Commercial Real Estate

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Commercial Real Estate Commercial Purchase Agreements Pitfalls and Consequences You Should Know When presenting an offer to purchase real property, the offer is written as a letter of intent (LOI) or a purchase agreement.  A purchase agreement becomes a binding contract once both parties have signed it and often a letter of intent is also binding once it has been signed.  […]
Commercial Real Estate 6 Ways to Value Commercial Real Estate There are a multitude of methods that can be used to evaluate real estate and the one a buyer chooses should depend on the type of property they are considering and their investment goals.  Last month, I delved into an explanation on Cap Rates and how they are used to measure investment performance for commercial […]
Commercial Real Estate What is a Cap Rate? It is rare to have a conversation about investment real estate without the term “cap rate” being mentioned.  Cap rate is short for capitalization rate and represents the relationship between a property’s value and its income.  It is a snapshot of the property’s performance in the year of the purchase, however, it may not be […]
Commercial Real Estate Inflation? Stagflation? What Happens if Prices Keep Climbing? The prevailing thought about the Federal Reserve stimulating the economy with injections of newly printed money, to rebound from the COVID-19 pandemic, is that inflation will be temporary.  The Fed has assured us that as production gets back to normal, prices will come down to stabilized levels and this will keep our economic engine humming […]
Commercial Real Estate 2021 CRE Mid-Year Market Report for Grand Traverse County For the first half of 2021, Grand Traverse County has seen over double the commercial sales volume and number of lease transactions compared to this time last year. Marketing time (days on market) has decreased by two weeks. The number of commercial sales transactions has increased from 26 to 38. Currently, there are 116 commercial […]
Commercial Real Estate A Week in the Life of a Commercial Realtor If you looked at the physical aspect of my job, you would see it consists of phone calls, emails, texts, and meetings.   Since that describes the work of over half the people I know, I started compiling a list of what I do, to differentiate my job from other office jobs.  Over the past week […]
Commercial Real Estate 1031 EXCHANGES MAY LOSE THEIR ALLURE There has been a lot of conjecture that tax rates will increase over the next few years.  Government spending is reaching record highs with stimulus programs aimed to combat the economic effects of Covid-19 shutdowns.  President Biden has proposed eliminating the “step-up in basis” provision for inherited assets as well as eliminating the long-term capital […]
Commercial Real Estate Let’s Compromise…The Art of Negotiation I’ve always enjoyed a good debate, conversation, or negotiation. I started honing my negotiation skills at a very young age, thanks to my mother. She would offer me a cookie and I would counter-offer by asking if I could have four or five. She would say “Why don’t you start with one or two?” In my mind I just […]
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Commercial Real Estate 2020 Commercial Real Estate by the Numbers 2020 will definitely be a year to remember, although many of us may prefer to forget it.  With a global pandemic, domestic political divide, global trade tension, and record unemployment, this was a year that wreaked havoc on some industries and benefited others.  With restaurants, travel industry, gyms, and large event businesses all but shut-down, […]
Commercial Real Estate Cash Flow is Key: How to use Real Estate to Survive the Pandemic In the past few weeks Moderna, Pfizer & AstraZeneca have announced promising results for three different possible Covid-19 vaccines.  It will take some time to roll out these vaccines and have life return to normal, but the process is likely to begin as early as this month and by late spring of 2021 we may […]
Commercial Real Estate TRENDS IN COMMERCIAL REAL ESTATE SINCE THE PANDEMIC The National Association of Realtors (NAR) just published a study showing how the apartment, office, retail, and industrial markets have been affected since the pandemic began. The report focuses on larger commercial properties (over $2,500,000 of value) in metropolitan areas. Although northern Michigan is faring better than larger urban markets, many of the overall trends […]
Commercial Real Estate JUDGING A PROPERTY BY ITS “TITLE” Reading through the title work on a commercial real estate transaction can be a daunting and unpleasant task.   Many buyers, and sometimes even their real estate agents, do not look carefully enough at these documents.  Without scrutiny, the purchaser may subject themselves to buying a property that does not meet their needs. It is important […]
Commercial Real Estate Downtown Traverse City’s Rotary Square Earlier this summer the Downtown Development Authority (DDA) announced its plans to purchase the TCF Bank site (formerly known as Chemical Bank/Northwestern Bank) on the corner of Union Street & State Street to become the City’s new civic square. The City has been looking for the perfect location and opportunity for a civic square for […]
Commercial Real Estate What is a “Phase I” and Do I Need One? When purchasing any commercial property, it is important to know the history of that property and find out if there might be contamination that could affect future plans or occupants of the property.  In order to thoroughly evaluate a property and protect a new owner from liability for existing contamination, it is important to conduct […]
Commercial Real Estate When the Web Search Doesn’t Turn Up the Perfect Property Your real estate broker may know of an off-market opportunity that is just right for you.  A “pocket listing” refers to a situation where a broker has a signed listing agreement with a seller but agrees not to publicly advertise the property for sale or enter it in the multiple listing service (MLS).  This may […]
Commercial Real Estate Traverse City Commercial Real Estate Recap for 2019 2019 broke the decade long trend of rising prices in commercial real estate in our area.  For the first time in 10 years, the average sale price and price per square foot dropped below the sales prices of the previous year.  This is easily explained by the huge jump we saw in pricing in 2018, […]
Commercial Real Estate Certified Commercial Investment Member (CCIM). What does it mean? What is a CCIM? CCIM is a real estate industry designation that stands for Certified Commercial Investment Member. Those that have earned the CCIM designation have completed a minimum of 160 hours of graduate-level classes that focus on financial and market analysis of commercial real estate.  They have also completed a portfolio of sales and […]
Commercial Real Estate Forget Ghouls, Ghosts and Zombies…8 Frightful Facts related to Commercial Real Estate As the ghosts, goblins, mummies, and gravestones appear all over town, thoughts turn to all things Halloween and spooky.  Here’s a Halloween list of 8 menacing current events to give you Commercial Real Estate nightmares: 1. For years we have been told if the economy was a baseball game, we would be at the bottom […]
Commercial Real Estate Michigan Idea Exchange Last month I was able to attend the Michigan Idea Exchange at the Cobo Center in Detroit.  It is an annual event for the commercial real estate industry sponsored by the International Council of Shopping Centers.  Highlights of the presentations this year included trends in the restaurant industry, retailers expanding in Michigan, developments in Detroit, […]
Commercial Real Estate Coldwell Banker Commercial at the Boca Beach Club Last month I was honored to be invited to Boca Raton for an event for the Top 2% of Coldwell Banker Commercial agents internationally.  In addition to getting a jump start on warm weather in sunny Florida, I was able to connect with top agents and gain insight into new strategies other agents are using […]

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