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:
By E.B. Solomont via The Real Deal
Bucking the notion that the real estate market is softening like butter on a balmy day, Douglas Elliman sold $6.4 billion worth of real estate nationwide during the second quarter of 2016, up from $5.5 billion a year earlier, the brokerage’s parent company Vector Group reported Thursday. For the first six months of the year, Elliman closed sales worth $12.1 billion, up from $9.6 billion during 2015’s first half, Vector said. And profits at New York City’s largest brokerage also soared, largely on the back of investments in its development market division, Chairman Howard Lorber said during an investor call.
The U.S. Treasury on Wednesday expanded its hunt for international criminals who launder money through real-estate deals by ordering title insurance companies to report all-cash buyers’ identities in parts of California and Texas, as well as greater swaths of New York and Florida. The program to unmask the individuals behind shell companies that buy high-end houses with cash will still cover New York City’s Manhattan and Miami-Dade County, its two focus areas announced in January. Starting in August, it will also reach into New York’s boroughs, Florida’s Broward and Palm Beach counties, and Los Angeles, the San Francisco Bay area, and San Diego, California, as well as San Antonio in Texas.
By Alan J. Heavens via the Inquirer
Despite temperatures stuck in the 90s and thousands of visitors in Philadelphia for the Democratic convention this week, the real estate industry is, so far, reporting business as usual. The South Philadelphia neighborhoods surrounding the Wells Fargo Center, where the convention is being held, appear to be affected the most. “We have postponed all neighborhood [house] showings until next week,” said Barbara Capozzi, of Capozzi Real Estate & Insurance in the 3300 block of South 20th Street.
By Kyna Doles via The Real Deal
Buyers aren’t shying away from the Bronx’s investment sales market, even as the rest of the city saw the number of deals shrink in the first six months of the year, according to the mid-year report from Ariel Property Advisors. Sales from 322 properties and 188 deals in the borough totaled $1.4 billion in the first half of 2016. Dollar volume rose seven percent year-over-year and property volume increased 10 percent.
Coney Island has long been known for its amusement park, beach and boardwalk, but visitors to the neighborhood might not notice that it has been going through major changes on the residential side. New developments and businesses are moving in, and longtime residents say the changes are for the better. “The good times are here,” said Eddie Mark, the district manager of the local Community Board 13, who has lived in the neighborhood for 21 years. “Businesses, investors and franchises want to come to the neighborhood and I think things like that show that we’re on an upswing.”
Did you like these articles? What were your favorite articles this week?