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Real Estate Briefing 15.Aug 2011

Posted on 15 August 2011 by Laxman |  Email |Print

Housing market conditions in the US make the Australian market look like boomtown. Home prices are still falling, transaction volumes remain well below normal and almost a quarter of all homes are showing negative equity. With the number of distressed homes growing, banks and the Government are looking for creative ways to minimise the fallout.

With the recent US debt debacle and subsequent downgrading of the US economy from AAA status to AA+ it’s timely to re-visit the housing market fundamentals in the USA……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

US commercial real estate will perform better than the country’s volatile sharemarket during the current economic downturn because investors value its intrinsic quality, according to a new CB Richard Ellis report. The study analysed the effect on commercial real estate of the US economic slowdown, the S&P downgrade of the US credit rating and turmoil in the global financial markets.

”While we anticipate continued stockmarket volatility, commercial real estate will not fare as poorly because it remains a preferred asset class, within a well diversified multi-asset institutional portfolio,” said Asieh Mansour, CBRE’s head of Americas Research……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Phoenix, where foreclosures have surged and prices plummeted since the U.S. housing bubble burst, and Atlanta are the best potential markets for the sale of newly built homes, Barclays Capital said in a report today.

Atlanta has the potential for 47,317 new houses a year, followed by Phoenix with 46,485 and Dallas with 33,997, Jeff Meli, Vincent Foley, Cedric Morris and Robert Tayon, analysts with Barclays, wrote in the study. Phoenix leads 16 metro areas examined for potential revenue with $4.45 billion in new home sales. It’s followed by Washington with $3.94 billion and San Diego with $3.31 billion……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

One of the conclusions from the housing bust: The appraisal system was broken. One of the conclusions some have drawn from the struggling recovery since then: The appraisal system is still broken, but in a different way.

There is little doubt that home values have depreciated sharply in recent years for the most basic of economic reasons: excess supply of homes on the market and weak demand. But some realtors, home-sellers and economists believe low-ball appraisals also are undermining a housing recovery……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Chinese banks have poured more than $1 billion into real estate loans in New York in the past year. Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies have signed major leases at the Empire State Building and at 1 World Trade Center, the centerpiece of rebuilding at ground zero.

Investment in the city by companies and entrepreneurs from China has been surging in the past few years, recalling the boom in Japanese investment that swept the region in the 1980s and helping to buoy the local economy even as the country as a whole struggles to get out of recession……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Manhattan real estate—a poster child of the excess that led to the last downturn—appears oddly sturdy, despite last week’s turmoil.

The boroughs commercial real estate market, which many feared would enter a prolonged depression following the collapse of Lehman Brothers, recently passed a key milestone: The total dollar amount of assets classified as distressed has been cut in half……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

This week, the Federal Housing Finance Agency (FHFA), the U.S. Department of the Treasury and Department of Housing and Urban Development (HUD), has requested ideas for selling single-family real estate owned (REO) properties held by Fannie Mae, Freddie Mac , and the Federal Housing Administration (FHA).
“While the Enterprises will continue to market individual REO properties for sale, FHFA and the Enterprises seek input on possible pooling of REO properties in situations where such pooling, combined with private management, may reduce Enterprise credit losses and help stabilize neighborhoods and home values,” said FHFA Acting Director Edward J. DeMarco……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

The Canadian Real Estate Association reports monthly housing sales numbers for July on Tuesday, but it’s the national association’s long-term forecast that may provide greater clues into the state of the Canadian housing market.

The housing market has been climbing steadily since the end of the recession, with market watchers constantly worried about a crash. CREA has said that sales and prices may ease slightly in the coming year, but past forecasts have maintained that, over all, the market is healthy……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Asking prices for residential property in England and Wales showed their first year-on-year fall since September 2009, property marketing company Rightmove said on Monday.

House prices advertised via Rightmove’s website — which covers about 90 percent of homes sold via estate agents — are 0.3 percent lower this month than in August 2010, at an average 231,543 pounds……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

U.K. house prices fell to the lowest level in more than 1 1/2 years last month as banks’ requests for larger deposits deterred first-time buyers, Acadametrics Ltd. and LSL Property Services Plc said.

The average price of a home in England and Wales fell 0.1 percent from June to 217,300 pounds ($351,700), the lowest since December 2009, the groups estimated in an e-mailed report in London today. Prices dropped 2.6 percent from a year earlier……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

The long drawn out decline in capital growth fell again in July, to its lowest rate since the recovery began, according to the IPD UK Monthly Index. Despite the UK market now seeing two full years of positive growth, declines in retail values leave offices as the only sector experiencing capital appreciation.

