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Month: June 2019

Ryan Marshall Pulte Group

The CEO of one of the largest US homebuilders perfectly summed up the housing market

Ryan Marshall

US real estate is so large and complex that it can sometimes be hard to get a good view of the health of the market. Between the boatload of data and the nearly 70 million single-family homes, it s rare to get a full picture of the state of the housing market. Rya上海同城对对碰交友社区 上海夜网论坛n Marshall, CEO of the homebuilder Pulte Group, however, laid out the state of the US housing market in one succinct quote.

With US new home sales for 2016 on track to grow in excess of 10 percent over last year, we believe housing demand remains on a sustained path of recovery fueled by ongoing job creation, low unemployment, a supportive interest rate environment, and a limited inventory of homes, Marshall said in a press release announcing Pulte Group s third-quarter earnings.

Let s break that down a bit.

Marshall is correct that new home sales are on track to grow by over 10 percent this year. In fact, single-family home sales grew over 20 percent for June, July, and August compared with the same months in 2015.

To Marshall s job creation point, what may be even more important than an unemployment rate hovering at or below 5 percent is that wage growth and pay raises are starting to come through for American workers. This even showed up for Pulte Group, which saw new orders increase 17 percnet in the third quarter — much higher than the 11.2 percent expected by analysts. Thus, 上海龙凤论坛 新上海贵族宝贝论坛with a tight labor marke[……]

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Top Leasing Brokers NYC

A ranking of the commercial brokers who clinched the most deals in a healthy but far from stellar market

From left: Office space on the 50th floor of Silverstein Properties’ Four World Trade Center, Tara Stacom, Bruce Mosler, Howard Fiddle and Mary Ann Tighe

Mega-office tenants often initiate a hunt for new space even if they plan to stay put. It’s an age-old strategy to gain leverage when it comes time to negotiate a new lease.

But that wasn’t the case for McGraw-Hill, which seriously considered relocating some of its offices across the Hudson River before renewing its 900,000-square-foot lease early at 55 Water Street in March 2016.

CBRE heavyweights Ken Meyerson and Paul Myers had spent two years working with the publishing and financial-information giant trying to figure out what to do when its lease expired in 2020 at the Lower Manhattan building.

The company — which owns Standard Poor’s Ratings Services and was in the process of rebranding itself as S P Global — was considering giving up its anchor space and splitting its footprint between a New Jersey back office and another building in the city.

But the company locked in a deal that will give it a renovated office years earlier than if it had relocated.

“I think they were looking forward to rebranding and getting on with their lives,” said CBRE’s Howard Fiddle, who along with fellow CBRE power broker Mary Ann Tighe represented the building’s owner, the pension fund Retirement Systems of Alabama.

The deal — the largest Manha[……]

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One57 Foreclosure

Foreclosure auction back on for One57 pad The Nigerian businessman’s penthouse will hit the block n上海夜网 阿爱上海同城ext month

Kola Aluko and One57 (Credit: Twitter and One57)

The luxury penthouse unit at Extell Development s One57 that belongs to Nigerian billionaire Kola Aluko is once again slated for auction.

The Nigerian billionaire, who is 爱上海 爱上海同城手机版being investigated for money laundering in Nigeria and Europe, defaulted on a $35.3 million 爱上海 爱上海同城手机版mortgage he took on the 79th-floor condominium in 2015.  His lenders moved to foreclose on it, but those plans were put on hold. It was listed last month for $39 million almost $13 million less than what Aluko paid for it in 2014.

But the auc上海千花网论坛 上海千花网tion is now back on, and set for Nov. 8, Mark McKew, the 上海千花网龙凤论坛 上海千花社区lawyer appointed to handle the sale, told Bloomberg.

The 6,240-square-foot unit has four bedrooms and four-and-a-half baths. [Bloomberg] Miriam Hall

Tags: foreclosures, NYC Luxury Market, one57, Residential Real Estate
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NYC Affordable Housing

Why developers can t find tenants for certain affordable apartments Higher earners don’t realize they are eligible

535 Carlton Avenue in Brooklyn and 855 Sixth Avenue

In a city grappling with an affordability crisis, thousands of hopeful tenants apply for a limited number of subsidized apartments. But some developers are having trouble finding tenants to fill these spots, specifically those reserved for higher-income residents.

