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Published: 5/20/2012

PALM BEACH (FLA.) POST

WEST PALM BEACH, Fla. — An email circulating on the Internet claims anyone who sells a house after 2012 will be hit with a new 3.8 percent sales tax, thanks to an obscure clause in the Patient Protection and Affordable Care Act.

A cause for concern?

The 3.8 percent tax is real, but it affects only people with high incomes who make large profits on the sales of their homes.

“It’s not a sales tax; it’s a tax on all income, which would include capital gains, and its purpose is to make Medicare solvent,” said Palm Beach accountant Richard Rampell. “It’s a tax on profit.”

The new Medicare tax greatly interests Mr. Rampell’s peers, who are devising strategies to soften the tax’s effect on their clients if the provision takes effect next year.

A decision about the health care law is expected soon from the U.S. Supreme Court. The key point is whether it is constitutional for the act to require all Americans to buy health insurance.

In April, 2010, when the Affordable Care Act was passed and the email started circulating, Snopes.com and FactCheck.org declared it false. PolitiFact.com gave it a “pants on fire” rating.

Read more here:
Email regarding home tax misleading

(StockTwits) — The Basis Point is a popular mortgage and housing blog that tracks consumer critical issues and data. It is edited by Julian Hebron, a retail mortgage lender who runs the San Francisco branches of RPM Mortgage.

Three weeks ago, some clients wrote a $1.25 million offer on a 1,400 square foot 3-bed, 1-bath house with original kitchen and bath near San Francisco’s Dolores Park. They weren’t even close. There were 51 offers. It sold for $1.4 million and closed 8 days after offers were due.

That’s the most offers I’ve seen in 10 years. And a different property at that week got 23 offers.

Two weeks ago, another client offered $245,000 over list price on a 3-bed, 2-bath Pacific Heights condo. One of the other 9 offers was the winning bid in this $1.6 million to $1.9 million market segment. That was my client’s fourth rejected offer. He’s looking at two properties in this price range this week, and the listing agents are reporting similar demand: about 10 serious buyers circling.

That’s the norm. It’s what some are calling The Facebook Effect on San Francisco real estate.

There are three main themes that set fire to this trend starting in late-2011:

1. Rushing to buy before IPOs set ever higher bars for tech firm valuations

2. City incentives keep tech companies in San Francisco, amplifying wealth effect

3. Limited housing inventory and rising rents in San Francisco

Let’s take them one at a time …

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Facebook's impact on San Francisco real estate

(StockTwits) — The Basis Point is a popular mortgage and housing blog that tracks consumer critical issues and data. It is edited by Julian Hebron, a retail mortgage lender who runs the San Francisco branches of RPM Mortgage.

Three weeks ago, some clients wrote a $1.25 million offer on a 1,400 square foot 3-bed, 1-bath house with original kitchen and bath near San Francisco’s Dolores Park. They weren’t even close. There were 51 offers. It sold for $1.4 million and closed 8 days after offers were due.

That’s the most offers I’ve seen in 10 years. And a different property at that week got 23 offers.

Two weeks ago, another client offered $245,000 over list price on a 3-bed, 2-bath Pacific Heights condo. One of the other 9 offers was the winning bid in this $1.6 million to $1.9 million market segment. That was my client’s fourth rejected offer. He’s looking at two properties in this price range this week, and the listing agents are reporting similar demand: about 10 serious buyers circling.

That’s the norm. It’s what some are calling The Facebook Effect on San Francisco real estate.

There are three main themes that set fire to this trend starting in late-2011:

1. Rushing to buy before IPOs set ever higher bars for tech firm valuations

2. City incentives keep tech companies in San Francisco, amplifying wealth effect

3. Limited housing inventory and rising rents in San Francisco

Let’s take them one at a time …

Read more:
The Facebook effect on San Francisco real estate

VANCOUVER, May 17, 2012 /CNW/ – Pure Industrial Real Estate Trust (“PIRET” or the “REIT”) (TSXV:AAR-UN.V – News) is pleased to announce the release of its financial results for the three months ended March 31, 2012.

Q1 2012 Financial Results

The results, consisting of PIRET’s unaudited interim condensed financial statements for the three months ended March 31, 2012, and Management’s Discussion and Analysis (“MD&A”) dated May 17th, 2012, are available on SEDAR (www.sedar.com).

