Real Estate
SNL Takes On New York’s Real Estate Problems (VIDEO)
This weekends Saturday Night Live host may live in LA, but Jim Carreys got a good ear for how authentic New Yorkers sound.
Case in point: this weekend on SNL he, Fred Armisen and Kirsten Wiig played in a band called Taste of New York.
In the sketch, tourists gathered at the Times Square Marriot to hear a real New York band. As the three of them — disheveled, hunched over — took the stage the crowd asked for renditions of New York, New York but instead got a depressing tune about the horrors of housing in alphabet city.
Carrey crooned in a croaking, weakened voice about junkies stealing his television, hookers making too much noise upstairs, and finding rats in baby carriages. Also, Kirsten Wiig would buy new stockings but gets arrested every time she goes into a Duane Reade. All very New York indeed.
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Real Estate Outlook: Federal Reserve Promoting Recovery
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China Stocks: Datang Telecom, Minsheng, Poly Real Estate, Vanke
The Shanghai Composite Index, which
tracks the bigger of China’s stock exchanges, fell 46.99, or 1.7
percent, to 2,791.81 at the 3 pm close. The CSI 300 Index
declined 1.9 percent to 3,108.19. Stock symbols are in
parentheses after company names.
Developers: China Vanke Co. (000002 CH), the biggest
developer, fell 1.7 percent to 8.74 yuan. Poly Real Estate Group
Co. (600048 CH), the second biggest, lost 3 percent to 13.96
yuan.
The municipality of Chongqing may impose a luxury-property
tax in the first quarter and Shanghai may introduce a tax on new
homes around the same time, the official Xinhua News Agency and
Shanghai Securities News paper said today.
The Ministry of Finance has agreed in principle to the levy
in Chongqing and will leave the southwest city to work out the
details, Xinhua said, citing unidentified sources from the local
National Peoples’ Congress meeting over the weekend. Shanghai’s
tax will apply to new homes and come into effect in the first
quarter, Securities News reported, citing unidentified officials
from the city’s government.
China Minsheng Banking Corp. (600016 CH), the nation’s
first privately owned bank, advanced 1 percent to 5.08 yuan
after saying it plans to raise about 21.5 billion yuan ($3.2
billion) in a private share sale in Shanghai. The stock resumed
trading today after being suspended on Jan. 7.
Datang Telecom Technology Co. (600198 CH), a manufacturer
of telecommunication equipment, plunged by the 10 percent daily
limit to 17.85 yuan after the company said the China Securities
Regulatory Commission rejected its plans for a private share
placement.
Guangzhou Iron and Steel Co. (600894 CH) added 2.3 percent
to 7.96 yuan after the company said it will swap its steel
assets for an elevator company. Guangzhou Steel will swap all
its steel assets for a 92 percent stake in an elevator company
owned by Guangri Group, according to a company statement to
Shanghai’s stock exchange. The stock resumed trading today after
suspension starting Nov. 8.
–Zhang Shidong. Editor: Allen Wan
To contact Bloomberg News staff for this story:
Zhang Shidong in Shanghai at +86-21-6104-3040 or
szhang5@bloomberg.net
To contact the editor responsible for this story:
Darren Boey at dboey@bloomberg.net
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Local merger creates real estate powerhouse…
SHREWSBURY, Massachusetts In a merger that is sure to have some fabulous implications in the local real estate market, two of the largest firms in Massachusetts have come together to create a simply amazing organization. RE/MAX First Choice, one of the top offices in Worcester and Middlesex County for over two decades, has announced that it is merging with RE/MAX Prestige to create a 200+ agent company, ready to continue its long tradition of service to our region.
The combined company will now have 13 offices, spanning the area from Southern New Hampshire, down the Route 495 belt through Chelmsford and Westford, out to our area to cover Marlboro, Westboro, Northboro, Southboro and of course Shrewsbury, and then westward with offices outside Springfield and into the Berkshires.
This combined venture will make up the largest single RE/MAX franchise in New England, and one of the top offices in the United States. More important than the sheer number of locations, is the fact that many of the top agents in the state will now be all under one umbrella, combined with a full service mortgage company, Prospect Mortgage, and an in house legal team designed to provide a higher level of legal services to the consumer, than was previously available.
One aspect of this merger that will be sure to make a difference right away, is the dedication of a separate short sale and REO attorney, who will take on the responsibility of handling all aspects of the negotiation process with the lenders. Its estimated that over 20% of all of the real estate transactions state-wide in the next two years will involve some type of negotiations with the lenders, and having an onsite legal team will be a huge savings in energy for sellers and agents alike.
Another major development will be the ability to bring a wide range of marketing services to the public that were simply unavailable before, along with the in house referral network of agents around the state working together to find homes for our Buyers, and Buyers for our homes. Lastly, the educational and training network will provide more insight into state of the art techniques that are breaking out in marketing departments elsewhere in the world, and just beginning to make inroads here, such as DOOH, and QR codes.
