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This app aims to be the Uber of rental brokers Post
 
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Canadian Real Estate Street Smart REI   October 03, 2017   187   0   0   0   0   0
A new real estate tech company wants to disrupt the current market and become the Uber of apartment rental brokers. Cribitt — already running in New Jersey — is now launching in Midtown West and coming to Brooklyn. Co-founder Stephen Steiner, an experienced real estate investor and manager, says renting an apartment was inefficient in that it typically took a lot of phone calls to coordinate a viewing because of the numerous parties involved. Along with the renter, these parties could include the spouse or partner, roommates, any guarantors — such as parents — plus the broker; and often, Steiner says, the renters were noshows. “I thought I could do it better, and I embarked on this journey to connect a renter and agent in a very immediate way,” Steiner said. While Cribitt can be reached on the Web, it’s all about the functionality of the app. Now, when the parties are together, you open the app, click the unit you want to see, and Cribitt will instantly send the request to one of its 52 city brokers. A broker will respond and like Uber, it provides the name, photo, cell number, location and arrival time on the app map. To apply for the apartment, forms can be filled out and the application fee paid, right in the app. To view a different apartment, you can keep working with that broker or ask the app to set up a tour at...
Fannie-Freddie Regulator Used U.S. Resources for His Travel | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 03, 2017   116   0   0   0   0   0
(Bloomberg)—Fannie Mae and Freddie Mac’s regulator may have a travel kerfuffle of his own. Mel Watt, the director of the Federal Housing Finance Agency, sometimes tasked FHFA employees with driving him and his wife to the airport for personal trips, and directed staff members to book flights unrelated to government business, the agency’s inspector general said in a December 2016 report. An unredacted version of the document was obtained by Bloomberg News. Watt, an appointee of former President Barack Obama, had FHFA employees make personal travel arrangements for him and his family 28 times, the watchdog found, adding that the requests were "inconsistent with standards of ethical conduct." The report on Watt’s travel was published online last year, but his name and key details -- such as his destinations -- were blacked out. FHFA Inspector General Laura Wertheimer conducted her investigation and wrote a report in response to anonymous complaints. Watt responded to questions about his use of FHFA resources at a House Financial Services Committee hearing Tuesday. Travel Controversies While the travel habits of various agency leaders have generated controversy in Washington in recent weeks, there’s no evidence that Watt did what some Trump administration officials have been accused of: using taxpayer money to pay for expensive trips. Nor did Wertheimer conclude that Watt used FHFA funds to buy plane tickets for personal travel. Watt told the House panel that when he joined the FHFA, other officials guided him on his travel practices and...
Trump Funded 1986 Effort to Keep Tax Break He Now Wants to End
 
