Archive for Real Estate

With the rent being too damn high, many Americans are now opting to live with a roommate (or two or three in the case of San Francisco and Los Angeles).  We now have a record number of adult Americans living with roommates.  This coincides with a stagnant growth in the homeownership rate especially in crap shack intensive areas like SoCal.  The market continues to be constrained by low supply and Taco Tuesday baby boomers living in properties that they would not be able to purchase today at current price levels.  Many older home owners bought during an era where one income (even one blue collar income) was enough to purchase a home.  That is no longer the case in many metro areas where dual income professionals and all cash buyers are the dominant buying force.  So how many adult Americans are now living with roommates?…
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Hamptons home sales jumped in the fourth quarter, surprising even most the optimistic brokers, as buyers moved to close deals in a stock market-fueled rush…

Hamptons Home Deals Jump, Chopping Supply of Properties for Sale

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Sales of previously-owned U.S. homes fell in December for the first time in four months, as the market struggles with record-low supply and rising prices, figures from the National Association of Realtors showed Wednesday…

U.S. Existing-Home Sales Fall as Supply Drops to Record Low

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The 519-room JW Marriott Hotels & Resorts is part of Strategic Property Partners’ upcoming $3 billion development in the Water Street neighborhood.
A new 519-room Marriott International JW Marriott Hotels & Resorts hotel will be coming to Tampa, Fla., in 2020, thanks to Strategic Property Partners LLC’s upcoming $3 billion development in the Water Street Tampa neighborhood.

More than 4 million square feet of office, residential, hospitality, retail and cultural space across 10 blocks is slated for completion by 2020. Subsequent phases are scheduled to be finished by 2027. In addition to the new hotel, when it is built out, Water Street Tampa will consist of 2.6 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; and 3,500 new rental and for-sale residences…

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  • Xi vows to grow rental market amid outcry on home prices
  • Local governments, developers, banks flock to the business

Chinese President Xi Jinping has unleashed the world’s biggest experiment aimed at taming runaway property prices…

China Starts Experiment to Tame Its Wild Property Market

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China’s housing market has a history that’s short by global standards, since private homeownership only began in 1998. But what a two decades it’s been. Home prices have skyrocketed, creating a mentality that real estate is a one-way bet. The government’s sporadic bouts of tightening limits on property sales, then easing them, has often exacerbated the frenzy by prompting speculators to second-guess policy changes. Now, officials are escalating efforts to steady the market, with President Xi Jinping pinning his name on reining in speculation…

What’s Next in China’s Bid to Cool Housing Market: QuickTake Q&A

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  • Home sales decline to 99,100 in December, least since 2016
  • Stamp duty cuts only applied to marginal proportion of buyers

U.K. Chancellor of the Exchequer Philip Hammond’s efforts to help young people onto the housing ladder by cutting taxes are showing no signs of working yet…

U.K. Home Sales Fall to 13-Month Low

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Commutes are long and rents exorbitant in a state that’s too short of housing. A new proposal could help break the logjam.

California is trying to come to grips with its housing crisis. It’s unclear if Californians will allow it to succeed.

In addition to a slew of bills intended to make housing more affordable signed by Governor Jerry Brown last fall, various campaigns are under way to put affordability initiatives on the November ballot. Meanwhile, the legislature greeted the new year with the introduction of still more proposals
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  • Top 3 land developers set to report earnings in February
  • More than 10 analysts surveyed expect a price recovery in 2018

The worst may be over for Singapore’s property slump…

Singapore Home Prices Seen Rebounding After Four-Year Slump Ends

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  • CEO says customers want more services ‘under one brand’
  • Closely held firm climbs ranks of U.S. mortgage lenders

LoanDepot Inc., a mortgage lender basing its growth around digital applications, isn’t giving up on humans’ role in the home-buying process just yet…

LoanDepot Turns to Humans for Fintech’s Latest Real Estate Push

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The new hotel will comprise a total of 87,000 square feet across eight stories, of which up to 20,000 square feet of public amenities will be available to serve the neighborhood.

The Boston Planning & Development Agency (BPDA) board of directors has approved a new eight-story, 159-key hotel in South Boston. Evergreen Property Group LLC is the owner and developer, while Utile Inc. is the architecture studio behind the design.

