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Real Estate Briefing 26.Oct 2011

Posted on 26 October 2011 by Laxman |  Email |Print

Guy LeBasHome prices in 20 U.S. cities dropped more than forecast in August, highlighting one of the obstacles facing the economic recovery in its third year. The S&P/Case-Shiller index of property values in 20 cities fell 3.8 percent from August 2010, the group said today in New York. The median forecast of 30 economists surveyed by Bloomberg News was for a 3.5 percent decline.
Recovering the 31 percent plunge in home prices from their 2006 peak will probably be years in the making as foreclosures throw more properties on the market and sales flag. Federal Reserve policy makers like William Dudley are among those that believe bolstering housing is among the “most pressing issues” facing the central bank………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Home prices continued a winning streak in August, the fifth straight month of price gains, but remain lower on a year-over-year basis. A gauge of home prices featuring 20 major cities, the S&P/Case Shiller index, reported Tuesday that prices rose 0.2% in August but were still down 3.8% year over year.

“Even though the [year-over-year] rates are improving, national home prices are still below where they were a year ago,” said David Blitzer, a spokesman for S&P………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

U.S. home prices were largely flat in August from a month earlier and down almost 4% from a year ago, with more declines ahead, economists say. The Standard & Poor’s Case-Shiller home price data, released Tuesday, showed non-seasonally adjusted prices dipping in 10 of 20 major metropolitan areas in August from July.

Yet there was a “modest glimmer of hope” in that year-over-year results in 16 of 20 cities were better than they had been in recent months, says David Blitzer, chairman of the S&P index committee………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Want to know how bad the real estate market is? Just drive down almost any street in the U.S. and you’re likely to see “for sale” signs lining the road. Come back a month later, it’s a good bet the same signs are still there—and quite possibly a few new ones, too. But while there’s a lot of housing pain, there’s also some good news.
That’s because in some markets across the country not only have home values improved, a few have even seen double-digit growth. ……………………………………….Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

President Barack Obama on Monday went where his Republican White House rivals have so far refused to go. He asserted that Washington should help Americans refinance their mortgages at lower rates.

The president’s move to expand an existing, little-used program underscored his administration’s belief that government has a role to play in restoring the health of the nation’s broken housing market………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

One billionaire’s castle is another billionaire’s teardown. Never mind the existing mansion—it’s the location these moguls want, not someone else’s hand-me-down house. Instead of renovating, the very rich call in the wrecking ball and build their personal playgrounds from scratch.

We tracked 10 mansions that have been bulldozed or are soon to be. Some languished for years on the market, nary a buyer in sight………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

It seems the ailing housing market doesn’t discriminate on the basis of net worth. Several celebrities have felt the sting of the slumping real estate industry and have had to take huge losses on their investments.
Pro wrestler and reality TV star Terry Bollea, more commonly known as Hulk Hogan, first listed his 17,000 sq. foot residence at a whopping $25 million in 2006. It’s now listed for just around 9 million, according to real estate information websites Zillow and Trulia. Hogan also suffered a loss on his Clearwater Beach home, according to Zillow, recouping just $1.65 million for the property after originally listing it for $2.3 million………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

European office completions will fall to their lowest level in 13 years in 2011, and may only pick up in 2013, after developers delayed schemes and shelved projects during the financial crisis, research showed on Tuesday.

P roperty consultancy Jones Lang LaSalle said in its Office Property Clock report that just 3.6 million square metres of new prime and secondary office space would be completed by end -2011, the lowest level since 1998……………………………………….Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

U.K. home values will fall 5 percent in 2012 as buyers are deterred by government job cuts, rising unemployment and low wage growth, real-estate broker Knight Frank LLP said.

The drop will be the first since 2008 and growth won’t return until 2014, when prices will rise by 1 percent, the London-based broker said in a report. Declines will be sharpest in Scotland, Wales and northeast England………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Here’s a pleasant surprise from Britain’s commercial property market. Over the past year, landlords have received 2% more income from their retail properties, says the Investment Property Databank (IPD). In contrast, incomes from offices and industrial buildings have dropped by about 1% during that period.

We’ve been gloomy about UK commercial property prospects for ages. And particularly retail property………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Mainstream UK residential property prices are set for ‘a slow correction’, while prime central London prices will continue to climb, according to the latest forecast from estate agent Knight Frank.
Key headlines: Average house prices across the UK will drop by 5% next year and will show little convincing growth until 2014. Prime central London prices will climb 5% next year, before pausing in 2013 and rising by a further 4% in 2014. Cumulatively, prices will rise 24% by the end of 2016……………………………………….Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Irish house prices continued to fall last month with the rate of decline actually increasing when compared with 12 months ago. The latest figures from the Central Statistics Office (CSO) indicate that prices dropped 1.5 per cent in September and they show the decline since the beginning of the year now standing at 14.3 per cent.
The monthly fall compares to a decline of 1.6 per cent in August and a nationwide fall of 11.1 per cent since the end of September last year………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Home prices in Sweden continue to improve with an average rise of 1% during the three months from June 2011 to August 2011 versus the previous quarter (March 2011 – May 2011).
Values are up 1% year-on-year too and the biggest increases in the June to August period were reported in Norrbotten County at 6%, followed by Västerbotten and Gävleborg counties by 3% each………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Latvian real estate market has definitely divided – the prices for business-class residential property are promptly increasing, serial secondary housing is stagnating.
Why are the Minister of Economics and some member of the Parliament bothered by amendments to the Immigration Law related to the residence permit? How do appraisers slow down the development of elite real estate market? Century21.lv offers prospects for real estate market for the nearest quarter………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Egypt’s property market may have slid into its worst crisis in years, largely because of the state’s poor land management, but a large and young population is building off the books and keeping demand for homes ticking, an industry executive said.

