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Real Estate Briefing 21.Dec 2010

Posted on 21 December 2010 by Laxman |  Email |Print

From CNN: For years commercial real estate has been billed as the next big train wreck. So why are some investors shouting all aboard? A slowly recovering economy is part of it, though no one expects to make a quick killing on loans and securities tied to office buildings, hotels, shopping malls and the like.
The bigger drivers of this rally are the low rates pushing investors to reach for yield by taking on more risk, and the wide open junk bond market that has allowed lots of companies once left for dead to refinance loans and trudge forth……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Bloomberg: U.S. commercial property prices rose 1.3 percent in October from the previous month, the second consecutive monthly gain, Moody’s Investors Service said.
The Moody’s/REAL Commercial Property Price Index climbed 3.2 percent from a year earlier, Moody’s said in a report……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From WSJ: This has been a good year for values in New York’s office building market. But the rising tide still hasn’t been enough to save the deals that were launched at the top of the market.
Consider losses suffered in two recent sales by British real estate firm Rock New York, founded by Paul Kemsley, which bought two New York office buildings in 2007 and 2008……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Seekingalpha.com: Residential real estate is weak, in part, because the prices leading up to the peak in 2005 were wildly unrealistic and irrational. You can’t explain it with inflation, building costs, or potential rental income. It was just a mania, fueled by ultra-low interest rates, super-EZ credit and the unshakeable belief that “real estate always goes up.”
Some analysts say housing is weak because of the tepid recovery and high unemployment. But that doesn’t begin to tell the tale. At the end of the third quarter, 10.8 million American mortgages were underwater (i.e. when borrowers owe more on their homes than what they’re worth). This accounts for 22.5% of all U.S. homeowners with a mortgage……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Reit.com: With investors gaining confidence in the overall health of the economy, they’ve become more willing to look beyond the safest commercial real estate assets, according to a new report from PricewaterhouseCoopers LLP (PwC).
The market downturn had investors looking almost exclusively for trophy assets in top-tier markets or properties available at steeply discounted prices, PwC said in the “PwC Real Estate Investor Survey” for the fourth quarter of 2010. Now, though, they’re beginning to seek out opportunities in secondary locations, as well as evaluating less high-profile assets, according to the report……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Bloomberg: Bank of America Corp., the largest U.S. bank, agreed to bundle property loans from Aegon NV into bonds, as the market rebounds for securities backed by commercial real estate.
Bank of America’s Merrill Lynch business may make securities from loans to owners of industrial, office, retail and multifamily residential buildings through Aegon USA Realty Advisors LLC, a unit of the Dutch insurer, according to a statement today from the Charlotte, North Carolina-based firm……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Guardian: Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the US economic recovery. Nor are European cities safe – Florence, Barcelona, Madrid, Venice: all are in trouble
More than 100 American cities could go bust next year as the debt crisis that has taken down banks and countries threatens next to spark a municipal meltdown, a leading analyst has warned……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Homesgofast.com: The reason why overseas investors are excited by the potential taht Brazil offers was demonstrated clearly by the outgoing president Lula da Silva. He predicts that Brazil would become the world’s fifth economy by 2016, however at the same time there is talk of a housing market bubble.
The legacy left by Lula is impressive unemployment was at its lowest rate (6.1%) in decades and for the first time Lula said “we have more formal workers than informal workers”……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Europe-re.com: The 2010 INREV Management Fees and Terms Study has identified major differences in how fees are administered within non-listed real estate funds in Europe. The differences are predominantly driven by a fund’s investment approach and regional or sectoral focus.
The study has also found that fee levels reached their highest at the height of the market in 2007 and that less than a third of funds report total expense ratios (TER) to their clients……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Telegraph: House prices will drop seven per cent next year, economists predict, as the freeze on mortgages continues. Mortgage lending has seen a steep drop of 10 per cent during the past year as home buyers struggle to find affordable deals.
Lenders have kept a tight rein on who they will lend to amid rising unemployment and fears that borrowers will default on their repayments……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Remortgage.com: For those looking to purchase a piece of property next year, heads up, because property values are on course to fall 7%, analysts predict. While banks are still being selective as to who to lend to, property values continue to suffer.
