New NAR Survey Says Home Improvement Projects are Worth Cost and Time

National Association of Realtors | October 04, 2019

According to a new report from the National Association of Realtors with insights from the National Association of the Remodeling Industry - U.S. homeowners who decide to undergo a home improvement project, whether it be interior or exterior modifications, often find that the task was worth the investment and time. The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry.

Spotlight

If 2016 was a year of announcement of legislative reforms, 2017 has been the year of implementation. In the last few months, the real estate sector has seen two major reforms come into force – the Real Estate Regulatory Authority (RERA) and the Goods and Services Tax (GST). The journey of moving towards a single tax system has not been particularly smooth. Issues regarding its structure, tax bracket and subventions for states that may face revenue losses, surfaced. While a landmark tax such as the GST is expected to have far-reaching implications for sectors across the economy, its impact on real estate as a whole is likely to be a mixed bag.

Spotlight

If 2016 was a year of announcement of legislative reforms, 2017 has been the year of implementation. In the last few months, the real estate sector has seen two major reforms come into force – the Real Estate Regulatory Authority (RERA) and the Goods and Services Tax (GST). The journey of moving towards a single tax system has not been particularly smooth. Issues regarding its structure, tax bracket and subventions for states that may face revenue losses, surfaced. While a landmark tax such as the GST is expected to have far-reaching implications for sectors across the economy, its impact on real estate as a whole is likely to be a mixed bag.

Related News

INVESTMENTS

Harbor Group International Acquires Workforce Housing Portfolio in North Carolina's Research Triangle

Harbor Group | January 28, 2022

Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced the acquisition of an 8-asset portfolio of workforce housing communities in North Carolina's Research Triangle for $475 million. The Newmark team of Jason Kon, Henry Stimler and Bill Weber represented the seller, Dasmen Residential LLC, and facilitated the debt for the acquisition. Located throughout the Research Triangle, an area known for its research universities and STEM companies, the portfolio comprises 2,356 units and features four communities in Durham, three communities in Raleigh and one community in Charlotte. HGI plans to invest approximately $21.9 million across the properties to renovate 25% of the interior units. Harbor Group Management Company, the property management arm of HGI, will assume management of the entire portfolio. The Research Triangle is an important target market for HGI as we seek to acquire well-located communities in high-growth markets, As the area's high-paying STEM jobs continue to attract new residents, we see opportunity to leverage our expertise in owning and operating similar communities in the region to generate rent growth amid increasing demand for housing." Richard Litton, HGI. We are proud that we were able to bring these two great firms together to do this unique and large off-market transaction. Dasmen entrusted the Newmark team to execute this deal in a very quiet and select manner, culminating in a great outcome for both parties." Kon. The Raleigh-Durham properties within the portfolio have direct access to Research Triangle Park, placing residents in proximity to over 22.5 million square feet of office and lab space and more than 275 businesses. Since 2020, more than 9,000 jobs have been created in the Research Triangle area, driven by the expansion of technology and life science companies, with major employers including Bayer Crop Science, Cisco, Biogen and IBM. Apple's first East Coast campus is currently under development in Research Triangle Park, and is projected to bring an additional 3,000 jobs to the area. HGI is an active investor in the southeastern U.S. markets. With the addition of the Research Triangle portfolio, the firm currently owns and manages nearly 5,000 apartment units in North Carolina. About Harbor Group International Harbor Group International, LLC, and its affiliates control an investment portfolio of $18 billion including 4.9 million square feet of commercial space throughout the United States and the United Kingdom and 60,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv. About Dasmen Residential LLC Dasmen Residential LLC is a privately held real estate investment and management firm that owns and operates multi-family properties in major cities throughout the United States. We make opportunistic investments in growth markets and employ a range of strategies to create value and sustain long term asset appreciation. About Newmark Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.

