This is the group’s second project slated for Edgewater.
Brian Bandell
Source link
Category: Real Estate
Real Estate | ReportWire publishes the latest breaking U.S. and world news, trending topics and developing stories from around globe.
-
South American developers buy Edgewater site for $19 million
-
Skate Under the Brooklyn Bridge (Or Just Take Photos)
Everybody at a skating rink smiles.
Ever notice this? The teenagers in hockey skates racing from one side to the next. The moms gently guiding their I-don’t-know-about-this children along the ice. The couples (there are always couples) holding hands out of affection and a desire to stay vertical.
Skaters determined to stay on their feet were grinning and laughing recently on a new patch of ice in New York City. Glide, a pop-up skating rink at Brooklyn Bridge Park, brings a different vibe to the New York skating scene. While its older and more experienced cousin, the Rink at Rockefeller Center, is the bona fide see-and-be-seen destination in the city, Glide is across the river. In a park. It’s quieter. Quirkier.
Glide debuted in December and will stay open until March 1.
It is directly under the bridge, making you feel like you can almost touch the slate-blue bricks of the bridge’s Brooklyn tower. The ferries and barges on the East River bustle by. And when it gets dark, Manhattan turns on its lights, seemingly just for you.
If ever there was a place with Instagram written all over it, this is it.
Or TikTok. That’s how Dorian Herrera and Fernanda Fernandez of the Bronx, both 17, found out about the picturesque spot. They spent about an hour on the ice, holding onto each other and giggling under the lights.
“It was a lot of fun,” Ms. Fernandez said. “I feel like I was going fast.”
However stunning the $400 million campus is now, this section of Brooklyn was anything but in its pre-park days. In 1984, the Port Authority of New York and New Jersey ended its cargo operations at the Brooklyn piers and planned to sell the land for commercial development. By then, the place was abandoned and assumed to be visited only by ne’er-do-wells, a reputation earned in the 1970s and ’80s.
The land remained fallow for decades. In 2002, New York State and City, under Governor George E. Pataki and Mayor Michael Bloomberg, agreed to fund a park at the site.
The early renderings of the park, dating back to 2005, included a rink as a wintertime draw, according to Eric Landau, president of the Brooklyn Bridge Park Corporation, which operates Brooklyn Bridge Park. The first sections of the park opened in 2010, and it now encompasses 85 acres, stretching along 1.3 miles of the Brooklyn shoreline.
But the spot reserved for the rink, named Emily Warren Roebling Plaza, simply opened as parkland in 2021, though temporary artwork came to the shores under the bridge and pickleball courts came to the piers.
Brooklyn Bridge Park put out a call for proposals in March 2023, and IMG, the sports management conglomerate, submitted a bid in May. IMG teamed up with BSE Global, the parent company for Barclays Center and the Brooklyn Nets.
“We were perfectly positioned to bring this rink to life,” said Judi Ludovico, a vice president of IMG Events. Before this project, IMG was part of a Glide location in London, at the Battersea Power Station. Ms. Ludovico declined to comment on the financial makeup of the deal with Brooklyn Bridge Park.
For BSE Global, the rink was an opportunity to create another neighborhood gathering place. “We have a longstanding relationship with the Parks Department, having previously worked together on multiple basketball court renovations in Brooklyn,” said Aaron Jakubovitz, vice president of marketing at BSE Global, in a statement.
The space they created is continuing the park’s mission of attracting a broad swath of New York — college students, high school students, tourists, little kids, kids at heart.
Ms. Ludovico, the IMG vice president, declined to disclose how the rink is doing financially, but said in an email, “we are pleased with how the rink has been performing.”
Along with free skates, the rink also hosts a number of theme nights. The vocal stylings of Taylor Swift, Beyoncé and Harry Styles have already pierced the winter air. February will feature a Valentine’s Day skate and a K-pop night.
To further encourage visitors to come out, Brooklyn Bridge Park is providing free and reduced tickets to New York City residents on certain days, and it has subsidized tickets for schools and community centers. Standard adult tickets are $15 off peak and $25 peak, while youth tickets run from $10 to $12. “We wanted it to be accessible to everybody,” Landeau said.
One recent evening, Claudia Pasculli, a tourist from Argentina, and her husband steadied their 10-year-old son, a first-time skater. Getting on the ice was her son’s idea, she said. But once he got out there, he found out it was a bit harder than it looked.
Still, Ms. Pasculli had no complaints. “Everyone helped us and gave us some instructions,” she said.
Madelin Rios, 19, and Alrzando Bustillo, 24, of Queens, were also beginners. Both said they had only been on ice skates a couple of times before, but that didn’t stop them from starting and stopping and starting again, making their way around the rink. And taking pictures, of course.
“I like the view,” Ms. Rios said.
Stacy Y. China
Source link -
With Jersey Shore home prices soaring, owners are now selling fractions of their houses
With skyrocketing home prices and rental rates at the Jersey Shore pricing out many families, the owner of a $3.39 million home in Stone Harbor is offering fractional ownership stakes in his house — and he’s not the only one.
Ryan Mulligan
Source link -
Life at the Top: 4 Fabulous Penthouses – Sotheby´s International Realty | Blog
Basking in cinematic vistas of some of the most enviable skylines and scenery in the U.S., these four unparalleled penthouses enjoy consummate privacy, sophisticated style, and amenities that go above and beyond.Peerless Parkside Penthouse
The Heyman-Cupolo Team | Sotheby’s International Realty – Downtown Manhattan BrokerageOn the 11th floor of the coveted northwest corner of a LEED Gold certified building in DUMBO’s Brooklyn Bridge Park, this light-flooded four-bedroom aerie is on the market for the first time. It enjoys cinematic panoramic views from its chic 3,655-square-foot interiors—many rooms of which boast oversized windows—and its landscaped Manhattan-facing rooftop terrace, which includes a built-in grill. The building offers 24-hour concierge service, a lounge, a gym, package and bicycle storage rooms, and laundry facilities.
