California Home Sales Close 2018 on Downward Trend

California Association of Realtors | January 18, 2019

According to the California Association of Realtors, California home sales declined for the eighth straight month in December 2018, and a stagnating market for much of the year pushed sales lower in 2018 for the first time in four years. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 372,260 units in December 2018, says C.A.R. The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Spotlight

What is wholesale real estate investing? In this video, we'll walk you through the entire wholesale real estate process step by step! Real estate wholesaling consists of finding a discounted property, putting it under contract, assigning the contract to a potential buyer, and charging that new buyer a fee; usually around 5 to 10 percent of the sale.

Spotlight

What is wholesale real estate investing? In this video, we'll walk you through the entire wholesale real estate process step by step! Real estate wholesaling consists of finding a discounted property, putting it under contract, assigning the contract to a potential buyer, and charging that new buyer a fee; usually around 5 to 10 percent of the sale.

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REAL ESTATE INVESTMENT

Gray Capital Purchases 406-Unit Apartment Property, the Second Asset in 100M Multifamily Fund

Gray Capital | June 30, 2022

Multifamily investment firm Gray Capital has closed on their acquisition of Club Meridian Apartments, a 406-unit property located in Okemos, MI just east of Lansing, MI. Gray Capital intends to make strategic upgrades at the property, including siding and asphalt repairs, pool upgrades, re-painted balconies, new signage, and other exterior enhancements to boost the curb appeal of the property. Additionally, interior renovations like modern appliances, new flooring, and upgraded countertops will significantly increase the value of the asset and elevate its position in the rental market. Club Meridian is already a well-maintained property, and this solid foundation will allow us to dedicate our resources to those renovations and improvements that are most important to residents and the quality of the property itself." Spencer Gray, President and CEO of Gray Capital George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield represented the seller in the transaction, with Gray Capital representing itself. Club Meridian is the second property within Gray Capital's $100 million multifamily investment fund, The Gray Fund, and follows the acquisition of Indianapolis apartment property Stonybrook Commons one month prior. The acquisition of Club Meridian and Stonybrook Commons in 2022 adds to Gray Capital's $600+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.

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MARKET OUTLOOK,REAL ESTATE INVESTMENT

New Western Launches Residential Real Estate Investment Marketplace in Fort Myers

New Western | August 16, 2022

New Western, the largest national private source of fix-and-flip residential investment properties, announced today the opening of its fifth Florida office, located in Fort Myers. Over the next five years, New Western intends to help revitalize $641 million worth of homes in the city and increase housing inventory by purchasing value-added properties and then selling them to investors who will improve them. "We're very pleased to continue our expansion into Florida with the opening of our Fort Myers office, The residential real estate market in Fort Myers has been growing expeditiously as of late, and our team is looking forward to bringing affordable housing back to the market. The success we've experienced in our other Florida locations is a testament to the value we bring to local real estate investors through our marketplace and expertise." -Kurt Carlton, co-founder and president of New Western With nearly 580,000 aged properties in the Fort Myers metropolitan area alone, including 61% built before 2002, the area offers significant potential inventory for investors looking to rehabilitate and resell homes. At the same time, Fort Myers is in need of more affordable housing options: The average Fort Myers home sales price has increased by 30% year-over-year to $410,000. New Western, however, acquires properties for less than $250,000 on average, and investors who rehab properties purchased through New Western sell them for up to 31% less than the cost of a newly built home. I'm looking forward to becoming a part of the Fort Myers community and helping provide much-needed housing inventory to local investors, There is ample opportunity in this market for us to make a difference. Our marketplace and team is in an ideal position to assist in facilitating more affordable housing solutions in Fort Myers,said Milton Bernal, general manager of New Western's Fort Myers office. Fort Myers is the 49th office opening for the real estate marketplace offering exclusive opportunities to investors looking to rehab houses. Since 2008, New Western has bought and sold more than $12 billion worth of residential real estate by leveraging data and local market insight to stock its marketplace with exclusive investment properties. On average, New Western buys a property every 13 minutes, and sells a property within 90 minutes of purchase. About New Western New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers.

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REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE

Morreale Real Estate Services, Inc. Revamps Their Client & Transferee Portal

Morreale Real Estate Services, Inc. | August 04, 2022

Morreale Real Estate Services, Inc. announces the launch of the new and improved MSite for clients, transferees, and partners. Over the past few years, the real estate industry has changed drastically, leaving businesses to shrink their turnaround times and increase their productivity. Morreale Real Estate Services addresses these changes and works daily to find the "secret sauce" to make the client relocation process as smooth and easy as possible for their clients. During this time, the Development team at Morreale Real Estate Services has remodeled the MSite portal for our partners, as well as enhanced our MSite for our clients and their transferees. With this new technology available to our clients, transferees and partners, the relocation process has been made easier through our secure online MSite portal. The experience our clients have with the Morreale Real Estate team is very important. This new and improved MSite portal is a simple, easy-to-use platform that will make the process of signing documents and returning them more advanced. Our secure system is sure to blow your mind! "Over the past couple of years, Morreale Real Estate Services has made it a point to focus on the transferee experience when working with our office. This MSite is another great tool in our toolbelt when working with the client's transferring employee. Having our transferees electronically sign documents through our portal and return them to us is a more efficient experience that will speed up the process. We are excited to introduce this new method of working with our office." -Aaron Raffel, COO at Morreale Real Estate Services Cory Wilhelmi, Vice President of Client Services, adds Whether you're a transferee, client or partner, the new Morreale Real Estate MSite portal provides you with the tools to make every relocation successful. From uploading expenses for reimbursement or finding the best M-Preferred partner to work with on your transaction, this new and improved portal puts everything at your fingertips. I can't wait for our clients, partners, and transferees to try it out! About Morreale Real Estate Services, Inc. Morreale Real Estate Services, Inc. is an independent, family-owned organization that provides national title and closing services, acquisition and inventory management services, and accounting services to the corporate relocation and mortgage industry. With over 50 years of industry experience, our home purchase and destination programs are customized to meet your needs and are administered with award winning service and state of the art technology.

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