We hope you are planning to be among the 400+ attending the Triangle CREW Champion Awards luncheon on April 29th at the Sheraton Imperial in Durham. The TCREW Champion Awards is an annual program that honors leaders, deals and projects in the Triangle commercial real estate industry.
Also coming up is the 15th Annual TCAR Commercial Classic on Tuesday, May 11th. Again, this year's tournanment will be held at the River Ridge Golf Club, 3225 Auburn Knightdale Road, in Raleigh. Registration and breakfast begins at 7:30am with a shot gun start at 9:00. The Hole in One prize is $25,000 cash, with additional hole in one prizes that include an electronics package and airline tickets. Price is $65 a golfer and $25 for the mulligan package that includes two raffle tickets for the drawings during the barbecue lunch after the tournament. Go to http://www.tcar.com/ to register for both or call the office at 919-228-2588.
On Tuesday, May 18th, TCAR is partnering with the NC CCIM chapter to bring the Calculator class. Classes will be held at the residential board, 111 Realtor Way, in Cary. This course is designed to provide an understanding of financial analysis tools, concepts and calculations necessary for commercial real estate. It will prepare the student for the calculations used in the CCIM Intro course and beyond. Students will be provided with an excel workbook that they will retain. An introduction to the CCIM designation and the process to obtain it will be presented. Classes are $25 a person to all residential/commercial REALTORS®, CCIM designees/candidates, and NCCCIM members. Register at http://www.nc-ccim.org/ . Students will require a laptop loaded with A FULL VERSION (activated) of Microsoft Excel. You'll also need a basic understanding of NOI, discounting,compounding, and general commercial real estate knowledge. Macs with the most recent version of Excel will NOT be able to run the financial calculator spreadsheet.
Lastly, on Friday May 21st, TCAR will hold it's first Community Service Day with the Raleigh Rescue Mission from 9:00 to 1:00. We'll be sorting items at the warehouse and possibly helping with warehouse set-up, sanitizing dishes, chairs, etc., in the kitchen, washing walls and washing vehicles. The Raleigh Rescue Mission is located at 314 East Hargett Street in Raleigh. For more information on the Raleigh Rescue Mission go to http://www.raleighrescue.org/aboutus . Registration will be posted online at www.tcar.com this coming week. You can also tweet tcarkim or email kimb@tcar.com to register.
TCAR looks forward to seeing everyone at all the events. Thank you for your membership and keep checking the website, twitter, the blog or your email box for updates and more information.
Saturday, April 24, 2010
Thursday, April 22, 2010
NC REALTORS Government Affairs Update
Legislative Commission on Global Climate Change
Last week’s meeting of the Commission on Global Climate Change centered on its final report to be submitted to the General Assembly before the start of the 2010 legislative session. The draft report is a lengthy combination of findings on climate and environmental matters which could affect North Carolina in the future. There are many findings in the draft which pertain to every aspect of the environment but one recommendation of note is to direct the General Assembly to study the policy of requiring disclosure of potential hazards to purchasers of coastal property. The Commission will hold its final meeting on May 5th and NCAR staff will be in attendance.
Finance Committees Discuss Corporate Tax IssuesBusiness taxes were the focus of the sixth meeting of the House and Senate Finance Committees, held this week in Raleigh. Presentations were given by several General Assembly staff members detailing the corporate income and franchise tax structures in North Carolina and how taxes and economic development are interrelated. Another staff member and Jason Jolley, a Senior Research Director with UNC’s Center for Competitive Economies, also presented information regarding North Carolina’s economic development incentives program and the use of business tax credits to promote economic development. Click here to access the meeting presentations. The final meeting will take place on April 28th and this discussion is expected to continue.
Last week’s meeting of the Commission on Global Climate Change centered on its final report to be submitted to the General Assembly before the start of the 2010 legislative session. The draft report is a lengthy combination of findings on climate and environmental matters which could affect North Carolina in the future. There are many findings in the draft which pertain to every aspect of the environment but one recommendation of note is to direct the General Assembly to study the policy of requiring disclosure of potential hazards to purchasers of coastal property. The Commission will hold its final meeting on May 5th and NCAR staff will be in attendance.