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  • City takes top spot in annual Demographia affordability survey
  • Study looks at 293 metropolitan markets in nine countries

Hong Kong was named the least affordable housing market for the eighth year in a study that put Sydney in the No. 2 slot and Vancouver as No. 3…

Hong Kong Takes Title for Least Affordable Housing for 8th Year

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  • Top 3 land developers set to report earnings in February
  • More than 10 analysts surveyed expect a price recovery in 2018

The worst may be over for Singapore’s property slump…

‘Long Winter’ Seen Ending for Singapore Home Prices: Survey

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  • Signs of rent weakness emerge as construction approaches peak
  • Almost all of the new units are aimed at the high end

Landlords counting on downtown Los Angeles as a cash machine may be in for the same bout of pain as their counterparts in Manhattan, where a flood of supply has started to drive down rents.

More than 4,000 new apartments are forecast to hit the Los Angeles market this quarter, according to CoStar Group Inc., as the first wave of as many as 30,000 in the next three years. Much of the construction is concentrated downtown, where it’s easier to build than in other parts of L.A., and almost all the new apartments will be at the higher end of the market…
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After months of negotiations with the community and city legislators, the Obama Foundation has submitted a revised development plan with the City of Chicago for city zoning entitlements, marking the most important step toward breaking ground on the project.

The Obama Foundation has submitted the Planned Development and Lakefront Protection Ordinance Application with the City of Chicago. The application is for city zoning entitlements and contains the revised construction plan for the upcoming presidential center, which is scheduled to break ground by the end of 2018 if the approval process goes smoothly.

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The Mele Group, the company’s self-storage team, marketed the 635-unit facility located in Corpus Christi. The team represented both the seller and the buyer in the transaction.

The Mele Group of Marcus & Millichap has arranged the sale of Bay Area Mini Storage, a 95,479-rentable-square-foot facility in Corpus Christi, Texas. The firm marketed the property on behalf of the seller, a limited liability company, as well as the buyer, a private investor.

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  • Restaurants and stores underpin $370 million of debt
  • NY prosecutors last year requested documents for the space

In a six-floor retail space near Times Square, the Guy Fieri restaurant has closed and construction hasn’t begun on celebrity chef Todd English’s food hall. A tourist attraction featuring a 1/87th scale model of New York City was behind on rent for two months as of December, according to loan documents…

Kushner’s Deutsche Bank-Backed Property Stung by Tenant Troubles

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The recently opened WoodSpring Suites Seattle Redmond expands the brand’s presence in the Seattle area, providing 120 suites with in-room kitchens.

WoodSpring Hotels has launched WoodSpring Suites Seattle Redmond, a 120-key hotel designed for extended stay. The asset was developed by West 77 Partners LLC and will be operated by WoodSpring Hotels Property Management.

“By fully utilizing our expertise in the extended-stay segment and the profitability that is a result of our unique operating model, the WoodSpring Suites brand continues to attract first-rate developers like West 77 Partners,” said Ron Burgett, executive vice president of franchise development and operations for WoodSpring Hotels LLC, in prepared remarks…

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Groundbreaking on new U.S. homes eased from the fastest pace in 13 months while permits held steady to finish the strongest year for housing construction in a decade, government figures showed Thursday…

U.S. Housing Starts Fall More Than Expected, Permits Steady

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  • Warnings from HKMA, IMF have been falling on deaf ears
  • Inflows of liquidity are capping local interest rates

Why are official warnings of the threat that rising interest rates pose to Hong Kong’s red-hot housing market falling on deaf ears?…

Hong Kong’s Red-Hot Home Market Set to Defy Rate Hikes

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  • Government funding ends at midnight Friday without new deal
  • Senate Democrats say they have enough votes to block bill

The House passed a spending bill Thursday to avoid a U.S. government shutdown, but Senate Democrats say they have the votes to block the measure in a bid to force Republicans and President Donald Trump to include protection for young immigrants…

U.S. House Passes Spending Bill to Avoid Government Shutdown, Senate in Doubt

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  • Brooklyn leads burroughs with an increase of 12 percent
  • Manhattan real estate has slowest price growth, up 7 percent

New York City is still reaping the benefits of the real estate boom.

