Commercial Real Estate Basic Stats

Commercial Real Estate Basic Stats More Than 59% UP!
Published May 15, 2014 | By ListedBY
Chicago-area commercial properties jumped in the first quarter to their highest level since 2008, fueled by rebounding rents and occupancies and a pickup in lending.
Investors plunked down more than $3 billion to acquire 192 apartment properties, retail centers, industrial buildings and hotels in the first quarter, up 59 percent from $1.9 billion in year-earlier period, according to New York-based research firm Real Capital Analytics Inc. It was the best first-quarter showing since the first three months of 2008, at the tail end of the last boom, when investors bought $3.9 billion in commercial real estate here.
“That’s really strong for the first quarter, especially considering the weather we had,” said Real Capital Managing Director Dan Fasulo. “It wasn’t easy for people to get into town and see the buildings. That makes the number all the more impressive. If you write a check for $100 million, you had better go look at the damn building.”
Investors are stepping up acquisitions as the real estate market continues to recover from the worst of its post-crash depths. Rents and occupancies have improved across all property types in recent years.DOWNLOAD YOUR FREE EBOOK HERE – -

An improved lending climate is helping, too. More investors are able to finance acquisitions on favorable terms because banks have boosted their lending.
‘WEALTH OF HUNGRY BUYERS’

“There’s a wealth of hungry buyers. Why not when money is available?” said Al Klairmont, president of Chicago-based real estate firm Imperial Realty Co.
In February, Mr. Klairmont’s firm capitalized on the investor appetite for retail properties in luxury shopping districts, selling a 6,306-square-foot building on Oak Street for $18.9 million to New York financial services company TIAA-CREF.
Borrowing costs have remained low because of low interest rates, though that could change as the economy improves and the Federal Reserve continues to scale back its bond-buying program.
The market can “digest a slow rise in rates, but a massive spike could certainly have some serious implications,” Mr. Fasulo said.
During the quarter, sales were distributed fairly evenly over property types, Real Capital’s data show. The office sector led in the Chicago area, with $855 million in sales, followed by retail, at $690 million, industrial, $616 million, and apartments, $620 million. Local hotel sales totaled $288 million.

Where sales go from here will depend on whether the local economy continues to improve, further boosting occupancies and rents, Mr. Fasulo said. Key economic indicators in the region have lagged the rest of the country. The unemployment rate here was 8.1 percent in March, down from a year earlier but still higher than the 6.7 percent national rate that month.
To push sales volumes back to 2006 and 2007 levels, “going forward, people have to kind of believe in the Chicago story,” Mr. Fasulo said. He noted that Houston is booming for commercial real estate deals right now because of the region’s expanding energy industry. “Chicago needs a similar type of gravitational pull.”
Significant sales that closed in the first quarter include:
• A venture between Chicago-based Zeller Realty Group and Chinese investor Cindat Capital Management acquired a 65-story office tower at 311 S. Wacker Drive for $302.4 million.
• White Plains, N.Y.-based Acadia Realty Trust bought the retail shops in the Waldorf-Astoria hotel for $44 million.
• New York-based Pioneer Acquisitions LLC paid $28.9 million for eight apartment buildings on Chicago’s North Side.
• Farmington Hills, Mich.-based Village Green Cos. bought a 21-story Gold Coast apartment tower for about $19 million.
• Chicago real estate firm Newcastle Ltd. spent close to $19 million for a 21,000-square-foot, two-story retail and office condominium at the base of the Bristol condominium building in the Gold Coast.

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Things “The Wolf of Wall Street” Can Teach You About Job Hunting

Things “The Wolf of Wall Street” Can Teach You About Job Hunting
SHALA MARKS  
 

I watched “The Wolf of Wall Street” this past weekend, and let me tell you, it was three hours of insanity. To give a brief background for those who haven’t seen it, the movie is about Jordan Belfort (played by Leonardo DiCaprio), an over-the-top, “druggie” stockbroker who makes a fortune dealing in stock market manipulation.

The movie details his rise to wealth and power and all the (self-inflicted) obstacles he faces thereafter. Belfort is an erratic, fast-talking, money-hungry character, but he’s also one heck of a businessman. His actions led me to think about how many job seekers could learn a thing or two from him (both what to do and what not to do). This is especially true after reading a recent survey from Manpower Group.

The Manpower Employment Outlook Survey for Q1 2014 explained how there are three key drivers of success when it comes to the job search: location, timing and skills. And interestingly enough, these three areas are exactly what Belfort utilizes in the movie to help him establish a billion-dollar company.

So, exactly how does he do this? And what can his actions teach you about a successful strategy for the job search? I’m glad you asked.

1. Location

Manpower said it’s about being in the right place, and Belfort understood the value of this concept. He had a passion for the stock market industry, so what better place to work than on Wall Street? And when that fell through, Belfort moved on to an even more profitable (not necessary ethical) location: Long Island. Most folks wouldn’t think of Long Island as the place to be for jobs, but in Belfort’s case, it was. He began working at a company selling penny stocks, the only place at that time still hiring stock brokers. This location proved profitable for him as he soon learned he would earn a 50 percent commission, much larger than his commission rates on Wall Street. Plus, no one at the company had the same selling skills as Belfort, which 1) helped easily escalate him to the top seller and 2)  provided the opportunity for him to start his own business. Who doesn’t want to be in a location where your product/service is in demand and your company is one of the very few that offers it?

