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All told, a mere $9 million in office transactions traded during the firsrt quarter inSilicon Valley, a 98 percent drop compared with the firsr quarter of 2008 when $716 million was sold. The star performer was the industriapl market, with $67 million Still, that was down about 65 percent from ayear ago. The othedr two sectors — retail and multifamily were off by 56 percent and 96 percent respectively, as reported by LoopNet Inc. in partnership with Real CapitaolAnalytics Inc. LoopNet tracks sales of $2.5 million or The South Bay was notalone — the markeft “virtually stopped” across the country, with some regiona registering zero transactions.
“It was worswe than anyone anticipated,” said Hessam managing director of research serviceas forMarcus & Millichap. “It was almost impossiblse to predict the freezing ofthe market.” Experts hope the low numberws mean the bottom is A LoopNet survey released May 27 revealesd that 40 percent of its 1,500 members who responded to the question when the markegt will turn believe it will happen in but more than a quarter said it may not happen until 2011. The survey reveals an interestinfg skew, said Mike Manning, LoopNet’ws marketing vice president.
“In the breakdown between ownerwsand investors, the owners are far more optimistic,” he “That’s partly why transactions have ground to a there are different expectations.” Don Little, senior vice president of Opus West Northern California, said the gap between buyerxs and sellers is unbridgeable in the current Sellers are not willing to come down in price, and buyerzs do not have access to capital that will supporgt the future value of the property. “(Assets) will trad for the cost of or less,” Little said. “That means the top 20 or 30 percenft of value will getknocked off.
We will have blown through the equity and will be in the Not much has changes as the second quarter draws toa close. Eric Fox, seniort vice president for CPSCorfaxc International, said the handful of properties on the market have gottej very little interest. “Sales will be relatively stagnantyuntil there’s a point of he said. “I don’t know when that will The market is nottherw yet. Owners remain in control of theit properties with foreclosures in the commercial sector a raritgyso far. “There’s not a lot of desperation on the side,” Little said. Whiled that could be read as a good it really only perpetuatesthe situation.
Fox said that owners aren’t willing to discoun t on performing properties, meaning tenants are payingt their rent and the debt isbeinfg serviced, to ensure a sale. “If property is performing at ahigh level, the buyersx aren’t there,” Fox said. As the recessionh deepens and joblosses accelerate, Nadji said ownersw will reconsider their options. “Hanging on doesn’r fit what they need to do,” he “There’s a lot of owners with maturing debt that with the creditr crunch will not be able to refinancr with favorableenough terms. So they are decidingf to sell the property.
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