A quarter of people regret compromising when buying a home

Propertywire | April 09, 2019

A quarter of people who compromised on location when buying their current home later regretted the decision, according to a new survey. Overall one in five buyers revealed that they compromised on the location of their current home and of those, some 25% said they later regretted the decision, the Which? Mortgage Advisers annual survey found. The most common aspects of a home that those surveyed made concessions on were price which was the case for 26%, while 23% compromised on décor, 20% on location and 20% on the size of the rooms. Compromising on location was more common among people living in London, with 26% of those surveyed in London saying they had to compromise on where they bought their home. Families with children were also more likely to regret choosing a different location for their home than they had originally planned at 38%.

Spotlight

The February National Housing Report infographic shows housing market trends throughout 53 metro areas. The report is based on MLS information, includes all residential properties and is not annualized.


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REAL ESTATE TECHNOLOGY

National Association of Realtors: Why Industrial Spaces Lead Commercial Real Estate in Bouncing Back From COVID

National Association of Realtors (NAR) | March 28, 2022

Commercial real estate took a hit during the COVID-19 pandemic, as did many industries. But the market is starting to bounce back this year, largely due to increased investments in industrial properties. According to research by the National Association of Realtors (NAR), commercial real estate transactions of less than $2.5 million fell by 1% in the beginning of 2021 and the value of commercial real estate properties fell by 6% compared to 2020. Still, there is hope for the future as certain types of commercial properties are driving sales and seeing positive growth from the year before. Here's a closer look at how industrial spaces are helping commercial real estate bounce back from COVID-19. Spend on industrial properties and land increased Sales for all types of commercial real estate decreased in 2021, with the exception of three categories: land (+3%), industrial warehouses (+2%), and industrial flex spaces (+1%). That means, while businesses were shying away from commercial real estate lending for apartment buildings, offices, retail shops, and hotels, they were still spending money on industrial properties and land on which they could build their own structures. Prices rose for industrial properties, land, and apartments The number of commercial real estate transactions may have dropped, but sales prices increased by 2% on average. Specifically, prices for land increased by 6%, industrial flex spaces and warehouses by 5%, and certain types of apartment buildings by 5%. Meanwhile, sales prices declined for retail shops, offices, and hotels. Industrial and residential construction projects grew Commercial development projects are also on the rise for industrial and residential properties. Construction activity is up 1% from last year with a whopping 12% jump in construction for industrial warehouses, a 6% increase for industrial flex spaces, and a 6% growth for certain types of apartment buildings. Vacant malls, for example, are being converted into new types of commercial spaces, such as mixed-use buildings for residential, retail, and office purposes, as well as industrial buildings for distribution and fulfillment processes. Construction activity for retail spaces, offices, and hotels, on the other hand, dropped. Survey respondents noted certain obstacles to reaching their construction goals, including accessing materials, obtaining permits, and hiring workers. Office real estate activity shrunk due to remote work Office spaces, in particular, saw a decrease in real estate activity, largely due to an increase in remote work during the pandemic. Even though some people are heading back to the office, vacancy in these spaces continued to increase, reaching 16.4% from 13% in 2021. What's more, 70% of survey respondents said their companies are moving into smaller offices. Vacancy in industrial properties, however, declined to 4.9%. 2022 promises more growth This year may continue to be rocky for the commercial real estate market, with industrial and land investments pulling their weight. Specifically, businesses predict a 5% increase in land sales, a 3% increase in industrial warehouse sales, and a 1% increase in sales of certain types of apartments. By 2022, however, commercial real estate activity is expected to recover across all categories as more businesses reopen, travel resumes, and people return to the office. Still, sales for land and industrial properties are expected to lead this recovery process, proving their value as part of the commercial real estate market.

