NAR’s Research team needs your feedback on an important survey of REALTORS® who transact commercial real estate. The REALTORS® Commercial Real Estate Market Survey measures
activity in the commercial real estate markets and is designed to provide
members with an overview of the market performance, sales and rental
transactions, current economic challenges, and future expectations; Click here to complete the Market Survey by April 30th.
THE SOURCE BLOG
Ground Leases: An
Overview From CCIM
From the raw land, development and investment
side of things: CCIM Institute’s newest podcast is a discussion with Philip
“Fred” Himovitz, CCIM, all about the ins and outs of the ground lease. Read the
overview of the podcast in The Source Blog and related resources including
NAR’s Field Guide to Ground Leases.
ADVOCACY
NAR Is Your Voice For Commercial Real Estate Issues
Recently, NAR signed two coalition letters, urging Senate Majority Leader Reid
and Republican Leader McConnell to expand the Senate jobs legislation to
include provisions aimed to enhance the flow of credit to the small business
and commercial real estate sectors. Stay updated on how this and other advocacy
efforts impact your business by reading NAR’s Commercial Real Estate Advocacy
Timeline.
Tuesday, April 24, 2012
Wednesday, April 18, 2012
TCAR Hosts 17th Annual Golf Tournament, May 7
TCAR (www.TCAR.com), the Triangle Commercial Association of REALTORS®, is hosting the 17th annual Commercial Classic golf tournament, Monday, May 7th. The event is being held at Hasentree Golf Course (www.hasentree.com) in Wake Forest, N.C.
“The Commercial Classic is an excellent opportunity for the Triangle’s top business professionals to network with peers while enjoying the beauty of Hasentree,” says Kerry Saunders, TCAR president. “We are proud to host this premier tournament for a 17th year and look forward to a great turnout.”
Created by famed course architect Tom Fazio, Hasentree is one of the most beautiful and challenging golf courses in the Carolinas. The Commercial Classic has a shot-gun start of 11 a.m. Festivities include closest-to-the-pin and longest drive skills contests, as well as a hole-in-one raffle with the opportunity to win $25,000 or other prizes. Tournament registration is $85 and ends on May 3. Mulligan packages are available for $20. Individuals may click here to register or call 919.228.2588.
“The Commercial Classic is an excellent opportunity for the Triangle’s top business professionals to network with peers while enjoying the beauty of Hasentree,” says Kerry Saunders, TCAR president. “We are proud to host this premier tournament for a 17th year and look forward to a great turnout.”
Created by famed course architect Tom Fazio, Hasentree is one of the most beautiful and challenging golf courses in the Carolinas. The Commercial Classic has a shot-gun start of 11 a.m. Festivities include closest-to-the-pin and longest drive skills contests, as well as a hole-in-one raffle with the opportunity to win $25,000 or other prizes. Tournament registration is $85 and ends on May 3. Mulligan packages are available for $20. Individuals may click here to register or call 919.228.2588.
Wednesday, April 11, 2012
NAR’s REALTORS® Dental Insurance Now Available in NC
NAR’s REALTORS® Dental Insurance Now Available in NC
NAR is pleased to announce that its dental insurance program, provided through the REALTOR Benefits® Program, is now available to NCAR members. REALTORS® Dental Insurance (RDI) offers affordable and exclusive plans that cover a wide variety of dental procedures. There are four plans to choose from and plans start as low as $17.34 a month. To learn more about RDI, click here or for the full roster of REALTOR Benefits® Program partners, click here.
Wednesday, April 4, 2012
2012 NCAR Legislative Meetings: June 4-6
The 2012 NCAR Legislative Meetings will be held June 4-6 in Raleigh. This is an important opportunity for REALTORS® from across the state to provide a unified voice for the real estate industry in North Carolina. Of note, the Legislative Committee will meet on Tuesday, June 5, from 9 a.m.-10 a.m. and the Legislative Reception will be held that evening from 6 p.m.-7:30 p.m. at the NC Museum of Natural Sciences on Jones Street. The reception is always well attended and is a great opportunity to talk with your legislators in an informal setting.
Of course, the main event is REALTOR® Day on Wednesday, June 6, as REALTORS® from across the state walk the halls of the General Assembly and visit with their legislators. There will be a change in the schedule this year as the REALTOR® Briefing and the Legislative Forum will be held from 9 a.m.-10:15 on Wednesday at the Legislative Auditorium on the third floor of the Legislative Building.
A press conference will follow the briefing to officially announce that NC REALTORS® will award five $10,000 fellowships to high performing counseling agencies across North Carolina. The fellowships are paid for through an NAR Foreclosure Prevention and Response grant. Following the press conference, REALTORS® will visit their legislators’ offices. Again, this is an important day as hundreds of REALTORS® make their presence known at the General Assembly and discuss issues important to the industry with the lawmakers who can impact these issues.
