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AB2640 Seeks to Repeal 1031 Exchanges in California

March 15, 2010

Tweet First of all, for those of you who dropped me a note wondering if I was still alive, rest assured I am. Thanks for the concern. Now to the pressing issue, a bill within the California state assembly which seeks to repeal the tax benefits of 1031 exchanges in California. We’ve been discussing for […]

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Golden State Portfolio Hits The Market

March 2, 2010

Tweet Back in December, CBRE won the pony show to sell off a 7 million square feet portfolio of our property. It’s officially hit the market and just in time for IOU’s.

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Dimon: California Larger Risk Than Greece

February 28, 2010

Tweet Jamie Dimon, the chief of JP Morgan Chase has indicated that California poses a larger risk than Greece. Mr Dimon told investors at the Wall Street bank’s annual meeting that “there could be contagion” if a state the size of California, the biggest of the United States, had problems making debt repayments. Dimon isn’t […]

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California Unemployment Rate Hovers at 12.4%

January 22, 2010

Tweet Unemployment in California is sitting pretty steady, and now sits at 12.4%. December of 2008, the unemployment rate was a 8.7%. The job market continued to be extremely weak, with 80% of the states reporting an increase in unemployment. The biggest sectors to lose jobs over the past twelve months are: Construction, down 16.1% […]

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S&P Cuts California Bond Ratings

January 14, 2010

Tweet California’s situation is getting worse, and S&P has taken notice by dropping its bond ratings for the second time in a year. California now has to spend more money on interest for any bonds it issues, exacerbating the budget crisis in the state and putting more pressure on the government to raise taxes at […]

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State of California Offloading Buildings To Fill Budget Shortfalls – What A Disaster

December 11, 2009

Tweet As economic pressures mount, the The State of California has retained CB Richard Ellis to sell off 17 of our buildings. The portfolio represents around 8 million square feet. The buildings include the Elihu M Harris building in Oakland, the Earl Warren building in San Francisco, and the PUC building in San Francisco. I’m […]

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Heading North – CA Unemployment Up To 12.5%; Santa Clara County 11.9%

November 20, 2009

Tweet The EDD released unemployment figures today, and the rate was up to 12.5% in October, a 20 basis point increase from September’s 12.3%. Last year, it was 8% in October signalling a 50% year-over-year increase! In raw numbers, year-over-year, we’ve shed nearly a million jobs in California alone total, nearly 700K if you look […]

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FDIC Property Sales Approaching 90′s Levels

November 17, 2009

Tweet In 1994, the FDIC unloaded about $1.16B worth of land and buildings. In the first nine months of this year, the FDIC unloaded about $727M. 112 of the 1,706 properties sold so far this year have been in California, with a lion’s share taking place in Georgia where the FDIC has sold some 900 […]

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Efforts To Raise Commercial Property Taxes Gaining

November 17, 2009

Tweet They have fantastic names, “Protect Homeowners and Close Corporate Tax Loopholes Act” and the “Education and Taxpayer Fairness Act”, but the¬†consequences¬†could be pretty dramatic. The first would require reappraisals every three years on commercial property. The second would raise property taxes on commercial property by 55%. If any of these get the required number […]

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AB1103 Takes Effect Soon – Requires Energy Rating Disclosures

September 9, 2009

Tweet AB1103 will be taking effect soon (January 1, 2010). If you’re not familiar with it, get to be soon. The bill would require, on and after January 1, 2010, that a nonresidential building owner or operator disclose Energy Star Portfolio Manager benchmarking data and ratings, for the most recent 12-month period, to a prospective […]

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