Real estate market – Josh Adams Realtor http://joshadamsrealtor.com/ Mon, 18 Oct 2021 12:20:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://joshadamsrealtor.com/wp-content/uploads/2021/10/josh.png Real estate market – Josh Adams Realtor http://joshadamsrealtor.com/ 32 32 Investment Opportunities in the Ottawa Commercial Real Estate Market https://joshadamsrealtor.com/investment-opportunities-in-the-ottawa-commercial-real-estate-market/ https://joshadamsrealtor.com/investment-opportunities-in-the-ottawa-commercial-real-estate-market/#respond Mon, 18 Oct 2021 12:20:06 +0000 https://joshadamsrealtor.com/investment-opportunities-in-the-ottawa-commercial-real-estate-market/ While Ottawa has maintained its status as a safe city for business investment, the COVID-19 pandemic has changed the way investors view commercial properties in the capital. Over the past 18 months, the commercial real estate market has undergone unprecedented stress for landlords and tenants, as businesses have canceled leases, malls have been left empty […]]]>

While Ottawa has maintained its status as a safe city for business investment, the COVID-19 pandemic has changed the way investors view commercial properties in the capital.

Over the past 18 months, the commercial real estate market has undergone unprecedented stress for landlords and tenants, as businesses have canceled leases, malls have been left empty and Main Street retailers have gone. closed their doors for good.

Because of this uncertainty, members of the Ottawa Real Estate Board’s Commercial Network say a slowdown in commercial real estate investment was inevitable as buyers were reluctant to buy properties without guaranteed financial returns.

However, as Ottawa moves forward on the road to recovery, investors are eager to capitalize on new real estate opportunities in the capital region, said Michael Pyman, vice president of national investment services at Colliers.

“After a record year like 2019 where we have seen record trading volumes, it can be said that the last two years have been asleep,” said Pyman. “But, real estate remains an investment strategy and we are already seeing signs that the market is livening up with some big deals going on.”

Finding security in retail

While Main Street retailers and local stores have been hit the hardest by pandemic closures, one segment of the retail market remains a commodity for investors.

Properties with essential service retailers – a grocery store, drugstore or Walmart – are in high demand, as they are seen as more resistant to pandemics and less likely to experience tenant turnover.

“From an investor’s perspective, they look at these buildings with these tenants and they see the most stable asset they can buy in the retail industry right now,” says Graeme Webster, partner and co-founder of KOBLE Commercial Real Estate. & Brokerage. “We have been through a very difficult time, and they have proven that they can withstand economic uncertainty, which makes them a great attraction for investors.”

Sales agents are also seeing increased demand for these properties outside of town.

As residents continue to stay closer to home, investors are taking a similar approach – buying properties outside of major urban areas, says Webster.

Retail businesses in Peterborough, Pembroke and Carleton Place are of interest to all investors, especially since they are cheaper.

“These secondary and tertiary markets are just as strong because of these investment opportunities,” adds Webster. “A Tim Hortons or a Giant Tiger in Arnprior is arguably just as valuable as in Ottawa. Essential retail is essential everywhere you look.

The race for industrial space continues

Ottawa is also a hotly contested market for industrial space – a market that investors and tenants alike vie for their hands, Pyman says.

Interest in the capital has continued to climb as industrial property vacancy rates remain low and rental rates rise.

However, with the lack of new products or large scale land developments available in Ottawa, it is becoming increasingly difficult to meet customer demand.

“Investors come from all over looking for products in Ottawa, but there are very few 500,000 square foot properties available for large pension funds or REIT investors,” Pyman explains. “And when they come into the market there is a lot of competition, depth of supply and we keep seeing the prices go up.”

As the Ottawa commercial real estate market continues to evolve and adapt to pandemic trends, it is more important than ever to work with an OREB commercial member to navigate the market, Pyman adds. With so much economic uncertainty, a trusted commercial real estate agent can assure you that you are making a good investment for years to come.

Not all real estate agents are real estate agents. REALTOR® is a trademark of the Canadian Real Estate Association and stands for service, competence and high ethical practice. Members of OREB’s business services network are expected to meet high standards of education and experience. To find a commercial real estate agent, go to https://www.oreb.ca/find-a-realtor/commercial-result/

How can an OREB member help you?

Commercial real estate agents provide professional services, including:

  • Exclusive access to thousands of listings through the MLS system;
  • Professional advice based on market knowledge, experience and education;
  • Representation of tenants and owners;
  • Real estate and rental investment advice


Source link

]]>
https://joshadamsrealtor.com/investment-opportunities-in-the-ottawa-commercial-real-estate-market/feed/ 0
The Truth About the Upstate Real Estate Market (and How an Experienced Agent Can Help) https://joshadamsrealtor.com/the-truth-about-the-upstate-real-estate-market-and-how-an-experienced-agent-can-help/ https://joshadamsrealtor.com/the-truth-about-the-upstate-real-estate-market-and-how-an-experienced-agent-can-help/#respond Thu, 14 Oct 2021 22:49:46 +0000 https://joshadamsrealtor.com/the-truth-about-the-upstate-real-estate-market-and-how-an-experienced-agent-can-help/ This 5 BD, 3.5 BA estate sits on 2 acres in the heart of downtown Greenville + is currently on the market | Photo provided The real estate market in GVL is hot. Here’s how it affects potential home buyers and sellers (and our # 1 tip on how to navigate it). ?? By the […]]]>


This 5 BD, 3.5 BA estate sits on 2 acres in the heart of downtown Greenville + is currently on the market | Photo provided








The real estate market in GVL is hot. Here’s how it affects potential home buyers and sellers (and our # 1 tip on how to navigate it). ??

