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More Real Estate Players Say the Peak Is Now
 
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Canadian Real Estate StreetSmartREI   August 10, 2017   153   0   0   0   0   0
More than half of respondents to an NREI survey conducted in July said the real estate cycle has reached its peak. The percentage of survey respondents who believe we are currently at the peak of the market totaled 52 percent, up 500 basis points since the results in May of 2017[1] and 600 basis points since March results. The only time the figure was higher in the past two years was in October 2016, when it reached 55 percent. At the same time, the percentage of respondents who believe the market is in the recovery/expansion phase has dipped by 11 percentage points, to 24 percent in July. This was the first time the sentiment has dipped this low since October 2015. The percentage of respondents who believe the market is in the recession phase has gone up from 4 percent in May to 9 percent in July, and the percentage of those who see a cycle trough has gone from 4 percent to 7 percent during the period. The percentage of those who are not sure which phase of the cycle we are in has stayed relatively unchanged, falling from 10 percent in May to 9 percent in July. NREI conducts periodic studies of the commercial real estate sector. As part of those surveys, there is always a question on the estimation of the current state of the commercial real estate cycle. A typical NREI survey garners between 200 and 400 respondents. More than half of those respondents are...
NYC Council Approves Midtown Rezoning, Paving Way for New Towers
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   163   0   0   0   0   0
(Bloomberg)—The New York City Council voted to rezone about 78 blocks of east midtown Manhattan, enabling an aging building stock to be replaced by newer, larger and taller office towers. The proposal, recommended last month by council subcommittees, was approved Wednesday by a 42-0 vote. With the changes, about 6.5 million square feet (604,000 square meters) of new offices could be built in the area, which is anchored by Grand Central Terminal and home to employers including JPMorgan Chase & Co., Blackstone Group LP and MetLife Inc. The aim of the rezoning, in the works for five years, is to make New York more competitive with other global financial capitals, such as London and Tokyo, which have done better in modernizing their office spaces. Midtown East “is one of the most important commercial office centers in New York City and perhaps the world,” yet the average building is 75 years old, brokerage Jones Lang LaSalle Inc. said in a blog post Wednesday. Mayor Bill de Blasio has already said he supports the initiative. In a statement last month, he called it an “ironclad promise” to the workers of Midtown East to increase the area’s job-creating potential while at the same time raising money to expand its subway stations, create more sidewalk space for pedestrians and maintain its landmarks, which include Grand Central and St. Patrick’s Cathedral. Air Rights Among other changes, the rezoning will allow landmarks to sell their unused development rights anywhere in the district, rather...
Alex Rodriquez Aims to Profit from Retail Crisis with Gym Push
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   173   0   0   0   0   0
(Bloomberg)—For former New York Yankees slugger Alex Rodriguez, the retail crisis isn’t such a bad thing. Rodriguez, who counts billionaire investor Warren Buffett as a business mentor, has the license to open UFC-branded workout gyms in the Miami area. And with stores at shopping centers closing at a record pace, A-Rod and his partner are searching for shuttered brick-and-mortar locations to fuel their expansion in South Florida. “It plays right into our wheelhouse,” Rodriguez, 42, said in an interview. “There’s not a lot of people looking for 40,000 square feet in shopping centers.” Rodriguez, who made more than $400 million during a baseball tenure that was tarnished by performance-enhancing drugs, is forging a second career in the fitness industry. The former shortstop has spent the past few years helping open a chain of gyms in Mexico called Energy. His partner in that venture was Mark Mastrov, who co-founded 24 Hour Fitness and is part-owner of the Sacramento Kings. Now the pair looks to capitalize on the growing popularity of the UFC brand, named for the Ultimate Fighting Championship. In March, they took over an existing UFC location in Kendall, Florida, where Rodriguez grew up. That gym is celebrating its grand opening under the new owners this week. A-Rod is scouting locations for roughly 12 more gyms in the area. He said he hopes to have at least two or three “letters of intent” for new locations signed in coming months. In all, there about 120 U.S. workout...
