So much to write about, but so little time.
Tales from the front? Deals are closing, but lenders are still stalling. One great story I heard today: a lender has been putting off a borrower for six months now for various reasons; the latest is that the appraisal is more than six months old and therefore stale, thus requiring a new appraisal. Gotta love that one. On the good front, I appear to have wrapped up a deal or two today.
Many institutional buyers are still sitting out of the commercial market, even cash buyers. Why? They say there's just no confidence at all that we are anywhere near a bottom. I guess the mentality is why buy a 7 cap when it might be an 8 or 9 in a year? Of course, there is still a lost opportunity risk associated with being on the sidelines. You eventually have to move money to make money. (H/T Traffic Court.)
One of the better real estate bloggers out there, Doug Cornelius, has moved on from Goodwin Proctor to an in-house gig. I wish Doug well and hope he keeps up his excellent blog. On a personal note, I'm glad to see I'm not the only one who left a great firm for a compelling opportunity.
Finally, the golf course next to my house is supposedly closing. The owner wants to develop the land around it with more luxury homes, but the village refuses to give him water and sewer unless he annexes into the village. The current plan (we'll see if this actually happens) is to plow under the course and plant corn and soybeans. Can you say highest and best use?
