Milton Friedman Day! January 29th

Milton Friedman Day is celebrated every year on January 29th. He is a hero to many of us who believe in free-market capitalism. What would Milton think of today's "stimulus package"?

For more info, please visit these websites:

www.freetochoosemedia.org

www.freetochoose.net

www.miltonfriedmanday.org

www.ideachannel.tv

It's a Boy!

Rebeca Incer gave birth to a bouncing Baby Boy, today on Wednesday, January 21st, 2009 at appx. 5 PM. "Baby Amanzi" weighed in at 8 pounds 7 ounces. Rebeca and Family are all healthy and well.

More pictures soon!

Miami Industrial Market Report for Year End 2008 by ComReal

The second half of the year 2008 experienced declines in lease rates;
sales prices and overall transaction volume. Miami’s Industrial Market
has seen lease rates decrease 10-20% and vacancy is now over 8%,
and climbing. A good Tenant Rep Broker can negotiate lease rates
down further and achieve better terms. This is good news for those users
seeking to lease (or purchase) Miami warehouse space. Landlords
have to offer more rental concessions such as free rent and tenant improvement
allowances. Expect the entire year of 2009 and likely into
2010 to be full of major leasing and buying opportunities. (Notice in the
chart below, that lease rates in all regions have declined nearly $2.00
psf from their recent peaks).

Source: CIASF Industrial Report Miami 2009

Financing is still a major problem, especially if you are an investor. So
expect to see more transactions either owner financed, joint ventured,
paid all cash and/or leased with a purchase option. Overall transaction
volume may likely remain low in the upcoming year for 2009. Most
speculative construction is on hold.

ComReal continues to be a leader in the commercial real estate industry.
Since 1979, ComReal has been a reliable firm to advocate its clients’
warehouse needs with experienced professionals. According to
CoStar, ComReal Miami completed the 4th largest lease transaction
and the 3rd largest sale for the year.

ComReal Miami is proud to advertise the Commerce Park Warehouse;
an 127,000 sq. ft. warehouse on the FEC Rail near Miami International
Airport. (Visit www.miamiairportwarehouse.com).

For the complete market reports provided by CoStar and CIASF,
please visit www.edwardredlich.com/News&Press.htm

For commercial real estate info across the country please visit http://commercial-real-estate.cc

Miami Today: Back to Basics

"Now is time to go ‘back to basics,’ real estate groups say"
BY RISA POLANSKY
Miami Today News

With the economy in a tailspin, and business slow as a result, local commercial real estate organizations are going “back to basics.” In planning for her 2009 term as president of Commercial Real Estate Women – Miami, Danet Linares had a theme in mind: “Close the Deal,” which she called a “natural” follow to past President Gayle Bainbridge’s “Make the Ask.” But as the economy crashed, financial markets faltered and business ground to a near halt, “I started thinking, really, how do you close the deal?” said Ms. Linares, senior vice president, director of real estate services for Foram Group.

“You have to go back to basics.” She changed the theme and is focused now on promoting a return to fundamental business practices.

Now is the time to cultivate relationships and look to experts for analysis and pointers, Ms. Linares said.

She plans to put together topical programs in varied real estate sectors to educate members and potentially draw in professionals in different fields.

Speakers slated for this year include real estate economist Hugh Kelly, University of Miami President Donna Shalala and Miami-Dade Aviation Director José Abreu, among others, she said.

The goal is to “provide an educational opportunity for our members, where you have a great venue for networking.” Staying plugged in can help position professionals for growth, Ms. Linares said.

“When you become informed, you’re better able to help your client,” she said, and “people hire you because of what you know.” The Miami-Dade/Monroe chapter of commercial real estate professionals holding the Certified Commercial Investment Member (CCIM) designation is also encouraging members to get “back to the basics” – the theme of this year’s outlook conference.

“We have to go back and understand the fundamentals and what the foundation of the business is,” said Chapter President Edward Redlich, vice president of ComReal Miami commercial real estate services.

During recent boom years, many jumped into the real estate game without proper knowledge, experience and credentials, he said.