By the numbers

  • 1,456: How many houses are on the market in GVL *
  • $ 333,562: The average selling price for all completed sales * ^
  • 96%: The sales / list price ratio * ^ (read: houses sell for asking price)
  • 32: The average number of days GVL homes remain on the market before being sold * ^

Interested in selling your home?

First of all, be prepared. Things are moving fast. Because it is a sellers market (which means there are a lot of buyers), once a house is listed on the market, it usually goes under contract quickly.

When working with a knowledgeable real estate agent, such as a local expert at CB Cain, you will be prepared for a whirlwind of activities + access to in-depth professional networks.

CB Caine agents also have access to the latest market data and comps to properly assess your home so you are able to get the best deal.

Interested in buying a new home?

What does being in a seller’s market mean to buyers? There are currently more demand for housing than available housing.

That’s why, more than ever, a home buyer needs more than a real estate agent they need a partner. CB Caine’s full-time agents are equipped to thrive in a busy market, with knowledge of the field + experience of the local landscape of GVL.

CB Cain prepares agents for success with:

  • Coaching: Continuous training paid by the company for agents
  • Mentoring: Non-competing brokers available 24/7 for agents
  • framing: Access to cross-sector performance coaches + market analysts
  • Culture: A community focused on well-being and growth

What this means for you: CB Caine agents have the tools to empower buyers and sellers best possible personalized experience + a competitive advantage in the market.

Bonus: Their Agent Match Concierge can match you with the agent best suited to your home buying or selling needs. Happy hunting at home. ?? ??

* Data provided by CB Caine experts via Greater Greenville Association of REALTORS®.

^ Data from 10/01/2020 to 10/01/2021.

Survey


Source link

]]>
https://joshadamsrealtor.com/the-truth-about-the-upstate-real-estate-market-and-how-an-experienced-agent-can-help/feed/ 0
How Arizona’s doctor shortage is affecting the real estate market https://joshadamsrealtor.com/how-arizonas-doctor-shortage-is-affecting-the-real-estate-market/ https://joshadamsrealtor.com/how-arizonas-doctor-shortage-is-affecting-the-real-estate-market/#respond Thu, 14 Oct 2021 17:36:03 +0000 https://joshadamsrealtor.com/how-arizonas-doctor-shortage-is-affecting-the-real-estate-market/ The Honorable Joanne Osborne of the Arizona House of Representatives recently said Arizona ranks 42sd in the country for acute primary care physicians, with only 77.9 physicians per 100,000 population. At this rate, the state is only meeting an estimated 44% of our primary physician needs. The physician shortage is also spreading nationwide, with the […]]]>

The Honorable Joanne Osborne of the Arizona House of Representatives recently said Arizona ranks 42sd in the country for acute primary care physicians, with only 77.9 physicians per 100,000 population. At this rate, the state is only meeting an estimated 44% of our primary physician needs. The physician shortage is also spreading nationwide, with the United States to face shortage of up to 139,000 physicians in just over a decade.


READ ALSO: Top 5 Predictions for Residential Real Estate in Phoenix


Dr Bruce Levin is a physician and RE / MAX Fine Properties agent.

Because Arizona – and Maricopa County in particular – has an unusually low number of medical schools for its growing population, the state lacks local talent, so it attracts and recruits doctors from across the country. As lawmakers strive to address this physician shortage by planning to build and fund more medical schools, expand existing programs, and add residency positions, it is likely that we will continue to see many doctors move to Arizona to help meet the growing demand for doctors.

I experienced this as a physician who moved to Arizona from the Philadelphia area in 2003. This, along with my work as a real estate agent, allowed me to understand the unique needs of healthcare professionals. coming into the state.

Residential needs can be met by an agent who knows what doctors need in a home – especially now with the increase in telemedicine and the need for a well-equipped home office.

Other important considerations for incoming physicians include the need for a prime home location close enough to reach emergency rooms, hospitals, and the office for convenient and high-quality care, as well as good schools for their children, privacy away from the office, and other demands of physicians and their families.

Knowing what kind of office space a doctor needs is also essential. I partner with sales agents in my office to find suitable office space to meet the needs of each physician while considering key factors such as the size and number of treatment rooms, waiting room, ADA requirements and space needed for large equipment. I also work closely with lenders specializing in medical and dental loans.

Dr Bruce Levin is a physician and RE / MAX Fine Properties agent. Hospital recruiting departments, new out-of-state physicians, or even Arizona physicians looking to expand, relocate, or move to a better location are encouraged to contact Dr. Levin at RE. / MAX Fine Properties at 602-614-2767 or blevin@fineprop.com.


