Las Vegas Home Prices Uptick 4.5 Percent Annually in July

Greater Las Vegas Association of Realtors | August 13, 2019

According to the Greater Las Vegas Association of Realtors, local home prices continue to be higher in July 2019 than they were a year ago, but not by much. GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during July was $303,000.

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Veterans and Active Military Home Buyers and Sellers Profile Profile of Home Buyers and Sellers.

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Veterans and Active Military Home Buyers and Sellers Profile Profile of Home Buyers and Sellers.

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REAL ESTATE TECHNOLOGY

Measurabl Acquires WegoWise, Unlocks Utility Data Access and Expands ESG Tech to Residential Real Estate

WegoWise and Measurabl | September 02, 2022

Measurabl, the world’s most widely adopted ESG technology platform for real estate, today announced its acquisition of WegoWise, a software platform for utility data automation and residential real estate from AppFolio, Inc., a leading provider of cloud business management solutions for the real estate industry. As a result of the acquisition, Measurabl will consolidate a mature, scaled utility automation backbone and residential real estate software application into its overall ESG platform, eliminating barriers to accessing utility data while authentically serving the rapidly emerging ESG needs of single- and multi-family real estate. The acquisition is Measurabl’s second this year, following the April acquisition of Hatch Data. Until now, most utility data acquisition required a mixture of third-party technologies and service providers. WegoWise radically alters this dynamic with its proprietary utility automation infrastructure, which unlocks unique business and product innovation opportunities for Measurabl’s customers and partners while also further extending Measurabl’s leading position in ESG services to all asset classes from commercial to residential. “Our product vision is to deliver ESG solutions for every real estate stakeholder from owners to lenders, occupiers to residents from meter to market, This is another major step in delivering on our expansive vision of removing barriers to sustainability data and making it accessible across the entire real estate industry.” -Matt Ellis, CEO and Founder of Measurabl Over the last several years, WegoWise has been vital in not only determining the multiplication of energy and water savings we have been able to achieve over our portfolio of communities, but in easily communicating that savings to our clients and residents, Now that WegoWise is part of Measurabl, we’re excited to have access to a more expansive, market-leading ESG toolkit that can help us bolster our ESG program even further,said Elizabeth Merzigian, Sustainability Manager at Peabody Properties, Inc. WegoWise enjoys particular success in multifamily real estate and affordable housing, for which it developed nuanced product capabilities to automate utility data collection, benchmark assets and residential units, and support U.S. regulatory reporting. WegoWise’s customer base of over 650 customers is entirely additive to Measurabl’s already globally leading solution adopted across over 13 billion square feet of commercial real estate in 90 countries. About WegoWise WegoWise is utility data management and analytics software for real estate. The company was founded in 2010 in Boston. It quickly found success in the multifamily segment, for which it developed nuanced product capabilities to automate utility data collection, perform benchmarking and support local U.S. regulatory compliance reporting including the Freddie Mac and Fannie Mae green loan programs. About Measurabl Measurabl is the world’s most widely adopted ESG (environmental, social, governance) technology solution for real estate. Customers use Measurabl to measure, manage, report and act on ESG data on more than 13 billion square feet of commercial real estate across 90 countries valued in excess of $2 trillion. Measurabl empowers customers to optimize ESG performance, assess exposure to physical climate risk, drive decarbonization and secure sustainable finance opportunities.

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REAL ESTATE TECHNOLOGY

Redfin Launches Down Payment Assistance Feature to Help Make Homeownership More Attainable

