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alstry (35.17)

1.01.10 Commercial Real Estate Buried

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December 29, 2009 – Comments (2)

In 2007, developers excavated a deep hole in downtown Seattle at Second Avenue and Pine Street for the foundation of a 23-story luxury hotel and condo tower.

They filled the hole in 2009.

That pretty much captures the kind of year it's been for commercial real estate in the Seattle area.

http://www.calculatedriskblog.com/2009/12/cre-we-thought-we-were-different.html

Seatle, Vegas, Chicago, New York, San Francisco, Miami........we could go on and on.

Interesting times....Benny B's Zombulator Zero Interest Rate policy is starving much needed interest income from the elderly and savers of America while bailed out bonused insolvent bankers are sticking it to Americans with high interest rates and tight credit policies with Benny's blessing.

As we approach 1.01.10....Commericial RE is coming to a grinding halt around America as revenues are evaporating.....rents are crashing, vacancies skyrocketing, operating expenses increasing while credit is almost impossible to obtain.....and the need for space is deminishing as the FIRE economy collapses....except for those buddies being bailed out by Benny of course.

Interest income vanished while credit being tightend.....classic Zombulation symptoms resulting in the shutting down of the world as we knew it in a credit dependent over leveraged domestic consumer based economy.

Sorta sad how so few see the harmful effects of Benny B's ZIRP Zombulation policies.......he is basically handing our nation to a few on Wall Street as his banker buddies laugh all the way to the bank while millions of citizens lose their savings, livlihoods, jobs, and get kicked out of their homes by those same Benny B buddies.

Make no illusions...the distress is spreading and conditions are getting much worse....as Benny B lies to you and simply directs most of the stimulous money to a few of his friends and the rest of the nation deteriorates.

Future budget cuts in Tennessee could mean fewer troopers on our highways. Thirteen small counties could be left with no troopers at all.  In the Tennessee Valley area they include Bledsoe, Meigs and Sequatchie counties. They would have to rely on neighboring counties for crash calls and assistance.  Gov. Phil Bredesen is asking state agencies to plan for nine percent budget cuts in the coming fiscal year, which begins July 1.

GRAND RAPIDS (WZZM) - As the year comes to a close, the City of Grand Rapids is still determining which city workers lose their jobs at the end of the week.  In November, city leaders announced they would make 125 job cuts.

 

2 Comments – Post Your Own

#1) On December 29, 2009 at 1:02 AM, alstry (35.17) wrote:

In the Nuclear Digital Age....much of the world as you know it simply does not exist....especially the FIRE economy, commerical real estate and retail.

Harpers Ferry, the upscale kitchen store started 15 years ago in Yuba City, will close next month after weak Christmas sales in 2008 were followed by worse retail figures this holiday season, its owner said.

"We hoped for a miracle," Jim Czigans said. "And it just didn't happen."

"I'm sick about it," Czigans, 62, said of the store's closing. "It's just a bad time to be in business."

The last two years follow more than a dozen of doing well, he said.

Higher taxes and uncertainty over the impact of a new federal health care program contributed to the decision to close the store at 655 Colusa Ave., Czigans added.

"I have no idea — and I don't think anybody else does — what they're talking about," he said of how health care legislation will affect small businesses.

At its peak the Harpers Ferry in Yuba City had 13 employees, said Czigans.

Darin Gale, economic development manager for Yuba City, said he regrets the store's closing. Other businesses that have recently closed along Colusa Avenue include the Downtown Grill restaurant, and McMahons and Kian furniture stores....

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#2) On December 29, 2009 at 1:15 AM, alstry (35.17) wrote:

THE EVIDENCE KEEPS PILING UP.....

OVIEDO, Fla. -- Troubles are mounting for a struggling Seminole County mall. A Channel 9 photographer noticed an eviction notice on the RJ Gators restaurant at the Oviedo Marketplace and when reporter George Spencer went to check it out, he found a second business closing as well.

The Chicago-based company that owns the mall, General Growth Properties, is in the midst of bankruptcy and restructuring.

Now, two of the biggest businesses on the north-facing side of the marketplace are out.

Mall-goers were still walking up to RJ Gators restaurant Monday afternoon only to find an eviction notice served on Christmas Eve.

The vacancy list is still growing. Entertainment store FYE is selling off merchandise, reportedly preparing to close as well.

“To us it's kind of sad because we grew up here,” shopper Lynette Belle said.

Lynette Belle watched the mall flourish, but as the empty stores there multiply she says she seems to be watching it wither away.

“It feels like they're closing down and it's all about to end. A lot of things here are gone especially the really good stores that most people go to, are not around anymore,” she said.

“This mall's been around for a great long while and FYE is one of the first stores I ever went to there. And it's very sad,” shopper Mark Atheride said.

In April, General Growth Properties filed for Chapter Eleven bankruptcy. Then in August came news that anchor tenant Bed, Bath and Beyond, was leaving.

Ernest and Kim Glassco say the movie theater is really the only reason they go to the mall.

SIMPLY THE END OF A WORLD AS WE KNOW IT.....

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