Spectacular SoMa Penthouse
Gregg Lynn | Sotheby’s International Realty – San Francisco BrokerageThe tallest and largest condominium residence in California, this sophisticated 5,009-square-foot home towers above San Francisco in a prime perch that affords riveting vistas of the Golden Gate Bridge, the bay, Angel and Treasure Islands, and the dazzling downtown skyline. Its distinctively detailed interiors include two bedrooms and a great room that opens to an enviable terrace. The building offers a fitness and Pilates center, a saline lap pool, a screening room, a lounge, a landscaped terrace with fire pits, and wine storage.
Extraordinary Oasis Above Ocean Boulevard
Greg Forest | Sotheby’s International Realty – Palm Beach Brokerage A veritable mansion in the sky, this luxurious penthouse at the Bellaria offers more than 7,500 square feet of majestic living space with dramatic views of the ocean and Intracoastal Waterway. It features a chef’s kitchen, four serene bedroom suites, an office, two welcoming living areas, and an expansive private terrace. The pet-friendly building provides residents with a club room, a gym, a theater, a game room, and designated beach area.
Penthouse Garden Paradise
Patricia A. Wheatley, The Field Team | Sotheby’s International Realty – East Side Manhattan Brokerage Atop the historic Dorilton, a landmarked Beaux-Arts Upper West Side building, this gloriously bright four-bedroom haven is filled with enchanting original architectural details, including the fireplace mantelpiece, striking moldings, and handsome wood floors. The heart of the home is a great room whose 20-foot ceiling is crowned with a spectacular vaulted skylight. Just outside is one of the neighborhood’s largest private rooftop gardens. Pets are welcome here, and Central Park and Lincoln Center are minutes away.
Discover luxury homes for sale and rent around the world on sothebysrealty.com
Melissa Couch
Source link -
Restaurants revealed for new Harwood No. 14 high-rise
Harwood Hospitality Group has revealed plans for new restaurants within the Harwood No. 14 tower. They add to the activity in the burgeoning Harwood District on the edge of Uptown and Victory Park.
Alexa Reed
Source link -
Why U.S. renters are taking corporate landlords to court
A group of renters in the U.S. say their landlords are using software to deliver inflated rent hikes.
“We’ve been told as tenants by employees of Equity that the software takes empathy out of the equation. So they can charge whatever the software tells them to charge,” said Kevin Weller, a tenant at Portside Towers since 2021.
Tenants say the management started to increase prices substantially after giving renters concessions during the Covid-19 pandemic.
The 527-unit building is located roughly 20 minutes away from the World Trade Center, on the shoreline of Jersey City, New Jersey. A group of tenants at the tower is involved in a sprawling class-action lawsuit against RealPage and 34 co-defendant landlords. The U.S. Department of Justice filed a statement of interest in the case in December 2023, arguing that the complaints adequately allege violations of the Sherman Antitrust Act.
In November 2023, the attorney general of Washington, D.C., filed a similar but more narrow complaint against RealPage and 14 landlords that collectively manage more than 50,000 apartment units in the District.
“Effectively, RealPage is facilitating a housing cartel,” said Attorney General of the District of Columbia Brian Schwalb in an interview with CNBC. His office filed the complaint on antitrust grounds. They allege that landlords share competitively sensitive data through RealPage, which then sets artificially high rents on a key slice of the local rental market.
Office of the Attorney General for the District of Columbia, November 2023
“Rather than making independent decisions on what the market here in D.C. calls for in terms of filling vacant units, landlords are compelled, under the terms of their agreement with RealPage, to charge what RealPage tells them,” said Schwalb.
RealPage says its revenue management products use anonymized, aggregated data to deliver pricing recommendations on roughly 4.5 million housing units in the U.S. The company says its tools can increase landlord revenues between 2% and 7%.
“Just turning the system on will outperform your manual analyst. There’s almost no way it can’t,” said Jeffrey Roper, a former RealPage employee and inventor of YieldStar.
YieldStar is one of three key revenue management tools offered by RealPage. The software balances prices, occupancy and lease lengths to help property managers optimize their portfolio’s yield. The company feeds data from its models into a newer tool dubbed “AIRM” that considers the effect of credit, marketing and leasing effectiveness.
RealPage told CNBC that its landlord customers are under no obligation to take their price suggestions. The company also said it charges a fixed fee on each apartment unit managed with its software.
RealPage was acquired by Miami-based private equity firm Thoma Bravo for $10.2 billion in 2021. In court filings, Thoma Bravo has claimed that it is not liable for the alleged acts of its subsidiary outlined by plaintiffs in the class-action complaints.
Renters told CNBC they discovered how revenue management software is used in real estate after reading a 2022 ProPublica investigation. Equity Residential investor materials show that the company started to experiment with Lease Rent Options between 2005 and 2008. RealPage acquired the product in 2017.
“How could we possibly know?” said Harry Gural, a tenant in an Equity Residential property located in the Van Ness neighborhood of Washington, D.C. Gural says he has been involved in legal matters against his landlord’s pricing practices for more than seven years.
Affiliates of Equity Residential are contesting a separate decision made by a local housing authority in Jersey City regarding prices set on the Portside Towers property. The company has filed a lawsuit in federal court challenging the decision, stating that the decision could result in millions of dollars in refunds for tenants.
Equity Residential and other defendant landlords declined to comment on ongoing RealPage litigation.
