Trojan Estate Sat, 18 Sep 2021 19:22:51 +0000 en-US hourly 1 Trojan Estate 32 32 FEMA helps Port Chester residents still in search of relief after Ida Sat, 18 Sep 2021 15:49:10 +0000

If you’ve been damaged by Ida and are still looking for help, you may be able to get it today in Port Chester.

Kathy Milliken was the first person in line hours before FEMA even arrived to help Ida’s flood victims at Rye Court House on North Main Street.

Milliken is a longtime Port Chester resident who lives in her childhood home with her husband and dog. She says she has seen all kinds of storms, but Ida has been a devastating experience for her.

“We lost the water heater, we lost the furnace, we lost the circuit board, we had about 6 feet of water in the basement coming up through the kitchen floor,” Milliken says. “We lost the driveway, the path, the fence around the yard… we have mold to take care of, which is my biggest concern right now.”

She has already spent $ 15,000 out of pocket, but she still has many other repairs to do.

“I’m strapped for cash. I’ve used my IRA, my home equity – I’m out of money. And I still have to pay the workers who clean my house,” she says.

FEMA has been inundated with countless other residents in Milliken’s position, so they’re hoping to get some face-to-face help today.

Along with FEMA, the Red Cross, Small Business Administration and Department of Social Services will be on hand to help at Rye Court House.

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How a real estate con artist took control of a $ 2 million brownstone Sat, 18 Sep 2021 15:28:00 +0000

When convicted fraudster Joseph Makhani allegedly hatched a plan to steal a $ 2.2 million Harlem brownstone in 2012, the house was dilapidated, with a hole in the roof and an elderly homeowner who spent her days picking up cans in the street.

Owner Veronica Palmer may have been personally vulnerable, but Makhani has increased her chances of taking over her stately three-story home at 107 West 118th St. with a cunning tactic common among property thieves, records show. property and court reviewed by The Post. .

He sued himself, according to the documents.

The 58-year-old accused con artist, who was arrested and indicted by the state attorney general in July on charges of mortgage fraud, falsification of business records and criminal possession of stolen property. Well versed in state courts and real estate battles, Makhani had attorney file documents claiming that the building’s rightful owner was called Palmer Organization LLC.

But it was a business he had created to echo the name of real owner Veronica Palmer, according to documents.

He deposited the papers with the city, which did not question them. The similarity of the two names was likely both confusing and potentially beneficial to Makhani, an expert told the Post.

“If anyone doesn’t know what they’re looking for, it looks like Veronica Palmer just transferred ownership to them [own] LLC, ”said Brooklyn attorney Toby Cohen, who has represented clients attempting to recover stolen property.

One of Joseph Makhani’s brownstones was on West 107 West 188th St.

An LLC, or a limited liability company, does not have to publicly identify its owners under New York law, and owners are not required to provide their actual address, Cohen added.

“So there is no guarantee that the members of ‘Palmer Organization LLC’ are Veronica Palmer,” he noted.

With that first step out of the way, Cohen said, “The scammer will then transfer ownership of one shady LLC to another several times, then initiate something called a ‘secret title’ proceeding… that’s where the final LLC sues everyone involved, including all other LLCs who held title before it.

The program is “rampant” in New York City, where property values ​​have skyrocketed and homeowners have little protection from sophisticated real estate crooks, Cohen said.

“For every case that we know of, I am sure there are others that we do not know,” he noted.

Court records reveal that Makhani followed such a pattern. In 2014, another LLC he controlled, One 18 Street Corp., sued Veronica Palmer, the Palmer Organization and other companies related to his townhouse in the Manhattan Supreme Court, claiming it paid 10 $ to Palmer to buy the house, which was built in 1900.

“Veronica Palmer was probably served with the [lawsuit] documents and had no idea what they were or didn’t know to call a lawyer, or didn’t have the money to argue the case, ”Cohen said.

At the time, no one bothered to trace the origins of the Palmer Organization.

If they had done so, they would have discovered that a longtime Mahkani lawyer, Steven Masef, had created it. Masef, who died in 2018, said his address was of Makhani’s office in Queens and claimed the Palmer organization was located at Palmer Brownstone, according to the Palmer organization’s incorporation documents.

In connection with the purchase of the brownstone, Joseph Makhani is currently pleading not guilty.
In connection with the purchase of the brownstone, Joseph Makhani is currently pleading not guilty.

In the end, Veronica Palmer never showed up in court to dispute Makhani’s claims, nor did the Palmer Organization, according to court records. A judge ruled an automatic gain in favor of One 18 Street Corp. of Makhani, known as Default Judgment, giving him control over the property.

