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Real Estate Briefing 21.Nov 2011

Posted on 21 November 2011 by Laxman |  Email |Print

The housing market is starting to show a pulse. For the first time in a long time, housing figures are coming in better than expected. The National Association of Home Builders’ sentiment index jumped three points this month to 20, its highest reading in over a year. Last week, the Commerce Department said building permits and construction of single-family homes rose in October.
The Federal Reserve’s fourth-quarter loan survey showed a pickup in demand for mortgage loans………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Three of the seven homes we built and sold were financed through the Federal Housing Administration. The recent changes in the loan limits in our market from $293,650 to $271,050 would have been a big blow to our company, as it would have surely killed two of the sales and possibly a third.
These across-the-board reductions in the loan limits (not just the high end that your editorial insinuates) are yet another significant setback to the morbid housing market………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

In gold terms, an average single family home in the United States can now be purchased for only 18% of its pre-bubble price in 2001. The term “pre-bubble” merits emphasis: the average house can be purchased at an 82% discount (in ounces of gold) not from the peak real estate values of 2006, but the much lower home prices of 2001, before the real estate bubble began.
These numbers are based upon the Gold / Housing ratio, which is a measure of relative value between gold and real estate………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Builders have found a way to make money in a decrepit home market: apartments. The number of permits to build apartments jumped to a three-year high last month. In 12 months, they’ve surged 63 percent.
Blame the housing bust, which left many people without the means, the credit or the stomach to buy. More people need apartments. The demand has driven up monthly rents. And apartment builders are rushing to cash in………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

State Sen. Eric Adams says the New York Police Department violated its own procedures when it removed protesters’ property from Zuccotti Park without giving them receipts for their belongings.
The police cleared out protesters early Tuesday and arrested more than 200 people. They took protesters’ belongings including clothing, sleeping bags and electronic gear to a city garage. Protesters say some of their property was thrown away………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Bahrain-based Investcorp has acquired three real estate assets in the United States for around $100 million, a source familiar to the matter said, bringing its total property buys this year to $300 million.
The property purchases include an office complex in Long Beach, California and a $37 million acquisition of the Bethesda Health City building in Boynton Beach,Florida, Investcorp said in a statement. The firm also bought a 221-unit garden and townhouse complex composed of 15 residential buildings located in Atlanta,Georgia………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Clearly, the legalization of real estate sales is one of the most significant reforms Raúl Castro has adopted in his drive to grow Cuba’s economy by slashing state spending and allowing more private enterprise.
Enacted Nov. 10, the reform brought back a legal housing market crushed by Fidel Castro in the early 1960s, turned homes into potential cash and, at least technically, recognized an individual’s right to private property………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

House sellers have dropped their average asking prices by the largest cash amount for almost four years, a report from Rightmove has found.
The number of new people putting their home on the market has also shrunk back to levels not seen since US investment bank Lehman Brothers crashed in 2008, plunging the world economy into crisis………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

U.K. home sellers cut asking prices by the most in a year this month as the escalation of the euro- area debt crisis deterred buyers and increased uncertainty about the outlook for the economy, Rightmove Plc (RMV) said.
Average asking prices in England and Wales fell 3.1 percent from October to 232,144 pounds ($367,650), the biggest monthly drop since November 2010, the operator of Britain’s biggest property website said ……………………………………….Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