Redfin reports that asking rents in the U.S. ticked down to $1,964 a month in December 2023, a decline from recent highs. Prices are coming down in markets such as Atlanta and Austin, Texas, where home construction is high. But analysts believe low rates of homebuilding on the U.S. East Coast could give well-located landlords more pricing power.
“Guys like us that own 80,000 well-located apartments, we’re still in a pretty good spot,” said Equity Residential CEO Mark Parrell in a June 2023 interview with CNBC.
Watch the video above to learn about the rising tide of lawsuits against U.S. corporate landlords.CORRECTION: A previous version of this article misstated when Equity Residential purchased Portside Towers.
-
How RealPage influences rent prices across the U.S.
RealPage software is used to set rental prices on 4.5 million housing units in the U.S. A series of lawsuits allege that a group of landlords are sharing sensitive data with RealPage, which then artificially inflates rents. The complaints surface as housing supply in the U.S. lags demand. Some of the defendant landlords report high occupancy within their buildings, alongside strong jobs growth in their operating regions and slow home construction.
09:56
Sat, Feb 3 20248:27 AM EST
-
The Condo Board Is Ruining Our Building! How Do We Get Them Out?
Q: My luxury condo building in Manhattan has fallen into disrepair, and the board of managers is thwarting efforts to improve it. Over the past 10 years, we’ve been unable to reach a quorum for the annual meeting, which has prevented any new candidates from joining the board or voting for any real changes. The board declares there’s a lack of quorum, but attendance is not taken. The president has been there since the board began, more than 35 years ago. Mandatory work is awarded to questionable contractors, and there have been rumors of impropriety. For example, the board distributed a memo announcing a $100 penalty for each piece of correspondence distributed within the building, such as fliers in public areas or under doors. Owners’ efforts to organize have been rebuffed. What can we do?
A: The board of managers has a fiduciary duty to all owners, and there are several avenues you can take to try to get better leadership. Whatever step you take, make sure that you adhere to your condominium’s bylaws and to state law to ensure a result that stands up to legal scrutiny.
Your bylaws must contain a provision, under New York’s Condominium Act, allowing unit owners to remove a board member, along with criteria for doing so. This is typically done through a special meeting, which can be called by a board president or via a petition signed by a certain percentage of unit owners.
Condominium boards’ decisions are almost always protected by the business judgment rule, which makes it “extremely difficult” for a unit owner to challenge the board in court, said Ronald H. Gitter, a real estate lawyer in Manhattan. For this reason, he said, calling a special meeting to remove a board member for violating the governing documents is likely your best option.
Boards are not protected by this rule if they act with gross negligence or in bad faith. “That might apply to the fines imposed for distributing communications to other residents about board conduct,” said Ruta Behrend, a partner at Tane Waterman & Wurtzel P.C.
You can ask for a list of contacts for unit owners, and communicate with them in the same method that the board does. (Keep in mind that boards do not want owners abusing the list.)
You can also file a lawsuit against the board, claiming that it has breached its fiduciary duty, but this would be a more expensive, lengthy process. For a potentially quicker result, you could ask a court to appoint a receiver to oversee building operations and expenses.
“It’s a good step toward preserving everyone’s investment in the building,” said Steven D. Sladkus, a partner at Schwartz Sladkus Reich Greenberg Atlas LLP in Manhattan.
For weekly email updates on residential real estate news, sign up here.
Jill Terreri Ramos
Source link -
Keller Williams settled. What does NAR do now? The Download
Mark your calendars for the ultimate real estate experiences with Inman’s upcoming events! Dive into the future at Connect Miami, immerse in luxury at Luxury Connect, and converge with industry leaders at Inman Connect Las Vegas. Discover more and join the industry’s best at inman.com/events.
Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: In the wake of the $70 million settlement by Keller Williams, NAR and HomeServices of America appear to be the ones left holding the bag. What happens next?
The future just got a little more predictable for 180,000 Keller Williams agents on Thursday as the franchisor reached a tentative agreement to settle the Sitzer | Burnett, Moehrl and Umpa buyer commission lawsuits. The deal is also designed to cover the company from other existing and future lawsuits, though it will be up to the court to decide whether to allow it this latitude.
“I’m relieved to share that we have negotiated a nationwide settlement of the Sitzer | Burnett case – on terms that protect our agents, our franchisees, and our industry,” Gary Keller, executive chairman of Keller Williams, said in an email sent to all Keller Williams leaders, agents and associates Thursday morning.
“Crucially, the settlement releases individual agents and franchisees from copycat litigation filed in the wake of Sitzer | Burnett.”
While KW broker-owners and agents rejoice, however, the settlement means that NAR, HomeServices of America and two of its subsidiaries, BHH Affiliates and HSF Affiliates, are left holding the bag.
Plaintiff attorney Michael Ketchmark seemed to acknowledge this reality in his statement:
“We’re calling now upon the National Association of Realtors and HomeServices to join with us in changing this. We want them to sit down at the table with the plaintiffs’ attorneys and the Department of Justice and others to get the National Association of Realtors out of the business of allowing the MLSs to be used to fix commissions.”
Already besieged by a host of challenges, NAR attempted to set the record straight on its value proposition in the first public video address from interim CEO Nykia Wright. However, the message seemed to get lost in the delivery when the video had to be abruptly taken down to avoid inaccuracies in its messaging around commissions.
NAR CEO Nykia Wright appears — and disappears — in ‘odd’ new video
With buyer commissions at the center of all of this wheeling and dealing, it’s time to look at some of our most recent stories on working with buyers. After all, you’re the ones who are out there answering questions and helping them get geared up for a [fingers-crossed] active spring market.
