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Mortgage Applications in U.S. Increase in Mid-August

According to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 15, 2014, mortgage applications increased 1.4 percent from one week earlier. Read More »

Luxury Property Spotlight

Grand Tetons Wonderland - (Driggs, Idaho)

Huntsman Springs is golf and club community developed by Jon Huntsman, Sr. A place of serenity and beauty in the hitherto undeveloped Teton Valley of Western Idaho. Read More »

Regional Real Estate News

Last Updated August 20, 2014 5:16 PM ET
North America

According to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 15, 2014, mortgage applications increased 1.4 percent from one week earlier.

August is proving to be a good month for Miami-based The Related Group. The company just announced this week that they have hit sales of over $300 million at SLS Lux Brickell.

According to CBRE, national multifamily demand in the U.S. continued to gain momentum as a combination of improving job growth and more households shifting from owning to renting boosted net absorption in Q2 2014.

According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, fueled by strong single and multifamily growth, nationwide housing starts rose 15.7 percent to a seasonally adjusted annual rate of 1.093 million units in July.

According to the California Association of Realtors (C.A.R.), California's home sales posted higher for the second straight month, while the statewide median home price rose from the previous month as well as from a year ago.

Based on the latest S&P/Experian Consumer Credit Default Indices for July 2014, there was another slight decline in default rates.

According to RealtyTrac's U.S. Institutional Investor & Cash Sales Report, all-cash sales accounted for 37.9 percent of all sales of single family homes and condos nationwide in the second quarter

According to RealtyTrac latest U.S. Foreclosure Market Report for July 2014, foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were reported on 109,434 U.S. properties in July 2014.

Last Updated August 6, 2014 10:49 AM ET
Latin America

In a world of ever-increasing work demands, hours at the office, balancing a family life and being over-connected by smart phones, computers, emails, texts and social media in order to 'have it all', it seems people are becoming more stressed than before.

According to the June 2014 STR Global Construction Pipeline Report, the Central and South America hotel development pipeline comprises 400 hotels totaling 65,479 rooms.

STR Global is reporting hotels in Brazil have experienced declines in revenue per available room as they prepared to host the FIFA World Cup, which began this week.

The real estate market in Costa Rica is displaying signs of significant interest towards pre-built construction of coastal gated communities while pressure rises from competing markets such as Panama.

The Costa Rica real estate market saw a significant turn-around in 2013 after setting a record in international arrivals in 2012 with over two million landing on its sunny shores.

STR Global reported this week that hotels across the Americas region recorded positive results in the three key performance metrics.

Central and South America's hotel development pipeline comprised of 390 hotels totaling 63,780 rooms.

There is a strong increase of new hotel development now occurring in both the Caribbean and Mexico over last year's construction activity.

Last Updated August 20, 2014 12:10 PM ET
Europe

The Fairmont St. Andrews Hotel and Golf Resort based in Scotland has been sold for approximately £32.4m ($54,000,000 USD) to Kennedy Wilson Europe Real Estate Plc, says CBRE Hotels Group, who handled the transaction.

Portugal property brokers are now reporting an increasing amount of attention from British investors looking to put their pounds into property.

Retail real estate investment in Europe enjoyed a strong quarter as the Q2 volume reached €9.6bn, up 86% from the Q2 2013 volume of €5.2bn.

'Alternative' non-bank financial institutions continue to take up a more significant share of an increasingly diversified mix of active lenders in Europe.

According to Cushman & Wakefield's Corporate Finance team, European banks and asset management agencies have a gross exposure of €584 billion to non-core real estate which is subject to disposal or work-out strategies.

According to CBRE, the first half year results pushed commercial real estate investment volumes in Central & Eastern Europe (CEE) (excluding Russia) to €2.5bn, an increase of 15% on the same period for 2013.

£3.38 billion worth of central London commercial property transactions took place in Q2 2014; this takes total H1 London investment to £7.6 billion.

The average London home price is now double the UK average for the first time in a 41-year period, says global real estate consultant Cushman & Wakefield.

Last Updated August 11, 2014 9:56 AM ET
Middle East and Africa

The real estate market of the UAE has successfully managed to carry its confident performance into H1 of 2014.

According to global property advisor CBRE Group, Middle Eastern investors are expected to spend over $180 billion in commercial real estate markets outside of their own region over the next decade.

Bahrain's retail market has remained the best performing sector in the commercial market, with developers capitalizing on the buoyant demand for retail schemes in Manama.

Real estate risk to both assets and employees is on the rise in several emerging-market economies.

Vertical communities are moving ever higher as a new generation of high-rise buildings concentrated mainly in China, the Middle East and South East Asia show developers competing to build to record heights.

This week UAE's Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum announced Dubai's newest mega-project, the Mall of the World, located along Sheikh Zayed Road in Dubai.

Where transparency broadens, real estate capital flows and market change follows. JLL now reports this trend has finally made its way to one of the "final frontiers" of commercial real estate:

According to the latest research from global property advisor CBRE Group, Inc., Middle Eastern investors are expected to spend US$180 billion in commercial real estate markets outside of their own region over the next decade.

Last Updated August 19, 2014 3:48 PM ET
Asia Pacific

China's property market saw a further decline of property prices in July, the third consecutive monthly decline in 2014.

As a veteran travel writer of over 25 years, here are my Top 10 hotel rooftop bars around the world!

According to the June 2014 STR Global Construction Pipeline Report, the Asia Pacific region reported 2,313 hotels under contract comprising 519,718 rooms.

According to STR Global's preliminary June 2014 hotel data for Singapore, there was negative performance in the three key market performance measurements.

