Political uncertainty still putting brakes on UK prime housing markets

Savills | July 05, 2019

The prime property market in London held firm in the second quarter of 2019 while regional areas saw price growth, narrowing the gap with the capital, the latest analysis shows. In South West London prime property prices increased by 1.2% but this is the only part of the market not showing a fall in values year on year, according to the report from international real estate advisors Savills. But it is the first time since the third quarter of 2015 that average values across the prime London residential markets held their own despite prices still down by 1.8% on an annual basis. But the report points out that this is less than half the level seen this time last year.

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REAL ESTATE TECHNOLOGY

iGo Launches iGo Network: A National Home Inspection Booking Platform

InspectionGo (iGo) | April 06, 2022

InspectionGo (iGo), provider of technology and services to the home inspection industry, announces the launch of iGo Network, a national platform for real estate agents, consumers, and investors to order home inspections through a digital, but human-enhanced, booking service. iGo Network was created to make property inspection booking and delivery more accurate and efficient, and solves the geographical fragmentation in the inspection industry. For real estate or technology companies seeking inspection services across multiple markets, iGo Network provides a central, digital solution for tapping into reputable inspectors nationwide. Participating inspectors meet ongoing service standards and are committed to maintaining a high bar for E&O and general liability insurance. We are excited to launch iGo Network. The majority of home inspections today are ordered via a 12-minute phone call, making it cumbersome and error prone. We are changing this, and now with a modern national platform, the inspection can be incorporated into a more cohesive and enjoyable consumer journey." Celeste Starchild, COO of iGo Every inspection booked through iGo Network comes with a repair estimate report from Repair Pricer – the industry's most accurate AI-powered home repair cost calculator. With an accuracy rate of 98%, Repair Pricer reduces time and stress associated with gathering repair estimates from contractors during a critical time in the closing process. "We are thrilled to join forces with iGo to launch iGo Network," said Christian, co-founder of Repair Pricer. "Agents have been asking us for years for an easy way to book with inspectors that will provide them with Repair Pricer reports as standard. iGo Network not only meets this demand, but it brings best-in-class tools and services together to deliver a game changing experience for the industry as a whole." Inspection companies gained advance access to join the iGo Network at iGo's annual conference in February, where more than 400 inspectors signed up for the platform. With dozens of market-leading multi-inspector firms participating at launch, iGo Network is positioned to bring a higher level of professionalism and standards to the industry. For inspectors, iGo Network provides a source of new business without compromising control and confidentiality of their client data. "The inspection industry needs a trusted partner to meet the opportunities of the future. I believe that partner is iGo, and Axium Inspections is proud to be a founding member of the iGo Network," said Wade Williamson, CEO of Axium Inspections. About InspectionGo (iGo) iGo, is a leading provider of technology and services for the home inspection industry. iGo's vision is to empower home owners and their agents with professional, digitally driven home inspection services and actionable insights about their homes, making home ownership more joyful. Based in Tyrone, PA, iGo also operates iGo Community, the nation's largest business coaching group for inspection company owners, iGo Academy, the gold standard for home inspector education in 17 states, and iGo Booking, the nation's foremost home inspection booking service. About Repair Pricer Repair Pricer is an AI-powered repair estimator that can turn any inspection report into a highly accurate fully-interactive repair estimate. The buyer's agent receives this report, with the option to modify the final display for their buyer. Customizable, universal, automated and secure, Repair Pricer is demanded by real estate professionals and investors nationwide.

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REAL ESTATE TECHNOLOGY

Honely.com Signs Licensing Agreement for Its Property and Area Forecast APIs with Forescite, Inc.