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BUYING/SELLING

Walker & Dunlop Completes the Sale of Richwood, Texas Apartments

Walker & Dunlop | June 30, 2022

Walker & Dunlop, Inc. announced that it facilitated the sale of East Bank at Richwood Village, a 200-unit luxury apartment complex located in Richwood, Texas. The property represented a rare opportunity to invest in a high-quality asset within the greater Lake Jackson submarket, a fast-growing area with limited multifamily stock. Ryan Epstein and Jennifer Ray led the Walker & Dunlop team in facilitating the disposition from the seller, Pensam Capital, LLC to the buyer's representative, BR Premier Properties. The team assisted the client throughout the entire transaction, ensuring a favorable sale price. Demographic and employment trends within the Lake Jackson area have been extremely positive over the past several months. Occupancy and rent growth in the immediate area have both been increasing significantly, making East Bank an excellent investment opportunity." Ryan Epstein,Managing Director With premium garden-style multifamily residences, East Bank at Richwood Village caters to the Alvin, Angleton, and Lake Jackson submarkets. The community's amenities include a cybercafé, fitness center, clubhouse, outdoor firepit, and dog park. In addition, Dow Chemical, the largest employer in the Lake Jackson area with nearly 4,000 employees, is located less than five miles west of East Bank at Richwood Village. The broader Brazoria County area also offers employment in many different industries, with oil, gas, and chemical companies at the top of the list of employers. Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. Visit our website for information about multifamily properties available for sale via Walker & Dunlop's property sales platform. About Walker & Dunlop Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

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REAL ESTATE ADVICE

Anywhere-Affiliated Agents Again Lead NAHREP Top 250 Latino Agents Report

Anywhere Real Estate Inc. | June 16, 2022

Anywhere Real Estate Inc., a global leader in residential real estate services (formerly known as Realogy Holdings Corp.), announced that its affiliated agents lead the National Association of Hispanic Real Estate Professionals (NAHREP) 2022 Top 250 Latino Agents Report, which recognizes the top producing Latino agents across the United States, including Puerto Rico. With 50 independent agents included – more than any other company – Anywhere-affiliated agents comprise 20 percent of the list. All six leading residential real estate brands in the Anywhere portfolio, including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran, ERA®, and Sotheby's International Realty®, are represented in the report's rankings. According to NAHREP's 2021 State of Hispanic Homeownership Report, the Latino homeownership rate continued to increase in 2021 for the seventh consecutive year. While the report also notes that a dearth of housing supply and rising price points remain a significant barrier to many homebuyers, the Urban Institute predicts that Latinos will account for 70 percent of homeownership growth over the next 20 years. We are incredibly proud that the Anywhere family of brands is home to so many of the top-producing agents that represent the nation's expanding community of Latino homebuyers. As Hispanic household formation continues to drive significant homeownership growth in the coming years, we remain committed to creating professional opportunities for diverse and representative professionals that can help to empower everyone's next move." Ivonne Furneaux, vice president of diversity, equity, and inclusion for Anywhere As the one of the largest full service residential real estate services companies in the U.S., Anywhere is dedicated to creating a culture of diversity, equity, and inclusion, and is a vocal advocate for equal opportunity and fair housing. The Company's renowned brands also offer a number of initiatives focused on driving diversity, such as CENTURY 21's Empowering Latinas program, which helps Latina entrepreneurs obtain their real estate license and prepares them for success in the real estate industry through a network of support. Read more about Anywhere and its commitment to diversity, equity and inclusion in its 2021 CSR Report. According to NAHREP, this year's report ranks individual agents and teams based on transactions and sales volume, and represents a total of 39,804 transactions and $13.8 billion in combined sales volume in 2021. Anywhere affiliated agents featured in the top 10 of Top 250 Latino Agents Report include Wilfredo Alfaro, Coldwell Banker Realty in Clifton, NJ and Johnny Rojas, Century 21 JR Gold Team Realty in Garfield, NJ. Additionally, Anywhere agents on the list represent: One quarter of the Top 100 agents by sale volume, including Coldwell Banker Real Estate (14), CENTURY 21 (6), Sotheby's International Realty (3), and Corcoran (2). Almost half of the Top 25 'Rookies', including Coldwell Banker (6), CENTURY 21 (2), Better Homes and Gardens (1), and ERA (1). 46% of the top 100 agents in the Northeast, 43% of the top 100 agents in the Northwest, 38% of the top 100 agents in the Southwest, 27% of top 100 agents in the Southeast, 20% of top 100 agents in the Midwest, and 13% of the top 100 agents in the Mountain region. As of June 9, 2022, Realogy completed its corporate rebrand to Anywhere. Home to renowned real estate brands as well as national title, settlement, and relocation companies and scaled mortgage origination and underwriting joint ventures, the Anywhere rebrand reflects a strategic shift for the company. Leveraging its leading position in business segments that comprise nearly every aspect of the real estate transaction, the company has placed a strong emphasis on building a more simplified, digitized, and integrated home buying and selling experience for any consumer, anywhere. About Anywhere Anywhere Real Estate Inc. is on a mission to empower everyone's next move. Home to some of the most recognized brands in real estate – Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA®, and Sotheby's International Realty® – the AnywhereSM portfolio includes franchise and brokerage operations as well as national title, settlement, and relocation companies and nationally scaled mortgage origination and underwriting joint ventures. Supporting approximately 1.5 million home transactions in 2021, Anywhere is focused on simplifying, digitizing, and integrating the real estate transaction for all consumers, no matter where they may be in their home buying and selling journey. With innovative products and technology, Anywhere fuels the productivity of its approximately 196,200 independent sales agents in the U.S. and approximately 136,400 independent sales agents in 118 other countries and territories. Recognized for eleven consecutive years as one of the World's Most Ethical Companies, Anywhere has also been designated a Great Place to Work four years in a row, named one of LinkedIn's 2022 Top Companies in the U.S., and honored by Forbes as one of the World's Best Employers 2021.