How agents can identify financial distress warning signs in
Over half of Americans admit to browsing Zillow for fun. Luke Babich offers tips on finding serious buyers in the midst of this extra searching.
EXTRA: Let TikTok’s favorite debt expert help skyrocket your credit
13 ways to find a home for your buyers in this tight
If you currently have buyers but cannot land an escrow, writes team leader Carl Medford, consider stepping up your game to provide the highest level of service possible.
EXTRA: Does your ‘date-the-rate’ advice constitute deceptive
How to work with financial advisers to help clients navigate the
Real estate pros and financial advisers can help clients make informed decisions, writes Michael Conticelli, whether buying a home or building a real estate portfolio.
Christy Murdock is a freelance writer, coach and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup, in either newsletter or podcast form.
Christy Murdock
Source link -
2024 Silicon Valley Power 100
If there is one thing Silicon Valley does better than just about anyplace else is ponder the future. Sometimes, that means world-changing innovations. But it can also be a seemingly small change that leads to a meaningful transformation. For the second annual edition of the Power 100, we looked for the people leading the charge for change.
Source link -
909 Walnut apartments go up for sale
A 93-year-old fixture of downtown Kansas City’s skyline is back up for grabs, with 152 condo-style apartments above Class A office space.
Thomas Friestad
Source link -
Colorado’s Largest Cities: A Homebuyer’s Guide for 2024
Nestled in the heart of the Rocky Mountains, Colorado is a state that offers an unparalleled quality of life. With its breathtaking natural landscapes, vibrant cities, and thriving economy, Colorado is where adventure and opportunity intersect. Whether you’re exploring the bustling streets of Denver or enjoying the small-town charm of Fort Collins, there’s something for everyone in the Centennial State. Anticipate a deeper exploration of Colorado’s biggest cities in this Redfin article and prepare to embark on a journey through these diverse urban centers.
1. Denver, Colorado
Population: 715,522
Median Sale Price: $530,000
Denver, CO homes for sale
Denver, CO houses for rentLiving in Denver, you’ll be surrounded by stunning natural beauty, easy access to the Rocky Mountains, and numerous outdoor recreational activities. The city’s vibrant arts and culture scene, with attractions like the Denver Art Museum and the Denver Center for the Performing Arts, offers residents a rich and diverse experience. Denver’s craft beer and food scene also thrives, providing residents with numerous breweries and restaurants.
2. Colorado Springs, Colorado
Population: 478,961
Median Sale Price: $432,000
Colorado Springs, CO homes for sale
Colorado Springs, CO houses for rentColorado Springs offers a perfect blend of urban amenities and outdoor adventure, with easy access to hiking, biking, and rock climbing in the nearby Garden of the Gods and Pikes Peak. The city’s strong military presence contributes to a sense of patriotism and community, with numerous events and memorials honoring the armed forces.
3. Aurora, Colorado
Population: 386,261
Median Sale Price: $459,900
Aurora, CO homes for sale
Aurora, CO houses for rentMoving to Aurora provides a diverse and multicultural experience, with a wide range of international cuisine. The city’s proximity to Denver offers easy access to big-city amenities while maintaining a more affordable cost of living. Aurora’s extensive park system and outdoor recreational opportunities make it an ideal place for nature lovers.
4. Fort Collins, Colorado
Population: 169,810
Median Sale Price: $524,828
Fort Collins, CO homes for sale
Fort Collins, CO houses for rentThe city’s proximity to the Cache la Poudre River and Horsetooth Reservoir provides ample water sports and outdoor recreation opportunities. Fort Collins’s historic downtown area is filled with charming shops, restaurants, and breweries, offering residents a unique and vibrant experience.
5. Lakewood, Colorado
Population: 155,984
Median Sale Price: $580,000
Lakewood, CO homes for sale
Lakewood, CO houses for rentRelocating to Lakewood offers a perfect balance of urban amenities and natural beauty, with easy access to the Rocky Mountains and numerous hiking and biking trails. The city’s diverse neighborhoods offer a range of housing options, from historic homes to modern developments. Lakewood’s strong sense of community is evident in its numerous local events and festivals, bringing residents together to celebrate art, music, and culture.
6. Thornton, Colorado
Population: 141,867
Median Sale Price: $526,750
Thornton, CO homes for sale
Thornton, CO houses for rentThornton’s growing economy and affordable cost of living make it an attractive destination for individuals. The city’s diverse neighborhoods offer a range of housing options, from single-family homes to modern apartments. With a thriving local economy and proximity to Denver, residents enjoy the benefits of both suburban and urban conveniences.
7. Arvada, Colorado
Population: 124,402
Median Sale Price: $578,250
Arvada, CO homes for sale
Arvada, CO houses for rentMoving to Arvada offers a charming and historic atmosphere with numerous local events and festivals, such as the annual Arvada Harvest Festival, which celebrates the city’s heritage. The town is located near Denver, which provides easy access to big-city amenities while maintaining a more affordable cost of living. Arvada’s extensive park system and outdoor recreational opportunities make it an ideal place to call home.
8. Westminster, Colorado
Population: 116,317
Median Sale Price: $500,450
Westminster, CO homes for sale
Westminster, CO houses for rentLiving in Westminster offers a diverse atmosphere, a strong sense of community, and numerous parks and recreational facilities. The city is home to the popular Westminster Promenade, a vibrant entertainment district featuring restaurants, shops, and events like the annual Westminster Latino Festival. Nestled between Denver and Boulder, Westminster provides residents easy access to major urban centers while maintaining its distinctive community character.