All I want is a room somewhere …” Young people all over Britain are echoing Eliza Doolittle’s lament. If it isn’t bad enough that more than a million of them are unemployed, they’re also finding it extortionate to rent and almost impossible to buy a home.
So the Government’s long-awaited housing strategy, to be unveiled today,had better be good………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Swedish retail property transactions reached SEK 8.537 billion (approx. €930 million) in the first half of 2011, compared to SEK 3.22 billion in H1 2010 – an increase of 165%, according to Jones Lang LaSalle’s latest Swedish Retail Market Survey.
Of these transactions, 94% involved an international vendor or purchaser, compared to 70% in 2010 and 30% in 2009. Shopping centers accounted for 79% of transactions and retail warehouse for 15%………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Dubai saw less than 1,700 real estate deals in the first ten months of the year, government data shows, a 70 percent decline on sales made at the housing market’s peak in mid-2008.
Some 1,603 deals were signed off in the ten months to October, down from 5,363 during the same period in 2008, data from Dubai Land Department showed………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Good news is afoot for Arab and Russian investors who want to buy property in Turkey. A bill for a new law which will allow citizens of countries previously banned from such transactions to purchase real estate in Turkey is almost finalized, and is expected to be submitted to Parliament very soon.
How much real estate in Turkey belongs to foreign owners, and who are they? According to the information from the Anatolia news agency, a total of 123,000 foreigners own 113,687 immovable properties in Turkey………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Construction industry experts in the west can only sit back in jaw-dropping awe at financial projections cast for the building sector in the Middle East over the next three years.
According to The Big 5 International Building and Construction Show that opens today in Dubai, estimates peg construction spending in the emerging markets of this region alone at more than $600 billion (Dh2.2 trillion) by 2015………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Kabul’s unlikely housing bubble is deflating rapidly amid a rash of extravagant insurgent attacks and growing worries among Afghans about what will happen after U.S. combat forces stand down, as expected, by 2014.
For many Afghans, President Barack Obama’s announcement in June that he was withdrawing one-third of U.S. forces by next September marked the beginning of the end of the foreign intervention in their country. While that raised security concerns, the prospect that U.S.-led NATO troops, who now number 100,000, would soon depart also sparked worries about the economy, especially among those who’ve gotten rich off the sudden influx of foreign investment………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Big mall openings may pause with new projects drying up in the next one year after cash-strapped real estate developers rolled back investments into glitzy shopping complexes, leaving some retailers worried about their expansion plans.
“There won’t be many big malls, almost nothing in our reckoning, hitting the market beyond late 2012,” says Sameer Sain, Founder & CEO, Everstone Capital, which owns about 14 malls through real estate funds Kshitij and Horizon. This, ironically, might coincide with India’s plans to open up multi-brand retail to foreign direct investment (FDI) and allow single-brand retail operations to be 100% foreign owned………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Market sources suggest that price appreciation in Kolkata has been one of the steepest in the country in the last two years. For a retail investor, the rate of return on his investment stands doubled, even in the fringe areas of the city and beyond. When compared against 2004, there is a near four-fold rise in prices in seven years.
Mayank Saxena, Managing Director- Kolkata, of Jones Lang LaSalle attributes the “exceptional value appreciation” in the city to “short-supply” of properties, primarily due to legal constraints such as Urban Land Ceiling Act and a slow legal process throttling availability of land for development………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

China will likely loosen its restrictions on the country’s property market in the third quarter of next year, as plummeting prices could slow the growth of the economy, according to a university report.
Property prices, sales and investment will fall in the first quarter of next year because of the government’s tightening measures, according to a report released by the Beijing-based Renmin University of China on Saturday. It added that the possibility of a market collapse is slim………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

CapitaLand Ltd. (CAPL), Southeast Asia’s biggest developer, said it will continue to seek opportunities in China amid the government’s property curbs.
CapitaLand, with S$10.1 billion ($7.8 billion) of assets in China, will maintain a balance between commercial and residential projects, Chief Operating Officer Lim Ming Yan told reporters in Shanghai. It needs residential developments for liquidity and commercial investment properties for longer-term holdings, Lim said………………………………………..Full Article: Source

Posted on 21 November 2011 by Laxman |  Email |Print

Auction results in capital cities continued their lacklustre run over the weekend. After promising results over the past few weeks, boosted by this month’s rate cut, auction clearance rates fell to the lowest level in months at the weekend.
Despite healthy crowds in Sydney and Melbourne, the auction market remains largely a spectator-only affair with about half of all homes being put to auction failing to sell under the hammer………………………………………..Full Article: Source

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