Source link

]]>
https://joshadamsrealtor.com/how-arizonas-doctor-shortage-is-affecting-the-real-estate-market/feed/ 0
Real estate market watch bulletin for September 2021 https://joshadamsrealtor.com/real-estate-market-watch-bulletin-for-september-2021/ https://joshadamsrealtor.com/real-estate-market-watch-bulletin-for-september-2021/#respond Thu, 14 Oct 2021 17:30:29 +0000 https://joshadamsrealtor.com/real-estate-market-watch-bulletin-for-september-2021/ Berkshire Hathaway HomeServices Gallo Realty provides this monthly analysis of the real estate market in Sussex County, Delaware. Whether you are a buyer, seller, or just interested in the market, we hope you find this analysis useful. As a buyer, this can be a valuable tool in making an offer on a property. Having up-to-date […]]]>

Berkshire Hathaway HomeServices Gallo Realty provides this monthly analysis of the real estate market in Sussex County, Delaware. Whether you are a buyer, seller, or just interested in the market, we hope you find this analysis useful. As a buyer, this can be a valuable tool in making an offer on a property. Having up-to-date information on the selling prices of comparable properties will allow you to make the smartest offer. As a seller, having the knowledge to determine the listing price for your property can help you get the best possible sale price in the shortest time possible. Contact one of our agents for reliable information on the real estate market.

To download the full Market Watch newsletter, Click here.

The statistics referenced here and in the attached bulletin are based on single family detached homes, derived from the Bright Multiple Listing Service.

Active ads / Current inventory
At the end of September, there were a total of 734 units on the market, a 3% increase from the previous month’s stock of 715 units. Of the 734 homes on the market at the end of the month, 40% are new constructions. houses. Current homes on the market represent less than 2 months of inventory, with a current absorption rate of 406 homes sold per month so far in 2021. There have been 500 new single-family home listings put on the market in September, with 48% of them under contract at the end of the month.

Closed sales
For the first nine months of 2021, single-family home sales in Sussex County are up 3% from a year ago, with 3,654 homes sold compared to 3,533 for the first nine months of 2020. The areas with the largest increase were the Georgetown area. , up 45% and the Angola / Long Neck / Millsboro zone, up 26%. The area with the largest decline is the Milton / Harbeson / Broadkill Beach area, down 12%.

Home Prices
The average selling price of single-family homes in Sussex County increased in the first 9 months of last year to $ 516,334 from $ 461,651, a 12% increase. The median selling price also increased in the first 9 months of 2020, $ 390,000 from $ 349,900, an increase of 11%.

Pending sales
Pending sales for the first nine months of 2021 are up just under 1% from a year ago, with 3,843 homes under contract through September 2021, up from 3,826 in 2020.

Days on the market
The average number of days on the market for homes under contract is down 49% for homes that closed through September of this year compared to last year. In 2021, the current average number of days on the market for these closed houses is 41 days, compared to 80 days until September 2020.


Source link

]]>
https://joshadamsrealtor.com/real-estate-market-watch-bulletin-for-september-2021/feed/ 0
Epazz’s CryObo technology will revolutionize the real estate market https://joshadamsrealtor.com/epazzs-cryobo-technology-will-revolutionize-the-real-estate-market/ https://joshadamsrealtor.com/epazzs-cryobo-technology-will-revolutionize-the-real-estate-market/#respond Wed, 13 Oct 2021 12:00:00 +0000 https://joshadamsrealtor.com/epazzs-cryobo-technology-will-revolutionize-the-real-estate-market/ Through the tokenization of development properties, secure real estate property tokens Chicago, Illinois – (Newsfile Corp. – October 13, 2021) – Epazz Inc. (OTC Pink: EPAZ), a leading provider of blockchain cryptocurrency mobile applications and cloud-based enterprise software solutions, has announced today that the CryObo technology, initially developed for the hemp industry, will enter the […]]]>

Through the tokenization of development properties, secure real estate property tokens

Chicago, Illinois – (Newsfile Corp. – October 13, 2021) – Epazz Inc. (OTC Pink: EPAZ), a leading provider of blockchain cryptocurrency mobile applications and cloud-based enterprise software solutions, has announced today that the CryObo technology, initially developed for the hemp industry, will enter the real estate market, offering the possibility for real estate developers to obtain financing through the tokenization of real estate transactions and allowing these transactions to access the symbolic markets.

The tokens will be backed by real estate. Real estate developers will assess the current value; however, the future of real estate will be assessed. The goal is for real estate developers to access the future value of properties once the land is developed and the buildings are constructed. This technology would allow real estate developers to raise capital on better terms and the token holder to increase token valuations and earned income.

Our goal is to launch CryObo in early 2022. This decentralized financial system would be the first real-world company to support the tokenized economy. It would be beneficial to finance farmers, help their customers with discounts and offer incentives to the retail sector. The company will soon launch the GSS pool, Greenheart Subscription Stake. When customers wager a certain number of X tokens, the company will automatically ship a subscription service of that product each month.

Shaun Passley, Ph.D., CEO and President of Epazz Inc., said, “We believe that the real value of blockchain technology is transforming old industries. The real estate industry needs to change the way business is done. CryObo will bring blockchain technology to just one of the oldest industries. “

About CryObo Inc.

CryObo Inc. will enhance its software to give real asset-backed early access businesses an easy way to access token markets. The business platform will change the way people trade real estate, digital assets, crops and commodities by enabling businesses to access the future value of their assets. The growth of Bitcoin and other cryptocurrencies brings new regulations for large financial services companies, which will need a smart solution to manage their growing portfolios.

