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Real Estate Briefing 21.Mar 2013

Posted on 21 March 2013 by Laxman |  Email |Print

The Federal Reserve is likely to keep pumping billions of dollars a month into the US economy after a two day meeting in Washington. The aim is to encourage businesses and households to spend and invest.
In February the number of new housing projects hit a four year high which spurred on some firms, especially in construction to start hiring again………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

As America’s housing market slowly heals, good news is pouring in from homebuilders: They’re building more; they’re hiring more workers; they’re building bigger houses. Still, some things haven’t changed: Renters (as opposed to buyers) are still driving the rebound of the residential construction industry.
Construction of single-family homes rose to a nearly five-year high in February, the Commerce Department reported Tuesday. Single-family home building, which made up about 66% of housing starts last month, rose 0.5% to a rate of 618,000 units — the highest level since June 2008. This follows a 31.5% rise in single-family construction in the last year………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

After six years of waiting on the sidelines, newly eager home buyers across the country are discovering that there are not enough houses for sale to accommodate the recent flush of demand.
“In my 27 years I’ve never seen inventories this low,” said Kurt K. Colgan, a broker with Lyon Real Estate in the Sacramento metropolitan area, where the share of homes on the market has plummeted by one of the largest amounts in the nation. “I’ve also never seen a market turn so quickly.”……………………………………….Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

U.S. builders started more houses and apartments in February and received building permits for future construction at the fastest pace in 4 ½ years. The increases point to a housing recovery that is gaining strength.
The Commerce Department said Tuesday that builders broke ground on homes last month at a seasonally adjusted annual rate of 917,000. That’s up from 910,000 in January. And it’s the second-fastest pace since June 2008, behind December’s rate of 982,000………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

In the latest sign that New York City’s luxury market remains hot, the developer of Manhattan’s tallest residential tower said it has signed contracts to sell more than a third of its luxury condo units two years before the building is set to be completed.
The building, known as 432 Park, has a total asking price for its 126 units of $2.7 billion, according to a filing this week with the New York attorney general. That amount reflects a 13% increase over July and is the highest total asking price ever for a Manhattan condominium. The building’s average asking price of $6,742 a foot also is near the top………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

A slowdown in Canada’s housing market will continue through 2013 and years of stagnation may follow, but no crash is likely because demographic trends will support demand in the medium term, a report by Scotiabank said.
The report by Canada’s third-largest bank said that home sales have already dropped more than 10 percent from spring 2012, with prices leveling off but not yet falling except in particularly hard-hit markets………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

At an informal housing market on Havana’s historic Paseo del Prado, Renaldo Belen puts the hard sell on a prospective buyer under a tree hung with hand-lettered signs advertising homes for sale.
A house near Boyeros, the avenue to the city’s airport, is being offered for the equivalent of $120,000, with all the amenities. “The house is beautiful, it has four bedrooms, a pool with a bar and a fountain with a lion’s head on top. Look,” says Belen, pointing to photos on the sign, “water comes out of the lion’s mouth.”……………………………………….Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

The head of PIMCO’s mortgage credit portfolio management team said the firm is targeting direct commercial real estate investments and non-securitized loans, which carry greater risk but higher return potential.
Dan Ivascyn, who is also a managing director at Pacific Investment Management Co, which has $2 trillion under management, said the move by banks around the world to offload some of their debt has created opportunity to buy up unrated loans………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

Housebuilders were among the biggest winners in Wednesday’s Budget, as a “gamechanging” move to boost mortgage availability was extended to older properties. Shares in the UK’s biggest housebuilding companies soared as a result. Barratt, the biggest riser, gained 6.5 per cent to close at 255p.
Around a quarter of housebuilders’ sales in the past year have already benefited from government schemes to boost mortgage availability and although the industry had been clamouring for more support, the size of Wednesday’s boost nevertheless took the industry by surprise………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

Help to Buy scheme offers buyers with a 5% deposit an interest-free loan of up to 20% of the value of most new homes. A £3.5bn investment in government loans to financially stretched homebuyers and a £12bn scheme to increase the availability of mortgages to people who cannot afford a large deposit were unveiled by the chancellor “to support a new generation in realising the dream of home ownership”.
The two measures were the centrepiece of a package of financial support for the housing market, and aim to provide assistance to first-time buyers and those “trapped” in their existing homes and unable to take the next step up the property ladder………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

Residential housing development in the inner most suburbs is very interesting right now. Around one-third of Sweden’s GDP comes from the Stockholm region and looking forward the region is expected to have 20.000–30.000 new people moving in each year. It’s a must to develop new housing in all districts, especially around the subway stations.
Converting offices to apartments. Many areas that used to be lucrative for offices are now even hotter for housing. Some buildings are being demolished, and in others the stocks can be re-used………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

The strenuous efforts exerted to handle the housing crisis were quickly rendered useless when the ratified 2013 general budget did away with the allocations for the housing fund, which was to grant loans for those wishing to build new homes.
The Iraqi parliament ratified the 2013 general budget on March 7 after a heated debate among involved parties regarding the share allotted to the semi-autonomous Kurdistan region. The budget did not include any housing allocations, which were held back until an increase in oil revenues is seen………………………………………..Full Article: Source

Posted on 21 March 2013 by Laxman |  Email |Print

Property pundits agree that office property will remain the problematic sector in the next 12 to 18 months with dominant retail centres likely to be the best performers. Vukile Property Fund CEO Laurence Rapp believes that — consistent with last year — the market will continue to “see the office property sector under pressure”.
While Rapp believes the performance of the industrial property sector will continue to improve, retail property will continue to be “the preferred asset class given its growth potential but inherently defensive nature”………………………………………..Full Article: Source

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