Commercial real estate is the next shoe to drop and recovery is a long way out

[zovall_IHB]

Great post on CR regarding <a href="http://www.calculatedriskblog.com/2009/07/real-estate-commercial-and-residential.html">Commercial and Residential RE prices</a>. Helpful chart too:

<img src="http://i26.tinypic.com/14cbmhj.jpg" alt="" />

 

[bltserv_IHB]

I guess we could say this a bit of a "Shoe Dropping".

Looks like Maguire is walking away from a chunk of Irvine High Rise Commercial Property.

The company said it will stop paying ?the cash shortfall? on the following properties:



Park Place I in Irvine

Park Place II in Irvine

Stadium Towers in Anaheim

2600 Michelson in Irvine

Pacific Arts Plaza in Costa Mesa

500 Orange Tower in Orange

550 South Hope in Downtown Los Angeles



<a href="http://lansner.freedomblogging.com/2009/08/10/maguire-to-turn-over-6-oc-buildings-to-banks/32929/">http://lansner.freedomblogging.com/2009/08/10/maguire-to-turn-over-6-oc-buildings-to-banks/32929/</a>

 

[Oxtail_IHB]

Maguire Properties stock up 15% on the news. Preferreds up 30%. Gotta love this market!