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Fresno Area Residential Subdivision

105 Fully Improved Single Family Permit-Ready Lots For Sale or Joint Venture

Regal Properties, in collaboration with Capital Real Estate Solutions LLC (“CRES”), controls 105 fully improved, building permit-ready, residential lots ranging in size from 7,000-13,883 square feet, in the City of Kerman, about 15 miles from downtown Fresno. This thriving farm community has all the required retail services and amenities, including banking, food and drug stores, and a new Super Wal-Mart. The lots are situated on the west side of town by Highway 180 and nearly adjacent to Kerman High School. Demand for housing in the area is strong and new supply is non-existent.  The lots come with a rolling option to purchase in groups of 10 every 6 months, and a lender commitment to provide 5% non-recourse construction financing for six speculative homes and all pre-sold homes.

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82 Golf Course Estate Lots

Regal Properties and Capital Real Estate Solutions LLC (“CRES”) teamed up to purchase 82 golf course estate lots, known as Cochran Ranch Estates, within the gated community of the historic Indian Palms Country Club, founded by the famous aviatrix, Jackie Cochran. The country club development, which began in the 1960’s, is about 95% built out, with 27 holes of golf, a hotel, apartments, condos, duplexes, and single family homes, comprising approximately 2,900 units. This stand alone “island” of lots has its own gate as well as its own homeowners association mak­ing it an ideal development project. All lots were mostly fin­ished, with all utilities in the streets. Regal Properties and CRES found a partner who closed the escrow and gave them an upfront profit as well as a future profits participation. The goal of the purchasing partner is to hold the property for long term appreciation.

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Memphis Value Place Hotel Note Purchases

In February 2014, Regal Properties teamed up with Capital Real Estate Solutions LLC to facilitate the purchase of 2 notes from an Atlanta-based bank on 2 Value Place Extended Stay Hotels in Memphis, Tennessee.  The notes were purchased for 80% of the outstanding principal balances.

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Regal Properties to Sell $30,000,000 Office Building in Austin

The tenant in common owners of the physically and economically distressed property commonly known as Met 15, located at 7301 Metro Center Drive, in Austin, Texas, have hired Regal Properties to sell the property for approximately $30 million.  The property consists of a 257,600 square foot office building leased by two credit-worthy tenants, Progressive Insurance (84.32%) and Waste Management (15.68%).  Regal Properties already has a prospective buyer negotiating a purchase agreement. 

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Regal Properties Receives 2013 California Excellence Award

Regal Properties proudly announces its selection for the 2013 California Excellence Award among its real estate peers and competitors by the US Institute for Excellence in Commerce.  The award acknowledges Regal Properties’ success in the real estate industry through service to its clients and community. Regal Properties has a proud reputation for “Investing in People and Property” by donating 10% of all commissions to charitable causes, and allowing the client to designate a charity.  As a Real Estate Services Company, Regal Properties provides professional brokerage and consulting services, at a personal level, to investors looking to buy, sell, finance, exchange or lease commercial and residential real estate, including retail, office, industrial and multi-family residential properties.

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85 People Own Half the World’s Wealth

The 85 richest people on Earth now have the same amount of wealth as the bottom half of the global population, according to a report released this week by the British humanitarian group, Oxfam International.

 “It is staggering that in the 21st century, half of the world’s population owns no more than a tiny elite, whose members could all sit comfortably in a single train carriage,” said Winnie Byanyima, Oxfam’s executive director.

The bottom half of the population — about 3.5 billion people — account for about $1.7 trillion, or about 0.7 percent of the world’s wealth, according to the Oxfam report, titled “Working for the Few.” That’s the same amount of wealth attributed to the world’s 85 richest people.

This wealthy elite is only a small fraction of the richest 1 percent of the world’s population, which combined has amassed about 46 percent of the world’s wealth, or $110 trillion, according to the report. The top 1 percent had 65 times the total wealth of the bottom half of the population. The percentage of income held by the richest 1 percent in the U.S. has grown nearly 150 percent from 1980 through 2012. That small elite has received 95 percent of wealth created since 2009, after the financial crisis, while the bottom 90 percent of Americans have become poorer, Oxfam said.

