tag:blogger.com,1999:blog-69215638108601558692024-03-14T00:39:48.597-07:00Latest Reality NewsWe provide latest news about real estate all over the worldMarg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.comBlogger273125tag:blogger.com,1999:blog-6921563810860155869.post-56254645509250841292013-02-13T22:51:00.000-08:002013-02-13T22:51:15.112-08:00Pine Township real estate tax rate to drop in 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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Pine Township's real estate property tax rate — the lowest in Allegheny County for 2012 — is going down for 2013.</div>
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Pine supervisors voted Feb. 5 to reduce the rate from 1.2 to .998 of a mill, which computes to a $282 tax bill — down from $339 in 2012 — for a home valued at $282,150, the median price of a home in Pine, according to Allegheny County records.</div>
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The supervisors also voted to collect 5 percent more in total real estate tax revenue in 2013, than they collected in 2012.</div>
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By state law, that's the maximum extra revenue a municipality may collect because of increases in the appraised values of properties within a municipally.</div>
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All Allegheny County properties were reassessed in 2012, but many property owners appealed their reassessments. As a result municipal officials still don't know the exact, total value of their real estate, pending the outcome of appeals.</div>
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Supervisors also approved 16 local roads for resurfacing and storm-sewer improvements this year.</div>
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“Most likely, not all roads on the list will be paved,” said Scott Anderson, assistant township manager. “We will not have the final list until the project is bid, and the board of supervisors awards the contract, which is scheduled for April 15.”</div>
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<b>In other business:</b></div>
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• Pine supervisors turned down Joseph B. Fay Co.'s latest application — filed Jan. 7 — for a grading permit at Wexford Farms. The permit would allow the Frazer Township contractor to continue dumping dirt and road project debris at Wexford Farms.</div>
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The supervisors issued their decision to comply with the Pennsylvania Uniform Construction Code, which requires a decision on permit applications within 30 days.</div>
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Deborah Deasy is a staff writer for Trib Total Media. She can be reached at 724-772-6369 or ddeasy@tribweb.com.</div>
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Original post @ http://triblive.com/neighborhoods/yournorthhills/yournorthhillsmore/3444943-74/drive-cul-pine#axzz2Kr0NSftC</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-89162882918742818962013-02-11T23:26:00.000-08:002013-02-11T23:26:59.327-08:00Real Estate Market Trends: Prices Continue to Strengthen <div dir="ltr" style="text-align: left;" trbidi="on">
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U.S. home prices posted strong gains in the fourth quarter of 2012, yet conditions remain highly affordable. Learn more about this and other real estate market trends.</div>
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Despite a 10 percent increase in U.S. home prices in the fourth quarter of 2012, housing remains highly affordable, according to the latest real estate market trends reported today by the National Association of Realtors.</div>
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The median price for an existing single-family home rose from $162,000 to $178,900 in the fourth quarter of 2012, the biggest year-over-year price increase since the fourth quarter of 2005, the association reported. Increases were seen across most of the 152 metropolitan areas tracked by the report, indicating real estate market trends are improving across most of the United States.</div>
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While 19 of the metropolitan areas (22 percent) experienced declines in home values – based on closing prices in the fourth quarter of 2012 compared to the same period in 2011 – 133 markets (88 percent) saw increases. In comparison, less than 30 of the markets posted gains in 2011.</div>
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The price increases are fueled by a number of real estate market trends, according to Lawrence Yun, chief economist for the association. “Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” he said.</div>
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Pent-up demand, an improving job market, relatively affordable buying conditions and rising rents are also increasing demand for homes, Yun said. New home construction would help relieve some of the pressure on prices, Yun said. “Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play.”</div>
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Inventory of existing homes available for sale stood at 1.82 million at the end of 2012, a drop of 21.6 percent compared to inventory at the end of 2011, the association reported. At the same time, housing affordability – the relationship between medium home price, median family income and average mortgage rates – rose to record highs. The association’s Housing Affordability hit a record high of 193.5 in 2012 up from 186.4 last year. According to Yun, affordability is expected to remain near record levels through 2013, despite rising prices. </div>
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In other real estate market trends, existing home sales rose 5 percent in the fourth quarter to a seasonally adjusted annual rate of 4.9 million. That’s 12 percent higher than the 4.37 million pace for the fourth quarter of 2011.</div>
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For the original post visit: http://www.millionairecorner.com/article/real-estate-market-trends-prices-continue-strengthen
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-8029526753880988642013-02-07T22:30:00.003-08:002013-02-07T22:30:41.888-08:002012 Easton Real Estate Values Rose By Over $4 Million<div dir="ltr" style="text-align: left;" trbidi="on">
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<tr><td class="tr-caption" style="text-align: center;"><span class="media-caption" style="border: 0px; color: #5f5f50; font-family: Arial, sans-serif; line-height: 19px; margin: 0px; padding: 0px; text-align: left; vertical-align: baseline;">The Connecticut Golf Club is Easton's second highest-valued property at $5,409,830.</span><span style="background-color: #f5f5ed; color: #5f5f50; font-family: Arial, sans-serif; line-height: 19px; text-align: left;"> </span><span class="media-credit" style="border: 0px; color: #5f5f50; font-family: Arial, sans-serif; line-height: 19px; margin: 0px; padding: 0px; text-align: left; vertical-align: baseline;">Photo Credit: <em style="border: 0px; font-weight: bold; margin: 0px; padding: 0px; vertical-align: baseline;">Ken Liebeskind</em></span></td></tr>
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EASTON, Conn. – Real estate values rose in Easton by more than $4 million dollars while motor vehicles dipped $1 million and personal property rose a half million, according to recently released grand list figures from the tax assessor’s office.</div>
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The total of all three figures was $1,318,952,257 in taxable property, an increase of $4,120,414 from 2011.</div>
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The Aquarion Water Co. of Connecticut had the highest valued real estate at $34,632,670, followed by the Connecticut Golf Club at $5,409,830.</div>
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The top residential listings were Salvatore and Marie Gilbertie’s properties at 65 Adams Road at $2,069,550, Mark and Antoinette Greenspan’s home at 144 Morehouse Road at $1,937,410 and Asif Malik’s properties at 119 Judd Road and 82 Rock House Road, valued at $1,729,360.</div>
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Easton’s motor vehicles totaled $74,052,690, dropping $1,102,970 from $75,155,660 in 2011.</div>
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Personal property values rose to $14,512,921 from $13,969,787.</div>
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For the original post visit: http://weston.dailyvoice.com/politics/2012-easton-real-estate-values-rose-over-4-million
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-50804075417890068072013-02-07T02:38:00.001-08:002013-02-07T02:38:46.497-08:00Commercial real estate market to remain strong in 2013<div dir="ltr" style="text-align: left;" trbidi="on">
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Report projects continued gains in industrial, retail and office space</div>
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Saskatoon's housing market has seen a lot of growth in the last few years, and commercial real estate is keeping pace.</div>
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Colliers International, a commercial real estate firm with offices in 61 countries, released a report projecting that gains made in the sector in 2012 will continue through 2013.</div>
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Tom McClocklin the managing director of the company's Saskatchewan branch, confirmed 2012 was a strong year.</div>