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Canadian Real Estate Street Smart REI   October 03, 2017   154   0   0   0   0   0
(Bloomberg)—President Donald Trump was once one of the top funders of an effort by wealthy New York real estate executives to preserve a tax break that he now wants to end, a memo obtained by Bloomberg shows. Trump Organization, the corporate umbrella for Trump’s business interests, gave $60,000 to the Coalition Against Double Taxation in 1985 in a bid to protect the federal deduction for state and local taxes, according to the memo, dated May 14, 1986. Thanks to intense lobbying, the deduction survived a major overhaul of the U.S. tax code later that year. For Trump, what was then a rewarding tax break is now a potential windfall to help offset deep tax cuts: The White House and congressional leaders released a plan last week to overhaul the tax code that would include slashing rates on businesses and individuals. Ending the state and local tax break, known as SALT, would raise an estimated $1.3 trillion over a decade. Natalie Strom, a White House spokeswoman, said that “there are very few people who understand the tax system, the loopholes and exemptions currently buried in our overtly complicated tax code better than” Trump. Strom made clear that she was not confirming the contents of the 1986 memo. She also said that 80 percent of the benefit from the SALT deduction goes to the top 20 percent of households. Even so, one of Trump’s top economic advisers, Gary Cohn, has said the proposal to end the SALT deduction is up for...
10 Must Reads for the CRE Industry Today (October 3, 2017) | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 03, 2017   123   0   0   0   0   0
10 Must Reads for the CRE Industry Today (October 2, 2017) Oct 02, 2017 10 Must Reads for the CRE Industry Today (September 29, 2017) Sep 29, 2017 10 Must Reads for the CRE Industry Today (September 28, 2017) Sep 28, 2017 Trump Promotes Tax Plan as Historic Cuts to Boost U.S. Hiring Sep 28, 2017
Guests Scanned at the Wynn in Glimpse of Las Vegas's Future | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 03, 2017   119   0   0   0   0   0
(Bloomberg)—At entrances to the Wynn resort in Las Vegas on Monday afternoon, guards scanned visitors with metal-detector wands and inspected their bags, creating a 10-minute wait to get inside. The new security protocol, put in place after Sunday’s mass shooting nearby, is likely to become the norm on the Strip and possibly beyond. Casinos and entertainment venues are going to have to take a more holistic approach to security, thinking about rooftops and other potential shooting perches -- considering the possibilities for an attack from all angles, said David Shepherd, a former FBI special agent in counterterrorism who later was the security director for Las Vegas Sands Corp.’s Venetian resort. “We have to start thinking like the Secret Service -- start looking at tall buildings,” said Shepherd, who co-authored a book called “Active Shooter.” “How far do we have to take it?” The additional security measures highlight the dilemma facing companies in one of the nation’s top entertainment destinations, with a record 42.9 million visitors last year. How do businesses keep guests safe while not imposing such drastic restrictions that the casinos, clubs and shopping thoroughfares no longer feel fun? One executive at another casino operator, who asked not to be identified because security matters are sensitive, said the Wynn’s security check at the door is probably the industry’s future because there’s no other way to screen for people carrying weapons. MGM Resorts International owns the Mandalay Bay hotel where a shooter opened fire Sunday night on...
Prices Rise for Apartment Buildings, But Fewer Properties Sell
 
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Canadian Real Estate Street Smart REI   October 03, 2017   172   0   0   0   0   0
Investors continue to buy fewer apartment properties than they did last year. Yet prices continue to rise. “It’s another down month for volume, but prices are still increasing,” says James Costello, senior vice president for Real Capital Analytics (RCA), a New York City-based research firm. Usually prices fall when transaction activity slows down. But strong rent growth and relatively healthy occupancy rates in the apartment sector[1] continue to attract investors, who are then frustrated by the relatively small number and high asking prices of apartment properties available for sale. “The last three months have been the same story—it has been another month of disconnect between rising prices and falling deal volume[2],” says Costello. Property markets cool off Investors bought and sold $11.7 billion in apartment properties in August 2017, down 8 percent from the dollar volume spent on apartment properties in August 2016, according to RCA. August would have been even less busy if it were not for a few giant portfolio deals. The dollar volume of single apartment properties sold dropped 18 percent during the month compared to the year before, according to RCA. Usually, investors start a new year slowly. So far in 2017, the usual declines have been steeper than normal. Experts say fewer properties are available for sale, especially compared to the peak year of 2015. “The volume of property sales was so big… you can’t do that kind of deal volume every year,” says Costello. Investors...
Three Ways Trump’s Immigration Plan Could Affect the CRE Industry
 
