Posted by Rick Goates on Thu, Oct 01, 2009 @ 04:05 PM
It took a couple of years in Residential real estate locally for Seller's to get that the market had "changed"...the days of multiple offers and asking what ever you wanted were over.
Now there seems to be a similar trend in lease rates looking at many buildings in Redding.I am seeing many lease rates of $1.50 a foot + and the market is closer to $1.00 a foot right now....mmm
Denial seems to be a common current in real estate in the last 4 years or so...are local building owners not seeing that Commercial is going down? Wouldn't it be better to take less NOW and lock a tenant into a lease to get through this next Phase in Commercial meltdown?
It reminds me of Residential sellers that don't listen to the advice that a dollar today is worth much more than .90C in a couple months....or Residential sellers that can sell for $300k today and will take $250k in 6 months....
Let's hope these Redding Commercial buildings are all paid off...if not? The banks are going to be owning more buildings than the one they reside in!
Regards
Richard