Eagle Quest Properties

Distress is piling up in the multifamily market, but it’s still not as bad as the other real estate sectors, according to the Trouble Assets Radar from New York-based Real Capital Analytics (RCA).
According to the report, 588 apartment communities totalling $8.1B fell into distress (defined as default, foreclosure or bankruptcy) in June.
Apartment Finance Today AFT – September/October 2009 [8 - 9].

Delinquencies on commercial mortgage backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion, according to Realpoint Research.

California led the nation with the highest amount of delinquent loans, closely followed by Texas and Florida.

Late loans across the country are up an “astounding” 585 percent from a year ago when just $4 billion were delinquent, reported the Horsham, Pa.-based research firm. The low point for delinquency was March 2007 when $2 billion was delinquent.

via Commercial mortgage delinquency up 585% – New Mexico Business Weekly:.

Russian millionaires are returning to the United States property market, lured by distressed sales and the ruble’s rise against the dollar, lawyer Edward Mermelstein said.

“The way many look at the United States right now is that it’s a bargain,” said Mermelstein, who has arranged about 300 real estate deals for buyers from the former Soviet Union since 2007.

Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings and Bear Stearns caught up to property owners in the United States’ most expensive urban market.

The ruble has rallied about 13 percent against the dollar from this year’s low in February.

via The Moscow Times | Issue 4192 | Business | Millionaires Return to US Real Estate.

– Calgary second only to New York in monthly North American parking costs

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Monthly parking rates in Canada increased by $20.00, a robust 9.9 per cent over 2008 levels. The average daily parking rate in Canada rose 9.89 per cent over last year to $17.78 daily, with an average monthly parking rate of $222.75, up 9.94 per cent from 2008. This is in stark contrast to south of the border where average monthly prices fell just 0.9 per cent.

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via CNW Group | COLLIERS INTERNATIONAL | Parking Rates Across Canada Continue to Soar Despite the Recession According to Colliers International Survey.