About Epazz Inc. (www.epazz.com)

Epazz Inc. is a leading cloud-based software company specializing in delivering custom cloud applications to the corporate world, higher education institutions, and the public sector. Epazz BoxesOS v3.0 is the complete enterprise software package for small and medium businesses, Fortune 500 enterprises, government agencies, and higher education institutions. BoxesOS provides a combination of many web applications that an organization would otherwise have to purchase separately. Other Epazz products are DeskFlex (room planning software) and Provitrac (candidate tracking system).

PORT SR

The “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be made. identified by the use of forward-looking language, such as “may”, “expect”, “intend”, “estimate”, “anticipate”, “believe” and “continue”, the negative of this or similar terminology. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results or from those suggested by such forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by such forward-looking statements. Epazz Inc. assumes no obligation and does not intend to update any forward-looking statements. It has no obligation to update or correct information prepared by third parties that is not paid for by Epazz Inc. Investors are encouraged to review Epazz Inc.’s public documents on SEC.gov and otcmarkets.com , including its unaudited and audited financial statements. and its OTC Markets documents, which contain general business information about the operations of the company, the results of its operations and the risks associated with the company and its operations.

Contact

For more information please contact
Investor Relations
investors@epazz.net
312-955-8161
www.epazz.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99463


Source link

]]>
https://joshadamsrealtor.com/epazzs-cryobo-technology-will-revolutionize-the-real-estate-market/feed/ 0
Raleigh’s tech scene is taking the local real estate market to new heights https://joshadamsrealtor.com/raleighs-tech-scene-is-taking-the-local-real-estate-market-to-new-heights/ https://joshadamsrealtor.com/raleighs-tech-scene-is-taking-the-local-real-estate-market-to-new-heights/#respond Sat, 09 Oct 2021 22:06:15 +0000 https://joshadamsrealtor.com/raleighs-tech-scene-is-taking-the-local-real-estate-market-to-new-heights/ Raleigh, North Carolina has the highest percentage of house bidding wars in the country. While the national housing market is showing signs of cooling, the Research Triangle continues to heat up. Interest in the region is booming thanks to a growing tech scene and big investments from Apple. Aubrey McCarn, a millennial teacher, made an […]]]>
  • Raleigh, North Carolina has the highest percentage of house bidding wars in the country.
  • While the national housing market is showing signs of cooling, the Research Triangle continues to heat up.
  • Interest in the region is booming thanks to a growing tech scene and big investments from Apple.

Aubrey McCarn, a millennial teacher, made an offer on the asking price for the very first home she visited in Raleigh, North Carolina, in June.

As a hopeful first-time home buyer navigating a crazy pandemic-hit real estate market, she knew she had to be intentional and aggressive. And she wasn’t surprised to lose this bidding war.

“They only showed the house for one day,” she told The News and Observer. The property had 20 potential buyers who visited the open house and 15 of the visitors – including McCarn – made an offer. “That one sold for, I think, $ 40,000 above the asking price,” she said.

The competition in Raleigh is fierce. Brokerage Redfin just found out that about 87% of homes in the local market experienced bidding wars in August, making it the fiercest real estate market in the country. Less than half of the homes on the market saw bidding wars last August. Separately, Zillow found that the typical value of a home in Raleigh was $ 371,544, up 23.5% from last year, while the typical value of a home in the United States was $ 303,288, up 17.7% from last August.

Across the country, the national housing market is showing early signs of cooling. Redfin found that the national average of homes that had bidding wars in August fell to around 59% – the lowest level since the start of the pandemic.

Yet Raleigh’s local market has remained vibrant, in part due to the region’s emergence as a technology hub.

Big tech companies have had a significant presence in Raleigh for years. IBM was the first major company to set up in the region. An outpost launched in 1965, shortly after the opening of Research Triangle Park, a 7,000-acre campus that is home to science and technology companies as well as startups, nonprofits, and government agencies. Today, IBM has more than 8,000 people working in the park and has probably inspired other big companies like SAS Institute and Cisco Systems to open their shops there.

Even though tech companies have grown steadily over time, the pandemic has given the region a noticeable boost.

A recent LinkedIn analysis found that Raleigh has been attracting dozens of relocated tech workers since at least 2019, with its local tech talent now making up over 9% of the population. It landed at No.3 on LinkedIn’s list of metropolitan areas with fastest growing tech communities, behind Madison, Wisconsin and Colorado Springs, Colorado.

Brian Xu, a senior data scientist who worked on the report, told Insider the reason is twofold: University graduates are choosing to stay near their alma maters after the pandemic, and big companies are considering these once-maligned college towns as being second level.

Metro Raleigh is home to a “triangle” of universities: Duke University, the University of North Carolina at Chapel Hill, and the State of North Carolina, all of which have strong science, technology, and engineering programs. . Research Triangle Park sits between the three schools.

“If you were a student and moving to an expensive big city,” the recent increase in remote work has probably inspired you to “stay close to your college town,” Xu said.

chapel hill unc

Students at the University of North Carolina at Chapel Hill walk past the school’s iconic well amid the coronavirus pandemic.

Melissa Sue Gerrits / Getty Images


And now, in a world where employees have the power to choose where they live, “a lot of businesses traditionally in San Francisco and Seattle are actually paying more attention to small and medium cities,” Xu said. “People want to live in mid-sized cities with affordable prices and bigger houses.”

Case in point: In April, Apple pledged to build a billion-dollar research and development campus that will attract 3,000 additional tech workers to the region. He followed Google, which announced the creation of a Google Cloud hub in Raleigh that would create more than 1,000 engineering jobs in March.

