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Duke Long
December 6, 2009 at 1:10 pm
Greg,
I could go really deep, but for myself as a Commercial Broker,the only issue of great concern for me is JOBS.Commercial Real Estate is about expansion and contraction.
Where are the jobs going to come from? Are we ever going to get back the jobs that have been lost,or will new jobs be created? Again, simple answer JOBS!
Lani Rosales
December 6, 2009 at 2:26 pm
There have been hints in talking points that perhaps those on the Hill might see the light and focus on small business. Even Specter has been leaving breadcrumb hints that saving small business is the only life raft that is worth anything, so maybe 2010 will be the year that focus on enterprise takes the back seat while small businesses (such as over one million independent real estate agents) takes the focus, perhaps even in the form of tax cuts. Wishful thinking?
stephanie crawford
December 6, 2009 at 2:29 pm
As a specialist in urban Nashville condos, my business basically fell off a cliff in 2009. Going forward my biggest issue continues to be the lack of available financing by both FHA and FNMA in condominium projects. The rules…. 50% pre-sold, 70% owner-occupant, 30% commercial, etc. seem to change on a daily basis and additional lender requirements vary widely.
Many of the maximum rental percentages simply don’t make sense in urban/university areas where rentals are popular. In my city alone there are buildings all over town where conventional financing is simply not an option right now. These policies are hurtful to home-owner values and will continue to feed the foreclosure markets as sellers walk away from homes they can’t sell. Units that would be gobbled up in days if financing were available to the young, first time buyers who WANT to live downtown, but are forced to rent.
Fred Glick
December 6, 2009 at 2:29 pm
J O B S
Since corporations are thrilled to not have employees, only small business, new types of business will be where the jobs are created.
There are also too many unemployed, benefit collecting people that are thrilled to sit back, do nothing and just collect a check instead of possibly taking one step back in order to go forward.
I can’t tell you how many overqualified people I have talked to that would not jump into an all commission situation where they could make more than they ever made before because they were comfortable with collecting unemployment.
Too bad for them when the money dries out. They will probably be left behind in the next recovery and the next housing run up, but you can only lead the horse to water.
Fred Glick
December 6, 2009 at 2:49 pm
@stephanie And they wonder why fraud is committed. The condo forms that people fill out will have little white lies in them to get people to qualify.
The 30% commercial law is sooooo stupid. Even the investor rule should be tested if the rental market is good. And how do you sell the place to get to the 50%!
I am not licensed in TN for mortgages, but if I were, I would go out and find a direct lender, either a small, local bank, a credit union, an insurance company, governments, employers, pension fund or a country (yes, country, not county) to do the loans directly where the client puts enough down, has great ratios, excellent credit and other mitigating factors.
I would also get a meeting the 2 U S Senators and the local Congresspeople and demand that have a discussion with Fannie, Freddie, FHA and VA to make them have an exception for your area.
This can also be a joint effort with your Board of REALTORS and the local Mortgage Bankers/Brokers/Bank Associations.
Good luck!
stephanie crawford
December 6, 2009 at 3:07 pm
@Fred. Oh, we’ve looked. There are very few local banks that offer portfolio financing on condos in my market. I got one portfolio loan closed this year, but the buyer was wealthy and the bank was courting the buyer’s investment potential.
There is also the problem of scaring away potential buyers after they learn about the grim financing options available to them as condo buyers. In 2009 I met and showed tons of folks I was never able to convert into actual buyers.
But you’re right. What’s it matter if one investor owns several units in the building that totals more than 10% of the HOA vote??? It seems like a vibrant building that’s full of paying rental tenants would be more desirable to a bank than a building full of vacant, foreclosed upon, trashed-out units…. but I suppose they don’t see it that way.
Real Estate Feeds
December 6, 2009 at 5:30 pm
How Will Politics Affect Your Business In 2010?: So my voice is shot (again) and I’m seriously considering adding… https://bit.ly/6i1DNW
realdiggity
December 6, 2009 at 6:02 pm
How Will Politics Affect Your Business In 2010?: comments https://bit.ly/6ZA8I9
Hal Benz
December 6, 2009 at 8:37 pm
I think it comes down to JOBS!!
I’m worried about tax stimulus plans that offer incentives for people to buy homes. While I understand the positive “ripple effect” that home purchases have on the economy (I just read an article citing the number of home improvements done in October attributed to the 1st time home buyer tax credit. Great news for local businesses!) Still, I think that if more people had a good paying job, and the housing market would take care of itself.
BawldGuy
December 7, 2009 at 11:25 am
Not sure anyone would argue job creation is the critical issue. From where I stand though, the white hot core issue is…how? And there’s the rub.
Until the hope and change folks realize they don’t have what it takes to plan a one man picnic, much less the U.S. economy, we’re not gonna see those job numbers headin’ in the happy direction. The idea of massive tax cuts, across the board for personal/business, is anathema to their fundamental agenda. Trusting folks/business with their own money scares them silly, cuz they wouldn’t be in control. The historically inarguable fact it’s never failed is irrelevant to them. They still bristle when anyone brings up the truth about JFK’s use of what Reagan executed a couple decades later, and with the predictable, very positive results. Anything going against ‘government knows best’ is a non-starter in their world.
Our only hope for change? As 11/10 looms closer on the horizon, they realize how close to extinction they are. I wonder if sending them Carter’s biography would help? 🙂
Duke Long
December 7, 2009 at 11:29 am
Bawld Guy,
That’s the way to get up on the soapbox!
BawldGuy
December 7, 2009 at 11:37 am
🙂 You disagree?
MIssy Caulk
December 7, 2009 at 9:40 pm
The Founding Fathers understood and embrassed our individual rights to life, liberty and the pursuit of happiness. Individual rights are tied to property rights and I see that dwindling some everyday.
They understood that the greatest threat to Liberty was a massive central government. The Federal government and powers need to be limited to ONLY what the Constitution outlined and no more.
Fred Glick
December 7, 2009 at 9:49 pm
@Missy.
If individual rights are tied to property rights, then why is there eminent domain?
MIssy Caulk
December 7, 2009 at 10:27 pm
Fred, my understanding of eminent domain is the government taking property for the common good, like airports, highways, schools. And the people are compensated at market value.
My sister-in-law many years ago had to sell her home to the City of Louisville as they needed to expand the airport. In fact, many residents stayed there to have it bought. They are to be given fair market value.
Kurt
December 8, 2009 at 6:35 am
How Will Politics Affect Your Business In 2010? https://bit.ly/7gs748