A particularly hard slot to fill is reserved for people who earn 130 percent of the area median income (AMI) or higher — which in New York City is $86,840 for an individual. According to some, the problem lies in both the marketing of these unit上海贵族宝贝论坛 上海贵族宝贝s and how the city handles awarding these apartments.

It has to be targeted in a different way, said Jordan Barowitz, vic阿拉爱上海同城 爱上海龙凤419桑拿e president of public affairs at the Durst Organization. This population doesn t see themselves as qualified for subsidized housing.

And more units seeking higher-income tenants could be on the way. Under the new 421a, dubbed Affordable New York, some developers have the option to set aside up to 30 percent of units for tenants making 130 percent AMI.

The Durst Organization s EŌS, a 375-unit rental building at West 31st Street and Sixth Avenue, has 19 apartments set aside for tenants that fall in that higher-income bracket. The lottery for those units is set to launch in the coming weeks, but Barowitz said he doesn t expect much trouble finding applicants since there aren t that[……]

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Commercial Real Estate Bubble

How to leave a job: Ye爱上海龙凤419桑拿 上海龙凤论坛sh1fllen bans a bank s growt爱上海同城手机版 新爱上海同城对对碰论坛h, warns of commercial RE prices *drops mic*

Janet Yellen. (Credit from left: japrea/Flickr, Pixabay)

On Saturday, Federal Reserve Chair Janet Yellen was succeeded by Republican and Fed governor Jerome Powell, President Trump s pick for the role, but that doesn t mean she s stopped making headlines. In fact, her last day was one for the books.

In a final interview taped Friday aired Sunday, Yellen contemplated whether the American commercial real estate market was in a bubble.

The market s prices are “quite high relative to rents,” she s上海千花社区 上海千花网交友aid in the interview which aired on CBS’s “Sunday Morning” show. “Now, is that a bubble or is it too high? she said to CBS. It’s very hard to tell. But it is a source of some concern that asset valuations are so high.”

Then, as her last act as chair, she slapped a ban on Wells Fargo late Friday after markets closed, according to Bloomberg.

The bank is now unable to grow its assets past its 2017 levels without the Fed s permission until it has addres阿爱上海同城 阿拉爱上海同城sed internal oversights including meeting compliance standards and addressing long-standing customer abuses. The 新上海贵族宝贝论坛 上海贵族宝贝交流区unprecedented ban left analysts in shock, though the Fed says it had been in the pipeline for awhile.

“This is akin to the last scene in ‘The Godfather,”’ said Compass Point Research Trading s Isaac Boltansky to Bloomberg. “Chair Yellen decided to handle unfinished business on her way out the door.”

Yellen[……]

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Nile Niami

Nile Niami’s $500M Bel Air mansion will be marketed to ‘normal dudes’ Called The One, the hilltop estate has jellyfish tank ceilings and上海千花网 爱上海同城对对碰 much more

Nile Niami (Credit: Pexels, Youtube)

Mega-mansion developer Nile Niami dished on his latest palace of excess — the $500 million Bel Air mansion he calls The One. It is expected to hit the market later this year, for regular guys, he said, who happen to be billionaires.

Niami provided a guided tour around the fabulous 100,000-square-foot hilltop estate, which i上海千花网 爱上海同城对对碰s by far his most ambitious project yet, the Guardian reported. It dwarfs his most recent completed project, the 20,500-square-foot Opus mansion in Beverly Hills that made headlines last year for its racy promotional video.

The One drips with over-the-top luxury and a sleek design sense Niami called “badass” to entice his usual billionaire male clientele, who he called normal dudes [who are] down to earth.

I want to look bitchin and cool but they don t care, they arrive in a Prius, he said.

Its grounds include a nightclub, 40-seat movie theater, bowling alley, four infinity pools (including its infinity moat), and a room with walls and ceilings made out of jellyfish tanks. W上海夜网 阿爱上海同城ith 20 bedrooms, it’s essentially a personal boutique hotel for whoever can afford the coin.

Beyond tha上海龙凤论坛 新上海贵族宝贝论坛t, there’s an intangible value a buyer gets when he buys one of his h爱上海同城论坛 爱上海同城omes, Niami said.

