Every rule has an exception

You will see that my blogroll consists of almost all real estate blogs. But there is always room for an exception. Accordingly, note my newest exception - Jay Shepherd's Gruntled Employees. I am not an employment lawyer (though I worked at huge one as a dirt guy for a couple years), but I know good advice and ideas when I see them. And Jay's simply-put, practical advice is, in my humble opinion, spot on. Go take a look -- you will not be disappointed.

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A New Year - A Statement of Purpose

I've been mulling over writing this article for a while. To quote the late (and improperly maligned) Adm. James Stockdale, "Why am I here?" And in tandem with that: what is my purpose for writing this blog?

I like to write. I always have. Whether I am any good at it is another story, but some people seem to think so. And yes, that is flattering. This blog is just one person's opinions about the world, primary that of real estate. I sometimes go off on tangents, and I try not to get too political. I might be full of it, but if you think I am, don't read. That's the beauty of the blogosphere.

You will not see much bad written about individual people here, with some exceptions for notable public figures. I try as much as I can to adhere to the principle that if you have nothing nice to write about someone, don't write anything. I rededicate that in writing today, and to those against whom I may have transgressed, I'm sorry. If you want to read snarky comments about people, then you've probably come to the wrong place.

This blog comments on news that has already been published. I do not, as a general rule, break news. For those prospective clients who worry about my writing about your deals: I don't, unless you ask or give me permission to do so. That's why confidentiality clauses are in many of my contracts.

I do talk to the media (for for public consumption and on background) about law, trends, real estate in general and blogging. I also comment on other blogs and forums. But I do not comment about my clients' deals unless asked to do so (or given permission) specifically by the client.

Sometimes you will see that I mention my previous work with friends, former clients, colleagues and opponents. I do so not to name drop, but because I believe in full disclosure. If you read this blog, I believe you have the right to know my biases, both actual and potential. So if I know, directly or indirectly, a person or entity in the news, I try to tell you how. I think you deserve that.

Finally, one last thing about me: I take my work very seriously, but I try not to take myself too seriously. The world -- and the legal profession -- would in my humble opinion be a better place if we all tried to do so.

Here's to a great 2009. Happy New Year!

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Good Morning, Manila! (and Good Evening, Chicago)

Magandang Umaga! It is mid-morning Monday in the Philippines and Sunday evening in Chicago, and I just learned the Bears lost, blowing any chance they had of the playoffs. I never expected them to be even close, so I am not bummed out. Now I pin my hopes on a Rose Bowl victory by USC against Penn State.

I am still astounded by the amount of dirt being pushed here in the Philippines. We had a terrific visit yesterday to Tagaytay Highlands, an upscale, private real estate development about 60 minutes from Manila. The facilities, security and dirt were all nothing short of magnificent. The views are among the most beautiful I have seen. Gichael de Leon was kind enough to give us a grand tour of the facility, and his boss was good enough to give us a guest pass to the club facilities, which allowed us to eat at one of the many restaurants on site. We chose the American style steakhouse, and my US-imported ribeye was a touch of home 800 miles away. Many of the buildings are constructed with logs imported from Canada. Great attention to detail. We have some serious considering to do about investing for the future.

On the real estate front back home, I have a few tidbits for your consideration.

First it was the developers, who are concerned about short term debt expiring. Now retailers want a piece of the bailout action too. What next? How about real estate lawyers, title companies and bloggers? We did not even do anything wrong.

Here's the latest on CMBS delinquencies in commercial real estate. Is 0.64% really that bad? Or even the 2% being predicted? Would someone care to tell me what I am missing here? Is the sample skewed? Maybe the heat and humidity are getting to me.

Frustration department: interest rates are crazy low for residential real estate right now and leading many to want to refi, but credit is still tight to the point that the market is stagnant. The mid-2009 predictions, or about 150ish days after Obama takes the oath, are making sense for the beginnings of a turnaround. Let's hope we don't print too much money and/or drive ourselves deeper in a hole.

I am going back into the city tomorrow where I will havve a more reliable high-speed connection, not to mention air conditioning and a 40" flat screen TV. Comforts of home and all that. But I am really having a terrific time so far away from home. I miss my family, yes, but I am happy to be with my in-laws and enjoying the comforts and cultual awakenings of this place.

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Tuesday Tidbits - 10/14 Edition

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?

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The Chicago HuffPo debuts

The Huffington Post debuted its first local edition, for Chicago, today. I'm surprised but happy to see that I was included in the initial blogroll for the site.

I try not to talk about my political views here. That's not the point of my blog. But I do read plenty of news sources everyday from every part of the political spectrum I can. Obviously I'm happy that someone thought enough of me to be rolled on such a high traffic place such as HuffPo Chicago. I'm looking forward to reading it.

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