Demand is simply not there. If demand is not present, simple economics tells us that properties cannot carry the same sticker price……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Globest.com: Office leasing in the Paris region is likely to flatten out next year at around 23.7 million square feet, after rising from 19.4 million square feet in 2009, Jones Lang LaSalle says in a new report.
“The economic and financial instability gripping Europe at the end of this year and forecasts of slower growth will weigh on user demand,” JLL said. But demand is likely to accelerate again in 2012, particularly as firms seek more cost savings or find more environmentally friendly premises……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Assetz.co.uk: Property prices in Spain are beginning to stabilise now the market has bottomed out, the Overseas Property Professional (OPP) reports. The stability has been attributed to declining fluctuation among approved and started properties, according to the Property Industry Report.
The call comes as figures show that as the end of the year approaches, approved properties stand at 117,000 and started at 160,000……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Budapesttimes.hu: At a year-end presentation by the Futureal Group last week, management reflected on a difficult year for the property market. “The property market is frozen,” CEO Gábor Futó said right at the beginning of his talk. International property developers have been hit particularly hard and several have even left Hungary, he said.
Demand has fallen sharply or collapsed depending on the sector……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Bloomberg: Property prices in the Lithuanian capital of Vilnius rose a preliminary 5.7 percent in the fourth quarter from the previous three months on increasing demand, the registry office said.
Outside of Vilnius, real-estate prices increased 2.4 percent, the office said in an e-mailed statement today. Prices rose an annual 3 percent in Vilnius and fell 7 percent elsewhere, it said……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Advisorone.com: Results of a recent paper giving BNY Mellon Asset Management’s global outlook for 2011 included comments by Urdang, a real estate investment manager and part of BNY Mellon Asset Management, that the Asia-Pacific region is leading the REIT recovery because of rapid growth in the region.
Citing the strong economies of China, Hong Kong and Singapore as drivers of that growth, Urdang also said that REIT markets in Canada, Australia and South America were particularly attractive due to their offerings: a mix of higher-yielding and higher-growth assets prompted by commodities exports in those regions that bolster their economies……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Indiatimes.com: With 11 of the 130-odd complaints it has received pertaining to real estate, the investigative wing of the Competition Commission of India (CCI) has suggested that the central and state governments frame much-delayed real estate regulation to safeguard customers.
The suggestion formed part of an internal report by director-general (investigation) A K Chauhan following complaints raised by some customers against a real estate major. The customers had alleged that the company had violated its “position” by putting extra clauses in agreements in some projects……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Indiatimes.com: The retail sector is expected to continue its growth on the back of economic recovery and the number of malls is likely to touch 280 from the present 190 by end 2012, a global real estate services firm said.
“India has added around five million sq ft of retail space in 2010 and approximately 15 million sq ft of space is lined-up to get operational in 2011-2012,” CB Richard Ellis said……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Merger and acquisition activity in Singapore almost doubled this year compared with 2009, led by financial services and real estate, according to Thomson Reuters data.
Total value of announced deals stood at 40.7 billion US dollars, which included SGX’s proposed 8-billion-dollar takeover offer for the Australian Securities Exchange……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Todayonline.com: The rising property prices have shown few signs of slowing since Singapore’s recovery from the global economic downturn. This year, a strong economy, low unemployment rate and ample liquidity pushed private property prices past the previous peak in 1996.
In the public housing sector, prices in the resale market hit new highs……………………………………….Full Article: Source

Posted on 21 December 2010 by Laxman |  Email |Print

From Property-report.com: Filipinos working abroad are fueling a boom in the property market in their home country by snapping up houses and apartments to secure their future.
According to industry experts, property prices have strongly improved since the global financial crisis in 2009 with investments from the 9 million Filipinos living and working overseas a significant factor……………………………………….Full Article: Source

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