Housing market growth has stalled in Portugal, latest analysis shows

Royal Institution of Chartered Surveyors | May 16, 2019

House price inflation has continued to ease in Portugal with the latest sales market activity report showing that enquiries and transactions were unchanged in February 2019. However, in the lettings market, demand has accelerated in Lisbon, Porto and the Algarve, according to the data from the Royal Institution of Chartered Surveyors (RICS) and Confidencial Imobiliário. Across the sales market, the new buyer enquiries indicator held steady over the month at a net balance of -5% compared to -4% previously. But it marks five months since a positive reading has been posted.

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MORTGAGE AND LENDING

First Street Foundation Finds Over 30.4 Million Properties Have a 1% or Greater Chance of Experiencing a Wildfire During the Course of a Mortgage

First Street Foundation | May 16, 2022

First Street Foundation released the First Street Foundation Wildfire Model, the only nationwide, probabilistic, climate adjusted, peer reviewed, property specific wildfire risk model for properties in the contiguous United States. Detailed in the 5th National Risk Assessment: Fueling the Flames, the model provides a first of its kind analysis of the risk individual properties face from damaging wildfires, and up to 30 years in the future as a result of climate changes. Nationwide, the report finds nearly 20 million properties face "Moderate" risk, (up to a 6% chance of experiencing a wildfire over 30 years); 6 million properties face "Major" risk (up to 14% risk over 30 years); nearly 3 million face "Severe" risk (up to 26% over 30 years); and approximately 1.5 million face "Extreme" risk (greater than 26% risk over 30 years). Over 49 million properties face less than 1% chance of experiencing a wildfire over a 30-year period, or "Minor" risk in the model. Wildfire has become one of the most common and dangerous climate perils, increasingly spreading from heavily forested areas to more populous urban and suburban environments. According to NOAA, damage associated with wildfires has grown substantially, with $81.7 billion, or 66% of all direct losses since 1980, occurring in the last five years. Yet today, neither the public nor private sector have developed a simple methodology or tool to help homeowners, buyers or renters understand a property's wildfire risk, and make informed decisions to protect them. Existing tools like USDA Forest Service's wildfire risk assessment are designed to help fire officials understand how risk varies across a state, region, or county; it is explicitly not meant to help homeowners understand their personal risk. To address this gap, First Street Foundation will make this critical wildfire risk information available to users for free through Risk FactorTM, where Fire FactorTM data will be presented alongside Flood Factor and other future perils, giving users a comprehensive understanding of their homes from physical climate risk today and 30 years into the future. Like Flood Factor, Fire Factor data will be integrated into Realtor.com, providing visitors to the site a property-level wildfire risk assessment in the form of a risk ranking from 1 (Minimal) to 10 (Extreme) for each property on the site. Users interested in commercial real estate can also find this data integrated with Crexi. "The lack of a property specific, climate adjusted wildfire risk for individual properties has severely hindered everyone from the federal government to your average American," said Matthew Eby, Founder and Executive Director of First Street Foundation. "As a changing climate drives more frequent and severe wildfire events, Fire Factor will prove critical in ensuring everyone has the insights they need to understand their personal risk to avoid and protect against the devastating impact of a wildfire." According to a recent Realtor.com survey, seven out of ten recent homebuyers considered the risk of natural disasters when deciding where to live. Realtor.com is adding Fire Factor to maps and properties to help home shoppers and homeowners make informed decisions. Wildfire risk information empowers consumers to protect their homes against the increasing threat of wildfire damage." Sara Brinton, Lead Product Manager, Realtor.com Building the model brought together top climate and data scientists, technologists, and modelers from other leading organizations; the Spatial Informatics Group, Reax Engineering, and Eagle Rock Analytics who are members of the Pyregrence Consortium as well as the USGS, and architectural design & engineering consulting group Arup. This group combined decades of peer reviewed research and expertise in next-generation modeling techniques to create an open source, freely available wildfire model that accounts for current and future climate conditions.

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REAL ESTATE TECHNOLOGY

EMPIRE STATE REALTY TRUST SIGNS THREE NEW RETAIL TENANTS AT TWO NYC PROPERTIES

EMPIRE STATE REALTY TRUST | February 02, 2022

Empire State Realty Trust, Inc. (NYSE: ESRT) announced today three new retail leases signed with AT&T Mobility, Subway, and Le Café Coffee at two of its New York City properties. 10 Union Square East AT&T Mobility signed its third lease with ESRT for a 3,077 square foot retail space in January 2022. Steve E. Baker of Winick Realty Group, LLC. represented AT&T Mobility in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO. Subway signed its second lease with ESRT for a 600 square foot retail space in January 2022. Neil Seth of C&W represented Subway in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO. 501 Seventh Avenue Le Café Coffee signed its second lease with ESRT for a 731 square foot retail space in December 2021. Yoel Gorjian represented Le Café in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT. Quality retail service tenants continue to be attracted to our retail stores located in bustling neighborhoods with high volume foot traffic where their businesses thrive, We are pleased to nurture established retail relationships as we continue to build our roster of high-quality retailers who also provide great amenities for our office tenants." Fred C. Posniak, SVP, leasing at Empire State Realty Trust. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World's Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2021, ESRT's portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties.