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Canadian Real Estate Street Smart REI   October 03, 2017   149   0   0   0   0   0
President Donald Trump campaigned on the promise of reforming U.S. immigration policy. Last month, he announced his support for legislation, sponsored by Republicans, which would cut the amount of legal immigrants allowed into the U.S. in half over the next decade. The proposal, which still has to make its way through Congress, also calls for limits on the number of refugees allowed into the country and the creation of a point-based system for determining who can lawfully immigrate. But how would any of these changes affect commercial real estate? NREI interviewed several real estate experts on the implications of the policy on the industry. Overall, they say that restricting immigration would create a chain effect that would hinder economic growth and, in turn, growth in the commercial real estate sector. “All across the board in real estate, immigration is one of the supporting legs of that part of the economy,” says Peter C. Burley, a counselor of real estate. It could harm the labor market Maintaining a steady flow of immigrants into the U.S. helps provide more workers for employers, according to the experts. Foreign-born workers represented 17 percent of U.S. private employment as of July—up from about 15 percent in February 2009.  Meanwhile, in about two years, there will be a decrease in native-born residents of working age, according to a recent Cushman & Wakefield report addressing the effects of the proposal on the industry[1]. “We are an industry that disproportionately relies on this group as a work force,” says...
Qatar Fund Is Said to Explore Asset Sales as It Looks Homeward
 
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Canadian Real Estate Street Smart REI   October 02, 2017   151   0   0   0   0   0
(Bloomberg)—One of the world’s biggest buyers of trophy assets is becoming a seller. Isolated by powerful Arab neighbors, Qatar’s sovereign wealth fund is reversing a decade-long run in high-profile foreign investments to buttress its own economy. The Qatar Investment Authority, which has reduced its direct holdings in Credit Suisse Group AG, Rosneft PJSC and Tiffany & Co. in recent months, is considering selling more of its $320 billion of assets, which includes stakes in Glencore Plc and Barclays Plc, and channeling the proceeds into its home market, according to people familiar with the matter. Bankers and lawyers who used to pitch acquisition targets to the QIA are now proposing asset sales, and have been told not to expect any major investments by the fund in the near term, the people said. The fund hasn’t formally hired financial advisers to sell assets but is considering which stakes are best positioned to be sold, they said. The QIA declined to comment. Created in 2005 to handle Qatar’s windfall from liquefied natural gas sales, of which it is the world’s biggest exporter, the QIA and other Qatari investors have amassed holdings in Hollywood, New York office space, London residential property, luxury Italian fashion and even a soccer team. The QIA ranks as the ninth largest globally, according to the Sovereign Wealth Fund Institute. After a dip in transactions in 2015 and 2016 as oil prices slumped, the fund regained its appetite for deals late last year, investing in...
For Income and Diversification, Try Private Equity Real Estate Funds
 
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Canadian Real Estate Street Smart REI   October 02, 2017   154   0   0   0   0   0
By Thomas Hoops  With U.S. equity markets at historical highs and many bonds offering minuscule returns, where can high-net-worth investors turn for income, particularly as so many move into retirement? Investing in U.S and global real estate previously meant investing in the actual properties—a prospect mostly available to institutional and accredited investors.  Today, the asset class is  becoming more broadly available to high net worth individuals through new private equity funds. While requiring a long-term commitment from investors, these funds seek to capitalize on favorable real estate market conditions, with some featuring monthly or quarterly liquidity. Real estate has proven to be a successful asset class, with a 9.7 percent 20-year annualized total return as of the second quarter 2017 (based on data from the NCREIF Property Index, or NPI). That this encompasses the global financial crisis and subsequent real estate slump makes the overall track record even more impressive. There are five primary reasons to invest in private equity real estate funds: Attractive Risk-Adjusted Returns. Offering risk/return profiles that are usually between equities and fixed income, real estate can also offer attractive risk-adjusted returns. Lower volatility has often contributed to this strong historical performance associated with this asset class.   High Income Potential, with Inflation Hedges. Interest rates are rising in the U.S. and elsewhere. Real estate funds can be comprised of high-quality, high-value properties that are well-managed and produce attractive income in the form of rents. Many professionally-managed leases allow property...
Stronger Than Expected Demand for Hotels Keeps Construction Boom Going
 