9. Pueblo, Colorado
Population: 111,876
Median Sale Price: $250,000
Pueblo, CO homes for sale
Pueblo, CO houses for rentPueblo provides a rich and diverse cultural experience steeped in history, with numerous landmarks and museums showcasing its heritage. Located near the Arkansas River and the nearby Lake Pueblo State Park, residents enjoy abundant water sports and outdoor recreation opportunities.
10. Greeley, Colorado
Population: 108,795
Median Sale Price: $402,000
Greeley, CO homes for sale
Greeley, CO houses for rentLiving in Greeley seamlessly combines the allure of small-town charm with the convenience of urban amenities, featuring many vibrant local events and festivals. The city’s rich agricultural heritage comes to life through abundant farmers’ markets and enticing local produce stands, adding a delightful touch to the community’s character.
Ana de Guzman
Source link -
$2 Trillion in Commercial Debt is Coming Due—What Does That Mean for the Industry?
Commercial real estate has had a few rough years, and it seems like things won’t be getting better anytime soon. The sector is set for a potential rise in defaults, as higher interest rates have increased the costs of refinancing.
And with $2.8 trillion due between now and 2028, more landlords could be feeling the crunch. According to data firm Trepp, commercial debt maturities are expected to balloon in the next few years. While many loans were extended or refinanced, the clock is slowly ticking for the CRE sector as those extensions are coming due.
Worst Commercial Slump in the Last 50 Years
The CRE market has been struggling to regain its footing since the start of the pandemic, especially in office space. When the pandemic hit, many office spaces emptied, forcing landlords to make deals to delay payments until things recovered.
Commercial Mortgage Maturities by Lender Type (2023-2028) – Trepp Unfortunately for those invested in the office arena, remote and hybrid working is now becoming the norm, with many businesses downsizing their office space or even becoming fully remote.
Now that the CRE debt is coming due, landlords are starting to squirm. Because of how commercial mortgages are structured, when the debt matures, the principal must be paid off in full or refinanced.
This has led to one of the steepest commercial real estate price declines in the last 50 years, a group of economists at the International Monetary Fund (IMF) found. This can largely be attributed to higher interest rates, steep monetary policy tightening, and stricter bank lending standards, according to the IMF.
Commercial Prices During Monetary Tightening Cycles – International Monetary Fund While the office sector has been the hardest hit, the entire market has felt the sting over the last few years thanks to a souring CRE market. Vacancy rates in multifamily homes have increased, and rent growth is expected to decline in the coming year, according to CBRE. Industrial spaces are also showing signs of weakening.
The only potential bright spot in CRE is the retail sector, as robust consumer spending and suburban migration has driven demand for outdoor shopping centers.
Interest Rates Aren’t Going Down Fast Enough
While interest rates have gone down a bit, it might not be enough. According to The Wall Street Journal, many borrowers are refinancing at rates higher than when they first took out loans.
The Federal Reserve is under pressure to cut rates, with some economists expecting a cut by the end of the year to 3.75%-4% and continued cuts by the first half of 2026 until the rate hits 1.75%-2%. However, that might not be fast enough for the CRE sector. Fitch Ratings expects delinquency rates in commercial real estate to increase to 4.5% this year, while regulators are worried about the spillover effects.
In its 2023 annual report, the Financial Stability Oversight Council (FSOC) cited exposure to commercial real estate as a concern for financial institutions and said that they need to better understand the risk. Nearly 50% of CRE’s outstanding debt is held by banks.
“As losses from a CRE loan portfolio accumulate, they can spill over into the broader financial system. Sales of financially distressed properties can… lead to a broader downward CRE valuation spiral,” FSOC said in its report.
The Bottom Line for Real Estate Investors
Commercial real estate investors should buckle in and get ready for a bumpy ride over the next few years. That said, although the CRE space is under pressure, there’s still some time for landlords to negotiate. Still, with CRE sales also under pressure, that’s devalued properties, making it hard for lenders and borrowers to agree on how much the property should be worth.
With banks becoming more risk averse around CRE and under more regulatory scrutiny, that could open opportunities for non-bank lenders such as private credit to step in. And for some savvy investors, the stress in the CRE market could provide opportunities.
In other words, there could be opportunities for investors to find distressed properties for a great value, provided they’re prepared to weather some uncertainty in the next few years. However, uncovering these bargains will require a lot of due diligence to avoid falling for value traps.
Real estate investors should make sure to heavily scrutinize every opportunity that presents itself. While there will certainly be some opportunities to revitalize properties, not all cheap properties will be worth the long-term price.
Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more.
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.
Moriah Costa
Source link -
Budgeting Is Dead—Do This Instead and Watch Your Wealth Grow
In a recent CNBC article, it was revealed that more than half of Americans earning over $100,000 a year live paycheck to paycheck. This eye-opening statistic highlights a fundamental truth: The road to wealth isn’t solely about income but depends significantly on transforming financial habits.
In this guide, we’ll debunk the oppressive notion of budgeting, offering a transformative process to fix money leaks, cultivate strategic spending habits, and execute consistently for financial improvement.
Budgeting Is Dead—What to Do Instead
If the word “budget” sends a shiver down your spine, you’re not alone. According to a recent Lending Club report dated September 2023, over 60% of Americans steer clear of financial planning because, well, the “B-word” is just too daunting.
But fear not because I want to introduce you to the revolutionary concept of “budgeting is dead.” Here are the steps to follow instead.
Step 1: Tracking your income and expenses
So, you want financial mastery without the stifling confines of a traditional budget? Well, it’s all about tracking, not budgeting. As the wise ones say, “What gets measured, gets done.” Committing to regular income and expense tracking is the foundational step for the “budgeting is dead” process—a process that will help you master your financial landscape without feeling like you’re straitjacketed by an old-school budget.
