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Predictions From Top Residential Real Estate Authority Dottie Herman, CEO Douglas Elliman – Forbes

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As we try to sort out the aftermath of the pandemic and determine the future, I was thinking about a sector that impacts not just our pocketbook, but where we live: residential real estate. So I connected with top residential real estate authority Dottie Herman and asked her about the future of many markets, with a special focus on the nation’s largest real estate market, New York City.

Robert Reiss: What are your predictions for 2025 in some of the major residential real estate markets?

Dottie Herman: No-one can predict the future. Small cities are set to boom in the next five years, while major cities will continue to come off record low prices as a result of the COVID pandemic. Urban markets may see a youth renaissance as they are drawn in by improved affordability through weaker rental rates that began during COVID. Sale and prices may continue to rise for the next several years because the economy is expected to show robust growth. 

  • Dallas, TX: Growth: 25% to 30%
  • Denver, CO: Growth: 25% to 30%
  • Miami Beach, FL: Growth: 12% to 15%
  • New York City: Growth: 10% to 15%
  • San Francisco: Growth: 10% to 15%
  • Atlanta, GA: Growth: 5% to 7%
  • Chicago, IL: Growth: 5% to 7%

Reiss: How did the pandemic impact real estate?

Herman: The pandemic did not change that people need a place to live, what it did change, is that people do not need to be in the office every day, which severely impacted the commercial real estate. Although they are both real estates, residential is doing well, given that people are working from home. Post pandemic, people will continue to work from home, resulting in a decline in commercial real estate. As a result, developers and owners could potentially repurpose space to residential.

Reiss: As you look ahead, what predictions can you make on the long-term impact of COVID on residential real estate?

Herman: A home was always important to people, but people come and go. During the COVID pandemic, the home became even more important to them and this trend will continue. When it comes to life after COVID, people will have a stronger emphasis on health and wellness. Buyers and renters will continue to prefer amenities that contribute to their overall wellbeing. Trends that will continue post pandemic, which including working from home and the office, larger apartments with outdoor space, home offices and multipurpose space will be in demand.

Reiss: How specifically has the pandemic impacted the New York City real estate market?

Herman: New York City is the most expensive housing markets in the country and was the epic center of COVID-19 and virtually shut down in March 2020. In the beginning of the pandemic, the real estate market came to a complete halt. Most people took their homes off the market, being that they could only be shown virtually. At those point, prices dropped, rental vacancies rose, and inventory diminished. Fast forward to September 2020, activity rose, reaching pre-pandemic levels. Inventory opened up creating an opportunity for those that were previously priced out of the market.

Throughout history, New York City has been one of the best long-term real estate investments in the country. People that purchased during the pandemic were able to purchase when both prices and interest rates were at all-time lows. While New York City was the epicenter of the virus, people that believed in the overall recovery of New York City, will be the biggest winners of the pandemic. New York City showed that lower prices presented an opportunity for the real estate savvy and those who were previously priced out. New York City be back to the city it always was.

Reiss: You say New York City will be a stronger market with 10-15% growth by 2025, what do people need to know about the New York City market?

Ten years ago, New York City was rated the second-best city in the world and the first best city in the United States. Five years from now, I believe New York City will be number one in both categories; it will be the number one city in the world! Moving forward New York City will be a younger multigenerational with a healthy diverse mix of people and a multigenerational workforce.

To listen to an interview with Dottie Herman, pre-pandemic go to:

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Hot real estate market sparks warnings to potential buyers as complaints to regulator double

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As home sales in the province continue on a dizzying trajectory, the province’s real estate watchdog and regulator are warning buyers to be wary of what they may be getting into.

The Real Estate Council of B.C. (RECBC) and the Office of the Superintendent of Real Estate said that in the first three months of 2021, they have seen an increase in inquiries and complaints.

Calls to the regulator were up 42 per cent over the previous year, while complaints, such as how offers were made and accepted, were double the number received in the same period in 2020.

“Buying a home is one of life’s biggest financial decisions. There are potential risks at the best of times, but with the added pressure and stress of the current market conditions, those risks are amplified,” Micheal Noseworthy, superintendent of real estate, said in a statement.

 

 

The Real Estate Board of Greater Vancouver says sales in the region have continued at a record-setting pace.

Residential home sales covered by the board totalled 5,708 in March 2021, up 126.1 per cent from March 2020, when the COVID-19 pandemic hit, and up 53.2 per cent from February of this year.

