Connect with us

Real eState

The Most Interesting Real-Estate Stories of 2020 – Livemint

Published

 on


At the start of 2020, Mansion’s reporting stretched from the Koch brothers’ vast (and very expensive) real-estate portfolio to how retirees could apply for mortgages on a fixed income. There was the story about Madrid’s luxury market finally putting the 2008 financial crisis in the rearview mirror. And the other that looked at why wealthy millennials were eschewing the suburbs for move-in ready homes close to cities.

Then March happened, and seemingly, our priorities shifted overnight.

Like many industries in the U.S., the coronavirus pandemic shook real estate down to its foundation, flipping markets upside-down and changing the way developers, designers and especially real-estate agents conduct business. Even homeowners had to adapt, from the way they configured their own spaces, to where and why they bought certain properties.

Many stories that appeared in The Wall Street Journal’s real-estate section this year examined the industry through the lens of Covid. But despite the pandemic, sales moved forward. Brokers leaned into technology to show properties and seal deals. And people fell in love with their homes all over again, or gave them a much-needed refresh.

And not all of our stories were defined by the pandemic. If the world is spinning, real estate is happening.

Read on for a closer look at Mansion’s most interesting reads of the year.

Covid-19 Pounds New York Real Estate Worse Than 9/11, Financial Crash

The city’s luxury market was teetering amid a glut of high-end condos even before the coronavirus outbreak. The pandemic pushed it over the edge.

Covid is Forcing Real-Estate Developers to Rethink Buildings

Developers are reconsidering everything from how shared living spaces and kitchens are configured to the number of balconies and elevators they have planned for buildings.

TikTok Studios, Zoom Rooms and Co-Working Spaces Are the New Must-Have Home Amenities

For millions of Americans working remotely, a home office became an absolute must-have during the pandemic. These spaces take it to the next level.

For Black Designers, a Surge of New Visibility and Business is ‘Bittersweet’

Following a general reckoning of race relations in the U.S., many Black architects and interior designers saw more visibility and increased demand. Above all, the professionals we interviewed for this story wanted to be recognized for the quality of their work.

Some of Boston’s Priciest Real Estate Is Sinking Into the Earth

Rotten wood pilings are threatening to sink some of the city’s most expensive homes. And buyers who purchase these properties are on the hook for repairs.

As Lake Michigan Rises, Homeowners Scramble to Protect Their Properties

Water levels on Lake Michigan are on track to reach their highest levels on record since 1918. Homeowners are rushing to preserve their properties, made increasingly difficult by coronavirus.

South Dakota Cowboy Who Won $232.1 Million Powerball Lists $41.15 Million Ranch

Neal Wanless was living in a camper after his family’s home was repossessed when won the Powerball in 2009. Now he’s selling the 50,000-acre ranch he assembled with his winnings for $41.15 million.

Wealthy Property Owners All Want a Slice of Hawaii’s Kona-Kohala Coast

Both celebrities and billionaires are jockeying for space along this once remote corner of the Big Island, despite the area’s history of human disputes and volcanic activity.

For These Intrepid Boaters, Life Is but a Great Loop

On every boater’s bucket list: The Great Loop, a roughly 6,000-mile journey that circumnavigates the eastern half of the U.S. and part of Canada. We joined a few Loopers making the journey on luxury watercraft.

Model Train Enthusiasts Are Parking Their Railroads in Souped-Up Spaces

All aboard! Model railroaders are spending hundreds of thousands of dollars to build elaborate rooms in their homes for their tricked-out train sets.

(This story has been published from a wire agency feed without modifications to the text)

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Calgary Real Estate Board predicts COVID-19, decreased demand for oil to hamper housing market – Global News

Published

 on


Calgary’s real estate board is predicting home sales, prices and new listings will be on the rise in 2021, but their growth will be restricted by the continued impacts of COVID-19 and reduced demand for oil.

