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Real Estate Briefing 13.Oct 2011

Posted on 13 October 2011 by Laxman |  Email |Print

In the Long Island ZIP code 11962, better known as Sagaponack, N.Y., the most expensive property currently for sale is listed at $30 million. That’s for a partially developed 3.8-acre lot of prime beachfront land with a six-bedroom house, a quaint cottage and “room for tennis and pool,” according to the Corcoran Group listing.
The property also comes with billionaire neighbors like industrialist Ira Rennert, whose massive Fair Field estate is assessed at $200 million, and hedge fund boss David Tepper, who recently tore down his $43.5 million house to build a bigger one……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Los Angeles’ swanky Beverly Hills is famous for its celebrity residents – and the soaring home prices that accompany them. The 90210 ZIP code boasted a $3,469,891 median listing price this summer, good for fifth place on our annual Most Expensive Zip Codes list, and the fanciest estates command prices in the tens of millions — comedienne Ellen DeGeneres wants $49 million for her recently listed compound.
Don’t have the budget of an A-list celebrity?………………………………………Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Even though the market has delayed many from moving ahead with plans to sell the family home, baby boomers are a red hot market for investment properties.
A national survey of Coldwell Banker agents found that 87 percent of 1300 agents and brokers polled have Baby Boomer clients who already own or are looking to own an investment property. Some 22 percent of agents report that at least half of their Boomer clients either own or are looking to own such properties……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

A slight rise in US property prices is unlikely to help the real estate sector recovery as experts predict price falls during the rest of 2011 and into 2012.
Residential property prices in the United States rose nationally by 3.5% in the third quarter over the previous quarter, according to the latest home data index from Clear Capital……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Is it time to buy that house we always wanted, or should we wait until prices fall further As a financial planner, I’m often asked that question and it frustrates me to hear otherwise rational people talking about home ownership the way a speculator might talk about the price of gold. Nobody needs gold, but everyone needs a place to live.
If you’ve found the house you love, you intend to make it your home for the long haul, and the financials add up, why would you wait?………………………………………Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Despite increases in mortgage rates last week, mortgage activity still rose and teased us with seemingly sustainable traction. Rising activity with higher rates, though just slightly increased, is but one of several subtle signs of revival to surface over recent months.
Clearly, though, all is in flux currently, as the risk of economic shift into recession and the threat of increasing unemployment would surely stall and reverse any real estate renaissance……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Eleven years ago, Chicago offered a guide to making the most of the sizzling-hot housing market. What a difference a decade makes. Now, confronting the realities of today’s pinched economy, local real-estate pros weigh in with the best strategies for buying or selling a home.
Early this year, with the housing market in its deepest ditch in a decade, Linda and Mark Paternostro decided to sell their Glencoe home of four years and move to another town. They put the five-bedroom house on the market at $1.149 million—$101,000 less than the $1.25 million they had paid for it in 2007……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Investment in European commercial property edged up 7 percent in the third quarter to 26.3 billion euros ($35.9 billion), from 24.5 billion a year ago, with price stability in the UK, Germany and France making them key targets, data showed on Wednesday.
“The last quarter has reinforced some of the earlier trends seen in Europe over the last year or so, such as that prime real estate is holding up fairly well, even in the current uncertain climate,” said CBRE’s head of EMEA capital markets, Jonathan Hull……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Pan-European real estate investment manager Tristan Capital Partners has completed a second capital close for its Curzon Capital Partners III LP Fund (CCPIII), raising over €300 million in the space of seven months since the fund’s launch.
Tristan Capital CEO, Ric Lewis said: “Tristan is clearly benefitting from first mover advantage with our new core plus value-added strategy fund, which is attracting institutional capital from across continental Europe and the US……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

The number of commercial properties sold at the latest Allsop auction, a key barometer of the health of the UK market, has fallen to the lowest level for three years.
Out of the 166 shops, banks and warehouses available at the auction, buyers have not been found for 50 properties. Duncan Moir, an auctioneer at Allsop, said there was a “pricing disconnect” between buyers and sellers after a “difficult” summer for the economy and property market……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Moscow has been ranked the most desirable European city for companies to expand into for the second year running, according to a survey by global property consultant Cushman & Wakefield. The number of European companies which expect to locate in Moscow within the next five years has jumped to 57 from 47 in 2010.
London, Paris and Frankfurt remain the top three European cities in which to do business overall……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Direct commercial real estate Investment volumes in Asia Pacific have increased to around 10% year to date, according to the latest third quarter flash reports from consultants Jones Land LaSalle.
Preliminary figures suggest that volumes have now reached approximately US$67 billion year to date compared to US$61 billion for the same period last year……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Pramerica Real Estate Investors has closed its private, open-end fund Pramerica AsiaRetail.
The SGD$3bn (€1.7bn) fund, which invests in shopping centres on behalf of institutional investors, focuses on retail properties in Singapore and Malaysia……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

IDFC Real Estate Investments, the property investment arm launched in 2010 by Infrastructure Development Finance Co. Ltd, plans to initially invest in commercial office space from the proprietary books of the parent company before raising a fund next year.
“We are actively looking for deals in the commercial office space, especially IT (information technology) parks and IT special economic zones (SEZs) and certain commercial buildings,” said Chetan Dave, chief executive, IDFC Real Estate Investment. We are in the final stages of a few transactions.”………………………………………Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

The Chinese property market’s crash potential has been described as ‘Dubai times a thousand – or worse’, but the limited data available makes forecasting exceptionally difficult.
China’s ‘Golden Week’ national holiday ended a week ago. Traditionally, it’s the buying season for residential property, but this year the market was quiet……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Hong Kong Chief Executive Donald Tsang said on Wednesday the government would resume the construction of subsidised housing as part of measures to help low-income earners and soothe public discontent over sky-high property prices.
Tsang, due to step down next year after two terms in office, also unveiled other relief measures amid criticism that he was not responsive enough to housing issues and had failed to narrow the wealth gap in the former British colony of seven million……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

With changes to the Residential Property Act (RPA) in January, Law Minister K Shanmugam expects the number of approved foreigner’s purchase of landed property here to be cut by more than half.
Shanmugam said approvals are given to applicants who are making a “very significant economic contribution” or if the family is rooted in Singapore with children doing national service……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Three sets of housing market figures out show a lacklustre market throughout New Zealand but Auckland bucking the trend. QV said national property values had continued to gradually rise, but Auckland was leading the market with prices there up 3.7 per cent since January.
Research director Jonno Ingerson said the national value increase in the past year was 0.7 per cent but values were still 4.6 per cent below the market peak of 2007. North Shore values rose rose 3 per cent in the past year, Waitakere 2.3 per cent and Manukau 1.9 per cent……………………………………….Full Article: Source

Posted on 13 October 2011 by Laxman |  Email |Print

Patrick Kanters, managing director and head of global real estate with APG Asset Management, said now is an excellent opportunity to get into the real estate investment market.
“Going forward, we think that entering the markets this and next year will provide very decent returns,” he said. The European listed real estate market has undergone a sharp correction, and Kanters said it is now trading at a discount to net asset value. He added that the correction is very much a temporary problem and not related to the underlying fundamentals……………………………………….Full Article: Source

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