Figures show that repossessed homes selling for less is a myth

Spicerhaart Corporate | April 22, 2019

It is often thought that repossessed homes in the UK sell for less than their market price but new research reveals that sales achieved are at their highest since June 2018. The amount of money being achieved for a repossessed home by Spicerhaart Corporate Sales is at its highest level in nine months. Spicerhaart Corporate Sales achieved an average of 104.29% against the market value on properties that were taken into possession and sold in March 2019, up from an average of 96.73% in the preceding three months.

Spotlight

Real estate agents spend a lot of money on marketing their services. Unfortunately, a lot of that spend is misguided and expensive. What are the worst offenders?


Other News
REAL ESTATE INVESTMENT

KKR Expands U.S. Industrial Real Estate Strategy with Investments in Ground-up Development

KKR | May 10, 2022

KKR, a leading global investment firm, announced the expansion of KKR’s industrial real estate investment strategy in the U.S. to include ground-up development of Class A industrial logistics properties. KKR’s wholly owned U.S. industrial real estate platform, Alpha Industrial Properties (AIP), has begun development at four sites and has another four sites in pre-development. KKR has appointed industry veterans Greg Bradley and Matt Singleton as Senior Vice Presidents at AIP responsible for managing the platform’s sourcing, pre-development and development activity. The eight projects are expected to deliver 1.8 million square feet (SF) of state-of-the-art industrial space serving the Atlanta, Dallas, Denver and Orlando markets. Funding for the projects is being provided by KKR Real Estate Partners Americas III, KKR’s Americas opportunistic equity real estate fund. The addition of ground-up development capabilities enhance our ability to assemble diversified portfolios of high quality industrial real estate and increase our presence in growth markets where we believe the supply-demand fundamentals remain dynamic. Our extensive experience acquiring approximately $7 billion of industrial real estate in the U.S. over the last four years positions us to identify attractive opportunities and development is a natural extension of our strategy.” Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States The development program augments KKR’s strategy of acquiring industrial assets and portfolios in major U.S. markets that are experiencing outsized demand for logistics real estate driven by demographic trends and the proliferation of ecommerce. Across its funds, KKR has committed or acquired approximately $7 billion of U.S. logistics assets since 2018 and currently owns over 45 million SF of industrial real estate. Square Mile Capital and BMO Harris Bank have provided KKR with a $200 million construction facility to finance its investments in industrial developments nationwide. About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.

Read More

REAL ESTATE INVESTMENT

Mill Creek Announces Start of Preleasing at Modera River Trail

Mill Creek Residential | December 18, 2021

Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., today announced the start of preleasing at Modera River Trail, a contemporary mixed-use apartment community located in the thriving Seattle suburb of Redmond. The community, which features 233 apartment homes and 4,700 square feet of ground-floor retail, sits approximately 15 miles northeast of Downtown Seattle and will provide residents with prime access to popular Marymoor Park and Lake Sammamish. Built with a modern industrial architectural theme, Modera River Trail will also offer high-quality home finishes, a unique array of common-area attractions and panoramic views of the Puget Sound region. Move-ins will begin in late January. Redmond has fast become one of the most desirable areas in the Seattle metro, and we are excited to commence preleasing for Modera River Trail, We believe the community will be a unique offering in the area and will serve as the perfect destination for residents to enjoy a work-life balance with a variety of neighborhood attractions within reach. We look forward to offering a best-in-class living experience for our residents." Steve Yoon, managing director of development in Seattle for Mill Creek Residential Situated at 15881 NE 85th Street and a short drive north of Redmond Town Center and Marymoor Park, the community is located in a vibrant, emerging downtown area possessing a superb Walk Score of 88 and Bike Score of 91. An abundance of retail, dining and entertainment options are contained within the Redmond Town Center, which is also home to three hotels, several healthcare outlets and a variety of fitness centers. Residents are also within a short walk of the Redmond Transit Center and within close proximity of State Route 520, which connects with Interstates 495 and 5, the gateways to the greater Seattle area and its thriving tech and healthcare employment centers. Modera River Trail offers studio, one- and two-bedroom homes with loft and den layouts available. Community amenities include a courtyard with barbecue areas, a sixth-floor clubroom with full kitchen, sky lounge with conference room and an expansive rooftop deck. Additionally, a hotel-inspired, two-story lobby includes a self-playing piano, gas fireplace, coffee bar and grand staircase. Residents will also have access to a HIIT-inspired fitness center with yoga room, pet wash and pet spa, karaoke/movie room, game room with poker and a large-screen TV, rentable storage spaces and Amazon HUB lockers with a large package overflow room. Apartment interiors at the keyless-access community are equipped with large windows for an abundance of natural light, wood-plank vinyl flooring, Energy Star stainless-steel appliances, gas ranges, quartz countertops, tile backsplashes, two-tone custom cabinetry, in-home washers and dryers, tile shower surrounds and edge-lit bathroom mirrors. Select homes include moveable kitchen islands, custom closets, breakfast bars and green-space views. Residents will also have controlled-access parking and guest technology, electric vehicle charging stations and dedicated bike storage. About Mill Creek Residential Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of September 30, 2021, the company's portfolio is comprised of 111 communities representing over 30,500 rental homes that are operating and/or under construction.