According to global real estate consultant CBRE, the increasing liberalization of regulatory restrictions on Asian insurance funds could lead to an additional US$75 billion entering global real estate markets by 2018, with New York and London among the key targets.

According to STR Global, hotels in the Asia Pacific region experienced positive results during May 2014.

According to STR Global's preliminary hotel data, Sydney's hotel sector enjoyed several positive performance trends for May 2014.

A company in India is building residential property developments with a focus on nurturing children's abilities and talents, offering special facilities and celebrity-coaching on site in activities ranging from tennis to personality and leadership skills.

Real Estate Dashboard
U.S. Housing Stats May. 2014 June. 2014
Existing Home Sales (Annualized Rate) 4.89m 5.04m
Existing Home Prices (Median) $213,400 $223,300
Existing Home Inventory (all U.S.) 2.28m 2.3m
Existing Home Supply (Months) 5.6 5.5
New Home Sales (Annualized Rate) 504,000 406,000
New Home Prices (Median) $282,000 $273,500
New Home Inventory (all U.S.) 189,000 197,000
New Home Supply (Months) 4.5 5.8
Building Permits (Single Family) 615,000 631,000
Housing Starts (Single Family) 632,000 575,000
Housing Completions (Single Family) 687,000 586,000
Pending Home Sales Index (PHSI) 103.8 102.7
Home Builder Confidence Index (HMI) 49 53

Source: NAR & U.S. Commerce Department

U.S. Foreclosure Stats May. 2013 June. 2014
Residential Filings 109,824 107,194
Year Over Year % Change 26.0% 16.0%

Source: RealtyTrac

Global House Price Index (Q2, 2014)

Country Annual Price Change Quarterly Change
1. Jakarta 27.3% 1.2%
2. Dublin 23.5% 2.1%
3. New York 18.4% NA
4. Los Angeles 17.8% 5.6%
5. Miami 17.2% NA
6. Beijing 13.2% 1.2%
7. San Francisco 12.5% 3.4%
8. Sydney 10.9% 1.0%
9. London 8.1% 2.3%
10. Tel Aviv 7.8% 0.6%
11. Vancouver 6.5% 2.0%
12. Bangkok 6.4% 0.0%
13. Dubai 6.3% 1.0%
14. Bengaluru 5.5% 3.0%
15. Shanghai 4.8% -0.6%
16. Madrid 4.3% 0.4%
17. Nairobi 4.0% 0.3%
18. Vienna 3.8% 0.2%
19. Kuala Lumpur 3.1% 0.0%
20. Monaco 2.9% 0.0%
21. Cape Town 2.5% 1.0%
22. St. Petersburg 2.3% 0.0%
23. Delhi 1.8% 0.6%
24. Moscow 0.9% 1.2%
25. Mumbai 0.8% 0.5%
26. Tokyo 0.1% 4.4%
27. Rome 0.0% 0.0%
28. Zurich -0.3% 0.0%
29. Paris -2.5% -3.0%
30. Hong Kong -2.9% -0.2%

Source: Knight Frank

U.S. Office Market Current Qtr.
(Q2 - 14)
Prior Qtr.
(Q1 - 14)
Inventory
(sf in 1000s)
3,622,859
3,618,693
Completions
(sf in 1000s)
4,166
4,013
Absorption
(sf in 1000s)
15,416
5,498
Vacancy Rate
14.5%
14.8%
Gross Asking Rent
($ per sf)
28.14
27.83

Source: CBRE Econometric Advisors

U.S. Industrial Market Current Qtr.
(Q2 - 14)
Prior Qtr.
(Q1 - 14)
Inventory
(sf in 1000s)
12,808,965
12,782,078
Completions
(sf in 1000s)
26,887
23,457
Absorption
(sf in 1000s)
53,428
43,179
Vacancy Rate
10.8%
11.1%
Net Asking Rent
($ per sf)
5.89
5.84

Source: CBRE Econometric Advisors

U.S. Retail Market Current Qtr.
(Q2 - 14)
Prior Qtr.
(Q1 - 14)
Inventory
(sf in 1000s)
2,924,573
2,922,060
Completions
(sf in 1000s)
2,513
2,560
Absorption
(sf in 1000s)
7,367
5,587
Vacancy Rate
11.7%
11.9%
Net Asking Rent
($ per sf)
18.65
18.62

Source: CBRE Econometric Advisors

U.S. Multifamily Market Current Qtr.
(Q2 - 14)
Prior Qtr.
(Q1 - 14)
Rentable Inventory
(units)
14,915,802
14,846,049
Rentable Completions
(units)
69,753
58,099
Absorption
(units)
145,429
59,922
Vacancy Rate
4.4%
4.9%
Same-Store Rent
Index ($/unit)
$1,380.23
$1,370.33

Source: CBRE Econometric Advisors

U.S. Hotels
(May. 2014)
Occupany Rates Avg. Daily Rates (USD)
Luxury   78.0%
$300.21     
Upper Upscale   76.5%
$171.70     
Upscale   76.7%
$128.82     
Upper Midscale   69.6%
$105.52     
Midscale   61.1%
$80.07     
Economy   60.0%
$57.15     
Independents   62.7%
$111.95     
TOTAL U.S.   67.0%
$115.35     

Source: STR

International Hotels  (By Region, May. 2014) Occupany Rates Avg. Daily Rates (USD)
Americas   66.9%
$116.90     
Asia/Pacific   67.6%
$115.10     
Europe   74.0%
$148.89     
Middle East/Africa   63.5%
$154.14     

Source: STR Global

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