News

Roskam defends GOP tax bill—but concedes it's 'not perfect'

Chicago Real Estate - Mon, 11/13/2017 - 11:05
Crain's editorial board invited Peter Roskam to stop by. We talked about taxes. Then, when we asked about Roy Moore, he talked about . . . taxes.

Sam Zell's office company explores big merger

Chicago Real Estate - Mon, 11/13/2017 - 11:00
Chicago-based landlord Equity Commonwealth has approached Forest City Realty Trust to discuss a possible combination.

Lou Malnati family makes big gift to brain tumor institute

Chicago Real Estate - Mon, 11/13/2017 - 10:48
The seven-figure infusion is the biggest ever for the institute, housed at Northwestern Memorial Hospital.

Shrinking footprints loom for Chicago's office market

Chicago Real Estate - Mon, 11/13/2017 - 10:30
The trend of law firms reducing their space threatens to add hundreds of thousands of square feet to a market that just saw its vacancy rate increase for four straight quarters.

Metra riders, get ready to pay more

Chicago Real Estate - Mon, 11/13/2017 - 09:00
The suburban rail agency's new budget calls for service cuts, too.

Our most-viewed real estate stories in the past week

Chicago Real Estate - Mon, 11/13/2017 - 07:00
Nobu Hotel and Glassdoor offices make the list.

Brookfield bids almost $15 billion for rest of GGP

Chicago Real Estate - Mon, 11/13/2017 - 06:58
The firm offered $23 a share for the 66 percent it doesn't own of the Chicago mall landlord.

Brookfield Property Makes $14.8 Billion Offer to Acquire Rest of GGP

Wall Street Journal Real Estate - Mon, 11/13/2017 - 06:27
Brookfield Property Partners LP has made a $14.8 billion offer to acquire the shares of mall owner GGP Inc. that it doesn’t already own, according to people familiar with the matter.

Another headache for Outcome Health

Chicago Real Estate - Mon, 11/13/2017 - 05:00
As investors head for court, the resignation of a senior executive this month is disclosed.

Another headache for Outcome Health

Chicago Real Estate - Mon, 11/13/2017 - 05:00
The must-read stories to get your day started.

The Power to Drive Global Change – A Message from Bank of America Merrill Lynch

Chicago Real Estate - Mon, 11/13/2017 - 03:00
Businesses are becoming engines for sustainable growth, driving infrastructure and job expansion, environmental and community improvement. Learn how you can support a responsible growth strategy and succeed in a transforming world.

Eva's Bridals of Oak Lawn Holds Huge Designer Gown Sale - Patch.com

Oak Lawn Home Inspector News Feed - Mon, 11/13/2017 - 02:14

Patch.com

Eva's Bridals of Oak Lawn Holds Huge Designer Gown Sale
Patch.com
OAK LAWN, IL -- With engagement season upon us, locally-owned, independent bridal retailers will joining forces by hosting the National Bridal Sales Event's indoor sidewalk sale the week before Thanksgiving. Brides can shop at hundreds of bridal ...

Trump unlikely to rebuke Duterte for drug war killings

Plainfield News - Mon, 11/13/2017 - 01:08
MANILA, Philippines – Philippine President Rodrigo Duterte has sanctioned a bloody drug war that features extrajudicial killing. He called Barack Obama a “son of a [expletive].” This week, he boasted that he murdered a man with his own hands.

All that may well go unmentioned in public by President Donald Trump when the leaders hold talks Monday.

Breaking with his presidential predecessors, Trump has largely abandoned publicly pressing foreign leaders on human rights, instead showing a willingness to embrace international strongmen for strategic gain. He has cozied up to autocrats such as Saudi Arabia’s King Salman, Egyptian President Abdel-Fattah el-Sissi and Russian President Vladimir Putin. And earlier in this trip to Asia he made no mention of human rights during multiple appearances in Beijing with Chinese President Xi Jinping.

“Trump seems very comfortable with strongmen. It’s not just that he won’t criticize Duterte. I wouldn’t be surprised if he patted him on the back,” said Mike Chinoy, senior fellow at U.S.-China Institute at the University of Southern California.