‘With a 0.1% improvement in capital values this month, the balance between the performance of prime assets and the more challenged secondary markets remains finely poised,’ said Phil Tily, UK and Ireland managing director……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Global economic events have exerted an undeniable pressure on the world’s financial markets in recent months and investor confidence levels have been impacted worldwide.

Yet despite this wider market volatility, much is being done to preserve the UK’s reputation as a safe haven for business. The UK has already weathered its own economic storm and relative to other markets it provides respite, with secure and viable investment opportunities for foreign investors seeking long-term wealth preservation……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Investors are moving up the risk curve to opportunistic and value-added real estate – but they are only willing to commit capital to well-established fund managers with a strong track record.

According to a report by consultancy Swisslake on real estate private equity in the first half of this year, 142 new funds are targeting $69bn (€48.5bn) – an increase of 42% compared with the same period last year……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

The remarkable value of awarded contracts during the first quarter continued into the second quarter as SR34.5 billion in contracts were awarded. The value of awarded contracts reached SR84.2 billion by the end of the first half of the year, indicating that 2010’s total value of awarded contracts is likely to be surpassed this year, according to the National Commercial Bank Construction Contracts Index Second Quarter 2011 released on Saturday.

The government’s focus to fulfill its citizen’s demands for improved infrastructure capabilities played a significant role as more than 31 percent of the value of awarded contracts during the second quarter were directed toward infrastructure related sectors……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

The real estate industry in Dubai is showing signs of recovery following the change in visa rules for property investors. The emirate, with its strategic location, has become a centre of focus as regional and international investors show their interest to relocate their corporate offices in the wake of unrest in the region.

The emirate, an ideal gateway between Europe, Asia and Africa, offers great opportunities to investors looking for investment. As the UAE is promoting its position as a stable market place for international investment, the real estate industry in Dubai is expected to benefit most from the growing attention from both East and West……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

India’s real estate sector, which soared as the country’s economy took off and higher incomes led to increased demand, is facing turbulent times as interest rates push up the cost of home loans.

A succession of rate hikes has prompted prospective buyers to delay purchases, with the situation having a knock-on effect on the country’s top property firms……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

The outlook for China’s housing sector is both crucially important for the world economy and—because of weakness in the data—very hard to predict. Despite a government push this year for more-accurate home-price data from China’s National Bureau of Statistics, international markets—and most Chinese consumers—remain deeply dubious of the official monthly figures.

July data from the National Bureau of Statistics are due out Thursday, but confidence in the official figures is so low that the markets pay more attention to numbers from a private data provider, the China Real Estate Index System……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Hong Kong home values, which have risen more than 70 percent in the past two-and-a-half years and outperformed stocks, are set for their biggest decline since Lehman Brothers Holdings Inc. collapsed in September 2008 as land supply increases and global growth slows.

Midland Holdings Ltd. and Centaline Property Agency Ltd., the Chinese city’s two biggest real estate agents, said home prices are being reduced by as much as 10 percent……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Singapore Prime Minister Lee Hsien Loong said Sunday the government will keep up construction of public housing and allow more households to purchase those units, in an effort to meet demand and stabilize housing costs.

Lee’s comments come as the government, chastened by a slump in support in recent elections, seeks to temper property market sentiment and curb runaway housing costs. As in many parts of Asia, particularly Hong Kong and mainland China, property prices in Singapore have been setting records, fueled by abundant liquidity and record-low interest rates……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

The number of real estate transactions in New Taipei City decreased in the second quarter as the industry prepared for the implementation of the luxury tax, but prices continued to rise, government statistics have shown.
Second-quarter transactions registered with New Taipei City’s land authorities were 12.4 percent fewer than those in the previous quarter and 20.8 percent fewer than those in the same period last year, according to the data……………………………………….Full Article: Source

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Posted on 15 August 2011 by Laxman |  Email |Print

Melbourne’s housing market has proven resilient so far this year. House prices have been stable over the last two quarters, although about 2 per cent lower than at the same time last year. This is nonetheless an encouraging statistic for market stability considering Melbourne house prices rose by nearly 30 per cent between January 2009 and June 2010.

Although latest Australian Bureau of Statistics data showed a decline of 4.8 per cent over the month of June in Victorian housing loans, this was a reasonable result following the strong 22 per cent rise in May……………………………………….Full Article: Source

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