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- Chinese firm buys old Free Press, David Stott buildings in downtown Detroit | Detroit Free Press | freep.com
A Chinese firm has bought the former Detroit Free Press and David Stott buildings in downtown Detroit and plans to redevelop the former newspaper headquarters into a $50-million apartment and retail complex.
Shanghai-based DDI Group, also known as Dongdu International Group, was the highest bidder for both buildings last month in back-to-back online auctions, said Ryan Snoek, a regional manager for Luke Investments, the buildings' previous owner.
The DDI Group paid $9.4 million for the 38-story David Stott, 1150 Griswold, and $4.2 million for the Albert Kahn-designed Free Press building, 321 W. Lafayette. Snoek said the prices reflect the auction's 5% buyers premium.
They bought without an inspection.
There's probably some great woodwork and details in those buildings. Let's hope they don't just trash it all.
- No stairs and square rooms only: Demands of the foreign buyers pouring billions into London's property market - Yahoo Finance UK
More than half of London's £1 million property is now being bought by foreign buyers. In fact, overseas money now gobbles up nearly two-fifths of resales and almost three-quarters of new-build property on the market in prime locations.
This astonishing appetite for London addresses has seen a staggering £37 billion injected into London's prime housing market in just seven years, figures from upmarket estate agency Savills show.
But overseas buyers are not one and the same. They come from different parts of the globe and have very distinctive tastes and buying patterns.
So just who are the people pouring money into the capital's property sector like there's nothing better to do with it?
- Home flippers back away as real estate turnover activity declines | 2013-10-16 | HousingWire
Home flipping activity dipped 13% from the same period a year ago, with 32,993 single-family home flips recorded in the third quarter of 2013, RealtyTrac reported Thursday.
"Increasing home prices over the past 18 months combined with decreasing foreclosures have created a market less favorable to the high quantity of middle- to low-end bread-and-butter flips that we saw late last year and early this year," said Daren Blomquist, vice president of RealtyTrac.
Check out how much money the high-end flippers have been making.
- FRB: Beige Book -- October 16, 2013
Construction and Real Estate summary section:
Construction and real estate activity continued to improve in September. Residential construction increased moderately on balance, growing at a stronger pace in the Minneapolis and Dallas Districts but only slightly in Richmond and Philadelphia. Multifamily construction remained stronger than single-family construction in a number of Districts. Residential real estate activity continued to improve at a moderate pace in most Districts, as home sales and prices continued to rise and inventories remained low. Home sales in the New York and Dallas Districts were strong, with the exception of the Jersey Shore, which is still recovering from Hurricane Sandy. The Philadelphia, Atlanta, and Chicago Districts experienced a more modest improvement in home sales. A number of Districts reported concerns from homebuilders and realtors over rising mortgage rates. However, contacts in the Dallas District indicated that rising interest rates were not hurting affordability and contacts in the Boston District suggested some boost to activity by homebuyers entering the market in anticipation of future increases in rates. Nonresidential construction activity remained modest, but varied by market and District. Growth was strong in the Minneapolis District, but up only slightly in Richmond, Atlanta, and Philadelphia. The Cleveland, Chicago, and St. Louis Districts reported increased activity for industrial building, Cleveland noted strong demand from the healthcare sector, and redevelopment of vacant retail space picked up in Boston. Leasing activity continued to improve modestly in most Districts, but was particularly strong in the Dallas District. A number of Districts reported that vacancy rates continued to fall, rents rose, and the outlook for commercial real estate was generally positive.
- Modern Logistics | CCIM Institute
Industrial warehousing and distribution:
Today's tenants are looking for class A space with modern functionality. These requirements range from higher clear heights, ample trailer and employee parking, energy efficiency, and proximity to logistics infrastructure: air freight, intermodal rail, and seaport. Class B and class C buildings cannot offer these prerequisites and therefore are in much lower demand despite closer proximity to the city center.
It leaves older warehouses ripe for conversions or land consolidation for new perhaps non-industrial projects.