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"We had over 700,000 sq. ft. of new industrial space added, we had over 200,000 square feet of new office tenants come into the market and incredible demand for retail space," he said.</div>
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McClocklin said the overall strength of the economy will continue to fuel growth through the next year.</div>
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The only clouds he could see on the horizon was the potential for a softening in commodity prices to put a drag on growth.</div>
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He also noted that over the long term, the availability of land and rising construction costs could present challenges to maintaining the pace of growth.</div>
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blevy@rawlco.com</div>
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Follow on Twitter: @BrynLevy</div>
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For the original post visit: http://ckom.com/story/commercial-real-estate-market-remain-strong-2013/95364</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-66854808096076782062013-02-06T00:41:00.002-08:002013-02-06T00:41:47.575-08:00Supply-demand mismatches in Asian real estate<div dir="ltr" style="text-align: left;" trbidi="on">
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As interest rates remain at historic lows in Singapore, Hong Kong and Japan for property-related borrowing, the combination of that cheap funding cost along with rising rentals is making it possible once again to derive a positive return from borrowing money and receiving a healthier rental yield.</div>
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Hong Kong and Singapore property is back close to the real price levels seen in early 1997, though affordability ratios are now better, simply because interest rates are so low. Paul Guest, the Singapore-based head of investment research and strategy at LaSalle Investment, says: “Our aim is to stay one step ahead of core capital as their risk aversion eases and such investors of core capital start to move higher up the risk curve, for example, into B+ grade property from A grade. One way to stay ahead might for us be achieved by refurbishing or repositioning a lower quality building for example.”</div>
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Guest also elaborated on the areas in property investment in Asia where he currently perceives the mismatch of real estate supply and demand is causing unanticipated anomalies, that are affecting pricing either positively or negatively, depending on whether the supply or demand side of the equation is in the ascendency.</div>
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<b>China tier 2 cities</b></div>
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There is currently an increase in Grade A supply as a number of cities are building a modern central business district for the first time. When this happened in Beijing, as the capital city developed new office premises that was up to international standards, ultimately it was domestic companies took up the excess Grade A stock. For the mismatch in other cities to be taken up, domestic firms may have to perform a similar role.</div>
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<b>Singapore offices</b></div>
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There has been a lot of office supply in recent years, and with that, the anticipation of falling rents. However, unexpectedly, there was a take-up of space by non-traditional CBD tenants, such as film and toy companies and social media firms. Given that absorption of space, the predicted fall in rents did not happen.</div>
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<b>Seoul and Tokyo offices</b></div>
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Despite double digit vacancy rates in Tokyo and Seoul office space, there has been a strong supple of new Grade A office property, and that is expected to weigh on rents making them poor performers in Asian property.
Author: Simon Osborne</div>
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For the original post visit: http://www.ipe.com/asia/supply-demand-mismatches-in-asian-real-estate_49895.php#.URIXfiLQvIU
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-45984214286899118212013-02-05T01:37:00.001-08:002013-02-05T01:37:09.280-08:00Commercial real estate loan prices up in 2012, study says<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span>Prices for CRE loan sold through DebtX grew strongly in 2012, but closed the year flat. </span></b> </div>
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Prices for commercial real estate loans (CRE) sold through DebtX grew in 2012, but closed the year flat, according to the Boston-based marketplace for loans.</div>
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Last year, prices for impaired performing loans rose 9.1 percentage points and prices for non-=performing loans rose 11.5 percentage points, making 2012 a very strong year in the CRE secondary loan market, DebtX said.</div>
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For December, DebtX Data reported the estimated price of whole loans securing the commercial mortgage-backed securities (CMBS) universe fell to 89 percent, off from 89.4 percent on November 30. Loan values closed the year at 86.1 percent, the survey said.</div>
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The weighted average monthly price of impaired performing loans sold through DebtX’s marketplace remained unchanged at 80.5 percent in December. Prices were 71.3 percent in December 2011.</div>
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Among non-performing loan prices, the weighted average monthly price was 52.6 percent in December, up from 52.2 percent in November 2012. Prices were 41.1 percent in December 2011.</div>
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The company’s Loan Liquidity Index, a monthly barometer of liquidity for pools of loans sold at DebtX, was 108.2 in December, down from 108.4 in November. The Index was 94.9 in December 2011.</div>
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For the original post visit: http://www.bizjournals.com/boston/real_estate/2013/02/commercial-real-estate-loan-prices-up.html</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-91718317118176658702013-02-04T02:13:00.002-08:002013-02-04T02:13:59.825-08:00Real estate sector outlook reviewed<div dir="ltr" style="text-align: left;" trbidi="on">
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MANAMA: Capital Club Bahrain launched the first of its 2013 Business Forum series with an in-depth look at real estate investment in the Middle East.</div>
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Sponsored by Naseej, three of Bahrain's influential industry experts examined the 2012 real estate market in Bahrain and the region, and highlighted market opportunities and challenges and shed light on how to boost market growth.</div>
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The panel consisted of industry heavyweights Naseej chief executive Christopher Sims, Frank Knight Middle East chief executive Don Bradley and Bahrain Bay chief executive Robert Lee.</div>
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The general consensus of the panel was a shared optimism about the real estate climate in Bahrain for the coming year, despite an urgency to develop longer-term vision of projects, with the appropriate approvals and measures in place to safeguard stakeholders.</div>
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Market research and auditing is key in assessing successes and failures to avoid repeating mistakes and ensuring investors enter the market in a cautious and educated manner.</div>
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Capital Club's Business Forum series will take place on a monthly basis, focusing on topics that affect the business community at large. The next event will focus on the region's oil and gas industry.</div>
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For the original post visit: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=346747</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-4663160018222799252013-02-01T21:44:00.002-08:002013-02-01T21:44:31.543-08:00GSIS eyes real estate<div dir="ltr" style="text-align: left;" trbidi="on">
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Pension fund manager Government Service Insurance System said it will be more active in the real estate industry this year as a way of generating more income.</div>
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“We are looking at the possibility of building government buildings that may take on other government agencies as tenants to generate investment income. We already received interests from other government agencies that are currently occupying old buildings,” GSIS president and general manager Robert Vergara said in a media briefing Friday.</div>
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“But that is not easy because it takes approximately 18 months to get the buildings ready…. However, that is something that we are planning to do as a way to generate income from our assets,” Vergara said.</div>
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Vergara also said another option being studied by the agency was to invest in international investment markets.</div>
