Archive for Real Estate

U.K. Chancellor of the Exchequer Philip Hammond’s measures to help young people into the housing market underwhelmed investors and sent home-builder stocks tumbling.

In his budget speech Wednesday, Hammond abolished stamp duty for first-time buyers of homes worth up to 300,000 pounds ($398,000) as the Conservative government sought to regain support among the younger voters who abandoned them at the last election…

U.K. Curbs Home-Buying Taxes While Unveiling Land-Banking Review

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Billionaire investor Stanley Druckenmiller sold his eight-bedroom Greenwich mansion for $25 million, the biggest sale this year in a Connecticut town where high-end listings have been piling up

Druckenmiller Mansion Markdown Is Biggest Greenwich Sale of 2017

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Recently, the 91-key hotel underwent a major renovation. Located within a 15-minute drive from the Charlotte Douglas International Airport, the hotel can host events for up to 800 people.

Radisson opened Hotel Charlotte Airport South in North Carolina, a 91-key hotel that recently completed an extensive multimillion dollar renovation, which includes enhancements to the lobby, guest rooms, fitness center, business center and exterior. There is a 17,000-square-foot meeting room that can accommodate up to 800 people.

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Joel Murphy, CEO of New Market Properties, provides insights into retail trends and how his company is addressing them, including the best markets and tenants for today and tomorrow.
Joel Murphy, CEO of New Market Properties, provides insights into retail trends and how his company is addressing them, including the best markets and tenants for today and tomorrow. He shared these strategies with CPE at the National Association of Real Estate Editors’ 2017 Real Estate Journalism Conference…
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A deputy governor at Sweden’s central bank talked down fears of a housing market correction and said the krona, which sank last week after surprisingly weak property data, was likely to appreciate…

Riksbank Takes On Housing Correction Fears, Sees Stronger Krona

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Sales of previously owned U.S. homes rose to a four-month high, indicating demand was firming at the start of the quarter as the impact from hurricanes faded, according to a National Association of Realtors report released Tuesday…

U.S. Sales of Previously Owned Homes Rise as Storm Impact Fades

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The industry was struggling to keep up with demand even before this year’s natural disasters.

Hurricane victims emerging from ravaged trailer parks are discovering that the U.S. mobile-home market has left them behind. In Florida and Texas, dealerships are swarmed by buyers looking to rebuild their lives after hurricanes Harvey and Irma, but many leave disappointed…

Mobile Homes Are So Expensive Now, Hurricane Victims Can’t Afford Them

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Construction of multifamily structures is expected to fall 8 percent next year

The blistering pace of apartment building in the U.S. this year is showing signs of throttling back. While the supply of apartments and condominiums has been increasing as builders responded to rising demand for rental units, the number of projects under construction has leveled off after reaching a 42-year high in February and vacancy rates have edged up. Dodge Data & Analytics projects starts of multifamily structures to fall 8 percent in 2018…

Building Boom of U.S. Apartments Is Cooling Off

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A luxury apartment in Hong Kong’s exclusive Peak neighborhood has set a new Asian price record, the South China Morning Post reported.

A single buyer paid HK$1.16 billion ($149 million) for two apartments at No. 8 Mount Nicholson on The Peak, the Post said, citing Wheelock Properties, which is overseeing sales at the project. The second, smaller apartment fetched HK$132,000 per square foot, making it Asia’s most expensive residence by area, the report said…

Hong Kong Apartment Sets Asia Price Record, Post Says

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  • Bain would hire about 20 from endowment’s real estate group
  • Plan may let Bain diversify and Harvard overhaul endowment

Harvard University’s endowment is in talks to move the management of a portion of its real estate investments to Bain Capital, according to people familiar with the matter…

Harvard Is in Talks to Have Bain Manage Real Estate Assets

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Faster apartment building was instrumental in pulling the U.S. housing market out of its slump a decade ago. Now, that engine is starting to throttle back.

