Wisconsin Chapter Appraisal Institute

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Wisconsin Chapter Appraisal Institute

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Title: Wisconsin Chapter Appraisal Institute


1
Wisconsin Chapter Appraisal Institute
  • Year in Review
  • November 19, 2008

2
Retail Market Overview
Driven by Retail Sales
Driven by Capital
3
Retail Sales
  • August, September, October

Each worse than previous year by 1.0 1.2
4
Comparable Store Sales
Abercrombie Fitch - 20.0 Gap
- 16.0 Nordstrom - 15.7 JC
Penny - 11.8 Kohls - 9.0
Target - 4.8 Walmart
2.0
5
Retail Bankruptcies Closures
Circuit City Linens N Things Steve
Barrys Boscovs Sharper Image
148,000 retail stores will close in 2009
6
Capital Sources
Debt Equity
7

Debt
CMBS Volume
2007 210.2 Billion
2008 12.1 Billion
Down by 90!
8
CMBS Market Statistics 10/30/08
9
Bank Lending
Liquidity Crisis 700 Billion Bailout Banks
Wouldnt Use Money to Lend Bailout Directed
Elsewhere
10
Impact on Developers
General Growth Bankruptcy?? DDR Halts
Development Kimco Halts Development Vornado
Realty Trust Halts Development
11
Local Impact
Suspended transaction volume. Store openings
delayed until 2011. Sleep drop in land values but
there wont be transactions to prove it. Rising
cap rates for sales that occur.
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