Make plans to attend, and be a part of this exciting event! Contact the office at 919-228-2588 or kimb@tcar.com with any questions.
Of course, the main event is REALTOR® Day on Wednesday, June 6, as REALTORS® from across the state walk the halls of the General Assembly and visit with their legislators. There will be a change in the schedule this year as the REALTOR® Briefing and the Legislative Forum will be held from 9 a.m.-10:15 on Wednesday at the Legislative Auditorium on the third floor of the Legislative Building.
A press conference will follow the briefing to officially announce that NC REALTORS® will award five $10,000 fellowships to high performing counseling agencies across North Carolina. The fellowships are paid for through an NAR Foreclosure Prevention and Response grant. Following the press conference, REALTORS® will visit their legislators’ offices. Again, this is an important day as hundreds of REALTORS® make their presence known at the General Assembly and discuss issues important to the industry with the lawmakers who can impact these issues.
Make plans to attend, and be a part of this exciting event! Contact the office at 919-228-2588 or kimb@tcar.com with any questions.
Friday, March 30, 2012
Small Business Coalition Letter
On March 14, 2012, NAR signed onto two coalition letters, urging Senate Majority Leader Reid and Republican Leader McConnell to expand the Senate jobs legislation to include provisions aimed to enhance the flow of credit to the small business and commercial real estate sectors.
March 14, 2012
The Honorable Harry Reid
Majority Leader
United States Senate
Washington, DC 20510
The Honorable Mitch McConnell
Republican Leader
United States Senate
Washington, DC 20510
Dear Majority Leader Reid and Republican Leader McConnell,
As organizations interested in sound public policy that encourages lending to small businesses, we are writing to encourage you to include the Udall-Snowe-Schumer Small Business Lending Enhancement Act (S. 509) as part of the jobs legislation the Senate will consider soon.
As the economy emerges from crisis, it is critically important that small businesses have the access to credit necessary to participate in the recovery. S. 509 will allow credit unions to provide more lending to small businesses, by increasing the statutory cap on credit union business lending. If this legislation were law, it has been estimated that credit unions could lend an additional $13 billion to small businesses, helping them to create over 140,000 new jobs.
Credit unions have been successfully lending to small business for over 100 years and continued uninterrupted small businesses lending during the financial crisis. Since the statutory cap was established in 1998, approximately 500 credit unions are currently being forced to reduce much needed lending to small businesses. During these tough economic times, businesses of all sizes are starved for capital, credit unions are ready to extend the needed helping hand, but those hands remained tied due to the stifling effect of the low cap.
Senators Udall, Snowe and Schumer have proposed commonsense legislation that provides for a increase in the statutory cap (from 12.25% of total assets to 27.5%) while providing significant safeguards which will ensure that all credit union loans will be made in a safe and sound manner. The bipartisan legislation will only affect those credit unions which are well capitalized, have a history of business lending and have been at 80% of their cap for the last year. Even then, the legislation imposes portfolio cap limits on these credit unions business lending of 30% per year.
The Small Business Lending Enhancement Act enjoys bipartisan support in both the House and the Senate and it is precisely the type of legislation that Congress should enact to encourage greater business lending in communities across the country. We strongly encourage you to include this legislation in the Senate jobs bill.
Sincerely,
Credit Union National Association National Council of Textile Organizations
American Small Business Chamber of Commerce National Farmers Union
National Association of Realtors Realtors Land Institute
Small Business Majority Society of Industrial and Office Realtors
CCIM Institute Americans for Tax Reform
American Consumer Institute National Association of Home Builders
Institute of Real Estate Management NCB Capital Impact
MultiFunding U.S. Women’s Chamber of Commerce
National Association of Professional Insurance Agents Hardwood Federation
AMT - The Association for Manufacturing Technology
Heartland Institute
In this letter, NAR urged Senate leadership to also include S. 509, the “Small Business Lending Enhancement Act,” introduced by Sens. Udall (D-CO) and Snowe (R-ME), as a separate amendment in the Senate jobs legislation. S. 509 will increase the cap on credit union member business lending (MBL) from 12.25% to 27.5% for well-capitalized credit unions, allowing these community-based institutions to provide small businesses with much needed capital to remain competitive and refinance their properties in a safe and sound manner.
March 14, 2012
The Honorable Harry Reid
Majority Leader
United States Senate
Washington, DC 20510
The Honorable Mitch McConnell
Republican Leader
United States Senate
Washington, DC 20510
Dear Majority Leader Reid and Republican Leader McConnell,
As organizations interested in sound public policy that encourages lending to small businesses, we are writing to encourage you to include the Udall-Snowe-Schumer Small Business Lending Enhancement Act (S. 509) as part of the jobs legislation the Senate will consider soon.