Trump's Attacks on Senator Recall Empire State Building Fight
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   138   0   0   0   0   0
(Bloomberg)—President Donald Trump has a tangled history with the family of one of his favorite targets for Twitter attacks: Senator Richard Blumenthal. Trump in the 1990s waged a years-long court battle with the Connecticut Democrat’s father-in-law, Peter Malkin, over control of leases in one of New York City’s most iconic properties, the Empire State Building. “It was a royal battle,” said Raymond Hannigan, a lawyer with the law firm Herrick Feinstein, who was involved in the conflict and at one point represented the Trump Organization. Hannigan said it stemmed from a business investment born out of a conversation at a gym between Marla Maples, Trump’s second wife, and Kiiko Nakahara, the daughter of one of Japan’s wealthiest men, Hideki Yokoi. Yokoi held title to the building, and his daughter told Maples she wanted to talk to Trump about a possible deal to give him a stake in the building, Hannigan said. Trump and Nakahara later created a business partnership that sought to gain control of the lucrative long-term lease on the 102-story property, held by a partnership managed by Malkin. Trump argued that Malkin and the building manager let it fall into disrepair, violating the leases. After years of litigation, Trump lost. He wound up selling his stake in the building to Malkin’s partnership with a profit of several million dollars -- far less than the more than $100 million a year he and his partners might have collected from rent if he had prevailed. ...
10 Must Reads for the CRE Industry Today (August 9, 2017)
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   135   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 8, 2017) Aug 08, 2017 10 Must Reads for the CRE Industry Today (August 7, 2017) Aug 07, 2017 10 Must Reads for the CRE Industry Today (August 4, 2017) Aug 04, 2017 10 Must Reads for the CRE Industry Today (August 3, 2017) Aug 03, 2017
Real Estate Crowdfunding Platforms Work to Find a Niche
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   157   0   0   0   0   0
While commercial real estate crowdfunding firms haven’t disrupted the market, the top players have worked to continue to raise capital and find ways to make their bets. There are some situations where there are gap equity requirements that are well-suited for crowdfunding, for example. Crowdfunding might be a viable alternative for a property with a maturing legacy CMBS loan that requires extra equity in order to complete a refinance. “I also think it is really going to be the best fit for properties that are well below institutional investor’s radar screen,” says Jay Maddox, a principal in the capital markets group at real estate services firm Avison Young in Los Angeles. Maddox was an early adopter of real estate crowdfunding. He originated and closed a $3.2 million crowdfunded construction loan for a retail project in Arizona with Fundrise in 2015. The introduction of crowdfunding sparked speculation that crowdfunding platforms would leverage technology to cut out the middle man in sourcing debt and equity capital. “It hasn’t been the big disruptor that a lot of us were expecting when crowdfunding first burst onto the scene,” says Maddox. And while the sector is poised for further expansion, there are still some significant hurdles in the path of growth. Sponsors are wary of execution and funding risk, he adds. However, as crowdfunding marketplaces are getting bigger and more investors are coming onboard, the power to raise equity through this marketplace is growing, says Tore Steen, co-founder and CEO...
Real Estate Crowdfunding Platforms Continue to Gain Traction
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   136   0   0   0   0   0
Real estate crowdfunding is still the new kid on the block in the commercial real estate capital world. But the sector is quickly gaining street cred. Crowdfunding platforms have logged some impressive growth numbers in the past four years and the industry is poised for more expansion ahead as it continues to pursue a widening pool of investors. “Over time, we have seen this market for online funding really grow exponentially,” says Jay Maddox, a principal in the capital markets group at real estate services firm Avison Young in Los Angeles. Maddox was an early adopter of real estate crowdfunding. He originated and closed a $3.2 million crowdfunded construction loan for a retail project in Arizona with Fundrise in 2015. Although it remains a fragmented niche that is difficult to quantify, research firm Massolution had estimated the size of the global real estate crowdfunding industry at $3.5 billion in 2016. Massolution is no longer tracking real estate crowdfunding transaction volume, but anecdotal data from some of the top players confirms a pattern of surging volumes. RealtyMogul emerged as one of the early leaders in real estate crowdfunding. Since the firm launched in 2013, it has raised more than $280 million in equity through its online real estate investing marketplace. “We’re entering a space where, historically, there has been no opportunity to invest in real estate online through either private placements or public non-traded REITs,” says Elizabeth Braman, senior managing director at RealtyMogul. So a big part of the heavy lifting for...