Getting the blessing from the court is considered a “gold standard” of property, Cohen said.

Once he got the townhouse, Makhani secured a $ 650,000 construction line of credit, a $ 1.2 million mortgage and remodeled, converting the building into a multi-unit rental, earning between $ 3,000 and $ 3,400 per apartment each month, according to the attorney general. The apartment building, where an apartment has a private garden and another access to the roof, then exploded in value to over $ 2 million.

Palmer, who had bought the stately home with a $ 50,000 mortgage in 1985, returned home one day and found her front doors locked. A neighbor told The Post he helped her cut them off.

Palmer disappeared after One 18 Street Corp won in court. She has lived in a series of shelters and homeless hotels, her sister Rhoda Sears said, and could not be reached.

Sears, who lives in Maryland, lost contact with Palmer 15 years ago, learning she was homeless through friends. She had no idea of ​​the fate of her sister’s house when contacted by The Post.

“I called people who were trying to find her, but no one knows what happened to her,” she said.

Makhani, who lives in a sprawling house in Kings Point, NY, pleaded not guilty last month.

Leslie Nizin, a lawyer representing Makhani, declined to comment. “I am not going to try the case in the media,” he said.

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How house prices could change as homework increases Sat, 18 Sep 2021 13:00:27 +0000

Photo: Steve Parsons / PA Wire

Many experts have called on Britons to work from home following the government’s Covid winter plan, and after 18 months of advice changes, many see WFH as the new normal.

With millions of people looking for larger living spaces, gardens or picturesque views, Cornerstone Tax research found that 3.3 million people have moved, choosing instead to settle away from cities or towns. urban areas.

This is reflected in housing price growth of 10.8% for homes located outside major cities, compared to just 8.9% for urban properties.

Data from Hamptons realtors also shows Londoners bought 61,380 homes outside the capital between January and June 2021, the highest number since 2006.

Research commissioned by property tax experts Cornerstone Tax has also shown, over the past year, that more than 3.3 million Britons have moved away from a city or urban area, with 44% of Britons estimating that the impact of the coronavirus has made life in a city less attractive.

This is because 24%, or 4.3 million Britons, will no longer travel to a city for work after the pandemic.

But what keeps people away from cities?

Price and space

With less travel experience, people are looking to get more living space for the same cost as cramped urban areas. An analysis by the Valuation Office Agency (VOA) found that the median floor space of houses in England and Wales is 99 square meters, while the median floor space of an apartment is 43 m².

Zoopla estimates the average London property price was £ 672,051 in June 2021, with apartments in London selling for an average of £ 539,148 and townhouses for £ 727,444.

Green spaces

Being in nature or near the sea has many mental health benefits, and being near trees or in a forest has a proven effect on our production of cortisol, which is the chemical that causes stress. Harvard Health data shows that 20 minutes spent in nature actively reduces stress-causing cortisol, and even physical signs such as muscle tension and pulse are measurably reduced in as little as 3 to 4 minutes spent in a leafy green. surroundings.

With more space comes the possibility of a garden; previously the only option for the lucky few was to queue for years on the waiting list for an oversubscribed housing estate, but moving to a more rural area makes it increasingly likely that a garden will fit within the budget.

Shock zoom

The effects of working from home go both ways, with more and more companies responding to the workforce’s desire to live outside cities by building regional satellite offices and shared workspaces. This effect, known as the ‘zoom shock’, has been described as bad news for cities as ridership may continue to remain low. Conversely, however, this is great news for less urban areas, as there are more people working, spending and saving outside of urban poles.

The government’s “upgrading” program has focused on the economic development of more rural areas, with policies such as free ports aimed at creating new businesses and jobs in potentially missing areas. While cities will remain essential trade and financial hubs, companies will begin to seek talent further afield.

An excellent example is “British Silicon Valley”. The eastern end of the M4 corridor is home to a surprisingly large and ever-growing number of tech companies, particularly in Berkshire, Swindon and the Thames Valley.

Activity room

The lockdowns have forced many of us to find new passions and activities inside our homes; with new and old crafts and hobbies facing a major resurgence, and more baked sourdough bread than ever before. A bigger house and a garden give us more space allowing us to pursue these hobbies. According to a survey by The Healthy Work Company, 22% of those polled had adopted a new hobby in confinement, while 35% had rediscovered an old one.

Matching big cities for activities, recreation, and cultural experiences outside of the home is impossible, but small towns and surrounding areas do their best. For example, there are over 20 Michelin-starred restaurants within a 10km radius of Maidenhead, which is the highest concentration outside of London.

