Home inspections are a bargaining chip in Philly area’s hot real estate market

By now, home buyers in the Philadelphia region know they may have to pay above asking price to win bidding wars that have become more common this year, as inventory and interest rates remain low and buyer demand stays high.

Loading...

Load Error

But several times, Realtor Garrett Elwood’s clients offered “well over” the asking price, only to be rejected.

“We started to ask what happened,” said Elwood, who works with clients in Philadelphia and the Main Line for The How Group at Compass Real Estate. “And on a couple different occasions, an agent has told me, ‘Your offer was higher, but the other buyer waived inspections.’”

Before this year, that was something he remembers happening only one time, back in 2016. It used to be that people who skipped inspections were cash buyers and investors who planned to gut a property. Now, in the region’s decidedly seller’s market, real estate

Read More

Want to know the future of OKC real estate? Check out this forecast

“As Oklahoma City weathers the COVID-19 crisis along with the state, nation, and world, there are significant changes underway in how people live, work, and play. The situation creates opportunities and challenges in commercial real estate. Despite an economic nosedive in March and April, the economy recovered in May and June as restrictions lifted and businesses reopened. Unfortunately, many cities and states have had to reimpose restrictive measures to curb the spread of the virus.

“Oklahoma City already was in the midst of a decade-long trend of moving away the oil and gas industry to create a diversified economy that includes aerospace, manufacturing, healthcare, and technology. Transactions still are being completed, albeit at a slower pace than in 2019, but as investors feel more confident in the market, they may hold off on deals, but many have not abandoned their plans.”

Energy still has an oversized impact, especially on the

Read More

Your Daily Digest for Real Estate Investing, 11/27/2020

Assessing the prospects for investments in assisted living, malls, and marijuana factories. Compare landlord apps, deciding between residential and commercial investing for newbies.

Today on Millionacres

Assisted Living Move-Ins Are Up – Is it a Good Time To Invest?

In October, assisted living and skilled nursing facilities reported an uptick in move-ins, according to the National Investment Center for Seniors Housing & Care. In fact, move-ins reached their highest level since March, and that’s despite the coronavirus pandemic.

Why it matters: Millionacres’ Maurie Backman explains why investors may want to sit tight for a year or two following the current pandemic and see what regulations come down the pike before putting money into properties that may become too expensive to operate for profit.

Will This Mall REIT Follow CBL and PREIT Into Bankruptcy?

Here’s a look at one that might end up following CBL & Associates (NYSE: CBL) and Pennsylvania

Read More

Real estate SPAC CBRE Acquisition Holdings lowers deal size by 13% ahead of $350 million IPO

CBRE Acquisition Holdings, a blank check company formed by CBRE targeting growth companies, lowered the proposed deal size for its upcoming IPO on Friday.

The Dallas, TX-based company now plans to raise $350 million by offering 35 million  SAIL (Stakeholder Aligned Initial Listing) securities at a price of $10. The company had previously filed to offer 40 million securities at the same price. Each security will now consist of one share of common stock and one-fourth of a warrant, exercisable at $11. Each security previously contained one-fifth of a warrant. At the revised deal size, CBRE Acquisition Holdings will raise -13% less in proceeds than previously anticipated.

The company is led by Chairman Robert Sulentic, who currently serves as CEO of CBRE and previously served as CEO of Trammell Crow; CEO and Director William Concannon, who currently serves as Global Group President of Clients and Business Partners

Read More

Atlanta-based real estate firm flips former Chatham Apartments building to SCAD – News – Savannah Morning News

The Atlanta-based real estate investment firm, QR Capital, sold the former Chatham Apartments building to the Savannah College of Art and Design last week for almost $39 million, according to the Savannah Agenda.

The investment firm bought the property in 2019 for $25.6 million from Jacksonville, Fla.-based Chatham Apartments, LLC. At the time, Daniel Malino of QR Capital told the Savannah Morning News that they planned to renovate the building with work concluding in late 2020 or early 2021.

According to the company’s website, they mainly seek to acquire, renovate and operate conventional multifamily and student housing projects.

The building, which was constructed in 1952, includes 233 units and many of the residents receive housing assistance. As noted in a recent City Talk column, the last of the residents had moved out of the apartment

Read More

Real Estate Brokerage Compass Taps Banks for IPO

(Bloomberg) — Compass, a SoftBank-backed company that’s among the largest real estate brokerages in the U.S., has selected underwriters for a potential initial public offering, according to a person with knowledge of the matter.



a tall building in a city: A view of midtown is seen from the penthouse apartment at the 50 United Nations Plaza building in New York, U.S., on Tuesday, June 7, 2016.