As the economy emerges from crisis, it is critically important that small businesses have the access to credit necessary to participate in the recovery. S. 509 will allow credit unions to provide more lending to small businesses, by increasing the statutory cap on credit union business lending. If this legislation were law, it has been estimated that credit unions could lend an additional $13 billion to small businesses, helping them to create over 140,000 new jobs.
Credit unions have been successfully lending to small business for over 100 years and continued uninterrupted small businesses lending during the financial crisis. Since the statutory cap was established in 1998, approximately 500 credit unions are currently being forced to reduce much needed lending to small businesses. During these tough economic times, businesses of all sizes are starved for capital, credit unions are ready to extend the needed helping hand, but those hands remained tied due to the stifling effect of the low cap.
Senators Udall, Snowe and Schumer have proposed commonsense legislation that provides for a increase in the statutory cap (from 12.25% of total assets to 27.5%) while providing significant safeguards which will ensure that all credit union loans will be made in a safe and sound manner. The bipartisan legislation will only affect those credit unions which are well capitalized, have a history of business lending and have been at 80% of their cap for the last year. Even then, the legislation imposes portfolio cap limits on these credit unions business lending of 30% per year.
The Small Business Lending Enhancement Act enjoys bipartisan support in both the House and the Senate and it is precisely the type of legislation that Congress should enact to encourage greater business lending in communities across the country. We strongly encourage you to include this legislation in the Senate jobs bill.
Sincerely,
Credit Union National Association National Council of Textile Organizations
American Small Business Chamber of Commerce National Farmers Union
National Association of Realtors Realtors Land Institute
Small Business Majority Society of Industrial and Office Realtors
CCIM Institute Americans for Tax Reform
American Consumer Institute National Association of Home Builders
Institute of Real Estate Management NCB Capital Impact
MultiFunding U.S. Women’s Chamber of Commerce
National Association of Professional Insurance Agents Hardwood Federation
AMT - The Association for Manufacturing Technology
Heartland Institute
Wednesday, March 28, 2012
TCAR Partners with Cary Chamber of Commerce
TCAR has integrated its commercial real estate exchange portal, Tacquire, into the Cary Chamber of Commerce’s economic development website (www.caryeconomicdevelopment.com). The site provides business, economic and community information for companies considering relocation to Cary. The addition of Tacquire’s portal provides visitors with real-time property and listing data.
“Cary has long been viewed as a desirable place to build prosperous businesses and strong families, and this is shown through its burgeoning growth,” says Sanford Jordan, vice president of the Cary Economic Development program. “Tacquire’s database provides easily accessible, up-to-date information that will be valuable in sustaining this growth.”
The Tacquire web portal tracks office, industrial, retail and specialty space available for lease across the Triangle region, as well as buildings and land being marketed for sale. The database is set up to be searchable by location, property type, price range and square footage. Results can be printed, converted to a PDF, or emailed.
“We are proud to partner with the town of Cary and other Triangle municipalities in integrating the Tacquire portal,” says Elizabeth Gates, Tacquire president. “Oftentimes, these economic development websites serve as the first place a company visits when looking to relocate, and our searchable database puts valuable information at their fingertips while also providing additional exposure for member listings.”
TCAR’s partnership marks the sixth since introducing Tacquire in 2010. In addition to working with Cary Chamber of Commerce, the organization has integrated its Tacquire search database into the Raleigh Economic Development (www.raleigh4u.com), the Wake County Economic Development (www.raleigh-wake.org), the Town of Chapel Hill Economic Development (www.opentobusiness.biz), Wake Forest Area Chamber of Commerce (www.discoverwakeforest.org) and Downtown Raleigh Alliance (www.YouRHere.com) websites.
“Cary has long been viewed as a desirable place to build prosperous businesses and strong families, and this is shown through its burgeoning growth,” says Sanford Jordan, vice president of the Cary Economic Development program. “Tacquire’s database provides easily accessible, up-to-date information that will be valuable in sustaining this growth.”
The Tacquire web portal tracks office, industrial, retail and specialty space available for lease across the Triangle region, as well as buildings and land being marketed for sale. The database is set up to be searchable by location, property type, price range and square footage. Results can be printed, converted to a PDF, or emailed.
“We are proud to partner with the town of Cary and other Triangle municipalities in integrating the Tacquire portal,” says Elizabeth Gates, Tacquire president. “Oftentimes, these economic development websites serve as the first place a company visits when looking to relocate, and our searchable database puts valuable information at their fingertips while also providing additional exposure for member listings.”
