price is 32 500 square meters, followed by London in third place with a price of 22,500 euros for a square.

However, London could claim that it is the most expensive housing in the world after the recent sale of the apartment complex at One Hyde Park for 220 million dollars, says the Real Estate Channel.

New York and Paris are lagging behind in this ranking, respectively, with prices from € 15,500 / sq. m and 13,500 euros / sq. m. From a total of 22 markets examined Mauritius Phuket and go with the most advantageous price of 3 thousand square meters of

For sales of new homes have led Hong Kong, New York and London respectively, with prices from 19,500 euros, 16,750 euros and 16,500 euros per square meter

Monaco is not the first time she decorates with that title, but lately there are some disagreements as to which particular area is currently the most expensive housing market.

According to the Financial News survey of the most expensive street to buy a home in the world is Severn Road in Hong Kong. The apartments there sell for an average of 54 thousand square meters, or about 70 thousand dollars. For comparison, the Avenue Princess Grace in Monaco, the average price is 60 thousand dollars since last year prices fell by 50%, reported by Financial News, as based on data from the consulting company Knight Frank and Savills.

European hotels attract investors

European hotels attract investors for stable values

Real estate investors will invest more money this year in the purchase of hotels in Europe than in the U.S. because European hotels managed to maintain its value due to poor construction, writes Bloomberg.

Acquisitions of hotels in Europe will amount to a total of about 5.5 billion in 2010 compared with 4.5 billion in North and South America, predicted by the consulting firm Jones Lang LaSalle Hotels. The transaction is expected to form in the U.S. about 90 percent of all purchases in the Americas, cited by London-based company for services in the field of investment in hotels.

Last year prices fell hotels in the U.S. than in Europe, as new buildings have increased the number of properties on the market, according to Real Capital Analytics Inc. However occupancy levels and room rates in Europe rose faster than America, led by Germany and France.

"In most American cities, if you can not get a hotel you want, you just have to wait 12 to 18 months and will be able to buy one that is being built now and is exactly what you want," said David Mongo, President and Founder of London-based investment banking company Avington Financial Ltd.

In Europe under way are projects to build 587 hotels with a total of just over 100 thousand rooms, according to analysis from December 2009 to STR Global. The U.S. plans are to be built hotels with a total of 3829 just over four hundred and one thousand room.

"The properties in Europe are more expensive, but tends to lose its value less because it is much more difficult to find a replacement asset," says Mongo.

Transactions this year is expected to grow more rapidly in the U.S. than in Europe because investment in the U.S. in 2009 were much less. The total cost for the U.S. is projected to increase more than twice that 2.1 billion dollars last year, while Europe is expected rise 25 percent to 4.4 billion dollars.

Employment in Europe increased 61% to 58% in the U.S. - 56% to 54%, according to the company in Tennessee based on studies in the field of hospitality Smith Travel Research Inc. The price per room per day in the U.S. fell 2 percent to 97.18 dollars, while Europe has registered a growth of 1.9 percent to 97 euros.

Greatest American Trust for investment in hotel properties by market capitalization - Host Hotels & Resorts Inc., In July announced the purchase of hotel Le Meridien Piccadilly in London, which has 266 rooms, 64 million pounds. 95% of the rooms of the company in the U.S..

"Many European markets have a very high barrier to entry for new construction, explains Gregory Larson, Executive Vice President Corporate Strategy at Host Hotels. "This limited growth in supply in the future. Such asset markets tend to retain high value, which in terms of the owner of the hotel is perfectly obvious. "

Chain Hyatt Hotels Corp., Controlled by Chicago Pritsker family, expected to have a higher share of rooms abroad than in the U.S. within the next 10 years, announced in January, its chief executive Mark Hoplamazyan. Company is looking for acquisitions in Italy and Spain.

Listnatata London company for real estate investments Redefine International Plc, formerly known as Ciref Plc, announced last month that it had bought five Holiday Inn hotels in London by the British operator Splendid Hotel Group for over 106 million pounds. Redefine considering other properties in London and other European cities.

As another advantage of Europe shows that markets are more diverse and less susceptible to overall economic crisis in December said Arthur Haas, CEO of Jones Lang LaSalle Hotels in July. Properties in countries such as France and Germany as well as in cities like London, has done "reasonably well" even when global economies shrugged last year, he added.