Step 2: Getting leverage
If you’re not a spreadsheet wizard or time is your most precious commodity, let technology do the heavy lifting. Platforms like Simplifi.com, Empower.com, or You Need a Budget (YNAB.com) turn financial tracking into a breeze. Say goodbye to complexity that could kill your momentum.
Step 3: Uncover where your money is really going
Picture your finances as a boat sailing toward your goals. Now that you are regularly tracking your income and expenses, you now know how your boat is constructed. Maybe it’s made of the finest metal and is impenetrable. Maybe it’s more like a leaking life raft that is quickly taking on water.
No matter which boat you think you have, commit to doing this step at least once a year to eliminate any “holes” that could cause your boat to leak. In this step, you need to categorize each expense as Destructive, Lifestyle, Protective, and Productive.
- Destructive expenses lead to debt and poverty: think of addictive habits, compulsive spending (eating out, shopping, etc.), and unnecessary fees (credit card fees, late fees).
- Lifestyle expenses don’t contribute to building assets: think of nonessential spending that doesn’t enhance your life, like subscriptions (magazines, wine club, razor club, movies) and other excessive spending.
- Protective expenses help maintain wealth: think of expenses that help you optimize and/or protect your wealth.
- Productive expenses enhance both current and future life: think of career building, business building, and investment activities that yield more income than you spend.
Step 4: Taking decisive action
With a clear understanding of your spending habits, now it’s time to take a proactive approach to wealth creation. Here’s how:
- Eliminate destructive expenses like a bad habit (because they are). Get professional help if needed.
- Reduce lifestyle expenses by identifying low-hanging fruit and eliminating nonessential spending.
- Negotiate/renegotiate protective expenses to get the most value for your money.
- Monitor productive expenses, ensuring spending aligns with income during different wealth creation phases.
Final Thoughts
Even big earners can find themselves doing the paycheck hustle. So, let’s ditch the one-size-fits-all budget and embrace a more strategic spending approach.
Sure, it might seem like a deep dive into your financial soul, but remember, this isn’t a one-off thing; it’s a habit to cultivate regularly. Consistent, persistent action will be your ticket to financial success.
Ready to break up with budgeting and make financial mastery your new BFF? You got this!
Protect your wealth legacy with an ironclad generational wealth plan
Taxes, insurance, interest, fees, bills…how can you acquire wealth, let alone pass it down, when there are major pitfalls at every turn? In Money for Tomorrow, Whitney will help you build an ironclad wealth plan so you can safeguard your hard-earned wealth and pass it on for generations to come.
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.
Whitney Hutten
Source link -
Homes.com earns top 100 finish on global SEO ranking list
German search engine optimization (SEO) platform SISTRIX ranked portal Homes.com No. 43 on a list of fastest-growing domains in the U.S. The company has been ranking domains for 15 years.
Mark your calendars for the ultimate real estate experiences with Inman’s upcoming events! Dive into the future at Connect Miami, immerse in luxury at Luxury Connect, and converge with industry leaders at Inman Connect Las Vegas. Discover more and join the industry’s best at inman.com/events.
German search engine optimization (SEO) platform SISTRIX named Homes.com as one of the 100 fastest-growing domains in the United States. The CoStar Group-owned portal was the only real estate site to make the 2023 IndexWatch, which focuses on domains with the strongest organic visibility growth and declines on Google.com.
Andy Florance
“It is an honor to be recognized by SISTRIX’s IndexWatch 2023 for the significant growth and awareness that Homes.com has experienced throughout 2023,” CoStar Group founder and CEO Andy Florance said in a statement on Friday. “We set out to create a platform with the highest quality content on neighborhoods, schools, and parks that benefits homebuyers and all agents.”
SISTRIX measured a total of 100 million domains for 100 million keywords on Google. The U.S. accounted for nearly 2,500 of the domains included in the list, which is split into four categories measuring the domains with the biggest increases and decreases in absolute visibility and absolute percentage growth.
Homes.com’s index score — which SISTRIX calls visibility points — increased from 20.94 in February 2023 to 43.54 in January 2024.
“This visibility growth is a testament not only to the quality of the product but to the quality of our team for consistently producing the best user experience,” Florance said.
The SISTRIX list adds another layer to the months-long traffic battle between Homes.com and Realtor.com.
In October, CoStar Group announced Homes.com had usurped Realtor.com as the nation’s second-biggest residential portal. CoStar Group said Homes.com’s monthly unique visitors jumped from 46.3 million in August to 100 million in September — a whopping 117 percent change. Competitors doubted Homes.com’s triple-digit growth and claimed CoStar inflated numbers through copious paid advertising.
At Inman Connect New York, Florance and Realtor.com CEO Damian Eales addressed the traffic drama during their respective sessions on the conference’s main stage. Eales stopped short of calling Florance a liar, instead choosing to liken the CEO’s traffic claims to a student “marking [their] own homework.”
Still, Florance stood by the validity of Homes.com’s traffic while hinting the next round of statistics expected to come during CoStar Group’s fourth-quarter earnings might be just as unbelievable to competitors as the last.
“[We use] Google Analytics, and it’s widely accepted as the gold standard,” he said. “It is how Realtor.com has reported their numbers for the last decade, how Zillow reported the numbers for the last decade, how Redfin reports.”
“We can’t lie,” he added. “If I lie about a number in public company reporting, I go to jail four times as long as you’d go to jail for shooting someone in the head in the street. Public companies don’t make these things up.”
Marian McPherson
Source link -
Greystar announces management deal with Wood Partners
Under the newly created agreement, all properties owned by Wood will see their management duties transferred to Greystar.
Mark your calendars for the ultimate real estate experiences with Inman’s upcoming events! Dive into the future at Connect Miami, immerse in luxury at Luxury Connect, and converge with industry leaders at Inman Connect Las Vegas. Discover more and join the industry’s best at inman.com/events.