“It could be the flipping of the switch, taking us from one of the most affordable markets in the United States to a luxury market,” Camille Malcolm, local real estate agent at United Real Estate, said of the arrival of Apple in the region. “With their minimum wage so high,” she continued, “it could really end up pushing people out of affordable housing.”

Insider previously reported that some senior jobs at Apple can pay up to $ 325,000.

George Roa, who is looking to buy a modest starting house in the Research Triangle after moving from New York, told a local CBS affiliate that it was hard to compete with that level of capital. “Sometimes the minute the house is on the market it’s gone,” he said. “Sometimes you don’t even have the chance to go see it,” he continued.

Suburban home in Raleigh, North Carolina.

The type of suburban home in Raleigh that real estate agent Camille Malcolm said would sell in under a week.

Malcolm MacGregor / Getty Images


Malcolm called the current market “super emotional” for those who can view a property. “If you stop at a house and like the neighborhood and the house has everything you’re looking for,” more often than not, “as you walk through the door, another potential buyer walks in,” Malcolm says. And that buyer is probably from out of town and probably has a higher budget than you, she added.

“Make your best offer,” Malcolm recommended to contestants. Sometimes that includes forgoing due diligence or praying “you have family members who are willing to give you money for the offer,” she said. “These houses don’t even stay on the market for a week.”

McCarn knows this stress firsthand: “It’s a little scary,” she told The News and Observer, “to have to offer at least $ 10,000 more than asking price and to be diligent reasonable before having the house inspected “.

She finally took advantage of a pre-approved mortgage to put down 21% on a $ 300,000 house that was only on the market for four days in June.

Do you have a story to share about your own home search or moving to Raleigh? Contact this reporter by sending an email to tborden@insider.com.


Source link

]]>
https://joshadamsrealtor.com/raleighs-tech-scene-is-taking-the-local-real-estate-market-to-new-heights/feed/ 0
Culver City real estate market becomes content capital – The Hollywood Reporter https://joshadamsrealtor.com/culver-city-real-estate-market-becomes-content-capital-the-hollywood-reporter/ https://joshadamsrealtor.com/culver-city-real-estate-market-becomes-content-capital-the-hollywood-reporter/#respond Fri, 08 Oct 2021 22:20:01 +0000 https://joshadamsrealtor.com/culver-city-real-estate-market-becomes-content-capital-the-hollywood-reporter/ In 1995, Adam Lilling, founder and managing partner of PLUS Capital, a venture capital consulting firm that helps talent invest in startups and build brands, moved into an office in Culver City, whose days of glory as a home of MGM and RKO were gone. “The office we were in was always leaking – if […]]]>

In 1995, Adam Lilling, founder and managing partner of PLUS Capital, a venture capital consulting firm that helps talent invest in startups and build brands, moved into an office in Culver City, whose days of glory as a home of MGM and RKO were gone. “The office we were in was always leaking – if it was raining you were in trouble,” he recalls. “You just drove to work and got out of there. [Culver City] was not a place you wanted to stop and hang out. … My perception was that it was just a sleeping place and warehouse.

Fast forward to 2021: Amazon Studios, WarnerMedia, Apple, and TikTok have all occupied offices in the city for the past four years, joining Sony, which bought the old MGM studios in 1990. On October 8, Apple announced he was further increasing his presence in Culver City; it is building two new connected facilities along National and Venice boulevards in what will be a headquarters of over 550,000 square feet for its teams across the region.

Lilling (who has lived in Culver City since 2008) can’t believe the changes he’s seen. “It’s mind-boggling what’s going on here,” he said. Jeff Pion, vice president of powerful commercial real estate player CBRE, agrees. Culver City, he says, is now “one of the world’s content capitals. [and] one of the most dynamic markets in Los Angeles.

Colin Diaz, president and CEO of the Culver City Chamber of Commerce, says the development of the Hayden Tract area over the past decade has marked a turning point for the city. Once a dilapidated light industry district, the district has been transformed by architectural firms like Eric Owen Moss and development groups like Samitaur Constructs and Newmark into a cutting-edge mixed-use business center for startups. technology, advertising agencies and design firms.

New demand for streaming content, the arrival in 2012 of the light rail with the Expo line, an abundance of existing studio infrastructure and a central location all worked in Culver’s favor. “It’s the center of the donut in that it’s very central to West LA, Santa Monica, Beverly Hills, Pacific Palisades, Malibu, Hollywood, Silver Lake, and Manhattan Beach,” says Pion.

Apple’s content division leased this office building at 8777 Washington Blvd., developed by LPC West and Clarion Partners. The Ivy Park Project, where HBO, long based in Santa Monica, rented space.
Courtesy of CBRE, Courtesy of Lincoln Property Company

One of the largest owners is Hackman Capital Partners, which bought Culver Studios in 2014. It leased most of the complex to Amazon while expanding it. Hackman has invested millions in developing the adjacent mixed-use development The Culver Steps, which has 45,000 square feet of retail space and 80,000 square feet of office space (where Amazon has also leased), and in January has spent $ 160 million to buy the Sony Animation Studios campus.

