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America’s Cities Are Running Out of Room
 
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Canadian Real Estate CanadianREI   May 22, 2017   102   0   0   0   0   0
(Bloomberg) — A shortage of homes for sale has bedeviled U.S. house hunters in recent years, so why don’t builders build more? One problem is that they’re running out of lots to build on—at least in the places that people want to live. Cities that were sprawling before the Great Recession have begun to sprawl again. Space-constrained cities, meanwhile, have run out of room to build. That reality has spurred developers to focus on center-city neighborhoods where high-density building is allowed—and new units command exceedingly high prices.    At some point, said Issi Romem, chief economist at BuildZoom, vacant lots in desirable urban neighborhoods will run out. “If you have three days of rations left, you’ll be fine on day one, two, three,” said Romem, author of new research demonstrating home construction patterns. “On day 4, you have a problem.” Historically, cities grew outward, as builders developed tracts on the periphery—then filled in the land between various developments over time. When these so-called expansive cities of the South and Southwest run out of infill land on which to build, developers simply pushed out further. Some of these cities, like Austin and Nashville, have seen downtown boomlets. But more broadly, the building trends in those metros looks more like Dallas: Inside a 30-mile radius from the center of the city, new home sales decreased from 2000 to 2015. Outside the radius, though, sales are up by more than 50 percent. The same trend has played out to varying degrees in Phoenix, Atlanta, and San Antonio, among...
10 Must Reads for the CRE Industry Today (May 22, 2017)
 
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Canadian Real Estate CanadianREI   May 22, 2017   96   0   0   0   0   0
10 Must Reads for the CRE Industry Today (May 19, 2017) May 19, 2017 10 Must Reads for the CRE Industry Today (May 18, 2017) May 18, 2017 10 Must Reads for the CRE Industry Today (May 17, 2017) May 17, 2017 10 Must Reads for the CRE Industry Today (May 16, 2017) May 16, 2017
Caesars Plans New Las Vegas Developments After Bankruptcy Exit
 
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Canadian Real Estate CanadianREI   May 19, 2017   134   0   0   0   0   0
(Bloomberg) — Caesars Entertainment Corp. Chief Executive Officer Mark Frissora wants to develop more than 90 acres the company owns in Las Vegas, including land right in front of Caesars Palace, after its largest unit emerges from bankruptcy later this year. “We have a lot of real estate that’s underutilized,” Frissora said in an interview with Bloomberg TV Thursday. “We have plans to basically develop all of that very valuable center-strip property as soon as we emerge. Those assets will have a very high-return, low-risk profile.” Caesars, the largest owner of casinos in the U.S., has struggled under a mountain of debt since a $30 billion leveraged buyout in 2008. In January of 2015, the company put its largest division, Caesars Entertainment Operating Co., into bankruptcy. It’s expected to exit in the third quarter. The Las Vegas-based company has enjoyed growth in sales and profit over the past two years, due in part to a strategy of renovating hotel rooms and searching for cost savings in places ranging from parking lots to guest check-in. Caesars hosted a nearly three-hour-long presentation for analysts in Las Vegas Thursday. As part of the bankruptcy restructuring, Caesars is creating a real estate investment trust that will own many of the company’s casinos, including the flagship Caesars Palace in Las Vegas. Debt and other obligations will be reduced to $14.6 billion from $23.5 billion in 2014, the company said. Fixed costs, including interest expense and rent, will decline to $1.28 billion annually from $2.67...
10 Must Reads for the CRE Industry Today (May 19, 2017)
 
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Canadian Real Estate CanadianREI   May 19, 2017   119   0   0   0   0   0
10 Must Reads for the CRE Industry Today (May 18, 2017) May 18, 2017 10 Must Reads for the CRE Industry Today (May 17, 2017) May 17, 2017 10 Must Reads for the CRE Industry Today (May 16, 2017) May 16, 2017 Georgia Tech Launching Masters Degree in Real Estate Development May 15, 2017
Changes to Trade Agreements Could Shake Industrial Real Estate Markets
 
