Monday, July 28, 2014

Home sales in United States reach maximum eight months

Sales of existing homes in the United States rose in June to its fastest pace in eight months, a sign that the housing market is emerging from a period of weakness.

The National Association of Realtors (NAR, for its acronym in English) reported Tuesday that sales of existing homes rose 2.6% in June to an annualized rate of 5.04 million units.

The figure was higher than expected by analysts and marked the third consecutive month in which the sales pace has accelerated existing housing.

The recovery in the housing sector stagnated in the second half of 2013 due to an increase in interest rates and a reduction in the supply of properties available for sale boosted prices.

However, mortgage rates have dropped a bit in recent months and the country's labor market has improved, which has helped the housing market.

The May sales rate was revised up to a pace of 4.91 million units from the previously reported rate of 4.89 million units.

Sales also have been supported by the fact that more homes are coming to market, preventing prices from rising so quickly.

The number of existing homes for sale on the market rose to 2.3 million in June, the highest level since August 2012 and 6.5% more than in June last year.

Monday, July 21, 2014

The commercial real estate investment in Spain reached post-crisis highs

The interest of international and institutional investors by the Spanish commercial real estate market has hit a new post-crisis record. With nearly 2,500 million in the first half of 2014, investment grew by 110%, according to data from the consulting firm BNP Paribas Real Estate.

The interest of these foreign operators, together with the activity of the newly created Socimi, Spanish REITs, has provided non-residential investment in Spain during the first half of the year has been fired in annual terms. Retail assets have obtained the largest market share, with 38% of the total amount invested, followed by hotels (29%) and offices (27%).

Although domestic investment has grown 150%, starring purchases totaling 810 million euros in the first six of the year, the bulk of foreign investment has been -65% of the total. Of particular importance have investors from non-traditional areas in the Spanish market, such as China, Latin America or the Persian Gulf.

During the study period, institutional investors have also confirmed their interest in the Spanish market, leaving for private investors, both domestic and international, only 18% market share, 12 points less than in 2013.

A institutional funds and REITs has fallen 64% investment of the semester, and is expected to Socimi activity to accelerate in the second half of 2014 and 2015 Chapter seller, highlights the activities of financial institutions, themselves or through their estate, and real estate companies.

Strong competition for prime assets, which have been virtually exhausted in the office and retail segments of the two major cities, Madrid and Barcelona, ​​has had the effect of compression of prime yields. Thus, the prime office yield has gone from 5.8% to 5.6% in Madrid and from 6% to 5.75% in Barcelona in the last quarter.

"All indications are that during the remainder of 2014 will remain the same frantic activity in the investment market that has been taking place since the end of 2013 beginning of improved absorption of space in early 2015 is expected with consequent improvement return on assets. however, is to provide a new understanding of the rates of return on core assets in prime locations, both office and retail. sector is experiencing a diversification into opportunities in secondary markets and real value added "explains Francisco Manchon, investment director at BNP Paribas Real Estate in Spain.

Monday, July 14, 2014

The most expensive building in New York: 740 Park Avenue, the new real estate gem

At number 740 Park Avenue, right on the corner of Calle 71, in upscale Lenox Hill in Manhattan, New York, stands one of the most iconic buildings in the city of skyscrapers. Designed by Italian architect Rosario Candela U.S., this imposing art deco building built in 1929 (the most iconic art deco buildings of New York) has been the home of people like John D. Rockefeller Jr. and Jacqueline Kennedy Onassis. Information provided by the website of luxury lifestyle

The 19-story building and magnificent limestone facade features 31 apartments, one of which is-by far-the most expensive in the history of New York. Property of the Government of France and Gérard Araud residence, its ambassador to the United Nations (until the transaction formally completed), this 18-room duplex occupies floors 12 and 13 of the historic building.

Although the property was listed on the market with an estimated value of $ 48 million, apparently the news of his sale sparked a bidding war between three different bidders. The best was that of American billionaire Israel 'Izzy' Englander, who finished disbursing $ 70 million for the apartment.

This operation equal to that paid by the employer and Egyptian billionaire Nassef Sawiris, who also disbursed $ 70 million to acquire a penthouse at 960 Fifth Ave that had been owned by the late Edgar Bronfman.

The son of Jewish Polish immigrants who survived the Holocaust, Englander was born in Brooklyn in 1948. Ventured for the first time in the world of business while still a student, buying and selling stocks. Also known for his philanthropic work in 2006 donated $ 20 million, primarily to schools and Jewish organizations.

Israel Englander founded the hedge fund firm Millennium Management in 1989 with an initial investment of $ 35 million. The firm currently manages more than 23,000 million.

