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Pandemic-Fueled, ‘Astonishing’ Cost-Burden Turnaround

Using a newly released Census Bureau analysis, researchers at the Harvard Joint Center for Housing Studies (JCHS) have finally been able to do something that has eluded most observers: contrast pre-pandemic and pandemic-era housing with hard numbers. For a variety of both practical and political reasons, census data from 2020—which includes plenty of vital information… The post Pandemic-Fueled, ‘Astonishing’ Cost-Burden Turnaround appeared first on RISMedia. Using a newly released Census Bureau analysis, researchers at the Harvard Joint Center for Housing Studies (JCHS) have finally been able to do something that has eluded most observers: contrast pre-pandemic and pandemic-era housing with hard numbers. For a variety of both practical and political reasons, census data from 2020—which includes plenty of vital information for housing—has been nearly impossible to compare with previous years. That changed recently, as Census Bureau officials came up with a statistical workaround, as well as adding data from third-party sources for the first time, according to JCHS, allowing researchers to draw some real conclusions—specifically about how much affordability suffered due to the pandemic. The numbers, they say, are “astonishing.” Assuming that the new methodology is accurate, JCHS researchers Alexander Hermann and Whitney Airgood-Obrycki said that in a single year, the pandemic fully erased one-fifth of the last decade’s gains in affordability, with cost-burdened households jumping 1.5% in 2020 alone. “Rising cost burdens were remarkably widespread,” they wrote. “The share of Black households with cost burdens rose an astounding 2.4%, but burden rates also increased 1.6% for white, 0.8% for Asian and 0.6% for Hispanic households. Likewise, the burden rate increased across all income groups.” Cost-burdened households are defined as those that spend more than 30% of their incomes on direct housing costs. This metric is widely used in government and policymaking, though it has significant limitations. For renters, the impact of the pandemic was particularly brutal—a 2.6% increase in cost-burdened households. That erases more than half of the gains made for renters since 2011, when the burden rate peaked at just under 51% before falling 4.4% over the next eight years. In terms of income, the hardest-hit group were those making $30,000 to $45,000, a demographic that saw its share of cost-burdened families rise 4.2%. For context, the researchers note that cost-burdened households rose only 1.8% in the two years of the great recession, from 2008 to 2010. Those who own homes were not spared either, though the effect on them was less significant. An overall 1% increase in cost-burdens set homeowners back about one-tenth of the way to the last high-point of that metric, when 30% were cost-burdened in 2010. Airgood-Obrycki and Hermann are careful to note that their data is inclusive of just the calendar year of 2020, before the economy started to recover job losses and other pandemic-related expenses—extra child care during school closures, for instance—started to fade. Since then, a lot has changed, including massive price appreciation for homes and historic inflation, meaning that an up-to-date picture of affordability and housing cost burdens will require further analysis. “Whether the economic recovery since 2020 has been enough to offset rapidly rising home prices and rents remains to be seen,” they wrote, “but the pre-pandemic affordability crisis assuredly continues.” The post Pandemic-Fueled, ‘Astonishing’ Cost-Burden Turnaround appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA3 min. ago Related News

The July Issue of Real Estate Magazine Is Now Live

RISMedia’s July issue of Real Estate magazine is now available, and not to be missed are some in-depth exclusives, including an inside look at the Anywhere Real Estate rebrand, and a deep dive on the inventory crisis. Check out this month’s features below.  On the Cover The Changing Face of Homeownership How Anywhere Is Reimagining… The post The July Issue of Real Estate Magazine Is Now Live appeared first on RISMedia. RISMedia’s July issue of Real Estate magazine is now available, and not to be missed are some in-depth exclusives, including an inside look at the Anywhere Real Estate rebrand, and a deep dive on the inventory crisis. Check out this month’s features below.  On the Cover The Changing Face of Homeownership How Anywhere Is Reimagining the Buying and Selling Experience When the pandemic descended upon us, life as we knew it changed in so many ways, from the minute to the monumental. And from all accounts, the arc is still bending. During these transformational times, everyone has had to make a choice. Remain as-is in the hopes that things go back to “normal”—or change. Transform. Enter Anywhere Real Estate. Announcing a bold rebrand this past May, Realogy made what it viewed as a critical course correction to accurately reflect what real estate has become…and is becoming. In this month’s cover story, take a closer look at how the dramatic name change is intended to speak to real estate professionals and the consumers they serve; to meet everyone—and anyone—where they are in the real estate journey…anywhere that happens to be. Highlights Great Spaces: Embracing the Coastal Grandmother Aesthetic  Here, explore four properties with unique centurial elements. Unpacking the Persisting Inventory Crisis Plaguing the Housing Market  While progress is being made to increase the number of homes for sale, is it enough? Peak Season Is Here—Use Your Member Perks to Make the Most of It  With the summer selling season in full swing, take advantage of the products that save you time, money and stress. Visit our Table of Contents here and here to see all this month’s top features! The post The July Issue of Real Estate Magazine Is Now Live appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA3 min. ago Related News

