Author ARCHIVES
Michael Gerrity
Michael Gerrity, Publisher & CEO - WORLD PROPERTY CHANNEL™
Besides running the day to day operations of the WORLD PROPERTY CHANNEL, Mr. Gerrity has also served on several Boards over the last decade that include the Central Florida Technology Partnership's Digital Media Advisory Board, City of Orlando’s Technology Board, The Economic Development Commission’s Film & Television Board and he is a founding Board Member of Digital Media Alliance Florida - a statewide digital media industry association. In addition he is a member of the National Association of Real Estate Editors (NAREE).
As founder and CEO of the WORLD PROPERTY CHANNEL, Mr. Gerrity has also been interviewed over the last few years by numerous local and national news media organizations that include NBC Nightly News with Brian Williams, NBC Today Show, TIME Magazine, Orlando Sentinel, Orlando Business Journal, The New York Times, Palm Beach Post and Florida Trend Magazine. Mr. Gerrity was also awarded the prestigious "40 under 40" Entrepreneur Achievement Award of Central Florida from the Orlando Business Journal in 2000.
According to the California Association of Realtors (CAR), California home sales and median price both jumped in April, with sales shooting up to their highest level in more than two years, while the median price rising above $300,000 for the first time in 16 months. Read More
According to the Port of Los Angeles, imports increased by 16.7 percent, from 312,359 Twenty-Foot Equivalent (TEU) containers in April 2011 to 364,555 TEUs this April. Exports increased 11.5 percent, from 167,448 TEUs in April 2011 to 186,838 TEUs in April 2012. Read More
(Cannes, France) -- With unobstructed outlook over the Cannes International Film Festival, Mel Gibson has listed his penthouse apartment on the Côte d'Azur. It is located directly on the famous "Promenade de la Croisette" opposite the "Palais des Festivals", where the international film festival takes place every year (May 16 to 27 in 2012). Read More
According to the National Association of Realtors (NAR), housing affordability conditions for all home buyers reached a milestone in the first quarter of 2012. NAR's composite quarterly Housing Affordability Index rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; recordkeeping began in 1970. Read More
According to London-based Knight Frank, UK land prices remained stable in the first three months of the year, reflecting the wider movement in house prices, which have also remained broadly static. This comes after a 1.3% rise in development land values in 2011. Land prices fell in the North West between January and March, while prices in the West Midlands and Greater London picked up. Prices in all other regions remained unchanged. Read More
According to Sameer Gholve, Manager of Capital Markets at Jones Lang LaSalle India, Pune has been favored destination amongst Real Estate PE funds since 2005 - the year FDI opened for real estate. Most of the funds are based out of Mumbai, which gives Pune obvious preference, as the city's proximity allows these funds to track and monitor the market - and their investments - easily. Also, Pune is among the most rapidly growing cities in India after Mumbai, NCR and Bangalore. Read More
According to the Broward Council of the Miami Association of Realtors, Broward County sales of homes - including existing single-family homes and condominiums - increased seven percent, from 7,403 to 6,886, in the first quarter of 2012 compared to a year earlier. Broward sales of existing single-family homes increased 4.4 percent in the first quarter compared to a year earlier. The sales of existing condominiums dropped a 14 percent compared to the first quarter of 2011. Read More
According to London-based real estate consulting firm Knight Frank, the value of prime property in the world's key cities fell by 0.4% in the first quarter of 2012. This represents the index's first quarterly fall since the depths of the global recession. Read More
(Miami, FL) - This week Miami welcomed the Volvo Ocean Race fleet, a global sailing event, with much fanfare. And as it turns out, Miami has a lot to be thankful for being the only North America stop-over on their global trek. Money. Considered one of the most prestigious sail events in the world with a global following, the 14-day Volvo Ocean Race festival scheduled in downtown Miami's Bicentennial Park will be taking place from May 6th-20th, and will attract more than 200,000 visitors worldwide including tourists, locals and sailing enthusiasts alike. Read More
This week the Panama Maritime Authority (AMP) granted permits to a private development group for the construction and operation of a new container terminal to be built at the Atlantic entrance of the Panama Canal. With an estimated construction value exceeding $USD 600 million, the Panama Colón Container Port (PCCP) is expected to become one of the largest private maritime infrastructure projects in Panama, and the first terminal to be built on freehold land. Read More
Based on a new report, the majority of South and Central American cities tracked by STR Global continued to enjoy revenue-per-available-room (RevPAR) improvements for the first quarter 2012 compared to the same timeframe last year. Ten out of 14 cities tracked across Central/South America reported RevPAR improvements driven by increases in average daily rates (ADR). Read More
(Miami, FL) -- According to the Miami Association of Realtors, limited housing supply in Miami-Dade County coupled with heightened demand fueled robust price appreciation in the first quarter of 2012. This was in spite of a significant percentage of closed home sales being short sales and REOs (bank-owned) properties. Read More
According to the latest Westside Estate Agency analysis of luxury housing data, the already strong luxury home market on the Westside of Los Angeles continues to show strong progress. The first-quarter report - an analysis of homes priced above $3 million in Beverly Hills, Santa Monica, Pacific Palisades, Malibu and Brentwood -- reveals that homes are selling faster and at higher prices than during the same period last year. Read More
According to the latest quarterly report released today by the National Association of Realtors (NAR), median existing single-family home prices are firming in many metropolitan areas, while improving sales and declining inventory are creating more balanced conditions. Read More
Signaling a full-throttle return of uber-luxury condo sales in Miami Beach, owner iStar Residential welcomed more than 450 of South Florida's top real estate influencers on May 2nd to showcase their newest South Beach oceanfront residences called Ocean House. Read More
Today the U.S. Travel Association's CEO Roger Dow asserted in testimony before Congress that travelers from the Asia-Pacific region to the U.S. is critical to the economy, and U.S. policy should ensure future growth. Dow appeared in a hearing titled "Building Secure Partnerships in Travel, Commerce and Trade with the Asia-Pacific Region" before the House Committee on Homeland Security's Subcommittee on Transportation Security. Read More
Freddie Mac reported today their first quarter 2012 refinance analysis that showed over 79% of all U.S. homeowners who refinanced their homes in Q1 also strengthened their fiscal house as well. Freddie Mac's chief economist Frank Nothaft tells World Property Channel, "The typical borrower who refinanced reduced their interest rate by about 1.5 percentage points. Read More
According to a new Chesterton Humberts Residential Observer report, residential transaction volumes in the UK during Q1 2012 were at their highest levels since Q1 2008. A total of 198,000 transactions were completed which was 14.5% higher than in the first quarter of the previous year. Read More
According to Jones Lang LaSalle's latest Global Market Perspective report, the current state of commercial real estate markets suggests a temporary deceleration in the on-going global real estate market recovery. With a brighter outlook ahead for the global economy however, sentiment is recovering and full year 2012 commercial real estate volumes are expected to match the robust levels seen in 2011. Read More
According to Florida Realtors' Chief Economist Dr. John Tuccillo, fear of the unknown and what lurks in the shadows may be common, but it's greatly overrated when it comes to the "shadow inventory" of Florida's real estate market. Read More
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