Read More

REAL ESTATE INVESTMENT

ABS Announces integration with Lightning Docs™, Geraci LLP's National Loan Document Solution

Lightning DocsTM | November 11, 2021

Applied Business Software™ ("ABS"), makers of The Mortgage Office®, leader in loan servicing and fund management software, announced today the launch of an integration with Lightning Docs™, a proprietary cloud based national loan document generation system, developed by Geraci LLP, the nationwide leader in business purpose loan documents for the private lending industry. "The Mortgage Office® is a well-known and respected leader in the loan origination software space. Their 40+ year track record speaks for itself. We are honored they have chosen to partner with Geraci LLP to integrate with our Lightning Docs™ loan document generation system and we look forward to providing our mutual clients the most advanced technology in the private lending space allowing lenders to originate loans nationwide with peace of mind." - Nema Daghbandan, Esq., Partner with Geraci LLP "We are thrilled about this integration with Lighting Docs™ by Geraci LLP. We have had a long-standing relationship and a mutual respect throughout the years." He added: "This development is consistent with our vision of integrations, and the continued pursuit to provide our customers tools that simplify, enhance, and automate their entire lending operation." - Carlos Nodarse, CEO of Applied Business Software About Applied Business Software Applied Business Software is a market leader and global provider of software systems and solutions to the lending industry. ABS offers a complete suite of software products designed from the ground up to specifically address the needs of those who originate and service loans. All our products are consistently rated superior in design, system interface, expandability, and ease of use. ABS is based in Long Beach, California. About Lightning DocsTM: Lightning Docs™ is a proprietary cloud-based loan document generation system developed in-house by the attorneys and partners at Geraci LLP. Lightning Docs permits its clients to generate business purpose loan documents nationwide at the click of a button. The system will generate any business purpose loan documents including bridge, fix and flip, ground up construction, DSCR rental, portfolio rental, etc. The documents have been used for numerous rated and unrated securitizations and are considered the industry standard for the private lending industry.

Read More

REAL ESTATE INVESTMENT

VENTERRA REALTY ACQUIRES ORANGE PARK MULTI-FAMILY COMMUNITY

VENTERRA REALTY | December 20, 2021

Venterra Realty has purchased The Villages at Oakleaf, a 512-unit, garden-style multifamily, located within the Oakleaf Plantation master-planned community and consisting of Gemstone, Fieldstone, Cobblestone, and Village at Oakleaf Plantation in suburban Jacksonville, Florida. The Villages at Oakleaf was built in five different phases between 2008 and 2018. It is the only apartment community in Oakleaf Plantation, giving it unique access to the centralized multi-million-dollar community recreational amenity center, which includes swimming pools, a water park, picnic areas, sports fields, tennis courts, basketball courts, and indoor fitness centers Located in Clay County, an area known to have a superior school system, the community provides a desirable living choice for families. With the presence of large unit sizes and many floorplans offering 3- and 4- bedroom options, as well as many kid-friendly amenities including a playground, The Villages at Oakleaf can provide families with an exceptional living experience. All three schools to which The Villages at Oakleaf are zoned are highly rated and within walking distance. We are pleased to announce the acquisition of these premier assets and add another high-quality property to our Florida portfolio,Demand for family-centric rental options is strong in today's housing market. The Villages at Oakleaf stood out to our acquisition team due to its extensive amenity package across the property sure to appeal to all types of renters, with families at the forefront." John Foresi, Venterra CEO Jacksonville was ranked as the fastest-growing Florida city by the U.S. Census Bureau in 2020, ranking 9th in the country in terms of highest in-migration in the U.S. Before the pandemic, Jacksonville averaged 2.6% annual job growth between 2011 and 2019, compared to the U.S. average of 1.7% for the same period. The Jacksonville MSA is one of only a handful of major markets in the country that has recovered all jobs lost during the pandemic. Jacksonville's booming population and demand was a key driver in this acquisition, We look forward to optimizing the operations at this community, creating value for our investors, and providing an exceptional living experience for residents of Jacksonville." Venterra Chairman, Andrew Stewart. Venterra will implement its resident-focused programs such as the Live it. Love it. Guarantee.™, the 48-Hour Maintenance Guarantee, SMARTHUB, as well as their overall commitment to providing a world-class living experience for which Venterra has become known. About Venterra: Founded in 2001, Venterra Realty owns and manages approximately 70 communities and more than 20,000 apartment units across 13 major US cities that provide housing to over 40,000 people and 12,000 pets. The organization has completed $7.2 billion in real estate transactions and currently manages a portfolio of multi-family real estate assets valued at approximately $4.0 billion. Venterra is committed to improving the lives of its residents by delivering industry-leading customer experience.

Read More