Archive for Real Estate

U.S. counties at the greatest risk of hurricanes, earthquakes, and other catastrophes saw the fastest home-price appreciation, a new report says.

It’s been a bad few weeks for natural disasters.  A series of hurricanes ripped through Texas, Florida, and the Caribbean, killing hundreds and racking up hundreds of billions of dollars in damage. Wildfires are raging in the Western U.S., and a pair of powerful earthquakes have battered Mexico.

Amid the terrifying recent events is a worrisome finding from a new report: The parts of the U.S. most at risk of natural disasters are also the places where property values are highest and increasing most quickly…

Home Prices Soar in Disaster-Prone Areas

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Wang has extensive experience in Northern California real estate and he will manage the company’s West unit. He will oversee several operations, including purchases, development, asset and property management.

Lincoln Property Company (LPC) named real estate industry Brandon Wang as executive vice president. He will focus on managing the Northern California region for the company’s LPC West unit which spans the Bay Area, Seattle, Los Angeles, Orange County and San Diego. Wang’s main responsibilities will include purchases, development, asset and property management, and repositioning of existing commercial, retail and mixed-use properties…

Brandon Wang Joins Lincoln Property Company as EVP

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  • Water, electricity, tattletales to identify absent investors
  • ‘Shall we tax people who buy new shoes and don’t wear them?’

On a wet, midweek evening when most Australians are home cooking dinner, less than a third of the lights are on in the apartments in Melbourne’s Docklands. Most shops and restaurants are closed. The only people passing through seem to be on their way elsewhere.

These “ghost towers,” as the high-end residential property with three-bedroom apartments costing almost $1 million have been dubbed, are popular with Chinese investors who mostly live abroad. Their darkened blocks loom as sparsely occupied symbols of a property market where even solidly middle class households have increasingly found themselves priced out

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Sales of previously owned U.S. homes declined to a one-year low in August as affordability continued to hamper demand and Hurricane Harvey caused a slump in Houston-area purchases, a National Association of Realtors report showed Wednesday.

HIGHLIGHTS OF EXISTING-HOME SALES (AUGUST)

  • Contract closings fell 1.7% m/m to a 5.35m annual rate (est. 5.45m)
  • Purchases in Houston decreased 25% y/y; excluding Harvey’s effect, sales would have been “flat,” according to NAR’s chief economist
  • Median sales price rose 5.6% y/y to $253,500
  • Inventory of available properties decreased 6.5% y/y to 1.88m, marking the 27th consecutive year-on-year decline
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  • Connecticut property will start operating after artist’s death
  • Will be open to visual artists, poets, musicians, dancers

Jasper Johns, America’s most acclaimed living artist, has a plan to make sure his bucolic Connecticut estate remains a creative haven long after he’s gone.

Johns, 87, whose 1950s depictions of the American flag are among the most influential contemporary works, received a green light last week to turn his 170-acre property in Sharon into an artists’ retreat after he dies…

Jasper Johns Plans to Turn His 170-Acre Estate Into an Artists’ Retreat

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Steady U.S. new-home construction in August together with a jump in permits indicate the housing market was moving ahead before a likely temporary hit from Hurricanes Harvey and Irma, government figures showed Tuesday.

HIGHLIGHTS OF HOUSING STARTS (AUGUST)

  • Residential starts fell 0.8% m/m to a 1.18m annualized rate (est. 1.174m) after upwardly revised 1.19m pace the prior month
  • Single-family home starts rose 1.6% to 851k; multifamily starts, such as apartment buildings and condominiums, fell 6.5% to 329k
  • Permits, a proxy for future construction, rose 5.7% to 1.3m rate (est. 1.22m), highest since January, from 1.23m pace
  • Data collection on housing starts was below normal in Texas, Florida areas affected by storms
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Sentiment among America’s homebuilders fell more than forecast in September as companies grew concerned about the cost of construction materials and labor shortages in the wake of Hurricanes Harvey and Irma, according to data Monday from the National Association of Home Builders/Wells Fargo.