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J’den Cox Speaks About Equity For All At The College’s 16th Hancock Symposium Sat, 18 Sep 2021 05:05:04 +0000

An Olympic medalist with Mid-Missouri roots challenged his Westminster College audience on Wednesday to take a stand and create a fairer world for all.

Olympic medalist and world wrestling champion J’den Cox spoke at the 16th Hancock Symposium at Westminster College in the Champ Auditorium.

Her talk, “Taking a Stand: Going Beyond BLM to Equity for All,” focused on her story while challenging guests to face the truth, accept and appreciate the difference and to find the courage to create a more equitable world for all.

Cox is originally from Colombia and has spent much of his life focusing on his wrestling career.

“Honestly, I have a slightly different story than a lot of others who look like me and also in the same situation as me when it comes to the sport of wrestling and being an athlete in general,” said Cox. “But as an athlete, athletics actually protected me from a lot of racial issues.”

He grew up in the countryside with his family, where he wrestled with his siblings.

“My grandmother is white,” Cox said. “I have a whole Caucasian side to my family, so I was kind of raised in a mixed family. I was able to bond with people of different races very early in my life. never really saw a problem, but on top of that my success really protected me from these problems because people treated me differently. “

As he continued his wrestling career, he found success in high school, Mizzou and his Olympic career.

Cox recalled a time in 2016 when Mizzou was embroiled in racial disputes that gained national attention. He remembers it well because he had Mizzou’s name on his back as an athlete.

“There was a lot going on, a lot of people were mad at each other, a lot of protests and things were happening,” Cox said. “I remember even that, for the most part I was protected. I think I only had to talk about problems once, then for the most part I was told to put it on. next to.

“But I talked about it within my team, and there were things within my team that I didn’t know were issues they had to deal with. Like how often they walked. in the street and someone would say an insult, or even the treatment of certain situations of people of color. I was even safe from that, and it was only then that my eyes went are really open to it. “

In 2018, Cox won a world title and spent that money on a house in Colorado, where he now lives. It wasn’t until living in Colorado that Cox realized what it really meant to be black.

“When I moved to Colorado, I first realized I was black,” Cox said.

While in Colorado, Cox encountered police three times. Each time, he was at home, on his lawn, mowing his lawn.

The first two times, police stopped by Cox’s house and asked him what he was doing there. Cox responded by saying he was mowing his lawn. Police told him they had received a call about a suspicious man at the address. Cox assured them that everything was fine and they left.

The third time around, two police officers went to his home and questioned Cox about what he was doing, if it was really his lawn, his house, and then asked for evidence.

Cox told them no.

Officers said they received a call regarding a suspicious African-American man in the neighborhood.

“I haven’t seen any,” Cox replied.

At this point, he wasn’t sure what the agents wanted him to do since he was on his own property.

Police asked for ID and proof that he owned the house.

Again, Cox said no.

As things started to heat up, one of the officers spoke to the other and before leaving one of them said, “Make sure you stay in your lane.”

“I didn’t know what that meant,” Cox said. “And that was my first fight with that, and you all have to understand that the neighborhood I live in is predominantly white. And that’s where it really shocked me. Lived now, because the success that I ‘ve had protected me from a lot of these things.’ “

As he became aware, heard more news, and joined the Black Wrestling Association, Cox said he began to fear not only for his life, but for those who are being subjected to the same abuse as him.

“For those of you who are of a different race, who are white, I’m not saying that to push you away,” Cox said. “I understand it can be uncomfortable, we’re talking about serious stuff, and there’s no way you can understand what some of us have been through – some of your classmates, some of your teammates.

“But that’s why it’s more important for you to hear their stories and to listen, not to respond but to really understand, to try to hear them.”

He pointed out that all the protests, all the noise, are not aimed at pushing people of different races back, that they are not supposed to bring them down, but they hope they will help us get up.

“The main thing I want to say here today that I want you all to understand,” said Cox, “is that there is no power in not using your voice at all. in fact, in this situation for those who are allies, your voice will unfortunately have a lot more weight than mine or any other African American for that matter.Your voice will actually be heard because you are looked at differently, you are seen differently.

