CRE

CRE
Tyler Durden's picture

The Florida CRE Implosion Visualized





Has to be seen to be believed

 
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S&P Commits Professional Suicide With Ratings Round Trip, Underlying CRE Remains Toxic Garbage





Rare? Medium Rare? Medium? Well Done? S&P? Indeed, as the last peg in the gradation of burnt to a crisp, S&P smells completely done. As in there isn't even left a shadow of a doubt that all S&P does is pander to the solicitations of whatever few remaining clients it may have, or, as the case may be, the U.S. government. Any credibility S&P, which one would be excused for confusing with Sycophantic & Pathetic, may have tried to salvage over the past 6 months has been gutted and left to dry after this most recent fiasco, which is the final straw on theMcGraw-Hill subsidiary's expedited route to the NRSRO utterly discredited trash heap.

 
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David Faber On Goldman CRE Write Downs And REIT Pain





David Faber discusses Goldman's real estate losses, and draws some conclusions about the upcoming pain for REITs. And yet, thanks to Goldman, which has been instrumental in upgrading and issuing stock for the REITs (and having a massive blow out quarter thanks in large part to its REIT underwriting activity), the sector is doing unprecedentedly well. Surely one has to wonder just what must happen at this point for people to realize what a ticking time bomb Commercial REITs are?

 
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CRE Distressed Auctions Coming, 90%-Off Minimum Bids





And so reality, and realty, starts to catch up (with commercial real estate at least, if not with the market). Bloomberg reports that Sperry Van Ness and Guardian Real Estate Services LLC will conduct auctions on various commercial real estate properties in California, Idaho and other western states.

 
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Second Budget Hotel Bankruptcy In One Week, CRE Getting Monkeyhammered





First it was Extended Stay, which filed for bankruptcy last week (and whose unexpected filing may make life for CMBS participants very complicated as the law of unintended consequences strikes again). Today, it is budget hotel chain Red Roof Inn. The company, which owns 210 hotels, defaulted on $367 million of mortgage debt, has a total of $1.2 billion in total debt, including mezz loans and other notes. The company was purchased a mere 2 years ago by Citigroup (yep, the same phenomenal deal makers who wouldn't know how to find their gluteus maximum with a magnifying glass, bought a 79% stake in yet another toxic piece of garbage) from Accor SA for $1.3 billion.

 
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Moody's: "Sellers Beginning To Capitulate To Realities Of CRE Markets."





Moody's has released its April Moody's/REAL Commercial Property Price Indices (CPPI) update and it is a doozy: -8.6%, after what many had expected was a shooting green reading of just -1.7% in March. The problem that many don't grasp, that even Moody's has finally caught on, is that once capitulation in CRE sets in, the bottom will be torn out.

 
Tyler Durden's picture

Second Budget Hotel Bankruptcy In One Week, CRE Getting Monkeyhammered





First it was Extended Stay, which filed for bankruptcy last week (and whose unexpected filing may make life for CMBS participants very complicated as the law of unintended consequences strikes again). Today, it is budget hotel chain Red Roof Inn.

 
Tyler Durden's picture

Moody's: "Sellers Beginning To Capitulate To Realities Of CRE Markets."





Moody's has released its April Moody's/REAL Commercial Property Price Indices (CPPI) update and it is a doozy: -8.6%, after what many had expected was a shooting green reading of just -1.7% in March. The problem that many don't grasp, that even Moody's has finally caught on, is that once capitulation in CRE sets in, the bottom will be torn out. Furthermore, after the Madison random walk last week, this weekend I did a comparable one for 5th Avenue.

 
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Green Street Advisors On CRE "Nothing Is Trading; Prices Are Likely Down 35-40%"





As if anyone needed more confirmation just how bad commercial real estate is. Also includes a brief survey on the collapse of the SoCal regional market.

hat tip Alex

 
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Mike Kirby Of Green Street: "CRE Down 40%, To Drop More"





When REIT consultant Green Street Advisors talks, even the book pumpers listen. Bloomberg reports that Chairman and Director Of Research Mike Kirby, during his keynote address at the UCLA Economic and Real Estate Forecast Conference has noted that not only are CRE property prices down 35-40% already, but in fact have more room to drop.

 
Tyler Durden's picture

Some More CRE Venus Fly Trap Shoots





Between RealPoint and TREPP, any investor who has the reading comprehension of an 8 year old, the excel skills of a moderately well-trained primate and access to either or both of these databases, should be able to extract sufficient data that will promptly indicate just what commercial real estate is shooting up these days. Whatever it is, it sure ain't green.

 
Tyler Durden's picture

Some More CRE Venus Fly Trap Shoots





Between RealPoint and TREPP, any investor who has the reading comprehension of an 8 year old, the excel skills of a moderately well-trained primate and access to either or both of these databases, should be able to extract sufficient data that will promptly indicate just what commercial real estate is shooting up these days. Whatever it is, it sure ain't green.

 
Tyler Durden's picture

RealPoint Downgrades Hundreds of CMBS Classes, CRE Deterioration Accelerates





Commercial real estate powerhouse RealPoint has downgraded several hundred deals and CMBS classes in its April evaluation of the sector.

Realpoint CMBS zerohedge

 
Tyler Durden's picture

RealPoint Downgrades Hundreds of CMBS Classes, CRE Deterioration Accelerates





Commercial real estate powerhouse RealPoint has downgraded several hundred deals and CMBS classes in its April evaluation of the sector.

Realpoint CMBS zerohedge

 
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