For-Sale Home Supply Grows Faster Than Ever as New Seller Activity Rebounds

Housing inventory recovery made major strides in June, with the number of homes available to buyers climbing at its fastest yearly pace of all time (+18.7%), according to the lates realtor.com® Monthly Housing Trends Report released this past week. Among key factors driving June’s jump in active listings were new sellers, who entered the market… The post For-Sale Home Supply Grows Faster Than Ever as New Seller Activity Rebounds appeared first on RISMedia. Housing inventory recovery made major strides in June, with the number of homes available to buyers climbing at its fastest yearly pace of all time (+18.7%), according to the lates realtor.com® Monthly Housing Trends Report released this past week. Among key factors driving June’s jump in active listings were new sellers, who entered the market at a higher rate than in 2017-2019 prior to the pandemic, according to the report. “Our June data shows the inventory recovery accelerated, posting the second straight month of active listings growth in nearly three years. We expect these improvements to continue, as predicted in our newly-updated 2022 forecast,” said Danielle Hale, chief economist for realtor.com®. “While we anticipate that more inventory will eventually cool the feverish pace of competition, the typical buyer has yet to see meaningful relief from quickly selling homes and record-high asking prices. However, a deeper dive into June’s inventory gains by square footage reveals potential opportunities for move-up buyers, as newly-listed homes skewed larger. In other words, this first wave of supply improvements may be particularly opportune for summer sellers looking to upgrade from their starter homes, which could mean more equity to put towards purchasing a bigger property.” Hale added, the increase in larger, more expensive homes as a share of new listings is one reason that overall asking prices continue to soar despite moderating demand. In June, homes with at least 1,750 square feet accounted for more new listings (54.3%, up from 52.7% in 2021) than relatively smaller homes (45.7%, down from 47.3% in 2021). Inventory climbs as buyer demand cools and seller activity rebounds The inventory recovery from 2021 declines continued to accelerate in June, due to the combination of rebounding new listings growth and moderating demand, reflected in recent home sales trends. While still-hot housing competition is motivating more new sellers to list, some buyers are being priced out of the market by rising mortgage rates and record-high asking prices that have driven up typical mortgage payments by 58% from a year ago. In June, the U.S. inventory of active listings grew 18.7% year-over-year, a faster pace than last month (+8.0%). However, there are still fewer than half (-53.2%) as many for-sale homes compared to June 2019. One factor behind June’s accelerated inventory improvement was pending listings declines (-16.3% year-over-year), which means fewer for-sale homes under contract with a buyer. Additionally, new seller activity rebounded to 1.0% greater than its 2017-2019 pace, with new listings up 4.5% year-over-year. Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas (+144.5%), Phoenix (+113.2%), and Raleigh, N.C. (+111.7%) . June’s biggest new listings gains were posted in southern markets (+11.0%): Raleigh (+37.6%), Nashville, Tenn. (+37.2%) and Charlotte, N.C. (+30.1%), as well as Las Vegas, Nevada (+34.8%). Home shoppers are still snatching up homes quickly, but there are early signs of relief Despite cooling demand, June time on market trends relative to last year show that buyers continued to snatch up homes at a near-record-fast pace. However, month-to-month data tells the beginnings of a different story, with overall time on market growing from May to June for the first time since 2019. Additionally, while homes moved more quickly than in June 2021 across all size tiers, declines were greater among larger for-sale homes. These trends suggest that one potential reason why the overall pace of time on market remains competitive, despite softening demand, could be a shift in the mix of home shoppers, such as an increase in move-up buyers. The typical U.S. home spent 32 days on market in June, nearly a full month (-27 days) faster than usual June 2017-2019 timing. Time on market held close to May’s record-low, but posted a slightly smaller yearly decline month-to-month (-4 days vs. -6 days). Among June’s active inventory, some listings with more square footage, such as those with 3,000-6,000 square feet sold faster year-over-year (-8.5 days) than relatively smaller homes like those with 750-1,750 square feet (-5 days). In June, 34 of the 50 largest markets posted annual declines in time on market, led by southern (-4 days) and northeastern (-2 days) metros: Miami (-22 days), Hartford, Conn. (-8 days) and Jacksonville, Fla., Orlando, Fla. and Atlanta, Georgia (-7 days). Meanwhile, time on market was flat year-over-year in six markets and grew in ten metros, led by Austin (+6 days), Denver and Detroit (+4 days each). Typical asking prices soar to latest record, reflecting still high seller expectations  Nationally, typical asking prices again soared double-digits over 2021 levels in June, reaching their latest new high, suggesting that many sellers still have great expectations of the market. At the same time, a number of June trends indicate that sellers are beginning to compete for fewer buyers who have more options. Both active and pending listing prices posted smaller yearly gains than last month, while the share of total inventory with price reductions increased. In June, the U.S. median listing price hit its latest record-high of $450,000, up 16.9% year-over-year. However, active listing prices posted a slightly smaller gain than last month (+17.6%), as did pending listing prices (to 13.9% from 16.2%). Relative to June’s national rate, listing prices grew at a faster annual pace in 15 large markets, led by: Miami (+40.1%), Orlando, Fla. (+30.6%) and Nashville (+30.6%). Four markets posted year-over-year declines: Pittsburgh (-8.6%), Rochester, N.Y. (-5.9%), Cincinnati (-5.7%) and Buffalo, N.Y. (-2.0%). However, in all of these metros aside from Pittsburgh, the price per square foot grew on an annual basis, indicating that a change in the mix of homes has pushed the median listing price lower. The share of total homes with a price reduction grew year-over-year nationwide (+7.6 percentage points) in June, as well as in all 50 but one of the largest metros, most significantly in: Austin (+24.7), Phoenix (+22.2) and Las Vegas (+20.1). Roughly one-in-seven homes in June had a price reduction, up from roughly one-in-13 in June 2021, but still below the one out of every four-to-five that was typical in 2017-2019. Spotlight On: Condos offer relative affordability in most U.S. counties Despite recent supply improvements, affordability remains a significant obstacle to homeownership for many Americans. Home shoppers are feeling the strain on their budgets due to higher-than-anticipated inflation, mortgage rates, home and rental prices, down payments and more. In this context, Realtor.com® recently compared 2021 home sales trends among single-family homes versus condos to identify potential opportunities for buyers to find relatively affordable housing, with key findings including: Nationwide, the typical condo sold for an average of 6.7% less than the typical single-family home in 2021. Location explains this understated trend. Common to crowded big cities where real estate typically comes at a premium, the vast majority (84.1%) of condos were sold in just 6% of counties. Drilling down to the county-level in New York, Massachusetts, Illinois and Washington, states with high levels of 2021 condo sales, reveals that condo prices were an average 13.5% lower than single-family homes. In the cities of New York, Boston, Chicago and Seattle, condo buyers paid an average of 33.2% less. While these opportunities are driving demand for condos, recent data shows home shoppers may still find relatively affordable condo listings. In June, condos made up 20.2% of active inventory and were listed at 17.5% lower (on average across the 50 largest metros) than single-family homes. “As big city buyers looked for ways to stay on budget in 2021, our analysis shows opting for a condo offered a solution in some counties. And there may still be opportunities going forward, even as condos’ relatively lower price point is driving up their popularity and prices. If demand leads builders to ramp up condo construction, and the resulting increase in supply may help keep condo prices more manageable than those of single-family homes,” said Hannah Jones, Economic Research Analyst for realtor.com®. The post For-Sale Home Supply Grows Faster Than Ever as New Seller Activity Rebounds appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA1 hr. 2 min. ago Related News

Florida, South Top Inflated Rental Markets

Some of the same researchers who collaborated to evaluate markets where homes are over or undervalued released a new report this week, this one focused on rentals, finding a continued trend of rental costs vastly exceeding expected increases. The collaboration between Florida Atlantic University (FAU), the University of Alabama (UA) and Florida Gulf Coast University… The post Florida, South Top Inflated Rental Markets appeared first on RISMedia. Some of the same researchers who collaborated to evaluate markets where homes are over or undervalued released a new report this week, this one focused on rentals, finding a continued trend of rental costs vastly exceeding expected increases. The collaboration between Florida Atlantic University (FAU), the University of Alabama (UA) and Florida Gulf Coast University (FGCU) found cities in the South—and Florida in particular—have rental markets currently inflated massively above expectations. A total of 10 cities have rental averages 15% higher than where they should be, and two markets—both in Florida—saw year-over-year rent increases topping 30% in May. “Until we can build units faster, the nation’s rental crisis will continue,” said Bennie Waller, an incoming faculty member at UA, in a statement. With a historic spike in rental costs over the past few months, the researchers saw some reasons to be optimistic that most markets will not continue to balloon out of control, while cautioning that structural factors could persist in keeping rents unaffordable for the medium term. “As long as the demand for renting remains high, rental rates almost certainly will stay elevated as well,” said Ken H. Johnson, economist at FAU, in a statement. The average rental across the country is 9.85% overvalued, according to the researchers. Researchers compared the “difference between statistically modeled prices and actual rental prices” using Zillow data to determine whether the market was over or undervalued, also calculating month-to-month increases. Largely, rent spikes have hit the South and West the hardest, they found, and even areas with traditionally lower rents are increasing at a far swifter pace than predicted. Sierra Vista, Arizona, for instance, has an average rental cost of $1,291—well below the national average of $1,979. But that rent is 18.6% higher than it should be, the researchers found, up 17.8% year-over-year. Factors Unsurprisingly, a lack of inventory and high demand are a primary cause of these over-inflated rents, according to the researchers. Shelton Weeks, a researcher at FGCU, faulted local governments and grass-roots resistance from residents for stymying the creation of more rental housing. “In addition to the lengthy approval process faced by apartment development projects, a primary culprit here is the resistance within many communities to new projects with higher levels of density,” he said in a statement. “In order for markets to function properly and add supply where needed, it is critical for municipalities to streamline the approval process for these projects and for density to be increased to a point where the new units can be offered at reasonable rental rates.” Johnson also posited that mortgage rate increases will indirectly drive up the cost of rentals as the pool of homebuyers shrink. “The Fed’s interest rate increase will price more people out of the housing market and keep them as renters,” he said. At the same time, “the vast majority” of the 107 metros examined by the researchers are on pace for smaller year-to-year increases than in 2021, though exactly when, how and where renters will get relief is uncertain. One path to increasing the rental stock is through seasonal or short-term rental properties, many of which are “likely” to become traditional rentals as investors try to cash in and sell at the peak of the current housing market. Johnson adds that some renters—particularly in the warmer climates of the South and West—may be forced to return to in-person jobs in other areas, freeing up some supply. “These two elements could come together to produce a better balance between supply and demand of rental units and give burdened renters a break,” Johnson said. “But until then, renters may have to cut back on discretionary spending to make ends meet.” Here are the top 10 inflated rental markets: Miami, Florida – 22.70% Fort Myers, Florida – 20.41% Sierra Vista, Arizona – 18.56% Sarasota, Florida – 17.86% Tampa, Florida – 17.52% Knoxville, Tennessee – 16.92% Port St. Lucie, Florida – 15.89% Killeen, Texas – 15.76% Lakeland, Florida – 15.36% Bakersfield, California – 15.33% The post Florida, South Top Inflated Rental Markets appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA1 hr. 2 min. ago Related News