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For the original post visit: http://manilastandardtoday.com/2013/02/02/gsis-eyes-real-estate/</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-33861398050880859972013-01-31T21:51:00.000-08:002013-01-31T21:51:33.298-08:00Real Estate Losses Weigh On Santander<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #666666; font-family: arial, helvetica, sans-serif; font-size: 11px; line-height: 13.983333587646484px; text-align: left;">Emilio Botin, chairman of Banco Santander.</span></div>
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LONDON – Banco Santander, the largest bank in the euro zone, reported an increase in fourth-quarter net profit on Thursday even as it continued to set aside billions of euros to cover loan losses in its domestic Spanish market.</div>
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Santander, based in Madrid, said net income rose to 401 million euros ($544 million) in the three months ended Dec. 31. The bank posted a net income of 47 million euros in the period a year earlier, when it set aside 1.8 billion euros to offset exposure to Spain’s troubled real estate market.</div>
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Net profit for 2012, however, plunged 59 percent, to 2.2 billion, compared with the year-earlier period, as Santander was required to make provisions of billions of euros because of an increase in faulty real estate loans.</div>
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In total, Santander set aside 18.8 billion euros in 2012 to cover delinquent mortgages in Spain and an increase in other troubled loans across its businesses, particularly in struggling European markets.</div>
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While the bank now generates half of its earnings in Latin America’s emerging economies, a slowdown in Brazil and Mexico, combined with financial troubles in Europe, weighed on Santander’s earnings last year.</div>
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The bank’s management said it hoped the worst of the financial crisis was now behind it.</div>
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“In 2013, with the exceptional write-offs behind us, we should see a marked recovery in results,” Santander’s chairman, Emilio Botín, said in a statement.</div>
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Shares in Santander fell 2.3 percent in morning trading in Madrid on Thursday after the bank’s fourth-quarter earnings fell below analysts’ expectations.</div>
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The bank’s stock price has rallied more than 50 percent since July, after European policy makers gave renewed support to the struggling euro zone.</div>
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Despite growing confidence that the euro zone will survive its financial troubles, Spanish banks will continue to be hampered by weak domestic growth and potential further provisions to cover faulty loans, according to Citigroup analysts.</div>
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Since the beginning of the financial crisis, Santander has been shifting its focus away from its domestic market in search of growth. Yet as Europe’s debt troubles have continued to affect global markets, some of Santander’s new markets, particularly in Latin America, have also suffered.</div>
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Last year, Santander’s net income for its combined Latin American unit, excluding certain provisions, fell 8 percent, to 4.3 billion euros, compared with 2011, while its British operations reported an 11 percent drop in profit before provisions, to 1.1 billion euros. Santander raised $4.2 billion in September, after a dual listing of its Mexican subsidiary in New York and Mexico to increase its own cash reserves.</div>
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In Spain, Santander said it had cut its net exposure to the domestic real estate market by half last year, to 12.5 billion euros, after it sold almost 34,000 properties owned by the bank and real estate developers. The turnaround is likely to take some time. The bank’s ratio of delinquent loans in Spain rose 1.25 percentage points, to 6.74 percent, compared with 2011.</div>
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Santander also said deposits in its domestic market now exceeded loans, as the bank reduced lending to cash-strapped Spaniards. In December, the bank had announced that it would absorb Banesto, its main domestic subsidiary, as part of its plans to close 15 percent of its retail network in the southern European country.</div>
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The cutback in domestic lending comes despite a huge influx of cheap money from the European Central Bank at the end of 2011 aimed at easing institutions’ ability to raise money in the financial markets.</div>
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European policy makers had hoped that firms would inject the cash into domestic economies to stimulate growth. Many banks have instead hoarded the money in case Europe’s debt crisis further hurts their operations.</div>
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As fears over Europe’s future have waned, many of Europe’s largest banks have been able to tap wholesale markets for new financing. The European Central Bank said last week that 278 banks would now return a combined 137 billion euros of short-term loans to the European Central Bank.</div>
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On Thursday, Santander confirmed that it had returned 24 billion euros to the European Central Bank, adding that it still had 11 billion euros of outstanding loans from the agency.</div>
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By the end of last year, Santander said its core Tier 1 capital ratio, a measure of a bank’s ability to weather financial shocks, had increased to 10.3 percent, which is above targets set by regulators.</div>
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For the original post visit: http://dealbook.nytimes.com/2013/01/31/santanders-profit-hit-by-real-estate-concerns/</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-75786145595584120442013-01-30T23:04:00.000-08:002013-01-30T23:04:14.047-08:00Boosting Real Estate Industry Growth<div dir="ltr" style="text-align: left;" trbidi="on">
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The Philippines is experiencing a boom in the real estate market. The growth movers of the industry are funds sent home by Overseas Filipino Workers (OFWs) and the robust Business Process Outsourcing (BPO) industry. The real estate sector registered growth of 18.8 percent in the third quarter of 2012, making it the country’s fastest-growing industry.</div>
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BPO companies are fueling the demand for office space, said United States of America global property manager CBRE Global Corporate Services, noting that 80% of transactions in 2012 were made by BPOs. The trend is expected to continue in 2013 with the continued growth of offshore outsourcing and the call center industry.</div>
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Since 2006, the CBRE reported, over 50 percent of office space leased in the country has been taken up by BPO companies. Multinational companies are moving to the Philippines because of its excellent pool and low cost of skilled labor. CBRE projects that developers will also focus on the mid-income residential market in 2013, reflecting the demand from the growing population of young professionals and their families.</div>
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Another USA global property manager, Jones Lang LaSalle, said that more Filipinos are becoming homeowners because of low interest rates and affordable financing conditions. A big number of OFWs invest their money in real estate. CBRE and Jones Lang LaSalle, both international companies that do business in the Philippines, are optimistic that the country will get an upgrade to investment rating in the next six months to further boost the economy and the property market.</div>
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We congratulate the Jones Lang LaSalle International headed by Director David T. Leechiu and CBRE Philippines Chairman Rick M. Santos, all the best and success in all their endeavors. CONGRATULATIONS AND MABUHAY!</div>
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For the original post visit: http://www.mb.com.ph/articles/391816/boosting-real-estate-industry-growth#.UQoXtJEWbDs</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-78070481556763807302013-01-29T21:25:00.001-08:002013-01-29T21:25:51.543-08:00Seattle commercial real estate market stays hot<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIUIJ-5Zbl-tVTIL4lXrmpoFTJ8t5hLZUU6Aid4CijmMwaWHEwMke1LrlU2vbiqFRg9kmPhYMyhx-wOi2jNT9gL_vYnNpXxIkSRAR6DdTWvs40W0bkPa40Kko1kXjcmzcBXT9QHjAqcu0/s1600/Downtown_Seattle_Skyline_550x309.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;" title="Seattle commercial real estate market stays hot"><img alt="Seattle commercial real estate market stays hot" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIUIJ-5Zbl-tVTIL4lXrmpoFTJ8t5hLZUU6Aid4CijmMwaWHEwMke1LrlU2vbiqFRg9kmPhYMyhx-wOi2jNT9gL_vYnNpXxIkSRAR6DdTWvs40W0bkPa40Kko1kXjcmzcBXT9QHjAqcu0/s1600/Downtown_Seattle_Skyline_550x309.jpg" /></a></div>
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Seattle's commercial real-estate market was one of the "most active in the country" in the fourth quarter, according to a new report.</div>
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A report by the Seattle office of Cushman & Wakefield indicates Seattle's Central Business District (CBD) saw a significant drop in office vacancy rates.</div>