“Think about it, some people go through their lives fearing for their lives just because their pigment is a little darker. It is a blessing that some of you are free from it, but I ask you to use this freedom. to fight with us so that we can have the same liveliness. “

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US real estate heir Durst guilty of murder | Canberra weather Fri, 17 Sep 2021 23:48:05 +0000

news world

A California jury found multi-millionaire real estate heir Robert Durst guilty of murdering his best friend Susan Berman in 2000, the first homicide conviction against a man suspected of killing three people in three states in the past 39 years. Durst, 78, will likely die in prison, as the jury also found him guilty of the special circumstances of waiting and murdering a witness, carrying a mandatory life sentence. Superior Court Judge Mark Windham has set a sentencing hearing for October 18. The jury deliberated for about seven hours over three days. Durst was not present for the verdict as he was in isolation after being exposed to COVID-19 in prison. Los Angeles prosecutors called Durst a “narcissistic psychopath” who killed Berman in an attempt to cover up the disappearance of his wife, Kathleen McCormack Durst, in New York City in 1982. Durst was on trial only for killing Berman in California, but prosecutors argued he murdered three people: his missing wife, Berman and a neighbor in Texas who discovered his identity when Durst was in hiding from the law. Although he has long been a suspect in the disappearance of his wife, a 29-year-old medical student, Durst has never been charged. Prosecutors said he killed her, then decided to kill Berman 18 years later because she told others she helped Durst cover up the crime. Defense lawyers described Durst, a frail cancer survivor, as a “sick old man” and notorious prosecutors, who cross-examined him for nine days, were unable to produce forensic evidence linking Durst in the murder of Berman, 55, who was shot in the back of his head in his Beverly Hills home. The trial took place six years after Durst’s apparent confession in the HBO documentary series The Jinx, in which Durst was caught by a burning microphone saying to himself, “What did I do? … Killed them all, of course. In a trial spanning a year and a half, in part because of the pandemic, prosecutors presented circumstantial evidence pointing to Durst, who testified to discovering Berman’s murdered body when he visited him but did not called the police. The prosecution also looked into the 2001 death and dismemberment of Morris Black, who was Durst’s neighbor in Galveston, Texas. A Galveston jury acquitted Durst of the murder, although Durst admitted he cut up Black’s body and dumped it in Galveston Bay. In Texas, and again at the Los Angeles trial, Durst said Black shot him and was accidentally shot when the men fought over the gun in Durst’s apartment. California prosecutors argued that Durst murdered Black because Black found out Durst’s identity, and Durst feared Black would hand him over. At the time, Durst was using an assumed name and posing as a mute woman because he feared he would be arrested by New York investigators who had reopened his missing wife’s case. Upon Black and Berman’s deaths, Durst said he first tried calling 911, but then decided not to, fearing that no one would believe he was not guilty. Durst testified from a wheelchair. His voice weakened by esophageal cancer, he sounded different from the confident man in The Jinx. The defense tried to cast doubt on the “killed them all” audio by claiming that it had been altered. Durst said the mic failed to record it saying “They’ll all think me” before saying “Killed them all”. Durst is the grandson of Joseph Durst and the son of Seymour Durst, who made The Durst Organization one of New York’s premier real estate companies. Durst left the company a long time ago, now run by his estranged brother, Douglas Durst, who testified at trial and said of his brother: “He would like to murder me.” Associated Australian Press


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Territorials feel rushed as house prices and Darwin rents skyrocket after prolonged slowdown Fri, 17 Sep 2021 21:17:25 +0000

When Smitty Dornan’s lease expired on her family’s rental property in the suburb of Nightcliff, located next to Darwin Beach, she was horrified to learn that the landlord wanted to raise the rent by $ 120 per week.

“We were pretty shocked… we thought it might go up by $ 50, but $ 120 seemed pretty scary,” she said.

Ms Dornan, a nurse, called the real estate agent to ask for a compromise, but the best deal was a raise of $ 100 per week.

Darwin’s rents have risen by more than 20% in the past year, according to CoreLogic, a company that tracks real estate data.

Ms Dornan and her husband, who is also a nurse, felt pressured to re-sign the lease, even though it put them in a difficult financial situation.

The Dornans felt the pressure many Territorians faced this year when their landlord raised the rent.(



The couple have a 10-week-old baby and two other children aged 7 and 11.

“Unfortunately there aren’t a lot of options and we know there aren’t a lot of rentals available on the market,” Ms. Dornan said.

Tim Lawless, research director for CoreLogic, said a severe shortage of rental housing in Darwin was the main reason rents had gone up.

Earlier this year, data showed Darwin saw a net gain from interstate migration for the first time in nearly six years, as rental vacancy rates fell to less than 1%.

Gross rental yields across Darwin are among the best in the country, averaging 6% at the end of July.

Mr Lawless said that at the end of August advertised rents were 51% below the five-year average and rents could rise.

Darwin experienced a prolonged downward trend in rents between early 2014 and late 2019.

“Although Darwin’s rents have increased by over 20% in the past year, the median rental rate remains 8.5% below the peak in early 2014,” Lawless said.

The city’s rent increases have coincided with soaring house prices and sales.