Many U.S. hotels, bought in 2006 and 2007 peak years were financed with a high percentage of debt, which has an additional pressure on the value.

"The European market fell so much in 2008 and 2009 and remained in liquidity from the U.S.. Also in Europe there is more capital. Overall debt levels in Europe are lower, "says Haas December.

Housing Markets in Scandinavia

Housing prices in Sweden, Finland and Norway can be thrown, which would put some of the strongest recoveries in Europe and threaten to return to their economies in recession.

The property market in Sweden could fall as 20 percent of borrowers with loans biggest difficulty with the payment of its debts, which are up to 46 times greater than their disposable income, considered by the Royal Bank of Scotland. The Central Bank of Norway said that low interest rates carry a risk of overheating of the property and credit markets in the country while in Finland said the housing market might be shaped balloon.

"I am very worried," said in an interview with Finnish Finance Minister Jyrki Katainen. 'Maybe there is a housing bubble in Finland. There is a risk that mortgage costs are too low. "

Housing prices in the three countries increased last year, although their economies are shrugged, and unemployment rose, sparking imbalances that must now be corrected. Higher interest rates in Sweden may lead to failure of some borrowers, said the RBS. The cost of loans in Finland, a member of the euro area does is determined by the European Central Bank, which makes more difficult the management of the local economy.

Housing prices in Swedish, the largest northern economy grew by 7% annually for the three months to July, which is the 15th consecutive period of increase. In Norway, it has risen by 19.6 percent from the end of 2008 until the past quarter. In Finland the prices of existing homes rose by 10% annually the past quarter, having recorded growth of 11.4 percent for the three months to the end of March.

Lars Magnusson, Director of the National Board to guarantee loans to the Swedish Finance Ministry, said in an interview a few days ago that housing in the country will lose a fifth of its value in the coming three to five years.

"A drop of 20% would probably cause or contribute to the deepening of re-recession," said Parr Magnusson, chief economist for RBS economies in northern Stockholm. "Re-recession may occur in all cases, the deterioration of international conditions for growth."

Liabilities of households in Sweden have equal 167% of disposable income at the end of last year to 104 percent a decade ago, according to calculations of the Riksbank. In Finland, this ratio has increased to 107% at the end of last year from 65 percent in 2000, according to central bank data. In Norway, the debt ratio is expected to increase to 197% of disposable income this year, which would have increased by 14.5 points compared to 2005, calculated by Norges Bank.

The main interest of the ECB of 1% may be inadequate for the needs of the Finnish economy.

"To prevent balonizirane would be better, of course, if Finland could become self-determined monetary policy," said Mikko Force, an economist at Roubini Global Economics in London. "Yet this is not enough in itself, as they say and the central banks in Sweden and Norway. Regulation is perhaps the best tool. "

Otherwise, the three economies are about to commemorate one of the most successful recovery in the EU. Finland's GDP may grow by 1.5 percent this year after declining from 8 percent in 2009, according to government estimates. In Sweden the central bank expects economic growth from 3.8 percent this year after last year's contraction of 5.1 percent. GDP in mainland Norway will increase by 1.75 percent this year after a decline of 1.6 percent last, predicted the central bank there.

According to RBS, however, risks to the real estate market today are greater than before the credit crisis, as well as households are more indebted and less unprotected from interest changes.

Decline of construction in Bulgaria

Bulgaria is among the countries with the largest decline in construction in June

For the tenth consecutive month Bulgaria ranks in the top three EU countries with the largest decline in new construction. This show Eurostat data for the construction sector of the EU in June.In this month Bulgaria reported 17.5% decline on an annual basis in its new building.

Larger decreases in June recorded only Hungary and Slovenia. Since September last year, Bulgaria every month located among the three countries, where annual new construction declined the most. The largest decline recorded our country in December, when the index plummeted 33.3% yoy.

A monthly basis (compared to May) the new construction in Bulgaria, however, reported growth of 0.2 percent. This corresponds with a monthly increase of construction in the EU from 3.5%. In some countries such as Romania, is adjusted monthly growth of over 16%.