Two CRE Investing Rules You Can't Ignore
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   174   0   0   0   0   0
Have you ever lost money on a stock or limited partnership investment that your broker hyped as a “hard to come by” portion of a “you can’t lose” deal? It is possible to invest with confidence, peace of mind and stable return on investment by following two bedrock commercial real estate investing rules: 1) First, invest only with the most experienced and successful individuals. By experience, I mean that an individual has been intimately involved in a particular commercial real estate sector on a full-time basis for an extended period, at least five to 10 years. Length of tenure is important because it demonstrates an aptitude and willingness to manage through various economic environments. Strong performance in a bull market is a poor indicator of overall competence. Interview all the major players in the deal to determine whether they have the requisite experience. Ask about the following: successes and failures in the past and what they learned from their failures most recent activities and the results substantial investment of their own in the investment you are contemplating plans and expectations for the investment. who you could contact regarding their prior performance. Even before experience comes the need for your investment partner to possess three characteristics: integrity, intuition and instinct. Integrity. Even before experience comes the need for your investment partner to possess integrity—honesty and strong moral principles. It is quality of character...
Building equity for multiple properties
News Canadian Real Estate Magazine   August 08, 2017   188   0   0   0   0   0
by Haripal Pannu, real estate broker and investor One real estate agent looks at pre-build investments for the first-time investor. It’s always challenging to buy the first investment property because there is a lot that must be learned.There is a little bit of difference when it comes to buying real estate as your primary residence compared to buying it as your investment property. If you are buying real estate as your primary residence you can get financing even with 5% down (as long as you qualify) but for investment properties you typically need 20% down in some cases even 25% or more. Some ``A`` lenders (big banks) don’t finance an investment property after a certain number of properties;for investment properties there are other costs associated too if you are also buying a primary residence you get certain rebates and you can even buy under first-time home buyers plan while in case of investment property it is not possible.If you are buying a brand new investment it is very likely you are going to pay HST on top of purchase price (if you fulfil the conditions the HST you pay you will get it back one condition is that you cannot sell the property before one year period). Let us look
Montreal rising amid apparent moderation in Toronto, Vancouver
News Canadian Real Estate Magazine   August 08, 2017   146   0   0   0   0   0
Forget Vancouver and Toronto — Canada’s hottest housing market these days may be Montreal. Latest data from the Greater Montreal Real Estate Board showed that 3,075 homes were sold in July, an increase of 16 per cent compared to the same time last year and the most for the month in eight years. This stood in contrast with Toronto, where sales last month plunged 40.4 per cent, while in Vancouver they dropped 8.2 per cent. The price of homes in Montreal was also higher, albeit still well short of levels seen in Vancouver and Toronto.The median price of a single-family home in Montreal rose to $323,000, up 8 per cent from July 2016.The median condominium price edged up two per cent to $256,000. “For single-family homes, market conditions for resales are increasingly favouring sellers, which explains why price increases have been more sustained in recent months,” GMREB board of directors president Mathieu Cousineau said, as quoted by The Canadian Press. While much attention has been focused on Vancouver and Toronto, Montreal’s housing market has escaped the frenzied action that prompted the B.C.and Ontario governments to take action. In April, Ontario introduced more than a dozen measures to improve home affordability, including a 15 per cent tax on foreign buyers.Since then, the average price
Demand for Vancouver condos and townhouses escalates
News Canadian Real Estate Magazine   August 08, 2017   159   0   0   0   0   0
In the year that followed the B.C.government’s introduction of the foreign home buyers’ tax, consumer demand for condominium units and townhouses has significantly outpaced the hunger for free-standing homes, according to the B.C.Real Estate Association. The MLS Home Price Index benchmark price of apartments has increased by 18.5 per cent compared to July 2016, up to $616,000.Meanwhile, the benchmark price for townhouses has grown by 11.9 per cent over the past year, up to $763,700. BCREA economist Brendon Ogmundson attributed this shift to a pronounced need for more affordable residential real estate. Jill Oudil, president of the region’s real estate board, backed this assertion. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February,” Oudil told CBC News. She added that the tax has failed to address the main factor igniting runaway housing costs in Vancouver. “It most certainly hasn’t changed supply which has been our driving force in our market right now,” Oudil said. The MLS Home Price Index benchmark price of apartments has increased by 18.5 per cent compared to July 2016, up to $616,000.Meanwhile, the benchmark price for townhouses has grown by 11.9 per cent over the past year, up to $763,700. Andy
NOL Carryback Repeal Isn’t Getting the Attention It Deserves
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   128   0   0   0   0   0
The changes being discussed are of such a magnitude that many taxpayers are filing extensions while their advisers ponder how 2016 tax elections may affect 2017. We focus here on one major provision that seems to be getting only a minor amount of attention. An important revenue raiser for the government in House Speaker Paul Ryan’s 2016 proposals is the repeal of the net operating loss (NOL) carryback. There is even some enhancement of the NOL as a carryforward—the ability to carry losses forward indefinitely with an increase in the actual loss for an interest factor. There is a new restriction on the NOL as a carryforward in that such a loss couldn’t decrease income by more than 90 percent. While NOLs could be carried forward, they couldn’t be carried back. The unfairness of eliminating the NOL carryback isn’t getting enough discussion. Current rules generally allow an NOL to carry back two years, or three years in the case of a “small business.”  The NOL deduction as a carryover and carryback has a very long history. The NOL deduction as a carryback has some history as early as the WWI era. The concept of carrying back or forward losses helps equalize the tax treatment of businesses with constant income and those with fluctuating income. A taxpayer starting out might have $1 million in tax losses in year one and $1 million in profits in year two and break even tax-wise over two years because the...
