Top Story
CONDO-CASINO GLOBAL ROUNDUP
Posted by Alex Finkelstein 11/23/09 2:00 PM EST
(LAS VEGAS, NV) -- Las Vegas Sands Corp. entrepreneur Sheldon Adelson has made an $87.5 million down payment for two of five additional building lots in Macao where he plans to develop a 13-million-square-foot, $4.3 billion resort and casino. Read More
Headlines
- Florida's Home and Condo Sales Continues Upward Trend in October
- New York Home Sales Up 8%, Says NYSAR
- STR Reports U.S. Hotel Performance
- NAR Reports Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink
- REAL ESTATE ROUNDUP
- Home Buyer Tax Credit Extension Expected to Drive Home Sales Improvements
- Best 2010 Markets for Developers-Investors: Washington, DC, San Francisco, Austin, Boston, New York
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HELP ME DOTTIE
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CELEBRITY HOMES
Posted by Ruth Ryon Eric Clapton to Lease His 45 Acre Antigua Island Estate -
LUXURY LIVING
Posted by Scott Kauffman The Latest in Luxury Resort & Real Estate News -
A MOMENT WITH ALEX
Posted by Alex Finkelstein Alex's View of the World - See Prior Columns Here »
Global Property Profiles
US Markets
Residential Real Estate News
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Posted by Alex Finkelstein 11/20/09 9:00 AM EST
California Investors Gamble and Buy 798 Home Lots in Hard-Hit Reno, NV(RENO, NV) -- Talk about a positive outlook in one of the nation's hardest-hit residential pockets -- two California investors-developers have it in spades.Reno, NV is now in its... Read More
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NAHB Reports Housing Affordability Index Remains Near Record Highs
Posted by Michael Gerrity 11/19/09 3:55 PM EST
(WASHINGTON, DC) - According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today, the nationwide housing affordability, bolstered by affordable interest rates and low house prices, hovered for the third consecutive quarter near its highest... Read More
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Freddie Mac Reports 30-Year Rates Near Record Breaking Levels
Posted by Michael Gerrity 11/19/09 1:00 PM EST
15-Year FRM Drops to Lowest Ever Recorded in Freddie Mac Survey History(MCLEAN, VA) -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an... Read More
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Mortgage Delinquencies Continue to Rise Nationally, Says MBA
Posted by Michael Gerrity 11/19/09 10:55 AM EST
(WASHINGTON, D.C.) -- The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of all loans outstanding as of the end of the third quarter of 2009, Read More
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MBA Reports Mortgage Applications Decreased This Week
Posted by Michael Gerrity 11/18/09 12:05 PM EST
(WASHINGTON, D.C.) -- Today the Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending November 13, 2009. The Market Composite Index, a measure of mortgage loan application volume decreased 2.5 percent on a seasonally adjusted... Read More
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New Home Starts Decline in October
Posted by Michael Gerrity 11/18/09 11:00 AM EST
(WASHINGTON, D.C.) -- Nationwide housing production fell 10.6 percent to a seasonally adjusted annual rate of 529,000 units in October as builders awaited word on whether an important home buyer incentive would be extended, according to data released today by... Read More
Vacation & Leisure Real Estate News
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U.S. Hotels Posted Declines in Early November
Posted by Michael Gerrity 11/16/09 2:56 PM EST
(HENDERSONVILLE, TN) - According to data from Smith Travel research, the U.S. hotel industry posted declines in all three key performance measurements during the week of 1-7 November 2009.In year-over-year measurements, the industry's occupancy fell 3.6 percent to end the... Read More
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Bankrupt South Florida Luxury Resort Sold for Fire-Sale Price of $29,707 Per Unit
Posted by Alex Finkelstein 11/12/09 3:30 PM EST
Resort at Singer Island (SINGER ISLAND, FL) -- Talk about fire-sale prices for luxury condominium resorts.The 239-suite, two-year-old Resort at Singer Island in South Florida has been sold for $7.1 million or $29,707 per unit. Comparable new construction would be... Read More
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STR Reports U.S. Hotel Pipeline for October