HIGHLIGHTS OF HOMEBUILDER SENTIMENT (SEPTEMBER)

  • Housing Market Index fell to 64 (est. 67) from a revised 67 in August
  • Measure of six-month sales outlook dropped 4 points, the most since November 2015, to 73
  • Current sales index declined to 70 from 74, the biggest retreat in nearly three years
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  • Quail Ridge Apartments in Plainsboro has 1,032 units
  • Kushner Cos. sold the property 11 years ago to buy NYC tower

Kushner Cos., the real estate firm owned by Jared Kushner’s family, repurchased an apartment complex in Central New Jersey that it sold 11 years ago.

The 1,032-unit Quail Ridge Apartments was sold by Angelo Gordon & Co. for $190 million, Kushner Cos. said Monday in a statement. The 52-acre Plainsboro property, near Princeton, was among buildings it sold in 2007 to help finance a $1.8 billion purchase of a Manhattan office tower. The deal was completed Sept. 14…

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Canadian home sales had their first increase in five months as tumbling prices in Toronto coaxed buyers back following government moves to cool the market in the nation’s largest city.

Toronto sales jumped 14.3 percent in August from July, leading a nationwide sales gain of 1.3 percent. Toronto activity remains 36 percent below a peak set in March, the month before the Ontario government brought in measures such as a foreign buyers tax, the Canadian Real Estate Association said Friday from Ottawa…

Canada Home-Sales Rebound as Lower Toronto Prices Entice Buyers

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  • Vacancies climbed even as leasing reached a record in August
  • Landlords rushing to fill units ahead of slower winter months

Manhattan’s construction boom has crowded the borough with so many apartments that even in a month where leasing hit a record, the vacancy rate climbed.

Renters signed 7,061 new leases in August, the most for any month in data going back to January 2008, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Despite all those deals, vacancies climbed to 2.27 percent from 2.14 percent a year earlier, the first annual increase since February…

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For many market-rate renters, incomes appear to be keeping up. But are you one of them?

Most people paying attention to the cost of renting an apartment in the U.S. would tell you that prices have gotten out of hand.

That’s certainly true at the extremes where, say, the typical two-bedroom in the Bay Area suburb of San Mateo, Calif., clocks in at $4,300 a month. More broadly, the supply of new housing isn’t keeping up with demand, pushing rents up in cities across the country…

You Can Afford That Apartment (According to This Chart)

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Sep
12

Vestar to Manage WA Retail Center

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The Landing is a 607,000-square-foot shopping mall located in Renton, Wash. Some of its anchor tenants are Target, Dicks Sporting Goods, Regal Cinemas, Marshall’s and LA Fitness.

Vestar, a real estate company specializing in the acquisition ofentertainment-retail centers, is the new manager of The Landing. The property is a 607,000-square-foot shopping mall located in Renton, Wash., and represents the second asset managed by Vestar in the Pacific Northwest. The company also owns and manages James Center, a 140,240-square-foot retail center in Tacoma, Wash.

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  • Shareholders reject Berkshire bid to almost double stake
  • Offer would have increased Buffett holding to 38 percent

Warren Buffett’s bid to double his stake in Home Capital Group Inc. was rejected by shareholders of the Canadian mortgage lender in a vote Tuesday.

About 89 percent of investors voted against the offer, which would have boosted Berkshire Hathaway Inc.’s stake to 38 percent from about 20 percent. Stockholders including CIBC Asset Management had objected to the deal, arguing it would dilute the stock by selling shares to Berkshire at an almost 30 percent discount…

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An initial analysis by Yardi Matrix found that between 45,000 and 72,000 units—or 7 to 11 percent of the multifamily universe—were rendered uninhabitable.

Hurricane Harvey slammed into Houston on August 25 and dropped more than 50 inches of rain over the next few days, producing a swath of flooding in low-lying developments and areas near rivers, lakes and reservoirs. The flooding damaged tens of thousands of single-family residences and apartments, commercial properties, vehicles and infrastructure. The storm might end up as the most expensive natural disaster in U.S. history, with property damage estimates upwards of $100 billion.

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Due to above-trend population gains and increasing job growth, the metro ranks as one of the most stable multifamily markets in the U.S.