First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing

The shifting mortgage market has sent ripples throughout the lending industry that have manifested in waves of layoffs as companies look to adapt to the changing times. While this has become a common trend in the past six months, some companies have struggled more than others. That’s been the case for First Guaranty Mortgage Corp.… The post First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing appeared first on RISMedia. The shifting mortgage market has sent ripples throughout the lending industry that have manifested in waves of layoffs as companies look to adapt to the changing times. While this has become a common trend in the past six months, some companies have struggled more than others. That’s been the case for First Guaranty Mortgage Corp. (FGMC), which announced yesterday that it had filed chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on June 30 along with its affiliate Maverick II Holdings, LLC. “While we have made considerable efforts to address our ongoing financial challenges related to the state of the mortgage market, we ultimately must do what is best for our borrowers and consumers,” said FGMC CEO Aaron Samples in a press release. The company claims in the petitions that it has experienced “significant operating losses and cash flow challenges” due mainly to the volatile mortgage lending market. “In 2021, intense competition for mortgage originations, in part due to the collapse of the refinancing market, resulted in a sharp decline in the Debtors’ performance,” read an excerpt from the filing. “The Debtors’ margins on the sale of loans also declined dramatically.” Like many mortgage companies that have seen their profits tumble amid the current market shift, FGMC’s filing painted a picture of its financial woes as mortgage rates have climbed in 2022. For the four months ending April 30, 2022, the Texas-based company tallied $23.3 million of after-tax net loss, which is partially attributed to lower origination volumes. Despite the company raking in $1.7 billion in mortgages during that time, FGMC indicated that its sales profit gains “continued to be very weak.” The bankruptcy filing comes less than a week after the Texas-based mortgage lender laid off nearly 80% of its workforce on June 17. According to a WARN notice sent to the Texas Workforce Commission, FGMC terminated 428 of its 565 employees. Initial reports regarding the firings indicated that the layoffs were caused by “significant operating losses and cash flow challenges due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility.” While the layoffs indicate the persisting strain mortgage companies have had to endure under rising mortgage rates and shrinking refinance originations, the approach in which FGMC fired its workers harkens back to a now-infamous wave of layoffs conducted by Better.com CEO Vishal Garg.  National Mortgage Professional (NMP) reported that Samples fired workers during a 10-minute virtual meeting on Microsoft Teams. Based on former employee accounts featured in NMP, Samples cited “several general economic hurdles” plaguing FGMC, like market compression and geopolitical issues, as reasons for terminating everyone on the call immediately. RISMedia also spoke with a former FGMC employee impacted by the layoffs, who confirmed what the reports indicated. The former employee requested that they be anonymous in this story and drew comparisons between FGMC’s firings and the Better.com Zoom-call firings. “For Better Mortgage, they didn’t show much empathy,” they say. “It was pretty similar to last Friday. There was a brief call over Microsoft Teams, and he said, ‘if you are in the call, your job has been cut.'” Admittedly, the former employee said the announcement came as a surprise despite a general understanding that the mortgage lending environment has been in flux for the past year and a half. “Our business was shrinking for sure, but there was some niche in the industry,” they say, highlighting FGMC’s work with non-qualified mortgages as an example of products that the company could have leaned on during the market shift. On June 15, FGMC announced a new stand-alone second lien program that the company touted as an “exciting new addition” to its suite of non-QM products under its affiliate Maverick Solutions. “The market is still there, so they were optimistic and were coming up with new products,” the former employee continues. “Our impression was they’ll be alright.” Several other former employees took to social media to lament the loss in the days following the layoffs. “One constant in my nearly 30 years in the mortgage industry is that when I find a job that feels like home, I am going to give well over 100% and will not leave until they kick me out,” wrote Stacy Lighton, a former VP of Credit Policy at FGMC, on LinkedIn. “My most recent position as vice president of Credit Policy was with First Guaranty Mortgage Corporation, a company that felt like family until last Friday when most of the staff was abruptly released.” Other impacted employees painted pictures of the unexpectedness of the incident. “FGMC cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications,” read a LinkedIn post by former FGMC Account Executive Tina Ogden Smith. “The company laid off around 500 employees without severance payment,” the post continues. “Sure sign of doors closing in near future.” According to the former employee, a severance package was not offered immediately after the layoffs occurred. However, they tell RISMedia that FGMC has since offered severance, including a week’s work-worth of pay for every year they worked at FGMC. Employees weren’t the only ones blindsided by FGMC’s behavior, as lender partners indicated that they were also left without updates on whether the company would purchase and fund loans that had already been approved for purchase. “I’m positive I am not alone when wondering ‘will you be honoring your commitment to purchase these loans, and when can we expect them to be purchased?’” wrote Dani Hernandez, vice president of mortgage at UpEquity in Austin, Texas. In her letter to FGMC, which was posted on LinkedIn, Hernandez indicated that the last communication UpEquity received from FGMC was two weeks ago, and the company was told that FGMC would “honor these locks and pricing.” “Now FGMC has gone radio silent,” Hernandez wrote. “Please let your lender partners know if we should be looking for other investors to sell these loans to or if and when you will be funding these loans you’ve committed to purchasing. “Leadership at FGMC, we understand this is a difficult time, but you owe it to your lender partners to let us know what is happening, so others do not suffer,” the letter concluded. While FGMC’s bankruptcy filing isn’t expected to affect closed mortgages, the company indicated that it has “taken action to accommodate the maximum number of borrowers who have started but not yet completed the loan process.” “FGMC is finalizing debtor-in-possession financing that will enable it to close and fund approved consumer loans under existing terms and conditions,” FGMC stated. The company also indicated that it identified one or more potential partners to provide optionality to support the pipeline of in-process loans. The debtor-in-possession financing still needs to be approved by the Court. The same applies to an “employee incentive and retention program” that FGMC is trying to develop. “As part of this process, the Company retained a portion of its workforce to manage the day-to-day business,” Samples said. “We are requesting that the court approve a variety of motions that will promote a smooth transition for all pertinent parties while also preserving value for the benefit of the Company’s stakeholders.” The post First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA1 hr. 2 min. ago Related News

