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No, I am not starting to post regularly again....

...but when I have something to say I will write from time to time.  The problems at chains such as Sears, Penney, Best Buy (and maybe Target down the road) will bring on some interesting times, and may bring down a whole boatload of regional malls in the next few years. I expounded just a little on Elaine Misonzhnik's nicely-done story at my Facebook page .  Could this be the first domino for all kinds of other national retailers? I hope all is well with each of you!
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Today's legal term: deed in lieu

For you beginners, what is a deed in lieu? It is shorthand, and if you add the last two words of the phrase, you ought to get the picture: "in foreclosure." In other words, the borrower is giving the property to the lender because it can't make the loan payments or refinance the property. These deals are often very heavily negotiated and can get ugly. Here's an example from Forbes, via The Real Estate Bloggers . It appears Harry Macklowe has reached a tentative deal to give back seven New York buildings he bought for $7 billion (no misprint) to his lender, Deutsche Bank, which holds the $5.8 billion mortgage. Is this deal part of the commercial credit crunch, an indicator that prices are plummeting, a sign that Macklowe overpaid, a combination of events or something else? I have an opinion but will sit on it for now.
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GGP: still hanging on

It is hard to be objective when you know people who work at a company. Face it, you don't want friends getting fired. So I'll admit I am pleased with each passing day that I do not see a Chapter 11 filing on GGP. I also happen to think Adam Metz can turn this around. According to today's Journal , even though the company failed to get the consents necessary to get a break on some bonds, "a bankruptcy filing isn't imminent for the mall giant, according to people familiar with the matter, and General Growth's ability to remain out of bankruptcy shows the unusual dynamic between lenders and distressed companies in the recession-ravaged commercial-real-estate market." As I said a few weeks ago, there's not much to be gained right now for the creditors by forcing an 11. If the creditors did not think this was mainly a liquidity issue, that GGP could survive and that they could stand to make more by riding it out than going to court, believe me, they...
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