WHAT ARE THE MOST PRESSING
LEGAL ISSUES FACING THE
STATE TODAY IN REGARDS TO
REAL ESTATE?
“The lack of debt and capi-
tal flowing back into the
market.”
—Jess Bressi, a partner at Luce
Forward’s Irvine office.
“How the greenhouse gases
and climate change will be
resolved.”
—Amy Forbes, a real estate
partner at Gibson, Dunn
& Crutcher LLP’s Los Angeles office.
“Too many laws, too many
lawyers, and ever-increasing
receiverships and foreclosures throughout 2010, and
beyond.”
—Gordon Gerson, a principal at the Gerson
Law Firm APC’s San Diego office.
“The resolution of financing
issues with respect to industrial
and commercial projects.”
—Jon Janecek, a partner at
Newmeyer & Dillion LLP’s
Newport Beach office.
“Increases in loan and lease
defaults, increases in foreclosures and unlawful detainer
actions.”
—Steven Lurie, a partner at
Greenberg Glusker Fields Claman & Machtinger LLP’s Los Angeles office.
“In terms of development,
one of the biggest issues is our
water supply. With the growth
of our state and the effects of
climate change, water supply
is going to become an increasingly political and contentious issue in California.”
—Anton Natsis, a partner and chairman of the real estate department at Allen
Matkins Leck Gamble Mallory & Natsis
LLP’s Century City office.
“How banks and loan servicers
are dealing with non-performing CRE and construction
loans. Many projects are in
limbo and inactivity has created a large void in demand for services.”
—Bill Pham, a partner in McKenna Long
& Aldridge LLP’s Los Angeles office.
“California continues to
experience water shortages and water infrastructure problems that plague
the state. Understanding water rights
and policy as they impact development
will be critical.”
—Douglas Praw, a partner at Goodwin
Procter LLP’s Los Angeles office.
“The biggest challenge in
the near term—especially
with the weak dollar—is to
open the market to foreign
investors. Changes should be
implemented to the tax withholding act
to encourage foreign investment, which
would go a long way toward re-igniting
the real estate market.”
—D. Eric Remensperger, a partner at
Proskauer Rose LLP’s Los Angeles office.
“Business taxes forcing tenants
out and lack of liquidity for existing owners and buyers.”
—Michael Scheinberg, a partner at Pircher Nichols & Meeks’
Los Angeles office.
“The mountain of debt maturing on properties with declining values and no source
of funding. As a result, this
trend will lead to a wave of
foreclosures and workouts.”
—Michael Smooke, a partner at Fulbright &
Jaworski LLP’s Los Angeles office.