In a report last week, the World Economic Forum said widening income inequality is the risk most likely to cause serious damage in the next decade. President Obama recently called the expanding gap between rich and poor a bigger threat to the U.S. economy than the budget deficit. A Gallup poll released this week found two-thirds of Americans were dissatisfied with the way income and wealth are distributed in the nation.

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California’s New Energy Benchmarking & Disclosure Law Takes Effect

California’s Assembly Bill (AB) 1103 energy benchmarking and disclosure law became effective as of January 1, 2014.  Implementation of the requirements begins on January 1, 2014, for a building with total gross floor area measuring more than 10,000 square feet, and on July 1, 2014, for a building with a total gross floor area measuring more than 5,000 square feet. The law requires certain non-residential business owners to input energy consumption and other building data into the Environmental Protection Agency’s ENERGY STAR Portfolio Manager system, which generates an energy efficiency rating for the building.  Ratings are from 1 to 100, with 100 being the most energy efficient.  A building’s energy data and rating for the previous year must be disclosed to prospective buyers and tenants of the entire building (at least 24 hours before executing the contract), or lenders financing the entire building (no later than submittal of the loan application), for the following building types: Assembly, Business, Educational, Institutional – Assisted Living, Institutional – Nonambulatory, Mercantile, Residential – Transient (e.g., a hotel), Storage, and Utility – Parking Garage.  An electronic copy of the “Data Verification Checklist” must be sent via email to the California Energy Commission at AB1103report@energy.ca.gov.

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Changing Office Trends Impact Future Demand

Changing office trends toward increased densification, more efficient use of space, greater integration with technology, and a shift toward more collaborative work spaces, as well as greater acceptance of remote access, hold major implications for developers, investors and building owners.

Tenants are downsizing their offices, particularly larger public firms, as they increasingly adopt policies for sharing non-dedicated offices, and implement technology to support their employees’ ability to work anywhere and anytime, according to Norm G. Miller, PhD, a professor at the University of San Diego Burnham-Moore’s Center for Real Estate. In addition, most of the downsizing is coming from decreased square footage for “work space” in buildings, and not in the amount of public and shared space, which actually is increasing, according to Norm Miller.

“Based on anecdotal evidence, I’d say for every two square feet a firm gives up in individual office space, they add one square foot of extra and flexible meeting space,” Miller said. “This mitigates the downsizing somewhat, and instead of going from say 250 square feet to 125 square feet, they end up at 150 or 175 square feet, and firms targeting to go down to 100 square feet will probably end up at 125 to 130 square feet based on my simulation research,” Miller said.

To be competitive in the future, office space needs to offer natural light, better temperature controls, better ventilation, and options for more flexible reconfiguration, according to Miller.

Downsizing appears to be here to stay, as this new generation demands a more collaborative, flexible and social work environment.  The increased density of populations and increased ability to work mobile will soon render obsolete the huge corner offices and closed-wall work environments.

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Fast Food Property Cravings Continue

The insatiable investor appetite for fast food restaurants persists, as evidenced by the increasing volume and average price of sales in 2013. Cap rates averaged 6.9% for fast food transactions in the third quarter of 2013, compared to an average of 6.5% in the second quarter, and 7% a year ago.  Upper-tier fast food properties are generally moving with cap rates below 6% nationally; with some higher quality assets in great locations with more desirable long-term tenancies in place (e.g., McDonald’s, Jack in the Box, Chick-Fil-A, In-N-Out) trading at sub-5% cap rates. Nationally, middle-tier fast food properties are averaging 6-8% cap rates, and lower-tier and/or value-add properties are  generally trading at cap rates above 8%. However, despite current demand, expect cap rates to increase by the latter part of 2014, as interest rates rise.

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Dodd-Frank Mortgage Reform Makes Qualifying for a Home Loan More Difficult in 2014

As of January 2014, some homebuyers will have more difficulty qualifying for a mortgage.  Under Dodd-Frank, lenders must scrutinize a borrower’s income and assets more diligently to confirm his or her capacity to make the monthly mortgage payments, including any second mortgage, property taxes, insurance and homeowner association fees.  Additionally, any child support and alimony obligations must be factored, and the borrower’s debt-to-income ratio must be lower than 38 percent to meet the definition of a safe loan. 

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