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Real Estate Briefing 17.Jan 2013

Posted on 17 January 2013 by Laxman |  Email |Print

In further signs of a U.S. housing market recovery, home prices are up - meaning a whopping 33% fewer homeowners are underwater. When the U.S. housing market bottomed out in 2008, nearly one in six homeowners owed more on mortgages than their homes were worth. That translated to 12 million underwater homeowners.
But the outlook has improved considerably. That’s because home prices, which peaked in 2007, rose 7.4% in November from a year ago, according to real estate firm CoreLogic. That’s the largest year-over-year increase since 2006, when the housing industry was nearing its peak………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

The number of homes listed for sale at the end of 2012 stood at the lowest level in more than five years, a development that helps explain why home prices have rebounded so strongly over the past year.
The 1.57 million homes listed for sale at the end of December was down by 6.5% from November and by 17.3% from one year ago, according to data tracked by Realtor.com………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

The end of the year typically represents prime time for savvy home buyers who pounce on last-ditch discounting by sellers. But in another sign that 2013 may be brighter for housing, price reductions on for-sale homes are getting harder to find in many markets.
Out of the 100 largest metro markets, 33.6% of homes for sale saw price drops from their original or recent listing price in the last six months, according to data to be released on Wednesday by home listing and research company Trulia. In the same period a year earlier, a larger share, 36.7% of homes, went down in price. Overall, 83 of the 100 markets studied had fewer price reductions than in the previous reporting period………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

The national housing recovery seems as if it will continue this year, as many local real estate markets were shown to be improving at the start of 2013. The total number of housing markets that saw improvements in the month of January climbed to 242, including metro areas in 48 states, as well as the District of Columbia, according to the Improving Markets Index issued monthly by the National Association of Homebuilders and First American.
The current number makes up slightly more than two-thirds of the metro areas the index monitors nationwide, and is up from the 201 improving markets observed in December………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Although housing prices started to rebound last year and are expected to continue rising in 2013, it’s still a buyer’s market. Prices remain 30 percent below their peak before the housing crash and mortgage rates hovering at all-time lows. If you are ready to jump in to the real estate market, here are 13 house-hunting tips for 2013.
1. Run the numbers. Put together a financial plan to determine whether you can really afford to buy. After all, just because it’s a good time to purchase a home doesn’t mean it’s a good time for YOU to buy. It’s important to understand how much home you can afford and whether home ownership might preclude you from addressing other important financial issues in your life………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Finance Minister Jim Flaherty says he’s happy that the rapid increase in Canadian home prices is over. In fact, he would be pleased if the housing market softens further. “I don’t mind prices coming down a bit, too,” he said in an interview, after the latest data showed that home sales fell sharply in December compared with a year ago.
The figures, released Tuesday by the Canadian Real Estate Association, include all sales of existing homes, or resales, over the Multiple Listing Service………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

A fresh start to the year may be just what the softening Toronto housing market needed. Mid-month figures for January put homes sales in Canada’s biggest city up 2.5% and prices up 4% compared with the same period in January 2012, the Toronto Real Estate Board said Wednesday.
Those figures appear to buck the softening trend the Toronto housing market has seen over the past year. Just a day ago, Canadian Real Estate Association numbers showed sales in the city sank 21.8% in December from a year ago, while prices climbed 6.0%………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

The market for bigger deals in European property should come back to life this year, as banks sell holdings to reduce their debt loads and companies seek to become more efficient. But financing remains tight, while deals are becoming increasingly complicated and take longer to close.
Since the onset of the financial crisis, companies have been using income to cover higher interest payments caused by refinancing, or to fund operations. That has left little with which to buy other property companies………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

According to STR Global, the Europe hotel industry opened 332 new hotels with 41,982 rooms in 2012. Among the Chain Scale segments, the Economy segment opened the most new rooms with 11,064 rooms in 95 properties.
Three other segments opened more than 5,000 new rooms in 2012: the Upper Midscale segment (67 hotels with 8,869 rooms); the Upscale segment (39 hotels with 6,137 rooms); and the Midscale segment (52 hotels with 5,537 rooms). The Luxury segment added the smallest number of new rooms in 2012 with 2,276 rooms in 14 hotels………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

UK commercial property developers are facing sharply higher costs and are likely to have to scrap many projects outside London as a result of tough new capital rules being imposed on British banks by the City watchdog.
Property companies and bankers to the sector have warned that the rules, which will force banks to hold substantially more capital against loans secured on offices and shops, risk derailing the prospects of recovery in commercial real estate values………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Lincoln Equities Group LLC plans to sell its 5,200 apartments in Berlin this year as the private- equity firm seeks to take advantage of rising prices, two people with knowledge of the plan said.
The homes are valued at about 500 million euros ($664 million), according to the people, who asked not to be identified because the information is private. Joel Bergstein, president of the Rutherford, New Jersey-based company, couldn’t immediately be reached for comment………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