Above-trend population gains and increasing job growth continue to make Boston one of the most stable multifamily markets in the U.S. Although rent gains have fallen to 2.3% year-over-year through June, demand remains healthy, supported by highly skilled workers, who are increasingly drawn to the metro’s reputation as a regional powerhouse and global innovation hub.

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Managed by Chartwell Hospitality, the 270-key Hilton Garden Inn Charlotte/SouthPark and Homewood Suites by Hilton Charlotte/SouthPark is located in the state’s major commercial hub, SouthPark.

Hilton opened its newest Charlotte dual-branded property, Hilton Garden Inn Charlotte/SouthPark and Homewood Suites by Hilton Charlotte/SouthPark, a 270-key hotel. Developers Crosland and Alta Financial Services, part of the Allen Tate Family of Cos., in partnership with Chartwell Hospitality, own and developed the property. Chartwell Hospitality will manage both properties.

Located at 4808 Sharon Road, in the state’s major commercial hub, the two-story building sits on approximately 3.5 acres and offers convenient access to SouthPark Mall, which provides a mix of shipping, dining and entertainment venues…

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The company’s retail group brokered the $8.6 million transaction of a Class A asset located in Dunwoody, some 20 minutes away from downtown.
Marcus & Millichap arranged the sale of a 10,350-square-foot retail property located at 4585 & 4595 Ashford Dunwoody Rd. in Dunwoody, Ga. A private investor from Santa Monica, Calif., bought the asset from an undisclosed LLC based in Atlanta, for $8.6 million.

PRIME RETAIL LOCATION

The Class A building is part of the Sterling Pointe development, which encompasses 25,000 square feet of retail and hotel space, including a 132-key Hampton Inn & Suites. The property, which has Corner Bakery Café and Sleep Number as tenants, was completed in 2016 and sits on roughly 1.5 acres of land…

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  • Insolvency case against Jaypee Infra stalled by Supreme Court
  • Homebuyers approach top court to safeguard their savings

Fifteen miles east of India’s capital lies Jaypee Wish Town, a sprawling 1,162-acre site spotted with unfinished residential towers that embody the human cost of the nation’s bad-loan mess and point to the difficulty of resolving it.

Jaypee Infratech Ltd., Wish Town’s developer, is among the first 12 corporates that the central bank pushed into insolvency court after it was armed this May with new powers to expedite resolution of the nation’s more than $180 billion in soured debt. Hundreds of homebuyers have filed suit saying the loan-recovery proceedings threaten to leave them without homes or compensation, prompting the Supreme Court to halt the case on Sept. 4…

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The Offices at 304 Cambridge Road in Woburn, Mass., comprises 60,000 square feet of newly renovated office and medical office space.
Martignetti Real Estate has selected NAI Hunneman’s North Leasing & Advisory Service Team to handle the leasing and marketing efforts for The Offices at 304 Cambridge Road in Woburn, Mass. The property encompasses 60,000 square feet of office space, suitable for both medical and office tenants and divisible in spaces ranging from 1,000 square feet to 10,000 square feet, or a full floor…
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  • Prices up 1.1% in August, annual rate rises first time in 2017
  • Low mortgage rates, shortage of houses to stoke gains: Halifax

U.K. house prices rose the most this year in August, possibly signaling that a slowdown in the market is easing, according to Halifax.

The 1.1 percent jump was the biggest since December 2016 and followed a 0.7 percent gain in July. Over the three months through August, prices rose an annual 2.6 percent, with the measure increasing for the first time this year, the mortgage lender said in a statement on Thursday…

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  • Knight Frank study gives five-year returns for world markets
  • India’s residential market delivered 70% return, Hong Kong 65%

With all the buzz around Hong Kong’s housing market, one might mistake it for Asia’s best performer. To be fair, it is over a 12-month period — but over five years, the region’s top returns came from India, according to Knight Frank LLP…

India Trumps Hong Kong as No. 1 for Home-Price Gains in Asia

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  • Prices for homes not damaged by the flood waters heading up
  • Rental market could also see inflation amid supply crunch

Just a week after Hurricane Harvey struck Houston, Irma Jalifi was doing something that might sound crazy: closing on a home.