A softening in the multifamily segment is something to keep an eye on even as overall homebuilding — which includes single-family dwellings that make up the largest share of the market — is expected to keep moving forward…

Once-Hot Apartment Construction Cooling as U.S. Housing Engine

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  • Chancellor speaks in interview with Sunday Times newspaper
  • Will pledge 300,000 extra homes a year — up from 217,000

U.K. Chancellor of the Exchequer Philip Hammond will announce a plan to increase house building by almost 40 percent as his Conservative Party seeks to woo younger voters with promises to give them the same home-ownership opportunities as their parents…

Hammond Vows to Boost U.K. Homebuilding in Budget

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For nearly three decades, Goldman Sachs Group Inc. outdid Morgan Stanley in commodities, year after year. In 2017, Morgan Stanley is pulling ahead in a reversal of fortunes for the two banks known as the “Wall Street refiners.” …

How Morgan Stanley Outdid Goldman in Old Commodities Rivalry

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The Republican tax plan isn’t designed to help rich New Yorkers, but Wall Street can certainly look forward to some advantages, said Treasury Secretary Steven Mnuchin.

“There’s a lot of benefit to the New York economy to lowering the corporate tax to 20 percent,” Mnuchin said in an interview on Fox News on Friday. “That’s a huge boom for the financial services industry — they can hire more people, they can pay more people, they can create more jobs, they can be competitive.”…

Wall Street Will Be Riding the Boom From Tax Plan, Mnuchin Says

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U.S. new-home construction rebounded in October to the fastest pace in a year, partly reflecting recovery efforts in the hurricane-stricken South, government figures showed Friday. A pickup in permit applications for one- family dwellings indicates building will remain firm in coming months…

U.S. Home Starts Reach Highest Level in a Year, Permits Rise

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  • Values gained in 50 cities in October, versus 44 in September
  • Efforts to curb speculation have seen property sales slump

Chinese home prices rose in more cities in October, snapping a three-month decline, a sign the market is stabilizing amid government efforts to curb property speculation…

China Home Prices Stop Three-Month Drop as Market Stabilizes

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  • High land costs push prices beyond the reach of many buyers
  • ‘It’s a real turn,’ says broker who sees his sales slowing

The hottest housing market in the world is facing a reckoning…

Even Real Estate Developers Can’t Afford Toronto’s Housing Market

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The global real estate services firm released its 29th edition of its Main Streets Across the World report, which tracks 451 of the top retail streets, ranking the most expensive in 68 countries by their prime rental value.
Despite negative headlines about store closings, smaller footprints and the impact of online retailing on brick and mortar locations, global retail— particularly on the world’s high streets—continues to have many bright spots, according to Cushman & Wakefield…
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The first of three planned buildings opened on Wilhelm-Fay Street, approximately three miles from downtown Frankfurt. The new site will be connected via dark fiber to Digital Realty’s existing facility in the city.

Digital Realty opened a new facility on its nine-acre campus in the Sossenheim district of Frankfurt, Germany. The first of three planned buildings delivers nine megawatts of critical IT power distributed across its three floors, with two 10,000-square-foot data suites per floor. The building is designed to provide three megawatts of IT power at cabinet level, from a 2N redundant UPS system. An ancillary space of 60,000 square feet will also be available, with offices, de-box rooms, test rooms and dedicated plant areas.

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  • Service to start in Toronto and Vancouver, expand in 2018
  • Grocer also continues to expand ‘click-and-collect’ offering

Loblaw Cos. will start offering home delivery in a partnership with startup Instacart Inc. as Amazon.com Inc. heightens competition among groceries retailers…

Loblaw Gives In to Home Delivery With Instacart Partnership

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Canadian home sales climbed for a third straight month in October, the longest string of increases in more than a year as Toronto shows signs of bottoming out…

Canadian Home Sales Rise as Toronto Shows Signs of Bottoming Out

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The battle over whether an 800-foot condo tower planned for Manhattan’s East Side can be built to its full height took a step forward Wednesday — with city officials saying both yes, and no…

NYC Condo Skyscraper’s Builder Wins a Round — With a Catch

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Home Depot Inc. isn’t buying the real estate industry’s claims that a provision in the House Republicans’ tax plan to reduce the mortgage-interest deduction would cause U.S. home prices to plummet…

Home Depot Says Slashing Tax Deductions Won’t Hurt Housing Boom

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CBRE represented Universal Music Group in the lease negotiation for 26,150 square feet at 250 West 57th St. in Manhattan.