TCAR’s partnership marks the sixth since introducing Tacquire in 2010. In addition to working with Cary Chamber of Commerce, the organization has integrated its Tacquire search database into the Raleigh Economic Development (www.raleigh4u.com), the Wake County Economic Development (www.raleigh-wake.org), the Town of Chapel Hill Economic Development (www.opentobusiness.biz), Wake Forest Area Chamber of Commerce (www.discoverwakeforest.org) and Downtown Raleigh Alliance (www.YouRHere.com) websites.
Friday, March 23, 2012
Lease Accounting Update
The February 28-29 joint International Accounting Standards Board (IASB) and Federal Accounting Standards Board (FASB) board meetings on leases focused on the continued objections from constituents to the 2010 exposure draft's proposed "front-loaded" lessee expense recognition pattern.
Importantly, it appears likely that there will be a new exposure draft (ED) that would possibly be released by June 2012, with a 120 day comment period. While the potential exists for large changes to the current approaches for lessee and lessor accounting methods, the two boards remain split on alternative methods for lessee accounting for inclusion in new ED. In addition, lessor accounting decisions are being questioned due to concerns about symmetry. Additional meetings are needed before the new ED can be completed, and the new rules are not likely to be issued until mid-2013. A transition date could be pushed back to 2016.
While there seems to be general agreement among board members that something should be done to address constituent concerns and that changes should be made to the tentative decision made in May 2011 to carry forward the "front loading" approach, the boards were unable to reach any tentative decisions and requested that the staff perform further outreach on two possible paths forward. The boards are clearly having a tough time deciding on the right method for lessee accounting, and we continue to work with our coalition to send a strong message to the boards regarding the importance of their understanding the negative economic the proposed lease accounting standards could have on the recovery.
In the links below, please find a March 2nd PWC publication, In brief: An overview of financial reporting developments. Also attached is a copy of a recently released, coalition sponsored report, The Economic Impact of the International Accounting Standards Board and Federal Accounting Standards Board Exposure Draft on Leases by Chang and Adams. This study indicates that IASB and FASB's proposed accounting standard would destroy up to 3.3 million U.S. jobs, minimize household earnings by as much as $7.8 billion annually, and shrink the GDP by up to $478.6 billion. Additionally, corporate real estate owners would lose as much as $14.8 billion in the value of their real estate. The measure would also balloon the apparent liabilities of U.S. publicly traded companies by $1.5 trillion, with approximately $1.1 trillion of this attributable to balance sheet recognition of real estate operating leases.
http://www.ncrealtors.org/uploads/RCA-Inbrief2011-04-FASB&IASBleases.pdf
http://www.ncrealtors.org/uploads/RCA-2012-02-08IASB-FASB-CAReport.pdf
Importantly, it appears likely that there will be a new exposure draft (ED) that would possibly be released by June 2012, with a 120 day comment period. While the potential exists for large changes to the current approaches for lessee and lessor accounting methods, the two boards remain split on alternative methods for lessee accounting for inclusion in new ED. In addition, lessor accounting decisions are being questioned due to concerns about symmetry. Additional meetings are needed before the new ED can be completed, and the new rules are not likely to be issued until mid-2013. A transition date could be pushed back to 2016.
While there seems to be general agreement among board members that something should be done to address constituent concerns and that changes should be made to the tentative decision made in May 2011 to carry forward the "front loading" approach, the boards were unable to reach any tentative decisions and requested that the staff perform further outreach on two possible paths forward. The boards are clearly having a tough time deciding on the right method for lessee accounting, and we continue to work with our coalition to send a strong message to the boards regarding the importance of their understanding the negative economic the proposed lease accounting standards could have on the recovery.
In the links below, please find a March 2nd PWC publication, In brief: An overview of financial reporting developments. Also attached is a copy of a recently released, coalition sponsored report, The Economic Impact of the International Accounting Standards Board and Federal Accounting Standards Board Exposure Draft on Leases by Chang and Adams. This study indicates that IASB and FASB's proposed accounting standard would destroy up to 3.3 million U.S. jobs, minimize household earnings by as much as $7.8 billion annually, and shrink the GDP by up to $478.6 billion. Additionally, corporate real estate owners would lose as much as $14.8 billion in the value of their real estate. The measure would also balloon the apparent liabilities of U.S. publicly traded companies by $1.5 trillion, with approximately $1.1 trillion of this attributable to balance sheet recognition of real estate operating leases.
http://www.ncrealtors.org/uploads/RCA-Inbrief2011-04-FASB&IASBleases.pdf
http://www.ncrealtors.org/uploads/RCA-2012-02-08IASB-FASB-CAReport.pdf
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