- Bidding Wars Overheated the Home-Buyer Market, Now They’re Coming for Renters “An increasing number of white-collar professionals—some of whom recently sold homes—are reluctant to buy because of record-high home prices, rising mortgage rates and limited supply. They are renting instead, helping to drive a frenzy for leased properties of all kinds, and helping fuel the trend of offering above asking rents, real-estate agents said.” (The Wall Street Journal)
- Investors—including Wall Street—helped to drive up home prices during the Pandemic Housing Boom. Here’s the proof “It's now abundantly clear that investors did indeed help accelerate the housing boom and drive up U.S. home prices. At least that's what Fortune concluded after looking over recent data published by Redfin, Freddie Mac, and the Harvard Joint Center for Housing Studies.” (Fortune)
- Yelp closes three US offices, says remote work is its future “In a blog post Thursday, Yelp Co-Founder and CEO Jeremy Stoppelman said the company will close its offices in New York, Washington and Chicago on July 29. The online review and reservation company also plans to downsize its office in Phoenix.” (Associated Press)
- City dwellers who fled during pandemic didn’t move far away “While a full return to office remains a distant prospect in cities like Chicago, New York and San Francisco, workers who left highly populated areas either stayed close to the city or just moved to another neighborhood, according to foot traffic analytics firm Placer.ai.” (The Real Deal)
- A city is taking on investors buying homes in the Midwest — and winning “The Port of Greater Cincinnati Development Authority, a government entity of Ohio tasked with community and economic development, showed up with $14.5 million in hand, enough to win the auction. Now, its plan is to rent out those units itself and put the renters on a course to own the properties.” (Insider)
- The Wild History of the Real ‘Only Murders’ Building “From the get-go, the Belnord was a newsmaker — an edifice of excess, a home for hyperbole. When it was finished in 1909, covering a full city block at West 86th Street and Broadway, the architect boasted that it was the largest apartment building in the country, and maybe the world.” (The New York Times)
- Hotels Are Taking Wellness to Extremes, From IV Drips to MRIs “Hard to say what constitutes ‘authenticity’ as far as five-star amenities are concerned, but banishing the lot to a single corner of any property is definitely not good business these days. As travelers re-emerge from their fugue states, ready to attend to out-of-whack immune systems, thickened waistlines and scarred psyches, the race to win the wellness war is on.” (The Wall Street Journal)
- At REBNY gala, Hochul pledges to “support” real estate “She did not elaborate, but her message hinted at the recently expired tax break 421a. For multifamily developers, the tax exemption will be top of mind next legislative session. Though the governor laid out several real estate-friendly proposals in her executive budget, including a replacement to 421a, few were approved.” (The Real Deal)
- Sternlicht's Starwood Looks to Unload 3,000 Homes for $1 Billion “Starwood Capital Group is exploring the sale of two portfolios of single-family rental homes, seeking to unload roughly 3,000 properties as the once-frenzied US housing market cools.” (Bloomberg)
- Jeff Bezos-Backed Real Estate Investment Platform Acquires Another $23 Million Worth Of Single-Family Rental Homes “In the past 30 days, the platform has fully funded approximately $11 million worth of rental properties, compared to $5 million for the entire first quarter of 2022. The number of investors using Arrived Homes has doubled in the last two months, making it difficult for the company to purchase enough homes to meet demand.” (Benzinga)
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