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"Seattle's CBD was one of the hottest markets in the nation in 2012, mostly due to Amazon.com taking up just shy of one million square feet of office space," said <a href="http://www.bizjournals.com/seattle/search/results?q=Dave%20Magee"><b>Dave Magee</b></a>, Cushman & Wakefield | Commerce senior director and managing broker, <a href="http://www.marketwire.com/press-release/Cushman-Wakefield-Commerce-Reports-Continued-Recovery-Seattle-Commercial-Real-Estate-1750266.htm"><b>in a statement</b></a>. </div>
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On the city's Eastside, the report said strong office leasing activity in the Bellevue CBD is producing steady occupancy gains.</div>
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"Looking into 2013, the data shows a downward trend in vacancy rates for most areas. And because of improved GDP numbers, we should expect to see a boost in demand at the ports of Seattle and Tacoma, fueling the need for additional warehouse space," Magee continued.<br />
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For the original post visit: http://www.bizjournals.com/seattle/morning_call/2013/01/seattle-commercial-market-most-active.html
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-43027120924539113162013-01-28T22:26:00.000-08:002013-01-28T22:26:43.792-08:00Falls Church Real Estate Assessments Up 2.9% Overall for 2013, City Hall Says<div dir="ltr" style="text-align: left;" trbidi="on">
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The total taxable assessed value for all properties in the City of Falls Church as of Jan. 1, 2013, is $3,324,120,300 ($3.3 billion), a 2.9 percent increase from January 1, 2012, a press release from City Hall released late this afternoon states. The City plans to mail assessments for 2013 in February, so property owners should receive the notices on or after Tuesday, Feb. 12. Updated assessment information will be posted on the City website Monday, Feb. 11. Individual assessment information will not be available until after the mailing.</div>
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According to today’s release, overall residential real estate values increased 3.1 percent over the last year. Single family home values increased by 3.5 percent, townhomes increased by 3.6 percent, and residential condominiums had varying changes.</div>
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Overall commercial property values increased 1.6 percent since January 2012. The real estate value of multi-family apartments increased 5 percent, large office buildings are up 0.2 percent and large retail properties are up 3.9 percent. The value of City hotels remained flat.</div>
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As set forth in the Virginia Constitution, real estate is assessed at 100 percent of fair market value. The City’s Office of Real Estate Assessment calculates property value annually using mass appraisal techniques that are standard in the real estate assessment industry.</div>
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According to the City, the forthcoming notice of assessment is an appraisal of the fair market value of the property; it is not a tax bill. Property tax payments will be due in two installments on June 5 and Dec. 5; property owners will receive bills prior to these dates.</div>
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The real estate tax rate will be determined on April 22, 2013, when the Falls Church City Council adopts the Fiscal Year 2014 Operating Budget and Capital Improvements Program and sets the tax rate. Public hearings on the Fiscal Year 2014 Proposed Operating Budget will be held on March 25, April 8, and April 22 at 7:30 p.m. in Council Chambers (300 Park Ave.). To see the complete budget schedule, visit www.fallschurchva.gov/Budget.</div>
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While individual assessments will be mailed in February, if after evaluating the assessment, homeowners questioning if their assessment is correct are advised to ask the question, “Would my home sell for the assessed value if I put it on the market?” If the answer is “yes,” the assessment is probably accurate. If the answer is “no,” contact the Office of Real Estate Assessment at 703-248-5022 (TTY 711).</div>
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Deadlines for assessment appeals are Friday, March 15, 2013, for an Office of Real Estate Assessment review and Friday, July 5, 2013 for a Board of Equalization review. More information about the assessment review process is available online at www.fallschurchva.gov/AssessmentProcess.</div>
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For the original post visit: http://fcnp.com/2013/01/28/falls-church-real-estate-assessments-up-2-9-overall-for-2013-city-hall-says/</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-27682853082497495132013-01-28T01:30:00.000-08:002013-01-28T01:30:11.479-08:00UAE property prices at pre-crisis level - Al Ghurair<div dir="ltr" style="text-align: left;" trbidi="on">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZyhJoebaX5Gr71SLiEeEp081ydlXlzBtHKKBH0v0gAAU4AIDv8_EXR04nMLUpCwntjJsQObpPV9_cotAreh4oSKvBM1KKr30S9JbONeiiwCNZjdj2It0TcjDJkfZQ8kOPjJsQ6_N5W0w/s1600/abdul+aziz+al+ghurair+emirates+banks+association.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZyhJoebaX5Gr71SLiEeEp081ydlXlzBtHKKBH0v0gAAU4AIDv8_EXR04nMLUpCwntjJsQObpPV9_cotAreh4oSKvBM1KKr30S9JbONeiiwCNZjdj2It0TcjDJkfZQ8kOPjJsQ6_N5W0w/s1600/abdul+aziz+al+ghurair+emirates+banks+association.jpg" /></a></td></tr>
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Emirates Banks Association (EBA) chairman Abdul Aziz Al Ghurair.</div>
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UAE property values have returned to their pre-crisis levels and in many cases have climbed higher, Emirates Banks Association (EBA) chairman Abdul Aziz Al Ghurair said.</div>
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Real estate prices started to rebound last year after Dubai suffered one of the world’s worst property market crashes following the 2008-09 credit crisis.</div>
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Al Ghurair said the recovery had helped to limit banks’ losses to an average 0.15 to 0.20 percent of the industry’s total home loan book. “That’s healthy,” he said. “Mortgage lending has been low risk so far.</div>
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“It went up and down and during the crisis time value of the property went under the value of the loan but now everybody has the value of the property or even higher... so it’s looking good.”</div>
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Home loans in the UAE make up about AED60bn (US$16.3m) of the AED500bn total retail market. “So it’s significant but it’s not really huge,” Al Ghurair said. “It’s a good risk for the banks.”</div>
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There has been concern that the UAE Central Bank’s intention to cap the loan-to-value ratio of a mortgage would impact on buyers’ ability to purchase property, limiting banks’ potential to grow in the mortgage sector.</div>
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The Central Bank initially said it would set the cap at 50 percent for expats and 75 percent for nationals but is now in negotiations with the EBA, which represents 51 banks.</div>
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The EBA said on Sunday it would recommend setting the cap for the first property at 75 percent for expats and 80 percent for nationals.</div>
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Al Ghurair said he did not expect the policy to negatively impact the property market or banks’ total mortgage book.</div>
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He said some regulation in light of the property market crash was needed. “It’s important that people should own their properties and we want to facilitate the ownership of property for everybody here in the country,” he said. “But some regulation, I think, is important.</div>
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“We don’t want the Central Bank to right a uniform mortgage policy and detail a 50-page policy [telling] the banks ‘here’s what you need to do’. Some freedom is important and some guidelines also [are] important.</div>
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“So far things [have gone] well... but we don’t know what’s going to happen next time so we don’t want there to be surprises.”</div>
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Al Ghurair said previously banks lent up to 100 percent of the property value on the expectation that the real estate value would rise. While it did for a period of time, inevitably there was a crash.</div>
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“Most of the banks took an aggressive view that it would go up and it did, they did fine,” he said. “[But] we want to protect the industry from such an aggressive view [again].”</div>
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For the original post visit: http://www.arabianbusiness.com/uae-property-prices-at-pre-crisis-level-al-ghurair-487439.html</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-60897440863117429442013-01-25T04:05:00.000-08:002013-01-25T04:05:48.238-08:00Real estate developers give big to L.A. sales tax measure<div dir="ltr" style="text-align: left;" trbidi="on">
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The developer of a proposed downtown Los Angeles football stadium and the company behind two planned apartment towers in Koreatown have provided roughly two-thirds of the funds for the campaign to pass a half-cent sales tax increase in the March 5 election, according to a report released Thursday.</div>