Mr Lawless said house prices in Darwin fell by about a third between mid-2014 and early 2020, but have risen 26% since then.

Sales increased 46% year-on-year.

Mr Lawless said that while demand for housing had increased, supply had fallen, which helped explain the tense market conditions.

“At the end of August, active listings were about 27% below the five-year average,” he said.

Over the past 12 months, almost all of Darwin’s suburbs have seen a significant increase in home and unit values.

For example, in August of last year, the median selling price at Nightcliff was $ 620,238.

A year later, it jumped over 30 percent to $ 811,916.

But Mr Lawless said Darwin remains the most affordable capital to buy a home, based on a ratio of home values ​​to household income.

A typical household in Darwin spends about 4.6 times their gross income to buy an average-priced house.

In Sydney the ratio is 9.4 and Melbourne 8.4.

Mr Lawless said the affordability of buying homes in the territory can be seen in the high proportion of first-time buyers, who accounted for 50% of homeowner demand for mortgages at the start of this season. year, according to housing finance data.

Although data shows the territory continues to have the highest rate of first-time homebuyers in Australia, the rate recently fell to 43 percent, indicating that many are priced out of the market.

Quentin Kilian, managing director of the Real Estate Institute NT, said the NT government’s withdrawal of first-time buyers incentives had “cooled the market quite dramatically.”

“In July alone, there was a 19% drop in engagement from first-time homebuyers,” he said.

Stamp duty is also a major barrier for potential first-time homebuyers, fueling rent increases if they can’t buy.

Ms Dornan said she did not see how her family could buy in the housing market.

“There is very little room to save and rental prices are going up,” she said.

“There’s no way we can afford it.”

Ms Dornan said she loved living in Darwin and the area needed nurses, but struggled to understand how landlords can impose such high rent increases.

“It’s not fair at all,” she said.

“A significant increase in rents, especially during a pandemic, really feels like you are enjoying it… it’s a bit sad.”

Ms Dornan said she was exploring options with her husband for the end of their last housing lease.

“We can barely afford to live in Darwin now, so that would leave us with no choice but to move,” she said.

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An introduction to real estate language Fri, 17 Sep 2021 12:32:45 +0000

When I work with first-time buyers, I often hear them say, “I have a stupid question. I automatically answer that there is no such thing.

What they think is a stupid question has almost invariably been asked before by many others in the same situation. Answering a stupid question almost always makes you smarter, so what they really have can be a “smart question.”

Several questions that have been asked to me recently have prompted me to revisit what I was discussing during my first consultations with buyers, so let’s start there.

A Buyers consultation is a first meeting with a buyer, whether face to face, by phone, or by Zoom or similar interactive means, during which we exchange information about the needs of the buyer and the services I provide and determine if we will work together exclusively and how long.

If we decide to go ahead, we sign a Exclusive buyer’s representation agreement, which allows an agent to act as the buyer’s advocate by representing only the buyer’s interests in a real estate transaction, protecting the buyer’s confidentiality and providing essential services reserved for a client relationship . In the DMV, in the absence of such an agreement, agents must legally represent and pledge allegiance to a seller they have never met of a property they have never seen.

At DC, our real estate contracts consist of 33 paragraphs of boilerplate language audited by a committee of agents, brokers and lawyers, updated as needed to comply with legislative changes and regulatory requirements. In other words, they contain a lot of “legal”. In addition, there is a plethora of addenda that can apply to a real estate transaction.

So it’s important that customers understand what they’re reading before signing and, rather than just asking buyers to sign an offer electronically, I believe in providing them with a sample contract and reviewing at both the documents and the process with them to explain terms, market standards and the potential consequences of certain choices.

The terms below rarely change significantly and learning them can be a good way to begin to understand the contracting process.

Hurry up, which is at the top of our purchase contract, means deadlines are set. There is no “just one more minute wait” unless both parties agree in writing to an extension.

a Honest money deposit, typically an amount greater than 3% of the bid price, accompanies or follows an offer and is held by a real estate brokerage or settlement company until needed at closing.

Terms Rules and Closing are interchangeable and refer to the signing and registration of documents transferring ownership from seller to buyer.

A Contingency is a condition that must be met for the contract to settle. An example might involve a satisfactory home inspection or appraisal, the sale of a previous home, or the receipt of financing. Compare it to a situation unrelated to real estate, like “if you wear a mask you can go into the grocery store and do your shopping.”

