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Real Estate Briefing 29.Nov 2010

Posted on 29 November 2010 by Laxman |  Email |Print

From Americasnewsonline.com: The housing market has been suffering from the uncertain economy, joblessness and the distorting effects of a home buyer tax credit that shifted sales to late 2009 and early 2010. Realtors say that temporary bank moratoriums on foreclosures also hampered some sales in October.
The index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Propertywire.com: Celebrities in the US are selling some of their luxurious properties at bargain prices because they too are suffering from the country’s real estate slump. Singer Sheryl Crow is selling her Nashville mansion at auction after failing to find a buyer at the $7.5 million asking price. She bought the three storey five bedroom house for $6 million in 2006.

It has seven bathrooms, a theatre room, swimming pool, a staff annex, six car garage, a three bedroom guest cottage and a fourteen stall barn and indoor riding arena…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From WSJ: The Justice Department and other federal agencies have intensified their review of the banking industry’s foreclosure documentation problems, using their powers over bankruptcy proceedings to scrutinize the treatment of troubled mortgages.

A key part of the effort is the Justice Department Trustee Program, the federal watchdog overseeing bankruptcies, which has launched a broad review of Chapter 13 bankruptcy filings by homeowners trying to halt foreclosure proceedings…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Themovechannel.com: A strong appetite for retail properties and an active real estate investment trust sector has resulted in commercial real estate investment sales in Canada to do better than in 2009, the latest figures show.

Over US$12 billion in commercial real estate assets had changed hands by the end of the third quarter of 2010, up 57% compared with the same nine month period in 2009…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Solvency II will encourage European insurance companies to lend against property, delegates at the IPD/IPF Property Investment Conference were told last week.

Peter Denton, Managing Director at West Immo said: ´Lending on property will, for the first time, become interesting for insurance companies. I spoke to a European insurance company this morning and they have just had a board decision to commit EUR 2.5 bn in new lending to property next year. We will see an increasing number of insurance companies following suit in the provision of debt.´……………………………………Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Efinancialnews.com: It is not easy selling property derivatives to institutions nowadays. Not only do the memories of cataclysmic falls in real estate after 2007 remain fresh in many investors’ minds – and indeed still hang around the neck of numerous banks in the US, UK, Spain and Ireland – but for those who take their lessons from Warren Buffett, derivatives will always be weapons of mass destruction.
Property derivatives suffer from another problem. They have yet to even grow out of their infancy. The instrument has just celebrated its fifth birthday and, despite receiving much fanfare, it remains a niche field…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Bloomberg: U.K. house prices fell for a fifth month in November as demand for property dropped the most in almost two years, Hometrack Ltd. said. The average cost of a home fell 0.8 percent from October to 155,000 pounds ($242,900), the London-based property researcher said in an e-mailed statement.
Demand for homes, measured by the change in new buyers registering with real-estate agents, fell 4.3 percent, the biggest decline since January 2009…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From UKPA: Homeowners are prepared to pay a £30,000 premium to live in an English market town, research has suggested. A typical property in a market town costs around £231,163, 14% or £29,319 more than the average for the county they are in, according to Lloyds TSB.

It costs more to buy a house in 69% of market towns, compared with buying a property in neighbouring towns, with Beaconsfield commanding the highest premium, with properties selling for 145% more than across Buckinghamshire as a whole…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Irishcentral.com: A new survey by the Global Property Guide (GPG) has revealed that house prices in Ireland have declined more than anywhere else in the developed world. Prices are down by 15 percent percent over the year to the end of September.

In June, credit rating agency Standard & Poors predicted that house prices would fall another 10 percent this year, reaching bottom in 2011…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Themoscowtimes.com: Moscow Mayor Sergei Sobyanin proposed on Friday attracting big international firms to participate in construction of new metro lines in the capital, which may be worth up to 1.5 trillion rubles ($48 billion).

“Construction of the metro alone requires 500 billion to 1.5 trillion rubles,” Sobyanin said at a conference, citing his conversation with an unidentified minister. He said that attracting foreign builders would ensure stability in enforcing contracts and improve the quality of work…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Arabianbusiness.com: The UAE is set to see an increase in ‘vulture’ funds targeting the rise in distressed real estate assets coming onto the market towards the end of the year, Arabian Business has learnt.

The Global Distressed Property Monitor, compiled by the Royal Institute of Chartered Surveyors (RICS), found that the number of distressed assets coming onto the market in the UAE increased in the third quarter of 2010 and will increase further in the last quarter of the year…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Zawya.com: The 107-storey Princess Tower in Dubai Marina, billed to be the tallest residential tower in the world, will be ready for delivery by fourth quarter of 2011, Emirates 24|7 can reveal. In the same quarter, the 91-storey Elite Residence in Dubai Marina will also be completed and ready for handover, claims Tameer Holding, the developer behind the two towers.

“We are planning the handover of the 414-meter PrincessTower (763 units) and 381-metre Elite Residence (696 units) in Dubai Marina, and Imperial Residence (510 units) in Jumeirah Village South by the fourth quarter of 2011,” company President Federico Tauber told this website…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Thenational.ae: The Indian Property show drew scores of Indian expatriates over its three-day run as they scooped up second homes and investment properties in their home country. Indian nationals toured the sales stands and chatted with developers at the show, which was at the Dubai International Convention and Exhibition Centre Thursday through yesterday, in their hunt for a bargain.

