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Category Archives: Real Estate Market
Australia’s second-largest city Melbourne will have the tallest building in the southern hemisphere after approval Monday for a 388-metre apartment and hotel complex. The Victorian state government said Australia 108 would become the world’s 19th tallest building and would be “an outstanding addition to Melbourne’s skyline”.
Deutsche Bank AG closed a $2.075 billion syndicated loan to facilitate Blackstone Group LP’s REO to rental program yesterday. Blackstone, which manages the largest real estate private-equity fund, expanded a credit line to buy single-family homes from $600 million to $2.075 billion, an unidentified source told Bloomberg. Originally, the firm had been trying to increase the loan to $1.2 billion.
There have been numerous signs of a general recovery in the housing market after the significant downturn of a few years ago, but data suggests that a full recuperation is now underway and should continue throughout the year. There should be an appreciable improvement in property values across the top 100 metro areas nationwide in the 12-month period ending Dec. 1, 2013, according to new data from Veros Real Estate Solutions.
NEW JERSEY—Colliers International New Jersey has named 17-year industry veteran Thomas Romano executive managing director to head the company’s Princeton’s office. Prior to joining Colliers International, Romano was a managing principal at Newmark Grubb Knight Frank’s Princeton office. Previously he was a partner in the firm Buschman Partners and GVA Williams Buschman.
New York—A joint venture comprised of Centurion Realty, Imperium Capital and Crown Acquisitions has purchased 120 Prince Street for $20 million. Located between Wooster and Canal Street, 120 Prince Street totals 1,750 sq. ft. of ground-floor retail space and 1,750 sq. ft. of residential space on its second floor.
“Fun for Kids,” “Fun and Hip,” and “Most People Use Public Transportation,” in that order, are the most popular attributes selected in a search tool launched last year by real estate technology firm Robot Workshop, the company announced.
Foreclosures have increased 14% between the second and third quarter of 2011, following five straight quarters where the number of foreclosures has gone down. This increase could dampen the recovery of the American housing market and harm economic recovery for cities where foreclosures rose significantly. Based on data recently released by RealtyTrac, 24/7 Wall St. has identified the 10 metropolitan regions where foreclosures increased by more than 30%.
The whirlwind of technological innovation and change increasingly complicates spending decisions for real estate businesses of any size. With so many emerging and competing technologies, it’s a constant challenge to decide which may offer the greatest return on investment, which ones will have staying power, and which untested technologies are worth a try. There are many opportunities to spend money on technologies that are not the right fit for the business, and technology can become a black hole for a company’s budget, whether it is developing the technology in-house, or contracting out for custom or off-the-shelf tools and services.
For the third consecutive month, the Obama administration’s signature housing help plan posted the lowest numbers of preliminary mortgage modifications since the program’s start in the spring of 2009. Just 13,000 homeowners received initial mortgage modifications from the Home Affordable Modification Program in August, down from 14,000 in July and 15,000 in June, already the fewest since April 2009.
A brush with fame — or infamy — may have its place, but apparently it doesn’t gain much in the way of real estate currency. The price of the 6,800-square-foot Tribeca townhouse rented by former IMF head Dominique Strauss-Kahn for the duration of his state-mandated stay in New York year just dropped from $13.995 million to $12.5 million — about an 11 percent cut. Tenant Strauss-Kahn pretty much made a mad dash for the border once the charges against him of sexually assaulting a maid were dropped, returning the Franklin Street unit to the market either as a rental for $50,000 a month or a purchase.