| In This Issue: Monday, September 12, 2005 | |||||
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INDUSTRY NEWS AND EVENTS |
KATRINA RELIEF EFFORTS |
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NAR has been gathering its resources and strength to offer assistance to those affected by the devastation of Hurricane Katrina in Alabama, Louisiana, and Mississippi. NAR is coordinating the efforts of affiliate organizations and members who are reaching out to help one another to restore a semblance of order to those whose lives were anguished by catastrophe. The NAR web site has resources for you to donate money, find information and access for federal aid, insurance and housing resources as well as a forum to share ideas and stories about dealing with the storm’s aftermath CLICK HERE.
As of the editorial deadline for this report, the RCA was working with FEMA and the Office of Homeland Security to develop a web-based commercial property listing service for businesses affected by Katrina. Stay tuned for information about how to access the commercial property version of www.hurricanehousing.net. Finally Homestore, via their Welcome Wagon program, has created a web site with links to access web sites across the entire Internet offering all types of available housing. People can find short-term, emergency housing, including homeless shelters, open beds, rooms in single family homes and guest houses. Longer term housing solutions are also available, including apartments, senior housing, and single family homes. For more info, CLICK HERE. |
EVENTS FOR COMMERCIAL PRACTITIONERS AT ANNUAL |
| A recently added event to the ever expanding list of offerings at the REALTORS® Conference & Expo is "Total Impact: The Forces Shaping Commercial Investment Returns" on Saturday, Oct. 29; 1- 2:30 PM in San Francisco’s Moscone Center. Dr. Mark Dotzour, Chief Economist and director of research at the Real Estate Center of Texas A&M University will present a look at today's investment climate and what it means. Dr. Dotzuor will discuss the factors that contribute to the valuation of commercial real estate and land markets. Dr. Dotzour will share his knowledge on how various, but specific conditions impact cap rates, rural and urban land values as well as the price of stocks and bonds. Based upon these considerations, he addresses the fundamental question: "Is now a good time to buy or sell land and commercial property?" For a flyer highlighting key topics of his talk and information on more events of interest to commercial practitioners. READ MORE. Presented by the RCA in conjunction with Realtors Land Institute. |
LOOK FOR INAUGURAL T&I BRIEFING AUDIO CD IN YOUR FALL RCA REPORT NEWSLETTER |
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In order to help you stay connected with today’s best ideas, latest trends, and industry best practices, the RCA is rolling out a new initiative next month. Be on the lookout for an audio CD included in the Fall RCA Report mailed to you the week of October 17th. The first in a series of quarterly releases of the Technology & Intelligence (T&I) Briefings will feature interviews with innovative commercial practitioners and industry experts. You’ll hear discussions on topics that impact your business and gain insight to the thinking and strategy of respected leaders within the commercial real estate industry. Hosted by Jack Peckham, the premiere release features discussions with Peter Pike real estate Internet pioneer and editor of the PikeNet Dispatch, Whitney Peyton Senior Managing Director at CB Richard Ellis on using the Internet to powerfully position yourself and products in the market and David Lereah, NAR’s senior Vice President and Chief Economist on the current and anticipated state of the real estate economy. An audio file will also be available from our web site after October 17th. |
COMMERCIAL WORKSHOP AT NAR LEADERSHIP SUMMIT HIGHLIGHTS |
| The annual NAR Leadership Summit for 2006 state and local association presidents concluded on Friday August 19th. The Summit is an opportunity to present thought-leaders, industry issues, and future trends in business and society as well as establish and renew networking contacts among REALTOR® organization leaders. The RCA presented a commercial real estate services workshop, which included an update on emerging market trends and a timely economic update from Lawrence Yun, senior economist at NAR. The second half of the session focused on foreign investors and investments in US commercial properties. Pius Leung, 2005 President, CCIM Institute, gave an overview of how globalization is changing the face of the commercial investor. CLICK HERE to download the PowerPoint presentations and others from the Summit. |