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Canadian Real Estate Street Smart REI   October 02, 2017   155   0   0   0   0   0
The hotel business keeps reaching new heights. “The continued strength in room demand surprised on the upside,” says Jan Freitag, senior vice president of lodging insights for data firm STR. Because of that strong demand, room rates continue to rise and more hotel rooms have been occupied over the last year than ever, filling up the new hotel properties that developers continue to open in cities across the country. Developers are now planning to build even more new hotel rooms than last year, already a big year for new construction[1]. “We do not see a slowdown in the U.S. pipeline of hotel properties in development,” says Freitag. The number of new hotel rooms now planned totaled 590,000 in September. That’s up 9 percent compared to the year before. The total number of hotel rooms under construction rose to 192,000, up 13 percent compared to the year before, according to STR. However, the pipeline of new hotels in development and pre-development is growing more slowly than during previous years. Even with all the new construction, developers are not building as many new hotel rooms during this boom as they did during prior booms. “The amount of supply set to deliver over the next four quarters is relatively low compared to most previous cycles,” says Jeff Myers, managing consultant for CoStar Portfolio Strategy. The latest surge in development is likely to increase the inventory of hotel rooms by 2.1 percent over the next 12 months....
10 Must Reads for the CRE Industry Today (October 2, 2017) | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 02, 2017   113   0   0   0   0   0
10 Must Reads for the CRE Industry Today (September 29, 2017) Sep 29, 2017 10 Must Reads for the CRE Industry Today (September 28, 2017) Sep 28, 2017 Trump Promotes Tax Plan as Historic Cuts to Boost U.S. Hiring Sep 28, 2017 10 Must Reads for the CRE Industry Today (September 27, 2017) Sep 27, 2017
WeWork China Rival UrWork Can't Use Name on New York Office | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 02, 2017   142   0   0   0   0   0
(Bloomberg)—Chinese co-working company UrWork plans to open its first location in Manhattan early next year, but its name likely won’t be on the door. WeWork Cos., the New York-based startup, sued UrWork this month, arguing that the Chinese company’s name infringes on its trademarks. As part of the case, a judge ruled Friday that Serendipity Labs, a co-working company that is partnering with UrWork to open the new location, can’t use UrWork’s name anywhere outside of China on places such as its website, office, or promotional materials. "Today we achieved an important victory," WeWork said in a statement. "We are pleased this case is moving forward well so quickly." Serendipity Labs declined to comment. UrWork said: “We are actively cooperating with the court to proceed with all due juridical handlings. We reserve our rights of appealing as a foreign (Chinese) business player in New York. We stay committed to and will not relinquish New York as an instrumental market in our global expansion strategy.” The order is only in effect while the case remains open. The new office location is still set to open in January at 28 Liberty Street. WeWork is the world’s largest global provider of co-working space, where small businesses, entrepreneurs and teams rent desks or offices in a shared building. But UrWork is the leading co-working company in China and is preparing to enter London, Singapore, New York and Los Angeles. To contact the reporter on this story: Ellen Huet in San Francisco...
Spitzer, Now Building Rentals in Brooklyn, Bets on Perfect Views
 