In fact, Jalifi, a real-estate agent with Redfin, closed on not one but three Houston houses Tuesday at their asking prices — two at $1 million and a three-bedroom at $450,000 — as the new economics of Houston housing began to take hold…

How Harvey Will Affect Houston’s Housing Market

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  • Mainland graduates staying in city add to housing pressure
  • CLSA’s Nicole Wong sees demand for 4,000 units in coming years

As Hong Kong struggles with the world’s priciest housing market, a shortage in supply is being exacerbated by mainland Chinese students who come to study and then decide to stay.

The graduates may help boost housing demand by 4,000 units a year in the medium term, estimates Nicole Wong, the regional head of property research at CLSA Ltd. in Hong Kong. That compares with 25,500 private residential units completed in 2016…

Young Chinese Graduates Are Fueling Hong Kong’s Property Boom

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The national median rent increased in September to its highest point of 2017, hitting $1,018, according to a recent ABODO report. However, the increase is only up a bit from January, when the median was $1,016.

After falling through the first quarter, the U.S. national median rent has stabilized in recent months, climbing in September to its highest point of 2017: $1,018, though that’s up only a bit from January, when the median was $1,016. That’s according to the latest ABODO report on apartment rents, which the company released on Tuesday.

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  • Average price falls 1.9% from July, real estate board says
  • Sales decline 35% from August last year to 6,357 deal

Housing prices in Toronto continued their summer slump in August as government regulations and fears about a market softening curbed demand in Canada’s biggest city.

The average price for all housing types declined 1.9 percent last month from July to C$732,292 ($591,225), according to the Toronto Real Estate Board. That’s down 20 percent from the March peak, when the average cost of buying a home in the Toronto region climbed close to C$1 million…

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Snow Heights Promenade will feature a $45 million Entertainment Lifestyle center consisting of more than 127,000 square feet of retail space connected by an Entertainment Sound Stage placed in the center of the promenade.

Sapir Real Estate Development broke ground on the first phase of Snow Heights Promenade, an entertainment-centered development located in Albuquerque’s Northeast Heights submarket. The first phase comprises more than 127,000 square feet of retail with views over the city’s desert mountains.

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The seven-story luxury apartment community is the first Mill Creek Residential property in Seattle to be awarded LEED certification.
Modera South Lake Union, a 294-unit community located at 435 Dexter Ave. North near Seattle’s downtown, was awarded LEED Silver by the USGBC. The seven-story luxury apartment community is the first Mill Creek Residential property in Seattle to achieve the distinction…
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If this publishing thing doesn’t work out, newspapers may have a future in real estate.

The owner of the Los Angeles Times and Chicago Tribune said Monday it wasn’t only buying the New York Daily News, but also a stake in a joint venture that will own a 25-acre (10-hectare) parcel of land on which its printing facility is located and which overlooks the Manhattan skyline.

It wasn’t enough that Tronc Inc. bought a storied New York City tabloid for just $1. A Tronc executive told the Chicago Tribune the land was “an added inducement to this transaction.” With print advertising in a downward spiral ever since the internet became a commercial force, newspapers have seen the value of their once-formidable brands dwindle…

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Growth has cooled since the metro was among the nation’s leaders in appreciation, but rents are now increasing at a more sustainable pace.

Not too long ago, Denver was among the nation’s leaders in rent growth, but it has since experienced a cooldown in appreciation. The moderating trend was due in large part to the metro’s robust multifamily pipeline, which added 21,000 units from 2015-2016. Activity was very high in multifamily investment sales as well, as about $9.2 billion in properties traded during the past 18 months. However, at a point when overbuilding is widely discussed as a potential problem, rent growth continues, albeit at a more sustainable rate, reaching 2.8 percent year-over-year in June.

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  • Dormitory-style accommodation takes off in priciest city
  • Young finance workers join students in shared living

Young finance industry workers are bunking down in dormitory-style accommodation in Hong Kong as “co-living” developments take off in the world’s priciest city for property.