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Canadian Real Estate CanadianREI   May 19, 2017   108   0   0   0   0   0
Since taking office, President Trump has pushed on a lot of fronts to renegotiate trade deals. One of his first actions in January was signing an executive action to pull the U.S. from the Trans-Pacific Partnership (TPP). In late March signed two more executive orders involving trade. The first focused on tougher enforcement of existing trade treaties, potentially renegotiating the North American Free Trade Agreement (NAFTA) and strengthening the U.S. stance against currency manipulation. The second executive order directed the Commerce Department and U.S. trade representative to produce a comprehensive report within 90 days to identify “every possible cause” of the U.S. trade deficit. Once completed, the report’s findings will serve as a guide for the Trump administration’s future trade policy. This week the Trump administration gave Congress official notice that it plans to renegotiate the North American Free Trade Agreement (NAFTA). He’s even pushed on trade deals at the wrong times, for example mistakenly thinking German Chancellor Angela Merkel could negotiate on behalf of the European Union[1] during their meeting in April. What could all of this mean for commercial real estate? A new Cushman & Wakefield report, “The Impact of Trade Policy on the Industrial Market[2], identifies possible fallouts from the Trump Administration’s escalating series of protectionist measures. It identifies dangers including higher prices/inflation, less free movement of labor, elimination of the benefits of specialization, decreased capital flows, slower net migration and weakening global growth. In terms of NAFTA specifically, the...
Can Investors Find Safe Harbor in the Single-Family Rental Sector?
 
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Canadian Real Estate CanadianREI   May 19, 2017   116   0   0   0   0   0
The single-family rental (SFR) sector continues to mature as an asset class. And despite a proliferation of investors chasing the assets, fundamentals both for the sector itself and for the broader single-family housing market point to continued stability. Single-family housing starts remain below historical averages. So there is little danger of too much supply coming on to the market. Moreover, the barriers to home ownership in the current economic climate point favor rentals as a long-term dynamic. So how are investors viewing the asset class? NREI recently caught up with Steve Hovland, director of research at HomeUnion, an Irvine, Calif.-based firm that specializes in online real estate investment management for SFR properties. Hovland discussed fundamentals in the space and the opportunities ahead for investors. NREI: How would you describe market fundamentals seen in the SFR sector over the past 12 months? Steve Hovland: We are seeing the market return to a normalized pace. Rents are up 3.6 percent over the past year. Vacancy is around 7 percent. There is tons of investor interest out there. Traditional investors are looking at investing as an alternative to stocks and bonds, especially with [Federal Reserve Board] Chairwoman [Janet] Yellen saying interest rates are not going to get as high this cycle as they have in previous cycles.  Investors are looking for yields somewhere, and are now more comfortable with this remote investing. Now we are seeing investors that are not just first adopters. As for renters,...
Changes to Trade Agreements Could Shaken Industrial Real Estate Markets
 
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Canadian Real Estate CanadianREI   May 19, 2017   106   0   0   0   0   0
Since taking office, President Trump has pushed on a lot of fronts to renegotiate trade deals. One of his first actions in January was signing an executive action to pull the U.S. from the Trans-Pacific Partnership (TPP). In late March signed two more executive orders involving trade. The first focused on tougher enforcement of existing trade treaties, potentially renegotiating the North American Free Trade Agreement (NAFTA) and strengthening the U.S. stance against currency manipulation. The second executive order directed the Commerce Department and U.S. trade representative to produce a comprehensive report within 90 days to identify “every possible cause” of the U.S. trade deficit. Once completed, the report’s findings will serve as a guide for the Trump administration’s future trade policy. This week the Trump administration gave Congress official notice that it plans to renegotiate the North American Free Trade Agreement (NAFTA). He’s even pushed on trade deals at the wrong times, for example mistakenly thinking German Chancellor Angela Merkel could negotiate on behalf of the European Union[1] during their meeting in April. What could all of this mean for commercial real estate? A new Cushman & Wakefield report, “The Impact of Trade Policy on the Industrial Market[2], identifies possible fallouts from the Trump Administration’s escalating series of protectionist measures. It identifies dangers including higher prices/inflation, less free movement of labor, elimination of the benefits of specialization, decreased capital flows, slower net migration and weakening global growth. In terms of NAFTA specifically, the...
No Deal: Real Estate Slumps Even in the Hometown of Donald Trump
 
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Canadian Real Estate CanadianREI   May 19, 2017   135   0   0   0   0   0
(Bloomberg) — Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue. Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble. The delay suggests an irony: even with election of Donald Trump, the first developer as president, commercial real estate investment has slowed to a near standstill—especially in Trump’s hometown, the nation’s largest market. In New York City, first-quarter property sales plummeted 58 percent, to $4.3 billion, compared with a year earlier, according to data from brokerage Cushman & Wakefield Inc. It marked the lowest quarterly sales volume in six years. Nationwide, the picture wasn’t much better. Sales dropped 18 percent, research firm Real Capital Analytics Inc. found. “People are just not making decisions quickly at all,” said Robert Verrone, a principal at Iron Hound Management Co., a New York-based real estate advisory firm. “Everything in real estate is taking longer.” Much of the slowdown has nothing to do with Trump. Concern is mounting that real estate prices have peaked following six years of record-shattering growth, and there are signs of overbuilding in large cities such as New York and San Francisco—the biggest beneficiaries of the recent boom. Some of this hesitancy, however, can be traced to Trump’s gilded door. Real estate investors worry that Trump’s...
Seal The Deal With These Real Estate Etiquette Rules | Lisa Orr
 
