Two real estate firms belonging to Phoenix-based GPE Companies were named among top property companies in the latest Ranking Arizona 2011, which industry experts said represent the biggest business sentiments released annually in the state.
Nominees on each category were filtered by AZ Big Media and were submitted for a public vote, resulting to this year’s top choices and reflecting the milestones achieved in 2010.
Voters poured their preference on GPE Commercial Advisors as the number one Valley Brokerage Firm from among the 25 firms earlier selected as the best on their field.
A leading firm in the commercial real estate industry, GPE Commercial Advisors has been honored three consecutive years in the competitive brokerage arena but company officials have averred that 2011 would be remembered as the year the brokerage entity bested all its competitors in the list.
On the other hand, GPE Property Management Services was included in the top ten for the Valley Property Management companies segment of the distinctive list, which was a previous honor garnered by the company.
GPE Commercial Advisors has been flexing its muscle in Arizona’s commercial real estate market for quite some time, specifically in Phoenix, and the city’s gradual turnaround following the contraction felt by the sector in 2009 failed to dampen the company’s thrust of further growing its operations and coverage.
Such goal was largely enhanced by the company’s expertise and imposing presence in the healthcare real estate and the retail, office and industrial markets.
GPE President David Genovese said that the honor bestowed to the firm needs to be shared with its clients, who he stressed “entrusted us with their real estate needs,” and catapulted the company to heights of success.
Also cited as one of the Valley’s Best Places to Work by the Phoenix Business Journal, Genovese asserted that the added distinction “reflects the hard work, dedication and commitment to our clients by our staff.”
Using the recognitions given by the public and the industry, GPE, according to Genovese, remains firm on its original commitment of providing success to its commercial clients by “quickly becoming the one stop shop.”
Established in 1973, both GPE Commercial Advisors and GPE Management Services have since assumed their post as Greater Phoenix Metropolitan area’s leading providers of real estate sales, leasing, property management and consulting solutions for local business, office, medical, dental, retail and industrial properties.
The companies’ quality services captured both the respect and recognition of the industry as shown by the citations and trusts they collected through years of operation.
Bank failures so far reported in the February month this year were mostly caused by nonperforming loans in the commercial real estate sector, according to the latest estimates furnished by property consultancy firm Trepp.
Those loans dominated the asset portfolios of 12 banks that went under in the second month of 2011, leading to a total of 23 bank failures so far for the first two months of the current year as reported by the Federal Deposit Insurance Corporation (FDIC).
However, FDIC chair Sheila Bleak expressed confidence that despite the seemingly accelerated bank closing during this year’s first quarter, the 157 failures recorded in 2010 would not be exceeded.
Bleak added that even as last year’s bank shutting downs reached levels that were seen as the highest since 1992, the numbers represented the sector’s gradual recovery from the financial crisis that wreak havoc on global economies, with more specific damages on America’s real estate and financial sectors.
With up to 72 percent of commercial real estate loans causing problems on US banks, Trepp said that more than 100 banks are projected to fail by the end of 2011, with most of the problems concentrated on banks located in California, Georgia and Florida.
Trepp added that even if most bank failures were expected to hit many small community banks, problematic loans are seen to be largely caused by CREs, which comprised of some $230 million from the total of $320 nonperforming loans posted in February.
Also, Trepp said that most of those CREs were mainly traced to construction loans and commercial mortgages, with the residential loans representing only a mere 20 percent of the nonperforming balance or roughly $65 million in total worth.
According to the latest report provided by the FDIC, 884 banks have been listed so far as troubled institutions, leaving the federal regulator working hard to balance the country’s deposit insurance funds.
As of the last quarter of 2010, the FDIC said that its financial reserve improved from a deficit of $8 billion to negative $7.4 billion while its contingent reserve loss was sliced from the $21.3 billion posted in 2009 to its latest standing of $17.7 billion.
The FDIC report has declared that the likelihood of a return to positive for the DIF this year is an almost certainty, barring any major glitches that would hit the sector.
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