For real estate investment funds, after the peak in 2007, the appearance of new instruments has begun to decline after mid-2008 with the collapse of Lehman Brothers. The 10 largest in Britain fell 20% as a result of minor variations and removal of cash from the owners.
The new funds have less leverage. Those that were created in 2004-2005 put together his portfolio, bought highs and are now paying the consequences, but those who have not invested during 2006-2007 and are still going to make excellent liquid operations. Broadly speaking, investors are always seeking security, liquidity and the highest return on their investment. Generally getting 2 of the 3 is covered, but in Real Estate which is not easily achieved is liquidity. Nor can always measure accurately the level of risk as to give a classic example: whether the sole occupant of a major office building will fulfill the entire contract (remember Enron). This creates great uncertainty, the worst situation in real estate.
The local vision

Kreimer Nestor, president of the developer Kuantica noted that “no doubt that the inverter model 2009 has few similarities with the operators of recent years. Today professionalism is a condition of subsistence to generate good business and operate as a power-house of more sophisticated investors, and in turn, be a facilitator of new opportunities and markets to test turbulent times.” In turn, stressed that “now is not for sale what is built, if not to be built what sells.” Meanwhile, Ricardo Andino, president of the Federación Argentina de Entidades Construction (FAEC) notes that “talent is the current investor to be alert and prepared for the inevitable change holds for crisis situations, applying the lessons they left past mistakes. ”
Peter Nicholson, Partner of the Department of Real Estate Investment Beccar study Varela said that “it is difficult to describe the current local investor profile. The money is “available” for investment opportunities, investors both “loners” and also pooled funds, others still in search of good opportunities in the local market.
In what is certain is that the current investor is professional, Nicholson insisted. The amateurs were out in recent years and currently, only those with great sophistication can cope with the demands of Real Estate today. ” Investors have always been the basis of local housing activity and occupied a major space but not conquer logaron bank financing, even in the favorable business cycle. They gained great notoriety in the 2001 crisis when there was increased mistrust of financial institutions and traditional saving methods that transformed the estate into a refuge for value. Expanding the universe of investors since 2004 came “by the appropriate cost-price, encouraging the construction of numerous developments, funded by those remaining had some savings and a certain level of monthly excess whose purpose was to obtain profit or income. In turn, commented that “currently evaluating business models not only provides for ‘location’ and its long-term profitability, as above, but focuses on product design, its competitive advantages and extensive knowledge of local market , prioritizing safety over investment returns.

Will the CCAA prescribing the scale of rent to be accessible within the ceilings fixed by the State Housing Plan 2009-2012. In this framework, the cheaper rental (so-called special regime) will be 365 euros per month more expensive and may be up to those 963 euros (concerted scheme) in cities of higher prices, such as Madrid, Barcelona, Valencia or Palma. Calculations are made for a useful 70-meter flat with the Schedule of 2009. It can accommodate this car next year maximum annual income of 48,922 euros, unless last minute changes.

The difference in rent is so broad because it depends on the municipality where the apartment is located. In the case of localities with high housing prices, those in territorial scope, the Ministry allows autonomous gibier 120% increase to the statutory maximum reference price for lease. The possibility of increasing the maximum prices was already adopted in January by the former minister, Carme Chacon, so that developers are encouraged to make such a hire safe house because if not profitable, not built.

More than 30% is subtracted from the payment

Over 30% of what the tenant pays for the ten years of rental will be deducted from the purchase price if you decide to purchase the floor. Some communities and beyond. In fact, Madrid, its autonomy which launched several years the hire-purchase, and offers young people who choose this route, subtract 50% of the amount paid in rent to last 7 years. In La Rioja, you can lease with option to buy the apartment at 5 or 10 years and also subtracts half of the amount paid in rent. In Castilla-La Mancha, also subtract the 50% and offered to buy 10 years.

Beatriz Corredor and the Minister of Housing, Francesc Baltasar, agreed to allocate 25 million euros to undeveloped land to build subsidized housing, neighborhoods and rehabilitate and construct flats edicifios university in several municipalities of Catalonia. Much of the money, 12.1 million, will go to the urbanization of land to build 1,000 flats protected.

The Commercial Real Estate: The Second U.S. Home Crisis?
The Federal Reserve and the Treasury Department United States struggle to prevent the commercial real estate dealt a devastating blow to the economy of that country at the moment trying to get off the canvas. Their efforts, however, could be hampered by a rise in foreclosures of commercial properties with mortgages that were packaged and sold by Wall Street as debt instruments. Now the recession is testing commercial mortgage-backed securities in the order of U.S. $700,000 million.

The commercial real estate sector experienced two kinds of pain that, according to credit rating agency Realpoint LLC, its delinquency rate rose to 3.14% in July, six times the level in July last year. A problem arises simply from the lack of stricter standards. In the era of easy money, Wall Street to lend money to homeowners with the implicit belief that occupancy rates and rents of office buildings, hotels, businesses and other commercial properties continue to rise. The result is that an increasing number of properties are not generating sufficient cash to pay principal or interest on loans.

The second problem that plagues the industry comes from the inability of owners to refinance commercial real estate securities backed by mortgages. It is estimated that by the end of 2012 loans expire about U.S. $ 153,000 million. Deutsche Bank analysts estimate that about U.S. $ 100.00 million will be difficult to refinance. Although these properties have sufficient cash flow to pay interest and principal, their values have fallen so much that owners may not extend or replace existing mortgages with new debt. That means there will be losses not only for owners, but for investors who bought these mortgage-backed securities business, including hedge funds, pension funds and other institutional investors. That would exacerbate the recession that crosses U.S.

A typical commercial mortgage backed securities mortgage contains a diverse group of properties, often less than 100, with loans ranging from $ 2 million to over U.S. $ 100 million. A company, usually a large bank like Wachovia and Wells Fargo charge of collecting monthly payments from borrowers and give them the money from institutional investors who buy securities. A significant increase in commercial property foreclosures could further depress values most active since the market would come at clearance prices. This would exert pressure for banks to make write-offs of these loans. What is happening in the market for commercial mortgage-backed securities is a prelude to what may happen in the books of banks.