The city set a value of $1.26 trillion for its more than one million properties for the fiscal year beginning in July, an increase of 9.4 percent over the previous period that promises to boost the government’s tax collections…
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CPE has a new poll! We want to know your thoughts on how the tax bill provisions will impact the real estate industry.

CPE has a new poll! We want to know your thoughts on how the tax bill provisions reducing the corporate and pass-through rates will impact the real estate industry.

Last month, we wanted to know how your predictions of Trump’s influence on real estate changed since he took office one year prior. Of the total respondents, an equal 26 percent said the president had either a neutral or negative impact on the industry. Read on to see the results

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Sentiment among America’s homebuilders eased in January to the second-highest level since 2005, a sign the housing market will continue to make strides this year, according to data Wednesday from the National Association of Home Builders/Wells Fargo…

Homebuilder Sentiment in U.S. Cools in January From 18-Year High

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Jan
17

U.K. House Prices Eke Out Gains

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  • RICS gauge of house prices advances to 8 in December
  • Demand appears weaker as new buyers and transactions decline

U.K. house prices are edging higher, but the market remains subdued…

U.K. House Prices Eke Out Gains

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Commercial Property Executive and Multi-Housing News are collecting data for the 2018 Leaders in Real Estate Education survey. Complete the survey now to be recognized among the top real estate education programs in the U.S.!
Calling all real estate education programs! Don’t miss out on the chance to participate in our 2018 Leaders in Real Estate Education Survey! The information you provide will be incorporated into a comprehensive list of institutions that have demonstrated a commitment to developing tomorrow’s leaders in the real estate industry. The results will be published in our April 2018 issues of Commercial Property Executive and Multi-Housing News as a resource for the commercial and multifamily real estate industry, and widely disseminated via our websites, newsletters and social media…
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  • Scandic warns of lower earnings from Swedish operations
  • Hotel stocks slump as oversupply echoes housing market glut

It’s not just Stockholm’s housing market that is feeling the weight of a surge in supply. Profitability among hotels is also under pressure as demand fails to fill a raft of new rooms in the Swedish capital…

Stockholm Has Too Many Hotel Rooms and It’s Hurting Share Prices

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It’s got three outdoor showers and a terrace that overlooks the Met.

Pier Guerci, the former president of the U.S. division of Loro Piana, wasn’t ready to give up his Fifth Avenue penthouse apartment…

Will Anyone Rent This Apartment for $100,000 a Month?

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London property is having a tough time, but one borough is suffering more than most. Home prices in Southwark — an area to the south of the Thames that includes London Bridge station, Shakespeare’s reconstructed Globe Theatre and trendy Peckham — fell more than 20 percent in the year through November, according to a report from LSL Acadata on Monday. That saw the average home price there drop from 709,130 pounds ($980,000) to 559,529 pounds…

The London Borough Where Home Prices Have Crashed by 21%

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  • Changes come as Canada’s uninsured mortgage market swells
  • Leaders being asked to take on redefined roles, agency says

Canada Mortgage & Housing Corp. replaced Chief Financial Officer Wojo Zielonka and shuffled its leadership ranks to “better address current and emerging business needs.”

The government-backed mortgage insurer made changes to its leadership team to ensure it continues to meet its business objectives and the housing needs of Canadians, Audrey-Anne Coulombe, spokeswoman for CMHC, said in an email to Bloomberg on Monday. “Many of our leaders have been asked to take on redefined roles.”…
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  • Sellers cut asking prices 1.4% in the U.K. capital in January
  • Numbers of days required to sell property is climbing

The new year brought little cheer for London’s housing market with asking prices dropping to the lowest since August 2015.

New sellers cut prices 1.4 percent in January to an average of 600,926 pounds ($821,500), according to a report by Rightmove Plc on Monday. In a further concerning sign for the market, the average number of days required to sell a house jumped to the longest since January 2012, reaching 78 from 71 a month earlier…
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Apartment rents are on the decline in almost every Manhattan neighborhood. But in Yorkville, the Upper East Side enclave with a brand-new subway line, landlords are demanding more.

