Daily NAPTA Update 6.5.2023

Posted by Diane Macri | Jun 05, 2023 | 0 Comments


CBRE: Office Fundamentals To Keep Deteriorating Until Deliveries SlowDown Next Year
Even as the bottom has dropped out of demand for office space, the sector is proving too big of a ship for adapting with a quick change of course. National office vacancy hit a 30-year high of 17.8% in the first quarter and projects to keep rising until 2025. The commercial real estate services giant doesn't envision office vacancy returning to the 12% level where it sat before the pandemic by the end of this decade, if at all.


Osceola Property Values Soar: Property Appraiser's Office reports nearly 20% increase from previous year, over $2 billion in new construction
Positively Osceola
Katrina Scarborough, Osceola County Property Appraiser, has provided the 2023 estimates of taxable values to the taxing authorities for the purpose of developing next fiscal year's budgets. Property values in Osceola have increased nearly 20% over 2022, with over $2 billion in new construction.

Miami's Hot Investment Sales Market Takes An Ice Bath
The flood of investment sales spurred by the pandemic in Miami has turned into a trickle. Commercial real estate sales in Miami fell to $194M in the first quarter, down 80% from the same period last year. The decline, which was felt across all asset classes, returned transaction volume to near pre-pandemic levels as increased interest rates and uncertainty in the banking sector bring new challenges to deal financing nationwide.


Chicago Bears Exploring New Sites Beyond Arlington Park. Read the Team's Full Statement
NBC Chicago
The Chicago Bears say that a possible move to Arlington Heights is no longer its "singular focus" as a result of a squabble concerning the property's assessed value. In a statement issued Friday, the team explained that its "goal of building the largest single development project in Illinois history led by billions of dollars in private capital investment, and the jobs and economic benefits generated, is at risk in Arlington Heights."


Sticker shock: Greek house values skyrocket. The tax bill comes next.
Flatwater Free Press
Greek chapters at the University Nebraska–Lincoln saw their building values jump nearly $1.2 million on average in one year, according to data from the Lancaster County Assessor's Office. “It was sticker shock,” said Assistant Director of Fraternity and Sorority Life Jon Gayer. “Some of these groups are probably looking at a $100,000 increase in taxes.”


Region's home prices decline for first time in more than a decade, index finds
Dallas Morning News
Dallas-Fort Worth home prices finally declined this year after more than a decade of steady year-over-year growth and unprecedented appreciation following the start of the pandemic. The decline also comes after a rapid rise in mortgage rates. The region's home prices fell 1.2% in March from a year before, the first year-over-year decline in the metro area since February 2012.

Gov. Abbott says property tax plan may need more than one special session
The Texas Tribune
Gov. Greg Abbott indicated Friday that one special session may not be enough to decide how to divvy up $12.3 billion in property tax breaks already appropriated by the Legislature. The governor also confirmed that he will call a future special session to deal with “school choice,” giving no time frame beyond saying it will take place “after we get property tax reform fixed.”

Is Dallas at Risk For a Wave of Commercial Real Estate Defaults?
With vacancy rates hovering at 17.2 percent for office and 5.5 percent for industrial, some strategically minded investors are scanning the market for commercial real estate properties with loans coming due in a much higher interest rate environment or those properties that will qualify for fewer proceeds than debt service, thus creating a large capital gap.

Property taxes expected to increase up to 20 percent in Brazos County
As the Bryan/College Station area continues to grow, property taxes continue to increase. “The market as a whole is just kind of crazy right now. What things are selling for, law requires we value at market value, what it would sell for in the open market willing buyer willing seller,” said Brazos County Appraisal District Chief Appraiser Dana Horton. 


King County property values drop after 2022's all-time high
Initial results showing 2023 property values shows residential property values are correcting downward in King County. “January 1, of 2022 was a high water mark, the real estate market was red hot. Houses were selling for a half million bucks over the asking price. January 2023, is a whole different world and the values have actually gone down,” said King County Assessor John Wilson.

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