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Keyword: realestate

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  • China's Evergrande Says Boss Suspected of Crimes After Trading Suspended

    09/28/2023 1:58:29 PM PDT · by nickcarraway · 11 replies
    Channel News Asia ^ | 28 Sep 2023
    Heavily indebted property giant China Evergrande said on Thursday (Sep 28) its boss was suspected of "illegal crimes" after trading of its shares was suspended earlier in the day. The company announcement to the Hong Kong Stock Exchange comes a day after media reports that Xu Jiayin was being held by police. No specific reason was given for the decision to suspend share trading, which also affected the company's property services and electric vehicle units. But late Thursday, the company said it had "received notification from relevant authorities" that Xu "has been subject to mandatory measures in accordance with the...
  • Real Estate Insiders Bewildered by Judge’s $18M Valuation of Trump’s Mar-a-Lago: ‘Would list at $300M’

    09/27/2023 1:37:51 PM PDT · by Macho MAGA Man · 111 replies
    New York Post ^ | September 27, 2023 | Mary K. Jacob
    A New York judge’s Tuesday ruling valuing Donald Trump’s sprawling, headline-making Florida estate at $18 million has left industry experts perplexed. In his verdict, Manhattan Supreme Court Justice Arthur Engoron delivered a bombshell ruling that the former president committed fraud by inflating the value of his wealth, with details including the monetary value associated with Mar-a-Lago in Palm Beach. This decision, which came down without a jury, has sent shockwaves through political — and real estate — circles, especially that $18 million base value for the property. One prominent Palm Beach real estate broker, speaking on the condition of anonymity,...
  • Judge rules Trump committed fraud in building real estate empire

    09/26/2023 1:52:14 PM PDT · by ChicagoConservative27 · 135 replies
    The Hill ^ | 09/26/2023 | ELLA LEE AND ZACH SCHONFELD
    A New York judge on Tuesday found former President Trump liable for fraud, handing a major legal victory to New York Attorney General Letitia James (D) in her sprawling civil case over Trump’s businesses. New York Supreme Court Judge Arthur Engoron granted James’s request to find Trump liable for the first of seven causes of action she has accused him of in the lawsuit. Engoron simultaneously denied Trump’s demand to toss the entire suit without trying the case. The non-jury trial on the remaining matters is set to begin Monday, barring Trump’s separate, last-minute effort for a delay. Engoron also...
  • Watching the Real-Estate Bust From the Streets of San Francisco

    09/24/2023 7:01:45 AM PDT · by george76 · 33 replies
    Wall Street Journal ^ | Sept. 23, 2023 | Shane Shifflett
    City’s new landmarks are struggling office buildings and a shopping mall losing tenants.. As it rolls toward downtown San Francisco, the California Street cable car passes the gothic Grace Cathedral and an 8-foot tall statue of Tony Bennett. Then riders start to see the city’s newest landmarks. Among them is 650 California Street, a 34-story office building that has defaulted on its mortgage. Further on is 101 California, whose second-biggest tenant left last year and whose biggest is slashing staff and office space. Go around the corner, and Embarcadero Square is for sale for $90 million. Its owner bought it...
  • First Evergrande, now Sunac. Another big Chinese developer files for US bankruptcy protection

    09/19/2023 7:29:16 AM PDT · by Diana in Wisconsin · 5 replies
    Channel 3000 News/CNN ^ | September 19, 2023 | CNN Staff
    One of China’s leading property developers, Sunac, has filed for bankruptcy protection in the United States, shortly after winning approval from its creditors to restructure nearly $10 billion worth of debt. The company filed a petition for Chapter 15 protection with the US Bankruptcy Court for the Southern District of New York on Tuesday. It’s the second big distressed Chinese developer in weeks to seek such protection: Evergrande made a Chapter 15 filing in the United States a month ago, after posting losses of $81 billion in the last two years. The process allows the court to step in when...
  • My New HOA Has These 4 Ridiculous Rules -- Here's Why I Don't Care and I'm Buying Anyway

    09/08/2023 3:34:23 PM PDT · by nickcarraway · 50 replies
    MSN ^ | 9/6 | Christy Bieber
    Soon, I'll be moving into an HOA neighborhood. I have repeatedly vowed I would never live in one again, but I actually ended up going the complete opposite direction and buying a home in a place with the most extreme homeowners association I've ever lived under. Here are some of the rules I'll have to comply with when I buy my new house. 1. Any exterior changes to your house must go to a vote If you want to make any exterior modifications to any public areas of your house in my new neighborhood, you must get prior approval first....
  • AG James’s Civil Suit Asks Judge to Find Trump Guilty Without a Trial

    09/01/2023 9:15:43 AM PDT · by Red Badger · 93 replies
    Independent Sentinel ^ | August 31, 2023 | By M Dowling
    Letitia James, who ran on a “Get Trump’ ticket, filed a civil action against President Donald Trump’s Organization that was unsealed in New York. According to Yahoo News, she wants Trump and his organization found guilty without a trial: While running his father’s family real estate empire, former President Donald Trump bloated his net worth by a staggering $2 billion, New York Attorney General Letitia James charged in asking a Manhattan judge to rule against the Trumps before their upcoming $250 million civil fraud trial, according to court filings unsealed Wednesday. James asked State Supreme Court Judge Arthur Engoron to...
  • Why Have Billionaires Bought Up Thousands of Acres of Land Around Travis Air Force Base?

