What can be done to minimize real estate transfer taxes (RETT) on hospitality acquisitions? Many believe that these taxes are a fixed cost and do not realize that they can often be minimized through a program of careful, proactive and prudent planning.
According to GlobeSt.com, a Southern California lender has tapped Atlas Hospitality Group to market a portfolio of nine sub-performing loans secured by six hotels in California and three in other states totaling 806 rooms with a total portfolio loan balance of nearly $23.8 million. The assignment of this firm could be one of the first indications that lenders are beginning to take action on some languisihing loans that have been on their balance sheets for some time.
According to the International Council of Shopping Centers (ICSC), "U.S. lawmakers introduced legislation yesterday that would increase taxes on the percent of the profits investors collect from the deals their firms complete. The proposals to increase taxes on so-called “carried interest” are part a of larger attempt to reform the U.S. financial sector, but could end up hurting the commercial real estate industry just as it is trying to emerge from the worst recession for decades."
Categories: Real Property
Action Settlement in Roger Bacon, et al. v. County of Los Angeles, et al., Case No BS058574
Retail vacancies in the greater Boston, Massachusetts area have hit their highest levels in over a decade at regional malls, big boxes and strip centers. According to Steve Adams of The Patriot Ledger, The sharp two-year downturn has roiled one of the nation’s most stable retail markets, forcing malls to recruit local tenants, scuttling plans for new centers and slowing the opening of others. The worst of the shakeout appears to be over, but little new construction is expected for at least two years.
The assessment appeal board and board of equalization for every California county have finalized the real estate assessment appeals filing deadline for 2010. The full list published by the California State Board of Equalization can be found here.
National office landlords grappled with falling rents and rising vacancies in the first quarter of 2010 but have reported signs of stabilization in their ailing markets. Aside from this, according to A.D. Pruitt of The Wall Street Jornal in the article, "Signs of Stability in Vornado," Vornado Realty Trust, one of the country's largest office-building owners, reported a .06% decline in office occupancy from a year earlier.
Boston Properties is getting back to their old buying form of 2008, but its first office-building acquisition in 2 years is tiny in retrospect to their trophy properties of the past. The size is a sign of how difficult it is for buyers to find deals in this market due to the fact that most owners aren't interested in selling at today's prices, this according to The Wall Street Journal in their article "Boston Properties Gets Back in the Buying Game."
There has been sweeping changes to the way assessment and appeals of real property are handled in Georgia. SB 346 passed the House virtually unopposed and is expected to be signed by Governor Purdue later in the year.