Ive never been a part of a merger before, so it was pretty exciting news for all of us here and I know we all look forward to exploring all of the exciting new things that well be able to do for our existing client base. I just finished up watching an in-house produced webinar and it was so energizing. Its amazing, but after 25 years in the business, and over 2000 transactions, even I forgot just how many new and exciting things there still are out there to learn. Under the direction of the current ownership team of Stacy Alcorn and Andy Armata Im sure well be able to come up with even more ways to provide the absolute highest level of real estate service imaginable, which, after all, is what our clients deserve.
The phone numbers and addresses remain the same of course, although the signs will change a bit. All the better, as most of my friends have been telling me for a year to change my picture on the signs!
You can always reach me directly at my Shrewsbury direct line, (508) 845-HOME lt;4663gt;, or by email at steve@shrewsbury.net
My main website, among many others, will remain, http://www.shrewsbury-massachusetts.com, and on this site you can view a new map based interface showing all homes currently for sale in town.
To get a sneak peak at current inventory in Shrewsbury, you can also go directly this this map. Shrewsbury House Listing Map
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Unemployment Still Dogging Commercial Real Estate
While the commercial real estate market in the United States has shown signs of improvement in the last year, high unemployment has continued to tamp down growth, according to a report from Integra Realty Resources (IRR) Inc.
The multifamily and lodging sectors experienced the greatest growth in 2010, IRR said in its 2011 forecast, released Jan. 10. Meanwhile, sectors with stronger ties to the employment rate–office, retail and industrial–remained constrained.
For example, IRR determined that the national office vacancy rate in central business districts had risen from 13.4 percent in 2009 to 14.6 percent in 2010, while the vacancy rate in suburban markets had climbed from 15.5 percent to 17.1 percent during that same period. In the industrial sector, the national vacancy rate was up from 10.2 percent in 2009 to 10.9 percent in 2010. The development pipeline in the sector dropped from 197.1 million square feet to 184.3 million square feet.
However, Jeffrey Rogers, president of IRR, noted that the overall economic outlook for the struggling sectors is improving.
“Economic forecasts predict that the US economy should slowly begin adding jobs towards the end of 2011, which will play a major role in real estate,” Rogers said. “While the level of growth expected is modest, we anticipate slight improvements in certain corresponding sectors, such as vacancy rates for office, industrial and retail properties in the coming year.”
In the lodging and multifamily markets, “bifurcation” in both sectors contributed to their rebounds in 2010, according to IRR. Tenants sought out top-tier properties, which helped prop up both sectors, IRR said.
Until job growth becomes more robust, the multifamily sector should continue its strong performance, IRR said. However, IRR noted that the ongoing debate among lawmakers and regulators regarding the operation of government-sponsored enterprises Fannie Mae and Freddie Mac could have a significant effect on the sector. Potential reforms to Fannie and Freddie could have a limiting effect on both the volume of transactions in the sector and property values, according to IRR.
On the capital markets front, IRR predicted that new issuances of commercial mortgage-backed securities will begin to gain steam and “play a major role in refinancing the coming maturity wave.”
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Reasons to invest in emerging market commercial real estate: Lynn
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Commercial real estate news briefs
Baylor Medical Center at Frisco is opening an urgent care facility in FieldhouseUSA, the 145,600-square-foot sports venue at 5601 Warren Parkway in Frisco.
The treatment facility will include an on-site physician and treatment rooms for use by FieldhouseUSA patrons.
FieldhouseUSA is the first phase of the 62-acre SportsVillage USA development.
The first building contains basketball, volleyball and soccer facilities along with retail and restaurant space.
Casey International Inc. and UDC Global are the developers.
Steve Brown
By STEVE BROWN, Real Estate editor
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Chinese investors ‘interested in London?s real estate’
There has been an increase in interest in Londons real estate industry from Chinese investors, it has been said.
Investors from China have started to take an interest in commercial property available in London, according to an expert.
Head of investment management at London Central Portfolio Hugh Best has said that there continues to be strong demand for London Central properties.
He stated that the popularity of property investment in London real estate is likely to be because the capitals market has long been a prime performer in a balanced investment portfolio.
Mr Best stated that this could be why investors from China are starting to take an interest.
Last month, Marsh amp; Parsons released a report, which suggested that putting money in Londons real estate was still a popular money-making step.
It revealed that 71 per cent of real estate purchases in August 2010 in the capital were made by cash buyers, implying that they have been unaffected by the problems occurring in the UKs lending market.
When compared with the national average, cash buyers only accounted for 27 per cent of property purchases in Britain during the same month.
The findings also showed that affluent areas such as Chelsea, Kensington, Westminster and Mayfair were also popular among cash buyers, as they accounted for 58 per cent of the transactions in February.
Research from Globrix.com, released earlier this week, revealed that the average property price in Chelsea, with the same postcode as the football clubs Stamford Bridge ground, was going for pound;615,039.
This shows that the value of property in the capital is far greater than other areas of the UK when compared with the average price of property in Liverpool which shares Anfields postal district being pound;88,359.
