There are so many real estate articles out there — and so little time! For busy investors looking to take a quick reading break, look no further than our list of recommended reading for the week. From advice and investment tips to market reviews, we’re highlighting the stuff that’s really worth your time.
So sit back, and take a break. These were the 5 Must-Read Real Estate Articles of The Past Week:
There Are Plenty of People Who Want to Buy Manhattan Real Estate — There Just Aren’t Enough Apartments to Go Around
By S. Jhoanna Robledo via New York Magazine
Manhattan’s real-estate market is beginning to look like the runaway train that won’t lose steam, especially in the non-luxury segment. Third-quarter reports released Thursday by brokerage firms show a market still filled with buyers and not enough apartments to sate their appetite. According to the Douglas Elliman survey, there were nearly 10 percent more closings — 3,654 transactions — in the past three months compared to the same period last year, 51 percent of them all-cash deals. (This time last year, an already impressive 43 percent of buyers were going mortgage-free.) The median price rose slightly to just under $1 million — $998,000, to be precise — the highest on record since 2008.
By Ian Salisbury via TIME Magazine
On Oct. 3, the Consumer Financial Protection Bureau plans to roll out a key piece of its program: new rules about how mortgage terms are disclosed to home buyers. Mortgages of course were at the heart of the financial crisis. Sen. Elizabeth Warren, the CFPB’s guiding spirit, has long argued that confusion over complicated terms led well-meaning people to make bad decisions in the run-up to the housing crash. The two new disclosure forms, which replace the current four, are designed to tackle that problem head-on, making sure borrowers get clear information and giving them more time to digest it. Of course, not everyone is happy about the changes. Some borrowers may now find it harder to get a loan or slower to close on the purchase.
By Alexandra Gibbs via CNBC
While high-technology and community ventures have dominated the headlines when it comes to crowdfunding, more challenging areas of investment, such as real estate, are also finding success, according to one industry executive. More people are being drawn into this increasingly crowded space, with platforms like Realty Mogul, Property Moose and Fundrise leading a sector which globally raised over $1 billion in real estate during 2014. By the end of this year, that figure is expected to almost triple, up $2.57 billion worldwide, according to a Massolution report released this year. “(Crowdfunding in real estate) It’s absolutely catching on” says Jilliene Helman, founder & CEO at RealtyMogul.com, told CNBC Wednesday.
By Konrad Putzier via The Real Deal
It’s official: The Blackstone Group raised the world’s largest-ever private real estate fund, totaling $15.8 billion. News of the fundraising broke in March, but it took several months to rake in all the cash. Twenty percent of the capital is already committed to projects, according to a press release. Blackstone’s real estate group, headed by Jonathan Gray, is the largest private U.S. landlord and the world’s largest private real estate fund manager. As of June 30, it had $92 billion in assets under management. In April, it bought GE Capital’s real estate portfolio for $26.5 billion in partnership with Wells Fargo and other investors, in a leveraged buyout using money from several Blackstone real estate funds.
By Teresa Mears via U.S. News & World Report
Real estate agent Victor Quiroz and his wife recently did a charity 5K run in Beverly Hills, California. Quiroz, an agent with Berkshire Hathaway HomeServices California Properties, shared his experience on the popular photo- and video-messaging app Snapchat. That night, he was shown on Snapchat worldwide, when his “snap,” taken wearing a Berkshire Hathaway cap, was chosen as part of the daily featured Live Story, a stream of user snaps, in Los Angeles. Quiroz, 34, is one of a number of younger real estate agents who are experimenting with a variety of social media channels, including Snapchat, Instagram and Periscope, to build their businesses. “Social media is the new print ad … but you get more bang for your buck,” Quiroz says.
Did you like these articles? What were your favorite articles this week?