Redfin | October 10, 2022

Redfin, the technology-powered real estate brokerage, today added down payment assistance information to home listings on its website. Potential homebuyers can now use Redfin to discover down payment assistance programs they may qualify for in order to help make homeownership more affordable. The feature is powered by a partnership with Down Payment Resource, a company helping the housing industry connect homebuyers with more than 2,200 homebuyer assistance programs nationwide. Each eligible for-sale listing page on Redfin in the U.S. now displays the number of down payment assistance programs available in that area. Interested homebuyers can input basic information and immediately receive a tailored list of programs they may qualify for, the amount of assistance potentially available to them, and links to the program pages for more information. “Nearly half of Americans who have never owned a home say that saving money for a down payment is a barrier to homeownership, and many young people in particular feel like they’ll never be able to own a home, Down payment assistance programs can make homeownership more attainable, but information about them is often fragmented and hard to understand. We saw a big opportunity in partnering with Down Payment Resource to raise awareness about these programs to help more people become homeowners.” -Christian Taubman, Redfin’s chief growth officer This information is especially valuable as the national median home price has soared roughly 40% since the pandemic, making saving for a down payment more challenging. Recent Redfin research found that the typical U.S. homebuyer who took out a mortgage in July made a $62,500 down payment, nearly double the median down payment in July 2019, before the pandemic started. Our research shows that one in three declined mortgage applications are denied for reasons that could be addressed with homebuyer assistance, which underscores the critical need to increase awareness about these life-changing programs, Partnering with Redfin is a great way to get information about financial support into more consumers’ hands. With thousands of assistance programs available across the country, many Americans may be able to afford homeownership sooner than they realized,said Rob Chrane, CEO and founder of Down Payment Resource. This launch is part of Redfin’s broader mission to remove barriers to homeownership and make finding a home clear and achievable. Other efforts include: Ongoing donations to nonprofit community partners through Redfin Rise, the company’s philanthropic initiative. This year, Redfin Rise donations have provided housing counseling sessions for 660 families through Clarifi, supported the development of 12 permanently affordable homes through Homestead Community Land Trust, provided $135,000 in closing grants to 45 homebuyers through NHS Chicago, and helped build 226 homes in El Salvador and Mexico with New Story. Maintaining free homebuyer resources, including first-time homebuyer guides in both English and Spanish and homebuying classes taught by expert Redfin agents. Publishing extensive housing market research about affordability and equality issues. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. About Down Payment Resource Down Payment Resource (DPR) helps its business partners connect homebuyers to the down payment help they need through its award-winning technology. The company tracks funding status, eligibility rules, benefits, and more for over 2,000 down payment assistance and affordable lending programs. DPR was recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR licenses its products to Multiple Listing Services, REALTOR® Associations, real estate search sites, lenders, and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs.

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REAL ESTATE INVESTMENT

CIP Real Estate Acquires Industrial Complex in North Atlanta Metro

CIP Real Estate LLC | November 17, 2022

CIP Real Estate has acquired Kennesaw Mountain Business Park, an industrial property in the north Atlanta metro area, for $22.6 million. The 10-acre parcel features two buildings totaling 144,130 square feet. The business park comprises 18 shallow bay industrial units ranging in size from 3,920 to 18,000 square feet, and the majority of the suites are between 6,000 and 12,000 square feet. The project is currently over 96% occupied. Due to strong demand and limited supply of small and mid-bay industrial units in the upscale Marietta area, a suburb of Atlanta, CIP expects significant rental increases in the next five years, which will be supported by upgrades to the facility, including improvements to the parking lot and landscaping, along with painting and HVAC upgrades. “We’re seeing unprecedented industrial demand in the Atlanta metro area, driving low inventory and supporting higher rental rates, Kennesaw Mountain Business Park is a strategic addition to our Atlanta metro portfolio, in a highly desirable location with premier accessibility and demographics.” -Eric Smyth, CEO of CIP The Kennesaw project is the newest acquisition in CIP’s growing Atlanta metro portfolio. Just 17 miles away, in Alpharetta, is Mansell Commons, a 223,000-square-foot industrial and flex project. CIP invested nearly $750,000 in capital improvements on Mansell Commons this year. To the east, additional CIP assets include Gwinnett Commons, Brook Hollow Center, Pleasantdale Industrial Park and Perimeter Place Business Park. CIP’s purchase of Kennesaw Mountain Business Park was funded with $14.69 million in takeback financing from the seller. About CIP Real Estate LLC CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas.

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