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REAL ESTATE INVESTMENT

Armada Venture Partners Acquires Park Hill Industrial Building

Armada Venture Partners | December 30, 2021

Armada Venture Partners, a local boutique commercial real estate investment and development company, announced it has purchased a 46,000 square-foot warehouse in Park Hill. The vacant Denver warehouse, located at 3939 Kearney Street, will be renovated and leased in 2022. We are being intentional in acquiring and redeveloping in-fill opportunities across various asset classes to support growing companies and drive economic growth in our city, Park Hill is one of the gems of Denver. It is known for its architectural diversity, relaxed suburb-in-the-city vibe, and the easy access it affords to major thoroughfares, transit and downtown." Ryan Arnold, principal of Armada. Evan Makovsky, Byron Johnson and Craig Myles of NAI Shames Makovsky facilitated the transaction on behalf of the seller. The purchase price was $6,320,000. About Armada Venture Partners Armada Venture Partners, a creative boutique commercial real estate company founded in Denver in 2021, brings value to properties and investors by integrating acquisitions, capital markets and structured finance, in addition to offering asset management solutions for projects in Colorado and other high growth regions. Armada's principals have acquired, developed and asset managed over $200M in real estate assets since 2014.

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REAL ESTATE INVESTMENT

HomeServices of America Acquires Ownership Stake in Title Resources Group

Title Resources Group | May 04, 2022

Title Resources Group, one of the nation's leading title insurance underwriters, announced that HomeServices of America is acquiring a minority stake in TRG. Financial terms were not disclosed. HomeServices, an affiliate of Berkshire Hathaway, is the nation's largest residential real estate company, based on closed transactions. HomeServices is joining TRG's other major shareholders, Centerbridge Partners, L.P. and Realogy Holdings Corp., in participating in the JV. The expanded roster of joint venture partners will be instrumental in accelerating TRG's mission and growth as the title underwriter built for the real estate industry. HomeServices of America is a long-time, valued customer of TRG, and we're thrilled to welcome them as a significant shareholder to our joint venture. We look forward to working with their team to expand our collaboration in the months and years ahead, further accelerating our growth." Scott McCall, president and CEO, Title Resources Group "Our strengthened partnership with Title Resources Group further enhances the ability of HomeServices' sales associates to provide clients with a one-stop shopping approach to delivering the American dream of homeownership," said Gino Blefari, CEO, HomeServices. "We're excited to be a part of this joint venture with Scott McCall and his team, as well as our other partners at Centerbridge and Realogy." "We are pleased to partner with HomeServices of America on this compelling JV," said Kevin Mahony, managing director at Centerbridge. "The investment in TRG by its long-time customer validates the bright prospects for the business, and we are excited about the strategic benefits of expanding the relationship. HomeServices' perspective and track record of success will be invaluable as we shape and execute TRG's growth and value creation plan together." "The continued investment in TRG's future is a powerful endorsement of Realogy's strategy to unleash the underwriter's growth potential and reinforces our confidence in the exciting opportunity of this business," said Ryan Schneider, CEO and President, Realogy. About Title Resources Group (TRG) Title Resources Group – the underwriter built for the real estate industry – is one of the nation's largest title insurance underwriters, according to the American Land Title Association's 2021 market share data. A joint venture with Centerbridge Partners, L.P. and Realogy Holdings Corp., TRG serves title insurance agents in 37 states and the District of Columbia. With $163 million in liquid assets at year-end 2021, its financial strength and stability are rated A' (Unsurpassed) by Demotech, Inc., and B++ (Good) by AM Best Rating Services, and since its inception, the company has consistently operated profitably without a net operating loss in any fiscal year. With a mission to provide knowledgeable and responsive underwriting solutions, TRG is dedicated to growing lifelong relationships and maintaining quality through integrity and financial stability. About HomeServices of America HomeServices of America, Inc., through its operating companies, is the nation's largest residential real estate company based on closed transactions and is a premier provider of homeownership services, including brokerage, mortgage, franchising, settlement, property and casualty insurance, relocation services and more. HomeServices of America is the owner of the Berkshire Hathaway HomeServices and Real Living Real Estate residential real estate franchise networks. HomeServices is owned by Berkshire Hathaway Energy, a consolidated subsidiary of Berkshire Hathaway Inc.

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