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Number 6 – REALLY!!

by Tia on May 10, 2011

in Food for Thought

There I was – reading the Yahoo! News and what is on the front page – The Aeros Stadium.  OY!  Mortified is not the word for my emotions.  The article I was reading was the "Top Ten WORST CITIES for Renting" – Akron was #6 (Miami was #1)  REALLY!!  I am stunned.

The criteria for qualifying were basic – How affordable is it to rent in Akron?

Renter households with severe cost burdens: 31.8%
Median gross rent: $740
Median utilities cost for renters: $160
Median household income for renters: $26,100

Census data show that the populations of Akron city and Summit County have both decreased in the past 10 years. Meanwhile, the area's economy has grown little, with real gross domestic product increasing by only 5.2 percent from 2001 to 2009, according to figures from the U.S. Bureau of Economic Analysis. Harvard's study estimates that real median household income in the metro declined by 14.9 percent from 2000 to 2009.

Looking forward to your comments on this one!

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Ohio Home Sales Down

by Tia on April 21, 2011

in Today's Top RE Stories

Ohio Home sales have declined Statewide by 8.2% according to the National Association of Realtors or NAR.  According to Crains, "Home sales statewide in March fell more than 8% from the like month a year ago, as this sector of the economy continues to struggle without the help of a federal tax credit that was in place last year."

There were 7,942 homes sold statewide last month, down 8.2% from 8,655 in March 2010. The average sale price was $113,361, or 11.5% below the $128,041 average in the like month a year ago. The total dollar volume from sales statewide in March was $900.3 million, down 18.8% from $1.1 billion in March 2010.

By the number of units sold, the market was slightly better in Northeast Ohio, though other measurements were even worse than the statewide numbers. (The Realtors group combines sales from 17 Northeast Ohio counties into one category known as the Northeast Ohio Real Estate Exchange, or NEOHREX.)

In a statement, Meg Hudson, president of the Ohio Association of Realtors, said, “The fact that our sales have held relatively steady this year in comparison to activity levels when the $6,500 tax credit was in full effect is a real positive and clear indication of the desire among many throughout the Buckeye State of attaining home ownership.”

Ms. Hudson added, using the classic real estate cliché, that, “It really is a great time to buy. When you look beyond the headlines and take a closer look at current conditions — interest rates at historic lows, prices displaying signs of stabilization, sellers becoming more and more realistic in their expectations — you gain a better appreciation that the desire to own a home remains the foundation of the American Dream.”

For the full article – click here!

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RIP Big Box

by Tia on April 15, 2011

in Today's Top RE Stories

The growing trend continues, big box retail is dying.  Walmart has made announcements about a smaller footprint – today Best Buy is the latest to say they are launching smaller sites.  They are going to have a concept called Best Buy Mobile Stores – smaller foot print and more online sales.  It sounds like Radio Shack meets Amazon…….

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Nontraditional Retail

by Tia on April 13, 2011

in Real Estate Economy

I hope everyone answered NO!  While the answer maybe be a resounding NO from me maybe I am being too harsh.  There was an article in the Times heralding the recovery of many of the empty Blockbuster stores which have been released.  What I found ironic about the article is the merit they added to the new "nontraditional" tenants…

Some 6,000 Blockbuster retail stores have closed in the past few years, creating a drag on the shopping centers where they were located. However, these sites have been attracting new tenants lately, some of which have been nontraditional. In one case, a pawn shop took over a Blockbuster location, attracted to the same characteristics that originally drew Blockbuster: It is a high-traffic site with day-to-day shoppers going to the anchor grocery store.

The main thing to note in ANY given retail development site is that if the plaza is anchored by a grocery store AND has high volume traffic the space surrounding it is considered prime space.  SO – if the best your prime space is bringing in for everyday use is a pawn shop – what does that say about our spending habits?!

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Handel's GOING Into Medina

by Tia on April 12, 2011

in Retail News

There is an article published by The Medina County Gazette, Medina City Council rejects Handel's ice cream shop.  This is only partially true. 

Handel's is going into Medina – they just needed to tweak some of the drawings for their space…….

Fear not Medina – Handel's is coming your way!!  WOO HOO

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EUROPEAN DEVELOPMENT UP 30%

by Tia on April 1, 2011

in Retail News

This can't be a bad sign!!!  While I still see some countries on the down swing of our global recession – there are some positive signs of real estate life.  

European retail development is expected to rise 33% this year, according to a report from Cushman & Wakefield. Last year's development slumped by 30% with only 55.9 million square feet of retail space delivering. This year, it expects to see an upturn in more than half of the European markets surveyed for the report.

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Look Good or Be Good?

by Tia on March 31, 2011

in Retail News

That is the age old question and it seems to be a major block for the Charming Brand!  ICSC is reporting that Charming Shoppes is to close about 240 stores this year, the company announced in its fourth quarter earnings results, after reporting a $30 million loss for the period. More than half of these will involve Fashion Bug stores. The retailer is also shutting all its 30 Catherines Plus Sizes outlet stores over the coming two years

The units to be closed account for about 12 percent of the company’s total number of stores. The locations of the stores was not revealed.

Looking ahead, Charming Shoppes must improve its merchandise, both in terms of selection breadth and quality, said Anthony M. Romano, the company's newly appointed president and CEO. "Quantitatively, the Company became accustomed to lower inventory turns because we were serving a size intensive array of customers by providing them with three fits in three lengths in eight sizes. While the approach was right, our execution has been weak. We will improve our inventory management through tiered inventory investments so as to maximize our returns,” the report quotes him as saying. "Qualitatively, we must upgrade our offerings. We were far too basic and not responsive to our customers' fashion preferences. We mistakenly believed being in-stock with great-fitting merchandise was good enough. It clearly wasn't. Each of our brands continues to make significant progress in its merchandise assortments, most notably in their efforts to ensure the items work together as outfits.”

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Retail Disaster Recovery

by Tia on March 31, 2011

in Today's Top RE Stories

Some positive news – even if you hate them – Walmart is reopening some of its stores in Japan.  This is good news if for no other reason that JOBS!

The earthquake and tsunami that devastated parts of Japan damaged 24 of Wal-Mart's 371 stores in the country, but 12 of them were open for business on Monday, and the retailer plans to open the others as soon as possible. Two of the stores were completely covered in mud, but workers at the other 22 locations set up shop in the parking lots shortly after the disaster to give away bottled water and noodles and sell some limited items.

Horrible Horrible Horrible!

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Standards

by Tia on March 25, 2011

in Commercial RE

The Commercial Real Estate Finance Council says the Dodd-Frank rule lacks leeway in its requirements that issuers of asset-backed securities retain 5% of the risk on their books. Asserting that the risk-requirement rule hinders the quota of commercial real estate loans, the New York-based group is looking for elasticity in the law passed last summer. The group is working on a new set of standards that would minimize the effect of the regulations. 

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Fab or Miz: The Tripod Lamp?

by Tia on March 25, 2011

in Fab or Miz?

We are doing some remodeling at the house, simple bedroom updates.  Since, I have become OBSESSED with the tripod floor lamp. 

I tried to look up some facts about this lamp style thinking there would be great information (ie: The Herman Miller chairs, etc),  there was NADA!   Oh well!  

What I like best is their transitional qualities.   The lamp can be modern but class!  I love them so I am showing you my top picks for today!   Fab Fab Fab

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