Tag Archives: Property/Assets/Rights

Australian Regulators Stand By as Global Mortgage Debt Drives Up Prices

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“Central banks from Scandinavia to the U.K. to New Zealand are sounding the alarm about soaring mortgage debt and trying to curb risky lending. In Australia, where borrowing is surging, regulators are just watching.  Australian household debt is at a 25-year high, according to statistics bureau figures, and a government inquiry this month found housing to be a significant source of risk to the financial system.   The central bank has reduced its benchmark interest rate to a record-low 2.5 percent to aid a recovery in non-mining industries, including residential construction, as the nation’s resources boom slows.”

http://www.bloomberg.com/news/2014-07-27/australian-regulators-watch-as-debt-drives-up-prices-mortgages.html

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Shipping container apartment being erected in Washington this week

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“They are the building blocks of the global economy, 20 million big steel boxes sloshing across oceans on mammoth container ships.  Starting Monday, the first of 18 dented outcasts are set to be stacked in a dug-out District basement, turning a deteriorating student group house into an experiment in creating eye-catching housing fast and on the cheap.  Among the questions raised by the effort: Can hundreds of thousands of discarded sea containers, long talked up by designers, really help create more affordable housing, or is it mostly a gimmick? And just how do you bring humanity to the confines of an 8-by-40-foot box?”

http://www.washingtonpost.com/local/trafficandcommuting/shipping-container-apartment-being-erected-in-washington-this-week/2014/07/20/50adbd04-0e01-11e4-b8e5-d0de80767fc2_story.html

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New-home sales fall 8.1% in June; May sales in record downward revision

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“Paired with June’s slippage, newly updated sales figures for March, April and May show the industry’s spring performance was weaker than previously estimated, the Census Bureau reported Thursday.  Instead of rising nearly 19% from April, May’s sales were only up about 8%. The magnitude of the change was a single-month record for new-home sales data, according to Census records on revisions that date to 1996.  Sales fell from May in every region, led by a 20% decline in the Northeast. The falloffs elsewhere were 1.9% in the West, 8.2% in the Midwest and 9.5% in the South.  The median price of homes sold last month was $273,500, up 5.2% from June 2013.”

http://www.usatoday.com/story/money/2014/07/24/june-new-home-sales/13087091/

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Real-Estate Investors See No Problem With Puerto Rico

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“There have been about $1 billion in upscale-property deals on the island over the past couple of years, local investors say, even as the island’s economy has fallen into a tailspin and analysts raise the specter of default.  Some see their investments as longer-term bets on Puerto Rico’s eventual turnaround, and on tourists’ willingness to overlook the island’s credit concerns. Others are betting that changes to Puerto Rico’s tax code, which eliminates most taxes on investments, will lure thousands of wealthy U.S. citizens.  The Puerto Rican government says so far 280 individuals have relocated to the island for tax reasons, while another 250 businesses have moved to the island.”

http://finance.yahoo.com/news/real-estate-investors-see-no-013300405.html

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Rock-bottom vacancy rates push Colorado rents to all-time high

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“Average rents in Colorado hit a new high of $1,026 in the first quarter of 2014, up 8 percent from $950 in the first quarter of 2013, and 3.4 percent from $992 in the fourth quarter, the Colorado Division of Housing said Wednesday.  The increase was particularly evident in northern Colorado and metro Denver, where Division of Housing economist Ryan McMaken said job growth and demand for apartments continues to outpace construction.  In the Fort Collins-Loveland market, vacancy rates hit a 13-year low of 1.7 percent in the first quarter, compared with 5.2 percent statewide.  The vacancy rate in Denver, measured in May, was 5.1 percent.”

http://www.denverpost.com/business/ci_25943578/rock-bottom-vacancy-rates-push-colorado-rents-all

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Dozens of Irish councils to make property tax cuts, freeze rates

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“Homeowners in more than a dozen city and county council areas are in line for a property tax rate cut next year.  A briefing note, prepared for the Economic Management Council (EMC), says between 12 and 14 councils will have sufficient funds to cut their rate.  However, any reduction in property tax rates would be subject to the Government not landing local authorities with extra costs or cutting their central funding.  Separately, a freeze on the valuation of houses for the property tax for the next five years is also being discussed within the Coalition.  The discussions will come as a welcome boost to families who have been hit with a series of stealth taxes over the past seven years.”

http://www.independent.ie/irish-news/news/councils-can-afford-to-make-property-tax-cuts-30393953.html

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The Retention of Wealth

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“The world has never seen a time like the present one. In most every facet of the economy, personal wealth is threatened. In many countries, there is the threat of greater taxation, devaluation of currencies, collapses in markets, and even outright confiscation of bank accounts.  Consequently, if the powers-that-be exert their power to (quite literally) rob their citizens, those citizens need to determine the safest havens for their wealth that they possibly can… and need to do so before the wolf arrives at the door.  As to what countries the reader might consider, several nations in the world have no income tax.  There are sixteen nations that have no property tax.”

http://www.internationalman.com/articles/the-retention-of-wealth

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Silicon Valley rents soar as tech gobbles space

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“There’s a lot of talk about the red hot residential real estate market in Silicon Valley, but commercial prices are also soaring.  Asking rents in Palo Alto now average $83 a square foot annually. That’s nearly triple the national average.  In the last four years, commercial real estate prices are up 75 percent in Palo Alto and in nearby Sunnyvale and Mountain View, prices are up 68 percent and 115 percent, respectively.  If companies are looking for a bargain on rents, they shouldn’t look to San Francisco. In the last four years, office rents there have soared 70 percent.  The real winners in this red hot market are the real estate developers, who are rushing to build more office buildings to satisfy demand.”

http://www.cnbc.com/id/101727095

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Bursting Switzerland’s bubble

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“Last year, SNP chief Thomas Jordan requested a [buffer] to be introduced for Swiss banks, forcing them to hold an additional one percent of risk-weighted assets to stave off the potential dangers of the housing boom. Earlier this year, as worries about a bubble increased, the SNB instigated a number of policies to prevent any more dramatic rises. This included doubling the capital buffer requirement to two percent. However, despite a partial slowdown since January, Jordan told reporters in March that the work was not yet done. ‘The pace has slowed, but we are far away from the soft landing we want. We don’t yet see the slowdown that we would like to see.'”

http://www.worldfinance.com/wealth-management/bursting-switzerlands-bubble

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Dubai to Build the First Air-Conditioned Mini-City

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“Dubai has unveiled plans to build the largest mall and biggest indoor theme park in what will be the first temperature-controlled mini-city.  The 8-million-square-foot shopping center, dubbed Mall of the World, will include 100 hotels, a medical resort, event facilities, and a theater district—all of which can be shielded from the elements by a large retractable roof. The developer also wants to cash in on the growing medical tourism industry, which counts an estimated 750,000 people a year from the U.S. alone. The Mall of the World will have a 3 million-square-foot health-care complex providing specialized surgery and cosmetic procedures.”

http://www.businessweek.com/articles/2014-07-11/dubai-to-build-the-first-air-conditioned-mini-city

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