Real estate economist Michael Sumichrast estimates that there is $400 billion worth of financially troubled real estate in the United States, divided between foreclosed properties and delinquent loans.
The troubled real estate equals 7.1 percent of the nation's total real estate assets of $5.6 trillion, according to Sumichrast's monthly newsletter, Commercial Real Estate Report. Of that total, $3.6 trillion is residential real estate and $2 trillion is commercial real estate and other properties.
The Census Bureau has reported that about 46 million people moved from one house or apartment to another from March 1984 to March 1985, compared with 39 million in the previous 12 months.
The increase of 7.1 million movers in a single year was the largest such jump since the 1950s, the Census Bureau said. Two-thirds of all movers, about 30 million, moved within the same county, with the remainder evenly divided between moving within the same state and moving to another state or from abroad.
IN THE BUSINESS ... Steven A. Grigg, senior vice president of Western Development Corp., has been elected president of the D.C. Building Industry Association ... Ray F. Smith Jr. is the new president of the Northern Virginia Building Industry Association ... Peter A. Moholt, president of his own appraising firm in Gaithersburg, has been elected the 1988 president of the Washington area chapter of the American Institute of Real Estate Appraisers ... Equitable Real Estate Investment Management Inc. has bought the Ballston One Office Building, a 237,000-square-foot complex at the intersection of I-66 and North Fairfax Drive in Arlington for $45 million from the Radnor/Arlington Limited Partnership. Equitable also recently bought the office building at 1325 G St. NW in the District for $55 million for the portfolio of the California State Teachers' Retirement System ... Wynmark Development Corp. has begun a building at 17th and Q streets NW that will include 16,000 square feet of residential space and 21,000 square feet of commercial space ... Evans Co. has started work on the 230-acre Woodland Park, a 6-million-square-foot office-hotel-conference center complex two miles east of Washington Dulles International Airport ... Contracting for new construction across the nation fell 8 percent in November to an annualized rate of $241.1 billion, according to the F.W. Dodge division of McGraw-Hill Information Systems Co. ... Simpson Development Co. Inc. has opened the ATC Plaza Office Building at 2750 Eisenhower Ave. in Alexandria ... Porten Sullivan Corp., a Washington area home builder, reports that it had record sales volume last year, exceeding $110 million ... J. Kenneth Schwartz, former president of Cambridge Construction Co., has formed JKS Construction Management Inc. ... The Trammell Crow Co., the nation's largest commercial real estate developer, has announced plans to develop part of the 400-acre Ammendale Business Campus, which was property once entirely owned by t...re development at the intersection of Contee Road and Rte. 1 in Laurel ... The Associated Cos. began have started renovations at the Burke Commons Convenience Center at the intersection of Burke Lake and Burke roads in Burke ... Weissberg Corp. and the Lee Madison Limited Partnership are planning construction of a 254,000-square-foot office complex known as Merrifield Plaza at Lee Highway and Merilee Drive.
PERSONNEL FILE ... Winchester Homes Inc. has appointed John Zwirecki vice president and manager of its Capital Division office in Fairfax ... Saundra A. (Sandy) Burns has joined the Washington office of Heller Real Estate Financial Services as vice president and senior loan officer ... Barry Lewis, formerly director of leasing for Hadid Development Cos., a Rosslyn commercial development firm, has become the firm's vice president/director of operations for Hadid-Southwest Resorts in Scottsdale, Ariz. ... CHK Architects and Planners Inc. has named Jack Smith Kerxton as president and chief executive officer ... James R. Endler has been named president of Lehrer McGovern Bovis Inc. ... Chandler Goodnow has been named president of Phillips Property Management Inc. in Bethesda ... Philip C. Dellinger has been promoted to vice president and director of training for the Shannon & Luchs Insurance Agency... Charles F. Howard has been appointed senior vice president of Henry A. Long Co., a Fairfax real estate development firm.