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The committee for Proposition A reported that it had raised $185,000 by Jan. 19, $100,000 of it from stadium developer Anschutz Entertainment Group. The City Council, which is seeking the tax hike to address a $220-million budget shortfall, approved AEG’s proposed stadium last year, which involves the demolition and reconstruction of a section of the city’s Convention Center.</div>
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An additional $25,000 came from 3150 Wilshire LLC, a company created by real estate developer J.H. Snyder Co., which is building two residential towers -- one 23 stories and the other 29 -- at Wilshire Boulevard and Vermont Avenue in Koreatown. Two years ago, the city provided $17.5 million in financial assistance for the project, which is located in a district represented by council President Herb Wesson.</div>
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Kacy Keys, senior vice president of J.H. Snyder, said she did not know who asked her company to donate. But she lavished praise on Wesson, who launched the sales tax campaign last fall, saying he had been “very helpful” in getting her company’s project in Koreatown off project off the ground.</div>
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“I know this [ballot measure] is Herb’s effort and we wish Herb well,” she said.</div>
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Wesson was not available to comment.</div>
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But Jack Humphreville, who signed the ballot argument opposing the sales tax hike, said big donors to Proposition A had received “special treatment” from Wesson and the council. Making those contributions "is a cheap price for these special interests to pay,” he said.</div>
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The city provided a $12.5-million loan for J.H. Snyder's Koreatown development that can be repaid, in part, from new property taxes generated by the project, Keys said. An additional $5-million loan came from the city’s redevelopment agency and does not need to be repaid until the developer sells or refinances, she said.
Excel Paving, a company that has received city contracts in recent years, gave $25,000. So did Crew Knitwear, a Los Angeles-based apparel company.</div>
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A $10,000 donation came from a political action committee representing the California Assn. of Realtors. Real estate groups lobbied successfully last fall to stop Wesson and his colleagues from pursuing a ballot measure that would increase the tax on property sales.</div>
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Wesson and his colleagues went with a sales tax hike proposal instead.</div>
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For the original post visit: http://latimesblogs.latimes.com/lanow/2013/01/real-estate-developers-give-big-to-la-sales-tax-measure.html</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-58963633072566763942013-01-24T01:56:00.001-08:002013-01-24T01:56:39.439-08:00Citi prefers real estate stocks to physical property<div dir="ltr" style="text-align: left;" trbidi="on">
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SINGAPORE - Citi Private Bank is recommending property stocks as an alternative to physical real estate as the shares have been beaten down after the Singapore government introduced measures to cool the city-state's housing market.</div>
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Singapore and Hong Kong tend to attract flows and property is a favourite investment in both cities, said John Woods, Citi Private Bank's managing director and chief investment officer for Asia Pacific, told reporters on Thursday.</div>
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Earlier this month, the Singapore government imposed a higher stamp duty on foreign buyers, a new levy on sellers of industrial property and a limit on loan sizes, sending property counters tumbling.</div>
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"Property stocks have been unduly or unfairly penalized on the impact of physical markets," Mr Woods said, declining to name specific stocks citing compliance reasons.</div>
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For the original post visit: http://www.businesstimes.com.sg/breaking-news/singapore/citi-prefers-real-estate-stocks-physical-property-20130124</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-51913384066161018202013-01-21T22:29:00.000-08:002013-01-21T22:29:51.306-08:00Homes still selling for $1 in Detroit<div dir="ltr" style="text-align: left;" trbidi="on">
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<li>Homes still going for a $1 in Detroit </li>
<li>Some experts say the city's market is on the way up </li>
<li>But homes languishing on the market suggest otherwise</li>
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TWENTY dollars doesn't buy much these days but in Detroit it will buy you a house - actually a dozen, with change left over.</div>
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Australia was this week named one of the world's most expensive places to buy real estate, so for those disheartened with the local market, look no further than the US city where homes cost less than a cup of coffee.</div>
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According to the website realtor.com, 47 houses in Detroit are listed for $500 or less, with five properties listed for $1 and several at various amounts between $50 and $80.</div>
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Unfortunately for the owners, banks and US economy at large, there is no catch, with some homes once worth 100,000 times more than their selling price. Most of the properties have been on the market for more than a year as buyers baulk at a ghost town of boarded up houses, regardless of the $1 price tags.</div>
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Constant foreclosures make Detroit more abandoned each day - between 2000 and 2010, the city's population fell from the nation's 10th largest city to 18th.</div>
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One in five houses now stands empty in the city that launched the automobile age, forged America's middle-class and gave the world Motown.</div>
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Detroit has been in decline for decades; its population is now well below a million. But the recent mortgage crisis and the fall of the big car makers into bankruptcy has pushed the city into a realm of its own, even among other property-battered locations across the US. </div>
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A third of the population is unemployed and the average price of homes sold in Detroit last year has been put at $7,500.</div>
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Business Insider reported that Detroit’s unpaid property taxes totalled $17.6 million last year, but the city prefers homes to be occupied rather than have unsold lots.</div>
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Hence it still has some of the cheapest real estate on offer in the developed world, long after $1 homes became a thing of the past in other parts of the US.</div>
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For the original post visit: http://www.heraldsun.com.au/realestate/homes-for-1/story-fnczi4hc-1226559204461
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-58670215716458135332013-01-21T01:55:00.001-08:002013-01-21T01:55:29.236-08:00Commercial real estate hits five-year sales peak<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Dollar volume of deals up 73% in 2012; 'new normal' may be in place</b></div>
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Sales of commercial properties in Northeast Ohio soared nearly 73% to $702 million in 2012, the highest level since such sales reached the stratospheric height of $1.3 billion in 2007 — the last year before the financial crisis struck and the nation entered the recession.</div>
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That's the finding of a survey of sales of income-generating commercial properties by Alec Pacella, a vice president of the NAI Daus real estate brokerage who has collected such data for years.</div>
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Last year's dollar volume of apartment, industrial, office and shopping center properties that sold at prices of more than $1 million was well ahead of the $405 million recorded in 2011, according to Mr. Pacella's report. The pace of sales in 2012 surpassed that of 2008, when dollar volume hit $696 million as the financial crisis struck that October and lending dried up almost overnight. </div>
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“This is the new normal, I guess,” Mr. Pacella said. “I don't know if we will ever get back to the 2007 sales figures. It was so frothy it bordered on an unhealthy situation.” </div>
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While the dollar volume of sales may be improving, their composition is “anything but normal because a lot of distressed sales produced that number,” Mr. Pacella said. </div>
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For example, the $14 million purchase of Parmatown Mall and Shopping Center by an affiliate of Phillips Edison Co. of Cincinnati was a court-approved disposition. The deal occurred after Parmatown's longtime owner — a partnership formed by RMS Investments, which is led by the Ratner, Miller and Shafran families behind Forest City Enterprises Inc. — put the 1-million-square-foot retail property into receivership. </div>