Home inspections are usually carried out after the conclusion of a contract Ratified, which means that all parties have agreed to the price and conditions. They can allow the negotiation of repairs with the sellers or the simple acceptance or rejection of the good according to the findings. Some buyers opt for a Walk and talk inspection, which is carried out before submitting a bid. The cost is less, as buyers take their own notes and no report is issued. The offer made by the buyers will be well received by the sellers without the delay of an eventuality.

a Evaluation is ordered by the lender to determine the value of the property and whether that value supports the loan amount given to buyers. Do not confuse this with a Evaluation conducted by municipal assessors to determine value for property tax purposes.

A Title search is conducted to determine that there is nothing in the chain of ownership that would prevent the sale of the house. Title insurance isolates the lender from issues such as fraud, forgery, liens, and other items that may not have been discovered during the initial research. Buyers can also purchase title insurance to protect themselves in the same way.

In closing, a word on Closing costs, amounts paid to lenders, lawyers, brokers and municipal offices in the settlement of expenses incurred to effect the transfer of ownership. Any deposit you have on deposit will be credited to you for these one-off charges or for the remainder of your deposit. As JG Wentworth says, “It’s your money. Use it when you need it.

Valerie M. Blake is a licensed associate broker in DC, Maryland & Virginia with RLAH Real Estate. Call or text her at 202-246-8602, email her through, or follow her on Facebook at TheRealst8ofAffairs.

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Where is the housing market? | Tacoma Daily Index Fri, 17 Sep 2021 08:30:00 +0000

By Morf Morford

Tacoma Daily Index

Perhaps like the economy as a whole, the housing market is tilting, or even moving, in two very different directions at the same time.

The almost frenzied auction wars for residential homes have cooled considerably.

The frenetic pace of real estate prices has slowed down, if not diminished at least in some regions.

For buyers, sellers, agents, and just about everyone, the question is, will house prices go down in 2022? Or will the upward trend continue?

I think we know one thing for sure; the upward direction in prices we saw in 2021 will not continue – at least at this rate.

Here are some views from the upper floors.

The research team of Freddie Mac (the government-sponsored company that buys mortgages from lenders and sells them to investors) predicted that U.S. home prices will rise more slowly in 2022 compared to this year and last year.

According to their estimate, home values ​​nationwide rose 11.3% in 2020. They forecast a 6.6% gain for 2021. Looking ahead, the group has predicted that home prices in United States would increase by 4.4% in 2022.

A recent Reuters poll of 40 housing analysts suggested that home values ​​in the United States would increase more slowly in 2022. Analysts polled estimated that values ​​would rise 10.6% in 2021, followed by a gain of 5.6% in 2022.

According to the Reuters report: “Beyond this year, house prices in the United States are expected to experience moderate and average growth of 5.6% next year and 4.0% in 2023.”

What drives prices up?

The main reason is related to inventory levels.

If there is anything that defines the dynamism of a local economy, it is the demand for housing.

In general, the housing supply in the United States remains well below normal levels. This has been the case for several years.

Inventory conditions were tight before the pandemic, and they have only tightened due to an unexpected increase in home sales and a related drop in available labor – not to mention the problems supply with everything from appliances to delivery trucks.

In some of the hottest markets (like Austin, Texas, Boise, Idaho and parts of the greater Puget Sound area) housing market supply levels are lower than they have ever been before . This comes at a time when demand from buyers remains strong across the country.

You don’t have to be an economist to connect the dots here. In every city in the United States, record levels of inventory and strong demand have pushed home prices up at a steady pace.

Local, if not national, construction rates have also increased dramatically.

“Affordability” has become an almost mythical unicorn for many buyers, so many are waiting or resigning themselves to renting (or something like that).

In other words, deferring the purchase of a home is the hot new trend for many potential buyers.

Overall, home values ​​are expected to continue to climb over the last few months of 2021 and, at least partially, through 2022.

But, if you’ve been through Seattle recently (or almost anywhere), you can’t help but notice massive construction projects – some recently completed, which will somehow have an impact. in the housing market.

Yes, these projects take years to move from planning to occupancy; for many of them it has been years. And a lot of them are huge.

Several hundred or even a thousand apartment buildings in a given community must have an impact on the supply / demand equation.

COVID and its aftermath, labor and supply issues at border closures (and of course gyrating lumber prices of the past six months or so) are still rocking real estate markets.

More housing, and more housing options, must at least slow the momentum of higher prices.

Or at least guard against the shock of price inflation / real estate stamps, north of the border… .. into-the-canadian-housing-market /

According to the National Association of Realtors in June 2021, “the median selling price of existing homes increased at a 23.4% year-over-year rate,” which is “the second highest level recorded since January 1999”.

And, like our local market, homes across the country typically sell out in 17 days. Or less.