Steady increase compared to May shows and new construction in Spain, which increased by over 7 percent (and annual - with more than 18%). Zhilishshtniyat sector of the country suffer even before the economy went into recession. This led to a decline in property prices, financial problems for many construction companies and growth in unemployment among Spaniards - currently the second highest after that in Latvia.

Pan-European data show that annually, on a monthly basis and there is growth in constructing a building within the EU. Over the past 12 months the new building is maintained primarily by infrastructure projects, while construction of buildings declined dramatically.

Therefore, these data can be taken as a signal that investment in property recovered smoothly after declined substantially in 2009 In June, constructing a building in the EU increased by 7.5% annually, but growth in the euro area is 6.4 cent.

Some of the most expensive real estate markets - such as the British already seen a small increase in housing prices. According to GDP data express the EU economy has expanded in the second quarter by 1.7% yoy. This is the biggest growth in gross product of the union since the economic crisis.

Despite these statistics, some analyst companies such as Yurokonstrakt "not optimistic. A month ago the agency launched an analysis in which the expected construction sector in Europe to shrink this year.

In 19 European countries with the largest construction market is expected to decline in the sector of 4% by end of 2010 because the suspension of state aid and the economy slow recovery. The construction sector in these countries declined by 3.1 percent in 2008 to 8.8 percent in 2009 and is expected to start growing before 2011, according to economists' Yurokonstrakt.

Buying is Cheaper than Renting in Las Vegas!

By Jamie Cailor

According to the Las Vegas Review Journal dated June 2010, prices in Las Vegas real estate have dropped 19.3 percent in the last year and 39.7 percent in the last five years, the Federal Housing Finance Agency reported. The other part is while you have price cuts in condos for sale, you also have a bigger rental market with people who lost their home, which is causing competition among renters. So there is a higher rental price than we'd expect.

In my opinion, forget renting - buying is cheaper!! Higher rental rates and competition from Las Vegas foreclosures has caused (downward) pricing pressure on sellers, and the cost of ownership is pretty low. Cost of ownership factors in mortgage insurance, real estate taxes, principal and interest, closing costs and other fees.

So if you can afford a down payment and can qualify to buy Las Vegas homes, now is the time to do it. Using a Las Vegas Real Estate Agent to represent you as the Buyer is the best way to go and there is no a cost to you for their time. You do want someone that is responsive to your needs and concerns. A good agent will walk you through the whole purchase procedure and protect your interests. They will also recommend that you get a home warranty which is what you'll want to have, just in case something goes out after you close escrow. Also, having an agent negotiate for you will get you a better deal.

It's possible but unlikely (and creates antagonism) to talk the selling agent into cutting the commission if you go in without a buyer's agent. They end up doing more work dealing with unrepresented people and would actually rather you have your own agent so their loyalties aren't divided. Having your own agent can save you time, money and aggravation, if that agent is worth their salt.

Definitely go for all the inspections. Home inspections should be more than cursory and, while they can't find everything without dismantling the property, they should uncover much that's not apparent to the eye. You'll want to be there for the inspection and do lots of looking yourself. Do your homework and don't be afraid to stand up for yourself and ask lots of questions. Also, if escrow is delayed be sure to do a walkthrough just before closing to confirm nothing has changed. New condos come with a warranty, which could be worth something if it's backed up by a real company (as opposed to a freelance builder). But they're often built cheaply with lots of problems to fix. Also, they're marked up a lot -- if you like Las Vegas condos I would check the market on used condos in good buildings rather than buying a new one at retail. Interview the residents to see what they think of the building, the neighborhood, the construction quality, the HOA.

Agents will help you get your home inspection done and appraisals, so that all you need to do is review it and sign on the dotted lines. Look for an agent that knows the area that you want to live in. Look through your mortgage closing statement closely for mistakes and unexpected charges. And read what you're signing.

But you can't leave it all to your agent - home shopping is like any other task .... it is your responsibility to do your due-diligence. But after all the facts are in and your due diligence is completed, your final decisions should be based on intuition...almost like feeling the vibe of a certain place....and that place connecting to you. Nevertheless, you need to expose yourself to all that is out there in the market, force yourself to see them all, and not settle... which is difficult, because yes, it gets stressful and one can get anxious to just move in and relax. But, just like in most forms of hunting, it's best to: "Collect....then SELECT..."