Asking rents in Yorkville climbed 3.9 percent in November from a year earlier, to a median of $2,800, according to a study by property listings website StreetEasy. The neighborhood, from 79th to 97th streets, east of Third Avenue, was among just six of the 38 areas measured that had an increase. Only the Financial District saw asking rents climb more…
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  • With cap on deductions, ‘everyone’s calling their accountant’
  • County’s homeowners pay highest property taxes in the U.S.

The real estate market in New York’s Westchester County, home to the country’s largest property-tax burden, has been on a roll. After a tax overhaul that saddles residents with even higher costs, everyone’s wondering: Can it continue?…

Westchester, Home of America’s Highest Property Taxes, Braces for a Hit

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  • Average rent rose by 9.1 percent in the fourth quarter
  • A frenzy of building, with development at a 25-year high

Go ahead, just try to rent an apartment in Toronto.

The feat is getting even harder, with supply tight and prices showing no sign of retreating. The vacancy rate in the fourth quarter was among the lowest ever, at 0.3 percent, according to Urbanation Inc. The average monthly rent for a condominium rose by 9.1 percent to C$2,166 (US$1,730) from a year earlier…
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Just as British home buyers are finding costs ever-so-slightly more affordable, the price of housebuilders is becoming an increasing stretch.

Strong trading updates this week from Persimmon PlcTaylor Wimpey Plc and most recently Barratt Developments Plc have been greeted by falling share prices as buyer fatigue sets in…

Barratt Becomes Latest Victim of U.K. Homebuilder Buyer Fatigue

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A tight supply of U.S. homes for sale, coupled with low mortgage rates, led buyers to bid aggressively last year, with 24 percent paying more than the asking price, according to Zillow. That’s the biggest share since the home-listing site began compiling the data in 2012…

One in Four U.S. Homebuyers Paid Above Listing Price Last Year

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  • Irish house prices are booming amid shortage of homes
  • Price crash led to economic collapse and bailout a decade ago

Irish lawmaker Noel Rock has a very direct interest in the nation’s new house price surge — he’s trying to buy a home in the euro-zone’s hottest market.

For about two years, Rock, 30, has joined dozens of others trudging around open houses in Dublin, in scenes reminiscent of those before Ireland’s 2008 real estate bust. Prices in November rose 1.1 percent, three times the monthly increase in October, figures on Thursday showed…
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  • There’s still a large buffer in interbank liquidity: Leung
  • Ample liquidity has spurred rallies in H.K. stocks, property

Don’t expect interest rates to spike anytime soon in Hong Kong, where abundant liquidity has fueled spectacular rallies in the stock and property markets…

Hong Kong Property Is Shielded From Rate Spikes, HSBC Says

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Los Angeles ranked fourth globally, according to results of the 26th annual survey of members of the Association of Foreign Investors in Real Estate conducted in the fourth quarter of 2017.

Apparently spurred by e-commerce’s impact on industrial and logistics properties near its port, Los Angeles has tied New York as the number one city in the United States for foreign investment, moving up from second last year in an annual survey.

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  • Toronto, Vancouver, Montreal sales above C$1 million surge
  • Sotheby’s says 2018 outlook for condo market remains strong

A C$20 million ($16 million) penthouse with views of downtown Toronto and Lake Ontario helped luxury condominiums shatter sales records in Canada last year, bucking a cooling trend in the rest of the housing market…

Penthouse With Lake Views Leads Record Luxury Condo Sales in Canada

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  • Foreign investment in Sydney’s housing falls 5.5% pts in year
  • Australia has raised stamp duty, taxes for foreign buyers

Chinese demand for Australian housing is cooling as both nations’ governments tighten the screws on investment activity…

Sydney Homes Aren’t So Attractive to Chinese Investors This Year

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  • Residential launches, sales fall steeply across 8 cities
  • No hardening of prices seen in 2018; recovery to take a year

India’s financial capital Mumbai witnessed a decline in residential property prices for the first time in a decade last year following a crackdown on undeclared cash, new consumer protections and the roll-out of a nationwide sales tax, according to Knight Frank…

Mumbai Home Prices Post First Drop in Decade Amid Modi Crackdown

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The biggest mistake real estate investors often make is ignoring the supply side.