Duterte’s war on drugs has alarmed human rights advocates around the world who say it has allowed police officers and vigilantes to ignore due process and to take justice into their own hands. Government officials estimate that well over 3,000 people, mostly drug users and dealers, have died in the ongoing crackdown. Human rights groups believe the victim total is far higher, perhaps closer to 9,000.

“Human rights groups, I think, will be quite disappointed by the visit,” said Amy Searight, director of the Southeast Asia Program at the Center for Strategic and International Studies. “It’s unlikely that human rights or rule of law or due process are going to be topics that President Trump will raise.”

Duterte has strenuously defended the violence and boasted of participating himself.

Late last year, he bragged that he personally pulled the trigger and killed three people years ago while serving as mayor of Davao City. And last week, while in Vietnam for an international summit, he said he took his first life years earlier.

“When I was a teenager, I had been in and out of jail, rumble here and there,” Duterte said during a speech in Danang, where he briefly crossed paths with Trump on the sidelines of an international summit. “At the age of 16, I already killed someone.”

He claimed he fatally stabbed the person “just over a look.” His spokesman later tried to downplay the comment, saying, “I think it was in jest.” Trump has shown little interest in pressuring Duterte to rein in the violence, instead saluting him during a May phone call.

“I just wanted to congratulate you because I am hearing of the unbelievable job on the drug problem,” Trump told Duterte, according to a transcript of the conversation that later leaked. “Many countries have the problem, we have a problem, but what a great job you are doing and I just wanted to call and tell you that.”

Trump also criticized Obama during the call, noting that his predecessor “did not understand” the drug problem the Philippines faces. Meanwhile, Duterte was openly critical of Obama in the final year of his presidency, including cursing his name.

White House officials have suggested there is a strategy behind Trump’s flattery of Duterte.

Advisers have said that while Trump is unlikely to publicly chastise the Philippine president, he may offer criticisms during private meetings. Trump would plan to hold his tongue in public in order not to embarrass Duterte, whom he is urging to help pressure North Korea and fight terrorism, and to avoid pushing him into the arms of China.

“If the administration is not going to care about human rights in China, why would you care in the Philippines?” asked Gordon Chang, Asia expert and author of “Nuclear Showdown: North Korea Takes On the World.” He said the “logical thing to do is keep them close and not let Duterte flirt with China. In our struggle with China, we need all the friends when we can get.”

Duterte has seemed less committed to the strategic partnership with the U.S. Searight said a good relationship is “vital to the United States given its location on the South China Sea and the enhanced access that the American military has gotten in recent years with the Philippines.”

White House aides have suggested that Trump’s strategy has worked before, pointing to his interactions with el-Sissi. Trump refrained from chastising the Egyptian leader but worked with him behind closed doors to help engineer the release of American prisoner Aya Hijazi in April.

Trump dismissed the notion that he buddied up to dictators. He said Saturday he has great relationships with all sorts of leaders, “every person in that room today,” after leaving a summit in Vietnam attended by Duterte and Putin, among others.

Human rights groups have expressed dismay at Trump’s public silence, believing that the spotlight an American president can shine on human rights abuses overseas can rally pressure on an authoritarian regime to change its ways.

“In the old days, we used to call on the U.S. government to raise human rights issues during these trips,” said John Sifton, Asia advocacy director at Human Rights Watch. But given the administration’s lack of credibility in raising human rights abuses, he said, they have pivoted to a different tack, focusing on international attention.

“We haven’t given up,” Sifton said.

Santa On the Green and Shop Oak Lawn Kick Off Holiday Season - Patch.com

Oak Lawn Home Inspector News Feed - Sun, 11/12/2017 - 18:29

Patch.com

Santa On the Green and Shop Oak Lawn Kick Off Holiday Season
Patch.com
OAK LAWN, IL -- Santa, Mrs. Claus and their bff Frosty will be making their grand entrance on Oak Lawn's Village Green the Saturday after Thanksgiving on Nov. 25. The family winter frolic is FREE and runs from noon to 3 p.m. Santa on the Green marks ...