Highlights for the three months ended March 31, 2012:

(1)FFO and AFFO are widely accepted supplemental measures of financial performance for real estate entities.However, these measures are not defined under IFRS. The MD&A provides more detail regarding this measure.

Conference Call

As previously announced on May 10, 2012, management will host the conference call at 4:30pm (EST), 1:30 pm (PST), on Thursday, May 17, 2012, to review the financial results and corporate developments for the three months ended March 31, 2012.

To participate in this conference call, please dial one of the following numbers approximately 10 minutes prior to the commencement of the call, and ask to join the Pure Industrial Real Estate Trust Conference Call.

Conference Call Replay

If you cannot participate on May 17th, a replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference 120 minutes after the meeting end time, and the replay will be available until May 24, 2012.

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Pure Industrial Real Estate Trust Announces Release of Q1 2012 Financial Results and Cash Distribution for May 2012

New York, NY (PRWEB) May 16, 2012

Park Madison Partners, a boutique real estate finance firm, announced today that it has hired John Harding Sweeney as an Associate. In that role, he will work with Park Madison Partners founding partners, Nancy Lashine and Suzanne West, in providing market research and advisory services to the firms commercial real estate clients.

Prior to joining Park Madison Partners, Mr. Sweeney was an Investment Analyst for the Special Clients Group at J.P. Morgan Asset Management. Mr. Sweeney is also a Director and Co-Founder of Asset Title Services, Inc. in Crossville, TN, a real estate venture that provides loans against well-collateralized residential property.

Commercial real estate is once again looking attractive as an alternative asset class and there is institutional capital available to do deals, but both developed and emerging managers need to be creative in their investment strategies to get funded, said Ms. Lashine. In working with the firms team of experienced professionals, John will play a key role in the development of these strategies.

In addition to the Associate position recently filled by Mr. Sweeney, Park Madison Partners is planning to add a marketing professional to its team in New York. Ms. West said, Park Madison Partners had a record year in 2011 with the completion of three successful fundraising deals with global partners and we are expecting increased activity in 2012, particularly among emerging managers looking to leverage their investment track records.

About Park Madison Partners Park Madison Partners is a New York-based real estate placement and advisory firm focused on the global real estate private equity and private funds industry. The firm was founded to offer clients capital raising and strategic consulting services with a high degree of customization, integrity and accountability. The firm provides a relationship-driven approach to structuring and marketing assignments and offers its clients access to institutional investors across North America. The firm is a member of SIPC-FINRA and is certified with the Women’s Business Enterprise National Council.

For further information, please visit http://www.parkmadisonpartners.com.

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Park Madison Partners Expands Team and Hires John Sweeney as an Associate

NEW YORK, May 15, 2012 /PRNewswire/ — Reportlinker.com announces that a new market research report is available in its catalogue:

China Aged Care Service Industry Report, 2011-2012

http://www.reportlinker.com/p0512463/China-Aged-Care-Service-Industry-Report-2011-2012.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Medical_F

In terms of the residence for the elderly people, aged care service consists of home-based care and institution-based care. The former has long been the major model of aged care service in China. In recent years, along with the significant growth in the income and savings of Chinese people, more and more senior citizens prefer the latter. However, the supply of aged care institutions and nursing staff is far from meeting the market demand. As of the end of 2010, China had a total of 39,904 aged care institutions with 3.149 million beds, accommodating 2.426 million seniors who only accounted for about 0.6% of the population aged over 60 in China.

As the aged care industry emerges in China recently, the government supports and encourages its development in policy. In September 2011, the State Council issued 12th Five-Year (2011-2015) Plan on Aging Industry Development in China which further clarified that China would devote itself to the development of the aged care industry. According to the Plan, China will strive to develop community-based care service, encourage social forces to participate in the construction and operation of public aged service institutions, guide the development of livable residence for the aged and intergenerational family residence and encourage social capital to establish the aged care institutions which will provide long-term medical care, rehabilitation promotion and hospice care during the 12th Five-Year Plan Period.

