Fitch: Home price growth slowest in 7 years

Fitch Ratings | June 14, 2019

Home price growth has clearly slowed down in recent months as the housing market cools after a near six-year hot streak. Now, a report released by Fitch Ratings this week details just how much the market has slowed, revealing a full percentage point decline from the previous quarter.

Spotlight

Logistics real estate occupiers further expanded their footprints through the first quarter of 2016 despite recent volatility in the financial markets and the global economy. The latest reading from Prologis’ proprietary index of customer activity, the U.S. Industrial Business IndicatorTM (IBI), reveals healthy growth and an elevated utilization of space. Net absorption reached 60 million square feet in the first quarter of 2016.1 Up 18 percent year-over-year, this above-trend level of absorption illustrates the outperformance of industrial demand relative to economic drivers.


Other News
REAL ESTATE TECHNOLOGY

Cian Announces Changes to Its Board of Directors and Committees

Cian | March 14, 2022

Cian PLC, a leading online real estate classifieds platform in Russia, announced that Ms. Cloe Harford has tendered her resignation as a member of the board of directors of the Company, effective as of 4:02 p.m. Eastern time on March 8, 2022. Ms. Harford informed the Company that she has resigned as a result of recent geopolitical developments. Ms. Harford served as a member of each of the Audit Committee of the Board, the Compensation, Governance and Nominating Committee of the Board and the Strategy Committee of the Board. On March 10, 2022, upon recommendation of the Compensation, Governance and Nominating Committee, the Board appointed Gilles Blanchard to the Audit Committee, with effect immediately following the Effective Time. The Board has determined that, after due consideration of all relevant factors, Mr. Blanchard qualifies as independent under the rules of the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE). The Board has also determined that, based on his education and experience, Mr. Blanchard is financially literate in accordance with the requirements of the NYSE. Following Mr. Blanchard’s appointment, the Audit Committee consists of Douglas Gardner, Simon Baker and Gilles Blanchard, with Mr. Gardner serving as Chairperson. On March 10, 2022, upon recommendation of the Compensation, Governance and Nominating Committee, the Board appointed Maksim Melnikov to the Compensation, Governance and Nominating Committee, with effect immediately following the Effective Time. Following Mr. Melnikov’s appointment, the Compensation, Governance and Nominating consists of Gilles Blanchard, Dmitry Antipov and Maksim Melnikov, with Mr. Blanchard serving as Chairperson. Further, following the resignation of Ms. Harford, the Strategy Committee consists solely of Simon Baker, who serves as Chairperson. The Company has previously disclosed in its registration statement on Form F-1, declared effective by the SEC on November 4, 2021, that it follows the corporate governance practices of its home country, Cyprus, in lieu of certain of the corporate governance requirements of the NYSE. In addition to the previously disclosed practices, the Company intends to rely on this "foreign private issuer exemption" with respect to: NYSE Rule 303A.01, which requires an issuer to have, among other things, a majority of its board members be independent; NYSE Rule 303A.4, which requires an issuer to have a nominating/corporate governance committee composed entirely of independent directors; (iii) NYSE Rule 303A.05, which requires an issuer to have a compensation committee comprised entirely of independent directors. About Cian Cian is a leading online real estate classifieds platform in the large, underpenetrated and growing Russian real estate classifieds market, with a strong presence across Russia and leading positions in the country’s key metropolitan areas. The Company ranks among the top ten most popular online real estate classifieds globally in terms of traffic (based on SimilarWeb traffic data for other online real estate classifieds and Google Analytics data for Cian for September 2021). Cian’s networked real estate platform connects millions of real estate buyers and renters to millions of high-quality real estate listings of all types — residential and commercial, primary and secondary, urban and suburban. In the third quarter of 2021, the Company had over 1.9 million listings available through its platform and an average UMV of over 18.7 million. Through its technology-driven platform and deep insights into the Russian real estate market the Company provides an end-to-end experience for its customers and users and helps them address multiple pain points on their journey to a new home or place to work.