So, when job hunting, it’s important to think about location. What cities/states have the most openings in your industry? And in what locations is your industry booming? Location is important to consider as you apply for jobs because it will be easier to offer your skills in an area where they’re in demand, versus one where they are not.

2. Timing

Along with being in the right place, one must also have the right time. Again, Belfort was in the penny stock business where there wasn’t much competition. And as his company grew, so did new initiatives in the stock market, like introducing IPOs. Belfort needed to make his business more “respectable” and it just so happened that at that very same time, women’s shoe designer Steve Madden was becoming a hot commodity. Being able to exclusively sell Madden’s stock came right on time to push Belfort’s firm to the next level.

Consider timing not only when you apply for jobs, but when you follow up. If you’re cold calling hiring managers, do so in the early morning as opposed to the lunch hour. Or if hiring is slow at a company, spend more time applying to others that are actively accepting applications.

3. Skills

To land a job and become successful, you will definitely have to have the right skills. Although Belfort was a drug addict, curse-word slurring, debauchery loving character, he was an incredible salesman. He understood the art of sales and manipulation, easily drawing in hesitant buyers. He was deemed the “Wolf of Wall Street” but even this only attested to his skills as more and more people sought to work for him. And on top of sales, Belfort was a great motivator who constantly encouraged his employees, pushing them to never take no for an answer.

Play up your skills on your resume and cover letter to let hiring managers know you are qualified. And learning a new skill or receiving a certification only helps add to your credibility.

What are my 401k options?

What are my 401k options?

Once you leave your company, you must decide what to do with your retirement plan assets. Knowing your distribution options, and how they will affect your retirement savings, can make the difference between having a comfortable retirement and not having one at all.

Direct rollover into an IRA

The easiest way to avoid any mandatory state or federal withholding taxes, as well as a possible 10% IRS penalty, is to directly rollover your entire plan into an Individual Retirement Account (IRA). An IRA is a tax-deferred account that can be used to receive retirement benefits distributed from an employer-qualified plan. Since all earnings continue to accumulate on a tax-deferred basis and those earnings will be compounded your funds can accumulate more rapidly than money placed in an otherwise identical taxable account.If for some reason you have already received your lump-sum distribution, minus the 20% mandatory withholding, all may not be lost. You have 60 days from the date you received your payout to invest these funds into an IRA, along with an additional 20% of your own money to cover the amount withheld. When you file your income tax return, you will receive credit for the 20% withheld. But remember, you only have 60 days to do this. If you fail to act within the 60 days, your entire payout will be subject to state and federal income taxes, a potential 10% premature distribution IRS penalty, and your accumulations tax-deferred status will be lost forever.

Taxable distribution

Although taking a taxable distribution can give you access to the savings in your retirement plan, there are several things to consider when taking a lump-sum distribution:State and federal income taxes will take a “bite” out of your distribution. When you were making contributions to your 401(k), you most likely did so with pre-tax dollars. In addition, employer contributions to a qualified plan on your behalf were also tax deferred. Upon distribution, you have to pay current income taxes on all pre-tax contributions and earnings.There is a 20% mandatory federal income withholding tax that is applied to eligible rollover distributions. If you elect to receive a check directly from your employer, you will only receive 80% of your distribution. In essence, if you expect to receive a check for $100,000, your employer will withhold 20%, or $20,000, and send you a check for $80,000.A 10% IRS penalty may also apply (also known as a premature distribution penalty). Generally, if you are under age 59 1/2 you will have to pay the IRS an additional 10% penalty when you file your federal income taxes next year. There are certain exceptions to this rule, such as death, disability, or substantially equal payments.

Transfer funds to your new employer’s plan

If your new employer’s plan accepts rollovers from another employer’s plan, you can transfer the funds directly to its 401(k) plan or other type of qualified employer plan, avoiding current income taxes and the 20% withholding tax.

Keep funds in your old employer’s plan

For account values of $5,000 or more, you may be able to keep your funds in your former employer’s plan. Your funds will continue to accumulate tax-deferred, and can later be moved to a new employer’s qualified plan or an IRA. If you are over the plan’s retirement age or age 62, your company may insist that you take a payout in order to decrease the plan’s administrative costs. If this happens, you still have the option to make a direct rollover to an IRA.Did you know…?The 1974 Employee Retirement Income Security Act, better known as ERISA, protects people’s retirement funds in case of job change (or loss).Compare the after-tax accumulation of currently taxable and tax-deferred accounts with our Lump-Sum Tax Deferral Calculator.

The Retirement Consulting Group (RCG)—an experienced team of retirement consultants who understand the nuances of retirement planning—is designed to supplement the relationship you have with your financial professional. Contact RCG for all of your rollover and retirement related questions.Neither New York Life Insurance Company nor its agents provide personal legal or tax advice. Please consult your own legal or tax advisor to find out how the general concepts mentioned in this article may or may not apply to your personal circumstances.