According to Mr Best, this high level of interest in Londons real estate, especially among international investors, is not likely to decline anytime soon.
He stated: The indicators show that it will long remain a key player for the globally high net worth.
Posted by Frank Tweed
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Commercial real estate outlook improving
Commercial real estate outlook improving
Panelists at DMN breakfast see positive signs in office, retail leasing
12:10 PM CST on Friday, November 12, 2010
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
North Texas commercial real estate experts expect further recovery next year and say they hope the market will be mostly righted by 2012.
The same can be said of the economy.
We made it through 2009 and are still here, DAnn Petersen, business economist with the Federal Reserve Bank of Dallas, said Friday. We are starting to see some positive signs.
Petersen predicted moderate economic growth next year for the Dallas-Fort Worth area at a breakfast meeting sponsored by The Dallas Morning News.
The commercial property business will follow the economys lead. It will lag any rebound, Petersen said.
Moody Younger, who manages Grubb amp; Ellis Co.s Dallas office, said hes already seen a great change in business.
In 2009, you could not find a deal, he said. Our revenues are twice what they were last year. In 2011, we will see a lot more.
Office tenants are more willing to step up and sign a lease, he said.
Office is leading us out of it this time, said Younger, who predicts that D-FW office occupancies will be back in shape by 2012. I think we will take off pretty fast.
If you are a developer, by the end of 2011 you need to think about building.
Petersen said jobs in the professional and business service sector have been among the fastest-growing, which will help the local office market and its 23 percent vacancy.
We are starting to see some export growth, and that will help the industrial building sector, she said.
The apartment market is considered the countrys strongest real estate industry. And Addison-based Behringer Harvard has been one of the top nationwide apartment investors over the last couple of years.
When we started buying multifamily in 2008, we would be the only bidder, Behringer Harvard president Robert Aisner said. We are now seeing a huge amount of money that believes multifamily will lead the rebound.
Aisner said his firm is looking at additional property buys.
Hotels are getting an awful lot of interest, he said. If you can buy hotels now, you assume you are at the bottom.
Total US commercial property investment last year was about $50 billion, Aisner said. Thats down from $500 billion in 2007.
Its coming back but coming back slowly this year, he said.
Herbert Weitzman, chairman and founder of Dallas-based Weitzman Group, said it will be three years on the outside before the D-FW shopping center market recovers from the recession.
North Texas has about 190 empty big box stores with more than 3 million square feet of space, he said. But the overall vacancy rate is still significantly less than it was in the late 1980s downturn.
We think we are stabilized, and retail sales are getting better, Weitzman said. If you are creative and stay in business long enough, there will be some great opportunities.
With retail construction at a virtual standstill, merchants are slowly filling up empty space even sites that might have once been passed over. We are filling up centers today that we couldnt fill up in better times, he said.
Most of the retailers that have made it through the down economy will survive, Weitzman said.
We have bottomed out thats the good news.
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John Daugherty, Realtors, Houston Real Estate Agency, Adds Smartphone …
Houston, TX (PRWEB) November 12, 2010
John Daugherty, Realtors, has become the first Houston real estate company to incorporate a powerful new mobile technology called Microsoft Tag on yard signs. The Tag technology was developed by Microsoft and is free of charge.
The Tag Reader app can be downloaded from http://gettag.mobi to mobile phones, such as Windows Phone, iPhone, BlackBerry, and Android-based Internet-capable mobile phones that include a camera. Once downloaded, with just a quick scan from a smartphone, buyers will have instant access to property description, price and photos along with local information such as maps, schools, nearby restaurants with ratings and shopping.
Technology is changing our business every day. Its critical for the real estate industry, as well as any other, to be on the forefront of technology, said Darren Moore, Web Marketing / IT Manager of John Daugherty, Realtors. We have to learn to sell real estate today the way the buyer wants it. Not the way we want to sell it to them, said Moore.
According to Tech Crunch, Overall smartphone ownership continues to march upward, with 42.7 million of US consumers reporting they had a smartphone in January 2010 and 55.7 million in August 2010. That is a 23 percent increase in smartphone ownership in 8 months. Gartner is the worlds leading information technology research and advisory company. They predict by 2013, mobile phones will overtake PCs as the most common Web access device worldwide.
Its very clear where this trend is going; that this is just the tip of the iceberg and we are going to be a big part of it, said John A. Daugherty, Jr., president of John Daugherty, Realtors. We are committed to constantly seeking innovative ways to use technology and marketing to serve home buyers and sellers, added Daugherty.
Daugherty will reference the Microsoft Tag in marketing campaigns as THE TAG. THE TAG will also be used in print media advertising campaigns to drive consumers to the website.
About John Daugherty, Realtors
John A. Daugherty, Jr., a fourth-generation Houstonian, founded John Daugherty, Realtors on March 8, 1967 and has served as its president and CEO ever since. In 2009, the firm reached $9.75 billion in total property sales since the millennium (2000). John Daugherty, Realtors is the largest seller of upscale residential homes for the Houston real estate area, currently employing 170 real estate agents and 54 support-staff members
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