- Treasury Recommends Looser Financial Market Controls to Encourage Growth “In light of the shrinking capital markets, the Treasury made several recommendations, including: Repealing sections of the Dodd-Frank Act involving disclosure requirements for natural resources and the median annual total compensation of employees compared to that of the chief executive officer. Increasing the amount that can be raised in crowdfunding to $5 million from $1 million. Opening up private markets to more investors and revisiting the ‘accredited investor’ definition.” (CNBC)
- Details Emerge of Las Vegas Shooter’s Real Estate Gambles “As more details emerge about the life of Stephen Paddock, one thing is clear: on paper, he does not appear to fit a typical profile of a mass shooter. The 64-year-old former accountant who carried out the deadly massacre in Las Vegas on Sunday night was a successful real estate investor who stayed in touch with family and took care of his mother. He was a gambler, but not a reckless one. It appears Paddock liked to have a strategy.” (NPR)
- Stamford, Greenwich Battle It Out for Urban-Suburban Supremacy “Few places in America conjure up images of wealth and exclusivity more than Greenwich. As affluent as it is picturesque, its beaches, sprawling estates and upscale shopping and dining scenes have made it a standout destination in Fairfield County — the mostly leafy enclave filled with bedroom communities on the Long Island Sound. The small-town atmosphere is augmented by a downtown dotted with trendy farm-to-table eateries and fashion-forward shopping.” (New York Post)
- Here’s What $1,500 in Rent Looks Like Around the World “Rental listing site RentCafé recently crunched some numbers to estimate how much square footage $1,500 in rent gets you in 30 of the world's most attractive cities (based on factors like the local economy, livability, cultural interaction and accessibility). Take a look at what your global neighbors are getting for their money.” (Forbes)
- Sears Lands $100 Million Loan from its CEO’s Hedge Fund Ahead of the Holidays “Sears Holdings, the owner of Sears and Kmart stores, will receive a nice chunk of change from its chief executive, Eddie Lampert, ahead of the holiday shopping season. According to a Thursday 8-K filing with the Securities and Exchange Commission, the department store chain has borrowed $100 million from affiliates of Lampert's hedge fund, ESL Investments. ESL has also agreed to lend as much as $100 million more to Sears by Dec. 1.” (CNBC)
- Share of Rent-Burdened Households Declines in Possible Reversal of Trend “After the housing crisis, the share of renters who spent so much on housing that they couldn’t afford food, medical care, clothing or other necessities soared to record levels. Now that trend is reversing. Across the 53 largest metropolitan areas in the U.S., the share of rent-burdened households—those that spend more than 30% of their incomes [on rent is declining.]” (Wall Street Journal, subscription required)
- S.F. Real Estate Is the Most Overvalued in the U.S., According to Banking Giant “Don’t call it a bubble. San Francisco’s real estate market is merely ‘overvalued,’ according to a new report from UBS. The financial services firm’s annual Global Real Estate Bubble Index says that, even amid rising prices, the relatively high incomes in San Francisco make buying a home here ‘relatively feasible.’ However, San Francisco is still the most overvalued city in the U.S., according to the report, which points out that prices here have outpaced the nation as a whole by 260 percent over the last 40 years.” (San Francisco Gate)
- First Look at the $500M Willis Tower Redevelopment “In February, Blackstone and Equity Office revealed the modernization plans for Chicago’s 110-story Sears Tower, now known as Willis Tower. The $500 million investment is well underway, with four new tenant spaces completed to date. David Moore, senior vice president & portfolio director at Equity Office, weighed in on the project’s evolution and the company’s focus on enriching and enhancing the day-to-day lives of its customers, employees and people that visit its buildings daily.” (Commercial Property Executive)
- A New Extreme for This Sharing Economy: Shoe Rentals “The discount shoe purveyor DSW says it wants to give its customers what they want, which is how the chain has arrived at this: shoe rentals. The retailer announced last week that it is considering adding a rental service, as well as shoe repair and storage facilities, to some of its 511 shoe-and-accessories stores. The experiments are part of a broader effort by DSW, which stands for Designer Shoe Warehouse, to get more customers into its stores.” (The Washington Post)
- Market Strengthens in Inland Empire “Riverside and San Bernardino counties continued to grow in the first half of 2017, adding jobs at some of the strongest rates in California. Although the sectors with the bulk of growth encompass mostly lower-paying jobs, demand for housing and a tepid rate of multifamily development pushed rent growth to 4.7 percent year-over-year as of July. Even with nearly 2,000 units projected to come online in 2017, average occupancy will most likely remain above the 96.0 percent mark.” (Commercial Property Executive)
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