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Real Estate Briefing 23.Jan 2013

Posted on 23 January 2013 by Laxman |  Email |Print

U.S. existing-home sales last year rose to their highest annual level in five years and registered their largest annual jump since 2004, the latest sign that more housing markets hit bottom last year amid ultralow interest rates and strong investor demand.
The National Association of Realtors reported Tuesday that an estimated 4.65 million previously owned homes were sold in 2012, up 9.2% from 2011. Total home sales were higher than in any year since 2007, when 5.04 million homes were sold; at the time, that was the lowest annual tally since 1998………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

Sales of U.S. existing homes unexpectedly fell in December as supply shrank, underscoring the hurdles for an industry seeking to strengthen its recovery even as it completed its best year since 2007.
Purchases fell 1 percent to a 4.94 million annual rate last month, figures from the National Association of Realtors showed today in Washington. The reading was still the second-highest since November 2009. The median forecast of 79 economists surveyed by Bloomberg called for a gain to a 5.1 million rate………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

One of the great economic success stories of 2012 was that the housing market finally found a bottom, and even began to show signs of a nascent recovery. But even as positive data on the real estate market began to trickle in early last year, not everyone was convinced.
The main reason for skepticism were millions of homes that had not yet hit the market, but probably would soon — either because they were already in foreclosure or because the homeowners were so far behind on payments that foreclosures were imminent. These properties, which last year were estimated to range anywhere from 3 million to 10 million in number, were dubbed the “shadow inventory” of homes………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

When you stand back and look at the U.S. housing marketplace at the start of 2013, what do you see? A moderate to strong rebound underway in home prices in many areas, fast turnaround times from listing to sale, and multiple-offer competitions increasing as local home inventories plunge?
Or maybe: A surprising and sobering stagnation in prices in large swaths of the country, with some areas experiencing lengthy times from listing to sale, despite inventory declines. The softening in these local markets could be significant enough to slow down the overall pace of national price gains this year………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

The great thing about predictions is that, after some time has passed, it’s possible to see which ones were right, and which ones weren’t.
For several years, economists and housing analysts have predicted a housing bottom, but few forecasts at the beginning of 2012 foresaw the magnitude of the rebound that the housing sector enjoyed last year. Quarterly surveys by real-estate website Zillow Inc. and Pulsenomics LLC poll around 100 economists and other housing analysts on their predictions about where home prices are headed………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

National home prices were up 5.9 percent year-over-year in 2012, according to Zillow’s latest real estate market report. This was the largest annual gain since August 2006, and home prices were up for four straight quarters.
Meanwhile, the Zillow Home Value Index rose to $157,400 in the fourth quarter. “We expected 2012 to be a good year for housing, and it delivered in spades. Strong demand paired with limited inventory in many markets helped fuel a robust and often rapid recovery in overall home values, good news for homeowners after years of poor performance,” said Zillow Chief Economist Stan Humphries in a press release………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

Manhattan had a record number of commercial real estate sales last year as landlords rushed to complete deals before an expected tax increase, according to Massey Knakal Realty Services.
Transactions totaled 1,148 for the area south of 96th Street on the east side and below 110th Street on the west side, the New York-based brokerage said in a report today. That represents about 4.2 percent of the area’s properties, the most since Massey Knakal began keeping records in 1984………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

For the past six months, local real estate chatter revolved around Toronto’s cooling housing market. This week presented a refreshing change: three separate stories on how and why the city’s real estate sector is still alive and, in the case of commercial property, in hot demand. Below, we break down what the latest numbers mean.
RealNet Canada’s 2012 data supported earlier signs of the high demand for downtown office space. The research firm says investment in GTA office properties is up eight per cent, to $2.85 billion, thanks to deals like the sale of the TD Canada Trust Tower ($453 million) and Standard Life Tower on King West ($306 million)………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

Publicly traded real estate companies in Europe may have a 10 percent rise in net asset value this year as their yields are at historic highs compared with five- and 10-year corporate bonds and U.K. government debt, Morgan Stanley analysts said.
Real estate equities have for the past 15 years typically risen in value when property yields offer historically wide premiums over corporate bonds and gilts, analysts including Christopher Fremantle wrote………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

