Although we like to think that real estate is at the center of the universe, the reality is that our profession is but one part of a very large puzzle. And many of the tools and concepts that we use to figure out our little puzzle can be applied to a variety of other situations. In the June issue of Properties Magazine, we discuss the concept of Net Present Value. As you will see, although the concept is quite useful when analyzing real estate ...
This week, the owners of 200 Public Square (formerly known as the BP Building) put the building on the market for sale. I was on the team that sold the property to the current owners back in 2005 so when my friend from the Plain Dealer, real estate reporter Michelle Jarboe, called to ask my opinion, I wasn't at a loss for words. Michelle wrote a nice piece (click here to link) but it was one of the comment posts online that really caught my ...
Last summer, I wrote a couple blog entries following a short visit to Nashville. In a July entry entitled 'Music City Musings, v2.0', I discussed the pending medical mart that was planned for Nashville and compared it to Cleveland's medical mart. Fast forward about 9 months and the landscape has continued to shift. I just read a very good, balanced article that compares Cleveland's mart not only to Nashville but also to a third that was announced a ...
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This month's Financial Strategies column in Properties Magazine continues a discussion that begin in the March issue. The topic for both months was Internal Rate of Return. In March, we gave some framing to the concept of IRR, explaining what it is and how it is used. And in the April issue, we tackle some of the shortcomings ...
I write this blog entry sitting in a hotel lobby in Bethesda, MD. At this same time, back home in Cleveland, there is a funeral service for a good friend and former co-worker, Ken Fleming. Since I can't make the service, I want to take a few minutes to honor him. Ken was a lot of things to a lot of people - friend, mentor, teacher, supporter, husband, father. The list is as endless as the line that I'm sure is formed at the funeral service. In ...
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Since the first of the year, the volume of investment properties coming onto the market has certainly increased. Although not many seem to be selling, there are clearly a lot more offerings out there as compared to 12 to 18 months ago. But it seems like I am seeing two distinct types of offerings. One type include very safe ...
One of the most followed stories in the local real estate market is American Greetings (AG) headquarters situation. In January 2010, the Fortune 1000 company publicly stated that they were unhappy with an increase in the city income tax in Brooklyn and were considering a move of the corporate HQ to another community. In November ...
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By most measures, 2010 was another tough year for the local real estate market. But there finally appears to be a light at the end of the tunnel (and I don't think its another train that will hit us head on). By most measures, activity levels are picking up - local, regionally and nationally. And this renewed growth has slowly begun to impact the commercial real estate market. To read the latest Financial Strategies column from the January 2011 ...
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In 1982, I received a Commodore VIC-20 for Christmas. Nearly 30 years later, it looks clunky and awkward, like something you would see in a B-rated science fiction movie. But it didn't matter - I was in love. And so began my infatuation with technology. Name it and I've probably had it - Walkman, Discman, plasma lunchbox ...
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When Heartland Real Estate magazine came a-knocking for a market roundup article for Cleveland, they didn't have to ask twice. Although many have categorized the current market as 'asleep at the switch', I actually see things quite differently. Similar to buds sprouting on tree branches after a long winter's nap, there are several projects in the pipeline that will have a significant impact on the entire region for years to come. To read all ...