An uprising against President Hosni Mubarak brought further attention to a real estate industry that focused most of its time on the wealthy elite, pricing out the majority of Egyptians and missing out on key revenue from middle-income buyers………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

The gap between housing demand and supply in Saudi Arabia is narrowing as banks start to lend and government support boosts sector development, the director of Jones Lang LaSalle in Saudi Arabia said on Tuesday.

John Harris told the Reuters Middle East Investment Summit that housing supply in the biggest Arab economy had been restricted over the past three years, with investors and banks reluctant to invest in real estate projects after the global financial crisis………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Average capital values fell 0.2 per cent quarter on quarter in quarter three (Q3) 2011 across monitored luxury residential markets in Asia, compared with the positive 1.6 per cent growth recorded in quarter two (Q2), according to the latest Residential Index from Jones Lang LaSalle.

Price growth has slowed steadily from the 7.4 per cent quarter on quarter increase recorded in Q32009, but this was the first time that average prices have declined since the first quarter (Q1) of 2009………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

When even the man who is building the world’s tallest residential tower speaks of real-estate slowdown that could last for years, it is clear the foundations of a once-soaring industry are starting to shake.

Behind gleaming white gates, Abhisheck Lodha’s 117-storey World One - where luxury apartments start at $1.5 million and rise past $15 million - will boast private swimming pools at cloud level and a 1,000-foot-high open-air garden………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Housing prices are set to go up as real estate developers today said they will pass on the increase in cost of funds to home buyers following the Reserve Bank of India’s decision to hike key policy rates.

“RBI has put us in a sorry situation. It is a vicious circle of higher input cost, higher borrowing cost and higher property prices. We are bound to pass on the increased cost of funds to our customers,” Confederation of Real Estate Developers’ Association of India (CREDAI) Chairman Pradeep Jain said………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

A weekend scuffle in Shanghai over a drop in apartment prices adds to increasing evidence that China’s efforts to tame a surging property market are having an impact – even as it offers a hint of what could happen if the measures go too far.

A group of around 400 homeowners in Shanghai demonstrated publicly and damaged a showroom operated by their property developer after the company said it cut prices. Home buyers had wanted to speak with the developer to refund or cancel their contracts but were unsuccessful, according to local media. One report said the price cuts exceeded 25% per square meter………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

The Hong Kong property market is likely to remain sluggish until global economic uncertainties clear up, the former chairman of Sun Hung Kai Properties said. “In the short run, the property market remains news sensitive. Europe is still going through ups and downs,” said Walter Kwok Ping-sheung, who is now a non-executive director of SHKP.

But local developers remain robust. Cheung Kong (Holdings) (0001) said it booked at least HK$5.4 billion by selling 900 units at La Splendeur in Tseung Kwan O………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

Weak sentiment will cause house prices to continue to drift sideways to lower over the coming six to 12 months, according to ANZ, which envisages a rebound in economic growth in 2012 and 2013 to limit the price fallout.

Housing market sentiment continued to soften and prices drifted lower in most capital cities, according to the latest ANZ housing report. Declining auction clearance rates and rising days on market reflected a mis-match between buyer and vendor expectations………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

The future of Australia’s property outlook may not be black, white or rosy - but grey. The retirement of the baby boomer generation over coming decades will be a major influence on prices. About a quarter of the population falls into this age group - defined by the Australian Bureau of Statistics to be those born between 1946 and 1965 - and many have already retired or planning to do so.

The impact of this demographic bulge on the economy is already being felt. According to the ABS, household income typically peaks between the ages of 45 and 54, before dropping sharply………………………………………..Full Article: Source

Posted on 26 October 2011 by Laxman |  Email |Print

While 2011 returns have not been what REIT investors had hoped, REITs continue to outperform the major markets and remain well-positioned amid the economic uncertainty, according to a Deloitte report released Oct. 24 on the top 10 issues facing commercial real estate in 2012.

Bob O’Brien, vice chairman and real estate sector leader for Deloitte, said listed REITs as a whole are in relatively good shape, thanks to improving underlying property fundamentals, favorable market dynamics and access to capital………………………………………..Full Article: Source

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