Daily Sarasota Florida Foreclosures

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MLS Number: A3950389
Price: $15,900
City: SARASOTA
Bedrooms: 2
Bathrooms: 2
MLS Number: M5824715
Price: $34,900
City: BRADENTON
Bedrooms: 3
Bathrooms: 2
MLS Number: O5065927
Price: $35,600
City: SARASOTA
Bedrooms: 2
Bathrooms: 1
MLS Number: A3950334
Price: $39,900
City: SARASOTA
Bedrooms: 3
Bathrooms: 2
MLS Number: N5774384
Price: $57,999
City: BRADENTON
Bedrooms: 3
Bathrooms: 2
MLS Number: M5824732
Price: $59,900
City: BRADENTON
Bedrooms: 2
Bathrooms: 2
MLS Number: A3950350
Price: $67,000
City: SARASOTA
Bedrooms: 3
Bathrooms: 2
MLS Number: A3950377
Price: $70,900
City: BRADENTON
Bedrooms: 3
Bathrooms: 2
MLS Number: M5819119
Price: $91,500
City: SARASOTA
Bedrooms: 3
Bathrooms: 2
MLS Number: A3944866
Price: $100,000
City: BRADENTON
Bedrooms: 2
Bathrooms: 2
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War for Talent Hits Brokerage Firms

 

War for Talent Hits Brokerage Firms

Jul 15, 2010 10:42 AM, By Ben Johnson, NREI Contributor

 

Faced with lower volume in leasing and sales transactions, major brokerage firms have struggled to maintain their coveted standing among the largest in the nation. But as transactions begin to tick up in 2010, companies are warring among themselves when it comes to poaching experienced talent.

The latest NREI Top Brokerage Survey clearly shows how far business activity at the largest U.S. real estate services firms has fallen. While Los Angeles-based CB Richard Ellis remains atop the heap, the total amount of its investment sales and leasing transactions fell 30% from 2008 to 2009 to $97.2 billion.

Similarly, the total amount of leasing and investment sales transactions at Chicago-based Jones Lang LaSalle plunged 43% on a year-over-year basis to $47 billion. However, sales have improved in a number of markets in 2010. In Washington, D.C., for instance, Jones Lang LaSalle’s Investment Sales team completed nearly $500 million in office, retail and land sales in the first half of the year.

New York-based Cushman & Wakefield saw the total dollar value of leasing and investment sales transactions drop from $75.8 billion to $53 billion, a 30% dip, from 2008 to 2009.

One of the major fallouts from the slower deal flow in 2008 and 2009 has been reduced brokerage staffs, as the major firms cut scores of idle brokers from their ranks. Among the first to go were many junior brokers and support staff. Translation: In 2010, experience is now at a premium. Brokers who couldn’t add value for their clients as the market soured have been weeded out.

“It won’t be uncommon to see a more mature real estate industry with people who continue to stay vital longer,” says Christopher Ludeman, president of the Americas brokerage operation at CB Richard Ellis. “The shelf life of brokers in our business is longer.”

Deals pick up

Thanks to improving transaction volume in 2010, the landscape for retaining and recruiting new talent is becoming more competitive. This year major brokerages are playing a game of one-upsmanship in announcing their latest hires.

In March, Jones Lang LaSalle snatched the investment banking trio of Thomas Fish, Michael Melody and Thomas Melody, who served as vice chairmen at CBRE.

In late April, Grubb & Ellis announced its hiring of Jeff Majewski away from CBRE to run its debt and equity operation. He was formerly chief operating officer of CBRE’s debt and equity finance group and senior managing director of its capital markets group.

Recently CBRE countered those salvos with its own announcement, trumpeting the fact that it had hired 30 new senior brokerage pros from January through April 2010. That figure pales in comparison to the hundreds of brokers CBRE laid off in the past two years, but it was obviously trying to make a larger point — it is actively recruiting senior-level talent while trying to maintain an overall lower cost structure.

In its first-quarter earnings conference call in late April, CB Richard Ellis CEO Brett White felt the need to address the firm’s hiring practices.

“Competitively, people in this business don’t move for [commission] split. They’re smarter than that,” said White on the conference call. “They move for platform, and the platform that we have, the platform that our very worthy competitor [Jones Lang LaSalle] has are terrific platforms. I think you’re going to find that the highest-quality talent is going to end up generally at those two firms.”

And so the hiring game seems destined to play out for some time, particularly as firms move more aggressively to fill perceived service gaps with experienced brokers.

“One priority is to add and upgrade talent to increase market share and expand our expertise in new product lines such as healthcare, retail, and industrial,” says Jones Lang LaSalle’s chief operating and financial officer Lauralee Martin.

Certainly the brokerage business has become more complex as firms recover and staff up to offer one-stop solutions demanded by their corporate clients. That puts a further premium on experienced talent

“Whether it’s us or one of our competitors, talent management is very important,” says Ludeman. “Ours is an industry where I wish that the talent pool was broader and deeper, but finding the right people and keeping the right people will be the foundation of success or failure for companies.”