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Canadian Real Estate Street Smart REI   October 02, 2017   134   0   0   0   0   0
(Bloomberg)—Former New York Governor Eliot Spitzer stands inside his under-construction Brooklyn rental project and takes in the view. There’s the panorama of Manhattan’s skyline to the front, the Williamsburg Bridge to the right. And to the right of that is a competitor’s mega-development promising 2,800 more apartments. Spitzer, now head of his family’s real estate company, is building his first apartments at a time when other developers are also filling Brooklyn with rentals. He’s delivering 857 units across two towers in New York’s hippest and most populous borough, where the apartment supply has been expanding for two years and rents have declined in nine of the past 12 months. The former politico is taking a long-range view of his project on the Williamsburg waterfront, known as 420 Kent, where rents are projected to start at $2,400 for a studio. The market may be soft now, but the views, and his investment horizon, are forever. “My family’s been building buildings in New York for 60 years, and we build to own over multiple generations,” Spitzer, 58, said on a tour of the site. “The fluctuation of this month over next month, and a bit more supply coming on now, versus last year, is not consequential.” Brooklyn’s post-recession construction boom has been all about rentals, with developers seeing the potential to charge ever-higher prices as neighborhoods gentrify. Now, with a proliferation of high-end projects featuring yoga rooms and party roofs, landlords are offering discounts and free months to keep their units...
Five Takeaways from JLL’s Primetime Panel on Retail | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 02, 2017   151   0   0   0   0   0
JLL hosted a Primetime Panel in New York City on Sept. 28 to discuss the challenges and future of the retail sector with several top-ranking industry executives. Speakers included Stephen Lebovitz, president and CEO of CBL& Associates Properties of Chattanooga, Tenn., Joe Coradino, chairman and CEO of PREIT, and Greg Maloney, president and CEO of JLL’s retail division. Here are some key points from the panel, which was moderated by James Cook, JLL’s director of retail research: Technology can help mall owners understand consumers better. Mall executives said they are increasingly relying on technology and social media to help them figure out their customers’ behavior, such as if they are willing to shop after a trip to the gym. Lebovitz said his firm is investing in technology to track these patterns, as there is increased collaboration with retailers to figure out how people like to shop. For example, CBL recently partnered with RetailNext, a camera system that analyzes traffic patterns to different stores and captures information about customers, such as how long they stay at a specific establishment. JLLalso has plans to partner with a company that utilizes geofencing technology—using the GPS system in a cellphone to track people anonymously—to track everything from where a customer goes within a mall to where they go after. “We cannot learn enough about our customers,” Maloney said. Alternative uses for excess mall space must be explored. Gyms, hotels, dental offices—everything is on the table in terms of possible tenants, the executives said. Lebovitz, for...
News Canadian Real Estate Magazine   October 02, 2017   101   0   0   0   0   0
Halifax has joined a list of suitors vying to be the second North America headquarters (“HQ2”) of Amazon. It might be a tough goal for the Nova Scotia capital.Dozens of large cities across the US and Canada – including Chicago, Toronto, and Vancouver – are seeking to be picked.But Halifax Mayor Mike Savage believes that several key economic trends make the city stand out, apart from its lobsters and beer. “Lobsters and fiddles and bagpipes are really cool but they’re not a value proposition,” Savage told Bloomberg. “There’s no better place in the world to have a drink than Halifax at our many bars and restaurants, but it doesn’t pay the bills.So we’ve been trying to add to that over the last number of years.” According to Savage, affordable housing has been a boon:The average price of a property in Halifax was $288,000 in August, about one-third of Toronto’s and a fraction of the equivalent $852,000 in Amazon’s Seattle headquarters, Bloomberg reported.  Apartments and condos are going up to match the population influx, with housing starts rising 37% in the first half of 2017. The city has reversed an ageing demographic trend.Last year the 25-to-39-year-old age group rose by a record 3,800 people.The city has also stepped up on immigration – international students comprise about
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New residential high-rise in Hamilton to help address scarcity in GTA
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Earlier this week, a Toronto-based real estate investment and...
10 Must Reads for the CRE Industry Today (January 27, 2017)
A bankruptcy filing appears more likely for Sears following news...
 
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Category: News
An ambitious development plan aims to redefine a skyline...
Category: News
Discussions of Canada’s long-running home affordability issue usually focus...
Becoming a Landlord is Just a Click Away
Smaller investors are getting a boost from firms using extensive...
 
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Following a record-breaking number of nominations, the finalist shortlist...
 
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Rents Rise Fastest in Class-B Submarkets | National Real Estate Investor
Apartment rents are growing most quickly in...
 
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Toronto office real estate a red-hot commodity among tech firms
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The latest edition of CBRE’s annual Scoring Tech Talent...
The 10 Highest Paid REIT CEOs Investor
Just how much do the heads of...
 
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Debating the Suburban Revival: Conor Sen, Noah Smith, Justin Fox
(Bloomberg View)—After years of excited talk about...
 
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