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Archive for the 'Commercial Real Estate' Category
Commercial Real Estate – Why the Big Secret?
It is amazing to me that so many commercial real estate agents like to keep their listings a secret. Instead of posting their listings on the MLS, or having their own commercial MLS if they want to keep it separate from residential real estate, they post their listings on their own sites. If they do post them on a site, they post them under the “private” or “premium” listing, which requires a monthly membership in order to view.
In this age of information, when everything is on the internet and the majority of people searching for anything start their search there, wouldn’t you want your commercial listing to get the most eyes possible? The more eyes, the more likely you will get an offer.
I applaud the commercial realtors who use the most media possible to market their listings. I post my listings everywhere, blog about them, put up signs, put them on Facebook and do everything else possible to get the most people to look at my listings.
When Looking At Comparables, Make Sure You Are Comparing Apples to Apples
Compare Apples to Apples Not Apples to Oranges
I received a list of comparables from an agent that was making an offer on one of my commercial listings. The comps resulted in a significantly lower price than what the sellers were looking for and my knowledge of the market told me something was wrong with his research. I went through the table he had prepared and compared his square footage to the square footage in the tax rolls and realized that the program that he was using did not always have the same square footage as that in the tax rolls. Since the discrepancy between the square footage of the subject property between one program and the tax rolls was almost 12,000 square feet, I recalculated the average price per square foot, which he was using to come up with his price, based on the tax rolls. The average was $30 per square foot higher than the one he had used, which resulted in a $400,000 difference in price in the sellers favor.
Now the tax rolls don’t always have the correct square footage, but if square footage is being used to arrive at a price, make sure all of the square footages come from the same source. If he had used his original average price per square foot but multiplied it by the subject property’s square footage from the program that had the higher square footage, the price difference would have been $700,000 in the seller’s favor. That is why it is important to compare apples to apples.
Miami-Dade County Office Rent Asking Rates
Retail Prices Continue to Decline
Pricing Trends for Retail
Not a surprising trend considering the unemployment rate and related decrease in consumer spending.
Green Commercial Buildings Worth the Increased Cost
A recent Costar report found that even during the recession, buildings that have implemented LEED or other sustainable building practices both command a premium in rents and save on costs.
Miami Real Estate: Overall First Quarter Commercial Sales Decrease 54% From 2009 Levels
Over the last 12 months, the price per square foot has decreased across all commercial sectors.
- Office 38%
- Industrial 21%
- Multifamily 15%
- Retail 3%
Miami Commercial Real Estate: Several of the Top Distressed Properties in Miami-Dade County
According to Trepp, the commercial real estate loan tracking firm, some of the highest-priced distressed properties are in Miami.
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