The good old days of buying real estate abroad in bulk are gone for most South Korean investors but they still continue to see growth opportunities in the U.S., according to the latest statistics from the country's Ministry of Strategy and Finance. In the second quarter, South Koreans bought $53.7 million worth of real estate compared to $50 million in the first quarter.
Two of the country's largest self-storage companies have completed a $560 million deal involving 22 properties totaling 1.6 million square feet in New York, Pennsylvania and Connecticut. CubeSmart bought the assets from Storage Deluxe. Both firms are based in New York City. Aaron A. Swerdlin, senior managing director of Pittsburgh, PA-based HFF (NYSE: HF), closed the deal for Storage Deluxe.
Q1 - My boyfriend and I are relocating to NYC from LA and Toronto - finally, an end to our long distance relationship! We are learning about the NYC market and are thinking about employing the help of an expert broker. If we do this, how much can we expect to pay in broker fees? Also, is it much more difficult to find a place on our own?
Time-share tycoon David Siegel and wife, Jacqueline, are back in the news. And this time they seem to be enjoying the bright lights. At least Siegel's wife, Jackie, seems to be relishing the limelight as the documentary movie about their luxurious Orlando lifestyle, "The Queen of Versailles," recently debuted in their hometown of Orlando. At the same time, the Siegels are all smiles as construction begins anew on their 90,000 square-foot dream residence called Versailles.
According to the Miami Association of Realtors, the total number of listings, including single-family homes and condominiums, that pended in Miami-Dade County during the month of July increased 31 percent, from 2,593 to 3,393, year-over-year and 2 percent compared to the previous month.
According to Freddie Mac's newest Primary Mortgage Market Survey (PMMS), fixed mortgage rates in the U.S. pulled back, following lower bond yields after gradually moving higher over the past month. Freddie Mac chief economist Frank Nothaft tells World Property Channel, "Treasury bond yields fell, allowing mortgage rates to follow, after the release of the July 31st and August 1st minutes of the Federal Reserve's monetary policy committee.
With $124 million in the cash register (250 million reais), Brasil Brokers Participacoes SA (BBRK3), the country's largest real estate broker, has contracted to buy two brokerages in Sao Paulo that is expected to increase its revenue from sales of existing homes to 35 percent in five years, from 15 percent today.
The good news from Jones Lang LaSalle (JLL) on the retail real estate market is that for some markets, there is rental growth, even at a time when the overall picture for retail real estate is not promising. The "Mid-Year Outlook" report recently released by Jones Lang LaSalle notes: "The modestly positive outlook was led by major markets with strong demographic and population growth, a lack of new, high-quality supply and improving leasing velocity."
Hyatt Hotels Corporation recently announced the opening of Grand Hyatt Kuala Lumpur, the company's first Grand Hyatt hotel in Malaysia. Situated in the Kuala Lumpur City Center (KLCC) next to Kuala Lumpur Convention Center, the 370-room hotel is within walking distance of the iconic Petronas Twin Towers, Suria KLCC, KLCC Park, Dewan Filharmonik Petronas as well as the Golden Triangle shopping and entertainment district.
According to the National Association of Realtors, pending home sales rose in July to the highest level in over two years and remain well above year-ago levels. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 101.7 in July from 99.3 in June and is 12.4 percent above July 2011 when it was 90.5. The data reflect contracts but not closings.
A July report on retail real estate put out by Real Capital Analytics (RCA) notes that sales of retail properties worth $2.5 million or more amounted to just over $2 billion during the month, less than half of June's total and 20% lower than a year earlier. But there were a few deals which made real estate investors take notice.
Turkey property specialist Oceanwide Properties recently introduced a new enclave of luxury seaside homes in the highly sought after Secret Valley. The new family villas are part of a private valley development on the Turkish coast that has already delivered 86 villas and apartments to investors and vacation property owners seeking sunshine at an affordable cost.
Shanghai, China's largest city by population (23 million) and one of the world's great commerce hubs now faces an uncertain future from major floods, according to a new study. Worse, the city has not taken heavy-duty measures to protect itself, the study warns.
According to new data released today by CoreLogic, there is potentially over $27 billion in exposure to residential property damage from storm surge flooding as Tropical Storm Isaac makes its way across the Atlantic Ocean along a projected path toward the Gulf Coast.
Seventy percent of China's 2,500 amusement parks are losing money - but their investors aren't crying. Instead, they are betting on their adjacent commercial and residential developments, including apartments, villas and hotels, to make their profits. It's a relatively new game that about one-third of China's top 100 property developers are now playing, reports China Daily.
America's luxury home market got a big boost this past week when Toll Brothers, Inc., the nation's leading builder of luxury homes and numerous high-end golf and country club communities, announced strong quarterly net income and total revenues for the fiscal quarter ending July 31.
Sales of office properties in the US worth $2.5 million or more totaled $5.4 billion in July, down 10% from a year earlier, the third consecutive month of decline, according to Real Capital Analytics' (RCA) "US Capital Trends Office" report for July.
According to STR, the U.S. hotel industry reported increases in all three key performance metrics during July 2012. Overall, the U.S. hotel industry's occupancy rose 0.5 percent to 70.0 percent, its average daily rate was up 3.8 percent to US$107.44 and its revenue per available room increased 4.3 percent to US$75.25.
According to the National Association of Realtors (NAR) quarterly commercial real estate forecast, positive underlying fundamentals continue to support all of the major commercial real estate sectors, but a slowdown in job creation and ongoing tight loan availability has tempered growth in some areas.
Driven by Chile's strong economic growth and continuing reconstruction efforts after the 2010 earthquake, the Chilean real estate sector remains very strong. According to a report by the newspaper Estrategia, there are currently over $11 billion of real estate projects under development in Chile, the majority of which are in the Santiago Metropolitan Region. Approximately 72% of these projects are currently under construction.