Other major developments include One Culver from CBRE (renovated in 2017 by Gensler), where Apple leased over 150,000 square feet, and the $ 350 million mixed-use Ivy Station from Lowe Enterprises, where WarnerMedia (including HBO) rented a space. Entertainment and tech companies are also buying. In 2020, Apple purchased an entire block of warehouses and offices for $ 162 million in partnership with Venice Pacific Investments. (Apple’s first foray into Culver City was in 2014 when it moved its Beats by Dre division to offices there.)

In the second quarter of the year, the prices charged for office space in Culver were $ 4.34 per square foot, up 17% from Greater LA, per CBRE.

The influx of powerful players has brought countless support companies seeking office space in the region. “A lot of these companies are peripheral to cinema or television, and they are able to work directly with the biggest players in the community. They have formed their own ecosystem here locally. said Diaz.

As the space available in Culver City shrinks, its rebirth spreads to neighboring communities. Carmel Partners’ Cumulus District, a massive new mixed-use development, aims to connect West Adams to Culver City. The project includes a 31-story residential tower and a 1-acre park.

CBRE Pawn calls the city “a wonderful place to do business.” It’s a small town, the city officials are responsive, they are accessible, it’s a fantastic business environment.

Other entertainment companies that have moved to Culver City include video game company Scopely, which opened an office there in 2013 and has since more than doubled the amount of space it rents. A Scopely spokesperson explains why it chose to locate in Culver City (it also has offices in Europe and Asia): located in a city and appealing to a creative and innovative vibe.

The boom certainly increases the number of jobs. Diaz estimates that the influx of the industry will bring between 7,500 and 9,500 jobs to the city. In April 2021, Apple alone announced that it planned to have 3,000 additional employees in Culver City by 2026. As of 2019, Sony Pictures Entertainment is the city’s largest employer, with around 3,000 people working working there.

To ensure residents benefit from the meteoric growth, the House is launching a program called Hire Culver. “We aim to have a job site where residents can apply for positions a few weeks before opening them to the general public,” says Diaz.

However, not all of the city’s 40,000 residents are happy with the pace of change. There are traffic concerns, which City Council hopes to alleviate by increasing micro-transportation options (i.e., small-scale, on-demand transit). And some residents fear their quaint town may lose its soul as high-priced condominiums soar and the median home selling price hits a record high of $ 1.3 million in 2021.

The influx of jobs in the entertainment industry has also brought in increasingly hip restaurants and high-end retail stores, such as in the 5-year-old Platform retail project. “[The residents] will always refer to things like Mayberry. It does not matter. If it all ended today, it will never come back, ”says Diaz. Among the recent restaurant openings is Etta, by Chicago-starred chef Danny Grant, who just made his debut at the new Shay Hotel, part of the Ivy Station development.

Lazy loaded image

Render of the Shay’s rooftop pool in Culver City.
Le Shay, a Destination by Hyatt hotel

Producer Dave Ragsdale (Pink Opaque), who has lived in Culver City for seven years, compares the changes to what his old Cobble Hill neighborhood in Brooklyn went through in the early 2000s. “I know there was a loss to the community and character of Culver City, ”he said. “But we’re pretty happy with downtown and all the restaurants that pop up.”

A version of this story first appeared in the October 6 issue of The Hollywood Reporter magazine. Click here to subscribe.


Source link

]]>
https://joshadamsrealtor.com/culver-city-real-estate-market-becomes-content-capital-the-hollywood-reporter/feed/ 0
Toronto Area Move Smartly Real Estate Market Report: October 2021 https://joshadamsrealtor.com/toronto-area-move-smartly-real-estate-market-report-october-2021/ https://joshadamsrealtor.com/toronto-area-move-smartly-real-estate-market-report-october-2021/#respond Fri, 08 Oct 2021 20:46:37 +0000 https://joshadamsrealtor.com/toronto-area-move-smartly-real-estate-market-report-october-2021/ Many housing analysts and economists have long argued that the current price acceleration trends that we are seeing in the Toronto area housing market are entirely due to a “lack of supply” and that the cause of this. lack of supply is municipal and provincial constraints on zoning (see my discussion on this earlier in […]]]>

Many housing analysts and economists have long argued that the current price acceleration trends that we are seeing in the Toronto area housing market are entirely due to a “lack of supply” and that the cause of this. lack of supply is municipal and provincial constraints on zoning (see my discussion on this earlier in this report) and the “red tape” that slows the construction of new housing.

While more can be done to remove some constraints on the supply side (as noted above), blaming the supply tends to be a sustainable one-size-fits-all solution.

A recent trend in the data illustrates why this one-note explanation risks us missing other – equally remarkable – explanations of what is happening in the market.

The first problem is a tendency to ignore explanations on the demand side.

Under the current Liberal government, which first came to power in 2015, Canada has seen an overloaded number of immigrants and non-permanent residents settling in Canada, rising from an estimated 300,000 per year to 500,000 just before the Covid-19 pandemic (which caused those numbers to drop sharply due to international travel and border restrictions).

In light of this, economist Mike Moffatt recently asked an intriguing question on Twitter:

14_Moffatt

The short answer to his question is that municipalities do not change their official plans in response to demand shocks like this – at least not immediately – these plans are generally long-term in nature, revised and updated every day. 5 to 10 years.

So when our federal government accelerates our population growth and local authorities and market players such as municipalities and builders do not respond quickly enough to meet this new demand – the resulting spike in house prices is overwhelming. roughly economic 101 because demand quickly exceeds supply. under The Trudeau government.