    08/27/2023 8:59:18 PM PDT · by SeekAndFind · 31 replies
    PJ Media ^ | 08/27/2023 | Rick Moran
    Travis Air Force Base and surrounding land in Solano County, Calif. Image: Google Maps Since 2017, a shadowy Silicon Valley company has bought up 52,000 acres of farmland around Travis Air Force Base in Solano County, Calif., totaling about $800 million.Flannery Associates is a company run by Jan Sramek, a 36-year-old former Goldman Sachs trader. Beyond that, nothing much is known of the company except that some of the most famous names in Silicon Valley have invested in a project being promoted by Flannery. Some backers include Marc Andreessen, Powell Jobs, Michael Moritz of Sequoia Capital, LinkedIn co-founder Reid...
  • They Will Burn These Buildings Down Next

    08/25/2023 1:32:16 PM PDT · by Perseverando · 3 replies
    YouTube.com ^ | August 2, 2023 | Economic Ninja
    An interesting video on the history of arson during bad economic times. Very interesting timing that it was uploaded to YouTube on August 2nd, 6 days before the Lahaina, Maui fire. The jist of the video is that we should expect fires to increase as the economy worsens, particularly commercial real estate fires.
  • How Bidenomics Paralyzed the Housing Market With Worst Mortgage Mess in 20 Years

    08/22/2023 8:01:43 AM PDT · by Mr. Mojo · 25 replies
    Townhall ^ | August 18, 2023 | Spencer Brown
    After his economic agenda sent inflation soaring to 40-year highs and triggered more than 24 consecutive months of negative real wages for Americans, the Federal Reserve engaged in the most aggressive interest rate hikes in decades as part of its so far unsuccessful attempt to cause deflation. Now, those interest rate hikes have landed a direct hit on the housing market, sending mortgage rates to their highest level in more than 20 years, more than seven percent, according to a new national average released by Freddie Mac. As The Wall Street Journal explained: The increase extends a lengthy stretch of...
  • What does San Francisco do when buildings aren't worth the real estate taxes owners are paying?

    08/18/2023 6:09:56 PM PDT · by SeekAndFind · 34 replies
    Hotair ^ | 08/18/2023 | Beege Welborn
    Ah, San Francisco. The news just keeps getting worse every time they turn around. As of April this year, downtown office vacancies had already reached an astonishing 30%.The news and the numbers are grim for Downtown San Francisco’s office market—and no one can say with any certainty where the bottom is.In the first quarter of the year, office vacancies were the highest ever recorded, according to real estate broker CBRE. The firm estimated a 29.5% vacancy rate last quarter, substantially higher than rates seen during the dot-com bust and Great Recession and a seven-fold increase from the start of 2020.Real...
  • Buyer (agents) beware: Las Vegas Valley realtors react to looming lawsuit

    08/17/2023 3:34:27 PM PDT · by thegagline · 36 replies
    Fox 5 KVVU ^ | 08/17/2023 | Mike Allen
    A class-action lawsuit filed by home sellers that would fundamentally change the way houses are bought and sold, and in particular, the way real estate agents are compensated, is catching the attention of local agents. Currently, no matter how much experience a buyer’s agent has in the real estate industry, they get the same commission from the seller that a seasoned veteran does. A case in Illinois known as Moehrl v. National Association of Realtors would change that if the plaintiffs win. The plaintiffs filed suit against NAR and several major real estate brokerage companies, claiming the system that splits...
  • Someone bought 52,000 acres in the Bay Area. No one knows who they are.

    08/16/2023 10:06:12 PM PDT · by thecodont · 63 replies
    San Francisco Chronicle / SFGate.com ^ | Aug 15, 2023 | Katie Dowd , SFGATE
    One of the biggest mysteries in Solano County may be one step closer to being solved. Since 2018, a shadowy company called Flannery Associates has been buying up land around Travis Air Force Base — so much land, in fact, that it is now the biggest property owner in the county. Its land now surrounds the military base on three sides, said Congressman John Garamendi, who represents California’s 8th District. In July, the story went public when the Wall Street Journal published a report about how Flannery Associates has spent nearly $1 billion in land acquisitions in the county. Because...
  • This Surprise City Is the Most Popular Homebuyer Destination

