Is Crye-Leike The Next Company to Fold?

Not likely. This appears to be an isolated case where Harold Crye happens to be the defendant. Although, I have spoken with a few people close to the situation who are quick to point out that Mr. Crye did build quite a few commercial developments over the past decade and that his commercial real estate division seems to be in trouble. I have no way to confirm these claims except to agree that I have seen quite a few vacancies in Crye-Leike anchored strip centers…read the entire Crye-Leike article here

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NAR Believes Real Estate Slump Ending

A couple of weeks ago, I referenced a cautiously optimistic outlook on the economy (”Real Estate Slump End in Sight?”) by NAR’s former Chief Economist John Tuccillo. At the end of last week, John sounded even more positive: “Real estate professionals who are in this for the long haul are back in business in a big way. All in all, the late summer beginning of the recovery appears to be right on track.” Continue reading the full NAR believes the real estate slump ending story.

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Real Estate Slump End in Sight?

It’s the 10 trillion dollar question and there are quite a few opinions:

Over this past weekend, former NAR Chief Economist John Tuccillo posted a weblog entry (“Is the End in Sight?”) with a good analysis of several factors in the current economy and housing market. He seems generally hopeful…see the rest of the real estate slump end in sight story.

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The Terrazzo Gains Commercial Office Tenant

This article entitled “BB&T makes moves to Terrazo in Gulch” appeared in the Nashville Business Journal on April the 13th, 2009. A staff writer wrote:

“BB&T has moved its commercial lending and wealth management operations from Belle Meade to the Terrazzo in the Gulch.

BB&T signed the lease for space in the $68 million mixed-use tower in early 2008, when it was the first commercial tenant to lease space in the building…continue reading the full Terrazzo office space tenant article.

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Landmark Commercial Real Estate Sold Cheap

This article entitled “Is the Distressed Sale Price of Boston’s Hancock Tower a Harbinger of Things to Come?” appeared on the National Real Estate Investor website on April the 1st, 2009. Sibley Fleming wrote:

“From a seller’s perspective, the sale price of Boston’s iconic John Hancock Tower yesterday was anything but positive. The 60-story building, the tallest in the city, was purchased at a foreclosure auction in New York City by a partnership between Normandy Real Estate Partners and Five Mile Capital Partners for $660.6 million…read the entire John Hancock tower sold at auction cheap article.

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Nashville Mortgage Rates Fall

Nashville mortgage rates fall, so do home sales and prices

A dip in the long-term mortgage rate offered homeowners a refinancing opportunity, according to Freddie Mac, which said average interest on 30-year fixed loans fell to 5.16% from 5.25% last week. Interest on 15-year fixed loans also declined, slipping to 4.81% from 4.92%.

It would be naive of us to predict Nashville home sales to increase due to this mortgage rate slide, but a little voice inside us is still hoping it will help persuade those still on the fence.

This Nashville mortgage rate drop is not helping the commercial real estate market though, vacancy rates continue to rise as cap rates begin to drastically fall. Look for a ‘rubber ball bounce’ in the Nashville retail space market over the next 3 months.

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