Property management firm Greystar announced this week a new partnership with Wood Partners, one of the largest rental housing developers in the United States.
Under the agreement, all properties owned by Wood will see their management duties transferred to Greystar, with Wood’s 635-person property management staff becoming Greystar employees. Greystar will serve as manager for all current and future Wood properties, according to a press release.
“We are excited to forge this new strategic partnership with the Greystar property management team,” Joe Keough, CEO of Wood Partners said in a statement. “Greystar is widely recognized as an industry leader within the property management space. Their collaborative approach throughout the integration process will pave the way for success not only for our robust portfolio of properties, but most importantly the dedicated associates that make up our talented property management team.”
Wood’s portfolio contains over 130 multifamily properties containing 38,000 units across 17 states, accounting for both existing and planned projects. The merger will bring Greystar’s management portfolio to over 895,000 units across 3,200 developments, and its staff count to over 24,000 people. Property management firms like Greystar have found themself the beneficiary of new apartment inventory coming online throughout the past year as multifamily projects that started after 2020 enter completion.
Wood, which is among the top five largest multifamily developers in the United States, is well known for its Alta-branded mixed-use apartment developments, having most recently opened the 325-unit Alta at the Farm outside of Dallas.
“Wood Partners is one of the highest-quality and most well-respected developers and owners of institutional quality rental housing properties in the country, and we are honored that they have selected Greystar to be their single-source provider for management services,” Mike Clow, executive managing director of Greystar’s U.S. real estate services said in a statement. “We look forward to welcoming the Wood property management team members to the Greystar family and are excited about the long-term nature of our continued partnership with Wood Partners and their leadership team.”
Ben Verde
Source link -
Big Ticket: New York City’s Top Sales in January
Writer’s Pad Under Contract
Didion’s estate has finally gone into contract on her apartment at 30 East 71st Street, more than three years after her death. It has four bedrooms, plus a library, home office and staff quarters. The sale price and buyer aren’t yet known, but the most recent asking price was nearly $5.8 million. The co-op was first listed a year ago for $7.5 million.
Hiroko Masuike/The New York Times
Vivian Marino
Source link -
California’s Largest Cities: A Homebuyer’s Guide for 2024
When it comes to California, there’s no denying the diverse and vibrant energy that fills the state. From the bustling streets of Los Angeles to the laid-back vibes of San Diego, California offers something for everyone. With a population of nearly 40 million, the Golden State is a melting pot of cultures, cuisines, and lifestyles. Whether you’re drawn to the tech hubs or the iconic landmarks, California’s unique charm and endless opportunities make it an exciting place to call home. So, if you’re considering a move to California, this Redfin article will guide you through the biggest cities in the state.
1. Los Angeles, California
Population: 3,898,747
Median Sale Price: $959,000
Los Angeles, CA homes for sale
Los Angeles, CA houses for rentLiving in Los Angeles means enjoying a diverse cultural scene, beautiful beaches, and vibrant nightlife. The city is known for its entertainment industry, with Hollywood being a major attraction. With diverse neighborhoods, such as Beverly Hills and Santa Monica, unique charm and attractions are all around.
2. San Diego, California
Population: 1,386,932
Median Sale Price: $875,000
San Diego, CA homes for sale
San Diego, CA houses for rentSan Diego is known for its beautiful weather, stunning beaches, and laid-back lifestyle. Residents can enjoy outdoor activities such as surfing, hiking, and sailing. For another vibe, visit Balboa Park, with its museums and gardens, is a cultural hub, and the Gaslamp Quarter offers a lively nightlife and dining scene.
3. San Jose, California
Population: 1,013,240
Median Sale Price: $1,300,000
San Jose, CA homes for sale
San Jose, CA houses for rentMoving to San Jose in the heart of Silicon Valley promises an immersive experience within a thriving tech industry and a diverse community. The city offers a mix of urban and suburban living, with neighborhoods like Willow Glen and Santana Row offering unique shopping and dining experiences.
4. San Francisco, California
Population: 873,965
Median Sale Price: $1,177,500
San Francisco, CA homes for sale
San Francisco, CA houses for rentLiving in San Francisco means enjoying a beautiful arts and culture scene and stunning bay views. The city has iconic landmarks, such as the Golden Gate Bridge and Alcatraz Island that attracts visitors annually. Explore the historic architecture, visit museums and art galleries, and enjoy the city’s renowned food scene.
5. Fresno, California
Population: 542,107
Median Sale Price: $360,000
Fresno, CA homes for sale
Fresno, CA houses for rentFresno offers a more affordable living cost than other California cities, with a strong sense of community and a growing arts scene. With nearby national parks, such as Yosemite and Sequoia, outdoor recreation opportunities awaits.
6. Sacramento, California
Population: 524,943
Median Sale Price: $456,250
Sacramento, CA homes for sale
Sacramento, CA houses for rentWith a mix of urban and suburban living, Sacramento boasts a rich history and a growing food scene. The city has many tree-lined streets and historic architecture, with neighborhoods like Midtown and Land Park. You can also enjoy the nearby riverfront and explore the city’s many parks and outdoor spaces.
7. Long Beach, California
Population: 466,742
Median Sale Price: $795,000
Long Beach, CA homes for sale
Long Beach, CA houses for rentFrom its iconic waterfront to its urban life, Long Beach includes a laid-back beach culture, eclectic neighborhoods, and a rich maritime heritage. The city has waterfront attractions, such as the Queen Mary and the Aquarium of the Pacific.