Although aged care is a low-profit industry, the aged care real estate industry is expected to make a reasonable profit. Driven by the huge market demand and the national incentive policies, social capital has flown into the aged care real estate industry. For instance, such projects as Shanghai Cherish-Yearn and Xiyanghong Chain Senior Apartment developed by private enterprises have been put into operation. Real estate companies including Vanke, Poly Real Estate and R & F Properties, insurance firms like Taikang Life and China Life Insurance, diversified enterprises such as Harbin Institute of Technology Group Inc., Fosun Group and Legend Holdings and foreign-funded corporations like Fortress Investment and Emeritus Corp. have also set foot in the aged care real estate market.

It is in the report that covers the followings:

Policy environment, medical & health environment, aged care security system and financial security system of Chinese aged care service industry;Aged care service market demand and supply in China, aged care models in developed countries, etc.; Policy, situation and problems concerning home-based aged care market in China;Status quo, problems and projects under planning/construction of public and private aged care institutions in China; Supply & demand, competition, operating model and projects under planning/construction of aged care real estate industry in China;The development progress of aged care real estate of two leading real estate players and the aged care real estate operation of six private enterprises in China.1. Overview of Aged Care Industry1.1 Definition and Classification1.2 Features1.2.1 Comprehensiveness1.2.2 Welfare1.2.3 Public Benefit1.2.4 Profitability

2. Aged Care Service Market Environment in China

2.1 Demand

Link:
China Aged Care Service Industry Report, 2011-2012

NORFOLK, NE–(Marketwire -05/15/12)- Supertel Hospitality, Inc. (SPPR), a real estate investment trust (REIT) which owns 97 hotels in 23 states, today announced its results for the first quarter ended March 31, 2012.

First Quarter 2012 Highlights

First Quarter Operating and Financial Results

Revenues from continuing operations for the 2012 first quarter rose $0.4 million, or 2.5 percent, to $16.7 million, compared to the same year-ago period. The improved performance primarily was due to the improved results of the company’s 21 upper midscale properties.

The company reported a net loss of $(4.0) million for the 2012 first quarter, compared to a net loss of $(3.7) million for the same 2011 period. The 2012 first quarter loss includes a $1.2 million increase in the fair value of derivative liabilities as well as an impairment charge of $1.8 million on properties which are held for sale. The 2011 first quarter loss includes a onetime termination cost of $0.6 million and a net impairment charge of $0.3 million on properties held for sale. All income and expenses related to sold and held for sale hotels are classified as discontinued operations.

Funds from operations (FFO) in the 2012 first quarter was $(1.5) million, or $(0.07) per diluted share, compared to $(1.0) million, or $(0.04) per diluted share, in the same 2011 period. The company’s Adjusted FFO for three months ended March 31, 2012 was $(0.3) million, which is an increase of $0.7 million over the $(1.0) million reported at March 31, 2011.

Earnings before interest, taxes, depreciation and amortization, non controlling interest and preferred stock dividends (Adjusted EBITDA) decreased to $0.2 million, compared to $0.9 million for the first quarter of 2011.

“The 2012 first quarter began to bear the fruits of our new strategic direction, both financially and operationally,” said Kelly A. Walters, Supertel president and CEO. “From an operations standpoint, a 14.9% increase in our most critical metric, total POI, validated last year’s decision to revamp our hotel management structure by replacing a long-standing centralized management company with more focused, regional operators. From a financial standpoint, the shareholder approval of the sale of the Series C preferred stock, gave us a strategic infusion of $30 million in new equity with $20 million specifically designated to be used for acquiring hotels conforming to the business plan. Further, we saw a 10.2% increase in the RevPAR figures of our upper midscale properties, which supports our strategy of expanding our holdings in that segment.”

The full portfolio of 74 hotels in continuing operations in the 2012 first quarter reported a RevPAR increase of 1.8 percent led by a 3.7 percent improvement in ADR partially offset by a 1.9 percent decline in occupancy, compared to the 2011 first quarter.

Prior to the 2012 first quarter, the company had classified its upper midscale and midscale hotels collectively as midscale hotels. Supertel updated its chain-scale brand categories for midscale hotels to correspond with the 2012 Smith Travel Research (STR) classifications of midscale and upper midscale hotels. “Reclassifying our 21 upper midscale hotels allows us to better clarify RevPAR growth in the segment that over time will dominate our portfolio,” Walters said.