An investment banker and a bank intern are among those renting rooms in an upmarket development called Mini Ocean Park Station on the south side of Hong Kong island, said marketing manager Cynthia Cheung…

Sky-High Rents Force Hong Kong Bankers Into Dorm Life

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  • Province-backed companies asked to suspend new investments
  • Hubei’s SASAC makes decision as companies face high debt

The state assets regulator in China’s Hubei province has asked companies backed by the province and their subsidiaries to suspend new property investments from Sept. 5 amid a push to reduce financial risks, according to people familiar with the matter.

The State-owned Assets Supervision and Administration Commission in Hubei has also asked province-backed companies to accelerate the construction or sales of current property projects and get money back as soon as possible, said the people, who asked not to be named because they weren’t authorized to comment on the matter publicly…

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The 5,200-acre property will be Blackberry Farm’s first addition in four decades. The project features six cabins, 13 cottages and multi-bedroom homes as well as two new restaurants.

Blackberry Farm broke ground on a new property for the first time in 40 years. Blackberry Mountain will be part of Beall family’s commitment to preserve the land surrounding the Great Smoky Mountains National Park in Tennessee. Blackberry Mountain will be a 5,200-acre resort, with six traditional style cabins, 13 cottages and multi-bedroom homes. In order to protect the natural habitat, 2,800 acres of the property have been committed to remain undisturbed.

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A state full of booms and busts.

 

Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance and economics.

During the 2008 financial crisis, Florida was an epicenter of the real estate meltdown. But for decades before that, the state has been characterized by booms and busts…

Odd Lots: This Is What Happened During The Great Florida Real Estate Bubble

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Sep
04

Compass Appoints New CFO

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Craig Anderson joins Compass following David Snider’s move to Bain Capital. Previously, he held roles at Flywheel Sports and Blackstone.

Real estate technology company Compass has chosen Craig Anderson as its newest chief financial officer, effective September 5. In his new role, he will develop and implement the firm’s financial strategy development, in addition to overseeing finance, investor relations, new development and legal teams. His appointment comes following David Snider’s departure to Bain Capital. Anderson will report to Compass CEO Robert Reffkin.

We are grateful to have found in Craig an operationally strong CFO with an impressive track record leading high-growth companies,” Reffkin said in a prepared statement. “…

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Slated for completion in 2019, the company plans on opening Hotel JAL City Sapporo Nakajima Park, a 13-story, 211-key hotel on Japan’s island of Hokkaido.

Okura Nikko Hotel Management Co., a subsidiary of Hotel Okura Co., unveiled plans to open Hotel JAL City Sapporo Nakajima Park on Japan’s island of Hokkaido. NK Management will operate and manage the hotel.

Facilities were developed by Sapporo NK Kaihatsu, with investment by Misawa Homes Co. Sapporo tapped ORIX Real Estate Investment Advisors Corp. for asset and project management services for the development. Slated to open in 2019, the 13-story, 211-key hotel will offer features such as dining, saunas and hot tubs and state-of-the-art technologies…

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  • Demand for Greentown China’s dollar notes 13.3 times offer
  • Moody’s sees negative outlooks for builder debt tailing off

Dollar bonds sold by China’s property developers are being lapped up by investors, lured by the companies’ stronger earnings and improving credit profiles.

Notes sold in July and August by Chinese developers attracted orders 6.3 times the issue size, compared with 2.5 times in May and June, according to data compiled by Bloomberg where deal statistics are available. The firms are taking advantage of the better sentiment, with bond sales rising to a record $35.2 billion this year…

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A condo on New York’s Roosevelt Island listed at $2 million missed that mark, but still set a price record

The 1,433-square-foot (133-square-meter), three-bedroom apartment — with a view of the midtown Manhattan skyline — sold for $1.87 million, according to listing broker Ben Garama of Corcoran Group, who said the deal was completed Thursday.

The price for the home at 415 Main St. tops the previous record of $1.75 million on Roosevelt Island, a sliver of land on the East River where a new Cornell University campus is under construction. Garama was also the broker for that deal last year, which was for an identically sized apartment in the same building…

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The buyer of the 100,000-square-feet property located in Derby, Kan., was Cole Credit Property Trust V Inc. The tenants are Hobby Lobby, Ross Dress for Less and TJ Maxx.