Read More

REAL ESTATE INVESTMENT

MG Properties Acquires 215-Unit Community in Orange County's Placentia

MG Properties | April 23, 2022

MG Properties, a private San Diego-based real estate investor, owner, and operator is further expanding their presence in the Orange County, CA with the acquisition of The Herald Apartments. Built in 2021, this 215-unit community is a rare opportunity to acquire a "class A" asset in Placentia. The strong demographics of the surrounding area make The Herald's exceptional amenity package and high-quality finishes well suited to the market. The Herald is ideal addition to our Southern California portfolio. We believe Orange County has strong fundamentals and is positioned well for growth in the near term." Jeff Gleiberman, MG Properties' Managing Director The seller, Lyon Living, was represented by Mark Peterson, Joseph Smolen, Geoff Boler and Jonathan Merhut of Eastdil Secured. The property was financed by Affiliates of Apollo Global Real Estate Management L.P., originated by Lee Redmond and Greg Stampley also of Eastdil Secured. About MG Properties MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 95 communities.

Read More

REAL ESTATE TECHNOLOGY

Whitecrest Real Estate Celebrates the Completion and Official Grand Opening of Brand-New Luxury Condominium Development, The Heritage

The Menkiti Group | May 21, 2022

MG Residential, an arm of Brookland's The Menkiti Group, was joined by Whitecrest Real Estate, to celebrate the launch of The Heritage, a newly developed collection of modern condominiums starting in the mid $300's. The new development offers 1–2-bedroom units that range from 570 – 1050 square feet. The completion of this project marks a major milestone in the new development and momentum in Ward 5. "The project was started late 2018 and took over 3 years to complete. Even through the chaos of COVID-19, we trooped through as we believed in the project," said the company's Director of Design, Maryam Kazmi. "We chose this project as we believed in the neighborhood and wanted to add value to this area and offer new modern living. This is an emerging neighborhood and we wanted to be part of its story." The Heritage lies in the heart of Woodridge, a residential neighborhood located just north of the National Arboretum. The dynamic team of Whitecrest Real Estate always believed in the Woodridge neighborhood, but it was not until they began working in the area, that they realized its true potential. We were one of the first very few developers who started to invest in the neighborhood, about a decade ago in 2013 with a boutique style building. While working in Woodridge, we realized that it is not only a conveniently located and easily accessible neighborhood to various hot spots of Washington DC, but also amongst one of the safest and most affordable areas in the city." Reza Damani, Real Estate Investor and Chief of Operations for Whitecrest The Heritage is conveniently located near a variety of the District's parks and amenities. Barnard Hill Park lies in the northwest corner of the neighborhood, providing 22 acres of open green space for walking or picnics. Also, near the neighborhood, the Dwight A. Mosley Playground and Taft Recreation Center have a large playground, several sports fields, a tennis court, and a basketball court. Although Woodridge lies in a residential area, its proximity to the city's main attractions is what gives this neighborhood its unique flexibility and advantage. Whitecrest and MG Residential were joined by many Ward 5 residents and local businesses, resulting in a successful community event. Joe Dawson of Mission Mortgage and Lawrence Elliot of Prime Title sponsored the event and were also in attendance. "We appreciate everyone who attended the official Grand Opening for The Heritage," says MG Residential's VP of Sales and top 1% of realtors nationwide, Lashika Mason. "We are truly overwhelmed by the constant outpouring of support from the community and look forward to seeing The Heritage's impact in Ward 5." The Heritage is on one of the main arteries of the neighborhood, that runs into Washington, DC. The luxurious finishes combined with the extra effort that was taken to preserve the 100-year-old bank façade makes this beautiful building stand out. The Heritage is a well-built, high-end, and eco-friendly mixed-use condo building in a calm and inviting neighborhood that's a rare find in Washington, DC. The units are well-designed, efficiently built, and are offered at the most competitive prices available in the marketplace for brand-new condominiums. "This is an exciting partnership with MG Residential and Whitecrest Development," says top producing realtor and Managing Director at MG Residential, Anthony Mason. "We are proud to be a part of this project and are looking forward to seeing the impact on the community as we strive to continue to fulfill our mission of transforming lives, careers, and communities through real estate." About Whitecrest Real estate Whitecrest is a dynamic team of real estate investors composed of four key players: Farid Khan serves as the President for Whitecrest Real Estate Company. His primary role is developing a vision for White crest real estate. He also Analyzes budgets and financial reports regularly, reviews and advises on contracts, and leads the company towards success. Reza Damani serves as the Chief of Operation for Whitecrest Real Estate, providing executive management and overseeing all areas of a project from acquisition of raw land to design and development of all the company's construction projects. Mr. Damani is a licensed Class A builder in the Washington DC area with 20 plus years and over 150,000 total developed square feet in the Washington DC metro area. From site selection, through acquisition and construction, to occupancy, he offers comprehensive ground-up and build-to-suit development services for the region. Syed Ali serves as the Chief financial Officer for Whitecrest Real estate and is responsible for tracking cash flow, financial planning, analyzing the company's financial strengths and weaknesses and proposing strategic direction. He is also responsible for maintaining relationships with bankers and investors. Maryam Kazmi serves as the Director of Design for Whitecrest Real Estate. She oversees all design decisions and aesthetics of the project from the floor plans to the finishes. Her responsibilities include making all indoor and outdoor spaces functional, safe, and beautiful by determining space requirements and selecting essential and decorative items, such as colors, lighting, and materials to ensure a well-designed and cohesive look to the whole project. About MG Residential MG Residential is a premier sales team based in Washington, DC, with expertise providing residential and commercial real estate services to buyers, sellers, investors, and developers across Washington DC, Maryland, and Virginia. Over the past 15+ years, MG Residential has had the privilege of serving over 3,000 families in the greater DMV region and has consistently been ranked within the top 100 teams nationally for Keller Williams. Founded with the mission of transforming lives, careers, and communities through real estate, MG Residential is anchored by Bo and Kymber Menkiti and Anthony and Lashika Mason. Their goal is to close the gap on homeownership and create intergenerational wealth in the District of Columbia and throughout the greater DMV region.