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Supertel Hospitality Reports 2012 First Quarter Results

A Big, Bad Bet

Yesterday on ABC News, President Obama praised JP Morgan’s Jamie Dimon as “one of the smartest bankers we got,” adding, “and they still lost $2 billion and counting.” Of course, on the heels of this very big bad bet, Obama and the DC bureaucrats will use this mess to argue that we need to add more regulation and pork to the already bloated bureaucracy. In my view, we do not need more DC oversight; instead, what the JP Morgan board should do is advise Mr. Dimon that his total comp for 2012 has been retroactively reduced to $1. That single and simple move would lay the groundwork for more reform than you might imagine.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

T-MOBILE Senior Manager, Corporate Real Estate (BELLEVUE, WA) The senior manager, real estate position leads T-Mobile USA’s regional planning, real estate and design/construction functions for its portfolio management project delivery. Sites include engineering critical facilities (telecom switch sites and data centers), office, and warehouse locations. This position directs and manages all regional planning, real estate portfolio management, transaction management, design/construction, and reports to the national director of real estate.

PIEDMONT REALTY TRUST Associate, Asset Management (JOHNS CREEK, GA) The associate will provide asset management expertise in the West Region portfolio of Piedmont Office Realty Trust and manage a portfolio of 10-12 assets. Specific duties include negotiating certain relevant property-level documents/contracts, including leases, licenses and, where applicable, third-party management and exclusive leasing listing agreements; completing lease analysis of prospective leasing transactions; and presenting the investment committee recommendations on large lease transactions.

SONY CORPORATION OF AMERICA Real Estate Director (NEW YORK CITY) The real estate director will plan, manage, perform and direct activities related to the development, acquisition, disposition and leasing of properties in Latin America for various corporate operations on an international level, including all Sony subsidiaries and affiliated companies. In addition, this position will provide a leadership role with respect to corporate real estate transactions, strategy and project management for a range of property types including retail, industrial and office properties.

CBRE Chief Building Engineer (SACRAMENTO) The position will be responsible for the following: coordinate work duties to maintenance technicians; scheduling, maintenance and monitoring of all heating, ventilating, air conditioning, water, electric and other systems; manage and schedule all projects; review accuracy and quality of work performed by technicians; attend contractor meetings and provide technical support; and schedule annual preventative maintenance to HVAC and other equipment.

CONCORDIA UNIVERSITY Senior Director, Property Management (MONTREAL) Reporting to the associate vice president, facilities management, the incumbent will provide all property management and operations services for the University’s real estate portfolio. This includes 60 buildings (5M square feet) and 52 acres of land on two campuses in Downtown and West End Montreal. Duties include managing all property management operations, including property management, operations Infrastructure, custodial, transportation, distribution, and technical coordination; managing and annual budget of $20 million, 100 employees, and 50 service contracts; and managing service contracts process.

METROPOLITAIN PROPERTIES OF AMERICA President and Chief Executive Officer (BOSTON) The president and chief executive officer of property management will be responsible for assuring the company’s profitable performance, the growth in size and value of its assets, and the leadership of its third-party services offerings. This position will lead the day-to-day operation of the company’s portfolio including property management, tenant leasing, collections, marketing, legal and information technology, and all associated administrative aspects of the firm and its regional offices.

TIFFANY & CO. Director, Global Retail Facilities Management (NEW YORK CITY) The director of Global Retail Facilities Management will be responsible for the development and implementation of global retail facilities maintenance standards and programs for the company’s retail environments. The director collaborates with the store development and regional store planning teams to continuously assess the performance of materials, construction assemblies, furniture, fixtures and equipment. This position also directs and coordinates the operational and facilities maintenance requirements for all retail buildings, grounds and equipment for our Retail stores within the Americas region.

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SAN FRANCISCO, May 15, 2012 /PRNewswire/ — Transwestern, one of the largest privately held full-service real estate firms in the country, has announced a major expansion in the East San Francisco Bay Area market. The action solidifies Transwestern as a leading player in the region with the addition of 17 new team members including brokers, property managers and staff. The team is led by Managing Director Edward F. Del Beccaro, an industry veteran in the region. Transwestern’s new Walnut Creek office (initially based at 1990 N. California Street) will take on responsibilities for the firm’s considerable market share in the East San Francisco Bay market, which spans from Napa Valley to the north to Hayward and San Jose to the south.

