it really breaks my hear too. the only reason i picked up shares was due to insider activity. perhaps they know something i dont, and the financials only look bad because they wrote all their losses down over the last few quarters instead of "trickling" them into the quarterlys over an extended period of time. but what the heck do i know im a plumber not a banker
By David Wilson
Nov. 11 (Bloomberg) -- “A crisis of unprecedented proportions is approaching” in the U.S. commercial real-estate market, according to Randall Zisler, chief executive officer of Zisler Capital Partners LLC.
The CHART OF THE DAY displays quarterly returns on commercial property -- apartment buildings, hotels, industrial sites, offices and stores -- as compiled by the National Council of Real Estate Investment Fiduciaries. Returns were negative for the past five quarters, the longest streak since 1992.
Property prices have fallen by 30 percent to 50 percent from their peaks, Zisler estimated yesterday in a report. The plunge has wiped out the equity in most real-estate deals that relied on debt financing since 2005, he wrote.
Zisler, whose firm focuses on real-estate investment, estimated that building owners will default on $500 billion to $750 billion of mortgage debt. This equals as much as 54 percent of the $1.4 trillion in loans that will come due in four years, by his count.
“Much of the debt is likely worth about 50 percent of par, or less,” the report said. Many banks will end up insolvent as they reduce the value of their holdings, he wrote, adding that regional and community lenders are especially vulnerable.
California, in particular, is experiencing a downward spiral in commercial property as prices decline and a growing number of tenants default, Zisler wrote. His analysis was included in Controller John Chiang’s monthly review of the state’s finances.
as I have posted before, we were the 2nd biggest borrower for years before Merrill Lynch bought our development. Seacoast was more prudent than most banks, always required 20% down, even of us, and did not make a lot of the subprime, etc. bad loans that others did. Doug Gilbert was very bright and always worked in the bank's best interests. I'm coming at this from the other side-the borrower-and I think they'll come out fine.After talking to lawyers and accountants in the area, there are probably other banks that will go before Seacoast. I don't know Jean Strickland but those who do say she is very bright. I recently bought 10,000 shares for the long term. remember, by 2020 one third of the population will be in Fla., Cal., and Texas!
I think you are just pissed off that you didn't listen and rode this POS stock down to the bottom so you are lashing out at people with intelligence now Mary. Do whatever you need to so that you feel better. Even if it at other peoples expense.
I'm not saying anything at anyone else's expense! I'm just saying my opinion as you are! I just don't understand why anyone would continue and continue bashing a company...why not just move on and leave it alone? Why do you feel the need to come here and bash constantly??
You are not saying where you are getting your information about the posters on this board being disgruntled ex-employees but if you are correct there sure are a bunch of them! And if that is in fact true, it only supports the fact that Seacoast is poorly run as is evidenced in their earnings report.
I think it's a show of confidence in the company for the long-term. So many on this board are disgruntled employees and I think they have every right to complain and drag the company into the ground...but I'm hoping (as a stockholder) that they can come out of this recession in tact and build strength again. Maybe that is a pipe dream, but someone else thinks so too.
Sure I agree but disgruntled employees havent driven the stock price down from 2.5 to 1.10. Managment did that by taking in the secondary and then writing off the kitchen sink. Since mgm doesnt control the CRE market and has a heavy concentration in a bubble market (nothing new in that disclosure)there can be no assurance that there isnt more to come. The fact the disclosure though came after the secondary drilled that fact home.
The one thing I have learned in the last month or so is that a successful secondary doesnt mean green light. Especially in bubble areas.
Sandler Oneill Conf-are our boys tooting their horn?
Insider buy does show confidence. Look, the SNV guys are buying their asses off as well but if you look at the guys buying they own a tremendous amount of shares already so I dont know if its smart money or desperate money if you know what I mean.
CSFL looks a hell of lot better then SBCF at the moment.
I still think with these regionals you need to buy a handful all over the country and if one hits you will make out. Playing just one is risky. Playing just one in Florida or Georgia is really, really risky.