Wednesday, March 31, 2010
Tuesday, March 16, 2010
ROBUST CONSTRUCTION EXPECTED FOR AUSTIN RETAIL MARKET
AUSTIN (Marcus & Millichap) – The prospect of a shallow economic downturn has restored developer optimism in Austin, resulting in a leap in supply this year that will hamper property operations in older assets, according to the 2010 National Retail Report by Marcus & Millichap.
Although anchors are in place at most new developments, including the 500,000-sf Domain II, lenders continue to show restraint when considering small business loans, limiting owners’ ability to fill in-line space.
“Sidelined investors with capital are poised to re-enter the retail market, although significant activity is not anticipated until mid 2010, when a pricing floor will emerge,” said J. Michael Watson, regional manager of Marcus & Millichap’s Austin office.
Some findings from the Austin Retail Research Report:
Employers will increase payrolls by 2.5 percent, or 19,100 jobs, in 2010.
Developers are projected to add 1.6 million square feet of retail space to the market this year, more than double deliveries in 2009.
After a 40 basis point rise last year, vacancy is expected to push up 50 basis points to 10 percent by year-end 2010.
In 2010, asking rents are forecast to retreat 1.3 percent to $19.68 per sf, while effective rents will slip 4.1 percent to $17.12 per sf.
Although anchors are in place at most new developments, including the 500,000-sf Domain II, lenders continue to show restraint when considering small business loans, limiting owners’ ability to fill in-line space.
“Sidelined investors with capital are poised to re-enter the retail market, although significant activity is not anticipated until mid 2010, when a pricing floor will emerge,” said J. Michael Watson, regional manager of Marcus & Millichap’s Austin office.
Some findings from the Austin Retail Research Report:
Employers will increase payrolls by 2.5 percent, or 19,100 jobs, in 2010.
Developers are projected to add 1.6 million square feet of retail space to the market this year, more than double deliveries in 2009.
After a 40 basis point rise last year, vacancy is expected to push up 50 basis points to 10 percent by year-end 2010.
In 2010, asking rents are forecast to retreat 1.3 percent to $19.68 per sf, while effective rents will slip 4.1 percent to $17.12 per sf.
Monday, March 8, 2010
Conventional Residential Lending Report
Home Affordable Refinance Program (HARP) extended to June 30, 2011
On March 1, 2010, the Federal Housing Finance Agency (FHFA) announced the extension of the Home Affordable Refinance Program (HARP). FHFA is the regulator and conservator of Fannie Mae and Freddie Mac. HARP is a component of the Obama Administration's Making Home Affordable Program. Borrowers with loans guaranteed or owned by Fannie or Freddie with loan-to-value ratios between 80 percent and 125 percent may be eligible to refinance their mortgages under HARP. In 2009, there were nearly 200,000 refinancings under HARP, far short of the original goal of helping up to 5 million homeowners.
On March 1, 2010, the Federal Housing Finance Agency (FHFA) announced the extension of the Home Affordable Refinance Program (HARP). FHFA is the regulator and conservator of Fannie Mae and Freddie Mac. HARP is a component of the Obama Administration's Making Home Affordable Program. Borrowers with loans guaranteed or owned by Fannie or Freddie with loan-to-value ratios between 80 percent and 125 percent may be eligible to refinance their mortgages under HARP. In 2009, there were nearly 200,000 refinancings under HARP, far short of the original goal of helping up to 5 million homeowners.
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