War for Talent Hits Brokerage Firms

Private Sector Closely Watches Federal Decision to Unload Properties

 

Private Sector Closely Watches Federal Decision to Unload Properties

Jun 14, 2010 3:42 PM, By Denise Kalette, NREI Managing Editor

 

Many commercial real estate analysts were caught by surprise when President Obama issued a memorandum last week directing federal agencies to dispose of excess government properties as a way to reduce the government’s energy use and emission of harmful greenhouse gases.

 

Disposing of the excess assets could result in a $3 billion savings to the federal government through fiscal year 2012, according to the memorandum. “For decades, the federal government, the largest property owner and energy user in the United States, has managed more real estate than necessary to effectively support its programs and missions.  Both taxpayer dollars and energy resources are being wasted to maintain these excess assets,” the president wrote in the June 10 memo.

The government owns and leases a whopping 354 million sq. ft. of space in more than 2,200 cities and towns across the country, according to the General Services Administration (GSA). The space ranges from federal courthouses to Internal Revenue Service offices and certain port facilities. 

For example, the Southeast Sunbelt region uses 41.7 million sq. ft. across eight states. The space includes 140 government-owned buildings and 1,297 leased structures. In all, the offices, courts, labs and other facilities house 93,000 employees. Among the government-owned Southeastern buildings, 10 are Energy Star certified.

The president acknowledged that the federal government has contributed to environmental pollution over the years. “Many of the properties necessary for the government’s work are not operated efficiently, resulting in wasted funds and excessive greenhouse gas pollution,” he said. 

Even as the private sector turned to innovative technologies to use energy more efficiently, the federal government increased the number of its data centers, leading to greater energy consumption and operating and maintenance costs, Obama added. 

Identifying and eliminating excess properties, including data centers, offices, warehouses and laboratories, will reduce wasteful spending, save energy and water, and reduce greenhouse gas pollution, according to the president.

He directed the head of the Office of Management and Budget to work with the GSA to produce guidelines within 90 days for carrying out the dispositions. Agencies were also required to submit plans to reduce the number of federal data centers by August 30.

Value depends on buildings

“Depending on the type of buildings that they’re looking to sell off, it could be a good thing for the private sector to be able to have some redevelopment opportunities,” says Jim Peck, chairman of Building Owners and Managers Association International (BOMA), and senior director of asset services for broker CB Richard Ellis in Albuquerque.

However, the value to private investors and developers will depend on the types of buildings that are disposed of in various markets, says Peck.

“The GSA has been looking at ways to improve their energy efficiency,” says Peck. The agency’s head of building services, Robert Peck — no relation to Jim Peck — has previously used stimulus money to fund energy upgrades in a number of federally owned buildings, according to the BOMA chairman.

A report by BOMA and the U.S. Green Building Council in late April also concluded that the Obama administration already has the authority and ability to use more than 30 existing federal programs to improve energy efficiency in private sector commercial real estate structures without new legislation.

Dangling financial incentives

Some of the government buildings that will be sold into the private sector could become candidates for renovation and upgrading. “We’ve long been an advocate of improving the energy efficiency in our buildings,” says Peck of BOMA and CBRE.

“It makes a whole lot of sense from a business standpoint, as long as there are some incentives behind it,” continues Peck. “Our big concern has always been that the federal government likes to mandate things, and mandates just don’t work. Incentive-based efficiencies are always the way to go, whether it’s a tax credit or some kind of rebate on energy retrofits.”

For instance, one current federal program offers a tax credit of  $1.80 per sq. ft. to building owners for certain major renovations, he says. Other incentives are available for energy-efficient lighting and heating-and-cooling system upgrades.

But many of the buildings many not necessarily be good investments, even with tax credits and other incentives. “It could be a really old building in a market that’s not doing terribly well. It really depends on the type of building and where it’s located.”

Still, it’s safe to say that the commercial real estate industry is waiting with interest to see the government’s list of properties for sale, Peck says. “Once that’s out you’ll be able to see what could be done.”

Close scrutiny

The buildings’ energy performance will affect their sales, says Theddi Wright Chappell, national practice leader for green building and sustainability at Cushman Wakefield in Seattle. “The manner in which these buildings get assessed will have a lot to do with building performance. How efficient are they?”

Shedding the properties will only shift the problem of greenhouse gas emissions to a different owner, she says. So, unless the properties are modified and upgraded, their pollution problems will continue, if they are used by commercial rather than government tenants.

“I know of investment funds that are already making acquisition decisions based on a building’s energy efficiency or carbon footprint,” says Wright Chappell. “I think depending on who the investor is, he or she is going to look at what it will take to make those buildings competitive. Investors are going to say, ‘What will it take to get this building at the level it should be operating at?’”

Private Sector Closely Watches Federal Decision to Unload Properties

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