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Another high-profile sale was the purchase of 57 residential units at Avenue Tower, 1211 St. Clair Ave. in downtown Cleveland, for $6.8 million by an investor group. The sale to a partnership led by investors Tim Zaremba of Zaremba Management Co. in Fairview Park, construction contractor Tony Panzica and developer Fred Geis capped two years of bitter litigation among lenders, contractors and developer Nathan Zaremba. The project became largely a rental complex rather than a much-ballyhooed downtown condo venture.</div>
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In a dramatic sign of how activity surged, one deal — the sale of SouthPark Mall in Strongsville by Westfield Cos. to an affiliate of Boston-based Starwood Capital — exceeded the total volume of sales in 2009. As part of a portfolio purchase by Starwood, SouthPark traded for $262 million last June. By contrast, sales in 2009 totaled almost $191 million in 41 transactions, according to Mr. Pacella's report. </div>
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In an analysis of what types of properties traded, retail properties accounted for 59% of last year's sales by dollar volume. Apartments — the darling of investors due to surging occupancy as would-be homeowners remain renters — accounted for 16%.</div>
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Money returns to the market </div>
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Mr. Pacella is not alone in seeing the distressed-sale aspect of so many of the 2012 deals. </div>
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David Browning, managing director of the Cleveland office of the CBRE Group Inc. real estate brokerage, described many of the transactions as “funny” deals because they were sales by lenders or directed by lenders to work out problem loans rather than arms-length transactions. </div>
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However, Mr. Browning also sees an improving market behind the numbers. </div>
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“Last year we saw a return to a normalized rate of transactions on the sales side,” he said. “There clearly is a lot of capital coming into the real estate market again. There is still a skittishness and fragility to transactions that makes it difficult. However, everyone in our industry is happier than in 2009 and 2010.” </div>
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Mr. Pacella expects more of the same in the investment market in 2013. </div>
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“Liquidity continues to get better,” he said. “More buyers are coming out of the woodwork. There is more optimism. This year will be another step toward normalcy.”</div>
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For the original post visit: http://www.crainscleveland.com/article/20130121/SUB1/301219976</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-24801330550880987702013-01-18T22:43:00.000-08:002013-01-18T22:43:08.325-08:00Naples real estate experts: housing market on the rise<div dir="ltr" style="text-align: left;" trbidi="on">
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The Naples area overall median closed price increased 17 percent from $175,000 in 2011 to $204,000 in 2012.</div>
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That's the remarkable percentage real estate experts kept coming back to today at the Naples Area Board of Realtors media conference.</div>
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The numbers reflect home listings and sales in Collier County excluding Marco Island.</div>
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"I think 2012 will end up being one of the pivotal years that got us going in the right direction," said Mike Hughes.</div>
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Overall closed sales increased 9 percent from 8,345 units in 2011 to 9,121 in 2012.</div>
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Overall closed sales increased 22 percent from 1,689 units in fourth quarter 2011 to 2,061 units in fourth quarter 2012.</div>
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Hughes said that increase when not as many people are here gives the area momentum going into season when Naples is packed.</div>
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Overall pending sales rose 6 percent from 10,070 in 2011 to 10,683 in 2012.</div>
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Kathy Zorn said there might be occasional clouds and rain but her prediction for 2013 is "strong and sunny."</div>
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Overall inventory decreased 13 percent from 7,581 listed properties in 2011 to 6,557 listed properties in 2012.</div>
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Brenda Fioretti said having 6,557 properties for sale on the market is the lowest since tracking started six years ago.</div>
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Wes Kunkle, the board's president, said commercial real estate is following the positive trends of the Naples housing market.</div>
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For the original post visit: http://www.news-press.com/article/20130118/RE/130118006/Naples-real-estate-experts-housing-market-rise</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-17453617442121765172013-01-18T01:57:00.001-08:002013-01-18T01:57:40.499-08:00Real estate purchase transactions in Latvia grew by 12.3% in January-November<div dir="ltr" style="text-align: left;" trbidi="on">
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In the first eleven months of 2012, real estate purchase transactions in Latvia increased by 12.3% from the respective period in 2011, housing transactions – 23.1%, according to the analysis of Land Register data conducted by the real estate company Latio, informs LETA/Nozare.lv.</div>
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In January-November 2012, the number of apartment purchase transactions in Latvia grew 23.7%. The number of transactions involving private houses increased 21%.</div>
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Apartment purchase transactions in Riga grew 24.2% in the first eleven months of 2012, transactions involving private houses – 15.5%.</div>
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The number of apartment transactions in Riga is significantly greater than the number of transactions involving private houses. Nearly 7,000 apartment transactions were registered in the first eleven months of 2012, comprising almost 90% of all housing transactions in Riga.</div>
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In the vicinity of Riga, housing transaction numbers rose 18% in January-November 2012.</div>
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For the original post visit: http://www.baltic-course.com/eng/good_for_business/?doc=68889</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-56853996069929270812013-01-16T21:54:00.000-08:002013-01-16T21:54:53.366-08:00Kajiado county basking in real estate boom<div dir="ltr" style="text-align: left;" trbidi="on">
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Kajiado county has emerged a huge real estate beneficiary owing to numerous proposed and existing universities, the unveiling of the planned Konza Technocity and a devolved governance system now taking shape.</div>
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Speculators are buying and holding huge chunks of land in the hope of making a kill out of increased demand for property developments.</div>
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Kitengela, in Kajiado North, and Isinya District have in particular gained from their proximity to the Konza City site whose economic benefits are expected to trickle down to these areas.</div>
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The county is host to established universities such as Africa Nazarene. Kampala International University is partnering with East African University to operate a campus in Kitengela while KAG EAST University is now up. Hindu University is expected to be built in the vast plains of Kitengela.</div>
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Land buyers around these institutions are betting on expected increase in demand for rental accommodation for staff and students. The huge demand has seen a number of ranches sold to land dealers who subdivide them into smaller parcels for onward sale.</div>
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“Most of the land transactions in Kajiado are through companies that acquire huge tracts and then subdivide into plots for sale,” said Charles Angira, the director of planning at Ol Kejuado County Council.</div>
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Huge residential estates have also taken shape notably with Jamii Bora Makao’s Kisaju View estate targeting first-time buyers jumping on to the property ladder. CIC Insurance Group has announced plans to acquire 417 acres in Isinya at a cost of Sh723 million on which it will put up a mixed-use development.</div>
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But as relatively cheaper prices for land attract speculators and developers in droves, Kajiado county is now struggling with a physical planning nightmare as investors leave inadequate space for development of basic infrastructure.</div>
