- U.S. Housing Starts, Building Permits Increase in November “U.S. homebuilding surged to an eight-month high in November amid an acute shortage of properties on the market, though higher prices for raw materials and labor shortages remain a constraint. Housing starts increased 11.8% to a seasonally adjusted annual rate of 1.679 million units last month, the highest level since March, the Commerce Department said on Thursday. Data for October was revised down to a rate of 1.502 million units from the previously reported 1.520 million units.” (CNBC)
- Los Angeles Hotels Bounce Back to Pre-COVID Levels While Other Cities Lag Behind “Hotel bookings in Los Angeles returned to 100% of their pre-pandemic levels in October and November 2019, considerably above the national average, as many innkeepers scrambled to keep up their standards amid staffing challenges and supply chain issues. L.A.'s comeback milestone was reported by international hotel commerce platform SiteMinder, which thousands of hotels use to sell rooms online.” (Los Angeles Times)
- Multifamily Construction Hits Highest Level Since 1974 “The South dominated new housing starts, making up more than half of all new units in November.” (Bisnow)
- MORE Residential, Stockbridge Form $4B SFR Partnership “MORE Residential and Stockbridge Capital Group have become the latest investors in the growing single-family rental market, announcing they have formed a $4 billion joint venture to acquire SFR communities in high-growth U.S. markets. The joint venture between MORE Residential, an owner and operator of residential rental properties, and Stockbridge, an investment firm, has the potential to scale further over time.” (Multi-Housing News)
- Investors Bargain Hunt in Evergrande Bonds Amid Default “Some money managers purchased bonds of China Evergrande Group in recent weeks as the property developer toppled into default and prices hit record lows. Fund managers are betting creditors will recover far more than the debt’s current prices suggest, despite the likelihood of a complex restructuring. The real-estate company has $20 billion of international bonds outstanding, making it one of the world’s largest distressed-debt investments at the same time low interest rates have investors looking for ways to boost returns.” (The Wall Street Journal)
- Real Estate Boomed in 2021, But These NYC Buyers Lost Big “Introducing the biggest losers in real estate’s bull market. Most investors made a killing over the last two years as prices leapt across virtually every sector of the residential market. But some investors are learning that even supposedly ironclad ‘Swiss bank vault’ Manhattan towers carry big risks. The XI, a massive $2 billion, 236-unit condo project with twisting twin towers designed by superstar architect Bjarke Ingels, is currently rotting along the High Line in Chelsea.” (New York Post)
- New York Towns Opting Out of Marijuana Sales Worry About the Kids “New York towns have just two weeks left to ban cannabis stores and consumption lounges under the state’s marijuana legalization law signed earlier this year. Those that don't opt-out by December 31 cannot restrict operations going forward, and the timeline has triggered a flurry of local government hearings where the safety and benefit of legal marijuana are being debated anew. So far, elected officials in 28% of New York’s more than 1,500 municipalities have voted to opt out of allowing dispensaries, while 32% opted out of consumption sites, according to the Rockefeller Institute of Government, which is tracking the votes, though no clear pattern has emerged.” (Gothamist)
- Infamous Hotel Cecil Reopens as Affordable Housing, Hospitality Plans Scrapped as Coronavirus Casualty “The property will provide housing for 600 low-income tenants.” (Bisnow)
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