The July Issue of Real Estate Magazine is Now Live

RISMedia’s July issue of Real Estate magazine is up and not to be missed are some in-depth exclusives this month with Anywhere Real Estate and a deep dive on the inventory crisis. Check out this month’s features below.  On the Cover The Changing Face of Homeownership How Anywhere Is Reimagining the Buying and Selling Experience… The post The July Issue of Real Estate Magazine is Now Live appeared first on RISMedia. RISMedia’s July issue of Real Estate magazine is up and not to be missed are some in-depth exclusives this month with Anywhere Real Estate and a deep dive on the inventory crisis. Check out this month’s features below.  On the Cover The Changing Face of Homeownership How Anywhere Is Reimagining the Buying and Selling Experience When the pandemic descended upon us, life as we knew it changed in so many ways, from the minute to the monumental. And from all accounts, the arc is still bending. During these transformational times, everyone has had to make a choice. Remain as-is in the hopes that things go back to “normal”—or change. Transform. Enter Anywhere Real Estate. Announcing a bold rebrand this past May, Realogy made what it viewed as a critical course correction to accurately reflect what real estate has become…and is becoming. In this month’s cover story, take a closer look at how the dramatic name change is intended to speak to real estate professionals and the consumers they serve; to meet everyone—and anyone—where they are in the real estate journey…anywhere that happens to be. Highlights Great Spaces: Embracing the Coastal Grandmother Aesthetic  Here, explore four properties with unique centurial elements. Unpacking the Persisting Inventory Crisis Plaguing the Housing Market  While progress is being made to increase the number of homes for sale, is it enough? Peak Season Is Here—Use Your Member Perks to Make the Most of It  With the summer selling season in full swing, take advantage of the products that save you time, money and stress. Visit our Table of Contents here and here to see all this month’s top features! The post The July Issue of Real Estate Magazine is Now Live appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA1 hr. 2 min. ago Related News

Brown Harris Stevens Announces New Executives

Brown Harris Stevens has announced two new executive appointments within its Connecticut management team. Industry veteran Wendy Lynch has been named executive director of Sales for the Stamford office and Brian Cleary has been appointed Connecticut Market Specialist. According to a release, Lynch has been in the real estate industry for 28 years having worked… The post Brown Harris Stevens Announces New Executives appeared first on RISMedia. Brown Harris Stevens has announced two new executive appointments within its Connecticut management team. Industry veteran Wendy Lynch has been named executive director of Sales for the Stamford office and Brian Cleary has been appointed Connecticut Market Specialist. According to a release, Lynch has been in the real estate industry for 28 years having worked as both an agent and director. She was a successful agent at Country Living and Associates as well as in Halstead’s New Canaan office, which is now part of Brown Harris Stevens. Eventually, she transitioned into management as a director in Berkshire Hathaway’s New Canaan and Darien Offices. Most recently, she managed the Coldwell Banker offices in Greenwich and Old Greenwich where she oversaw 190 agents. With Lynch taking over in Stamford, Cleary will assume the newly created role of Connecticut Market Specialist where he can get back to his data and analytics roots. In addition to authoring monthly and quarterly market reports, Cleary will oversee a new Brown Harris Stevens initiative allowing for custom weekly reports for each Connecticut town, the introduction of a new rental report, and a market forecast letter. Above all, his talents will now be available to every Connecticut BHS agent, further setting the brokerage apart in terms of services, resources, and support, the company stated. “Wendy has a phenomenal track record of sales management, and Brian’s name is synonymous with the most detailed Connecticut market analysis in the business,” said Christopher Halstead, executive sales director, Connecticut.  “They are an incredibly powerful combination that will benefit the entire management team and all of our Brown Harris Stevens Connecticut agents. ” Brown Harris Stevens Connecticut operates six offices throughout the state including Greenwich, Darien, New Canaan, Stamford, Rowayton, and Westport. Visit Brown Harris Stevens for more information. The post Brown Harris Stevens Announces New Executives appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA10 hr. 30 min. ago Related News

Florida Brokerage Affiliates With CENTURY 21 Brand

Melissa Cantway, broker-owner of Realty Professionals Inc., has affiliated her brokerage with the CENTURY 21 brand, the company has announced. The Palm Beach, Florida firm and its 38 sales professionals will now operate as CENTURY 21 Realty Professionals. Cantway intends to leverage the CENTURY 21 brand’s marketing and learning, tech tools and growth platform to… The post Florida Brokerage Affiliates With CENTURY 21 Brand appeared first on RISMedia. Melissa Cantway, broker-owner of Realty Professionals Inc., has affiliated her brokerage with the CENTURY 21 brand, the company has announced. The Palm Beach, Florida firm and its 38 sales professionals will now operate as CENTURY 21 Realty Professionals. Cantway intends to leverage the CENTURY 21 brand’s marketing and learning, tech tools and growth platform to her brokerage’s advantage, she said. “Of all the competition in the market, I chose the CENTURY 21 brand because it is best suited to help me create more agent value and expand my business over the next five years,” said Cantway. “My team is excited by the opportunity to join a legacy brand recognized by real estate consumers as the most respected brand in the business and  for going above and beyond for its clients by delivering the best real estate experience possible.” By affiliating with CENTURY 21, the company says CENTURY 21 Realty Professionals can now access the brand’s marketing, coaching and agent learning, and productivity platform. These resources will help the firm’s team of sales professionals secure more leads and close more deals. “Everything that we do as a global franchisor is to help our customers grow their businesses,” said Michael Miedler, president and chief executive officer of Century 21 Real Estate. “We welcome Melissa to the CENTURY 21 family, and we look forward to helping her team win today and in the future.” For more information, visit www.century21.com. The post Florida Brokerage Affiliates With CENTURY 21 Brand appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA10 hr. 30 min. ago Related News

Baby Boomer Homeowners’ Mortality Expected to Have Minimal Impact on Housing Supply and Prices

More than 4 million existing-homes for sale annually over the next decade will come from the aging and mortality of older homeowners, but sustained homebuyer demand from population growth and younger-generation households should lead to minimal excess housing supply and have no measurable reduction in home prices. That is according to new research released today… The post Baby Boomer Homeowners’ Mortality Expected to Have Minimal Impact on Housing Supply and Prices appeared first on RISMedia. More than 4 million existing-homes for sale annually over the next decade will come from the aging and mortality of older homeowners, but sustained homebuyer demand from population growth and younger-generation households should lead to minimal excess housing supply and have no measurable reduction in home prices. That is according to new research released today by the Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) that analyzes data on housing, demographics, and mortality to examine the impact the aging and eventual death of baby boomers may have on future demand and the supply of homes listed for sale by older Americans (ages 50 and older). Key findings: In 2019, there were 32 million Boomer homeowners (i.e., 41% of all homeowners). More than 4 million existing-homes for sale annually over the next decade will come from the aging and mortality of older homeowners (ages 50 and older). The report finds that aging and mortality is slow moving and largely predictable. Based on changing demographics, over the next decade there is projected to be a modest amount of excess supply of homes for sale—around quarter-million units annually. Sustained homebuyer demand from population growth and younger-generation households should lead to minimal excess housing supply and have no measurable impact on home prices. Most of the impact will be through a reduction in the growth of new housing and some softness in the rental market. The takeaway: “America is growing older, with baby boomer homeowners totaling 32 million as of 2019 and increasingly becoming a larger source of existing homes for sale—4.4 million units annually—as they transition to other housing options or pass away,” said Gary V. Engelhardt, author of the report and Professor of Economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University. “Aging and mortality are glacial and largely predictable. Based purely on changing demographics and population growth, there is enough homebuyer demand to meet most of the existing inventory that will come onto the market over the next decade and beyond from older homeowners.” “RIHA’s study skillfully uses multiple data sources to get a detailed picture of America’s aging population and its effect on the housing market,” said Edward Seiler, executive director, Research Institute for Housing America, and MBA’s Associate vice president, Housing Economics. “The impact from baby boomers exiting their homes is not insignificant but will happen over a few decades without significantly disrupting the housing market.” To read the full report, click here. The post Baby Boomer Homeowners’ Mortality Expected to Have Minimal Impact on Housing Supply and Prices appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA10 hr. 30 min. ago Related News

Home Showing Activity Continues to Slow Nationwide as Fewer Buyers Compete for Listings