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The local authority suspended subdivision of land late last year to tame uncontrolled development in hotspots such as Kitengela, Ngong, Ongata Rongai, Kajiado, Isinya and Kiserian, which are top preferred dormitory estates for Nairobi’s working class.</div>
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The council wants to map the areas for physical planning purposes, a process expected to take several months.</div>
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A high interest regime since October 2011 has however slowed down land transactions as potential buyers shunned bank loans.</div>
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“This has in essence stabilised land prices because many buyers in these areas depend on bank financing and have retracted to wait for cheaper credit before investing,” said Michael Kiarie, the managing director of Premier Realty.</div>
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“There is also the factor of the general elections which has seen some investors hold on to their money. As soon as the elections are over without a hitch, the prices are likely to sky-rocket,” he said.</div>
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According to Ol Kejuado County Council, the rapid development in the county has been occasioned by a population spill-over from Nairobi. It has however warned that haphazard development would affect property values on the long-run due to lack of trunk services such as sewer lines and roads.</div>
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For the original post visit: http://www.the-star.co.ke/news/article-103072/kajiado-county-basking-real-estate-boom</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-77443632259984259512013-01-16T21:48:00.002-08:002013-01-16T21:48:51.610-08:00Downtown real estate shrugs off Sandy<div dir="ltr" style="text-align: left;" trbidi="on">
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Despite taking a massive hit from Superstorm Sandy, the downtown real estate market has held up remarkably well.</div>
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"There was a lot of concern, but despite Sandy we had a very strong fourth quarter," said Sheldon Cohen, a senior managing director of CBRE Group Inc., speaking at the real estate services firm's year-end market review press conference. He noted that leasing in the final three months of the year downtown totaled 1.2 million square feet, 9% more than was leased in the year-earlier quarter.</div>
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In fact, the largest deal of the entire year downtown was completed after the storm. That was a lease for 237,000 square feet signed by the New York State Department of Financial Services. There were also no major deals that were canceled because of the storm, according to CBRE, which reported that 94% of the office space in the market is now fully operational.</div>
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He noted that more than half of last year's leases were signed by companies outside the traditional financial and insurance sectors. That includes Nielsen Media Research, which took 115,000 square feet, in the fourth largest lease signed last year.</div>
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"This market is continuing to reinvent itself in terms of the type of tenants coming down," said Mr. Cohen.</div>
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That process will likely continue this year, during which 3 million square feet is expected to hit the market, much of it courtesy of 1 and 4 World Trade Center. All that new space will help to lower the average age of space on the market. This year, 58% of the space available for lease downtown was built after 1980, nearly three times midtown's 20%.</div>
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Elsewhere in Manhattan the picture was not as encouraging last year. Not only was the total square footage of commercial space leased 19.9% off the pace of 2011, at 22.3 million square feet, but an unusually large number of those deals were renewals of existing leases. Such deals typically pack less of an economic punch than relocations, which involve moving expenses, build outs of the space and other items.</div>
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Last year, renewals accounted for 35% of the total leasing volume, a 10-year high. Even more striking, the 10 largest deals of 2012 were all renewals.</div>
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"I cannot recall another year where we have not had one relocation in the top ten," said Peter Turchin, a CBRE executive vice president. "What was missing last year was the big relocation."</div>
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Even midtown south, Manhattan's hottest market, struggled a bit last year. There leasing volume fell 20%. Asking rent per square foot, however, still managed to climb to a record high of $55.14. That was $8.29 above the downtown average, and $12.66 below the year-end average for midtown.</div>
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For the original post visit: http://www.crainsnewyork.com/article/20130115/REAL_ESTATE/130119944</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-14332729701041382412013-01-15T22:49:00.002-08:002013-01-15T22:49:58.388-08:00Toowoomba identified as real estate hotspot<div dir="ltr" style="text-align: left;" trbidi="on">
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TOOWOOMBA has been identified as one of the top Australian suburbs geared for capital growth this year.</div>
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Smart Property Investment has released its 2013 Fast 50 list of the country's 50 best suburbs for investment, with Toowoomba being picked by six leading real estate experts.</div>
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"Few places are better located than Toowoomba to benefit from the greatest force in the Australian resources sector - the LNG industry," Terry Ryder, Fast 50 contributor and Hotspotting director, said.</div>
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"The Surat Basin, just outside Toowoomba, is alive with gas-related activity, adding a major additional element to the city's strong and diversified economy."</div>
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Chinchilla and Oakey also made the list.</div>
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For the original post visit: http://www.thechronicle.com.au/news/toowoomba-identified-real-estate-hotspot/1719125/</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-14053332598583101792013-01-14T22:45:00.000-08:002013-01-14T22:45:06.918-08:00Real Estate Answers: It’s a Sellers Market and a Great Time to Sell<div dir="ltr" style="text-align: left;" trbidi="on">
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By Patrick McCarran, Prudential California Realty</div>
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Inventory is at an all time low. I can almost count the available homes on one hand. With values on the rise it may be an excellent time to put your house on the market and make that move you have been delaying. There are several contributing factors that account for the current lack of inventory. The primary reason is that a major source of homes has been through the banks either as foreclosures or investor flips. This past year the banks have significantly lowered the number of homes making it on the open market largely due to an increase in modifications as well as an increase in the willingness to approve short sales.</div>
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While inventory has been scarce buyers have not. East Contra Costa is as most of us here realize an attractive area. It is centrally located to the North Bay as well as the South Bay and also the Sacramento area and the Central Valley. This makes it desirable to a number of different types of buyers and demographics. The market has seen a steady flow of investors continuing to buy homes, often multiple purchases, In addition there has been a great deal of second home buyers, individuals wishing to plan for an eventual move at retirement or a future career change. First time home buyers who for the last few years have been largely on the sidelines are also steadily increasing.</div>
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A major contributing factor to the current market is the fact that money is cheap. With interest rates at historic lows return on investment is at historic highs through monthly return as well as future appreciation, from an owner occupied point of view it is often significantly cheaper to own than to rent.</div>
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What does the future hold? That is the million dollar question. In my opinion interest rates will definitely rise and this will slow the market, I do not believe we will see a crash or deflation but a nature slow down. The uncertainty of the future is what makes today the right time to sell whether you are upside down or have equity.</div>
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If you would kike a current market analysis of your home or need any information concerning real estate do not hesitate to call or contact me directly.</div>
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Patrick McCarran is a local Realtor and can be reached at (925) 899-5536 or www.CALLPATRICK.com. Prudential California Realty is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.</div>
