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Showing posts with label Residential apartment in Varanasi. Show all posts
Showing posts with label Residential apartment in Varanasi. Show all posts

Thursday, 17 December 2015

U.S. real estate could see more foreign investment ahead

U.S. assets like real estate may be more attractive to foreign investors in the months ahead.

In contrast to much of the industrialized world’s easy money policy, the Federal Reserve chose to tighten slightly with the start of a rate hike cycle on Wednesday. The divergence in monetary policy is seen as a potential source of volatility in the coming year.

According to Mitch Roschelle, partner at PricewaterhouseCoopers, uncertainty in global currencies, stocks, and bonds could benefit hard assets like U.S. real estate.

“Whenever there's instability in a society or in the world, investors tend to rotate towards the non-trading asset,” he said. “They rotate to real estate as opposed to the trading asset.”

Gujarat will consult realty developers while framing RERA

The Gujarat government will consult all stake holders, including developers, while constituting the state real estate regulatory authority ( RERA), Chief Minister Anandiben Patel said today. 

According to the Real Estate (Regulation and Development) Bill, 2015, approved by the Cabinet last week, the states and UTs need to establish the 'Real Estate Regulatory Authority' to regulate real estate transactions. 

The bill is still to be taken up for discussion and approval by Parli .. 

Saturday, 12 December 2015

Real Estate Pros Try Their Hand At Purple Prose In Selling The Priciest Homes

Some real estate agents are now trying a different method in getting the priciest homes out of their inventory, and it's not home staging, nor offering crazy incentives, Stefanos Chen of The Wall Street Journal reports.

Real estate website realtor.com conducted a listings language analysis and found out that the property's price tag greatly affects the listing's property description. The analysis has shown that the pricier the home, the more flowery verbiage are used to describe the property, and that luxury agents are penning purple prose to close deals.

"Majestically poised along the shimmering Gulf of Mexico," were the introductory words for a 222-word property description for a $10.9 million beach home in Sarasota, Fla. It also cites the "unique harmony" of this "haven of serenity" suitable for "undisturbed reflection."

Using a 1970's algorithm used for school-grade levels called Flesch-Kincaid scale, the Fla. Listing scored at the 12th-grade reading level.

Realtors upbeat over easing of FDI norms

Real estate industry expects inflow of foreign capital in the sector to be more than 15 per cent after the government eased FDI norms, a survey by industry body FICCI said.
With the real estate industry facing a huge slowdown for the past 2-3 years, the government last month relaxed foreign direct investment (FDI) norms in construction sector by removing two major conditions related to minimum built up area as well as capital requirement.
“According to FICCI survey, industry is happy and satisfied with current FDI reforms in construction development sector and has shown high level of confidence and optimism towards future flow of foreign capital into realty sector,” the industry chamber said in a statement.
The survey amongst various stakeholders comprising developers, investors and consultants was conducted to assess the mood of real estate industry and their perception on relaxed FDI norms for the real estate sector.
“Respondents were optimistic and felt that FDI reform measures will certainly increase flow of FDI into realty sector in coming months.
According to DIPP, Indian real estate has attracted about $24.16 billion FDI in construction development sector during April 2000 to September 2015.

Friday, 11 December 2015

Dubai real estate firm removes Donald Trump's name from project

Golf has a Donald Trump problem. This shouldn't be that difficult to explain given his integration in the sport and his recent comments to the media about various groups of people as he tries for the 2016 Republican presidential nomination.

These two things coincided this week when Trump's name was removed from a project he is working on in Dubai. Trump stated that all Muslims should be banned from coming to the United States. Here's Reuters on the backlash in Dubai from Trump's real estate partner.

A Dubai real estate firm building a $6 billion golf complex with Donald Trump on Thursday stripped the property of his name and image amid a backlash over the U.S. presidential candidate's proposal to ban all Muslims from entering the United States.

A spokesman for DAMAC Properties, Niall McLoughlin, declined to comment on why Trump's image had been removed from a billboard outside the project construction site, along with that of his daughter, Ivanka Trump.