With a personal fortune estimated at 3,300 million, Englander already owning an apartment on the 14th floor of the legendary building, but was determined to acquire the neighboring duplex as a pied-à-terre or shelter for their children and grandchildren during their visits to the city.

Have you paid too much for this duplex Englander at number 740 on Park Avenue? According to Victoria Shtainer, one of the most important real estate agents in New York and part of the team of the firm Douglas Elliman, the fact that the purchaser is owner of an apartment on the 14th floor of the building has been key in operation. "An apartment always worth more to the neighbor next door to anyone else," he says. "He saw the opportunity to create a triplex. Such opportunities only happen once in life and he took it," he says.

"All great fortunes of the town came to see the apartment," said Ambassador Araud. The duplex of 700 square meters, has double height ceilings, classical moldings, five fireplaces, a private elevator, 38 windows and a small terrace. Its elegant staircase leads to the second floor, where the impressive master suite with two bedrooms is located. In their rooms, hardwoods and marble are the protagonists. Your dining room for 10 people has a magnificent view, while its spacious studio is decorated with luxurious fabrics and fireplace.

The spectacular duplex was originally purchased in 1979 by the French government, which then paid $ 600,000-the equivalent of 1.9 million dollars today-which means an unprecedented 3,500 percent gain for the coffers of the French state . Once the transaction is complete, the ambassador will change his residence to a nearby apartment, but much less expensive, at number 435 East 52nd Street.

Monday, July 7, 2014

9.6 million Mexicans without decent housing : Conavi

The Comisión Nacional de Vivienda (Conavi) apply to 12 billion pesos to provide subsidy to low-income families so they can have access to decent housing.

According to the director of the agency Anzorena María Paloma Silva, the country has more than 9.6 million households without access to a home, "and each year this number increased 500 thousand families."

On tour in Oaxaca, said that all Mexicans are entitled to a housing allowance, and is seeking to meet this year to as many recipients, not just those environments rights FOVISSSTE and INFONAVIT, if not all segments, including including state and municipal workers and even police officers.

That resources are obtained from a source of credit repayable by the Company granted Federal Housing Mortgage.

He announced that this year it will only grant more than one million shares to reduce the backlog of housing that have nationally.

Abounded that is the south and center of the country where they are the largest deficit of decent housing.

And he said he works to bridge the gap by providing housing options in urban environment as semi urban and rural.

You will not pay relocation housing in areas at risk

The general director of the Conavi rejected this year the agency will allocate resources to perform the relocation housing located in a risk area to the impact of natural phenomena.

The official shortcut current operating rules of the Commission are very clear and no longer allows the release of resources for relocating households in risk areas.

"The relocation using the National Disaster Fund (Fonden) and through other programs scattered in different federal agencies, including the Sedatu are done," he explained.

Wednesday, July 2, 2014

Barcelona and the lesson of a harmonious city

I travel back on Thursday of last week, sick, exhausted and destroyed, but very satisfied.

My wife had "forced" me to accompany him to a cruise on the Mediterranean Sea. We were ten in all: my neighbors, cousin Henry and his wife, two other friends and we marriages. Departing from Miami, two different groups with the same destination, the city of Barcelona, ​​Spain, where he would start the cruise itinerary.

Barcelona is a beautiful and well-planned city, which has been making tangible improvements in their environment, as well as the quality of civic life, as has been made in history. While everyone admired the facades of buildings and works of Antonio Gaudi in Sagrada Familia, I could not get over my astonishment at the great city in which flowed a heavy vehicular traffic merging with the sea of ​​pedestrians moving along any street, intersection alley and any place where you could walk.

The city reminded me of New York for its vibrant crowds walking and walking, riding the subway, trams, buses, taxis, etc.. 'Maybe that's why it works so well this city', I said, referring to the urban transport system. Then the height of the residential property, approximately six homes and invariably their first floors occupied by shops open to the public, reminded me to Havana and was assured that the construction for mixed or multiple use, it is highly desirable for the operation and development of urban centers with a high level housing.

Was also important to note the flow of people to public parks at different times. Him with their dogs, the ladies with their children, retirees rebuilding the world, old men playing chess; odd old man leaning on his cane, sunbathing waiting for death to come to the bank on which it is sitting to go to sleep with it, while at his side pass youth frantic race to catch the bus they will take at school.

Paradoxically, Barcelona opened their set for me to initiate a vacation and yet I was working. Thinking if possible prosecute all that overwhelming energy to Miami for my adopted city would encompass the imminent future that awaits you, without even having avizorado properly.

I apologized to my wife on several occasions because of my reverie. The subconscious was screaming at me that the possibilities, the climate, the melting pot and the many facilities that Miami offers business, and mercantile explosion had started and we had gone together prepare the city for the rapid growth awaits you.