“Anyone who buys one of my homes is making a statement about who they are,” he said. “These[……]

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Google Maps

Agents will have to really start paying for Google Maps The company announced a 1400 percent price hike to the sevice

(Credit: Google Maps)

Residential agents who use Google Maps on their websites and to bolster their listings are bracin爱上海龙凤419桑拿 上海龙凤论坛sh1fg for an unprecedented price increase to the service.

The Google Maps application programming interface, or API, allows agents and brokers to embed maps into listings on their sites, which gives interested buyers a view of the surrounding neighborhoods. Now, Google says it will impose a 1400 percent price hike for the embedding servic上海贵族宝贝 上海千花网龙凤论坛e, according to GeoAwesomeness, a geospatial technology blog.

Users were previously given 25,000 free hits to pages featuring the map爱上海同城论坛 爱上海同城s serv爱上海同城 爱上海ice per day, but will now be forced to pay $200 per 28,000 page views a month. The API will be unusable without attached credit card information.

While Google said it would offer the first month free, the imposed fee could force firms to lean on alternatives, including maps services provided by Bing, Apple Maps or OpenStreetMap.

Morgan Carey, chief executive of Real Estate Webmasters, a company that makes websites for real estate firms, said that for one of his clients with over 1,000 agents, the price hike could impose a $5,600 fee.

“Let’s say you get a listing o上海千花网龙凤论坛 上海千花社区f the Playboy Mansion or something. If it’s all over the news, that could be millions of hits,” Carey said, according to InMan. [InMan]  David Jeans

Tags: maps, Residential Real Estat[……]

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Compass

Compass pulls plug on days-old tech licensing agreement Agents expressed concern about giving away tech to rivals

Compass CEO Robert Reffkin

Amid broker backlash, Compass is pulling the plug on its first licensing deal上海贵族宝贝交流区 上海贵族宝贝论坛 with a Massachusetts brokerage that was paying to use its technology.

The decision to end the short-l上海贵族宝贝 上海千花网龙凤论坛ived agreement with the firm, Leading Edge Real Estate, was made after Compass agents became worried the firm was giving away its technology. Leading Edge managers informed agents of the decision earlier this week in an email, Inman reported.

Compass announced the Powered by Compass initiative last week, the latest stage of its ambitious expansion plan that so far has included aggressive hiring and acquisitions. The deal gave Leading Edge, a 200-ag阿爱上海同城 阿拉爱上海同城ent firm with offices in and around Boston, access to Compass marketing, data and analytics tools.

The deal s collapse calls into question the future of Powered by Compass, which is part of the firm s ambitious expansion plan. Compass is valued at $2.2 billion after a $450 million investment by SoftBank s Vision Fund in December.

In a statement on Friday, Compass confirmed the deal was off. Compass has decided to terminate our agreement with Leading Edge, the firm said in a statement. However, since the Powered by Compass announcement we have received interest from over 30 brokerages where there s no geographic overlap with our current offices.

Leading Edge CEO Linda O Koniewsk上海千花网交友 上海千花网论坛i was tight-lip[……]

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Concierge Auctions

Concierge Auctions facing accusations of fraudulent bids Lawsuits accuse luxury RE company of using fake bidders to juice home prices

Concierge Auctions founder Laura Brady (Credit: iStock and Twitter)

Concierge Auctions, the market leader in luxury real estate auctions, has faced accusations that it manipulates bids to juice up its business.

Since 2014, the company has been a defendant in 10 lawsuits, half of which accused Concierge of using some type of fake bidder to increase the price of homes or to make sellers think there was more interest in their properties than there really was, according to a review of suits on Courthouse News by the Wall Street Journal.

In one suit, Joanne Brown accused the company of not telling her about the two lowest bids for her apartment in Telluride, Colo., which were around $2 million and $3 million. This gave her a false impression of how much the property would sell for—executives advised her that it could go for between $10 million and $14 million, but the winning bid was for about $7 million (Brown later paid to settle the case, and the suit was dismissed). Half of the lawsuits filed against Concierge accuse the firm of not disclosing registered bidders who had proffered lowball bids or using some type of shill bidder to convince clients to work with them.

Concierge denied all the lawsuits’ allegations, saying many were dismissed, and added that four of the suits led to pay爱上海 爱上海同城手机版ments to Concierge. Four lawsuits are still ongoing.

“Concierge A[……]

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