Realty permits in green zones okayed in Haryana

GURGAON: The Haryana government has paved the way for more real estate in the natural conservation zone of the Aravalis, drawing howls of protest from environmentalists who feel this could destroy its already fragile ecosystem.

In a letter to the district administrations and other officials of Gurgaon, Faridabad and other districts, the government said permissions for construction in natural conservation zones before August 12, 2014 would be considered valid. The letter, dated October 16, and issued by the office of the district town planner, further stated the government has decided to do this to avoid litigation.

But environmentalists see this as a backdoor move because the process to demarcate natural conservation zones anew is still on through a method called ground-thruthing.

"Instead of summarily cancelling all licences, Haryana government has chosen to take the side of the builders' lobby and put its seal of approval on environmental shenanigans of the previous government," said Chetan Agarwal, a Gurgaon-based environmentalist.

Real Estate News: Sellers are Not the Only Ones to Benefit in Home Remodeling

The primary goal of homeowners to remodel their houses is to make their homes more appealing when they are listed in the market, but a recent report from the National Association of Realtors has revealed that home remodeling can also benefit homeowners that don't have plans to sell their homes.

"Realtors® know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, potentially bring in more offers or gain more equity from a home," said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. "But remodeling projects are just as valuable to homeowners who simply want to get more joy out of their dwellings. Regardless of the situation, Realtors® know what remodeling projects bring the biggest bang for the buck and what projects are most likely to improve a homeowner's impression of their current place."

10 Incredible Numbers from Canada’s Real Estate Bubble

Canada’s Real Estate Bubble Is Jaw-Dropping
Canada’s housing market is overpriced and the nation’s real estate bubble is due to burst at any moment. At least, that’s what we’re told.
This message has been repeated so often that many Canadians have tuned out the conversation altogether. But lately, the country’s housing market has defied reason. Despite years of stagnant wages and a slowing economy, real estate prices continue to soar at a nearly double-digit clip.

Regardless of your views on real estate, the nation’s two-decade-long housing boom has produced some jaw-dropping statistics. Here are 10 incredible numbers from Canada’s real estate bubble.
1. $1,226,300
A shortage of listings and intense demand is driving up prices beyond any bounds of reason. In Calgary, the average detached house sold for $509,392 in November. In Toronto, just a semi-detached home will set you back $750,608.
However, Vancouver’s real estate market really takes the cake. According to the Real Estate Board of Vancouver, the benchmark price for a detached house in the Metro Area increased 22.6% year-over-year in November to $1,226,300.

Washington’s top real estate developer is painting murals in your neighborhood. Is it art or marketing? Or both?

It has long been an act of rebels, activists and, indeed, criminals to plaster the walls of a city with a can of spray paint. And it remains the pursuit of outsiders who do their work out of sight or in the dead of night.

Even for those who made a name for themselves in street art, such as Britain’s mischievous and scathing graffiti legend Banksy, the reward has often been to see one’s work quickly scrubbed or painted over by authorities.

Locally, there is an aggressive new commercial campaign to promote street artists and muralists. One painted a 65-foot portrait of F. Scott Fitzgerald, with a silhouette of his wife, Zelda, on the side of an apartment building. Another spray-painted an abstract array of bright polka dots and stripes on a brick wall in Rosslyn. A third blanketed the wall of a parking garage at the National Cancer Institute with images of the United States and Native Americans.

A group of painters is making over drab corners of the Washington area with large-scale murals, each bringing their own talent and inspiration to a genre popularized in the United States by graffiti artists. But all the new pieces share the same origin: the anonymous gray office building on Willard Avenue in Chevy Chase, Md.

People Walking Away From Deposits; Real Estate Agent Predicts

In 2016, it won't come as a shock if people will be willing to walk away from the deposit they place on pre-selling apartments, Phil McCarroll of Your Investment Property reports.

Douglas Driscoll of Starr Partners real estate agency is predicting that an addition from the present concerns with this year's off the plan sales will be that buyers will begin to find their prospective purchases as overvalued.

