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The sheer volume of money in play will spark activity affectinTampa Bay’s beleaguered commercial real estate said Lee Arnold, CEO of . Arnold is alreadty seeing deals ineducation spin-offs and health care and anticipatews putting tenants in new and expansion space to meet the growty of companies that soon will be funded. “Asx they move to shift risk to the government from the banka we will be called upon to manage and work out many of the realestate challenges,” he said. That activity is under way as the banksd moveto rebalance. “We think most of the money will be consulting and management early on in the he said.
“One of my small VC companieds has seen real activity via the demands for better medicalrecorx privacy.” Credit to thaw? Larry Richey, seniort managing director at , is hopefu the government’s efforts will help free up the capitalk markets, but he’s not yet sure how that will “The capital markets, banks and lending institutiones have to open back Richey said. “That’s a huge problem for all of us,” he “It limits the number of people who canparticipate [in CRE Cash is king today. … We’ved heard it before. But it’s now truer than ever.
” The majoritu of current commercial real estate transactionsinvolvew all-cash, seller financing or limited lendinhg to buyers willing to give a personal guarantee in corporate deals, Richeyh said. Bill Eshenbaugh of doesn’ t see an immediate boost to his He’ll need to draw on patience. “The only way my firm is likelhy to benefit is a trickle down via others who get a piecd of it and as we workfor etc.
, who have been shored up on list and sell REO assets,” Eshenbaugh The focus on replacing aging infrastructure would increase construction projects, and that is expectesd to increase business for surveyors, amongt others, said Vicki Giordano, president of Giordanko hopes to be able to bid on the numerousz construction projects for roads, bridges, schools, and sewetr and water lines. “Thd bottom line is to put people back to invest in our future and work hard to restore consumer confidence,” Giordano said.
“Overall I believw the commercial real estate industrhy will benefit from this stimulus package becauser you have to acquire land tobuild roads, schools, affordable housing, etc. This provides business for many realestatee disciplines, such as brokers, land planners, engineers, surveyors, lawyers, title insurance and the list goes on and John Davenport, co-owner of general contractor LLC, hopes St. Petersburv will free up smallefr projects with budgets undere half a million that his firm cantake on. He has considere d approaching municipalities and counties about biddingf on new projects that come along withthe funding. “Why not take advantager of it if it’s here?
” Davenport said. “If it’s going to be we might as well try to get some for our businessa andour families.” First-time homebuyers will see an $8,0009 tax credit through the recently passed federal stimulus but the credit won’t mean much if banks don’g loosen their purse strings. “Foe Realtors, that tax credit is definitelya plus,” said Caro l Austin, a spokeswoman for the . “It woule be more of a plus for peoplse who can qualify for the loans needed to buy the Many potential homebuyers have shied away from the marketf because of fearsthey wouldn’t be able to sell theidr existing home.
That issue is eliminated with first-time buyers, but getting mortgages isn’t easy. “Most of the concernh is for getting qualifies and gettingthat money. That’s a bigger Austin said. “The banks say they are but a lot of peoplwe who are asked about itsay
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