ENTERTAINMENT® BOOKS AT SAVINGS OF OVER 50%- OFF |
| NAR members and association staff may now purchase 2006 Entertainment books at a savings of over 50% off the retail price from REALTOR VIP® partner Entertainment Publications. The Entertainment® book contains $1000s of 50%-off and buy-one-get-one-free discounts from some of the best local and national names in dining, attractions and travel. Each book purchased includes a business card holder on the front cover. Order by November 15 to receive your books by December 10, just in time for holiday giving. Visit http://www.entertainment.com/nar or call 1-800-672-3053 and mention promo code RE6NAR and your 9-digit NRDS number. Please note that Entertainment® books may not be available in all areas. Association staff: to order, you will need your 9-digit NRDS number. If you do not have one, fax your business card to 866-728-4621 and an Entertainment customer representative will contact you to set you up with an account and customer ID number. |
PUBLIC POLICY UPDATES |
UPDATES ON COMMERCIAL ISSUES IN CONGRESS |
| Read brief updates on current issues in Congress from NAR Regulatory and Industry Relations. The July publication (no August report was done due to the Congressioal recess) includes updates on the Terrorism Risk Insurance Act, information on NAR’s co-sponsorship of REMIC legislation, the NAR meeting with Federal Reserve on the implementation of the Basel II accord and the Senate Finance Subcommittee hearing on depreciation. READ MORE. |
MEMBER SURVEY SAYS TRIA SHOULD BE EXTENDED |
| Thanks to those of you who participated in the RCA survey of commercial members on terrorism insurance. The insights gained from the survey will be very helpful as we engage in lobbying efforts to extend a modified version of the Terrorism Risk Insurance Act. Currently, the respective congressional committees (Financial Services in the House, and Banking in the Senate) are working on extension legislation that would rely more heavily on the private markets than the current version of TRIA, which is scheduled to expire on December 31, 2005. The survey verified that TRIA has been successful in making terrorism insurance more available and more affordable. Those that declined terrorism insurance coverage did so because either it was too costly, or prospective purchasers perceived themselves to not be at risk. This finding concurs with the results of a RAND report that terrorism premiums should drop to encourage take up rates in non-target rich environments. The survey also indicated that 84% of respondents have not been able to purchase affordable terrorism insurance for 2006. We also learned that a $625 million project employing 40 people will not be able to go forward as a result of TRIA's pending expiration. There is further anecdotal evidence that if TRIA were to expire, terrorism insurance costs would sky rocket. Thank you very much for your participation in providing valuable information. |
RESEARCH, RESOURCES, LEGAL |
NEW USES FOR OLD ASYLUMS |
| Catch up on the latest land news and trends in "Power Tools for Land Sales Professionals" from NAR's Information Central. This week you'll find entries on converting "the scariest building in North America" for new use, discovering the silver lining in military base closings, the fragmentation trend in rural Texas land sales, and more. READ MORE. |
MULTI-FAMILY VIEW FROM RESEARCH NOW AVAILABLE |
| NAR Research publishes quarterly reports on each of the sectors of commercial real estate. The latest release is the Multi-Family View - a compilation of statistical data on over fifty markets and brief written reports. Overviews of vacancy forecasts and rent growth are presented for fifteen geographical regions. The report considers parallels between multi-family housing fundamentals and housing affordability including the condo conversion craze. Each issue includes a forecast of the vacancy rates in national housing and a topical theme that describes a particular, noteworthy aspect of housing activity. READ MORE. |
AFFILIATE NEWS |
IREM PUBLICATION PROVIDES GUIDELINES FOR HURRICANE SEASON |
| To assist real estate managers in hurricane-prone areas near the Gulf Coast, "Chapter 25: Hurricanes" from Before Disaster Strikes, Third Edition, has been posted online. This chapter outlines specific "how-to" strategies on minimizing hurricane-related damage before, during and after the event. In addition to hurricanes, Before Disaster Strikes covers 21 other types of disasters, including floods, hazardous materials incidents and terrorism. To read excerpts and to order online, CLICK HERE. |
Report compiled by Carolyn Schwaar, cschwaar@realtors.org, 312/329-8874. |
| QUESTIONS on this report? Visit the INS FAQ and online feedback area on REALTOR.org. CLICK HERE. |