With these additions, Transwestern assumes a dominant market presence in the East Bay, and becomes well positioned to grow across the San Francisco Bay area, expanding its property management, agency leasing, tenant advisory, investment services and investment management capabilities.

Based on recent leasing volume of its new producers in Walnut Creek, Transwestern immediately secures a place among the top four commercial real estate service firms in the East Bay. Transwestern’s new additions bring with them approximately 3.5 million square feet of office, retail and industrial listings. They arrive on the heels of the dramatic growth of Transwestern’s Bay Area property management portfolio, which has surged from 1.9 million square feet to 8.8 million square feet since January 2011.

“Our East Bay expansion has been carefully planned and is part of our multi-leveled approach to serving the entire region, one that Transwestern already knows quite well,” said George Garfield, president of Transwestern’s West Region. “We’ve had transactional and property management operations in the Bay Area for more than a decade, though this new expansion provides us with both a broader and deeper capability. With the renewed strength of the tech, social media and industrial sector, our expanded team is well positioned to provide an even more complete range of services to fast-growing businesses and to our institutional clients in the Bay area.”

Garfield added, “The exciting new additions in Walnut Creek are key components of a larger strategy to cement a dominant market share in the San Francisco Bay area and Los Angeles. Additional expansion is contemplated in each of the new East Bay offices as well as in downtown San Francisco, San Jose and Palo Alto.”

The new East Bay brokerage team is led by former Grubb & Ellis Managing Director Edward F. Del Beccaro, who has over 33 years of experience in the San Francisco Bay Area in the fields of development, property management, leasing, sales and investments. Throughout his career he has leased more than 2 million square feet of office properties. As managing director of Grubb & Ellis’ Walnut Creek East Bay office, as well as its Oakland office, Del Beccaro was responsible for managing a full-service real estate team, including office, retail, industrial and medical leasing and sales, land investment, construction and project management.

A boom in social media and Web-focused companies has helped make the San Francisco area the healthiest office market in the country over the past year. According to Dina Simoni, Transwestern’s research manager for the Bay Area, the region’s office market has experienced 8.9 percent rent growth over the past year. Simoni noted that rents currently average $29.88 per square foot in the Bay Area compared to the fourth quarter of 2000, just before the burst of the tech bubble, when rents were about $50 per square foot.

“The Bay Area recovery and expansion is underway,” said Simoni. “Demand in the office market led to a net absorption of close to 2 million square feet per quarter in 2011 and this continued into 2012. The second quarter of 2012 is shaping up to be another blockbuster. All of the uptick in demand and leasing activity is reminiscent of 2005 and before that in the late 1990s when the tech boom occurred.”

With a full support staff of six, as well as Senior Portfolio Manager Dennis Henry, joining Transwestern in its new Walnut Creek office are the following brokers:

Edward F. Del Beccaro, Managing Director Tom Caple, Vice President Sonny O’Drobinak, Vice President Scott Ellis, Senior Vice President Bob Maderious, Senior Vice President Matt Hurd, Senior Associate Terry Vani, Vice President Trigger Reital, Vice President John Sechser, Senior Vice President Colby Mikulich, Associate

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Transwestern Announces Major Expansion in the San Francisco Bay Area

Homes, schools and shops top priority, says city council leader

7:10am Sunday 13th May 2012 in News By Andrew Ffrench

GETTING up to 1,200 new homes built on land next to Oxfords ring road and improving education are key priorities for the citys ruling Labour council.

Leader Bob Price outlined his priorities for the next two years after the Labour group strengthened its grip on the Town Hall at the local election on May 3.

It now has 29 councillors on the 48-seat authority.

Building the new homes, improving school pupils exam results and moving forward with plans to improve the West End, including the Westgate shopping centre redevelopment, are three key priorities, said Mr Price.

He said the Labour group wanted to ensure that new facilities built with new homes at West Barton, including a new primary school, complemented existing community facilities on the neighbouring Barton estate.

He said: The new estate will need a new primary school because of its size and it is likely to be an academy-type operation.

Whatever goes on the new estate will have to work closely with the lively community centre and sports and social club on the Barton estate.

An examination-in-public on the Barton Area Action Plan will take place at the Town Hall from July 16-20.

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Homes, schools and shops top priority, says city council leader