But to return I realize that all is well. That universities, technology, hospitals, ports, airports, overpasses, businesses, lodging, entertainment; in short capable and diligent people move together to make possible the economic miracle in Miami and only lack nuts to avoid setting a derailment.

Go a big hug to my friend and teacher, real estate lides, Martin Caparros, who turned 14 last day, their first 86 years of life.Congratulations!

Living in the city or in the suburbs?

This is the question that are asked every day all those who are looking for a property to reside in it. This is understandable, since it is not the same to buy an investment property a place to settle with the family.

Of course, today's prices and the lack of inventory of real property for sale, do reconsider any previous decision. Families must meet again and make decisions that will affect how to behave and live, that members of the group are familiar today.

The houses in the city and its immediate periphery provide opportunities latest human relations, recreation and social development, and higher than those that can be found in the suburbs, and this is one of the main considerations that the young members of the family take into consideration. Like, the city schools or those that are closer to the ring road of the city, enjoy greater attraction for the students, who, in defense of this thesis, argues most related work experience must have master concepts practicing in the same.

Real or no concept that demonstrates wield an argument for or against any thesis that concerns this subject, it will always be ambiguous, will be given to interpretations of supporters and detractors, and will have the power to create fissures in family unity and to weaken it; product that only young people tend to see the skyline from their vantage point they reach.

Today in Miami-Dade County is frequently observed the dilemma of someone who has to choose to buy a house in the city, which already has a few years of use and in which some repairs and updates should be made, or choose a brand new home, in the developments that are being erected in the city of Homestead.

Besides a high percentage of housing that is manufactured in the suburbs of the city offers greater financial facilities, as most of the applications are processed through guarantee funds for FHA mortgages; builders usually are willing to help solve some of the closing costs that every buyer has to face in a property purchase, which is already almost impossible to find in the city.

Exercise of purchase, in itself, is more relaxed not having to face competitors who pay for their purchases in cash, or uncertainty and even disappointment that entails the exercise of the multiple commercial offerings, buying a house in the center of the county face safely.

If the distance is a determining factor for you, think Metrorail station in Kendall, is just thirty minutes from Florida City Road.

Tuesday, July 1, 2014

Real Estate ticos promoted in Geneva and Dubai

Several days ago the journalist Karen Retana published in the same newspaper a note referring to the real possibilities that exist right now that Arab and European investors to invest in real estate in Costa Rica.

Some firms, such as the one mentioned in the article with which I am in contact and collaborate, began promoting from Europe and now from Dubai to Costa Rica, the market may be attractive for a country like ours that has two seas, has a geography only with its rivers and mountains, flora and fauna of global ecological interest and also a special tourist attraction.

The initiative is excellent. Europeans begin to see Latin America as a good place for investment, the Arabs barely know us, but they could invest, Americans have already invested heavily in technology, services and Real Estate, we can ask ourselves why we could not do European and moderate Arab countries.

Two important facts support that effort, first initiative of this government to establish diplomatic relations with some moderate Arab countries, which suggests in trade and investment opportunities that open from these latitudes, and moreover treaty free trade agreement being negotiated with the European community and things, the opportunity is served.

But promoting and attracting investors to the country is not easy, is costly and should make a great effort, set up an office in Dubai or Geneva require much investment and work.

For these promoters is that the most important investment rules are clear, only then can convince the investor, the Costa Rica must also do your homework, know that property prices have reached exorbitant sums in some cases, have had disproportionate increases without any foundation, along the Costa Rica this will change some habits in recruiting companies to promote their properties professionally and will have to sign the authorization to the promoter. Without clear rules, no business to do.

Costa Rica also forget that there are other markets to invest, you think for example that the other Central American countries have competitidad with ours, but forget to Panama. This country is our real competitor, remember for example when environmentalists opposed the pipeline in Costa Rica, Panama adopted the project and made ​​it a reality.

Today competition we have with this country is to pay close attention not only in the real estate field is already strong and that the values ​​of its properties are much lower and attractive, but because Panama is ahead of us as infrastructure, has a more modern, open and dynamic banking and financial system than ours, their rules of construction are more expeditious and attract more investors now Panama is offering incentives for hotel chains to invest in capital projects 40 floors and more with tax advantages that are offering 15-year extendible way to build there.

The latter I quote desataco and because we know that there are some opposed to the realization of buildings of a certain height groups, we understand that there are areas that need care and protection, but the areas studied and chosen by the Municipality of San José for buildings between 15 and 40 floors should be made to respect, it is worth remembering that there is well-founded that the city should not continue to spread horizontally because it threatens rivers, groundwater and protected areas theory , logic tells us that at least in San Jose should grow vertically.

Given the above, the executive, local governments and Costa Ricans should be clear of everything here exposed if investors claim that Geneva and Dubai and elsewhere come to invest in our country.