Another problem is confusing long term trends with short term ones and we are currently seeing some interesting things with regard to the latter.

One of the main drivers of the rapid appreciation of home prices in Toronto over the past month has been the rapid decline in the number of homes available for sale. Last month there were only 4,607 homes available for sale (“active listings”), well below the 10-year average of 11,368 for September.

22_House_ActiveListings

When we look at the volume of new listings in the market in the first three quarters of 2021 compared to the 10-year average for those quarters, we find that new listings are 3% ahead of the 10-year average. years. This suggests that “new signup” levels are not a key factor in the currently low number of “active signups” we say, as many have suggested on social media and in the media.

11_NewListingsQ1toQ3

If we look at the number of sales over the same period, the first three quarters of this year, compared to the 10-year average for the same period, we find that sales this year are 26% above the 10-year average. In terms of actual home sales, 12,366 more homes were sold this year than the 10-year average.

12_SalesQ1ToQ3

This jump in sales figures suggests that particularly strong demand has been the main driver of this current trend. Given the unprecedented impact of the Covid-19 pandemic, which has seen many people seek more spacious housing, coupled with the significant monetary and fiscal stimulus introduced to reduce the economic fallout, it is reasonable to assume that these factors may have contributed to a sudden increase in demand. for homes in the Greater Toronto Area.

It is this sudden increase in demand that has resulted in a record number of “active listings” available. While the number of “new listings” was in line with historical trends, the 12,366 additional sales this year, driven by this demand, resulted in a decrease in the number of homes available for sale at any given time.

Getting back to the offering, it’s surprising to see that while sales this year are up 26% from the 10-year trend, new listings are only up 3% over the same time periods, because an increase in sales would normally result in an increase in the number of new Ads.

A significant number of home buyers today (who contribute to the high number of sales) are also home owners and normally when these homeowners expand or downsize into a new home they are selling their current property – ie. This is why we expect to see new announcements higher than what we are currently seeing.

One of the reasons that new listings have not accelerated much is that many homeowners who are expanding (say from a condo to a house) or downsizing try to keep their current home as an investment property rather than to sell it.

Recent research published by the Equifax rating agency found that the number of people adding a fourth or more mortgages (i.e. investors with more than four properties, etc.) has increased twice as fast as the number of first-time borrowers. A recent report by the Canadian Housing Statistics Program also found that a sharp increase in the number of buyers search for investment properties in Canada.

“The people who cram the fastest in Canada’s scorching housing market already own one house – or in some cases three or four. “

– Bloomberg, September 29, 2021

We can also see this trend by looking at the evolution of new rental listings over time.

The graph below shows the number of homes for rent in the first three quarters of each year in the city of Toronto. Unlike the condominium market, where the rise in rental listings is largely the product of the completion of new condominiums and units, the same is not true for the low-rise home market. Not only is the rate of construction of new low-rise homes much lower, they are not popular with traditional real estate investors as an investment like condos are.

15_New rental announcements

Of any region in the Greater Toronto Area, the City of Toronto has seen the most dramatic increase in rental listings between the pre-COVID year of 2019 and the current year, an increase of 46%. This is probably due in part to the trend of Covid-induced urban exodus over the past year, which has seen many people abandon city life in favor of more rural properties. Many of these homeowners who moved appear to have kept their existing homes and simply rented them out rather than selling them.

Of course, an increase in the number of new listings does not necessarily mean that this is the result of the relocation of the people who are renting them. It may be just the product of the high turnover of existing rentals as more tenants move out of town.

To determine if this is the case, we looked at all new rental listings in a given year and looked back to see if the last transaction on the same property was a lease or a sale. If the last transaction was a lease, we considered this property to be part of the current rental pool (for example, an existing owner appears to be renting their house because their current tenants are moving out); however, if the last transaction was a sale, we classified it as new upcoming rental stock on the market (for example, because these homes were either previously owner-occupied or newly purchased and are newly rented).

What we found is that almost all of the growth in new rental listings in 2021 was the result of properties that had not been previously rented. This lends weight to the explanation that new rentals, and not just the high turnover of existing rentals, are a key part of the story and that part of it concerns owners holding onto their properties and praise them when they buy other ones. As an anecdote, in my own brokerage, Realosophy Realty, clients looking to buy a new home often ask us if we can help them “work the numbers” to see if they can keep their existing homes as. as rental investments.

Getting back to the issue of housing affordability, I often hear economists argue that strong investor demand is a good thing for our housing market as these investors add to the rental supply and thus make the rental more affordable.

But as house rents rise at a rate slightly above the rate of inflation, house prices have jumped 134% in ten years – I think policymakers should be a little more concerned about how investors might look. contribute to the rapid acceleration of prices.

16_PriceRentGrowth

One political solution would be to see our government put regular homebuyers ahead of high net worth investors by tightening mortgage criteria for investors buying multiple properties, presumably both by increasing the supply as fewer homeowners would be able to to keep their existing home after buying another and reduce demand, which is not a bad thing in a market like Toronto where nearly one in four homes is bought by investors (according to a study by the Bank from Canada).

However, this is not one of the policy proposals put forward by the Liberals in their recent re-election campaign, which, like that of other parties, was largely focused on the need to build more new housing – which is true. occurs when one only sees “long-term supply” issues, regardless of what the data actually says.