The Calgary Real Estate Board says in its annual outlook report that overall sales in the Alberta city and its surrounding neighbourhoods will reach 16,928, a five per cent increase from 16,151 in 2020.

Read more:
Calgary’s downtown office vacancy rates hit record levels amid oilpatch woes

CREB is forecasting that prices will edge up by 1.3 per cent to hit $423,307.

While new listings fell by nearly nine per cent last year and resulted in the slowest year for new listings since 2002, CREB is expecting they will rise in 2021 as owners who delayed sales during the early stages of the pandemic put their homes on the market.

Story continues below advertisement


Click to play video 'Calgary home sales see modest growth in December'



2:25
Calgary home sales see modest growth in December


Calgary home sales see modest growth in December – Jan 15, 2021

CREB says the market will be helped along by low lending rates and pent-up demand for homes, but persistently high unemployment could spell trouble for the region.

Read more:
‘Small businesses are struggling to stay alive’: Alberta’s jobless rate remains among highest in country

CREB believes the region’s housing supply would see big gains if layoffs continue and people need to adjust their housing to match their new employment situation.

The board warns that consolidation in the energy sector is expected to continue, which would hamper employment and housing activity in the higher price ranges.

© 2021 The Canadian Press

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Real estate sales during COVID-19 lockdown can cause anxiety for tenants – NewmarketToday.ca

Published

 on


Having multiple strangers constantly coming into your home can be stressful and frustrating for families trying to be safe during a COVID-19 pandemic lockdown, but it’s a situation tenants are powerless to prevent. 

“I can’t even visit my kids’ grandma, but 18 to 24 people can come through my home,” said Tyler Robinson, whose landlord put up for sale the house in which he, his wife and daughter are living. 

Despite the province’s stay at home and emergency order restrictions, real estate sales are allowed to continue.

Robinson, a Barrie resident, reached out to NewmarketToday regarding his concerns because the listing agent is Grace Simon, who is also a Newmarket councillor. 

Well aware that he couldn’t deny entry to his landlord or his agents, Robinson expressed his concern and frustration about the high volume of realtors and potential buyers — up to eight a day — trekking through his home throughout the selling process.

Robinson said public health guidelines were not always being followed by the people he was obliged to allow into his home.

“We have had to sit there and get our three-year-old daughter and my wife in a mask and wait for these people to leave so I can disinfect things. People don’t even follow the rules — one woman pulled her mask down to ask my wife if the appliances were working,” he said.

Even when the showings were scheduled when the family was away from home, Robinson said his security system cameras caught the realtors taking things like business cards out of their pockets and putting them on his table.

“Did you disinfect those cards before you put them in your pocket, or are they in a plastic bag? It’s getting a little ridiculous,” he said.

The purchase is now complete, but Robinson said he doesn’t think his family should have been put in such a stressful situation when they are trying to stay safe. 

Simon, who is a sales representative with exp realty brokerage, said she and other realtors have found themselves at a nexus of competing pressures — the need to keep tenants safe, the need for people to continue to sell and buy properties, and the need for real estate agents to continue to make a living.

“It’s frustrating when tenants are upset because I have been trying my best to keep them safe. But there are just circumstances when people must sell,” she said. 

The province maintains real estate is an essential service, however, open houses are banned and showings, if necessary, must be made by appointment.

Simon said she has been following current guidelines issued by the Real Estate Council of Ontario and had requested other realtors viewing the property to do the same.

The family who owns the house in which Robinson’s apartment is located needed to sell the home following the death of a family member, Simon said. She priced the home aggressively — it has since been purchased — and allowed other realtors to bring their clients for showings, she added. 

“I wanted to get a lot of showings in a few days so it would be over quickly. But in the meantime, everyone needs to follow strict guidelines … Had it not been for the landlord’s situation, I would not have listed this property because of the tenants.”   

Simon said she instructed the realtors bringing clients to the home to limit the size of groups to two people, sanitize surfaces, and follow all public health guidelines and precautions. But she wasn’t present at the showings and can’t say for certain that they all followed those instructions.

