Daily NAPTA Update 7.31.2023

Posted by Diane Macri | Jul 31, 2023 | 0 Comments


The Hottest Real-Estate Play Is in Your Neighborhood
The Wall Street Journal
Strip malls are hot. With investor anxiety rising about types of commercial property from shiny office buildings to self-storage facilities, the low-slung structures are a rare bright spot. Retailers want to stay close to where customers are spending more time these days: their homes.

CRE Delinquencies Rise Another $12B In July, With Office Leading The Way
So far in July, $12B of CMBS loans have become newly delinquent, according to credit rating agency KBRA, up 34 basis points from June to a new rate of 3.93%, Reuters reports. Including those loans entering special servicing in July, the rate of troubled securitized loans is now 6.44%, up for the fourth month in a row, the agency reported.

Coworking Industry Report Q2 2023
CoWorking Cafe
Coworking — which has consistently been on the rise and significantly fueled by the increase in remote and hybrid work — continues its upward trajectory across the U.S. And, with more flexible workspaces opening their doors every day and new operators entering the market, the changes in this industry are notable, even in the span of just a few months.


Miami Retail Leads Nation In Rent Growth As Brands, Chefs Follow The Money
Michelin-starred chefs and high-end retailers continue to expand into Miami as they follow their customers from places like New York, California and Chicago. The flow of new tenants is pushing up rents to prices second only to New York City, according to a Lee & Associates report, and driving vacancy down to among the lowest levels in the country.


Court sides with Shawnee County in appraisal dispute with Heartland Park
In its ruling, the court wrote Shelby Development failed to exhaust its administrative remedies before resorting to the courts. However, it also found the district court erred when it waived Shelby Development's claims that county appraisers acted unlawfully as a practical part of the settlement agreement.


Wayne Township to Return ‘Just Under' $1 Million in Taxes to Willowbrook Mall for the ‘COVID Years'
During this past meeting, the Wayne Town Council approved a tax appeal settlement for the owners of the Willowbrook Mall that will return “just under $1 million” in collected taxes for “the COVID years.” Residential taxes are based on the assessed value of a property, And, while commercial taxes are also based on the assessed value of the property, the value of the business itself is another factor.


County resident crusades against 'unfair' property assessments
The Santa Fe County Assessor's Office says Chuck Montaño's small, empty lot surrounded by coyote fencing on Caminito Montaño is worth $139,000. It's only 0.2 acres, which means it's valued at a rate of nearly $700,000 per acre. That's around the rate applied to properties in the city's historic district or those in Las Campanas, a golf course community north of city limits, even though his lot has no mountain views or neighborhood covenants.


Report: Dallas Among Top 10 U.S. Cities in Future Conversions of (Mostly Office) Buildings Into Apartments
Dallas Innovates
Dallas has been in the vanguard at turning office towers and old buildings into apartments, either by converting whole buildings or transforming floors in a downtown tower. That trend will continue for years to come as Dallas is on track to add 1,912 additional apartment conversions in coming years, placing it No. 10 in the U.S.

'Fort Worth Is Getting Those Deals.' Western Metroplex Benefiting From Available Land, Growing Population
Commercial development is thriving on the west side of the Metroplex as companies seek to capitalize on available land and a burgeoning populace. In downtown Fort Worth alone, there is $2.5B worth of development set to deliver over the next five to seven years. But other cities, such as Mansfield and Arlington, also have big projects in the works that are poised to put Tarrant County on the map.


State tax officials field appeals of natural gas property valuations
Weirton Daily Times
Multiple changes to the law by the West Virginia Legislature over the last several years in the wake of rulings by the state Supreme Court of Appeals, different interpretations of how to apply the law by the Tax Division and the increase of natural gas prices last year led to multiple appeals of natural gas property valuations, leaving taxpayers and county assessors frustrated.

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