As the bottom falls out, “everybody, including our customers and lenders, they want to see real deals, real opportunities, they want to deal with real professionals… now people are going to be very careful of who they do business with.” This month’s “Back to the Basics” outlook conference is to cover trends, opportunities and threats and feature experts in retail, office, industrial, capital markets, distressed real estate and other fields and topics.

After “one of the most unpredictable years ever,” Mr. Redlich said, “we’re trying to figure out what’s going to be anticipated for 2009.” From there, it’s about “building relationships, understanding the market, understanding the properties,” he said.

The local CCIM chapter is open to all, even those without the designation, and hosts quar terly luncheons featuring speakers, as well as networking functions.

Alice Lucia, past president of the South Florida Chapter of the National Association of Industrial and Office Properties and senior vice president of Jones Lang LaSalle, said in an e-mail that “networking = deal making.” The organization plans this year to host more member-only networking socials than in the past, she said.

General meetings featuring panel discussions are to be open to non-members, and the organization has upped its non-member fees for the events “in an effort to reestablish how important it is to be a member,” Ms. Lucia said.

For the first time, the association is offering members a payment plan for dues – “a true proactive approach to the current economy for our membership,” she said.

Becoming a member of professional organizations in times like these is critical, said Ms.

Linares of Commercial Real Estate Women – Miami.

“It’s not just going to luncheons,” she said. The groups allow opportunity to become involved in various committees and spearhead programs and initiatives.

When others in the field see you in action, it could spark deals or partnerships – or at least build professional references for the future, she said.

“By people seeing you work in that committee, that translates to how you are in business.”

Miami Today article: Few ‘significant’ industrial real estate deals on horizon

Few ‘significant’ industrial real estate deals on horizon

BY MARILYN BOWDEN
Miami Today News

Long-term brokers in Miami Dade’s industrial market say several factors have converged to slow sales, and though inventory will probably grow they expect few large-scale transactions soon.

Setting market value is one challenge. While appraisals haven’t yet been a problem, said Ed Redlich, a vice president at ComReal, within a few months appraised values are going to drop.

“Appraisers look at pricing for a year back,” he said. “Since prices peaked about six months ago, we may see another 10%20% drop this year.” Even on deals under negotiation right now, he said, buyers’ expectations are changing rapidly.

“When property owners get an offer,” Mr. Redlich said, “they need to expeditiously negotiate it, because if it takes two to three weeks to get back to that proposal, the buyer may well say, ‘that was our proposal three weeks ago, but it’s not our offer anymore.’” Greg Zeifman, a senior associate in the Miami office of Marcus & Millichap, said sellers are not realistic in their pricing.

“I see listings priced more than twice what an investor would pay,” he said. “The fact is, most businesses are not doing so well today, but sellers want to believe that business owners are still out there wanting to buy assets, which is very rare.” Some companies will be forced to sell, said Mike Silver, first vice president at CB Richard Ellis. “We expect several large properties of more than 100,000 square feet will be placed on the market soon,” he said. “But due to cost containment in major corporations, we don’t see many significant industrial transactions going forward for the first half of 2009.” That’s partly because most of the larger industrial real estate investment trusts, or REITS, that in the past have been buyers are essentially out of the market due to financing issues, Mr. Silver said.

“Most of the institutions are pretty strong,” Mr. Zeifman said, “but they are not in the market to sell or to buy. They are in paralysis mode.

“They can’t get the funding they used to get and are not as bullish on the market, so they are in a holding pattern, operating their properties and retaining their tenants. They are pretty much on the sidelines as far as the industrial market is concerned and will be for another year.

Private equity players locally and nationally are buying distressed assets such as industrial condos, he said. “Most of these buyers are bottom feeders.” Mr. Zeifman said he’s heard that as lenders take back distressed properties, they are calling private equity firms and doing all-cash deals, “but that is happening under the radar screen.” But for users who can put money in, financing is available, Mr. Redlich said.