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INVESTMENTS

JLL Income Property Trust Acquires Newly Constructed North Tampa Surgery Center

JLL Income Property Trust | December 15, 2021

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.5 billion in portfolio assets, today announced the acquisition of North Tampa Surgery Center, a 13,000-square-foot, newly constructed medical office building in Odessa, Florida. The property is 100 percent leased on a long-term basis to Comprehensive Outpatient Joint and Spine Institute Center. The purchase price was approximately $8.5 million. "Within the office sector, our priority investments are healthcare-oriented, focusing on medical office and life science properties, In an uncertain environment for traditional multi-tenant office properties, these two healthcare-oriented sectors stand out for their lower vacancy rates, healthy net absorption and balanced new supply due to significant barriers to entry. These factors also lead to higher tenant retention, even during periods of weakness within traditional office market environments." -Allan Swaringen, President and CEO of JLL Income Property Trust. This acquisition increases JLL Income Property Trust's healthcare allocation to nine properties totaling more than 925,000 square feet, valued close to $360 million and representing approximately 7 percent of its overall portfolio. Swaringen added: "The shift towards outpatient, standalone surgery centers as an alternative to undergoing procedures in traditional hospital settings combined with the continued aging of our population positions medical office buildings as attractive portfolio additions to our stable value, income-oriented portfolio. It also positions the portfolio well to capture current and future demand, ultimately resulting in what we anticipate to be stable occupancy and long term cashflow." The build-to-suit property, newly constructed this year, comprises three surgery centers and new and innovative technology. The lease term is for 20 years and provides for an average of 2 percent annual rent increases. Located in the northern suburbs of Tampa, Odessa is a low-density but quickly growing community that is within 10 miles of nine hospitals, creating a strong base of potential referrals for North Tampa Surgery Center. LaSalle's Research & Strategy team forecasts the area should continue to see strong population growth and increased healthcare spending. JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms. About JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com. About LaSalle Investment Management LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.

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Spotlight

The February National Housing Report infographic shows housing market trends throughout 53 metro areas. The report is based on MLS information, includes all residential properties and is not annualized.

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