In keeping with the inventory supply challenges, rising interest rates and other headwinds facing the housing industry, another new report out shows that real estate home showings are also down compared to last year at this time. May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per… The post Home Showing Activity Continues to Slow Nationwide as Fewer Buyers Compete for Listings appeared first on RISMedia. In keeping with the inventory supply challenges, rising interest rates and other headwinds facing the housing industry, another new report out shows that real estate home showings are also down compared to last year at this time. May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per listing, according to the latest ShowingTime Showing Index®, released Thursday. The data also shows “a sea change” in which markets are most popular, according to the report. Here’s a look at the key findings from ShowingTime’s report:  The region which experienced the smallest drop was in the Northeast U.S., with a relatively modest decline of 13.3%. The Midwest was down 15.1% year over year, the South 22.2%, and the West 45.3%. Denver and Seattle both fell out of the top 25 busiest markets, with each averaging around 10 showings per listing, breaking a streak that began in early 2021. Burlington, Vermont, the number-one-ranked metro area in traffic, showed 15.80 showings per listing in May, 2022. This is a 14% change year over year but a -22% change month over month. Trailing behind Burlington for the rest of the top five were: Bloomington-Normal, Illinois: 12.39 showings per listing, 11% change year over year, -25% change month over month. Bridgeport, Connecticut: 12.03 showings per listing, -3% change year over year, -17% change month over month. Cleveland, Ohio: 12.01 showings per listing, -18% change year over year, -17% change month over month. Richmond, Virginia: 11.78 showings per listing, -10% change year over year, -25% change month over month. Overall, the U.S. recorded an 18.2% downturn in activity in May. In the US as a whole, there was an average of seven showings per listing in May 2022. This represented a -13% change year over year and a -16% change month over month. The takeaway “Showing activity continues to be at levels lower than we’re used to seeing at this time of year, pointing to a market in transition,” said ShowingTime Vice President and General Manager Michael Lane. “Following the surge in mortgage rates, it’s reasonable to expect that showing activity will continue to ease, especially when compared to last year’s historic numbers.” The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. The post Home Showing Activity Continues to Slow Nationwide as Fewer Buyers Compete for Listings appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA10 hr. 30 min. ago Related News

Is It Time for a Marketing Plan Makeover?

In last month’s column, we talked about how generational characteristics can inform your marketing messaging. Now we want to know: When was the last time you tried a new marketing tactic? If it’s been a while since you took a critical look at your marketing plan and added something new to the mix, it might… The post Is It Time for a Marketing Plan Makeover? appeared first on RISMedia. In last month’s column, we talked about how generational characteristics can inform your marketing messaging. Now we want to know: When was the last time you tried a new marketing tactic? If it’s been a while since you took a critical look at your marketing plan and added something new to the mix, it might be time for a marketing plan makeover. Like every good makeover, you’ll want to keep what you know works for you and layer in a few fresh elements, such as: Video – one of the most effective ways to market yourself and your listings. Can you find a way to add video tours, Instagram Stories and Reels or YouTube to your marketing mix? Experiential marketing – a buzz-worthy concept in real estate marketing circles. The idea is to create in-person, activity-based events that your sphere will enjoy and hopefully talk about on their social media profiles. Does that spark any ideas for you? Traditional tactics – cold-calling and billboard advertising may be worth exploring, especially if you’ve never tried them before. What tried-and-true tactics could you implement into your marketing? Social media – an especially effective tool when used to engage your sphere and keep relationships warm. Could you benefit from a more strategic, consistent approach to social media? With so many options, how do you decide which new marketing tactics are worth your time and resources? The good news is that there is no “right” marketing mix. An effective marketing plan should include old and new techniques—both online and offline. Here’s a simple process for deciding which new tactics to add to your marketing plan. Gather information If you haven’t formulated a working marketing plan in a while (or ever!), cement your foundation by taking the National Association of REALTORS®’ Marketing Strategy and Lead Generation course. The recently updated curriculum covers everything from personal branding tactics and the lead generation cycle to how to measure the success of your efforts. It includes exercises, templates and tools to help build a new and improved marketing plan for your ever-evolving business. It’s sure to spark some ideas for new lead generation tactics and marketing approaches. View upcoming courses at training4re.com. Get inspired Take a cue from the most successful agents you know and get inspired by researching innovative marketing ideas for real estate. Some of the best ideas come from conversations with your peers. Seek out opportunities to network and engage with other agents both in-person and virtually. Go all in It’s easy to fall into a routine and use the same marketing tactics year in and year out. But it’s important to fully commit to your new marketing strategy, and don’t give up on it too quickly. After a year, analyze your efforts and adjust your plan again. Jennifer Rzeszewski is the vice president of Member Development and the executive director of the Center for REALTOR® Development (CRD), NAR’s home for exceptional education. Learn more about CRD at crd.realtor. The post Is It Time for a Marketing Plan Makeover? appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA10 hr. 30 min. ago Related News

Meet the Newsmakers: Honoring the Educators

In today’s unpredictable times, information, training and guidance are more critical to real estate success than ever before. Many of this year’s Real Estate Newsmakers are being honored for their efforts to help educate agents to better serve consumers. We spotlight several of them here. Influencers Brian Buffini Founder and Chairman Buffini & Company Celebrating… The post Meet the Newsmakers: Honoring the Educators appeared first on RISMedia. In today’s unpredictable times, information, training and guidance are more critical to real estate success than ever before. Many of this year’s Real Estate Newsmakers are being honored for their efforts to help educate agents to better serve consumers. We spotlight several of them here. Influencers Brian Buffini Founder and Chairman Buffini & Company Celebrating his company’s 25th anniversary in 2021, Buffini remains committed to impacting and improving the lives of people. “In real estate, it’s the skills that pay the bills, and we are proud to offer our members industry-leading coaching and training that helps them refine their skills and exceed their income goals in any market.” Crusaders Julia Lashay Israel Head of Inclusion and Belonging Keller Williams Realty International Israel advises, trains and coaches real estate professionals to recognize and address diversity, equity and inclusion (DEI) opportunities and challenges, and developed two new DEI workshops in 2021. “Choosing to embrace diversity not only allows real estate professionals to grow their businesses, but also improves communities through increased homeownership.” Influencers Dawn Pfaff President and Founder My State MLS In 2021, Pfaff partnered with The CE Shop to provide online courses for real estate professionals and launched a podcast called AskDawn. “I am proud to be sharing my 20-plus years of real estate knowledge. With AskDawn, I am able to share with other agents and the public any real estate industry updates and what I’m seeing in the market.” Trailblazers Michael Davis CEO Brooks & Davis Real Estate Firm LLC Davis has a passion to coach, educate, train and entertain real estate professionals around the world through his weekly digital shows. In 2021, Davis expanded his media footprint with two new shows: The REALTOR®/Life Podcast and Monday Night Live, a live call-in show where he answers questions from real estate professionals. Influencers Darryl Davis CEO Darryl Davis Seminars Davis has a passion for helping real estate professionals not only build their businesses, but for helping them build lives and careers worth smiling about. “I am deeply honored every day by the opportunity to help real estate professionals serve their communities at extraordinary levels and build businesses that support their families and goals.” Visit rismedia.com/2022-newsmakers to learn more about this year’s Newsmakers. Nominations for RISMedia’s 2023 Real Estate Newsmakers launches July 15. The post Meet the Newsmakers: Honoring the Educators appeared first on RISMedia......»»