"In 2015, we saw a lot of developments granted planning permission but I think heading into 2016 we will see them feel a bit of pain because some purchased their sites on such narrow margins.  As market levels fall away slightly, some developers might struggle to cover costs," Driscoll said.

"Towards the end of 2016 we might start to see some investors potentially walk away from their deposits because they perceive that they paid too much for it in 2015 and see that it's no longer worth the risk," he said.

According to Driscoll, this tendency is a "knee-jerk" action which he doesn't recommend, but Mark Mendel of iBuyNew off the plan consultancy firm would like to disagree with Driscoll's forecast saying that it is a little off target.

"I think we would only see that if prices in Sydney had a rapid fall. If you look at the history of Sydney property cycles we have a period of strong growth for three or four years and then a period of six or seven years where things slowdown a bit," Mendel said.

"I don't think people are at the point where they're ready to lose their deposits, I mean something like $70,000 or $80,000 is a lot of money. I think people will be more likely to take the rental return and wait until capital growth picks up again," he said.

For Mendel, the walking away is a nonissue, but he recognizes the possibility that some projects may never eventuate.

"I think we'll see a drop in the level of activity. A lot of the developers who bought sites on option aren't going to go through with it and they'll hand the land back.

"We'll see construction drop off, but the bigger boys in areas like Green Square will keep going though."

Celebrity Real Estate: Newlywed Sofia Vergara Rents Out Los Angeles Condominium Unit

Modern Family star and newlywed, Sofia Vergara, is giving real estate career a go starting with renting out her Los Angeles-located condominium unit for $7,200 per month. She takes on the role of a landlord if the unit will have a tenant in the soonest possible time.

The unit is on the ninth floor of the condominium located in Wilshire Boulevard in Los Angeles. The tenant will be expecting white-walled interiors with a 2,071 square-foot unit of living space with three bedrooms and 3 full baths. Moreover, the unit boasts picture windows that is overlooking the magnificent green surroundings, city and the boulevard views.

The best thing about the unit is the huge walk-in shower with an enormous bath tub and very chic marble countertops. Moreover, the big walk-in closet is also to-die for. The dark hardwood floors make the entire unit chic and easy to decorate.

The amenities of the condominium include 24 hour security, valet parking, concierge, exercise room, pool, sauna and many more. According to the listing on Realtor of the condominium, each unit has interior features such as dishwasher, refrigerator, built-in cooking appliances, microwave, range, breakfast counter or bar, pantry and laundry area.

Real estate reaps smart technology paybacks

Smart buildings could be characterized as a venue for colliding cultures as real estate moves away from a tradition of proprietary systems and IT takes on a growing role in operations. A seminar at last week’s PM Expo in Toronto even presented that theme in an energy management vs. building automation context, albeit largely as a teaser for a discussion of the broader linkage of technologies to deliver high-performance buildings.

“I think we’re at a point where it is no longer a conversation about a building automation system or an energy management system or about water management. It’s a conversation about the environment,” observed Chris Piché, a principal with the engineering and green design firm, Integral Group, and one of the seminar presenters.

Elsewhere at PM Expo, real estate owners/managers and IT service providers likewise explored how smart technology and innovation are transforming buildings, as part of a panel discussion sponsored by the Building Owners and Managers Association (BOMA) of Greater Toronto. They pointed to the efficiencies and savings that can come with real-time monitoring and operational responses, which also support asset value and competitiveness in the marketplace through enhanced ability to attract and retain tenants.

“I suspect the evolution of technology in our buildings is going to come rather quickly,” mused the discussion moderator, Lachlan MacQuarrie, vice president, real estate management, with Oxford Properties Group. “My advice would be: you probably don’t have as much time as you think you have.”

Network infrastructure figures prominently in the first steps to get open systems converged on a platform for collection, integration and dispersal of data. From there, it becomes something of a discovery process for data applications — ranging from the obvious, such as energy-use monitoring and verification, to the perhaps more esoteric.