8. Oakland, California
Population: 440,646
Median Sale Price: $825,000
Oakland, CA homes for sale
Oakland, CA houses for rentOakland stands as a city with spirit amid the iconic San Francisco skyline. This city offers a mix of historic and modern architecture, with neighborhoods like Rockridge and Temescal offering unique shopping and dining experiences. Its proximity to the Bay Area allows residents to enjoy many urban amenities, including cultural events and trendy cafes.
9. Bakersfield, California
Population: 403,455
Median Sale Price: $385,000
Bakersfield, CA homes for sale
Bakersfield, CA houses for rentAnother affordable city in California is Bakersfield. Explore the nearby national parks, such as Sequoia and Kings Canyon, and enjoy the city’s diverse food scene. The city also hosts various events and festivals like Village Fest, which provides music, food, and drinks.
10. Anaheim, California
Population: 346,824
Median Sale Price: $869,000
Anaheim, CA homes for sale
Anaheim, CA houses for rentAnaheim is home to Disneyland, offering fun any time of year. The city also also hosts various events and festivals, such as the Anaheim Packing District and the Anaheim GardenWalk which locals love. Enjoy nearby beaches and explore the city’s diverse culinary offerings, there’s a lot to discover in Anaheim.
Ana de Guzman
Source link -
Zillow Immerse promises ‘jaw-dropping’ 3D home tours
Zillow Immerse is the latest in a series of software releases from the home search leader as it moves toward an agent services model, collectively referred to as its “super app.”
Mark your calendars for the ultimate real estate experiences with Inman’s upcoming events! Dive into the future at Connect Miami, immerse in luxury at Luxury Connect, and converge with industry leaders at Inman Connect Las Vegas. Discover more and join the industry’s best at inman.com/events.
Zillow is betting that Apple is pioneering the next platform for proptech by introducing Immerse, its fully realized virtual reality home tour solution.
The home tour application is available now in Apple’s app store for use with the Apple Vision Pro headset, according to a Jan. 31 press release sent to Inman, which flagged the application as “jaw-dropping.” In addition to the experience of stepping through an available listing, users can also navigate using Zillow’s interactive floor plan, which will help users unfamiliar with VR experiences better understand their physical place within the subject property.
Apple’s Vision Pro was released today, Feb. 2, in the United States.
Zillow Immerse is the latest in a series of software releases from the home search leader as it moves toward an agent services model, collectively referred to as its “super app.” The company is now offering advanced listing marketing, nationwide photography services, showing management, 3D tour creation and even a CRM, after the Nov. 23 acquisition of Follow Up Boss.
Josh Weisberg is senior vice president of artificial intelligence at Zillow and said in a statement that this release overlaps clearly with his team’s goal of helping “more people get home with speed, confidence and ease.”
“Apple Vision Pro enables Zillow shoppers to fully experience homes as we envisioned when we first introduced Listing Showcase,” he said. “This advanced spatial technology allows users to explore homes in a way that is the next best thing to being there in person.”
A Feb. 1 press release from Apple states that more than 600 apps have been built for its headset platform.
Zillow will automatically make all Listing Showcase properties eligible for viewing within Immerse. Listing Showcase is Zillow’s elevated marketing offering that features highlighted map icons linking directly to stand-alone property websites with motion-graphic hero images, prominent listing agent information, categorized room imagery, interactive floor plans and a home tour scheduling widget. The service is limited to select agents in each market.
Zillow said users will be able to “stroll” hallways, examine ceilings and peer into closets. The experience will grow even more life-like if ever paired with Disney’s new holotile floor, a type of treadmill carpet that allows a person to walk without moving, change direction and further simulate the experience of traveling through virtual environments.
“Zillow Immerse aligns with the preferences of home shoppers. According to Zillow’s latest Consumer Housing Trends Report, 74 percent of prospective buyers agree that 3D tours help them to get a better feel for a home’s space than static photos, and 70 percent wish that more listings had 3D tours available,” the release stated.
Matterport and iGuide are long-established providers of 3D tour content as well, with the latter’s use of location-specific floor plan indication being early to market. Matterport has scanned over 30 billion square feet of property, according to company statistics, and uses AI and LIDAR to automate room measurements and create floor plans. It partners with Meta’s Quest headset for digital twin tours.
Craig C. Rowe
Source link -
Luxury Real Estate Headlines: First Week in February, 2024 – Sotheby´s International Realty | Blog
Villefranche-sur-Mer, France | Côte d’Azur Sotheby’s International Realty
The century-old mansion, called La Rêve d’Azur, presides over the largest private plot of land in Villefranche-sur-Mer.
Champagne Bars, Tanning Booths and Revolving Shoe Racks: The $1M Closet Has Arrived – The Wall Street Journal
Whitney Rose of ‘The Real Housewives of Salt Lake City’ Is Selling Her SLC Home – Elle Decor
$2.2 Million Homes in California – The New York Times
South of Big Sur, an ’80s Home Packed With Handcrafted Charm Asks $2.1M – Dwell
Southampton Turn-key Home Lists for $5.85M – Behind the Hedges
San Francisco’s Condo Market, Once in Free Fall, Sees Upward Shift in Activity – San Francisco Business Times
The 10 Most Expensive New Listings in Texas – Houston Agent Magazine
What You Can Get for $1M in Morningside Heights, an Architecturally Rich Area That’s Home to Columbia University – Brick Underground
Home Showcase: Warmth Emanates from Monument Beach Charmer – Boston Herald
Real Estate Roundtable: Home Is Where the Heart Is – Behind the Hedges
Frank Lloyd Wright and Rudolph Schindler Were Inspirations for This $3.2M Florida Home – Robb Report
$950,000 Homes in Indiana, Pennsylvania and Washington – The New York Times
Melissa Couch
Source link