Finance Committees Discuss Corporate Tax IssuesBusiness taxes were the focus of the sixth meeting of the House and Senate Finance Committees, held this week in Raleigh. Presentations were given by several General Assembly staff members detailing the corporate income and franchise tax structures in North Carolina and how taxes and economic development are interrelated. Another staff member and Jason Jolley, a Senior Research Director with UNC’s Center for Competitive Economies, also presented information regarding North Carolina’s economic development incentives program and the use of business tax credits to promote economic development. Click here to access the meeting presentations. The final meeting will take place on April 28th and this discussion is expected to continue.
Wednesday, April 14, 2010
NAR Requests TALF Extension in Letter
Last week, the National Association of REALTORS submitted a letter before the House Financial Services Committee hearing on "Unwinding Emergency Federal Reserve Liquidity Programs and Implications for Economic Recovery." Specifically, NAR asked policymakers to extend the Term Asset-Backed Securities Loan Facility (TALF) for legacy and new newly issued commercial mortgage-backed securities (CMBS) through the end of 2010.
Last November, the first CMBS in over eighteen months was sold with the assistance from TALF. Additional loans are now in the program's pipeline. However, due to the long-term nature and complexity of putting together CMBS deals-often taking between six months and two years to complete - potential investors will be excluded from participation as a result of the March 31, 2010 and June 30, 2010, sunset dates for legacy and newly issued CMBS, respectively. Given additional time, TALF will continue to help thaw the nearly frozen private commercial mortgage markets.
TALF was created last year in an effort to thaw the frozen $900 billion CMBS market, which has been a significant source of funding for the commercial real estate industry in the past decade. Under the program, the Federal Reserve provides investors with low-cost loans to buy securities backed by commercial real estate debt. It is estimated that roughly a dozen more CMBS deals are in the works, with most investors hoping to tap into TALF.
Last November, the first CMBS in over eighteen months was sold with the assistance from TALF. Additional loans are now in the program's pipeline. However, due to the long-term nature and complexity of putting together CMBS deals-often taking between six months and two years to complete - potential investors will be excluded from participation as a result of the March 31, 2010 and June 30, 2010, sunset dates for legacy and newly issued CMBS, respectively. Given additional time, TALF will continue to help thaw the nearly frozen private commercial mortgage markets.
TALF was created last year in an effort to thaw the frozen $900 billion CMBS market, which has been a significant source of funding for the commercial real estate industry in the past decade. Under the program, the Federal Reserve provides investors with low-cost loans to buy securities backed by commercial real estate debt. It is estimated that roughly a dozen more CMBS deals are in the works, with most investors hoping to tap into TALF.
Tuesday, February 23, 2010
From NAR: Commercial Real Estate Liquidity
I received this email from NAR Government Affairs and thought it was important to pass along. I also think it is important that not only should our association send this letter, but commercial brokers as well. The letter is as follows:
" Several state associations have expressed concerns about commercial real estate liquidity. NAR shares these concerns and have drafted a letter for state and local associations to send to their members of Congress. Please use this letter as you see fit. The letter can be signed and should be on association (company) letter head. If you have any questions contact Megan Booth MBooth@realtors.org or Vijay Yadlapati VYadlapati@realtors.org ." The letter is as follows and a link will be provided at the bottom so that you might download it and send it off.
February 22, 2010
Dear Representative (Insert member of Congress. You can google that information)
A crisis is looming in the commercial real estate market. This will not just be a disaster for commercial real estate investors and property owners - but for the entire economy. Commercial real estate supports more than nine million jobs and generates billions of dollars in federal, state and local tax revenue. ( Company or your name) is very concerned about this growing problem, and believes that solutions are needed to avoid this potential crisis.
We support H.R. 3380, the "Promoting Lending to America's Small Businesses Act of 2009" introduced by Reps. Kanjorski (D-PA) and Royce (R-CA) that would increase the cap on credit union commercial lending to 25% of total assets. During previous crisis' consumers and businesses have relied on credit unions to fill in the gaps where banks cannot serve them. But today they are hampered by a lending cap of 12.25% of total assets.
We also believe there are a number of other proposals that are worthy of serious consideration. These include solutions to the equity gap which prevent properties with an otherwise performing loan from refinancing when the property has a value of less than the current debt. Improved cash flow for investors/owners of commercial real estate would help to fend off some of the challenges the market faces. The most effective means of improving cash flow on real property is to provide more generous depreciation allowances. We believe that some combination of accelerated depreciation (or shorter recovery periods) and passive loss relief would be significant investor incentives.