10 Must Reads for the CRE Industry Today (August 8, 2017)
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   127   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 7, 2017) Aug 07, 2017 10 Must Reads for the CRE Industry Today (August 4, 2017) Aug 04, 2017 10 Must Reads for the CRE Industry Today (August 3, 2017) Aug 03, 2017 10 Must Reads for the CRE Industry Today (August 2, 2017) Aug 02, 2017
Housing Market’s New Dominant Force: Baby Boomers Who Won't Sell
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   139   0   0   0   0   0
(Bloomberg)—Jake Yanoviak is hunting for houses. On a weekday afternoon in North Philadelphia, the 23-year-old painter cruises along on his bike, its black paint obscured under stickers from breweries and rock bands. He turns onto a side street, where he spots a few elderly neighbors, standing on adjoining porches. He parks, leans on one handlebar and makes his pitch. “Anybody on the block considering selling?” Yanoviak asks gently. “I’m not a developer, I’m not interested in renting to students. I’m just a kid trying to buy a house, fix it up and live in it.” “We’re not going no place,” replies a 70-something woman, relaxing in fuzzy white pig slippers in the row house where she’s lived twice as long as Yanoviak has been alive. “All these houses are taken.” Like much of his generation, Yanoviak is desperate to get a piece of an increasingly scarce commodity: prime American real estate. Millennials are finding themselves out in the cold because building has slowed, and longer-living baby boomers are staying put, setting up a simmering conflict between the two biggest generations in U.S. history. To succeed, buyers and real estate brokers must show uncommon persistence and, at times, diplomacy. Yanoviak has tried sheriff’s sales, lost two bidding wars, ridden miles on potholed streets and left notes in mailboxes, all to no avail. People 55 and older own 53 percent of U.S. owner-occupied houses, the biggest share since the government started collecting data in 1900, according to real estate...
Multifamily Developers Try to Solve the Parking Challenge
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   161   0   0   0   0   0
Multifamily developers are fighting for the right to build fewer parking spaces at new apartment properties in downtown areas. “There is a growing awareness among housing officials that the required parking ratios are out of whack with reality,” says Douglas Bibby, president of the National Multifamily Housing Council (NMHC), an industry organization. People still depend on cars to get around in most of the United States. Two-car garages are likely to be standard for many single-family homes for years to come. However, people use fewer parking spaces if they live in places with shops and amenities within easy walking distance and many transit options for longer trips. Developers struggle to find the right parking space ratio Apartment developers need to make sure they don’t skimp on the number of parking spaces they provide at apartment communities. Parking is the community amenity that residents desire most, according to the 2015 NMHC/Kingsley Resident Preferences Survey[1]. But if developers build too much parking, the empty spaces may be difficult to repurpose for any other use. In dense urban areas, parking often needs to be stacked in concrete parking or underground structures that may be expensive or impossible to demolish. Also, many downtown areas, including those in Atlanta and Dallas, are changing to become more walkable areas with more transit choices. “The downtowns have changed dramatically,” says Bibby. “The more infrastructure is built up, the less they need that parking.” Developers now regularly make the case to local officials...
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