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Real Estate Briefing 30.Apr 2013

Posted on 30 April 2013 by Laxman |  Email |Print

The U.S. housing market is no longer a basket case. Data from the S&P/Case-Shiller Home Price Indices show that average home prices in an assortment of American cities have been on the upswing, increasing by almost 7 percent across the country in 2012. Recent reports that sales of new single-family homes rose in March are proof points that “the housing market recovery remains on track.”
Nicolas P. Retsinas is a Senior Lecturer in Real Estate at Harvard Business School, Director Emeritus of Harvard University’s Joint Center for Housing Studies, and former Federal Housing Commissioner………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

More Americans than forecast signed contracts in March to buy previously owned homes, another indication of progress in the housing market.
The index of pending home sales increased 1.5 percent after a revised 1 percent decline the prior month that was larger than initially reported, figures from the National Association of Realtors showed today in Washington. Economists forecast a 1 percent increase, according to the median estimate in a Bloomberg survey………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

After a long and painful downturn in the housing market, home prices are finally beginning to head north. According to Zillow, a real estate listing website, home values rose 5.1% across the United States between February 2012 and February 2013.
Many local housing markets are performing considerably better than the country as a whole. Home values rose more than 13% in 10 of the 30 largest housing markets for which Zillow has data, and rose more than 20% in five of them. The biggest growth of all took place in Phoenix, where home values rose 24%………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

Investors may have kick-started the housing recovery, buyers are truly driving the market, research shows. Recent reports point to strength in the non-distressed or conventional sales market, which is dominated by current homeowners and first-time home buyers.
According to the Campbell/Inside Mortgage Finance Survey released last week, investors accounted for just 21.8% of home sales in March. Investors accounted for only 13% of sales of non-distressed properties, the largest segment of the market. Current homeowners had a 50% market share and first-time homebuyers a 37% share of the non-distressed housing market………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

The real estate market has flipped from a buyer’s market to a seller’s market in just a short time. While there are still great deals to be had, buyers need to be more creative, savvy and educated about their local housing market to land the home of their dreams.
Housing inventory is down 40 percent or more from two years ago in some markets, and that means stiff competition for the best houses. But there are methods to beat other buyers to the property you covet, some conventional and some more unusual………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

The recovery in the housing market is continuing its slow and steady recovery. The most recent data point showed pending home sales rising by 1.5% in March which reverses the February decline. According to the National Association of Realtors the pending home sales index increased to 105.7 in March from the 104.1 it hit last month. This represents a solid 7% year-over-year increase for the index.
Overall, the association’s chief economist, Lawrence Yun, pointed out that “contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply.” He sees closings ending up modestly as the year progresses. All of which points to continued modest gains for a housing market that’s been lackluster for the past few years………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

Minority owners of New York’s Empire State Building want a state judge to block a proposal that would roll the skyscraper and 17 other Manhattan buildings into a common ownership group known as a real estate investment trust, or REIT.
The 82-year old Empire State was the tallest in the world from its opening until the completion of the World Trade Center in 1973. It has played a central part in numerous movies, including “King Kong,” “An Affair to Remember” and “Sleepless in Seattle.”……………………………………….Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

The big investments funds are not always smarter or better than smaller investors. But every once in a while they spot opportunities that others miss. A prime example can be found in Europe, where funds are scooping up office projects that have been undervalued by the market.
The key is looking for offices that have tenants with short term leases. Offices with tenants with long term leases are typically valued as much as 30 percent more than similar buildings with tenants with less than five years remaining on their leases………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

House prices in England and Wales increased by 0.1% in March, according to the latest Land Registry report, but the headline figure disguised a mixed pattern of rises and falls around the regions.
London continued to record the strongest growth, with prices rising by 2.5% in March alone. The annual rate of price growth in the capital hit 9.6% and the average price reached £374,568. In contrast, prices in Middlesbrough fell by 5.1% in March and were down 16.5% year-on-year to an average of £69,049………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

London’s booming property market helped house prices rise for the third month in a row in April, as conditions in the capital’s housing market reached levels not seen since 2007.
Prices increased by 0.3% month-on-month across the country, following a similar uplift in March, with a 0.7% rise in London driving the rate of growth, a study by Hometrack found. Demand from new buyers registering with estate agents in London has grown three times faster than the rate of homes coming on the market over the last three months, the study said………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

The supply decreased by 4.4% in the secondary housing market of Baku. Public organization “Property Market Participants” informs that totally 5,700 apartments were proposed for the market in March.
“Last month, 78.7% of the portfolio of the secondary housing market was formed from flats in Yasamal, Nasimi, Narimanov and Khatai districts of Baku, which is associated with the transition of apartments from the primary market to the secondary market in these districts,” PMP said………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

Dubai has defied a global slowdown in the luxury property market after witnessing a 5.4 percent rise in prices during the first quarter of this year, according to Knight Frank. The emirate came fourth in a ranking of the world’s luxury property markets, behind only Jakarta, Bangkok and Miami in terms of price rises, the property consultancy said.
Prices of luxury villas and apartments in the emirate rose by 5.4 percent in the first quarter compared with the final three months of 2012, Knight Frank said. That represented an 18.3 percent increase on the first quarter of last year………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

According to Cluttons, a real estate consultancy, the increase in rent is due to demand outstripping supply for the first time since the global financial crisis.
Apartments in popular areas such as Al Majaz, Al Nahda and Al Qassimiya saw an average rental increase of 10 to 15 per cent since October 2012. In areas such as Sharghan, Al Fisht and Al Falaj, villa rents went up a similar 15 per cent due to strong growth in demand and a lack of quality stock………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

Real estate sales in Kuwait worth a total KD 293 million leapt 19pct in March, 2013 since the same period last year, said a National Bank of Kuwait (NBK) report here on Saturday. The increase comes after a drop witnessed at the beginning of the year, NBK’s weekly economic brief on Kuwait said, expecting the market to remain stable until a slowdown marked by the advent of the summer period, particularly as the market’s three main sectors are witnessing healthy demand.
Total sales in the housing sector, including 490 transactions, reached KD 149 million in March with an average of 1.0pct on a year-on-year basis as the average of each transaction grew by 7.0pct in comparison with 2012………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

There are many differences between the Australian, Britain and US property markets but these overseas markets can be terrific barometers for us.
In recent years, the overseas markets were devastated, with a slump in value, markets swamped with desperate sellers and innumerable foreclosures.Those few buyers who were around found it difficult to get finance as credit and lending dried up. The picture was not good………………………………………..Full Article: Source

Posted on 30 April 2013 by Laxman |  Email |Print

Cities in Asia, North America and the Middle East continue to dominate the top half of the results table while seven of the bottom ten rankings are occupied by European cities, according to Knight Frank’s latest Prime Global Cities Index.
On a regional basis, cities in the Middle East recorded average annual price growth of 11% while Europe was the weakest performing region with prime prices falling on average by 2.3%. A typical prime property is now worth 21.3% more than it was in the second quarter of 2009 when the Prime Global Cities Index hit its post-Lehman low………………………………………..Full Article: Source

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