After securing an 85,400-square-foot lease with The American Society of Composers, Authors and Publishers in October, Empire State Realty Trust inked a 26,150-square-foot long-term lease with Universal Music Group for an entire floor at the 250 West 57th St. office building in Manhattan. The company will now be located adjacent to its headquarters at 1755 Broadway.

Universal Music Group is home to some of music’s greatest artists, innovators and entrepreneurs. The business owns and operates a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries…

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Gilbertsville Shopping Center is located in an area with good exposure. The Weis-anchored asset was 95 percent leased at the time of the transaction.

The Westover Cos. acquired Gilbertsville Shopping Center in suburban Philadelphia. The grocery-anchored shopping center was marketed by an HFF team on behalf of the seller, Brixmor Property Group. Westover bought the asset in an all-cash transaction.

The 85,576-square-foot shopping center is anchored by Weis Markets, a food retailer that has been a tenant of the building since its construction in 1976. At the time of the transaction, the asset was 95 percent leased. Other tenants include Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, Quest Diagnosis and Key Bank…

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Nov
14

When Tenants Need Space

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CPE and Kingsley Associates partnered this month to see what tenants thought about the layout in their CRE spaces.

“I need more office space. I was willing to build out office space at my expense, but I did not want to sign a seven-year lease or tear down the buildout when the current lease expired.” —Boynton Beach, Fla…

When Tenants Need Space

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Home Depot Inc. isn’t buying the real estate industry’s claims that a provision in the House Republicans’ tax plan to reduce the mortgage-interest deduction would cause U.S. home prices to plummet…

Home Depot Says Slashing Tax Deductions Won’t Hurt Housing Boom

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LaCenterra at Cinco Ranch recently changed hands. Executive Director Mark Seedorff at PGIM Real Estate’s South Region Transactions arranged the deal.
PGIM Real Estate—part of Prudential Financial Inc.—has purchased a 412,900-square-foot mixed-use retail center in Katy, Texas, for an undisclosed sum. The property emcompasses 273,522 square feet of Class A retail space and 139,378 square feet of Class A office space. LaCenterra at Cinco Ranch is a 34-acre regional retail center located on the 8,100-acre Cinco Ranch master planned community. According to PGIM, the retail space was 93 percent occupied, while the office space was 89 percent occupied at the time of the sale…
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  • New law, tax add to industry woes as sales, launches decline
  • Developers predict recovery in months; analyst sees more pain

India’s property sector was already battling a slowdown last year, when Prime Minister Narendra Modi’s crackdown on cash quashed any hope of an imminent revival…

Home Price Rises Slow in India Thanks to Modi’s Cash Ban

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Figures for occupancy rate, average daily rate and revenue per available room over the first nine months of the year illustrate the resiliency and strength of broad economic trends driving travel and hotel performance, according to hotel data firm STR.
Guests crowded into U.S. hotels in September, generating all-time highs in occupancy rate, average daily rate (ADR) and revenue per available room (RevPAR) for the month and the period covering the first three quarters of 2017. That finding comes from Hendersonville, Tenn.-based STR, a hotel data firm. Figures for occupancy rate, ADR and RevPAR over the first nine months of the year illustrate the resiliency and strength of broad economic trends driving travel and hotel performance. These trends include steady job creation, rising consumer spending and expansionary readings in the Institute for Supply Management’s monthly indexes of manufacturing and service-sector activity…
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At the the 2017 Greenbuild conference, panelists discussed a design strategy that incorporates natural elements to impact the health and well-being of building occupants.

Why is strolling through a garden relaxing? Why do people feel compelled to care for animals or keep plants in their homes or offices? Biophilia is a scientific hypothesis that contends that humans have an inherent need to seek connections with their natural surroundings and other forms of life, per Edward O. Wilson’s 1984 book Biophilia, which popularized the term.

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  • Brokers see tax change adding to rentals in getaway spots
  • House bill kills vacation-home deduction, Senate to keep it

Out in the Hamptons, Wall Street’s favored beach resort on Long Island, brokers and buyers already have a workaround for a tax-plan provision under consideration in Congress that would take away the mortgage-interest deduction for second homes…

Hamptons Homebuyers Have Already Figured Out How to Game the Tax Plan

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The company worked on behalf of the seller, to close the sale of Hampton Inn Southcenter, a 153-key property in Tukwila, Wash.