The event showcased a range of developments, from mid-range apartments in Indian cities such as Nagpur and Chennai to luxury cottages in New Delhi…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Thehindubusinessline.com: If there is one thing that real estate companies have achieved by getting themselves listed on the bourses, it is to become the favourite whipping boys of the market.
Whether it is the global housing meltdown or the local economic crisis or the government’s Corporate Debt Restructuring package, or the more recent interest rate hikes by the RBI, realty stocks always seem to be at the receiving end!……………………………………Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Business-standard.com: Percentage completion rule to make its impact felt. Despite a tangible revival in demand in the real estate market, profitability of south-based real estate companies will remain subdued in the next quarter as under-construction projects will take some more time to be recognised in the balancesheet of these companies.
As per accounting principles, revenue of an under-construction project is reflected in the book of a company after a certain degree of completion of the project. Usually, most companies follow the 30 per cent completion trigger to calculate the revenue on their balance sheet…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Forbes.com: The worst performing group on the Shanghai Composite Index this year are China’s property developers, and BNP Paribas says to expect the correction in Chinese real estate prices due to lending curbs and tighter money to intensify into 2011. This is the result of direct government action and it is bound to have a negative impact on the whole Chinese economy.

Private housing accounts for 13% of total investment in urban areas, and home construction accounts for 14% of all workers in urban areas, according to dailymarkets.com. Home construction also consumes around 40% of the steel and lumber produced in China…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Businessinsider.com: Tiffany results give excellent insight into the luxury market mania. At the flagship US store in New York sales were down 3%. It was up a modest 8% in the US as a whole. Japan was up 2%, but the rest of Asia was up a whopping 24%. Growth for sure, but Chinese consumer consumption is $2 trillion, or one-tenth the size of Europe and the US combined.
I am not quite sure what to make of the 22% increase in Europe. Sales of items under $500 declined, but high end jewelry and diamond sales drive expensive purchases much higher. That, ladies and gents, is the foundation of the luxury boom of 2010…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Seekingalpha.com: In times of crisis alternative economic models become more appealing. Since the USA, the beacon of capitalism was the epicentre for the current crisis and the Chinese economy escaped relatively unharmed, there is a certain logic in asserting that the central planners in China have the right economic prescription.

But as James Chanos and others have pointed out, centrally planned economies lead to malinvestment and nowhere is that malinvestment more manifest than in China’s Property market. Consider John Mauldin’s November 24th, Outside the box interview with Vitaliy Katsenelson. Katsenelson compares……………………………………Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Benzinga.com: In a massive, 9 digital page New York Times Magazine story on how China can “go consumer”, there’s a bit about the ridiculousness of their real estate market that I wanted to highlight. Regular readers know that I am alternately fascinated by and scared of the Chinese growth story - but it is the most important, market-moving story of our era.
One of the most frightening facets of the Chinese economy concerns their overbuilt real estate, specifically the runaway prices per square foot and the idea that there are ghost cities being built just for the sake of building…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Asiaone.com: Fresh moves by the Hong Kong government to rein in property prices suggest that the property developers would be ceding control over to Beijing, said Societe Generale Asian strategist Todd Martin.

‘The really important thing about these new property restrictions is their symbolic nature because what it means now is that Hong Kong property developers have lost their control over Hong Kong,’ Mr Martin told a briefing…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Bloomberg: CapitaLand Ltd., Singapore’s biggest developer, said government measures to curb property speculation are “incremental” and will help the real estate market development sustainably over the long term.

Singapore raised down payment requirements in August for second mortgages and imposed a stamp duty on homes held for less than three years to curb speculation after prices surged. It will sell 17 residential sites in the first half of 2011, matching the record land sales in the second half this year, it said yesterday…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Thanhniennews.com: The real estate market in Ho Chi Minh City has been hit hard by tightened credit access and new regulations that make it more difficult for buyers to sell their homes.

The investor of a residential project in Go Vap District has decided to delay its launch which was scheduled for mid-November. He said the project had a good location and competitive prices but there were uncertainties about local demand…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Ibtimes.com: The Real Estate Institute of Australia (REIA) is supporting bank reform moves saying that the market concentration trend is affecting small businesses and home buyers. Australia’s banking sector is currently under scrutiny, with many criticizing that the four major banks have cornered the market for home borrowers and businesses.
REIA said in its submission to the Senate inquiry that credit unions and building societies must be treated as part of the banking system…………………………………….Full Article: Source

Posted on 29 November 2010 by Laxman |  Email |Print

From Stuff.co.nz: Farm sales across the country are practically at a standstill, with rural property analysts saying farmers need to be more realistic about what their land is worth.

An anticipated spring sales rush failed to occur, which meant that just 147 farms were sold in New Zealand in the three months to the end of October – a 60 percent tumble from 2008 and an all-time low since records began in 1996…………………………………….Full Article: Source

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