Just like in the rest of society, there are too many people in the real estate industry who are not taking precautions as seriously as they should, and realtors need to be extra vigilant, especially when they are putting tenants in an awkward situation, Simon said.

“This is an issue, and people are not following the rules. If we are going to keep being designated an essential service, we need to make sure we are sticking with all the guidelines. But I did everything I could to make sure they had those guidelines.”

The real estate council is calling for realtors to ideally get the consent of the tenants for showings and “strongly recommends” such showings be kept to a minimum. But they can still go ahead with 24 hours of notice allowed under the Residential Tenancies Act. 

“We encourage all parties to approach such situations with a desire to be flexible and understanding, with full consideration of the risk of transmission associated with in-person showings,’ the guidelines state.

Other guidelines from the council include:

  • Ask buyers or their representatives to screen for COVID-19; 
  • Record the name and contact information of each person;
  • Consider requiring all clients to book an appointment in advance;
  • Abide by a schedule to encourage consumers to wait for their turn;
  • Limit the number of individuals allowed into a home at one time based on the size of the property;
  • Maintain physical distancing of at least two meters metres from people outside of your household or social circle;
  • Clean and disinfect high-touch surfaces as frequently as is necessary to maintain a sanitary environment;
  • Ensure all lights are on and all doors (including closets) are open in areas consumers may want to see;
  • Recommend to client that they disinfect their home after open houses;
  • Disinfect lockboxes and keys on exiting the home.

The Ontario Real Estate Association published its own guidelines that also call on realtors to do their best to accommodate tenants’ concerns, to limit the people going through a property, and to rely on virtual tours as much as possible. It also recommends that no more than two visitors be allowed at a time, something that Robinson said did not happen with all visits at his home.

According to the Ontario Landlord and Tenant Board, the fact that there is a lockdown or a state of emergency does not give tenants the right to refuse the landlord or their agent reentry into their unit. 

“However, the (board) is mindful of the government’s advice for Ontarians to practise self-isolation and physical distancing during the COVID-19 pandemic. Tenants should discuss the issue with their landlord and explain concerns they may have regarding the situation, and try to work it out in a cooperative way,” said the board in a statement to NewmarketToday.

“If a landlord and tenant are unable to reach an acceptable resolution, we recommend that parties seek legal advice on their options.”

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Calgary Real Estate Board predicts COVID-19, decreased demand for oil to hamper housing market – Global News

Published

 on


Calgary’s real estate board is predicting home sales, prices and new listings will be on the rise in 2021, but their growth will be restricted by the continued impacts of COVID-19 and reduced demand for oil.

The Calgary Real Estate Board says in its annual outlook report that overall sales in the Alberta city and its surrounding neighbourhoods will reach 16,928, a five per cent increase from 16,151 in 2020.

Read more:
Calgary’s downtown office vacancy rates hit record levels amid oilpatch woes

CREB is forecasting that prices will edge up by 1.3 per cent to hit $423,307.

While new listings fell by nearly nine per cent last year and resulted in the slowest year for new listings since 2002, CREB is expecting they will rise in 2021 as owners who delayed sales during the early stages of the pandemic put their homes on the market.

Story continues below advertisement


Click to play video 'Calgary home sales see modest growth in December'



2:25
Calgary home sales see modest growth in December


Calgary home sales see modest growth in December – Jan 15, 2021

CREB says the market will be helped along by low lending rates and pent-up demand for homes, but persistently high unemployment could spell trouble for the region.

Read more:
‘Small businesses are struggling to stay alive’: Alberta’s jobless rate remains among highest in country

CREB believes the region’s housing supply would see big gains if layoffs continue and people need to adjust their housing to match their new employment situation.

The board warns that consolidation in the energy sector is expected to continue, which would hamper employment and housing activity in the higher price ranges.

© 2021 The Canadian Press

Let’s block ads! (Why?)



Source link

Continue Reading

Trending