Rural and suburban areas have experienced the biggest spikes.

For the past two weeks, Jay Park has been in the middle of the buying frenzy.

He and his partner are trying to upgrade from their one-bedroom apartment to a two-bedroom condo or townhouse in Vancouver.

“I wish we had done this a month or two ago,” he said.

 

A condo tower under construction is pictured in downtown Vancouver in February 2020. (THE CANADIAN PRESS/Darryl Dyck)

 

Park put an offer on a $1-million condo, $4,000 above asking price.

“To entice the [seller], we put in a subject-free offer, but it wasn’t successful,” he said. “They accepted $110,000 over asking price that was also subject-free.”

The hot market has led to bidding wars. Some would-be buyers have even lined up outside for days to try to get a jump on a property.

Erin Seeley, the CEO of the council, is warning buyers to do their research and be aware of risks before making an offer.

“It’s really important that buyers have engaged with their lender before they’re making offers so they know how to stay within a reasonable budget,” she said.

Seeley said some of the complaints the council has heard from buyers is that they weren’t aware the seller has a right to take an early offer.

“And the seller was really in the driver’s seat about setting the pricing,” she said.

 

Demand continues to outstrip supply for housing in cities like Vancouver. (Rafferty Baker/CBC)

 

Aaron Jasper, a Vancouver realtor, advises clients to avoid cash offers and to include finance clauses even if it may mean they lose a deal.

“There’s a lot of frustration among buyers, feeling pressure to take some risk,” he said.

“You’re better to be delayed perhaps a year getting into the market as opposed to being completely financially ruined.”

Jasper also says realtors are limited in the advice they can give to clients on legal matters, home inspections, potential deficiencies with homes, and financing.

‘Caught up in the craziness’

Other tips from the council include seeking professional advice before making a subject-free offer or proceeding without a home inspection, and speaking to a professional to determine how market conditions may be affecting prices.

Meantime, people like Jay Park say they are still keen to buy. Park has more viewings scheduled and is optimistic.

“It’s a very exciting time for us, but I also don’t want to get caught up in the craziness and make a purchase that’s above our means.”

Source: – CBC.ca

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Black Press Media introduces one of Western Canada’s best real estate platforms helping home buyers Find. Love. Live. that new home

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Need an agent who knows the community?

Or, is it time to look for a new place to live, but you don’t know what’s on the market?

Whatever the real estate need is for residents in the communities of British Columbia, Yukon & Alberta, there’s a new way to do that one-stop shopping – by visiting Today’s Home.

The slogan for the site is “Find. Love. Live.”

“We want people to find their dream home, love it, and live in it,” said group publisher Lisa Farquharson.

Building on the success of Black Press Media’s niche digital platforms – Today’s Home brings the same wealth of knowledge and local expertise to the search for a home, be it buying, selling, or even just daydreaming about what changes you can make in the future.

Search hundreds of listings that local real estate agents have available.

The listings cover properties around the region, from a one-bedroom, one-bath condo for $339,900 to million-dollar acreages throughout the province of BC, Yukon, Central Alberta and beyond.

Click on a listing, and see not only the realtor handling the property sale, but links to his or her other listings and social media feeds. With the click of a mouse, take a virtual tour of the property, find the property’s walking score, and learn about nearby amenities.

There are links available to schedule a showing, or send the agent a comment or question.

Want to share a listing? When you click on the share button, you’ll actually send an attractive digital flyer of the prospective property, not just a link.

There’s even a button to help determine how much you have to spend, courtesy of the convenient mortgage calculator.

Plus, scroll down the page on Today’s Home and find a list of expert local real estate professionals who can answer questions or help with that home sale, Farquharson explained.

Today’s Home offers the advantage of the massive reach that Black Press Media has built throughout Western Canada with its network of community newspapers and online products. That allows the public to tailor real estate searches based on location, price, and other key factors while allowing real estate professionals to gain unprecedented audience reach with their listings.

Today’s Home will dovetail into the media company’s existing print real estate publications.

“Black Press Media has real estate solutions in print and now we can add in the digital component,” Farquharson said.

Watch for expansion of the Today’s Home platform in the near future, she added. That will come as Black Press Media adds a new component – the development community. Developers will be able to reach a huge audience when their projects are ready for presentation.

For information on Today’s Home, contact group publisher Lisa Farquharson at 604-994-1020 or via email.

Happy house hunting!

Source: – Aldergrove Star

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV

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Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.

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The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.

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Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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