The number of real estate sales plunged in 2012 but the total value of transactions grew by 3.8 percent, statistics published by the Directorate of Land Registry showed. The value of sales transactions increased to $9.175 billion in 2012, up by $330 million compared to $8.841 billion in 2011.
The number of transactions, however, declined by 9.9 percent in 2012, following a more acute drop of 11 percent in 2011. Sales to foreigners registered a sharp decrease of 8.9 percent in the volume of sales………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Many real estate agents have called on authorities to regulate the activities of real estate offices and put an end to unreasonable increases in rent. They said unlicensed real estate offices are mainly responsible for the hikes.
Some offices raise rent prices unreasonably and this in itself disrupts the stability of the real estate market because it makes potential tenants think twice before paying hefty rents………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

For the first time in six years, the number of tall buildings completed annually around the world shrank in 2012, according to a year-in-review study by the Council on Tall Buildings and Urban Habitat (CTBUH). Sixty-six buildings taller than 200 metres were completed in 2012 — the third most in history — but down from the 82 finished in 2011. On an average, a seven-storey building is around 24m tall.
CTBUH is a source of information on tall buildings. In a report released titled ‘Year in Review: Tall Trends of 2012′, the council said the number of completions in 2012 was lower than expected………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

China’s real estate market in major cities is warming up, with home prices rising, and more people buying new apartments. However, this is not the case across the country. In smaller cities, real estate agents are finding it increasingly difficult to survive. For more details, here is our reporter Laiming.
As major Chinese cities continue to record a rebound in home prices, smaller, third-tier cities are being hit hard by a sluggish market. All over the country, city planners and investors are suffering the consequences of overexpansion………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

With brand new high-rises and constructions in Hong Kong, the real estate market is in a boom. The demand for homes is so strong that even superstitions are not deterring an escalation in home prices in the city.
“Unlucky Houses” or “Hongzas,” as they are popularly known in Hong Kong, are said to be inhabited by ghosts and prove unlucky for anybody who lives in these homes. Citizens believe that living in these houses without performing satiating rituals can even be fatal for the occupants. They also believe that a home which has a suicide, murder or crime history, vibrates with negative energy and can bring bad luck………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Embattled new Hong Kong leader Leung Chun-ying said in his maiden policy speech on Wednesday that subsidised and public housing supply would be bolstered in an effort to address the city’s red-hot property market.
Leung will be hoping the populist policy will help salvage his battered reputation and shore up his political future after several scandals, mass protests, and a failed impeachment in his first six months in office………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Additional stamp duty of up to 15 per cent for non-Singaporeans to cool booming property market. New property cooling measures have been introduced in Singapore as part of a worrying trend in Asia to block foreigners from the market.
The Singapore government has increased the additional buyer’s stamp duty (ABSD) for non-Singaporeans from 10 per cent to 15 per cent. The 10 per cent levy was introduced just over a year ago but has not had the desired effect of slowing property prices………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Major developers parading ideas to build residential projects in provincial markets have been in the spotlight recently. What are the key driving factors and where are the next up-and-coming opportunities for the real estate business? The Bangkok Metropolitan Region (BMR) has been the prime market for major residential developers for more than three decades given its hefty market size and continued demand growth.
The attractiveness of the BMR lies in the fact that it accounts for 17% of the country’s total population, 44% of gross domestic product, and an average monthly household income of approximately 42,000 baht, almost double the average income nationwide. With such attractions, why are so many prominent real estate developers now looking toward provincial areas?……………………………………….Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

The Government has issued a resolution dealing with problems in the property market and bad debt. To solve the inventories and support the market, the Government has asked relevant ministries to implement effective measures to rapidly spur disbursement for construction project.
The Government has also asked the ministries to allocate investment capital for cities and provinces and focus on building social housing and hostel. Under the resolution, cities and provinces with large inventories are required to limit the use of State budget to invest in developing new residential housing for displaced people………………………………………..Full Article: Source

Posted on 17 January 2013 by Laxman |  Email |Print

Academic Philip Soos has acknowledged that mainstream opinion is opposed to the idea that a housing bubble exists in Australia, as governments, the FIRE sector (finance, insurance and real estate) and many of his colleagues in academia all claim that prices are linked to fundamentals or intrinsic value.
But noting entrenched views exist on both sides, Soos has repeated his strong belief that evidence suggests the residential property market was currently experiencing a bubble, with prices detached from fundamental valuations. “This appears to be the largest bubble on record, orders of magnitude larger than all preceding bubbles,” he says………………………………………..Full Article: Source

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