“Investors have to put larger amounts down. Investment properties have to have a cap rate of 8%-10%. It can’t be based on a projection of future property values,” he said. “Users can benefit by that more than investors. And while some users are in industries that are not doing well, some logistics and distribution, import-export, and food and beverage companies are so far doing fine.” Community banks and some other lenders are financing sales, Mr. Redlich said, “but they will take a hard look at the credit, and they want your bank account as well as doing your financing.” “If they’re going to make a loan, it will be for a maincorridor, type-A, property,” Mr. Zeifman said. “They’re not lining up to finance a multitenant facility with mom-andpops on month-to-month leases. It’s very rare that a lender would want to lend on class C assets.

“Most product in MiamiDade services small, entrepreneurial businesses on shortterm leases – tenants with no credit. These are not bankable deals.” Cash or seller financing will be the ideal ways to accomplish a sale in the coming months, Mr. Silver said.

“Though sales prices may not be what they were a years ago,” he said, “a lot of oppor tunities will be created due to current market situations, and there will be some deals made.”

Miami Today article: Real estate professionals to peer into 2009 crystal balls

Real estate professionals to peer into 2009 crystal balls

BY YUDISLAIDY FERNANDEZ
Miami Today

A Miami-Dade-Monroe Florida Chapter of commercial real estate experts hope to provide a clear picture of the industry’s outlook for 2009 at its annual conference this month.

Certified Commercial Investment Member, known as CCIM, is a group of commercial Realtors hosting the 2009 Commercial Real Estate Outlook Conference on Jan. 21 with more than 300 commercial real estate agents expected to attend.

CCIM is also a designation based on education and performance only possessed by about 16,000 Realtors worldwide, said Chapter President Edward Redlich, also vice president of commercial real estate services firm ComReal Miami Inc.

The conference, hosted in Miami for the third straight year, is to be held at Coral Gables’ Riviera Country Club. The cost for members is $39 and nonmembers $69. The registration deadline is Jan. 19.

Mr. Redlich said the CCIM Florida Chapter offers membership to non-CCIM designees who want to join for networking and education opportunities for an annual cost of $200.

This year’s conference, dubbed “Back to the Basics,” has a nine-speaker lineup of commercial real estate heavyweights unveiling their market forecasts for 2009.

Some questions in the minds of practicing commercial real estate agents, Mr. Redlich said, are how the credit markets will behave, what will happen to interest rates and “what surprises and trends can be expected.” The following speakers will offer their insights into the commercial real estate market:

Keynote speaker Stanley Geberer, who leads the real estate research team for the firm Fishkind Associates Inc., hopes to answer some of those questions in his economic prediction for 2009.

Manuel de Zarraga, executive managing director for Holiday Fenoglio Fowler’s Miami office, is giving a presentation on the opportunities available in the credit and lending markets.

W. Allen Morris is presenting an outlook on business for developers in 2009. He is CEO of The Allen Morris Co. and is currently developing Class-A office project Ponce de Leon Towers in Coral Gables.

Gary Ralston, president of Florida Retail Development, is reporting on retail trends in the horizon.

Michael Cannon, executive director of Integra Realty Resources, is discussing the badlyhit residential market and how it will impact the commercial market’s performance this year.

Tony Puente, senior vice president of Fairchild Partners Inc., is giving a preview of what the office market looks like for Miami-Dade and Monroe counties in the months to come.

Tom Dixon, president of Dixon Commercial Real Estate, is sharing with fellow commercial Realtors what to expect in the way of real estate assessments for 2009.

Mr. Dixon said that there are likely to be “lower values for commercial properties because the valuations of buyers and sellers, and in turn the property appraisal, will be based more on the income the properties will produce rather than the speculation of ability to resell it at a higher price in the future.” He is also predicting that the decline in sales activity due to stringent financial requirements and the drop in rental rates that has resulted in lower values should – if the millage rate doesn’t go up – reduce taxes for 2009.

The conference also includes presentations on local retail, office and residential markets and how they will affect commercial market activity.

Mr. Redlich said he is confident the conference, as in pre vious years, will sell out.

He said some Realtors attend not just to get an outlook on commercial trends for the year but to network and build new relationships with other profes sionals.