Mid-America Real Estate Corp. together with RH Johnson closed on a retail center transaction on behalf of the seller, a private developer. The 100,000-square-foot property is part of Derby Marketplace, located in Derby, Kan.

Phoenix-based VEREIT represented the buyer, Cole Credit Property Trust V Inc., a REIT investing in single-tenant or multi-tenant retail properties subject to long-term leases. The seller’s brokers are Joe Girardi, Mid-America principal and Eric Gonsher, vice president with RH Johnson.

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  • Lender experienced a ‘sharp increase’ in investor home loans
  • Heritage Bank’s temporary restrictions took effect on Sept. 1

One of Australia’s biggest customer-owned banks, Heritage Bank Ltd., has temporarily stopped accepting new loan applications from property investors as it seeks to comply with regulation limiting how much it can expand its investment lending book.

The Toowoomba, Queensland-based mutual is freezing lending to new investor customers as it looks to meet stricter lending conditions put in place by the Australian Prudential Regulation Authority. Regulators have grown increasingly concerned about the risks posed by high and rapidly rising home prices in Sydney, Melbourne and Brisbane, which have fueled record levels of household debt…

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  • Demand for Greentown China’s dollar notes 13.3 times offer
  • Moody’s sees negative outlooks for builders tailing off

Dollar bonds sold by China’s property developers are being lapped up by investors, lured by the companies’ stronger earnings and improving credit profiles.

Notes sold in July and August by Chinese developers attracted orders 6.3 times the issue size, compared with 2.5 times in May and June, according to data compiled by Bloomberg where deal statistics are available. The firms are taking advantage of the better sentiment, with bond sales rising to a record $35.2 billion this year.

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The Saybrook Breakwater Lighthouse, a 131-year-old Connecticut classic, sold this week.
The Saybrook Breakwater Lighthouse is a Connecticut icon. Built in 1886, it sits at the mouth of the Connecticut River, in the exclusive Fenwick section of Old Saybrook. Since 1993, its “sparkplug” design has adorned the state’s “Preserve the Sound” license plates.
But for the first 131 years of its existence, the cast-iron and brick Breakwater Light has had a reputation for hardship. Life was “cold, damp, and uncomfortable at the station for the keepers,” according to a local enthusiast site. “Going to shore for supplies in the 12-foot rowboat required a hazardous journey fighting the Connecticut River’s strong currents. A walk to shore along the half-mile-long breakwater was dangerous as well, and even impossible after ice built up on it in the winter.”…
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An unexpected decline in July contract signings for the purchase of previously owned U.S. homes shows the continuing impact of limited supply on the real-estate market, National Association of Realtors figures released Thursday showed.

HIGHLIGHTS OF PENDING HOME SALES (JULY)

  • Index fell 0.8% (est. 0.3% gain) after revised 1.3% advance
  • Gauge decreased 0.5% from July 2016 on unadjusted basis
  • Three of four regions showed month-over-month declines

Key Takeaways

The decline in contract signings, the fourth in the last five months, highlights that a limited number of properties for sale remains the biggest hurdle for the housing market. That’s particularly true for those wanting to buy for the first time as rising home prices are outpacing gains in wages…

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  • Boomers banking on homes for retirement in the money — so far
  • ‘People told me I was crazy,’ says 45-year-old investor

In the spring of 2012, Dustan Woodhouse, then a 40-year-old Vancouver mortgage broker, broke the cardinal rule of saving for retirement: he liquidated his retirement fund, took the tax hit and plowed the rest into the local real estate market.

“People told me I was crazy,” says Woodhouse, 45, whose plan is to buy and have paid off 10 such investments by his late sixties. “But that’s our pension — that’s what that property is.”…

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Budget carrier Allegiant sees diversification and riches in a massive resort on the Gulf Coast. Not everyone is convinced.

After 18 years flying as an airline for the price conscious, Allegiant Travel Co. wants to add real estate development to its list of corporate activities. The company is embarking on an audacious plan to build a 22-acre resort compound with a hotel, condominiums, bars, and restaurants on the Florida Gulf Coast in Port Charlotte.

