News Alerts. Oct. 9, 2013. Afternoon Edition. #RealEstate

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  1. Bicoastal Cities Top List of Most Expensive Streets for Office Rents- Jones Lang LaSalle News Alerts. Oct. 9, 2013. Afternoon Edition. #RealEstate

    The Top 10 Most Expensive U.S. Streets for Office Space:

    1. Sand Hill Road, Menlo Park, Calif.: $111.00 p.s.f. (-2.5%)

    Historically the most expensive area in Silicon Valley, Sand Hill Road has deep roots with the venture capital community and houses the top VC firms in the greater Bay Area.

    Source …

  2. Brooklyn condo boom cooled by rentals | Crain’s New York Business News Alerts. Oct. 9, 2013. Afternoon Edition. #RealEstate

    Apparently, turning up one’s nose at Brooklyn is long since passé.

    Developers are choosing to build rentals instead of condos in the borough, mainly to take advantage of soaring rents. Rents in August climbed higher in Brooklyn than in Manhattan, up 4.6% compared with 1.8%, from last year.

    Source …

  3. Commercial Real Estate Shows Steady Growth News Alerts. Oct. 9, 2013. Afternoon Edition. #RealEstate

    … the apartment market, the report suggests that this sector “is likely to see vacancy rates edge up only 0.1 percentage point from 3.9 percent in the third quarter to 4.0 percent in the third quarter of 2014, with construction rising to meet increased demand.” Those markets where the vacancy rates have fallen to below 5 percent are deemed a “landlord’s market”, since the demand paves the way for higher rental rates.

    Among the metro areas where multifamily vacancy rates are at their lowest levels were New Haven, CT (1.9 percent) Syracuse, N.Y. (2.0 percent) New York City and San Diego, with (2.1 percent each) and Minneapolis, MN (2.2 percent). The report projects that average apartment rents will go up by 4.0 percent by the close of 2013 and another 4.0 percent next year. Finally, 266,700 units should be the total for the multifamily net absorption and 259,800 over 2014.

    The article also covers the office, industrial, and retail markets.

    Source …

  4. Supply shortage in Phoenix housing market finally loosening – for now – Phoenix Business Journal News Alerts. Oct. 9, 2013. Afternoon Edition. #RealEstate

    The chronic supply shortage that has had a stronghold on the metro Phoenix housing market this past year is finally loosening its grip and may return to a state of normalcy by year end, according to the latest Arizona State University report released Friday.

    Source …

  5. Debt default fears push mortgage rates lower | 2013-10-03 | HousingWire News Alerts. Oct. 9, 2013. Afternoon Edition. #RealEstate

    Interest rates are continuing to drop because of a combination of factors, including economic data remaining tepid, which is pushing the Federal Reserve to continue its bond-buying program until members see the economy fully accelerate.

    “Generally, coming out of a recession, you see a lot of acceleration, but we have not seen a large jump in jobs or the economy, so people are looking at the recovery and realizing it’s on a thin foundation,” explained Quicken Loans chief economist Bob Walters.

    He concluded, “That’s why the Federal Reserve is pushing the pedal to the medal on quantitative easing. The Fed, coupled with economic demand and debt ceiling uncertainty, has given people more cover to understand that the end of low rates is not upon us quite yet.”

    The forces covered in the linked article are working against currently rising yields (which are lower prices). That works to drive mortgage rates up, the opposite of what the Fed has been doing. So, the legislature’s and White House’s fiscal inactions are working against the Fed’s efforts.

    Source …

  6. Understanding the new routine maintenance safe harbor for landlords | Inman News News Alerts. Oct. 9, 2013. Afternoon Edition. #RealEstate

    Among the 222 pages of the new regulations are several brand-new “safe harbors” intended to help taxpayers avoid having to deal with the complex issue of whether an expense is an improvement or repair. They are called “safe harbors” because if you take advantage of them, you’ll be safe from the IRS. Several of these safe harbors are particularly important for owners of rental real estate.

    Source …