clark's enews: Winter in NM & Commercial

 

SAMANTHA CLARK

Associate Broker, Commercial Real Estate

Winter in NM & Commercial

New Mexico Winter Fun

Remarks New Mexico magazine—'Tis the season for family, so bundle up your loved ones and head out to our five favorite winter adventures for the whole brood. 1. Some of the highest peaks in New Mexico are found near Angel Fire. Known for its snow­capped mountains and breathtaking views, it’s no wonder it’s a popular destination for mountain bikers, skiers, and snowboarders. But you can also experience the area’s scenic beauty on a cozy sleigh ride. Dashing through the snow, sleigh rides offer a chance to truly soak up the winter landscapes. 2. Nestled at an altitude of 8,650 feet in the Lincoln National Forest, about 20 miles east of Ala­mogordo along U.S. 82, the charming village of Cloudcroft (population 883) owes its existence to the beauty that surrounds it. In mid-December, when the temperature dips below freezing, Cloudcroft comes alive with skiing, snowmobiling, and a special treat: outdoor ice-skating at the James Sewell Ice Rink. “Ice-skating is fun for the whole family,” says Matt Willett, manager of the rink. “I’ve seen everyone from two-year-olds to grandparents out there on the ice.” 3. Picture this: Three inner-tubing lanes twisting down 1,000 feet of groomed, snow-covered slopes. Now: Imagine all this in the dark. The Polar Coaster, Angel Fire Resort’s tubing venue, is no figment of your imagination: It’s open daily in winter, and offers tubing until 8:30 p.m. un­der stadium night lights. To take full advantage of the fun, don’t forget your glow sticks and re­flective clothing. Angel Fire Resort is located 24 miles east of Taos. 4. Everyone in the family can participate in Big Al’s snowmobiling adventures, which begin in Taos Ski Valley, about 90 miles north of Santa Fe at the end of N.M. 150, near Wheeler Peak, and, after two hours of cruising the snowy Southern Rockies, finish off with inspired minds and rejuvenated spirits. The tour destinations reach elevations of 12,000 feet and include broad views of Baldy Mountain, Eagle Nest Lake, and hundreds of miles in every direction. 5. Chama Valley’s 10 kilometers of ungroomed cross-country ski trails are ideal for an adven­turous family outing. Skiers must cut their own paths on these pristine trails.

Commercial Real Estate

Reports The Christian Science Monitor, the largest real estate deal ever has failed. On Monday, Tishman Speyer BlackRock, one of America’s largest commercial property own­ers, threw in the towel. They sent their $5.3 billion investment in 11,000 apartments in New York back to their bankers – the same way some homeowners are mailing their keys back to lenders. The problems at Tishman Speyer, some analysts believe, are “symptomatic” of commercial real estate problems around the United States “Not since the early 1990s have we observed this perfect storm of deteriorating rents and occu­pancies, deflating sales prices, and tight credit that's leading to a lot of defaults,” writes Victor Calanog, director of research at Reis, a New York-based real estate research organization, in an e-mail. “With close to $3.5 trillion of loans outstanding and at least 12 to 24 more months of rent declines, I expect to see more commercial properties defaulting on loans." For example, as Mr. Calanog writes, in 2005, lenders were willing to lend up to 95 percent of the value of a property when dealing with a $100 million, five-year loan. That came out to $95 million. But fast-forward to today: Now, the property is valued at $60 million, reflecting lower rents and occupancy. And lenders will no longer lend 95 percent, but rather 60 percent. That’s $36 million for the same property that they lent out $95 million in 2005. “The difference between $95 million and $36 million is what we call the ‘equity hole.’ Because if the property really needs to borrow $95 million to keep things afloat, it will have to cough up the difference out of pocket, or from whatever pocket it can find,” Calanog says. Yet the case of Stuyvesant Town is not a theoretical loan. Calanog estimates the total nominal outstanding debt at $4.4 billion, but the underlying property to be valued at only between $1.5 billion to $2 billion. Last year, Federal Reserve Chairman Ben Bernanke talked about the possibility that the Fed might have to supply up to $1 trillion to prevent the commercial real estate market and some other areas, such as the student-loan market, from collapsing.

FEATURED PROPERTY

For Sale $352,000 Owner-financing Considered

Owner says get it sold. Price reduced to $352,000. Four buildings, plus storage, on one lot on heavy traffic Bosque Farms Blvd., (HWY 47), in the village of Bosque Farms. Use one building and collect rent from the other three. Property includes a café, former beauty shop, auto shop and warehouse. Plenty of parking and monument signs available on both sides of the property at the street. Contact Samantha for more info.

To be removed from our e-newsletter, questions or comments, click here.                  Or call Samantha at 505.401.1561. (Office 505.247.0444)                                   Berger Briggs, 4333 Pan American FWY NE, Albuquerque, NM 87107   View Samantha’s artwork at the Bright Rain Gallery.