Category: realestateSource: RISMEDIA10 hr. 30 min. ago Related News

Fairmont Hotels & Resorts Announces Plans for First Luxury Residences in North Carolina

Fairmont Hotels & Resorts, part of world leading hospitality group Accor, in partnership with Gregg Covin, notable Miami real estate developer, today announced the signing of definitive agreements for the development and management of the first luxury private branded residential offering in the Blue Ridge Mountain region of North Carolina... The post Fairmont Hotels & Resorts Announces Plans for First Luxury Residences in North Carolina appeared first on Real Estate Weekly. Fairmont Hotels & Resorts, part of world leading hospitality group Accor, in partnership with Gregg Covin, notable Miami real estate developer, today announced the signing of definitive agreements for the development and management of the first luxury private branded residential offering in the Blue Ridge Mountain region of North Carolina –   Fairmont Heritage Place – The Cedars, Hendersonville. Set to debut in 2025, the residences will build upon The Cedars’ legacy as a significant landmark while ushering in a new era of contemporary design, outstanding amenities and engaging service infused with local culture and premier hospitality. Fairmont Heritage Place – The Cedars, Hendersonville will join an exclusive collection of extraordinary Fairmont – branded residences worldwide, offering private ownership with the option to participate in a rental program. Owners will enjoy all the benefits of owning a home with singular access to luxurious amenities and world-class services at Fairmont’s legendary hotels and resorts. “We are pleased to announce the addition of Fairmont Heritage Place – The Cedars, Hendersonville, the first Fairmont-branded residences in North Carolina. For over a century, Fairmont has been intrinsically tied to the communities the brand calls home and committed to the stewardship of landmark hotels, restoring and preserving historic buildings with great care,” said Heather McCrory, CEO, Accor North & Central America. “A rare opportunity to own a piece of one of the Blue Ridge Mountain region’s most celebrated national buildings, The Cedars will be the most luxurious branded residential offering in the state. We are proud to add The Cedars iconic landmark to our rapidly growing luxury portfolio and continue its legacy for years to come.” Fairmont Heritage Place – The Cedars, Hendersonville, a 127-unit luxury residential community, is set to transform the mountain city that has become the preferred second-home destination for generations of South Floridians and Northeasterners, due to its central East Coast setting and friendly outdoor culture. The 3.55-acre development includes a magnificent restoration of the original Antebellum grand hotel, which sits on the National Register of Historic Places, as the focal point. Two new six-story, mid-rise buildings will be comprised of studios, 1-, 2-, and 3-bedroom units and stunning penthouses, all with sprawling terraces and impressive mountain views. Prices are expected to range from USD $400,000 to USD $3.8 million. The property will bring a new level of luxury, unforgettable experiences and outstanding service to the Blue Ridge Mountain region known for its beautiful scenery, rich culture and history, and welcoming community. Situated two blocks from the historic Main Street, the residences will be the new home to many of the area’s five-star amenities, offering an exceptional cuisine and beverage program appealing to owners, guests and locals, including a signature restaurant, a lobby bar and a specialty café. Additional property features will include flexible meeting and events space; an expansive wellness center with spa, multiple swimming pools and fitness center; a cooking school; a multifunctional family room; and retail space.  Residents and guests have access to a nearby private club with Tom Fazio designed Champion Hills Golf Club.  All of the area’s popular destinations are located within a 30 minute radius of Hendersonville, including Downtown Asheville, The Biltmore Mansion, the Asheville Regional Airport, the Blue Ridge Parkway and both Pisgah National and Dupont State Forests. In addition to onsite privileges, Fairmont-branded residence owners are invited to join the Accor Ownership Benefits Program, presenting them with an invitation to join Diamond status in ALL-Accor Live Limitless – one of the most appealing lifestyle loyalty programs in the world – access to a VIP reservation desk, and special residence owner rates at more than 5,000 Accor hotels and resorts worldwide. The Cedars hotel was originally built in 1914 in Neo-Classical Revival style for Jeannie Bailey, whose husband, railroad tycoon J.W. Bailey, headed Southern Railway at the time. Just a few years prior, Theresa Fair Oelrichs and her sister, Virginia Fair Vanderbilt, debuted the first Fairmont hotel in San Francisco in honor of Nevada Senator and mining magnate, James Graham Fair. The historic similarities made for a harmonious union between The Cedars and Fairmont brand. In 1976, the property was acquired by Clifton Shipman, great grandfather of Gregg Covin’s children. Covin began exploring the property’s potential in 2018 and has since partnered with the Shipman family and Brian M. Gaines to make his vision a reality. “My family grew up at The Cedars and there is no better time to welcome the next generation to discover and feel at home in Hendersonville. Fairmont brings decades of experience restoring historic properties to their former grandeur and will deliver a level of sophistication the market has been waiting for while complementing the region’s inviting culture,” said Gregg Covin, Developer. “Fairmont Heritage Place – The Cedars responds to increasing desires for second-home ownership in Western North Carolina. Market studies show less than two months’ supply of available housing inventory, with demand outnumbering supply”.   Established in 1907, Fairmont Hotels & Resorts has built beacons of hospitality, magnificent architecture and service in extraordinary destinations; playing a significant role in shaping the social fabric of each location. Renowned for creating unforgettable grand hotels and residences in the heart of each destination, Fairmont was a natural match to continue the next era in The Cedars’ longstanding history. With more than 80 locations around the globe, and several under development, the Fairmont brand boasts some of the most renowned hotel and residential addresses in the world, such as The Plaza, a Fairmont Managed Hotel in New York City, The Savoy in London, Fairmont San Francisco, Fairmont Banff Springs in Canada, Fairmont Heritage Place Mayakoba in Mexico,  and the recently reimagined Fairmont Century Plaza in Los Angeles, among others. Fairmont is part of Accor, the second-largest operator of luxury hotels in North America and a leading hospitality group worldwide. Fairmont Heritage Place – The Cedars, Hendersonville joins an expanding list of highly anticipated openings in Accor North & Central America’s growing portfolio, including Sofitel Legend Casco Viejo Panama in 2022, Raffles Boston Back Bay Hotel & Residences in 2023, Fairmont La Paz Puerta Cortés Resort and Residences in 2023, Mayaliah Tulum Hotel & Residences – MGallery Hotel Collection in 2024, Fairmont Orlando and Fairmont Phoenix in 2025, among others. For more information about Fairmont Heritage Place – The Cedars, Hendersonville, or to be added to the list of prospective buyers, please visit www.fairmontresidencesthecedars.com.  The sales gallery is currently open and located at 739 North Main St., Hendersonville, NC. Sales are expected to launch this summer. The post Fairmont Hotels & Resorts Announces Plans for First Luxury Residences in North Carolina appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY11 hr. 46 min. ago Related News

Suffolk Construction and Ryan Companies Named Top Digital Leaders in Construction Tech Adoption

Suffolk Construction and Ryan Companies Named Top Digital Leaders in Construction Tech Adoption.....»»

Category: realestateSource: REALESTATEWEEKLY12 hr. 30 min. ago Related News

Tangram Launches ‘Women in Design’ Event Series in Los Angeles, Empowering Women in Architecture & Design Industry

Tangram Launches ‘Women in Design’ Event Series in Los Angeles, Empowering Women in Architecture & Design Industry.....»»