That’s the view of Harvard Professor Edward Glaeser, who’s touring Scandinavia as a speaker at the annual Skagen Funds conference.

While economic analysis traditionally tends to look at the demand side of the housing market, ignoring the supply side could prove fatal, Glaeser said, warning of “unfettered supply” in China’s second- and third-tier cities…

What if Real Estate Investors Are Looking at the Housing Market All Wrong?

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The new owner of the 349-key hotel, located near the city’s airport, is planning to extensively renovate the building in the near future.

Interstate Hotels & Resorts has been selected to manage Renaissance Philadelphia Airport Hotel, which was recently acquired by AMENA Hotels, a subsidiary of AVANA Capital. The firm acquired the property from previous owner Columbia Sussex at the end of November 2017, according to Delaware County records. The new owner plans to start comprehensive renovation work soon.

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Hong Kong’s towering home prices might rise another 10 percent this year. All the more reason to shun developers and buy retail or even office landlords.

That might not make sense at first glance, but the real estate boom hasn’t benefited developers in the city much in the last seven years. There’s been a disconnect, as JPMorgan Chase & Co. analyst Cusson Leung notes, between the city’s residential prices — up 200 percent since 2009 — and stocks like Li Ka-shing’s CK Asset Holdings Ltd. and Henderson Land Development Co…

Hong Kong Property’s Curious Disconnect

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Middlesex Marketplace is a best-in-class retail property situated along an important retail corridor in the western suburbs of Boston, comprising nearly 40,000 square feet.

A private real estate fund advised by Crow Holdings Capital Partners-Real Estate (CHC-RE) has purchased Middlesex Marketplace in Burlington, Mass. NKF Capital Markets represented the private seller of the best-in-class retail property.

The site is located along Middlesex Turnpike, an important retail corridor in Burlington and the western Boston area, providing visibility for an average of 37,400 vehicles per day. Comprising 38,243 square feet, Middlesex Marketplace dates back to 2013 and features a free-standing build-to-suit space for Del Frisco’s Grille…

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Cathy Marcus will assume the role when Kevin Smith retires in May, while Alfonso Munk will take on expanded responsibilities, as well.

After 36 years at PGIM Real Estate, Kevin Smith, the firm’s head of Americas, will retire in March, a plan originally announced to investors last May.

In his time at the company, Smith served as head of its U.S. business from 2012 to 2014, was senior portfolio manager for PGIM Real Estate’s flagship core equity real estate fund, PRISA, as well as its value-add fund, PRISA III, and was responsible for the oversight of all aspects of each fund’s operations, including portfolio strategy, acquisitions, sales and asset management…

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U.K. house prices fell for the first time in six months in December amid economic uncertainty and a squeeze on incomes.

Prices slid 0.6 percent on the month, the first decline since June, mortgage lender Halifax said on Monday. Annual price gains slipped to 2.7 percent in the last three months of the year, from 3.9 percent previously…

U.K. House Prices Drop in December as Economy Loses Steam

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Hong Kong’s property boom is quietening down, according to Credit Suisse Group AG.

The brokerage projects home prices in the city will rise 3 percent this year, compared with 13 percent in 2017, as the risk of higher interest rates and increasing housing inventory grows. Faster supply of new units will suppress price growth in the “mid-to-long run,” said analyst Susanna Leung, advising investors favor developers with strong sales in recent years. Credit Suisse’s top picks are CK Asset Holdings Ltd. and New World Development Co…

Hong Kong Housing Market Is Starting to Cool, Credit Suisse Says

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  • Apartment shoppers hold firm on prices as gains moderate
  • Owners offered average discounts of 5.7% in the fourth quarter

Manhattan home resales fell in the fourth quarter as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay…

The Tax Law Hits Manhattan Home Sales

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Jan
03

Houston Embarks on Healing Process

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The area’s apartment market is still struggling to recover from the 2015 oil price drop. Hurricane Harvey provided a short-term boost to fundamentals, as demand for living space from residents displaced by the storm temporarily increased occupancy.

The Houston apartment market is still struggling to recover from the 2015 oil price drop. Despite its havoc, Hurricane Harvey provided a short-term boost to fundamentals, as demand for living space from residents displaced by the storm temporarily increased multifamily occupancy.