Read More

REAL ESTATE TECHNOLOGY

Paraiso Real Estate Introduces Tokenized Vacation Rental Portfolio

Paraiso Real Estate | April 27, 2022

Paraiso Real Estate, a real estate rental and sales agency has launched its own token for its upcoming vacation rental portfolio. Founded by blockchain and real estate entrepreneur, Eric Klein, Paraiso Real Estate will allow exclusive access to its LATAM rental units for the firm's token holders and investors. The firm says it plans to remove centralised platforms such as Airbnb to provide a more private, upscale and exclusive experience. More details can be found in the firm's discord. Paraiso Real Estate operates much like a traditional vacation rental company. It offers private rentals with hotel amenities in some of the world's most beautiful destinations – starting with Medellin. What separates the firm from its competitors is the branded membership experience that users will receive including access to a variety of luxury rentals, spa services, massages, business amenities, networking opportunities, and more. "We're mobilizing the hotel industry" Eric Klein says. "Whether it's a villa, condo or penthouse, guests can expect consistent hospitality across the platform. Our vision is to provide elevated rentals with units around the world and guests have access to these properties through our token." Paraiso Real Estate launched on Unicrypt last week with their pre-sale selling out in under 20 minutes. The token went public on PancakeSwap on April 20th. The firm is anticipating a sharper rise once listed on CoinGecko, CoinMarketCap and other leading exchanges and indexes. To date, Paraiso already has over 700 members between their discord and telegram groups. We've done zero marketing. That goes to show that people are ready for a product like this. It's the way of the future. We expect to have over 60 properties by the end of 2022 and a membership base of over 1,000 token holders." Maria Caudia says, Director of Operations

Read More

Spotlight

Logistics real estate occupiers further expanded their footprints through the first quarter of 2016 despite recent volatility in the financial markets and the global economy. The latest reading from Prologis’ proprietary index of customer activity, the U.S. Industrial Business IndicatorTM (IBI), reveals healthy growth and an elevated utilization of space. Net absorption reached 60 million square feet in the first quarter of 2016.1 Up 18 percent year-over-year, this above-trend level of absorption illustrates the outperformance of industrial demand relative to economic drivers.

Resources