Category: realestateSource: REALESTATEWEEKLY12 hr. 30 min. ago Related News

CoreNet Global’s New York City Chapter Hosts AnnualCorporate Real Estate Awards for Excellence Ceremony

On June 22, 2022, CoreNet Global’s NYC Chapter hosted its Annual Corporate Real Estate Awards for Excellence Ceremony. This year, the Chapter Awards Committee received the largest number of award nominations to date. “Core Net is the leading association in the Corporate Real Estate Industry. New York City is at... The post CoreNet Global’s New York City Chapter Hosts AnnualCorporate Real Estate Awards for Excellence Ceremony appeared first on Real Estate Weekly. On June 22, 2022, CoreNet Global’s NYC Chapter hosted its Annual Corporate Real Estate Awards for Excellence Ceremony. This year, the Chapter Awards Committee received the largest number of award nominations to date. “Core Net is the leading association in the Corporate Real Estate Industry. New York City is at the forefront of the industry and is a target location for top professional talent where we have cultivated a strong connection to all areas of the corporate real estate ecosystem” said Suzanne Carlson, Principal of NBBJ and Chair of the Special Events Chapter Awards Committee. To recognize outstanding contributions from New York City representatives of excellence, CoreNet NYC’s Awards Program awarded teams and individuals across multiple categories. Lisa Speltz of Angelo, Gordon & Co was awarded the Corporate Real Estate Executive of the Year Award. The Service Provider of the Year Award was given to Ellen Herman of JLL. Chelsea Flaim of CBRE took home the Young Leader of the Year Award. The 2022 Project of the Year Award for under 25,000 sq feet went to DNB for their work in integrating advanced technology in a comfortable, people-centered environment. The Project of the Year Award for 25,000 to 100,00 square feet went to Ducera Partners for their work in enhancing the lighting of the client’s 360-degree view to create a bright and warm atmosphere. The recipient of the Project of the Year Award between 100,000 and 200,000 square feet was Yext Headquarters, where they were aided by IA Interior Architects in designing the global expansion of their workplace portfolio. MasterCard NYC Tech Hub was the recipient of the project award between 200,000 and 300,000 square feet, based on the masterful design of a new 11-story renovation of the NYC headquarters featuring a high-tech, inclusive and forward-looking experience. Google’s work with Pier 57 won them the Project of the Year 300,000 square foot category, as they worked to carefully retain the pier’s historic elements while capitalizing on waterfront views featuring natural light with an overall emphasis on sustainability. “Congratulations to the winners of this year’s Chapter Awards who have produced some incredibly unique and innovative spaces for their clients, in addition to the outstanding nominees,” said Tommy O’Halloran, Chair of the New York City Chapter of CoreNet. “I also want to thank the Special Events Committee for their hard work in organizing the 2022 CoreNet Global NYC Chapter Awards.” Recipients for Service Provider, CRE and Young Leader of the Year Winners will be submitted as nominees to the CoreNet Global Awards program. Upcoming events include The CoreNet NYC Golf Outing on July 18th, 2022, and CoreNet Global’s Summit and Awards Program The mission of the New York City Chapter is to connect groups of professionals, end-users, and service providers to advance knowledge, promote personal excellence and add value to each individual and their respective enterprises. Our chapter accomplishes our mission by facilitatingand sponsoring a variety of diversified programs providing its members with educational and networking opportunities. The post CoreNet Global’s New York City Chapter Hosts AnnualCorporate Real Estate Awards for Excellence Ceremony appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY12 hr. 30 min. ago Related News

Lendlease’s New York Construction group tops out Garden Towers in the Bronx

 Lendlease, a leading global real estate group, announced today its New York Construction group has topped out Garden Towers, an affordable senior housing community in the Bronx developed by Foxy Management, in partnership with HANAC, Inc. and JLD Advisory LLC. Located at 1323 Boston Road and 1332 Clinton Ave., the... The post Lendlease’s New York Construction group tops out Garden Towers in the Bronx appeared first on Real Estate Weekly.  Lendlease, a leading global real estate group, announced today its New York Construction group has topped out Garden Towers, an affordable senior housing community in the Bronx developed by Foxy Management, in partnership with HANAC, Inc. and JLD Advisory LLC. Located at 1323 Boston Road and 1332 Clinton Ave., the project includes two residential buildings – rising seven stories and eight stories – that together offer a total of 149 rental units for low-income adults age 62 or older. Lendlease, the construction manager for the project, broke ground on the development in August 2021, with expected completion in 2023. “Garden Towers represents our third project with Foxy Management, our most active affordable housing developer client in New York over the past six years, and we’re extremely proud of the partnership that’s since grown between us,” said Steven Sommer, Executive General Manager and President of New York Construction at Lendlease. “That level of trust and collaboration is so integral to the success of an affordable housing project, with all partners aligned and working together to cross the finish line and deliver much-needed housing. We’re excited to celebrate this milestone for Garden Towers and look forward to a smooth completion as we move into the final phase of construction.”  Designed by Newman Design, Garden Towers features a variety of amenities and common areas, including a glass greenhouse that serves as a walkway between the two buildings as well as a gathering space for residents. Other amenities will include three multi-purpose rooms, a social services suite, computer room, on-site laundry, indoor bicycle storage and resident parking. Common areas are designed to address senior-specific wellness. Lendlease is building the property to meet Passive House standards, including upgraded insulation, electric MEP systems and a central exhaust system that minimizes building penetrations and heat loss. “New York is at the forefront of integrating sustainable design into the built environment — a commitment that extends to both market-rate and affordable housing and aligns with Lendlease’s own goal of achieving absolute zero carbon by 2040,” noted Sommer. “While from a construction perspective some of these elements are more expensive upfront, typically the developer sees gains in the long run by building to Passive House standards and incorporating other energy-efficient elements that ultimately lower operating costs. Like most affordable housing projects we’re building in New York right now, Garden Towers also features solar panels, which further benefit the owner in terms of electricity generation as well as a tax credit for solar.” Developed under New York’s Department of Housing Preservation and Development’s (HPD’s) Senior Affordable Rental Apartments (SARA) program, 30% of the units at Garden Towers are set aside for homeless seniors. All apartments will be affordable to households earning at or below 50% of the Area Median Income. “Lendlease has proven time and again that they are much more than a construction manager; they are our partner,” said Jeff Fox, Principal of Foxy Management. “We, and the community that will benefit from this incredible development project, owe a debt of gratitude to Steve and his firm. We very much look forward to our continued collaboration.” In the U.S., Lendlease offers over 100 years of experience in the construction industry. The firm’s progressive and collaborative approach to providing construction services and solutions has resulted in more than 1,200 client partnerships and nearly 3,000 projects in the last decade. Lendlease offers property solutions through construction management, general contracting, program and project management, design/build and consulting services. The post Lendlease’s New York Construction group tops out Garden Towers in the Bronx appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY13 hr. 18 min. ago Related News

DH Property Holdings, Goldman Sachs Asset Management Complete Sale of Logistics Center at 640 Columbia Street in Red Hook, Brooklyn, to CBRE Investment Management

DH Property Holdings, LLC, a leading developer of urban infill industrial logistics facilities, and the Real Estate business within Goldman Sachs Asset Management (Goldman Sachs) have sold their interest in 640 Columbia Street, a three-story, 400,000-square-foot logistics facility in Red Hook, Brooklyn, to CBRE Investment Management. DHPH developed 640 Columbia... The post DH Property Holdings, Goldman Sachs Asset Management Complete Sale of Logistics Center at 640 Columbia Street in Red Hook, Brooklyn, to CBRE Investment Management appeared first on Real Estate Weekly. DH Property Holdings, LLC, a leading developer of urban infill industrial logistics facilities, and the Real Estate business within Goldman Sachs Asset Management (Goldman Sachs) have sold their interest in 640 Columbia Street, a three-story, 400,000-square-foot logistics facility in Red Hook, Brooklyn, to CBRE Investment Management. DHPH developed 640 Columbia on spec and executed a long-term lease on the facility with a global,credit tenant. The property stands in close proximity to Manhattan, Brooklyn and Queens, providingdirect, rapid access to more than 13.5 million people, the largest concentration of e-commerce consumersin the nation. The facility sits on four acres and is the first multi-story logistics facility on the east coast. 640 Columbiaboasts best-in-class architecture and features ramp access to the loading docks on the second floor, as well as internal ramps connecting the three floors and a dedicated private elevator servicing the third floor. Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has been at the forefront of the industrial logistics trend, developing market-leading distribution warehouses in complex and challenging urban environments. “640 Columbia is an extraordinary facility that offers unparalleled access to Manhattan, Brooklyn,Queens and the greater metropolitan region,” said Hertz. “It is the first multi-story property operating inthe northeast and provides a powerful long-term investment while positioning its tenants to outperformcompetitors in the market.” “This property, a first in this market, benefited from the early recognition of the e-commerce growthtrend,” said Dirk Degenaars, Managing Director in Real Estate within Goldman Sachs Asset Management. “It is ideally positioned to support tenants as they accommodate the evolving delivery needs of their tenants now and in the future.” “We believe that heightened demand for urban, infill logistics facilities, spurred by shrinking deliverywindows and rising consumer expectations, will sustain strong demand for logistics space over the nextfew years,” said Mary Lang, Head of Americas Direct Logistics Strategies for CBRE InvestmentManagement. “640 Columbia is located at the confluence of inbound deliveries to the New Yorkmetropolitan area and serves as a premier last-mile facility to some of the densest zip codes in the U.S.,making this a strategic fit with our broader logistics strategy.” A team led by Adam Spies, Doug Harmon and Josh King of Cushman and Wakefield represented DHPHand Goldman Sachs in the sale of 640 Columbia. The sale of 640 Columbia follows the recent sale by DHPH of 55 Bay Street, an 85,000-square-foot,single-story, Class-A distribution center also in Red Hook. This facility, the first speculatively built industrial building in New York City in over half a century, was leased to Amazon Fresh prior to the sale. The post DH Property Holdings, Goldman Sachs Asset Management Complete Sale of Logistics Center at 640 Columbia Street in Red Hook, Brooklyn, to CBRE Investment Management appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY13 hr. 18 min. ago Related News