The European commercial real estate investment market finished 2012 strongly, according to figures released by CBRE Group, Inc. Although there is typically a seasonal uplift in activity in the final quarter of the year, the activity level was particularly pronounced in 2012, with several countries reporting their highest quarterly investment activity totals since 2007.
Total European investment reached €41.6 billion in Q4 2012, up by 48% on Q3 2012 and 16% on Q4 2011………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

An analysis of data from the leading UK house price indices reveals that the residential property market saw monthly price growth slow in the fourth quarter of 2012. However, strong growth in the opening six months of the year meant prices still ended the year up 3.4%, according to the data from property and financial services company Assetz.
This means that the average price of a home in the UK is now £202,824, an increase of £6,634 since December 2011. The figures are compiled from data provided by the Office of National Statistics (ONS), LSL Acadametrics, the Halifax, the Nationwide and Rightmove. The firm says it gives a comprehensive overview of the UK property market and a more accurate and less volatile picture of house price trends………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

If you’ve just moved into a newly built apartment in central London, don’t be perplexed if your neighbors speak mostly Chinese. Market-cooling measures in Asia have helped fuel interest in London’s real estate market—long a popular destination for property buyers on the prowl, says property consultancy Knight Frank.
Last year, overseas buyers spent $3.5 billion on apartments undergoing construction in central London, up 22% from the year earlier………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

Irish house prices fell for the second time in three months in December, dropping 0.5 percent month-on-month and suggesting that any stabilisation in the property market will be gradual.
Average residential property prices had risen in four of the five previous months, narrowing the annual rate of decline to 4.5 percent in December from 16.7 percent a year earlier, data from the central statistics office showed………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

Revenue and sales volumes of Spanish homes on Sweden’s largest real estate company have doubled over the last year. The upturn at The Real Estate Agency, the Spanish division of Fastighetsbyrån, Sweden’s leading real estate firm, comes against falling market prices in many areas, as sellers look for bargains.
Over the last 12 months, The Real Estate Agency has received more than 5,200 inquiries for Spanish property and has arranged around 1,600 viewings. As a result, revenue has risen 104% and sales volumes are up 90% in 2012 compared with the previous year. “Those are not the sales figures of a dead market!” says Regional Manager Daniel Nilsson………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

The merger would create one of the largest listed real estate companies in the Middle East and North Africa region, with over AED 47 billion (US $12.8 billion) of combined total assets.
Abu Dhabi-listed companies Aldar Properties PJSC (Aldar) and Sorouh Real Estate PJSC (Sorouh) announced today that their boards of directors have unanimously voted to recommend a merger to their shareholders. The proposed merger will create a stronger and more diversified company to take advantage of future opportunities in Abu Dhabi and other regional markets in the coming years………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

Realty prices in Mumbai fell by 2.4 percent in December followed by a minor drop of 0.9 percent in Delhi, an all-India property index showed. According to the Makaan.com Property Index (MPI), although the overall drop was not significant, there is a ray of hope that the present trend in Mumbai and Delhi NCR might continue due to an inventory overhang.
This is a welcome change for the home buyers who have been burdened by high property prices and home-loan interest rates. “The real estate market in Mumbai and Delhi NCR is undergoing a small correction in property prices,” said Aditya Verma, EVP and COO, Makaan.com, but cautioned that it was too early to say if this correction will continue………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

Resilient end-user demand will continue to support mainland property market sales this year, after a rise in both sales volumes and prices in 2012, according to analysts. Home prices, especially in major cities, could be pushed higher as inventory stocks drop, which might trigger expectations for further policy measures to regulate the market, the analysts said.
Data from investment bank Nomura’s equity research team showed that the aggregate value of sales of private properties increased by 10 per cent year-on-year in 2012, and by 1.8 per cent in terms of gross floor area sold. Home prices rose 8.1 per cent year-on-year………………………………………..Full Article: Source

Posted on 23 January 2013 by Laxman |  Email |Print

The Reserve Bank is likely to leave the cash rate on hold in February as previous cash rate reductions starting to flow through into rising property prices, says CommSec economist Craig James. According to the RP Data-Rismark Daily Home Value Index, capital city property prices are up 1.3% in the first three weeks of the year, though the results are lumpy across different capital city markets.
James says rate cuts, an improvement in confidence, better global news, an improved share market performance and a more positive start to the year are the key factors why home prices have risen to their highest level since early November 2011………………………………………..Full Article: Source

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