© Bloomberg
A view of midtown is seen from the penthouse apartment at the 50 United Nations Plaza building in New York, U.S., on Tuesday, June 7, 2016.

The New York-based startup is working with Goldman Sachs Group Inc. and Morgan Stanley ahead of a listing that’s slated for 2021, said the person, who requested anonymity because the information isn’t public.

Loading...

Load Error

Representatives for Compass and Goldman declined to comment. A spokesman for Morgan Stanley didn’t immediately have a comment.

Compass was founded in 2012 by Ori Allon and Robert Reffkin, a Goldman alum who was once Gary Cohn’s chief of staff at the bank. It positions itself as a real estate firm that uses

Read More

3 Top Stocks From the Rebounding Real Estate Operations Industry

Despite the market mayhem in the recent quarters, the coronavirus pandemic has accelerated certain trends and created opportunities for growth of the Zacks Real Estate Operations industry. Further, the rising tendency of outsourcing of real estate needs by companies is opening up scopes, while technological investments are creating a competitive edge. Additionally, leasing and property sales volumes are likely to pick up amid hopes of a vaccine and as the uncertainty recedes, making FirstService Corporation (FSV), Redfin Corporation (RDFN) and eXp World Holdings, Inc. (EXPI) enriching industry picks.

However, growth of some of the constituent members of this industry might be challenging in the days to come amid the prevailing health crisis and the macroeconomic turbulence.

About the Industry

The Zacks Real Estate Operations industry comprises companies that provide leasing, property management, investment management, valuation, development services, facilities management, project management, transaction and consulting services, among others. Nonetheless, real

Read More

Luxury Real Estate – Ignace Meuwissen successfully concludes sale of his real estate knowledge company

MEGGEN, Switzerland, Nov. 27, 2020 /PRNewswire/ — Renowned real estate expert and property consultant Ignace Meuwissen, who advises wealthy Eastern European and Asian industrialists, has successfully sold his company to a major international partner. Meuwissen launched his real estate knowledge company in 2008. Six years later, in 2014, he organised the first relocation of a Russian industrialist to the Netherlands. Says Meuwissen: “Having evolved my own, unique way of working, based on personal contacts, lobbying, and strategic thinking, it had become particularly challenging to continue my activity while at the same time establishing a strong international base. Now, I have achieved that goal.”

A number of parties from the world of real estate and the financial sector were interested in closing a deal with Meuwissen. The key factor was his unique client portfolio of UHNWI (ultra-high net worth individuals), many of whom are oligarchs. Meuwissen advises these

Read More

Netflix’s ‘Selling Sunset’ star Jason Oppenheim on how coronavirus has impacted the real estate market

EXCLUSIVE: Even though the economy is still in the grip of the coronavirus pandemic, Oppenheim Group’s president Jason Oppenheim said the real estate market is ripe for the picking due to low-interest rates and the desire of many buyers to expand their footprint amid social distancing guidelines.

“It hasn’t really impacted the market at all, and not just for me and my business, but really for the entire city of Los Angeles,” Oppenheim, who also stars in Netflix’s “Selling Sunset,” told Fox Business. “Prices are still increasing, sales volume is healthy. So things are OK.”

According to the Mortgage Bankers Association, mortgage applications across the nation are increasing, with applications for new home purchases in October seeing an increase of nearly 33% compared to October 2019.

Meanwhile, Oppenheim further put the kibosh on

Read More

Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2020 Financial Results

BEIJING, Nov. 27, 2020 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and in the U.S., today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights

  • Total revenue in the third quarter of 2020 increased 130.5% to US$ 655.4 million from US$284.4 million in the second quarter of 2020.
  • Net income in the third quarter of 2020 increased 198.0% to US$ 29.5 million from net loss of US$30.1 million in the second quarter of 2020.
  • Diluted net income per ADS attributable to shareholders in the third quarter of 2020 increased 193.3% to US$0.46 from diluted net loss of US$0.49 in the second quarter of 2020.

Mr. Yong Zhang, Xinyuan’s Chairman, stated, “I am glad to share our third quarter business results, in

Read More