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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (22117)	8/5/2002 7:42:50 AM
From: Maurice Winn	Read Replies (2) \| Respond to of 74559

Jay, a hint of apartment price deflation: Message 17835372 <The value of apartments in the Denver area has dropped by an estimated $1.75 billion because of such concessions to renters as three months of free rent on a 12-month lease, a top apartment expert estimated on Thursday. And that's being conservative - the economic damage could be far worse, said Grubb & Ellis apartment broker Jeff Hawks, a keynote speaker at the 2002 Economic Conference. Gordon Von Stroh, a professor at the University of Denver's Daniels School of Business, hosted the conference on behalf of the Apartment Association of Metro Denver. About 150 people in the apartment business attended the conference at the DoubleTree Stapleton hotel. The carnage done to apartment value has exceeded anything experienced during the real estate depression of the mid-1980s and the early 1990s, Hawks said. The discounts also have made many apartment communities worth less than their underlying mortgages, have made it difficult for properties to be sold or refinanced at full value, and have eroded - or eliminated, in some cases - the economic return of the apartment developments, Hawks said. ... contd... > Was a real estate downturn supposed to start already? Mqurice