In addition, we urge an extension of the Troubled Asset Loan Facility (TALF). TALF assisted with the first issue of new commercial mortgage backed securities (CMBS) in more than 18 months just last November. TALF authority for legacy ( previously issued ) CMBS expires March 31st, 2010. The authority for new issues expires June 30th, 2010. TALF has played a valuable role in restoring investor confidence. We believe that TALF should be given additional time so that it may continue to jumpstart the private commercial mortgage markets.
There is no easy solution to the commercial liquidity crisis and there is no silver bullet to address all types of properties. However, doing nothing will certainly spell disaster. We urge Congress to look at all viable solutions and take immediate steps to address this serious problem that can impact every community in our nation.
Sincerely,
Now, to download this letter go to http://go-to.realtor.org/r/GKGA4R/B528B/S3Y2HC/CHCNF/NL9DE/LE/h/
Sign and send it to your Congressional Representative today
" Several state associations have expressed concerns about commercial real estate liquidity. NAR shares these concerns and have drafted a letter for state and local associations to send to their members of Congress. Please use this letter as you see fit. The letter can be signed and should be on association (company) letter head. If you have any questions contact Megan Booth MBooth@realtors.org or Vijay Yadlapati VYadlapati@realtors.org ." The letter is as follows and a link will be provided at the bottom so that you might download it and send it off.
February 22, 2010
Dear Representative (Insert member of Congress. You can google that information)
A crisis is looming in the commercial real estate market. This will not just be a disaster for commercial real estate investors and property owners - but for the entire economy. Commercial real estate supports more than nine million jobs and generates billions of dollars in federal, state and local tax revenue. ( Company or your name) is very concerned about this growing problem, and believes that solutions are needed to avoid this potential crisis.
We support H.R. 3380, the "Promoting Lending to America's Small Businesses Act of 2009" introduced by Reps. Kanjorski (D-PA) and Royce (R-CA) that would increase the cap on credit union commercial lending to 25% of total assets. During previous crisis' consumers and businesses have relied on credit unions to fill in the gaps where banks cannot serve them. But today they are hampered by a lending cap of 12.25% of total assets.
We also believe there are a number of other proposals that are worthy of serious consideration. These include solutions to the equity gap which prevent properties with an otherwise performing loan from refinancing when the property has a value of less than the current debt. Improved cash flow for investors/owners of commercial real estate would help to fend off some of the challenges the market faces. The most effective means of improving cash flow on real property is to provide more generous depreciation allowances. We believe that some combination of accelerated depreciation (or shorter recovery periods) and passive loss relief would be significant investor incentives.
In addition, we urge an extension of the Troubled Asset Loan Facility (TALF). TALF assisted with the first issue of new commercial mortgage backed securities (CMBS) in more than 18 months just last November. TALF authority for legacy ( previously issued ) CMBS expires March 31st, 2010. The authority for new issues expires June 30th, 2010. TALF has played a valuable role in restoring investor confidence. We believe that TALF should be given additional time so that it may continue to jumpstart the private commercial mortgage markets.
There is no easy solution to the commercial liquidity crisis and there is no silver bullet to address all types of properties. However, doing nothing will certainly spell disaster. We urge Congress to look at all viable solutions and take immediate steps to address this serious problem that can impact every community in our nation.
Sincerely,
Now, to download this letter go to http://go-to.realtor.org/r/GKGA4R/B528B/S3Y2HC/CHCNF/NL9DE/LE/h/
Sign and send it to your Congressional Representative today
Friday, February 5, 2010
REALTORS Core Health Insurance Information
Did you know that 30% of all NAR members are without health insurance? It's true according to a recent survey conducted by the Association. NAR has teamed up with SASid (Smart and Simple insurance development) and created the REALTORS Core Health Insurance (RCHI) program. The program not only features guaranteed coverage , but also offers affordable plan options and members have the freedom to choose their provider.
Here are the most frequently asked questions:
How can RCHI help?
RCHI provides opportunities to those who have struggled to gain coverage by providing guaranteed-acceptance and accessible medical insurance. It also makes existing coverage more affordable by allowing members to adjust their current deductible and supplementing it with an RCHI plan.
What is the difference between Major Medical and Limited Medical Insurance?
It is important to understand the difference between Major Medical (comprehensive coverage) and Limited Medical Insurance. Major Medical provides catastrophic coverage and high limits of coverage (typically $1 million or more). Limited Medical (RCHI) provides the guarantee of affordable insurance but limits its its coverage to everyday illnesses and accidents. In addition, the maximum benefits paid in each medical situation are capped.
