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Real Estate Briefing 18.Feb 2013

Posted on 18 February 2013 by Laxman |  Email |Print

The latest numbers from the field are in, and the news is good. Housing prices were up almost everywhere across the country in 2012. Of the 134 core-based statistical areas (CBSAs) that reported 500 or more sales last year, 123 saw gains, according to year-over-year data collected as of Dec. 31 by Pro Teck Valuation Services of Waltham, Mass. CBSAs are defined as “micropolitan” areas of at least 10,000 people who are tied to an urban center by commuting.
Some increases were exceptional, such as the nearly 35% jump in the price per square foot in the Phoenix CBSA and 25% each in San Jose and Fort Myers, Fla. Others were minuscule, such as the 0.23% increase in Salem, Ore., or the 0.26% gain in Nassau County, N.Y………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

New residential construction cooled in January and U.S. existing-home sales slowed after the strongest year since 2007, representing a break in the momentum for the industry, economists said before reports this week.
Builders started work on 920,000 houses at an annual rate following December’s 954,000 pace that was the fastest since June 2008, according to the median forecast of 73 economists surveyed by Bloomberg before Commerce Department data on Feb. 20. Purchases of previously owned properties fell, while the cost of living was contained, other figures may show………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

For those who missed President Obama’s latest giveaway to the Bank Mafia, we’ll repeat what he said here. This is an excerpt from Tuesday’s State of the Union Speech:
“Part of our rebuilding effort must also involve our housing sector. Today, our housing market is finally healing from the collapse of 2007. Home prices are rising at the fastest pace in six years, home purchases are up nearly 50 percent, and construction is expanding again………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

There were signs of stabilization in the housing market as prices continued to climb in January, while total sales fell from a year before, according to the Canadian Real Estate Association.
The average national sale price of a home rose two per cent from January 2012 to $354,754 last month, while the number of homes sold in January declined 5.2 per cent from a year earlier. CREA says that’s due to tighter mortgage rules that came into effect midway through last year.Sales rose 1.3 per cent from December to January………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

The correction underway in Canadian house prices is likely to persist for another two years, warns Bank of Canada Governor Mark Carney. “We’ve seen the adjustment in the housing market. We think there’s a bit more to come over the next couple of years,” Carney said.
Carney said rapidly rising prices experienced in Canada over the past decade are “certainly not normal” and Canadians shouldn’t count on home prices to be their main source of wealth gains………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

Economist David Madani sent shock waves through the real estate industry when he predicted that Toronto’s overheated housing market was due for a 25 per cent correction. That was two years ago.
He’s still waiting — and watching closely — as the GTA heads into one of the most pivotal spring markets of the last two decades. Madani remains convinced that the most prolonged housing boom in history, fuelled largely by low interest rates, is headed for a hard landing, particularly in Toronto’s “overbuilt” condo sector………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

Property asking prices have neared their pre-crisis peaks, according to the latest RightMove House Price Survey. The website reports that the average price of newly marketed property in February was £235,741, just £2,115 lower than their high peak for the month, recorded in 2008 before the collapse of Lehman Brothers.
Asking prices are not always matched by eventual selling prices but can be a good indication of trends. In fact, the latest official house price figures published by the Office of National Statistics last week was also positive, revealing that the average price achieved across the country last December was £233,000, up 3.3 per cent over the year………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

It’s not easy to sell your house for the best price, but handling estate agents and buyers with care will speed the process along. Housing markets are a law unto themselves – just see how often so-called experts make wrong forecasts about whether values are rising or falling. But there are many practical tips that vendors can use to try to secure a quick sale at a good price.
You should get quotes from several agents. Many will not tell you how much they charge until they have come to see your property, and most are willing to negotiate. Expect to pay between 1% and 3% for their services, but ask for the best price they can do………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