NAI James E. Hanson Negotiates Sale of 152,000-Square-Foot Industrial Building in Paterson, N.J.

 NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sale of a 152,000-square-foot industrial building at 55 East 6th Street in Paterson, N.J. NAI James E. Hanson’s Russell J. Verducci, SIOR, and Eric Demmers along with Hanna Commercial Real Estate represented the seller, Kirker Enterprises, Inc., in... The post NAI James E. Hanson Negotiates Sale of 152,000-Square-Foot Industrial Building in Paterson, N.J. appeared first on Real Estate Weekly.  NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sale of a 152,000-square-foot industrial building at 55 East 6th Street in Paterson, N.J. NAI James E. Hanson’s Russell J. Verducci, SIOR, and Eric Demmers along with Hanna Commercial Real Estate represented the seller, Kirker Enterprises, Inc., in the transaction with buyer, 55 East 6, LLC. Located on three acres, 55 East 6th Street is a 152,000-square-foot industrial building featuring four drive-ins, 12 loading docks and 14’-22’ ceiling heights throughout. The property is located nearby Interstate 80 and Route 208 as well as the Paterson train station. The seller hoped to capitalize on northern New Jersey’s strong commercial real estate market through a sale leaseback transaction. Leveraging their extensive work in the market and deep local contacts, NAI James E. Hanson and Hanna Commercial Real Estate created a marketing plan to meet the seller’s request and secured a buyer who intends to use the property as an investment asset. “Industrial properties have long been a lucrative asset within an investment portfolio,” said Verducci. “In the current market, we’re continuing to see buyers aggressively pursue properties within the northern New Jersey’s industrial market to capture the continued price-per-square-foot increases seen over the past several years.” To stay connected with NAI James E. Hanson and for updates on the latest transactions and news, please follow NAI Hanson on Facebook, Twitter, and LinkedIn. The post NAI James E. Hanson Negotiates Sale of 152,000-Square-Foot Industrial Building in Paterson, N.J. appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLY13 hr. 30 min. ago Related News

Hines Sets Net Zero Goal Across All Buildings By 2040 Without Buying Offsets

 Hines, the global real estate firm, announced today that it is setting a target of net-zero operational carbon by 2040.[1] Operational carbon refers to greenhouse gases that are emitted while operating a building. Hines will seek to accomplish this goal by reducing emissions through renewable technologies, and without purchasing carbon offsets,... The post Hines Sets Net Zero Goal Across All Buildings By 2040 Without Buying Offsets appeared first on Real Estate Weekly.  Hines, the global real estate firm, announced today that it is setting a target of net-zero operational carbon by 2040.[1] Operational carbon refers to greenhouse gases that are emitted while operating a building. Hines will seek to accomplish this goal by reducing emissions through renewable technologies, and without purchasing carbon offsets, as their benefits can be difficult to quantify. By heavily investing in sustainable initiatives throughout its portfolio of 1,530 properties in 285 cities across 28 countries, the company is seeking to accelerate its mission to help combat the global climate crisis. Adhering to science-based targets, which provide companies with a clearly-defined path to reduce emissions in line with the Paris Agreement goals, and its use of proprietary tools and innovative practices, Hines strives to secure its status as a sustainability leader throughout the real estate industry, a sector that emits nearly 40% of global energy-related carbon emissions.[2]To achieve this science-based goal, Hines will work to reduce carbon throughout its portfolio by electrifying fossil fuel-based systems within its buildings, utilizing circular systems principles to reduce energy waste and increase system efficiency, and pursuing onsite and off-site renewables that promote renewable energy development. Hines is establishing agreements with third-party partners to provide data to track progress on energy consumption and ongoing emissions reductions.  “As the impact of climate change is becoming increasingly integrated into our lives every day, the real estate industry has a responsibility to acknowledge this growing problem and take meaningful action to reduce our collective carbon emissions,” said Jeff Hines, the chairman and co-chief executive officer of Hines. “By seeking to achieve net-zero operational carbon without relying on offsets, Hines wants to raise the bar for sustainability and invest in a plan designed to achieve significant and tangible results.”   Hines has also recently published its 2021 Environmental, Social and Governance (ESG) Report, which highlights actions the global real estate firm is putting into place at properties around the globe. Featured in the ESG report, Hines highlights some of its current carbon reduction efforts that include case studies on 555 Greenwich in New York and aer in Munich. While some of these efforts will need to continue to evolve and become increasingly more ambitious to align with Hines’ net zero goal, they demonstrate that Hines is invested in doing the work and has already begun to make meaningful progress towards a lower carbon future. 555 Greenwich is anticipated to be one of the first office developments in New York City that provides a circular energy infrastructure. Traditional systems continuously exhaust heat and rely heavily on fossil fuels to produce heat, which in turn emits harmful pollutants into the atmosphere. 555 Greenwich is integrating geothermal piles, thermally active radiant slabs, a dedicated outdoor air system, and a fully electrified heating system to reduce carbon emissions and improve occupant experience. Energy simulations suggest that 555 Greenwich will reduce operational carbon by 45%, electricity consumptions by 25% and save 800,000 gallons of water per year – exceeding the New York City 2030 carbon targets by 50%. In 2020, the Hines European Value Fund 2 (HEVF2) acquired Fritz9 in Neuperlach, a Munich-area submarket that has become home to several clean-energy businesses. The vision for value creation is an innovative, multi-use office campus that is connected to the city and appeals to business tenants and young professionals. Hines is pursuing a new zoning plan for one of the buildings to move it from 100% commercial to office and residential. Hines is aiming to refurbish and transform the second building on the site into aer, an efficient, high-quality office. The project team is prioritizing several key ESG initiatives that are in line with the HEVF 2 fund strategy including: refurbishment and use of recycled materials when possible; utilizing timber and hybrid construction to reduce embodied carbon; use of geothermal energy and ecological electricity to optimize everyday operations; and implementing interior greenery, as part of the design aesthetic and to naturally enhance air quality and occupant wellbeing. When the refurbishment is complete in 2023, aer aspires to achieve net zero operations. The building will be “smart ready,” equipped with smart-metering sensors throughout, and a proprietary app developed by Hines in Germany will enable tenants to measure and manage its energy consumption.  The post Hines Sets Net Zero Goal Across All Buildings By 2040 Without Buying Offsets appeared first on Real Estate Weekly......»»

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