The national inventory was only 2.6 months (a healthy and balanced market is about six months).

Unethical lending and excessively low interest rates paved the way for the 2008 financial crisis. After that, banks and builders were reluctant towards new construction.

From 2000 to 2007, there were at least 1 million housing starts each year and at least 2 million between 2004 and 2007. After the crash, the number of housing starts reached 500,000 and only fell to one million. than in 2020. This, along with a growing population of home buyers, has created an intractable housing shortage across the United States.

The problem becomes more evident when you look at the future demand for housing and compare it to what is likely to be available. For example, Nerd Wallet conducted an investigation which found that: “28 million Americans say they plan to buy a home in the next 12 months, and about 26 million hope to become first-time home buyers in the next five years. “

But, home price appreciation must slow simply because housing is becoming unaffordable for many Americans, even despite record interest rates and high loan-to-value ratios offered by the FHA and many banks.

Home hunters are increasingly excluded from the real estate market, with homeownership now out of reach for most people (especially first-time buyers) in more than 4 out of 10 counties in the United States,

The number of counties where homeownership is now considered unaffordable has jumped about 20% from last year.

In short, there are multiple variables and the real estate market is pushed, pulled and reversed from more sides than most of us imagined possible.

Can market demand remain high? Probably not.

Can prices continue to rise? Probably not.

Are the prices going to drop soon? Probably not.

Is it a good time to buy? Probably not.

Just remember, no matter what happens, you heard it here first.

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India overtakes France and becomes the 6th most valued stock market in the world; Tata Group creates maximum value Fri, 17 Sep 2021 06:34:46 +0000

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  • India’s market cap is now a striking distance from fifth place in the UK, which has a market cap of $ 3.7 trillion.
  • The top four places in this ranking are occupied by the United States ($ 51 billion), China ($ 12.4 billion), Japan ($ 7.4 billion) and Hong Kong ($ 6.4 billion) of dollars).
  • India’s oldest corporate house, Tata Group, added nearly Rs 7million lakh to its market value.

New Delhi: With BSE Sensex crossing for the first time the 59,000 mark on Thursday, India has become the sixth most valued stock market in the world behind France. India’s market cap on Thursday stood at Rs 263 lakh crore or $ 3.550 billion, ahead of France’s $ 3.4 trillion and a short distance from the UK’s fifth largest capitalization $ 3.7 trillion stock market, according to Bloomberg data. The top four places in this ranking are occupied by the United States ($ 51 billion), China ($ 12.4 billion), Japan ($ 7.4 billion) and Hong Kong ($ 6.4 billion) of dollars).

Over the past month itself, India’s market capitalization has increased by around $ 300 billion, or around Rs 22 lakh crore.

The India time citing official data mentioned in a report that Tata Group has contributed the most to India’s market capitalization so far this year. The salt software conglomerate and India’s oldest business house added nearly 7 lakh crore to its market value. Tata Group’s crown jewel, TCS, which has grown nearly 35% this year so far, alone added more than 5 lakh crore to the group’s market cap.

The Gujarat-based Adani group added Rs 4.8 lakh crore and the Pune-based Bajaj group, Rs 2.9 lakh crore to their market value. Reliance Industries, headed by Mukesh Ambani, has seen its market value increase by Rs 2.8 crore lakh, or nearly 22% since the start of the year.

Indian stock markets extended their streak of gains on Friday, also led by banks and Reliance Industries. As of 11:35 am, the Sensex was up 348 points to 59,489, after hitting an all-time high of 59,737.32 during intraday trading.

The publication citing S Ranganathan, head of research at LKP Securities, mentions that it is generally observed that when an underperforming stock or sector rebounds, it creates a welfare effect on others. Before the government announced details of the operations of the proposed bad bank that will handle the sector’s large bad loans, “bank stocks have provided the bulls with the ammunition needed to reach record highs of 59,000 on the sensex.” did he declare. written in a post-trade note.

Over the next few weeks, investors will be watching global indices more closely than domestic ones, market participants said. These include next week’s US Fed meeting, the spread of the Delta variant of the Covid virus, and indications of slowing economic growth globally.

ET NOW Leaders of Tomorrow streaming LIVE September 17, 2021, from 5pm New Delhi on ET NOW TV and YouTube. Click here

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(Yonhap feature) “Proptech” reshapes the real estate market with a digital platform and reduced fees Fri, 17 Sep 2021 00:00:02 +0000

SEOUL, Sep 17 (Yonhap) – Hwang Jae-min checks his smartphone apps several times a day to research new homes for sale so that he can move to another home.