“These are people who are very involved in the profession and are all about educating themselves, so it’s a great place to meet oth ers in the industry,” he said.

Now more than ever, he said, commercial realtors need to have a strong team of real estate professionals, lenders, attor neys, appraisers and accoun tants assembled.

“During these times you have to understand the profession and serve your clients.” Details: www.miamiccim.com

ComReal Miami, Inc.: Miami warehouse

ComReal Miami, Inc.: Miami warehouse

CCIM Institute - CI 104 - Investment Analysis for Commercial Investment Real Estate - January 12-16, 2009 - Miami, Florida

CI 104, [Miami, FL]

Take the next important step in your commercial investment real estate education with quality training right in your own backyard! Enroll today in this CI 104 Course, which will be held in Miami, Florida from January 12^th to the 16^th, 2009.

After this course, you will be able to:

• Analyze a client or owners' needs to determine the best investment strategy.
• Understand various financing options that may be available for a project.
• Determine the best disposition strategy for a property.
• Know the tax issues that affect the acquisition and disposition of real estate investments.
• Understand modern investment concepts such as expected value based on probabilities, real estate exchanges, capital accumulation and income partitioning.

CI 104 - Investment Analysis for Commercial Investment Real Estate

Date:

January 12, 2009 - January 16, 2009

Course Location:

Nova Southeastern University

8585 SW 124th Avenue

Miami, FL 33183

Recommended Lodging:

Best Western Kendall Hotel and Suites
8560 SW 124th Ave
Miami, FL 33183
305-271-4848

8:30 a.m.-5:30 p.m.

Contact:

Edward Redlich, CCIM, SIOR

President 2008-2009

CCIM Miami-Dade-Monroe District

786-433-2379

eredlich@comreal.com

www.edwardredlich.com

The CCIM curriculum is noted for its hands-on approach to real estate concepts. Case studies are used to illustrate concepts throughout the course.

If you would like more information on getting started in the CCIM program, click here.

For more information or to register for this course:

• Call (800) 621-7027
• Register online at Course Registration

OR https://www.ccim.com/education/ccim_education/controller?action=viewCourseFlyer&mid=14C9101

Buyer seeks 10,000 - 20,000 sq. ft. warehouse building in Miami

Size: 10,000 to 20,000 sq. ft.

Location: Miami-Dade

Loading: Dock height

Class: A or B

Closing: 2009

Use: Food manufacturing.

Features: Coolers, floor drains, heavy electrical power, sprinklers, FDA approved.

Contact: Ed Redlich, ComReal Miami Industrial Real Estate. 786-433-2379 or eredlich@comreal.com

CCIM Miami commercial real estate Outlook Conference on January 21st, 2009

Dear Professional,

As President of CCIM Miami, I would like to personally invite you to attend the Miami Commercial Real Estate event of the year: The CCIM Miami Outlook Conference!!!

Please join 300 other Miami commercial real estate professionals on January 21st, 2009 at The Riviera Country Club in Coral Gables. This is our third annual CCIM Outlook Conference and you will learn what to expect in 2009 from nine professionals speaking on their area of expertise.

For more information on Miami CCIM, please visit www.ccimmiami.com. Opportunities to Sponsor are still available. For the Outlook Conference, please view the brochure below and visit this link to sign up:

https://guest.cvent.com/EVENTS/Register/IdentityConfirmation.aspx?e=3406a6a9-bc7e-472c-b66c-2d3894868c72

We look forward to seeing you there!

Thank you very much.

Ed Redlich, CCIM, SIOR
Miami CCIM President
www.edwardredlich.com/About.htm


There will likely be some discussion on Miami Dade County property taxes, Miami appraiser Pete Garcia and Miami property appraiser. Pedro Garcia Miami-Dade County property appraiser will service his first term in 2009. Miami bankruptcy and Miami bankruptcies will also be a popular topic. Miami business bankruptcies have increased in 2008 and expect more business bankruptcies in Miami.

You may also visit http://miamiwarehouses.wordpress.com