April 2003 Newsletter

ST. LOUIS PROJECTED TO OUTPERFORM OTHER METRO MARKETS WITH ABOVE-AVERAGE OCCUPANCY

This is the result of research conducted by the National Association of Realtors. Notice Saint Louis is slated to outperform the market.

For the office sector, a stabilization in labor markets and growth in service-sector employment reversed a downward trend in leasing activity in the 54 metro markets tracked during the third quarter, with net absorption rising to 4.7 million square feet, marking the first positive quarter since the dot-com implosion in early 2001.

At the same time, approximately 26.6 million square feet of new office space came online in these markets, 10.0 percent lower than the third quarter of 2001. The vacancy rate rose to 16.4 percent in the third quarter from 13.1 percent a year ago, while office rents declined an average of 8.2 percent from the third quarter of 2001. Construction totaled 24.7 million square feet during the third quarter, nearly 40 percent below a year ago.

Based on rent growth, the healthiest office market during the third quarter of 2002 was the Inland Empire (Riverside, Calif.), up 2.8 percent from a year earlier; this was followed by a number of areas posting declines of less than 3.0 percent, including Long Island, N.Y.; Washington, D.C.; Sacramento; Philadelphia; Stamford, Conn.; and Los Angeles.

With 1.7 million new office jobs projected in the 54 markets tracked over the next two years, net absorption is forecast to rise to 118.8 million square feet in 2003 and an additional 137.8 million square feet in 2004. Vacancy rates should slide to 15.4 percent in 2003 and 13.9 percent in 2004. Average rents are expected slip 2.3 percent in 2003 before edging up 2.5 percent in 2004.

Twenty-five metro office markets are projected to outperform other markets with above-average occupancies over the next two years, including Washington, D.C.; New York City; Los Angeles; Orange County, Calif.; San Diego; Sacramento; Seattle; Charlotte, N.C.; Miami; Baltimore; St. Louis; Long Island, N.Y.; Columbus, Ohio; Stamford; Richmond, Va.; Inland Empire; Cincinnati; Jacksonville, Fla.; Norfolk, Va.; Palm Beach County, Fla.; Honolulu; Las Vegas; Indianapolis; Salt Lake City; and Fort Lauderdale, Fla.

For the most recent forecast of the commercial real estate market Click Here 

INSURERS ARE KEEPING A DATABASE ON ALL HOMES

Be careful with what you tell your insurance agent. The information in this database can impact your property's insurability and salability. Click here for the full article

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DESPITE CONTROVERSY, LET'S SUPPORT OUR TROOPS

Hundreds of thousands of Americans, all volunteers, are currently risking their lives in service to this nation. All of them have sworn to protect the Constitution and do so with out reference to the current President or any policy. As a former serviceman I have nothing but respect for the duty and self sacrifice that these men and women are giving their nation.

Here at home others who have not sworn obedience to the Commander in Chief have a duty to debate the policies of our government. Some believe that when our troops have gone to war that they must support the government right or wrong. Others are impassioned to speak out against what they perceive as injustice. Personally I am somewhere in the middle but I always respect my fellow citizens' right to speak, protest and debate. Without such debate American democracy would cease to have any meaning.

There are a number of ways that we can support our troops. Here are just a few:

Operation Dear Abby - Send a message to one of our military men or women at Operation Dear Abby

USO - Make a donation on the USO website

Operation Uplink - Operation Uplink purchases phone cards and distributes them to servicemen and women who are separated from those they care about. Find out about their program and make a donation at Operation Uplink

Operation USO Care Package - learn how you can help Operation Care Package

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TAX TIPS AND UPDATES- Please note - these relate to 2002 tax filings

Review all the Tax Tips

Refresher regarding Capital Gains on Home Sales - Click Here

IRAs (and many retirement plans) may allow you the opportunity to build your estate with pretax dollars - Click Here

Personal Exemption Phase-out and Itemized Deduction Limitations - Click Here

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COMPUTER HUMOR

Overheard in a computer shop:

CUSTOMER: "I'd like a mouse mat, please."

SALESPERSON: "Certainly, Sir. We've got a large variety."

CUSTOMER: "But will they be compatible with my computer?"

CUSTOMER: "So that will get me connected to the Internet, right?"

TECH SUPPORT: "Yeah."

CUSTOMER: "And that's the latest version of the Internet, right?"

TECH SUPPORT: "Uhh.. uh... uh... yeah."

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NEW SERVICE TO SELLERS

Are you planning to put your house on the market or just thinking about selling your house? For a FREE Comparative Market Analysis online, Click Here

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OUR NEW TOLL-FREE NUMBER - 1-866-971-HOME (4663)

If you're out of town and need to leave us a message or talk to us, call us at 1-866-971-HOME (1-866-971-4663.) 

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