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For the original post visit: http://antiochherald.com/2013/01/real-estate-answers-its-a-sellers-market-and-a-great-time-to-sell/</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-92193385306570795872013-01-11T21:50:00.001-08:002013-01-11T21:50:36.215-08:00Seeing value in the real estate<div dir="ltr" style="text-align: left;" trbidi="on">
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Judging by who joined with Cerberus Capital Management to fund the purchase of 877 stores from Supervalu along with buying up to 30 percent of its stock, this won’t be a corporate finance deal, but a real estate deal.</div>
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Or maybe it’s part two of a real estate deal that has so far generated outstanding returns.</div>
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Cerberus is a private equity fund manager, but the main business of three of its partners in Albertson’s LLC is real estate. These are firms Kimco Realty Corp., Chicago's Klaff Realty LP, and Philadelphia's Lubert-Adler Partners. </div>
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It’s the group that paid about $1.1 billion for the 661 stores of Albertson’s Inc. that no one else seemed to want in 2006, part of the same set of transactions that brought more than 1,100 stores to Supervalu.</div>
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Kimco is a publicly held real estate investment trust that owns interests in more than 135 million square feet of neighborhood and community shopping centers, a mostly unspectacular line of business.</div>
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And it has collected $245 million in distributions so far from its $51 million investment in the 2006 deal.</div>
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REITs don’t usually do that well on their deals.</div>
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Kimco told its investors’ Thursday that it's “excited about adding to our successful investment in Albertson’s.”</div>
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To real estate people, dying retailers that have some good underlying real estate are opportunities.</div>
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Investors call it “unlocking the value,” as the same site can be worth a lot more if you could only clear away the tired and failing grocery store that occupies it. </div>
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Once in control of a retailer, you can boot yourself and sublet or sell a given site for a more profitable use. Other avenues to wring out cash include refinancing the stores that sit on owned sites and renegotiating terms on leased sites.</div>
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That’s what happened after the 2006 deal for the 661 Albertson’s stores. The investors, through a company known as Albertson's LLC, closed some stores, sold stores to other operators and worked to improve operations and refinance those they kept. Some sites even became locations for retailers like Kohl’s.</div>
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Today Albertson’s LLC owns 192 grocery stores.</div>
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About 540 of the 877 stores in the new deal are on owned or ground-leased locations. According to a report on Kimco Realty by Stifel Nicolaus analyst Nathan Isbee, some of these sites will be sold, as retailer demand is strongest in urban or dense suburban locations where there are barriers to new shopping centers being built close by.</div>
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Isbee said that the investor group will also look to improve the performance of the acquired stores.</div>
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In 2006 Cerberus did recruit a good operator to run stores that it kept, CEO Bob Miller, a longtime retail executive. Miller will continue to serve in that role and take over leadership of the store chains that are to be acquired from Supervalu, and will chair’s Supervalu’s board. </div>
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For the original post visit: http://www.startribune.com/blogs/186523891.html</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0tag:blogger.com,1999:blog-6921563810860155869.post-36661310981582899002013-01-10T21:09:00.000-08:002013-01-10T21:09:25.960-08:00Snowbirds facing new headwinds in Florida real estate markets<div dir="ltr" style="text-align: left;" trbidi="on">
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Canadians looking to snap up dwindling real estate deals in Florida are finding themselves facing unexpected competition — from China.</div>
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With popular property markets like Vancouver and Toronto showing significant signs of softening, Asian investors seem to be shifting their focus south of the border, according to Canadians who specialize in marketing bargain-basement Florida houses and condos to snowbirds.</div>
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“Some of our clients got beat out recently because they were waiting to book flights. Some Chinese investors bought up 35 (townhouse-condo) units without even flying in first,” says Wayne Levy of Toronto-based Florida Home Finders.</div>
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“They looked at a picture. They wrote cheques. That’s what’s happening now.”</div>
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Asian interest in Florida has “really picked up steam in the last year,” says Levy, whose company is still seeing strong demand from Canadian buyers, but finding it increasingly challenging to find properties under $150,000 as the beleaguered U.S. housing market slowly recovers and the inventory of distressed homes drops.</div>
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“They’re seeing the U.S. as a safe haven to put their money,” says Montreal-born realtor Shant Epremian, co-founder of Boca Raton-based Pink Palm Properties, who’s just returned from two weeks in Hong Kong, Beijing and Singapore.</div>
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“I am slowly starting to tap into that market because there is a tremendous amount of money there. Buyers are looking for good opportunities and see that Florida is still on sale.”</div>
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In fact, there has been a surge in Asian buyers snapping everything from multi-million-dollar New York mansions to California estates, according to data from the U.S. National Association of Realtors.</div>
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While Florida has yet to see a surge of realty companies springing up to cater to Asian buyers, as has happened with the Canadian market since the U.S. housing market meltdown, websites like Juwai.com (Mandarin for “home overseas”) are creating links between Chinese buyers, in particular, and U.S. listings.</div>
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So far, Asian buyers remain “fairly minor players” in the Florida market, “but we are noticing some activity,” says John Tuccillo, chief economist for Florida Realtors, the trade association for the state’s 115,000 real estate professionals.</div>
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The biggest competition for Canadians, Tuccillo says, are investor groups that are now making unprecedented “bulk investments” — buying dozens of condos or houses at a time in markets, like Florida, which has seen steady price growth and the inventory of homes for sale sink to five months’ worth from the glut of 20 months back in 2008.</div>
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U.S. private real estate firm Blackstone Group LP, for instance, is just one of a handful of private companies now racing against the real estate recovery. It recently spent more than $2.5 billion on 16,000 houses in nine American cities, including Miami, which it plans to use as rentals.</div>
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“They are, in essence, wiping out the bottom of the market. It’s forcing other buyers to move up the price ladder,” says Tuccillo.</div>
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That, of course, includes Canadians who remain the dominant foreign buyers of Florida real estate, although their share of the market dropped to 31 per cent last year from 39 per cent in 2011, according to figures from Florida Realtors.</div>
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That’s partly because the pool of buyers has grown in the last year, says Tuccillo.</div>
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More Americans have been able to qualify for mortgages and buyers from other parts of the world, Brazil in particular, are not only on a buying binge, they’re willing to pay significantly more — median prices of $200,000 to $300,000 — about double the median paid by Canadians, according to Florida Realtors data.</div>
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All of which makes Ottawa resident Kathryn Millar happy she and her husband decided to make the leap now: They close later this month on a three-bedroom condo in Fort Myers that, with upgrades, cost $180,000 U.S.</div>
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The couple had planned on looking at Tampa’s Equestrian Parc development as well, but it had been bought out by Asian investors before they could make it to Florida.</div>
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For the original post visit: http://www.thestar.com/business/article/1313408--snowbirds-facing-new-headwinds-in-florida-real-estate-markets</div>
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Marg Propertieshttp://www.blogger.com/profile/14512739048886543138noreply@blogger.com0