When the 41-year-old man bought a three-room apartment in Yongin, a satellite city south of Seoul, six years ago, he called several realtors and made house calls with them on weekends. .

This time, he downloaded several mobile apps offering information on apartments for sale, their transaction history, floor plans, as well as transportation and schools.

“I try to gather as much information as possible on my own to make a shortlist before actually visiting the properties,” Hwang told Yonhap News. “I don’t have enough time to visit several houses and in fact I don’t think it’s a good idea because of the coronavirus.”

While buying and selling homes involves a complicated decision-making process that often requires professional help, a wide range of startups are expanding their presence in the real estate market with simpler and more convenient platforms made possible by digital technology. .

The real estate industry has long resisted change, but is now disrupted by tech-driven startups focused on saving time and money, collectively referred to as ‘proptech (real estate technology)’.

Among them, Zigbang is one of the leading home-matchmaking platforms, which joined the country’s “unicorn” club after being valued at over 1,000 billion won ($ 855 million) in July.

After a decade in the industry, Zigbang now wants to become a major player in proptech with differentiated services based on big data, artificial intelligence and other technological upgrades.

Zigbang said he would scan the homes for 3D virtual tours, which would give real-time daylighting information and views to potential buyers.

It also plans to partner with licensed agents to launch the digital, contactless home transaction service and partner with home concierge companies to provide services such as cleaning, refurbishment and lending. extermination of parasites.

“The home-related service is expected to evolve from the current platform to the next generation,” Zigbang founder and CEO Ahn Sung-woo said in a meeting with reporters.

Taking advantage of the less time and money it takes to organize home visits and manage real estate offices, some platforms entice clients by connecting them with brokers at lower commission fees.

Dawinproperty, a real estate listing platform, has flexed its muscles in the Seoul metropolitan area since launching in 2019 by charging lower fees to buyers and exempting commissions from sellers.

In South Korea, both buyers and sellers pay brokerage fees ranging from 0.4 to 0.9% of the total transaction amount, and the lease rate ranges from 0.3 to 0.8% .

Dawinproperty said it now has over 100,000 users and 1,000 registered agents as more people want to swap homes at lower costs amid rising house prices, which has inflated proportionately brokerage fees.

“Switching from offline real estate transactions to online transactions can reduce office expenses, which can lower brokerage fees,” said Kim Seok-hwan, CEO of Dawinproperty.

As more people collect data online and easily compare prices from the comfort of their own homes, they are now reflecting on the role of traditional real estate agents and whether brokerage compensation is worth their service.

“I arranged my loan, consulted an accountant for tax matters and signed a contract with an interior company to renovate the new apartment,” Kim Su-jin, who recently bought an apartment in south Seoul. “I have the impression that real estate agents are making more money without improving their services, just because the houses have become more expensive.”

In response to growing complaints, the Ministry of Land, Infrastructure and Transport revised real estate commission rates, which are expected to go into effect next month.

While a 0.9% rate cap is currently enacted for properties priced above 900 million won, the new system will break down the ranges to charge 0.5-0.7% of the total transaction amount.

As a result, the maximum brokerage fee on the sale of a 900 million won home will be reduced by nearly half, from 8.1 million won to 4.5 million won, the ministry said.

The highest price range is even lower than the average apartment selling price in Seoul, which reached an all-time high of 1.2 billion won in July, according to real estate data from KB Kookmin Bank .

The commission rate cap on properties valued at over 600 million won has been reduced by 0.1 percentage point to 0.4%, while those priced below the line would maintain their current cap.

Brokers have strongly opposed the new brokerage fee cap, criticizing the government for passing the buck to them in an attempt to allay public mistrust of its real estate policies.

The Korea Association of Realtors argued that the country’s commission rate is very low compared to other countries and realtors are already struggling with a drop in transactions in a saturated market with around 110,000 agents. recorded.

Mainstream real estate agents have threatened to take collective action against the government’s “one-sided” decision to cut brokerage rates, filing several lawsuits against startups and even pressuring a comedian to drop an ad for Dawinproperty .

Despite the protests, the government has said it will stick to its policy and stricter regulations on the proptech industry to improve the transparency and convenience of real estate transactions.

Market watchers say changes are inevitable in the real estate industry, which has been relatively slow to embrace new technologies, due to the growing demand for contactless transactions amid the pandemic and the new services made possible by recent ones. technologies.

“The role of proptech is becoming increasingly important as technology can help alleviate information asymmetry, the biggest problem in the real estate market,” said Lee Kyung-ja, analyst at Samsung Securities. “Proptech is expected to move from a real estate listing platform to a one-stop real estate service to cover all interested parties, including buyers, sellers, agents and financial institutions. “

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