Sonnenblick-Eichner Co. secured the sale of Hampton Inn Seattle/Southcenter, a 153-key hotel in Tukwila, Wash. The company worked on behalf of the seller. A Pacific Northwest-based investor bought the asset in an all-cash transaction.

Hampton Inn Seattle/Southcenter features more than 700 square feet of meeting rooms. Additional common area amenities include:

Sonnenblick-Eichner Closes Seattle Hotel Sale

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  • Kingdom’s wealthiest are talking to asset managers and banks
  • Anti-corruption drive is set to widen as more accounts frozen

Wealthy Saudis are moving assets out of the region to avoid the risk of getting caught up in what authorities call a crackdown on corruption, according to people with knowledge of the matter…

Saudi Billionaires Look to Move Funds to Escape Asset Freeze

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  • Rising interbank rates are paving the way for prime rate hikes
  • Home price growth is slowing as transaction volume falls

Crunch the math behind Hong Kong’s mortgage payments, and you’ll spot signs of a potential hike in a rate that’s key for the housing market…

Hong Kong Homeowners Face Prospect of First Rate Hike Since ’06

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Commercial Property Executive and Multi-Housing News hosted an event on Oct. 19 to announce the winners of the 2017 CPE Distinguished Achievement Awards and MHN Excellence Awards. To find out more, see our complete coverage of this year’s awards program.
Commercial Property Executive and Multi-Housing News hosted a joint cocktail reception on Thursday, October 19th to announce the winners of the 2017 CPE Distinguished Achievement and MHN Excellence Awards. The event was held at event sponsor’s Resource Furniture showroom, New York City’s source for transforming, space-saving furniture designed for both apartments and commercial spaces…
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One of the more scrutinized parts of the House Republicans’ tax plan is the proposal to reduce the mortgage-interest deduction. Taxpayers can now deduct interest on mortgages of up to $1 million. The proposal would reduce the cap to $500,000.

A lot has already been written about the policy implications of such a move. It’s also worth asking, however, how it would change the financial case for owning a home. National Economic Council Director Gary Cohn told Bloomberg on Friday that the ability to deduct interest “is not what drives you to buy a house.” But it should…

Poor Housing Investment Gets Worse in Tax Plan

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  • Prices increase 2.3% in three months through October
  • Halifax says BOE rate hike unlikely to be a barrier to buying

U.K. house-price growth accelerated in the last three months, reflecting the continued imbalance of supply and demand in the property market…

U.K. House Prices Rise Even as Confidence Drops to Five-Year Low

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At the 2017 ULI Fall Meeting in Los Angeles, PGIM Real Estate Head of Americas Investment Research Lee Menifee shared his 2018 outlook for the commercial real estate industry, including his perspective on debt and equity capital availability and the major asset classes.
At the 2017 ULI Fall Meeting in Los Angeles, PGIM Real Estate Head of Americas Investment Research Lee Menifee shared his 2018 outlook for the commercial real estate industry, including his perspective on debt and equity capital availability, and the major asset classes, as well as the risks to the continued recovery in this cycle…
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  • Economists penciling in quarter-point increase to 2018 GDP
  • Minority of respondents says plan raises odds of recession

President Donald Trump’s planned tax overhaul is likely to boost U.S. economic growth by about a quarter percentage point in 2018, yet it will also dent demand for housing and fail to lower the chances of a recession, according to a Bloomberg News survey…

Tax Plan Seen Boosting U.S. Growth a Bit While Denting Housing

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We have unintentionally designed a system that drives people into debt to buy houses, making the economy more fragile.

