Jan

29

New Multi-Family Statistics Website (zilpy.com)

Filed Under Demographics, Local News | Leave a Comment

A new website for rent prices launched today.  From their description on zilpy.com, Zilpy is a free online rental market facts and analysis service dedicated to help you make better rental and investment decisions.

The following is a screenshot of the Zilpy page for Spokane

ziply_screenshot

Check out a few of their local pages:

Coeur d’Alene
Spokane
Cheney

Washington
Idaho

Their website bills itself as a site for investors, renters & landlords.

image

I found it interesting that some of the smaller towns such as Pullman and Sandpoint did not have enough data to depict an accurate picture.  Overall this is a good start and in true Web 2.0 form they are still in beta.  We’ll watch to see how this site develops in the future.

Jan

28

U.S. Tops Foreign Real Estate Investment List

Filed Under National Market | Leave a Comment

Despite a growing interest in Asia, U.S. real estate, by a wide margin, has risen to the top of the global property market among foreign investors, with New York City and Washington named the top two global cities for foreign investors’ real estate dollars according to the results of the 16th annual survey released today by the Association of Foreign Investors in Real Estate (AFIRE). The survey was conducted in the fourth quarter 2007 among the association’s nearly 200 members. Collectively, AFIRE members hold $700 billion of cross-border real estate, including $230 billion in the U.S.

We do no see a great deal of foreign investments in the Spokane/CDA MSA.  It can be difficult to direct foreign dollars to a tertiary market with a smaller economic base.  However, with the weakening of the U.S. dollar there has been a noticeable influx of Canadian capital. Below are some noteworthy statistics from AFIRE’s survey. The full report can be found at www.afire.org

Top Five Global Cities for Foreign Investor’s Real Estate Dollars

     1. New York; up from #2 in 2006
     2. Washington; DC up from #4 in 2006
     2. London; down from #1 in 2006
     4. Paris; down from #3 in 2006
     5. Shanghai; up from #9 in 2006

Most Stable and Secure Countries for Real Estate Investments

     1. U.S. – 56% of vote
     2. Germany – 11% of vote; up from #3, with 4.5% of the vote in 2006
     3. United Kingdom – 8.8% of vote; down from #2, with 11% of the vote in
        2006
     4. Australia – 8.8% of vote; up from #5, with 3% of the vote in 2006
     5. Japan – 5.3% of vote; with 3% of the vote [tied with Australia],
        unchanged from 2006

Countries Offering the Best Opportunity for Capital Appreciation
 
    1. U.S. – maintains ranking; increases percentage of votes to 26.2% from
        23% in 2006.
     2. China – moves into 2nd place from 3rd; increases percentage of votes
        to 21.4% from 14.8% in 2006.
     3. India – falls from 2nd to 3rd; decreases percentage of votes from 18%
        to 16.7% in 2006.
     4. Russia – moves from 5th to 4th; although percentage of votes decreases
        to 7.1% from 8.2% in 2006.
     4. Mexico – moves from 7th to 4th (tied with Russia); increases
        percentage of votes to 7.1% from 4.9% in 2006.

Top U.S. Property Types

Within the U.S. property market, the most dramatic change was a total reversal of investors’ preferred U.S. property types, with every property category shifting and, most dramatically, office properties falling into fifth place and retail properties rising to first.

     1. Retail – from 5th place in 2006
     2. Hotels – from 3rd place in 2006
     3. Industrial – from 4th place in 2006
     4. Multi-family – from 2nd place in 2006
     5. Office – from 1st place in 2006

Top U.S. Cities

The ranking of the top five U.S. cities echoed respondents’ choices in 2006:

     1. New York
     2. Washington, DC
     3. Los Angeles
     4. San Francisco
     5. Seattle

Jan

25

Five Story Office Building Planned for Spokane Valley

Filed Under Local News, Spokane | Leave a Comment

image

The Spokesman Review has an article on this project. It is interesting to see that Worthy Enterprises tabled the office complex close to the airport because it did not pencil. However, when asked about the cost for this project Worthy said, “We don’t ever do budgets, we just build it.”

SR.com: Five-story building planned for Valley

Jan

23

Local Real Estate News Roundup

Filed Under Local Market, Local News | Leave a Comment

Home sales suffer in 2007  — CDA Press

Coldwell CEO: Idaho sales still cruising  — CDA Press

Hayden to consider 1,800-home development again — Spokesman Review

Jan

21

Impact Fees for Spokane on the Table

Filed Under Government, Local News | Leave a Comment

Spokane has proposed impact fees that the City of Spokane will impose on developers building projects in the city limits. Here is a link to the Spokesman Review article this weekend discussing the issue.

SR.com: Spokane eyes impact fees

Jan

14

Real Estate Market Forum

Filed Under Announcements, Local Market | Leave a Comment

The Spokane-Kootenai Real Estate Research Committee presents the 2008 Real Estate Market Forum.

Thursday, February 21
8 a.m. – 2 p.m.
Spokane Convention Center

Real Estate Market Forum Flyer

Jan

7

SR.com: Spokane Art School selling building

Filed Under Local Market, Spokane | Leave a Comment

The Spokane Art School is looking for a sale-leaseback on their 10,000 sq. ft. building.  The building is located in a prime location on Howard.

SR.com: Spokane Art School selling building

Jan

4

450 Park, New York Sold for close to $1,600 per SF

Filed Under National Market | Leave a Comment

Think prices in our market are too high? According to CoStar lease rates in the building range from $110 to $140 per square foot/year.  Compare that to our annual rates of $12 to $24 square foot.

Full Article

Jan

3

Local Group to acquire Ridpath Hotel in Spokane

Filed Under Local News, Spokane | Leave a Comment

The Spokesman Review is reporting that Las Vegas hotel owner Douglas DaSilva, the owner of the Ridpath, is considering selling to a group of local businessman who have raised capital to restore the hotel.

Full Story

Jan

2

Welcome & Happy New Year

Filed Under Announcements | Leave a Comment

Thank you for visiting our new blog. Our goal is to provide information regarding area commercial real estate news. Our aim is to keep you informed of major development news & projects for the Inland Empire area. The focus of the blog will be Spokane & Kootenai counties, however we will occasionally post about major projects in the surrounding area. Please join in the discussion of projects through comments and we will respond promptly. We also ask for your help in providing the most up to date information by letting us know about any new projects or requesting information. Thanks for visiting and best wishes for the New Year!