Posted by Michael Gerrity 11/12/09 12:31 PM EST
(HENDERSONVILLE, TN) -- According to Smith Travel Research, the total active U.S. hotel development pipeline includes 4,089 projects comprising 435,265 rooms, according to the October 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 32.7-percent decrease in the... Read More
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Posted by Alex Finkelstein 11/09/09 8:00 AM EST
(ORLANDO, FL) -- A foreign buyer has paid a foreign seller $37.6M or $58,750 per unit for 640 units at three properties on City Street near Downtown Orlando. On a square-foot basis, the price equates to $56.22. Gerald A. Smith and his brother, Robert E. Smith, principals at Orlando-based Smith Equities Real Estate Investment Advisors, ... Read More
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STR Reports U.S. Hotel Performance for October
Posted by Michael Gerrity 11/06/09 11:43 AM EST
(HENDERSONVILLE, TN) -- According to Smith Travel Research, the U.S. hotel industry posted declines in all three key performance measurements during the week of 25-31 October 2009.In year-over-year measurements, the industry's occupancy fell 7.2 percent to end the week at... Read More
Commercial Real Estate News
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Commercial Real Estate Forecast Uncertain
Posted by NATIONAL ASSOCIATION OF REALTORS 11/19/09 10:00 AM EST
(WASHINGTON, D.C.) -- The recent deep economic downturn has had a pronounced impact on commercial real estate sectors, but credit availability is the big unknown that will determine how soon commercial markets recover, Read More
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CMBS Delinquencies Up Another 28 Basis Points on Large Office and Hotel Defaults
Posted by Alex Finkelstein 11/16/09 3:02 PM EST
(NEW YORK, NY) -- The commercial mortgage-backed securities picture in the U.S. continues to look dim.Job losses and subsequent office loan defaults, coupled with continued hotel underperformance, resulted in another monthly increase in U.S. CMBS delinquencies, according to the latest... Read More
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Chase to Hire 1,200 Mortgage Loan Officers by End of 2010
Posted by Alex Finkelstein 11/11/09 12:40 PM EST
(NEW YORK, NY) -- Good news today on the mortgage broker hiring front.Chase, the third largest commercial real estate lender in the U.S., plans to hire 1,200 mortgage loan officers by the end of 2010. Chase is the U.S. consumer... Read More
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Posted by Alex Finkelstein 11/11/09 8:00 AM EST
(WASHINGTON, D.C.) -- Freddie Mac is holding its hand out again as it reports a third-quarter net loss of $6.3 billion. That compares with net income in the second quarter of $768 million. The agency's gross loss was $5 billion but came to $6.3 billion after factoring in the $1.3 billion dividend on its senior preferred stock to the Treasury. Read More
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Posted by Alex Finkelstein 11/09/09 9:00 AM EST
Solar panel roof designer signs largest industrial lease in 20 years in San Francisco marketSolyndra Inc. of Fremont, CA takes entire 506,490-square-foot Page Technology Park in FremontTwelve-year lease value is estimated at $45 millionSeparately, logistics software firm leases 325,000 square... Read More
International Markets
Residential Real Estate News
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Dubai Real Estate Bounce on the Way, Colliers Data Show
Posted by Alex Finkelstein 11/18/09 3:30 PM EST
(DUBAI, U.A.E.) -- Take it from Colliers, Dubai real estate prices and development are rebounding. The latest numbers from Colliers' Dubai House Price Index indicate real estate prices in Dubai have risen almost 7 percent in the third quarter of this year from the previous quarter. Read More
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Posted by Alex Finkelstein 11/16/09 8:00 AM EST
(WASHINGTON, D.C.) -- Condo buyers and developers just got the break of the year. The Federal Housing Administration is relaxing rules that will allow lenders to offer more loans with less-strict qualifications. Now borrowers can make down payments that equate to only 3.5 percent of the sale price, ... Read More
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Inflated Real Estate Markets in Asia and Pacific Rim Headed for Crash, Warns World Bank
Posted by Alex Finkelstein 11/06/09 8:00 AM EST