Like a lot of people, I have a mortgage. Unlike a lot of people, I am in a big hurry to pay it off. Most people want to pay interest to the bank, which they can then deduct from their income for tax purposes. I have never understood why you would want to pay money to someone so you can get some of it back…

Get the Housing Industry Out of the U.S. Tax Code

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People have once again lost their collective marbles when it comes to real estate.  There is now a massive trend with momentum for non-stop housing appreciation.  In other words, our housing bubble sins are now fully washed away making way for more aggressive risk taking.  I’ve been traveling and seeing real estate from many different locations and thanks to ubiquitous sites like Zillow, virtually every large metro area is seeing massive housing appreciation detached from income growth and people are tracking real estate down like starving hyenas after an injured wildebeest.  We are now in a market where potential buyers are in a panic to buy for no other reason beyond they feel they will miss the boat yet again.  Today we highlight what is probably the smallest home we have ever featured on the site…

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  • Citigroup, Apple, Twitter, Lyft are among his investments
  • Transactions are shrouded in secrecy via intertwined funds

When Prince Alwaleed bin Talal was arrested as part of an anti-corruption probe in Saudi Arabia, it was the latest twist in the story of a billionaire who has courted international attention — while cloaking his investments in secrecy…

Alwaleed, Caught in Saudi Purge, Has Assets Across Globe

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Cresa Boston secured the space on behalf of tenant PTC, which will set up its new global headquarters in the 480,000-square-foot tower currently under development by Skanska US.

With the assistance of Cresa Boston, PTC will soon make its move from the suburbs to inner-city Boston. Tenant-only commercial real estate firm Cresa Boston orchestrated the tech company’s office space lease of 250,000 square feet at 121 Seaport, a 480,000-square-foot office tower under development by Skanska US in Boston’s central business district

First Tenant at Boston’s 121 Seaport Signs for 250 KSF

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  • Values could fall 10% in expensive areas, Moody’s Zandi says
  • Mortgage-deduction and tax caps may curb buying incentives

Pricey U.S. housing markets, from the New York suburbs to California’s coastal cities, could take a direct hit under the tax-reform bill released by House Republicans.

Under the bill, mortgage interest would be deductible on loans up to $500,000 instead of the current $1 million for couples filing jointly — weakening the incentive in high-cost markets where property deals often require large mortgages. The deduction would be rendered useless for many others as the standard deduction is doubled and state and local tax deductions are substantially downsized, diminishing the need to itemize…

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Millennials looking to enter the housing market might not be cheering the Republican tax plan…

Homebuilders Plunge as New Buyers Could See U.S. Tax Break Cut

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House Republicans announced a tax proposal Thursday that would cut the U.S. corporate tax rate to 20 percent, reduce most of the individual tax brackets, and cap the mortgage-interest deduction on new purchases of homes.

The measure would phase out the estate tax over five years and impose a tax of as much as 12 percent on multinational companies’ accumulated offshore earnings. House Ways and Means Chairman Kevin Brady may revise the bill over the weekend before his committee starts considering it on Monday. The Senate aims to propose its own bill as early as next week…

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  • Finance minister says she’s ready to do more to steer market
  • Main scenario now is for soft landing in Norway housing market

Is Norway’s housing market about to sink into a correction?…

A Housing Crash Is Dodged as Norway Keeps Intervention Door Open

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WeWork hoped its co-living apartments would be its next big thing. But growth has been slow.
In 2014, WeWork told its investors that its next big thing would be a product called WeLive: a dorm-like apartment that applies the company’s success in providing office space to the home life. Investors were told there would be 34 WeLive locations by the end of 2017; today, there are just two. This week on Decrypted, Bloomberg Technology’s Ellen Huet spends five nights at a WeLive apartment in New York to figure out why growth has come so slow, and what that means for the future of this $20 billion startup…
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The home-building sector in the United States has faced an array of challenges, including natural disasters, a long-running labor shortage and increased regulatory costs. Now, two of the nation’s biggest residential-construction companies are merging in hopes that their combined heft will help them counter those forces.