Honely, LLC | March 29, 2022

Honely, a Boca Raton-based prop tech firm that uses proprietary AI/ML techniques to forecast the values of over 100 million properties, is pleased to announce that they have entered into a strategic relationship with Forescite, a leading New York City-based FinTech company revolutionizing the journey to a secure financial future with their AI/ML-powered mobile app, Investall. Forescite will now have the capability to help calculate a user's net worth and equip them with statistics pertinent to the real estate market through a major licensing deal with a big data player in the Prop Tech space. Forescite will be licensing Honely's Property and Metro Level Forecast APIs which will allow them to give a true assessment of their users' financial position. This major partnership will be the first of many to come. We understand how impactful our statistics can be especially on a robust real time wealth management platform such as the Investall APP. The use case of our statistics can vary over a broad spectrum of industries, however the first one the public will be able to interact with is on Forescite's Budgeting and wealth management platform." Maxwell Schwarz, President of Honely FORESCITE EXECUTIVE Bala Shagrithaya, Investall CEO commented, "After an exhaustive search of data from industry leaders such as Zillow, we're thrilled to have found a partner in Honely, that far exceeds the complexity and reliability of data available on any property, which is important when trusting an algorithm that our users can rely on." About Honely Honely is a data and analytics company which uses high-level AI and data science techniques to deliver unique statistics such as home-value forecasts up to 36 months into the future, migration trends, neighborhood growth forecasts, and more. On Honely.com, every insight is delivered in real time and can be downloaded in customizable reports. The site also has interactive features that allow users to make important calculations and estimates, serving as a fully comprehensive tool for RE investors. About Forescite Forescite Inc enables "smarter Investing powered by AI," a New York City-based FinTech company that is revolutionizing the journey to a secure financial future with its AI/ML-powered Investall mobile apps. Like a GPS for finances, Forescite allows retail investors to leverage the predictive data and analytics used by the banks and hedge funds to make more effective investment decisions. The company's investing platform offers users the most powerful risk analysis tool on the market with the technology to manage their money like a pro.

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REAL ESTATE INVESTMENT

EMPIRE STATE REALTY TRUST SIGNS PROGYNY, INC. FOR 70,573 SQUARE FEET ACROSS THREE FULL FLOORS AT 1359 BROADWAY

Empire State Realty | March 03, 2022

Empire State Realty Trust, Inc. (NYSE: ESRT) today announced a new lease with Progyny, Inc. a leading fertility benefits management company, at 1359 Broadway. Progyny has committed to occupy 70,573 square feet across three floors, which includes one floor that it previously subleased, one floor that Progyny will occupy in late 2022 and a third floor that they will occupy in early 2024. We are growing rapidly as more and more employers recognize the value of Progyny's comprehensive fertility and family building solution, We look forward to expanding our presence in our corporate office in New York City with Empire State Realty Trust." Pete Anevski, CEO of Progyny. Located along the updated Broadway Pedestrian Plaza, 1359 Broadway offers convenient access to major transportation hubs, subway lines, dining, lodging, and shopping. The fully modernized office building features industry-leading energy efficiency and indoor environmental quality measures at a fraction of the cost of newer buildings. Our premier indoor environmental quality measures and energy-efficient practices continue to attract high-quality tenants who appreciate our value proposition, Progyny is a welcome addition to our excellent tenant roster at 1359 Broadway after a successful sublease." Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. David Falk, Kyle Ciminelli, and Dylan Weisman of Newmark Knight Frank represented Progyny, Inc. in the lease negotiations. Property owner representation was provided by Shanae Ursini and Jordan Berger of ESRT, and Paul J. Amrich, Emily Chabrier, Neil V. King III, and Meghan Allen of CBRE. 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 TECHNOLOGY

Green Courte Partners Hires Managing Director of Development

Green Courte Partners, LLC | March 10, 2022

Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced that it has hired C.R. Russell as Managing Director of Development. In this role, Mr. Russell will oversee all development and construction activities for Green Courte's investments in Windward Communities, True Connection Communities, and The Parking Spot, Green Courte's land-lease community, senior housing, and near-airport parking companies, respectively. Mr. Russell is replacing John Lyons, who retired in February after being with Green Courte and The Parking Spot since 2010. Prior to joining Green Courte, Mr. Russell was a Senior Vice President of Development and Construction at A.J. Capital Partners, a vertically integrated developer with $3.6 billion in real estate investments across 45 markets. In that role, Mr. Russell oversaw the planning and development efforts of $1.2 billion of high-profile hospitality and mixed-use developments comprising nearly 2.6 million square feet of space. Earlier in his career, Mr. Russell held several management roles at Vail Resorts Development Company on behalf of Vail Resorts, Inc., the largest owner and operator of mountain resort properties. At Vail, Mr. Russell was responsible for the company's mountain development team as well as expansion efforts across its entire portfolio of properties. Mr. Russell holds a Bachelor of Arts in Environmental Policy from Rollins College and a Master of Business Administration from Northwestern University's J.L. Kellogg Graduate School of Management. We are thrilled to welcome C.R. to our team, and we look forward to leveraging his diverse skillset and expertise to further expand and improve Green Courte's development efforts across our three active platforms." David B. Lentz, Green Courte's Chief Executive Officer About Green Courte Partners, LLC Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active adult/independent senior living properties, land-lease communities, and near-airport parking facilities. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period.

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Spotlight

Whether you’re new to real estate or whether you’re experienced, learning how to research real estate markets is a crucial skill. Read any of our blogs, and you’ll notice that “research the market” is among our most common tips for real estate investors.

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