(WASHINGTON, D.C.) -- The World Bank, representing 186 countries, sees signs of a coming market crash in the inflated prices in real estate, stocks and currencies now being traded around the world. Read More
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Hong Kong Faces Property Bubble Explosion as Home Prices Rise 28% This Year
Posted by Alex Finkelstein 10/30/09 3:43 PM EST
(HONG KONG) -- Speculators are having a field day in Hong Kong's frenzied home market. The government is fighting hard in this city of seven million residents to keep the price bubble from bursting. Read More
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Dubai's Emaar Properties Reports Y-T-D Revenues of USD $1.47 Billion
Posted by Michael Gerrity 10/23/09 2:48 PM EST
(DUBAI, U.A.E.) -- Emaar Properties PJSC, the Dubai-based global property developer, has recorded revenues of AED 5,429 million (US$ 1,478 million) in the first nine months of 2009, led by its strategy of strengthening customer-oriented initiatives to support property purchases and a commitment to project delivery. Read More
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New Luxury Condo Tower Coming to Kuala Lumpur's Business District
Posted by Michael Gerrity 10/14/09 10:45 AM EST
(KUALA LAMPUR, MALAYSIA) - Malaysia-listed premier property developer Eastern & Oriental Berhad (E&O Group) today announced the official launch of St Mary Residences Tower A targeting international home purchasers. Read More
Vacation & Leisure Real Estate News
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STR Global Reports Worldwide Hotel Pipeline for October 2009
Posted by Michael Gerrity 11/20/09 10:02 AM EST
Middle East & Africa Markets(LONDON, UK) -- According to the October 2009 STR Global Construction Pipeline Report released this week, the Middle East/Africa hotel development pipeline now includes 437 hotels comprising 120,682 rooms. The United Arab Emirates reported the largest... Read More
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Latin America Hotel Construction Pipeline Continues to Decline
Posted by Michael Gerrity 11/17/09 2:50 PM EST
Click here to enlarge chart (ORLANDO, FL) -- According to a Lodging Economics report released today, as of the end of Q3 2009 the Latin America Construction Pipeline has a total of 482 projects and 83,291 guest rooms. After 6... Read More
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Hualailai Resorts Closes Record $43M in August Real Estate Sales
Posted by Alex Finkelstein 11/17/09 9:30 AM EST
(KONA, HAWAII) -- The surf is high in the North Kona Coast's Hualailai Resort as the 13-year-old community rings up a record $43 million in August real estate sales. Year-to-date, sales total $90 million.The good news comes as occupancy rises... Read More
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Macao Heating Up Again as Developers Gamble on Erecting Billion-Dollar Casinos
Posted by Alex Finkelstein 11/17/09 9:00 AM EST
(MACAO, CHINA) -- Whether you spell it Macao or Macau, the world's largest casino market once again is attracting big-name developers eager to cash in on what they see as a resurgent gaming era beginning in 2011. Read More
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Abu Dhabi's Yas Island Awarded Leading Tourism Development Project in 2009
Posted by Michael Gerrity 11/13/09 9:00 AM EST
(ABU DHABI, UAE) -- Aldar Properties' new Yas Island leisure and entertainment destination was selected as the World's Leading Tourism Development Project at the World Travel Awards held earlier this week in London.Launched in 1993 to acknowledge and recognize excellence... Read More
Commercial Real Estate News
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Surveyors Find Global Commercial Real Estate Investors' Fears Easing but Not Gone
Posted by Alex Finkelstein 11/09/09 2:18 PM EST
(NEW YORK, NY) -- The third-quarter survey released today by New York-based Royal Institution of Chartered Surveyors finds investors' fears on global commercial real estate markets are easing but not gone all together. Read More
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Posted by Alex Finkelstein 11/02/09 8:30 AM EST
Toronto high-Tech data center sold for $553.84 per square footAllied Properties REIT pays $180 million for eight-story propertySeller Northam Realty Advisors doubles its original purchase Deal is second-largest in Canada this yearConstruction cost of new data centers pegged at $1,300... Read More