The Lennar Corporation said on Monday that it would merge with the CalAtlantic Group to form America’s largest home builder in a stock-and-cash deal worth $5.7 billion. The deal would create a behemoth with around 240,000 building plots in 21 states, a market value of about $18 billion and combined revenue of $17 billion over the past 12 months…

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  • Four-bedroom villa has pool, garden, elevator and harbor view
  • Property sold by Wheelock to unknown buyer through tender

A luxury home in Hong Kong’s exclusive Peak neighborhood sold for HK$1.16 billion ($149 million), Wheelock Properties Ltd. said…

This Four-Bedroom Home in Hong Kong Just Sold for $149 Million

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  • Values up 2.5% in October versus year ago, Nationwide says
  • BOE interest-rate increase could affect housing sentiment

U.K. house-price growth remained stuck in a relatively slow gear at the start of the fourth quarter, Nationwide Building Society said…

U.K. House Prices Stuck in Low Gear Amid Pressure on Incomes

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  • New government pledges to further clamp down on speculators
  • Investor-induced ‘frenzy’ in housing market is subsiding: QV

House prices in New Zealand’s largest city posted their first annual decline in six years in October, bringing an end to the nation’s property boom…

New Zealand’s Housing Boom Has Come to an End

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Town Center, an ongoing partnership between Armada Hoffler Properties and the City of Virginia Beach, has seen more than $560 million in public and private funding. Phase VI brings two national retailers, as well as additional restaurants and apartments.

Armada Hoffler Properties continues the development of Town Center, a mixed-use project in Virginia Beach. The $53 million expansion, which represents the development’s Phase VI, will feature 39,000 square feet of retail and restaurant space, as well as 131 apartments. Two national furniture retailers—Williams Sonoma and Pottery Barn—will take up 18,000 square feet in the new building. On the second level, a 300-seat Zeiders American Dream Theater is planned, which will occupy 17,000 square feet…

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  • Kayne Anderson buys Heights building from Jehovah’s Witnesses
  • Project is third in New York City aimed at well-heeled seniors

New York City is getting another luxury senior-living development. This time, in Brooklyn…

NYC’s Latest Luxury Senior-Housing Tower Will Be in Brooklyn

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While investment activity has slightly tempered in the city, property values have skyrocketed, leading average per-unit prices to $160,000. Meanwhile, deliveries remain extremely limited, helping to maintain occupancy at one of the highest levels among major metros and putting more pressure on rents.

Amid a strong stint of unrelenting growth, Sacramento’s average rent as of August was $12 higher than the U.S. average. While investment activity has slightly tempered in 2017, property values have skyrocketed, leading average per-unit prices to $160,000. Meanwhile, deliveries remain extremely limited, helping to maintain occupancy at one of the highest levels among major metros and putting more pressure on rents…

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  • The Miller family controls 68% of Lennar’s class B shares
  • Stuart Miller has been CEO since 1997 and votes family stake

Leonard Miller put $10,000 into a homebuilding venture in 1956. That business has been capitalizing on the American construction boom ever since, and now his son is spearheading a $5.7 billion deal to create the U.S. industry leader…

The Florida Home Billionaires Behind Lennar’s CalAtlantic Deal

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  • Real estate lobbying groups oppose changes to deductions
  • Lennar’s takeover of CalAtlantic will form largest homebuilder

Lennar Corp.’s record takeover of CalAtlantic Group Inc. is a bullish sign for homebuilding in the U.S. Trade groups, meanwhile, worry that lawmakers are about to kneecap the industry…

Homebuilders’ Record Deal Belies Industry’s Anxiety About Taxes

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The typical U.S. home lasted just three weeks on the market, according to a new report.

Here’s more evidence that the defining characteristic of the U.S. housing market is a shortage of inventory for sale: Homes are sitting on the market for the shortest time in 30 years, according to an annual report on homebuyers and sellers published today by the National Association of Realtors…

Homes Are Getting Snapped Up at the Fastest Pace in 30 Years

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Oct
29

Detroit’s Slow Acceleration

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The city continues to rebuild its economy brick by brick and business by business, spurring demand for housing and pushing rent growth above the national average. This restoration is reflected in the local multifamily market’s improving fundamentals, which are also stimulated by the lowest unemployment rate in 17 years.

Detroit continues to rebuild its economy brick by brick and business by business, spurring demand for housing and pushing rent growth above the national average. This restoration is reflected in the local multifamily market’s improving fundamentals, which are also stimulated by the lowest unemployment rate in 17 years. Although investment has slowed down slightly, due to lingering skepticism about the market’s stability, high yields should remain enticing to buyers…

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