Romania's Prince Paul detained in big case of alleged real estate fraud

BUCHAREST, Romania –  Prosecutors on Friday detained Romania's Prince Paul in a case of alleged real estate fraud involving a top aide to a former prime minister and a newspaper editor.

Prosecutors ordered businessman Remus Truica, the former head of Cabinet of ex-Premier Adrian Nastase, be put under house arrest Friday. Truica has been charged with setting up a criminal group in 2006 that is alleged to have fraudulently acquired 170,000 square meters (1.8 million square feet) of state-owned land for Prince Paul. The fraud is estimated at 136 million euros ($150 million).

Paul was questioned Friday afternoon and later handcuffed and detained in the central city of Brasov, where the probe is being conducted. He denies wrongdoing and says he is a victim of Truica.

An anonymous short-seller called a company a 'Ponzi-like real-estate scheme' and the stock has crashed 65%

An anonymous short-seller called a company a 'Ponzi-like real-estate scheme' and the stock has crashed 65%

Read Full Story: An anonymous short-seller called a company a 'Ponzi-like real-estate scheme' and the stock has crashed 65%

Residents of posh Paris island rake in cash on Airbnb

PARIS: Homeowners on the Ile Saint-Louis in central Paris, which has some of the city's most expensive real estate, are being kept in style by Airbnb rentals, a survey showed Thursday.
Conducted by a tourism industry association it showed that nearly two thirds -- 63 percent -- of the 214 buildings on the tiny island of film stars, scribes and sheikhs "have at least one Airbnb apartment or similar".

A total of 314 residential units, representing 17 percent of the island's stock, are available for rental on Airbnb or other home-sharing websites, the survey said.

Only about one-third of dwellings on the smaller of two islets in the Seine river, next to the Ile de la Cite where Notre-Dame Cathedral is situated, were inhabited by the owner.

The survey took place as Parisians express growing frustration with the never-ending stream of Airbnb tenants carting luggage up the stairs of their apartment buildings.

California Real Estate Acquisition: Ontario Industrial Property Purchased by Rexford Industrial Realty, Inc, for $13 Million

An industrial property located in Ontario, California was purchased by Rexford Industrial Realty, Inc, a real estate investment trust, for $13 million.

"With this transaction, we are contributing high-demand, institutional-quality product to our portfolio, with an opportunity to enhance cash flow and value by increasing below market rents as leases roll," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial Realty, Inc.

According to their press release in Business Wire, 601-605 S. Milliken Ave. is comprised of three buildings that have 128,322 square feet on 7.32 acres of land in Ontario, California. The buildings are situated directly adjacent to Ontario Airport Business Park and one block east of Dupont Business Center, which are both Rexford-owned projects. At present, the property is 96 percent leased to multiple tenants.

"We believe this property, which is immediately adjacent to and positioned near other Rexford-owned projects, extends the Company's operational efficiency and regional competitive advantage, particularly as supply remains scarce and is diminishing while demand continues to accelerate within Rexford's target Southern California submarkets," added Schwimmer and Frankel.

Chinese invest billions in Dallas-area real estate

Developers who are redoing downtown Dallas’ landmark Statler Hotel have spent time in China courting investors.

“I’ve already made three trips to China,” said Frank Zaccanelli, a partner with Centurion American Development Group. “They are very interested in what’s going on in Dallas.”

Centurion American, which also has suburban home and commercial projects in the works in North Texas, isn’t the only local real estate firm with an appetite for Chinese investment.

Chinese money has funded recent downtown Dallas tower sales.

And capital from China is finding its way into everything from local apartments to single-family homes.

Last year Chinese investors pumped more than $3 billion into U.S. commercial real estate investment, according to data from the commercial property firm JLL.

And they bought more than $28 billion in American residential properties — more than twice what any other foreign buyer acquired, according to the National Association of Realtors.

Asian investors accounted for almost a third of Texas home sales to foreign buyers, behind only Latin Americans, who accounted for more than 40 percent, the Realtors said.

Chinese buyers are hot for Dallas-area apartments, too.