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Debt-Loaded Dubai Banking on Rising Oil Prices to Re-Fuel Real Estate Blitz
Posted by Alex Finkelstein 10/27/09 2:45 PM EST
(DUBAI, U.A.E.) -- Like a Las Vegas gambler who seldom admits failure, Dubai government officials are trekking to London and Frankfurt in the next several weeks to raise the second $10 billion in a $20 billion bond program launched in February of this year. Read More
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Posted by Alex Finkelstein 10/26/09 8:00 AM EST
(SYDNEY, AUSTRALIA) -- CNL Financial Group, a 36-year-old, privately-held Orlando, FL real estate and development company, is joint-venturing with Sydney, Australia-based Macquarie Group to form CNL Macquarie Global Growth Trust which has launched a $1.5 billion intial public offering. Read More
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Evergrande Group Catches Eye of China's Billionaire Investors
Posted by Alex Finkelstein 10/23/09 9:30 AM EST
(BEIJING, CHINA) -- It's not unlike the Monopoly party game - only the stakes are larger, much larger.Li Ka Shing Li Ka Shing, Zheng Yutong, Luan Xiong and Xu Jiayn, names that are largely unknown to the U.S. real estate... Read More
Real Estate Dashboard™
| U.S. Mortgage Rates | Current Rate | Last Week |
|---|---|---|
| 30 yr. Fixed | 5.03% | 5.02% |
| 15 yr. Fixed | 4.53% | 4.60% |
| 5/1 ARM | 4.06% | 4.09% |
Source: Bankrate.com
| U.S. Housing Stats | Current Month (September 09) | Previous (August 09) |
|---|---|---|
| Existing Home Sales (Annualized Rate) | 5.57m | 5.10m |
| Existing Home Prices (Median) | $174,900 | $177,700 |
| Existing Home Inventory (all U.S.) | 3.63m | 4.09m |
| Existing Home Supply (Months) | 7.8 | 9.3 |
| New Home Sales (Annualized Rate) | 402,000 | 429,000 |
| New Home Prices (Median) | $204,800 | $195,200 |
| New Home Inventory (all U.S.) | 251,000 | 292,000 |
| New Home Supply (Months) | 7.5 | 7.3 |
| Building Permits (Issued) | 462,000 | 458,000 |
| Housing Starts (Single Family) | 479,000 | 494,000 |
| Housing Completions (Single Family) | 489,000 | 497,000 |
Source: NAR & U.S. Commerce Department
| U.S. Foreclosure Stats | Current Month (September 09) | Previous (August 09) |
|---|---|---|
| Residential Filings | 343,638 | 358,471 |
| Year Over Year % Change | 29% | 18% |
Source: RealtyTrac
| U.S. Hotels & Resorts (By Segment | Sep 09) |
Occupany Rates | Avg. Daily Rates (USD) |
|---|---|---|
| Luxury | 62.9% | $237.66 |
| Upper Upscale | 65.1% | $140.23 |
| Upscale | 62.5% | $106.75 |
| Midscale with Food & Beverage | 51.6% | $83.73 |
| Midscale without Food & Beverage | 57.2% | $85.19 |
| Economy | 50.9% | $50.49 |
| Independents | 55.3% | $93.57 |
| TOTAL U.S. | 56.7% | $96.67 |
Source: Smith Travel Research / STR Global
| International Hotels (By Region | Sep 09) | Occupany Rates | Avg. Daily Rates (USD) |
|---|---|---|
| Americas | 57.0% | $98.11 |
| Asia/Pacific | 62.3% | $123.72 |
| Europe | 70.5% | $142.17 |
| Middle East/Africa | 56.9% | $140.66 |
Source: Smith Travel Research / STR Global
| U.S. Office Market | Current Qtr. (Q3 - 09) |
Prior Qtr. (Q2 - 09) |
|---|---|---|
| Inventory (sf in 1000s) |
3,562,444 |
3,546,051 |
| Completions (sf in 1000s) |
16,393 |
14,602 |
| Absorption (sf in 1000s) |
-5,243 |
-16,239 |
| Vacancy Rate | 16.1% |
15.5% |
| Net Asking Rent ($ per sf) |
19.02 |
19.09 |
Source: CBRE Econometric Advisors
| U.S. Industrial Market | Current Qtr. (Q3 - 09) |
Prior Qtr. (Q2 - 09) |
|---|---|---|
| Inventory (sf in 1000s) |
13,007,089 |
12,992,248 |
| Completions (sf in 1000s) |
14,841 |
16,803 |
| Absorption (sf in 1000s) |
-53,647 |
-79,440 |
| Vacancy Rate | 13.5% |
13.0% |
| Net Asking Rent ($ per sf) |
5.84 |
5.94 |
Source: CBRE Econometric Advisors
| U.S. Retail Market | Current Qtr. (Q3 - 09) |
Prior Qtr. (Q2 - 09) |
|---|---|---|
| Inventory (sf in 1000s) |
1,656,133 |
1,652,630 |
| Completions (sf in 1000s) |
3,503 |
3,433 |
| Absorption (sf in 1000s) |
-1,253 |
-4,954 |
| Vacancy Rate | 12.2% |
11.9% |
| Net Asking Rent ($ per sf) |
21.92 |
21.92 |
Source: CBRE Econometric Advisors
| U.S. Multifamily Market | Current Qtr. (Q3 - 09) |
Prior Qtr. (Q2 - 09) |
|---|---|---|
| Rentable Inventory (units) |
14,375,789 |
14,335,757 |
| Rentable Completions (units) |
40,032 |
55,638 |
| Absorption (units) |
58,362 |
37,535 |
| Vacancy Rate | 7.3% |
7.4% |
| Same-Store Rent Index ($/unit) |
$1,156.21 |
$1,171.56 |
Source: CBRE Econometric Advisors
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