News Alerts. Oct. 19, 2013. Morning Edition. #RealEstate

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  1. Construction Spending 2013 | New York Building Congress News Alerts. Oct. 19, 2013. Morning Edition. #RealEstate

    Construction spending soared in the boom days of 2007, but those numbers are peanuts compared to what we’re on track to see this year.

    Construction spending in New York City is on track to reach $31.5 billion in 2013, a 14 percent jump from last year’s $27.6 billion and topping 2007’s high of $31.1 billion, according to a forecast from the New York Building Congress, cited by the New York Observer.

    And that number is expected to continue growing, hitting $33.4 billion in 2014 and $37 billion in 2015, said the report, completed along with the New York Building Foundation and with help from Urbanomics.

    Those don’t appear to be inflation-adjusted numbers.

    Source …

  2. Housing recovery took a minor hit during shutdown | 2013-10-17 | HousingWire News Alerts. Oct. 19, 2013. Morning Edition. #RealEstate

    While the housing forecast remains mostly unchanged, the contentious negotiations that led to Congress temporarily raising the debt ceiling may have a lingering impact on consumer confidence in the housing market.

    Consequently, the housing recovery will be temporarily interrupted, but not derailed, according to Fannie Mae’s recent outlook.

    They see mortgage rates at 5% in a year, but the Fed may not have seen the unemployment and inflation rates it wants enough to allow that. We shall see.

    Source …

  3. A Glimmer of Hope for Condominium Developers | Snell & Wilmer L.L.P. – JDSupra

    On September 26, 2013, the House of Representatives took a major step in simplifying the sale and lease process for condominium developments, voting 410/0 in favor of H.R. 2600, introduced by New York Republican Congresswoman, Carolyn Maloney. The bill must now be considered by the Senate and President Obama and, if passed, the Interstate Land Sales Full Disclosure Act (“ILSA”) would be amended to exempt the sale and lease of condominium units from the existing registration and disclosure requirements under the statute. This change in federal law would be significant for developers of condominium projects who have, historically, had to satisfy a statutory exemption or comply with rigorous registration and disclosure requirements, even though condominiums were not contemplated when ILSA was enacted in 1968.

    Not all regulation and deregulation is created equal. This may represent good deregulation.

    Read the article for some details. It’s very short.

    Source …

  4. Housing Market Pushing Toward Healthy Equilibrium – News Alerts. Oct. 19, 2013. Morning Edition. #RealEstate

    “Our September data on inventory counts, median list prices, and median time on market has shown another month of steady leveling, but the recovery certainly remains uneven in some pockets,” said Errol Samuelson, president of®. “Some of the more industrial-based markets clearly continue to struggle, yet others are showing significant price gains over this time last year. While we are pleased to see a continued trend toward a healthy market balance, imminent economic factors could pose a significant threat to these improvements.”

    Source …