“We’ve closed $550 million in transactions in the last 90 days,” said Chris Colombe, managing director with the apartment broker ARA. “Probably a third of those deals had equity coming from China.”

Chinese investors are the top foreign buyers and funders of U.S. hotel acquisitions this year. And they are one of the top offshore players in the office market, according to data from the Urban Land Institute.

Calgary a buyer's market for at least 6 months, says real estate analyst

Lowell Martens, owner and broker at Re/Max Real Estate Mountain View, says it's a challenging time for the industry right now, especially in higher-end properties.

Lowell Martens, Calgary realtor
Realtor Lowell Martens say sales are down in the high-end real estate sector but remain steady in more affordable homes. (Dave Gilson/CBC)

"When we see some light at the end of the tunnel, we'll be back into this market fairly quickly," Martens said.

"But at the moment we don't see any light."

He says his office has seen sales drop between 20 and 30 per cent "for just about the whole year."

Reasonable demand in some sectors

Martens says more reasonably-priced homes, however, are standing their ground.

"There's a reasonable demand for those and if they show well and are priced reasonably in line with where the market currently is, we find that they sell reasonably well," he said.

House prices in Calgary and Edmonton to drop in 2016: Remax

A Re/Max Western Canada housing market report says sales of existing properties are expected to drop by four per cent in Calgary in 2016, but others say the situation could be much more gloomy.

10 per cent drop possible

Don Campbell, a senior analyst with the Vancouver-based Real Estate Investment Network, says the worst is yet to come in the Calgary market.

"Our numbers are showing that the average sale price should drop … in that 10 per cent range at least," Campbell predicts for the coming year.

He says supply is beginning to show in prices.

"Those that need to sell are starting to move their price and we haven't seen that for a long time in the Calgary market," Campbell noted.

Invest for the long run

Paul Varella, the associate dean at Mount Royal University's Bissett School of Business, says the current volatility could be a reminder of one of the first rules of investing.

"Anybody who invests in real estate has to be in the game for the long run," Varella said.

Tokyo real estate prices plummet as ghost homes on outskirts of city lie abandoned and unsold

It used to have the most expensive real estate in the world but prices in Tokyo have plummeted, with millions of houses unable to be sold.

Chinese middle classes, mainly from Beijing and Shanghai, are coming in for the cheap takings and buying up apartments in central Tokyo.

But on the outskirts of Tokyo, in Yokosuka, houses lie abandoned all over the place.

Some look as if they have been deserted for years and others as if the inhabitants suddenly upped and left.

The Japanese call them ghost homes.

In the 1970s and 1980s people came to Yokosuka to buy affordable real estate and escape the boom time prices of central Tokyo.

Now 14 per cent of homes lie empty and across Japan a staggering eight million are unoccupied.

Blackstone Seeking to Raise $4 Billion for Real Estate Debt Fund

Blackstone Group LP is seeking to raise $4 billion from investors for its latest real estate mezzanine debt fund, according to documents from an investor in the vehicle.

Blackstone Real Estate Debt Strategies III LP will originate and structure mezzanine debt linked to institutional-grade real estate in North America and Europe, according to a report to the Commonwealth of Pennsylvania Public School Employees’ Retirement System from the pension system’s senior portfolio manager for real estate, William Stalter, at its Dec. 7 board meeting. The pension board at that meeting committed as much as $100 million to the fund, according to its website.

The fund offers investors the opportunity to underwrite complex real estate deals where traditional capital is scarce, Stalter said in the report.

Fundraising for private real estate debt hit a record $24 billion in 2014, according to data from Preqin Ltd. At Sept. 15, prior to Blackstone’s raising, there were 56 closed-end real estate debt funds in the market, targeting a combined $26 billion, Preqin said.

Blackstone has lowered the performance hurdle on the new fund -- the return rate it is required to meet to receive carried interest -- to 6 percent, Stalter’s report said, because of the low interest rate environment. The firm has not set a cap on the fund, according to the report. A representative for Blackstone didn’t immediately respond to requests for comment.

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