The real estate offshoot, called Sunseeker Resorts, will have a 75-room hotel, along with about 720 condo units, ranging from $650,000 to $1.1 million based on size. The property, when finished in late 2019 or 2020, will also include North America’s largest private-resort swimming pool…

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Five months before he got married, Tim Koogle, Yahoo’s first chief executive officer, was in the market for a house. It was early 2003, and he and his fiancée, Pam Scott, “were looking for our first house together,” Koogle said. “I asked her: When you walk out of the door in the morning, do you want to have your feet land on dirt, or asphalt?” The answer was an emphatic “dirt,” and so, after a brief search, they purchased a midcentury modern house on 12 acres in Los Altos, Calif., for about $8 million…

Yahoo’s First CEO Is Selling His House for $19.4 Million

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Hurricane Harvey may inflict as much as $30 billion in damages on homeowners, according to preliminary estimates. But only 40 percent of that total may be covered by insurance — and of that, the federal government will bear the biggest liability.

Private homeowners’ policies generally cover wind damage and, in certain cases, water damage from storm surges. But for almost half a century, all other homeowners’ flood coverage has been underwritten by the National Flood Insurance Program, a federal program that itself faces financial uncertainty…

Homeowners (and Taxpayers) Face Billions in Losses From Harvey Flooding

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  • Home Capital investors to vote on additional stake Sept. 12
  • Some investors say stake sale is dilutive and not needed

It’s not every day shareholders say no to Warren Buffett. Yet that’s exactly what Home Capital Group Inc. investors may do next month, adding to a series of rare setbacks for the billionaire investor this year.

Buffett’s Berkshire Hathaway Inc. needs shareholder approval to boost its stake in Home Capital, part of a C$2.4 billion ($1.9 billion) cash and stock lifeline for the Canadian lender that was on the verge of collapse just two months ago…

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The metro’s recovery features above-average job and population growth. That has produced a modest but steady improvement in housing demand, as the market aims for long-term stability.

Las Vegas’ recovery features above-average job and population growth. That has produced a modest but steady improvement in housing demand, as the market aims for long-term stability.

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Are you a member of the global super-rich on the hunt for a house? Christoph von Schenck has just the palace, fortress, or château for you.

Two world wars, revolutions in Germany and Russia, and inheritance taxes have managed to all but put an end to Europe’s once-thriving ruling class, but the continent’s palatial homes, at least, remain.

Enter Christoph von Schenck, a German aristocrat who acts as a conduit between those houses and aspirational buyers. The “castles expert” for the real estate agency Engel & Völkers AG, von Schenck has made it his life’s work to appraise and sell these massive, often crumbling structures…

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The homes and businesses that were flooded and lost power after Hurricane Harvey slammed into Texas’s coast last week may spend months waiting for their lights to come back on.

Even once the region’s utilities have repaired damaged power lines, electricians have to certify flooded homes before they can reconnect service, said Scott Aaronson, executive director for security at the utility trade group Edison Electric Institute. The group is working with government officials on expediting that certification, pointing to prolonged outages that followed hurricanes Sandy, Matthew and Katrina, he said…

Homes Worst Hit by Harvey May Wait Months for Power to Come Back

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Steady growth in home prices in 20 U.S. cities in June reflects a limited number of available houses for sale, according to S&P CoreLogic Case-Shiller data released Tuesday. Nationwide, values posted their largest advance in three years.

HIGHLIGHTS OF HOME PRICES (JUNE)

  • 20-city property values index increased 5.7% y/y (est. 5.6% gain) for a second month
  • National home-price gauge rose 5.8% y/y, the most since June 2014
  • Seasonally adjusted 20-city index advanced 0.1% m/m (matching est.)
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  • As sales jump by 50%, Singaporeans dominate the buying
  • Stringent stamp duties discourage more purchases by foreigners

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After years of declines, Singapore’s home sales are on a roll, even as purchases by foreign buyers have remained muted.

Stringent stamp duties levied by the government have had the intended effect of damping speculative foreign demand, with foreign buyers accounting for just 6 percent of purchases in the first half, data from Cushman & Wakefield show. That compares with 9 percent as recently as 2013, when mortgage rules were tightened.