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  • Sydney market continues to cool, declining 2.1% in quarter
  • Expect softer housing conditions in year ahead, CoreLogic says

Australian home prices fell in the final three months of 2017, the first such decline in almost two years, as the nation’s biggest market Sydney continued to cool.

Values nationally declined 0.3 percent in three months to Dec. 31, the first such drop since the period ending April 2016, according to CoreLogic Inc. data released Tuesday. Prices in Sydney dropped 2.1 percent in the quarter, dragging the city’s annual growth rate to 3.1 percent from 17.1 percent just seven months ago…

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Managed by Naples Hotel Group, Home2 Suites by Hilton Miramar adds 101 suites to Greater Fort Lauderdale’s steady tourism industry.

Home2 Suites by Hilton has opened its milestone 200th property in Miramar, Fla. The 101-key Home2 Suites by Hilton Miramar Ft. Lauderdale is owned by Hotelex Group LLC and managed by Naples Hotel Group LLC. The hotel  matches the potential of Greater Fort Lauderdale’s strong tourism sector, providing a range of tech-focused and eco-conscious amenities.

The property is located at 2800 SW 149th Ave., offering easy access to I-75, a wide range of shops and restaurants, Hard Rock Stadium and Huntington Corporate Plaza. Miramar Regional Park is 1.4 miles away…

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  • Residential prices gained 0.7 percent last quarter, data show
  • City’s cooling measures may limit pace of further gains

Singapore home prices rose for a second straight quarter, reinforcing signs the city-state’s property market is emerging from a four-year slump…

Singapore Home Prices Rise for Quarter Adding to Rebound Signs

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An English spa town and two coastal areas saw the biggest house-price increases in the U.K. last year, outstripping gains in London’s hotspots…

U.K.’s Biggest House-Price Jumps Came Outside London Last Year

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Sydney’s cooling property market cause first quarterly decline in almost two years

The first quarterly decline in Australian home values in almost two years may be a sign of what’s to come. National dwelling values fell 0.3 percent in the last three months of 2017, the first such drop since the period ending April 2016, weighed by Sydney’s cooling property market, according to CoreLogic Inc. data released Tuesday. Softer conditions throughout 2018 are likely as “Sydney’s housing market has become the most significant drag on the headline growth figures,” said Tim Lawless, CoreLogic’s head of Australia research…

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The partnership, including Caspi Development, Mactaggart Family & Partners and Barone Management, expects to deliver the 96-key Manhattan property in 2020.

The developers of an eight-story luxury hotel planned for 456 Greenwich St. in Manhattan’s Tribeca neighborhood are betting on demand for ultra-luxury accommodations and a lack of supply in an area that is booming with new development.

“Combining its historic roots with an extraordinary influx of development and investment, Tribeca continues to be one of the most charming and sought-after neighborhoods in the entire city,”Joshua Caspi, principal of Caspi Development, said in a prepared statement…

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With rents rising at the second-fastest rate in the nation by the end of October, the city’s multifamily market is enjoying a strong spell across the board.

With rents rising at the second-fastest rate in the nation by the end of October, the Las Vegas multifamily market is enjoying a strong spell across the board. Employment growth is driving significant population gains, resulting in more development. The city’s much-maligned housing market is nearing a full rebound to pre-downturn levels, on the back of household creation in rentals. A relatively low average rent of $974 has helped strengthen Sin City’s newfound appeal…

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  • Housing market grew $2 trillion in 2017 to $31.8 trillion
  • Los Angeles-Long Beach-Anaheim housing stock leads at $2.7 tln

The total value of all homes in the United States rose 6.5 percent in 2017 to $31.8 trillion, according to Zillow. Renters paid a record $485.6 billion this year…

U.S. Renters Paid a Record High $485.6 Billion in 2017: Zillow

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  • Country’s total housing stock now worth $31.8 trillion
  • The 6.5% jump is biggest since 2013, but lags other assets

Your home may not have made the same gains as stocks or bitcoin, but it still was a robust year for the U.S. housing market…

Homes in U.S. Gained $2 Trillion in Value This Year, Zillow Says

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