Read More

REAL ESTATE TECHNOLOGY

Dynamic City Capital Acquires a Florida AC Hotel by Marriott

Dynamic City | February 25, 2022

Dynamic City Capital (DCC), a Utah-based real estate investment firm focused on acquiring and developing premium-branded hotels, announced its acquisition of the AC Hotel by Marriott Fort Lauderdale Beach. The hotel is located on Alhambra Street, adjacent to Sebastian Street Beach. The Fort Lauderdale Beach AC Hotel is a beautiful hotel situated in an ideal location. In addition, this purchase aligns with our strategy of acquiring and developing high-quality, branded hotels in core markets. It is a perfect complement to our portfolio." Joel Sybrowsky, DCC's co-managing partner. The AC Hotel by Marriott Fort Lauderdale Beach features spectacular vistas of the Atlantic Ocean and the Intracoastal Waterway. Just steps from Sebastian Beach and minutes from Fort Lauderdale Beach, the hotel provides easy access to a variety of activities: watersports, eclectic shops, celebrated restaurants, and renowned entertainment. The ten-story hotel features 171 rooms, a resort-style pool with cabanas, dining services, a lounge, and spacious conference rooms for business meetings and private parties. The acquisition of the AC Hotel by Marriott Fort Lauderdale Beach follows the company's announcement of the purchase of two Clearwater Beach, Florida, hotels at the end of 2021 and a San Francisco hotel last month. As a company, we are excited to add this hotel to our portfolio, furthering our growth. We are thrilled with the assets we've acquired this year, thanks to a fantastic team and great partners." Sybrowsky About Dynamic City Capital Dynamic City Capital (DCC) is a privately held real estate investment and asset management firm with three decades of experience in hospitality. During its 30+ year history, DCC has placed hundreds of millions of dollars of capital on behalf of its investment partners. After opening the first Marriott® franchised hotel in the state of Utah in 1991, DCC has been involved in the development, acquisition, and management of hotel assets throughout the United States, representing the premium-branded hotel families of Hilton®, Hyatt, IHG®, and Marriott®.

Read More

INVESTMENTS

Morgan Stanley, Embrey to Relocate Offices To Embrey's Premier 7600 Broadway Development

Embrey | January 31, 2022

Morgan Stanley and Embrey will relocate their current offices in San Antonio, Texas, to Embrey's premier mixed-use development, 7600 Broadway, bringing the office building to 100 percent occupancy. Morgan Stanley will occupy 28,000 square feet while Embrey will move its corporate headquarters into the remaining 25,000 square feet. Tenant buildout has begun immediately with occupancy expected in the summer of 2022. Embrey has designed a unique living and working experience at 7600 Broadway with the highest quality of design and attention to detail, Embrey is proud to make 7600 Broadway our corporate home and pleased to have a company like Morgan Stanley as our neighbor and tenant." Trey Embrey, President and CEO of Embrey. A professionally equipped fitness studio with showers, co-working study and private conference room, a full-featured lounge for entertainment and recreation, elevated pool deck and outdoor terrace, piano bar, and underground parking, highlight a number of luxury amenities thoughtfully curated specifically to create a premier living and working experience. Property management services will be provided by Stream Realty Partners. JLL's Office Leasing team of Mark Krenger and Meredith Howard represented Embrey. Jeff Miller and John Worthen with JLL's Corporate Advisory Group represented Morgan Stanley. We endeavor to align ourselves with the highest quality projects in the marketplace that attract great tenants. 7600 Broadway is truly representative of this. This amazing space will provide the Embrey and Morgan Stanley teams a place where they can achieve their best ambitions, 7600 Broadway is a signature property for Embrey and JLL is proud to partner with them. The highly amenitized and walkable project, at the corner of Broadway and Nacogdoches, stands as a gateway to the Alamo Heights community and is leading the redefinition and revitalization of the historic boulevard." Mark Krenger, Managing Director and Co-Market Lead, JLL. Residential leasing for the development is expected to begin in 2022 with management provided by Embrey Management Services, nationally recognized for its award-winning approach to service. This project represents the highest calling of our profession in terms of concept, detail, innovation and vision, 7600 improves the streetscape at an iconic intersection that creates a more walkable neighborhood and a first-class experience in the heart of San Antonio." John Kirk, Managing Director and Executive Vice President for Development for Embrey. About Embrey San Antonio-based Embrey Partners LLC is a diversified real estate investment company that owns, develops, builds, acquires, and manages multifamily residential communities and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed nearly 43,000 apartments and more than 6 million square feet of commercial property. Embrey is a leading developer in the multifamily sector with more than 4,000 units under construction.

Read More

Spotlight

Real estate agents spend a lot of money on marketing their services. Unfortunately, a lot of that spend is misguided and expensive. What are the worst offenders?

Resources