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HRI Properties will transform a vintage property into Holston House, a 191-key hotel. The art deco building is on the National Registry of Historic Places and used be the location of the James Robertson Apartments.

HRI Properties LLC will name its newest property in Nashville the Holston House hotel. The asset will be part of Hyatt’s Unbound Collection. Situated in the heart of downtown Nashville, Tenn., the building previously served as a subsidized community for elderly residents as well as residents with disabilities. The hotel will replace James Robertson Apartments and will include 191 keys as well as 3,000 square feet of flexible event space. Originally designed by Marr & Holman, design firm Stonehill & Taylor recently reimagined the asset. According to The Nashville Post, Bell and Associates is the general contractor of the project.

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The 190-key project, which marks the eight property for IHG in Europe, will be located in Warsaw’s third-largest district. The company will operate the hotel under a franchise agreement with WIK Capital.

InterContinental Hotels Group has signed the Staybridge Suites Warsaw Ursynow, the first Staybridge in Poland. This signing marks the company’s eight property in Europe.

Operating under a franchise agreement with WIK Capital, IHG will debut the 190-key hotel in late 2019.

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Prices for construction labor and materials are soaring.

Last year, Jim Brown and other home builders around Atlanta could get a good framing crew at a rate of $3.25 per square foot. This year, the few framers they can find demand, and get, almost double that.

“They can ask anything,” Brown said. “There aren’t enough of them left.”

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  • More Americans say home-buying conditions bad because of price
  • Despite low rates, higher asking prices cut into affordability

Signs are mounting that rising home values are starting to close the door for more Americans, threatening to temper the momentum in residential real estate.

Purchases of previously owned houses unexpectedly fell in July to an 11-month low and sales of new homes were the weakest this year, reports showed this week. While the median time on the market for existing properties was 30 days in July compared with 36 days a year ago, indicating resilient demand, the number of listings remains lean and problematic…

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F. Scott Fitzgerald placed his hero in this home in The Great Gatsby. Now it’s being sold by James Mai, a financial whiz made immortal in The Big Short for having foreseen the 2008 financial crisis.

No matter how much money you have, you can’t buy your way into the Great American Novel. For that, you need talent and persistence—and maybe some savings to keep afloat before you hit the bestseller lists.

But if you have $16.88 million lying around, you can buy the inspiration for one of the greatest of Great American Novels—because the Long Island house that helped shape The Great Gatsby is up for sale…

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Homes are trading briskly in Colorado Springs and Chicago.

Which are the busiest U.S. housing markets?

According to a new report, the most active metropolitan areas include Chicago, where an inventory logjam appears to be loosening. Also, Colorado Springs, Washington, D.C., and Reno, Nevada, near Tesla’s massive battery factory, which is attracting workers and driving housing demand. The least active metros are San Francisco, where the median home value has topped $1 million, and Rochester, N.Y., where a typical home is worth $177,000…

Where U.S. Homebuyers Are Headed Next

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  • McKay says Toronto may mimic Vancouver with rebound from slump
  • New housing measures would ensure healthy market balance

More measures to cool the housing market may be needed if Toronto sees a bounce-back in prices as Vancouver did even after a foreign-buyers tax was imposed, according to Royal Bank of Canada Chief Executive Officer Dave McKay.

McKay said in a conference call discussing RBC’s third-quarter results that he’s already seeing a slowdown in home prices in Toronto after the Ontario government announced a 15 percent tax on foreign buyers in April. Ontario’s move followed similar measures enacted in British Columbia in August to cool an overheated Vancouver housing market…

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  • Toll says 23% of its sales this year were to younger buyers
  • Builder aiming for the ‘more-affluent edge,’ CEO Yearley says

Millennials in the U.S. were so slow to become homeowners that it was beginning to look like they’d rent forever. Now they’re a force in the market for new high-end houses.

Toll Brothers Inc., the largest U.S. luxury-home builder, said Tuesday that 23 percent of its sales this year were to customers with at least one buyer age 35 or younger. That was a surprise, given that the company’s average contract price in the three months through July was $837,300…

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