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Landowners are getting a more realistic idea of land values in today's market <br />SI?eculators are very selective and are <br />btryiu,:; land at prices much ]o4ver th;ul <br />those seen in recent nears. 11s a resale. <br />landown •rs are gtttiu~; a more. realistic: <br />idea ofland valuec_ in today's market. Son~rc <br />s})erulatoTS are even waiting until tluv <br />believe the housin ~ n~rark~t reaclTes bottom <br />I °-] S months Fi-oru now. <br />RETAIL LAND MQVES SLOWLY <br />1'he hou~ul~ slo~wdosvll cL,ates Irrore <br />c1ra11~IL~*c~ file rct:ril. A houtTUg crisis often <br />coulplete deals, As a result, developers are <br />phasing crud "right-sizmg'~ d~v~lopments~ <br />Some land~>cvners are acccptin~; ]ovver <br />prices because retail u = T i developers still <br />paG~ s~gnihcrnty rlore than industrial or <br />resid.:ntial. i\4c~st netis~ developnleut is for <br />big-bow ret.ul~I s; encrything else is on <br />bold. Fewer developers are scouting sites. <br />Many arc tryilr? to fell halt v~acaut shops <br />and p~td5. SOIn9; landlords are considering <br />rent reductions and concessions. <br />mc:uls reduced consumer sl?cudur~~, and <br />there's lees of an a},petite for nett' <.~ ~ce(op- t..IClI t ire also broadening thclr r rail <br />rtle•ITI. Kerail land values have dropped; and ~rcqulreruents and imposing Ye«rrr design <br />sellers arc giving dcvelol)ers nlorc time to restrictions on new development in an <br />r~( i_ ~ :rts~n a _~,. ~~F rvl ~.~r <br />effort to spur retail grolvth in their <br />COITln1LI1llt1Eti. <br />MULTI-FAMILY IS LUKE WARM <br />~rhde multi-family timdament.ds continue <br />improving, rental rates don't yet stlppart <br />Inctro-snide uew Construction. Sc~)me <br />developers aIx taking laud positions, but <br />not much is being built. <br />OFFICE LAND PRICES STABLE <br />Not much acti~lty is oCa)ning iu office de- <br />vcloplnent. Recent development has led. to <br />vaclult spue; so tciver des Elopers au seek <br />ing land positions for otsl. c, prc~je~ts. Land <br />Alice, .Ire not necessarily goiu~ to decline, <br />but then are not inc rcdsin~. Some sites had <br />to ran their course as retail or residential <br />sites-in which developers paid mores and. <br />once then were deemed not Tensible for <br />those uscls. chew berraTne oftiee sites. <br />The Outlook <br />Prices iin- retail and residential l:wd tcrther <br />from the metro's care vv-ill continue to <br />decline. Industri:Il land. will be in scrougest <br />d.rrnand. Prices will likely be stable and <br />could increase. <br />I'he housing market will likely get worse <br />before it gets better. The anticipated slow <br />rccovely will be LI function ofthc econo- <br />my, people's optilnisna and lending criteria. <br />The recovery will begin with shall, well- <br />locatcd devcloprnents in first- and se; ond- <br />tier stiburbs. <br />Speculators ~ti-i11 continue to impact the <br />laud. market. There's opportunity for <br />people scith cash willing Co takir specula- <br />tive positions. <br />Retail developers ~i~ill look for flc~ilility <br />and plTasing options. Projects ~a~ill typic>JIy <br />he sv~e11 located in-f>ll sitr~ or rAdevclop- <br />ment opporrunities. ^ <br />14 <br />1. Otsego 5. t;h.~aska 9. Coitage ~rc~.~e 13. C:umou~~, <br />2. C~ rcorar, f,..>hakope::. 10. kft^n <br />~. Medina 'i. f?,~:~emount 11. L..ino L.u~ as <br />4. Carder ~. Irrder Grove He ghts 12 Eslar~: <br />