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Canadian Real Estate Jarek BucholcJarek Bucholc   May 19, 2017   137   0   0   0   0   0
Spring has finally arrived in most parts of Canada and that means that the real estate market is in a full-on frenzy! In recent months we've seen unprecedented levels of activity in the real estate markets in Canada[1], which means even more opportunities for etiquette blunders by both buyers and sellers. (Photo: Getty Images) In hope of saving you some embarrassment, no matter what side of the deal you're on, here are my top real estate etiquette faux pas for savvy buyers and sellers to avoid. Faux pas for buyers: 1. Taking photos inside a property without asking Just because a home is for sale doesn't mean that you have the right to post photos of it all over social media. Sellers will typically arrange to have professional photos taken of the home that show off the best aspects of the property to the market. It's invasive and just generally offside to take photos of a seller's personal space without permission. It should go without saying that then posting that photo to social media is totally inexcusable. 2. Making yourself TOO comfortable in a home Whether it's not taking your shoes off, lying on beds or using the bathroom, making yourself too comfortable in a house that's for sale is inappropriate. Cailey Heaps Estrin, managing partner and sales representative at the Heaps Estrin Real Estate Team[2] suggests that "when viewing properties, the buyers should do their best to show up...
CREW poll: Pot growing in rentals
News Canadian Real Estate Magazine   May 19, 2017   90   0   0   0   0   0
With a proposed marijuana legalization bill in the offing, should the government tweak the bill to ban people from growing in rented homes? Take our poll today[1]. The Cannabis Act was introduced in the House of Commons earlier this week.Under the act, adults will be permitted to grow as many as four marijuana plants in their homes. The announcement has one landlord group calling for reform already. "Fundamentally we want marijuana growing to still be prohibited in rental units and in multiple-dwelling units, (ncouding) include condos (and) co-operatives," The Canadian Federation of Apartment Associations President John Dickie told CBC News."Because, from that point of view, there are impacts on the neighbours." There are also concerns about the impact grow-ops can have on the resale value of a home because of the stigma attached to homes that were formerly used for growing pot. Growing plants in-house can also cause mould issues and increase the possibility of fire hazards, both of which could result in costly bills for homeowners. Many lenders also shy away from financing former grow-op homes, according to several[2] mortgage brokers[3]. "I think the government is obviously balancing a lot of issues here," Dickie told CBC."They do want to break the
Seniors’ home ownership at risk due to mounting debt - report
News Canadian Real Estate Magazine   May 19, 2017   113   0   0   0   0   0
According to a recent report from a major lender catering to seniors, the aging segment of Canadian population is now contending with multiple barriers to maintaining ownership of their homes, most notably the record-breaking levels of household debt in the current market. In its study “The Home Stretch:A Review of Debt and Home Ownership Among Canadian Seniors”, HomEquity Bank found that old Canadians’ “ability to retain and maintain a home is progressively compromised by record household debt levels, modest long-term savings, the decline of defined-benefit pensions and extended life expectancies.” The study results also indicated that while fully 91 per cent of Canadians aged over 65 said that retaining their residences is important, only 78 per cent have access to “savings and investments with 40 per cent of those having less than $100,000 set aside.” “The data also shows that 15 per cent of Canadian seniors have a mortgage (compared with 34 per cent of non-seniors) and 17 per cent have car loans (compared with 34 per cent of non-seniors).But when it comes to unsecured lines of credit (LOC) that gap narrows:30 per cent of seniors carry this form of debt compared with 33 per cent of non-seniors, and 10 per cent of Canadian seniors have a home equity line of credit (HELOC) compared with 9
How Retail Landlords Could Benefit from Bebe Stores’ Closings
 
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Canadian Real Estate CanadianREI   May 18, 2017   110   0   0   0   0   0
At the height of its popularity Bebe Stores was known for contemporary fashions that appealed to the young and fashion-forward. The Brisbane, Calif.-based retailer leased space in coveted inline spaces in the country’s most successful malls. By the end of December 2016 the company was operating about 180 stores reported $66.7 million in cash, with low liabilities. None of that could save the company from the onslaught of competition from other retailers in its segment, or the march of shoppers to e-commerce. Sales had been consistently falling since 2012, and in March the company finally announced that it would close all of its stores[1] and operate as an online fashion retailer. NREI caught up with an expert in retail property dispositions, Matthew Harding, president of Levin Management, a real estate services firm based in Plainfield, N.J., to explain the significance of Bebe Stores’ deals with landlords. Levin Management specializes in representing mall landlords in retail store dispositions, and worked on such deals as the A&P and Pathmark bankruptcy proceedings. Harding explained how landlords benefit from the Bebe Stores mall exit—and whether other retailers can replicate that strategy in the future. NREI: The fashion segment has been particularly hard hit by the transformation in ways that consumers shop for clothes. Was the Bebe Stores store liquidation expected? Matthew Harding: It was not unexpected. The fashion industry has changed; it has accelerated with the onset of some fast fashion retailers—specifically H&M and Zara that are able to get current runway looks to...
Real Estate Slumps Even in the Hometown of Donald Trump
 