    08/13/2023 9:20:13 PM PDT · by SeekAndFind · 52 replies
    Kiplinger ^ | 08/13/2023 | Erin Bendig
    While less people are relocating than a year ago, those that are on the move are heading west — with Las Vegas topping the list of most popular homebuyer destinations, according to a new survey. High mortgage rates have made buying a home increasingly expensive, contributing to a decrease in home sales. Zillow reports that individuals with mortgage rates over 5% are almost twice as likely to say they plan on selling their home in the next three years as those paying a rate below 5%. As of August 3, the average 30-year mortgage rate was 6.90%. That's up from...
  • Ranked: The U.S. Cities with the Most Vacant Offices

    08/05/2023 6:30:01 PM PDT · by SeekAndFind · 31 replies
    Visual Capitalist ^ | 08/05/2023 | Avery Koop
    For many across the U.S., hour-long transit rides and traffic jams to work have been replaced by roll-out-of-bed commutes and stand-up desks at home, leaving vacant offices behind.Long story short, more and more offices in major U.S. cities are empty. As Visual Capitalist's Avery Koop details below, at the end of March 2023, the national average vacancy rate of U.S. offices had climbed as high as 18.6%.So how have different cities in the U.S. been impacted? This ranking uses data out of fDi Intelligence to rank the top 10 cities that have seen the biggest increases in office vacancy rates...
  • Commercial real estate in San Francisco finally gets good news in office demand data

    07/26/2023 7:00:23 PM PDT · by ChicagoConservative27 · 33 replies
    Sfgate ^ | 07/26/2023 | Stephen Council
    San Francisco’s commercial real estate fortunes may finally be turning. Office demand in the city increased 10.2% in the second quarter of 2023 compared with the first quarter, according to data from real estate tech firm VTS. The researchers also found that the city has, since March, seen more prospective office tenants looking for spaces larger than 50,000 square feet.
  • ‘30 x 30’ — Progressives pushing for massive federal land grab

    03/05/2021 2:28:01 PM PST · by george76 · 71 replies
    The Fence Post ^ | 3/5/2021 | Spike Jordan
    VALENTINE, Neb. – “Land: see Snatch.” On first look, the Biden Administration’s “30 x 30” plan looks like a scheme cooked up by Hedley Lamarr, the main villain from Mel Brooks’ “Blazing Saddles.” However, far from the comedic genius of the late Harvey Korman, the new Federal land grab is a serious threat to private property owners in the United States. And it’s moving fast.. Just a few days into office, President Joe Biden released a flurry of executive orders, among them being through Executive Order 14008, “Tackling the Climate Crisis at Home and Abroad” (86 Fed. Reg. 7,619), which...
  • CRE Storm: Over $800 Billion In Office Space In Nine Cities Could Become Obsolete By 2030 (Office Vacancy Rates Soar As Fed Went Crazy With Stimulus)

    07/22/2023 8:06:33 AM PDT · by Kaiser8408a · 18 replies
    Confounded Interest ^ | 07/22/2023 | Anthony B. Sanders
    Thanks to The Federal Reserve, office property values have gone crazy despite rising vacancy rates. US office space vacancies (white line) have soared since 2008 as The Fed’s massive monetary expansion (blue and green line) has not helped. But Fed monetary expansion DID help drive office prices! At least until 2022, when office space values began to fall. Notice that office values are falling as The Fed withdraws monetary stimulus. During the regional bank failures in March, we directed our readership to focus on the next potential crisis: “CRE Nuke Goes Off With Small Banks Accounting For 70% Of Commercial...
  • Billionaire Barry Sternlicht on the ‘category 5 hurricane’ hitting office buildings: Some will become parkland, ‘Maybe fields of grain or something. It’ll be very pretty’

    07/21/2023 12:48:13 PM PDT · by CFW · 48 replies
    Yahoo Finance ^ | 7/21/23 | Will Daniel
    Surging interest rates and the rise of remote work have combined to create a nightmare scenario for commercial real estate investors. Just ask Barry Sternlicht, co-founder, chairman, and CEO of Starwood Capital Group, a real estate investment firm with $115 billion in assets under management. “There’s a hurricane over real estate right now,” the billionaire investor told ​​David Rubenstein, co-founder of the private equity firm The Carlyle Group, in an interview for Bloomberg Wealth taped June 28. “We’re in a category 5 hurricane, and it’s sort of a black cloud hovering over the entire industry until we get some relief...
  • No takers on San Francisco’s big tech buildings for sale

    07/18/2023 4:04:36 AM PDT · by george76 · 47 replies
    New York Post ^ | July 17, 2023 | Mary K. Jacob
    As commercial and residential vacancy rates continue to reach all-time highs in San Francisco, many big tech buildings have been left abandoned. One of the largest offices there comes from Google, which owns a whopping 1.4-million-square-foot building that has remained on the market for sublease. Other big tech companies, like Meta and Roku, have also put up space for sale. Back in March, Intel even listed its 505,000-square-foot office. “As a hybrid-first company, we are continuing to assess and optimize our space utilization to create more vibrant workspaces for our employees when they are on-site, while also achieving cost reductions,”...