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FOR IMMEDIATE RELEASE Results of Midwest Real Estate and Capitol Markets Study on CD-ROMGRAND RAPIDS, Mich.--(BUSINESS WIRE)Sept. 23, 2003 Great Lakes Appraisal Company, a commercial real estate and residential real estate appraisal and consulting company, today announced the results of an exhaustive study on Midwest real estate and capital markets by property sector dating from first quarter 2003 to the early 1990's. The report, which analyzed various traditional real estate "indicators"--is available on a graphically formatted CD-ROM and includes a narrative summary. "The results of the study supported exactly what we anticipated," commented Great Lakes CEO Todd Schaal, CCIM, and also CEO of The Estes Group, a real estate brokerage and investment firm, "that real estate continues to be a strong and stable investment and my advice to real estate investors and bankers after reviewing the data is to aggressively acquire real estate. Investors should also be structuring deals with the cash flow they were comfortable with prior to the recent recession and use the excess cash flow from low interest rates to retire debt ahead of schedule." Schaal also noted that Lenders should take a close look at how the leases are written regarding expenses and how the property will do a couple of hundred basis points higher when the loan is up and the rate is reset again to market. The market itself stabilized and investors went back to making rational long-term decisions. Midwest investment properties which are new or of newer quality construction with good locations had fairly stable capitalization rates due to larger more sophisticated investors continuing to make long-term decisions. According to Schaal, "a compilation of data from a number of different sources was intensely studied prior to announcing our conclusions." Those resources included: the Chicago Board of Trade, Freddie Mac, Federal Reserve, Real Estate Research Corporation (RERC), Price Waterhouse Coopers and a Korpacz Real Estate investor Survey.
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