Source link

]]>
https://joshadamsrealtor.com/toronto-area-move-smartly-real-estate-market-report-october-2021/feed/ 0
The industrial and logistics real estate market is soaring https://joshadamsrealtor.com/the-industrial-and-logistics-real-estate-market-is-soaring/ https://joshadamsrealtor.com/the-industrial-and-logistics-real-estate-market-is-soaring/#respond Fri, 08 Oct 2021 00:24:14 +0000 https://joshadamsrealtor.com/the-industrial-and-logistics-real-estate-market-is-soaring/ Australia appears likely to be the main beneficiary of the boom in investment in the logistics and industrial property market, according to a new report from JLL. Driven by the need for large warehouse spaces for things like pure e-commerce, the logistics and industrial market has broken investment records nationwide over the past 12 months, […]]]>

Australia appears likely to be the main beneficiary of the boom in investment in the logistics and industrial property market, according to a new report from JLL.

Driven by the need for large warehouse spaces for things like pure e-commerce, the logistics and industrial market has broken investment records nationwide over the past 12 months, JLL notes .

They predict that the trend is expected to continue with expectations that there will be a further acceleration in transaction activity over the next five years.

JLL forecasts indicate that logistics and industrial transaction volumes in the Asia-Pacific region will reach $ 50-60 billion between 2023 and 2025, compared to $ 25-30 billion in 2019-2020, with Australia proving a key market.

“In the Asia-Pacific region and globally, we are seeing large institutional investors looking to increase their capital allocation to the logistics and industrial sector,” said Tony Iuliano, Head of Capital Markets, Manufacturing and Logistics at JLL, Australia .

“Australia’s strong investment fundamentals, including a highly transparent market, stable revenue collection and strong prospects for short-term rental growth, are encouraging more groups to consider expanding into our markets. keys nationwide.

“The challenge most of these investors currently face is having access to products that are large enough to meet their needs.

“Large portfolios like Milestone take time and expertise to compile, and when significant opportunities are presented in the market, they are always hotly contested. “

Competition for large blue chip assets in Australia has seen yields in most key markets decline significantly over the past 12 months.

Blue-chip market returns compressed by up to 100 basis points in parts of Melbourne and Sydney during the year through the second quarter of 2021, according to JLL Research.

Annabel McFarlane, senior director of industrial research at JLL, said the level of yield compression seen in Sydney and Melbourne over the past 12 months was unprecedented.

“As both markets came off a higher base than most established global cities, we are now seeing market-equivalent returns shifting to 3.”

“It was exclusively the territory of large population centers like New York (3.77%), Paris (3.60%) and London (3.25%).

“However, along with the expectations of further squeezing over the remainder of 2021, this demonstrates that the Australian logistics and industrial investment market has rapidly grown in importance on the global stage,” said Ms McFarlane.


Source link

]]>
https://joshadamsrealtor.com/the-industrial-and-logistics-real-estate-market-is-soaring/feed/ 0
Hot WNY Real Estate Market Slows Down Slightly https://joshadamsrealtor.com/hot-wny-real-estate-market-slows-down-slightly/ https://joshadamsrealtor.com/hot-wny-real-estate-market-slows-down-slightly/#respond Wed, 06 Oct 2021 20:00:00 +0000 https://joshadamsrealtor.com/hot-wny-real-estate-market-slows-down-slightly/ Emily Cornwell has worked in the real estate industry for six years. As an Associate Broker at Howard Hanna Real Estate Services, she is about to list a home in the Parkside neighborhood of Buffalo. She says it’s always a good time to sell your house. “It’s definitely a sellers market,” she said. “The inventory […]]]>

Emily Cornwell has worked in the real estate industry for six years. As an Associate Broker at Howard Hanna Real Estate Services, she is about to list a home in the Parkside neighborhood of Buffalo. She says it’s always a good time to sell your house.

“It’s definitely a sellers market,” she said. “The inventory has not balanced out for the pool of buyers and the number we have.”


What would you like to know

  • If you’re still looking for new accommodation, it’s not too late
  • Even though the National Association of Realtors says there has been a slight cooling, the market is still hot for buyers
  • Across the country, sales of existing homes fell 2% in August

She says there are even more people looking to buy than there are existing homes available. Combine that with low interest rates and it creates a hot housing market.

“This market has been hot,” she said. “It’s manageable, however, in the sense that you find out what your customers’ needs are. You find out what their goals are. Their schedule. What is most important to them. And then you work in that direction while guiding them in their best interest.

But Cornwell and other agents have seen a slight cooling in the market lately. It’s a trend across the country, where sales of existing homes fell 2% in August according to the National Association of Realtors, but prices are up nearly 15% year-over-year. And with a few more homes for sale, it makes life a little better for people who are trying to buy a home.

“It’s not impossible,” she said. “If you are a buyer and you are working with the right agent, trust is built there and you are working in the right area of ​​which makes sense given what you are looking for and your situation, it is all. quite possible to get the right house now too.

While sellers are in a good position to get the best value for their money, she has a few tips for buyers who might be concerned about bidding on homes or having to wait longer than they would like.

“I think sometimes it’s important to be patient – to have confidence that the right thing will be presented at the right time,” she said.

A little bit of endurance for those in need who want to get into their perfect home.


Source link

]]>
https://joshadamsrealtor.com/hot-wny-real-estate-market-slows-down-slightly/feed/ 0