Savills latest Spanish research report shows that a fourth quarter pick-up in activity in Spain’s commercial property market resulted in a 10% year-on-year rise in investment volume in 2012, to €2.1 billion.
However, the international real estate advisor highlights that 50% of this year-end total is accounted for by three individual transactions, namely the sale of Torre Picasso for €400 million, the purchase of the Canalejas complex, Banco Santander’s headquarters in Madrid, by Villar Mir group for €215 million and the purchase of the 439 CaixaBank bank branches………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

The key features of 2012 were the minimal levels of vacancy, continuing deficit of quality supply and as a result high level of prime rents, according to a new report from CBRE Russia Industrial and Logistics Research.
Over 2012, demand for logistics space in the Moscow region showed strong growth. The total volume of space on which deals were signed last year, exceeded the volume of annual construction by more than 30%. Demand significantly exceeds supply and currently about 40% of space under construction have already been sold or leased based on contracts signed last year………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

Doha property sales volumes increased 20 percent in 2012, reaching 7,000 transactions, according to real estate services firm Asteco.The value of property sales in Doha Municipality increased by 35 percent in comparison to the previous year. According to the Asteco 4Q2012 Qatar report, most of the sales were registered in non-freehold areas, where only Qatar and GCC nationals can buy land.
The total value of transactions for apartment blocks in non-freehold areas increased by 87 percent in Q4 compared with Q3, with the volume of transactions up by 42 percent during the same period, Asteco reported………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

The Latest available data from the Ministry of Justice, Department of Real Estate Registration and Authentication, for January 2013, indicated a noticeable drop in real estate market liquidity compared with December 2012, a specialized economic report revealed.
“The total value of contracts and agencies trading scored about KD 302.7 million, down by 22.8 percent from December 2012 value of about KD 392.2 million,” reads the report, by Al-Shall Economic Consultants………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

Improved sales and customer enquiries are helping listed realty players get back on track. Most players have reported growth in net profit in the third quarter ended December 2012, prompting industry watchers to claim that the slowdown in the real estate segment is bottoming out.
Both Unitech and DLF have reported growth in profits after almost nine straight quarters. The two largest listed players said they were ramping up construction activity in the coming quarters. DLF said it had reduced its debt by Rs 1,870 crore by selling its non-core assets………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

Property prices in some areas have quickly increased but they will not affect the entire economy, Bank of Thailand governor Prasarn Trairatvorakul said on Sunday.
“The BoT does not see that the property price hike is caused by speculative inflows,” Mr Prasarn said after the private sector called on the central bank to slow foreign capital inflows and tackle the bubble in the bond, stock and property markets. He said the problem is not at a dangerous level and the BoT is still monitoring the situation………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

For those who own their own home and don’t have a mortgage their sense is often that other than for costs like council rates, utilities, building insurance and maintenance they don’t spend anything on housing. For those with a mortgage, they may add in the cost of their loan repayments.
But this is not the way the Australian Bureau of Statistics (“ABS”) looks at things in its National Accounts’ publications. When calculating how much we, as a nation, spend on housing services the ABS effectively looks at what the entire housing stock could be rented for, based on current rental rates………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

For those interested in the Australian residential property market, below are a collection of figures illustrating long-term trends. Housing prices and land values are compared to a basket of fundamental metrics. Australians are fortunate because much data on real estate and financial markets are publicly available, going into depth not seen in other countries.
Comparing housing prices to inflation is one of the more common indicators in property market analysis. If the trend is fairly even over time, then there is no indication that people are favouring housing relative to other goods and services………………………………………..Full Article: Source

Posted on 18 February 2013 by Laxman |  Email |Print

New Zealand rural property prices continue to rise as demand for property outstrips supply. Real Estate Institute of New Zealand data Monday show the median price per hectare for rural land was up 18% in the three months to January 2013 compared with the year-earlier period. There were 45 more farm sales, a rise of 12.7%, during the period.
“The supply of listings is barely able to keep up with demand, with demand for good quality properties outstripping supply,” Brian Peacocke, Reinz’s rural market spokesman, said in a press release. “This situation is unlikely to change in the next few months as farmers begin to make commitments for the forthcoming season.”……………………………………….Full Article: Source

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