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Canadian Real Estate CanadianREI   May 18, 2017   118   0   0   0   0   0
(Bloomberg) — Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue. Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble. The delay suggests an irony: even with election of Donald Trump, the first developer as president, commercial real estate investment has slowed to a near standstill—especially in Trump’s hometown, the nation’s largest market. In New York City, first-quarter property sales plummeted 58 percent, to $4.3 billion, compared with a year earlier, according to data from brokerage Cushman & Wakefield Inc. It marked the lowest quarterly sales volume in six years. Nationwide, the picture wasn’t much better. Sales dropped 18 percent, research firm Real Capital Analytics Inc. found. “People are just not making decisions quickly at all,” said Robert Verrone, a principal at Iron Hound Management Co., a New York-based real estate advisory firm. “Everything in real estate is taking longer.” Much of the slowdown has nothing to do with Trump. Concern is mounting that real estate prices have peaked following six years of record-shattering growth, and there are signs of overbuilding in large cities such as New York and San Francisco—the biggest beneficiaries of the recent boom. Some of this hesitancy, however, can be traced to Trump’s gilded door. Real estate investors worry that Trump’s industry-friendly...
Pricing Concerns, Cyclical Uncertainty More Apparent as Foreign Investor Activity Diversifies
 
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Canadian Real Estate CanadianREI   May 18, 2017   104   0   0   0   0   0
As a whole, foreign investors are not questioning the attractiveness of U.S. real estate assets, but views on the amount of opportunities available[1] for capital deployment are growing more mixed, experts say. Apprehension on asset pricing, perception of end-cycle risk and difficulty finding good deals are some of foreign investors’ biggest concerns right now, according to recent reports released by real estate research firms Real Capital Analytics (RCA) and Preqin. Transactions involving cross-border investors totaled $66.7 billion in the last four quarters through the end of first quarter of 2017, according to RCA’s U.S. Cross-Border Q1’17 report. That represents 14 percent of total investor activity, a decline from the near-term high of 18 percent of total activity for the four quarter period ending with the fourth quarter of 2015. “Nobody wants to come in and pay absolute top dollar,” RCA Senior Vice President Jim Costello says. “There has been pull-back. Cross-border investors are sitting on their hands a bit. There’s some evidence that sellers are pulling back, seeing fewer opportunities to redeploy capital because of the uncertainty out there.” Cross border investors are now using more diverse structures to get deals done, according to RCA. Partial-interest transactions are returning to favor for cross-border investors, comprising 26 percent of transactions year-to-date. In 2016, they made up just 18 percent of transactions. Joint venture investments by cross-border investors also ticked up this year, at 36 percent of transactions thus far. In 2016, this figure was 31 percent. This year’s...
Our Weekly Round-up On Housing News In Canada
 
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Canadian Real Estate Jarek BucholcJarek Bucholc   May 18, 2017   173   0   0   0   0   0
This week's round-up is written by Ron Nurwisah, who prefers peanut butter and jelly on his toast, thank you very much. Send him comments, ideas and more.[1][2] Is the Toronto housing bubble over? Probably not. But the real estate market in Canada's biggest city has definitely cooled off in recent weeks. HuffPost Canada business editor Daniel Tencer lists why he thinks this is the case.[3] Two of the signs he spotted: Sales are down and listings are up. It's a feeling that's echoed by Toronto realtor Melanie Piche's blog post.[4] The Toronto market seems to have taken a bit of a pause after Queen's Park introduced laws to slow down the runaway housing market. It remains to be seen how long this situation will last. The post also includes some reasonable tips for buyers and sellers alike. Young and want to buy a home? Maybe you should stop burning your money on avocado toasts and fancy coffees. That's the "wise" financial advice doled out by Australian real estate mogul Tim Gurner earlier this week. Gurner's comments inspired a flood of posts, avocado toast calculators and no shortage of eye-rolling. BTW, our friends at Global crunched the numbers and the average millennial would have to skip their daily avocado repast for 11 years to afford a down payment on a home in Vancouver.[5][6][7][8] Have a comment, idea or story about the wild world of Canadian housing? We'd love to hear from you.[9] Want The...
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