What is a PPO and what doctors does it include?
A Preferred Provider Organization (PPO) is a network of doctors and hospitals that contract with an insurance company or employer to provide employees with services at competitive rates. Covered members and dependants can use any licensed medical provider. Those who attend a medical provider who is a part of the Beech Street Network will be available for additional savings. To check if a medical provider is part of a Beech Street Network, go to www.beechstreet.com .
Are medications covered?
All plans include a discount prescription drug card. Members can save up to 50% on generic brands and up to 15% on brand names.
When does coverage begin?
Coverage becomes effective the next day (12:01am) following the date the completed enrollment form is received and approved, or a specified date in the future, provided that full premium for the coverage has been received.
Who is eligible for the RCHI plans?
All NAR members, and their eligible dependants, can obtain a plan. the following are qualifying dependants:
Here are the most frequently asked questions:
How can RCHI help?
RCHI provides opportunities to those who have struggled to gain coverage by providing guaranteed-acceptance and accessible medical insurance. It also makes existing coverage more affordable by allowing members to adjust their current deductible and supplementing it with an RCHI plan.
What is the difference between Major Medical and Limited Medical Insurance?
It is important to understand the difference between Major Medical (comprehensive coverage) and Limited Medical Insurance. Major Medical provides catastrophic coverage and high limits of coverage (typically $1 million or more). Limited Medical (RCHI) provides the guarantee of affordable insurance but limits its its coverage to everyday illnesses and accidents. In addition, the maximum benefits paid in each medical situation are capped.
What is a PPO and what doctors does it include?
A Preferred Provider Organization (PPO) is a network of doctors and hospitals that contract with an insurance company or employer to provide employees with services at competitive rates. Covered members and dependants can use any licensed medical provider. Those who attend a medical provider who is a part of the Beech Street Network will be available for additional savings. To check if a medical provider is part of a Beech Street Network, go to www.beechstreet.com .
Are medications covered?
All plans include a discount prescription drug card. Members can save up to 50% on generic brands and up to 15% on brand names.
When does coverage begin?
Coverage becomes effective the next day (12:01am) following the date the completed enrollment form is received and approved, or a specified date in the future, provided that full premium for the coverage has been received.
Who is eligible for the RCHI plans?
All NAR members, and their eligible dependants, can obtain a plan. the following are qualifying dependants:
- their lawful spouse; and
- their unmarried child or children who:
- Reside in their home for more than six months a year
- Chiefly relies on you for support and maintenance; and Who is under 19 years of age (the Limiting Age).
Thursday, February 4, 2010
Interface Carolina Conference
On April 29th there will be a new, one day, real estate networking conference for North and South Carolina held at the Ballantyne Hotel & Lodge in Charlotte. TCAR members will get a $75 discount off of the $175 fee.
Headline speaker will be Mark Vitner, Managing Director and Senior Economist for Wells Fargo Securities, LLC. His commentaries have been featured in the New York Times, the Wall Street Journal and Business Week. He was recently named one of 2009 North Carolina Power Players 50 most powerful people in business, by Business Leader Media.
Mr Vitner will discuss the overall state of the national economy in 2010 and how it will effect the local economies in North and South Carolina. He will look at each individual state and answer questions such as:
- What are the primary drivers behind each state's economy and how are these impacting the local commercial real estate market?
- What is the outlook for commercial construction in 2010?
- What is the projected job growth in our region this year?
- When should we really expect a full recovery?
Other topics include the current state of the market, office and multifamily markets, InterFace Up-Close-a converstaion with industry icons and the next big thing- what the region's economic drivers of tomorrow will be.
Go to www.interfaceconferencegroup.com to register and make sure you enter the TCAR promotional code: tcar100 in order to get your discount. If you need more information, contact Lindsey Marcec at 404-832-8262 or email lindsey@francepublications.com .
Headline speaker will be Mark Vitner, Managing Director and Senior Economist for Wells Fargo Securities, LLC. His commentaries have been featured in the New York Times, the Wall Street Journal and Business Week. He was recently named one of 2009 North Carolina Power Players 50 most powerful people in business, by Business Leader Media.
Mr Vitner will discuss the overall state of the national economy in 2010 and how it will effect the local economies in North and South Carolina. He will look at each individual state and answer questions such as:
- What are the primary drivers behind each state's economy and how are these impacting the local commercial real estate market?
- What is the outlook for commercial construction in 2010?
