Guest writer, Rebecca Darley
As the manager of a Wenatchee home inspection company I attend many local real estate events to stay informed of the latest real estate news and developments. On May 19, 2011, the Wenatchee Valley Chamber of Commerce hosted a discussion panel called “2011 Real Estate Outlook.” This blog entry along with the other 4 entries will summarize the panel discussions of each speaker including a loan officer, appraiser, commercial real estate agent, builder and residential real estate broker.
- Speaker from Touchstone Appraisals, Cheri Farivar
- Speaker from Peoples Bank, Darel Ansley
- Speaker from Windermere NCW, Fritz Nichols
- Speaker from Gold Construction, Randy Gold
Alan Biedler, Commercial Real Estate Broker at Sage Real Estate Services
Alan Biedler is a Commercial Real Estate Broker, Certified Property Manager and Certified Commercial Investment Member. He has specialized in commercial sales and leasing for the last 26 years and has been active in the Wenatchee Valley housing and commercial real estate market for more than 41 years.
Due to the lack of sales in 2008-2010 Alan feels that appraisers are having a hard time finding comps and are either using non-local or old comps. This isn’t helping to identify true values. The commercial leasing market is the most interesting he’s seen 26 years. Businesses are downsizing and landlords are offering better concessions. Tenants are asking for free rent and fixed leases for several years. For example, a recent transaction occurred where the potential tenant started negotiations by asking for 10 months of free rent, a moving allowance and space planning allowance on a 5 year lease agreement.
Alan predicts that there will be a huge problem in refinancing commercial loans. Businesses that have not performed well over the last couple of years or who have experienced decreased sales will have a tougher time qualifying. The low commercial rates of 4.5% and the affordable value of raw land make it the perfect time to invest.