- What is the projected job growth in our region this year?
- When should we really expect a full recovery?
Other topics include the current state of the market, office and multifamily markets, InterFace Up-Close-a converstaion with industry icons and the next big thing- what the region's economic drivers of tomorrow will be.
Go to www.interfaceconferencegroup.com to register and make sure you enter the TCAR promotional code: tcar100 in order to get your discount. If you need more information, contact Lindsey Marcec at 404-832-8262 or email lindsey@francepublications.com .
Monday, January 25, 2010
Frontier Awards Earlier This Year
Every year TCAR celebrates the successes of it's brokers with the Annual President's Frontier Awards. Planning started back in November and we feel like we have a really exciting program set up.
First, we were tired of competing with the ACC Tournament and because we know how much everyone loves basketball in these parts, the date has been changed. We have decided to do the awards a bit earlier, Thursday, March 4th, to be exact.
We're always trying to find the best format for this particular awards and this year we have decided to do a buffet breakfast at the Carolina Country Club, 2500 Glenwood Avenue in Raleigh. You may not be on the golf course but you sure will be close to it. If you have never been to the Carolina Country Club, check out their site at http://www.carolinacc.net/ . Check in and breakfast start at 7:30am and the program will begin at around 8:00ish.
This year's speaker is David Glenn, radio personality, award winning editor and afternoon host of the North Carolina Sports Talk Network. He's supposed to have a "thinking mans approach" when he's talking about sports. We at TCAR sort of felt like it's that time of the year and let's have some fun with the whole ACC thing. For more information on David Glenn, check out these two sites www.accsports.com/about-us.php and www.ncsportstalk.com/NC-Sports-Talk-Network/Meet-David-Glenn.aspx. As we get closer, we'll announce his topic.
Nomination forms are already online and there isn't a whole lot of time to fill them out and get them in. Go to www.tcar.com/resources.cfm and about half way down the page are the awards. Keep in mind that this year we have lowered the requirements, given the current economic climate for commercial. And don't think that because you're with a smaller firm that you can't get an award, check out the Trailblazer Award, new as of last year. Nomination forms are due as of Saturday, February 6th but call us at the office if you can't get them in by then.
Lastly, and the best part of all, is we have lowered our prices. TCAR members pay $30 a person and tables are available for just $300! Non-members, contact the office and it's just $55. Online registration will go up this week, so reserve your space today. For those that would like to purchase tables, please contact me at 919-228-2588 or kimb@tcar.com .
We hope you're as excited as we are and I look forward to seeing everyone there. Send in those nominations today and good luck!
First, we were tired of competing with the ACC Tournament and because we know how much everyone loves basketball in these parts, the date has been changed. We have decided to do the awards a bit earlier, Thursday, March 4th, to be exact.
We're always trying to find the best format for this particular awards and this year we have decided to do a buffet breakfast at the Carolina Country Club, 2500 Glenwood Avenue in Raleigh. You may not be on the golf course but you sure will be close to it. If you have never been to the Carolina Country Club, check out their site at http://www.carolinacc.net/ . Check in and breakfast start at 7:30am and the program will begin at around 8:00ish.
This year's speaker is David Glenn, radio personality, award winning editor and afternoon host of the North Carolina Sports Talk Network. He's supposed to have a "thinking mans approach" when he's talking about sports. We at TCAR sort of felt like it's that time of the year and let's have some fun with the whole ACC thing. For more information on David Glenn, check out these two sites www.accsports.com/about-us.php and www.ncsportstalk.com/NC-Sports-Talk-Network/Meet-David-Glenn.aspx. As we get closer, we'll announce his topic.
Nomination forms are already online and there isn't a whole lot of time to fill them out and get them in. Go to www.tcar.com/resources.cfm and about half way down the page are the awards. Keep in mind that this year we have lowered the requirements, given the current economic climate for commercial. And don't think that because you're with a smaller firm that you can't get an award, check out the Trailblazer Award, new as of last year. Nomination forms are due as of Saturday, February 6th but call us at the office if you can't get them in by then.
Lastly, and the best part of all, is we have lowered our prices. TCAR members pay $30 a person and tables are available for just $300! Non-members, contact the office and it's just $55. Online registration will go up this week, so reserve your space today. For those that would like to purchase tables, please contact me at 919-228-2588 or kimb@tcar.com .
We hope you're as excited as we are and I look forward to seeing everyone there. Send in those nominations today and good luck!
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