Appealing to Investors: ‘Emerging’ Markets Show Strength

Real Estate News - Sun, 11/12/2017 - 13:07

Housing markets in the three largest metropolitan areas—Chicago, Los Angeles and New York—have always attracted capital, eagerly handed over by investors recognizing profit potential, safety and security. Now, according to new research, other major metro areas are diverting the flow, drawing increased investment in real estate.

The common denominator? Economies flourishing with jobs and skilled workers.

“The growing interest in smaller cities by real estate investors is influenced by their relative affordability, coupled with a concentration of young, skilled workers,” says Mitch Roschelle, co-publisher of “Emerging Trends in Real Estate® 2018″ by PwC and the Urban Land Institute (ULI), and partner with PwC. “The diverse, robust economies of these smaller cities make them very desirable to investors.”

A barrier, for one, has been eliminated. Investors have become knowledgeable about markets outside the usual vehicles, according to PwC and the ULI. These other markets, also, have been less saturated with supply.

Additionally, cities with growth are ideal for investors because returns could parallel their trajectory. The cities with high interest from investors, “Emerging Trends” shows, are (in order): Seattle, Wash.; Austin, Texas; Salt Lake City, Utah; Raleigh-Durham, N.C.; Dallas-Ft. Worth, Texas; Ft. Lauderdale, Fla.; Los Angeles, Calif; San Jose, Calif; Nashville, Tenn.; and Boston, Mass. While Los Angeles appears in the top 10, the real story is in the others.

For No. 1 Seattle, challenging conditions exist.

“The booming employment market in Greater Seattle has brought multiple years of double-digit [home] price growth and less than two months’ [housing] inventory available,” says Sam DeBord, managing broker of the Seattle Homes Group and vice president of Strategic Growth with Coldwell Banker Danforth. According to Zillow, home prices in Seattle have soared 12.4 percent year-over-year.

The influx of newcomers, DeBord says, is piling onto the severe shortage.

“Since our building hangover from the last downturn, the region just hasn’t been able to keep up with growing demand for more housing units,” says DeBord. “Seventy-thousand-plus people are moving into King County every year, while we’re only permitting 10,000 new homes per year. The demand will continue to make rents and prices rise.”

Constraints in housing are not just plaguing Seattle. In Raleigh (No. 4), homebuyers are facing a fast-moving market.

“The Raleigh-Durham area is and has been one of the fastest-growing cities in the U.S. thanks to the economic growth, weather, affordability and quality of life,” says Ryan Fitzgerald, owner of Raleigh Realty. “The growth in Raleigh-Durham has translated to a real estate market with home prices appreciating at a fast rate, especially in the high-demand neighborhoods and locations.”

Fitzgerald says Raleigh-Durham is mirroring another market ranked by PwC and the ULI: Austin.

“If you have watched how Austin, Texas, grew in the last 20 years, you will notice that Raleigh-Durham is following a similar trend,” says Fitzgerald. “The rougher neighborhoods with great locations are exploding with relocating millennials, who are willing to sacrifice neighborhood identity for convenience, location and affordability—and their bets are paying off. As a relocating millennial myself, I targeted the East Downtown Raleigh area for my first home purchase, and my property has doubled in value in two years.”

In nearby Nashville (No. 9), however—newer to the scene—inventory is largely keeping pace.

“Land is a precious commodity [in Nashville], but it’s being used and we’re selling it like crazy,” says Carrie Zeier, CEO and owner of RE/MAX Elite. “I think Nashville has done a great job of staying ahead of the curve and planning for that [demand], because prices of homes are very healthy.”

Nashville has advantages both economically and location-wise, Zeier says.

“We’ve always been known as Music City—[in 2016] at least 6,000 employees made up the entertainment and music industry here,” says Zeier. “Healthcare is another driver, as well as manufacturing and tourism and hospitality. For years, we would lose out on big corporations that went to Atlanta, Austin or even Charlotte. We’re winning those now, and that’s because of our low cost of living and the ease of doing business here.”

All told, investors have not been deterred—and, despite high prices and limited supply, the forecast is sunny. According to PwC and the ULI, the investor outlook for the markets in the top 10 has risen 12 percent in four years.

“There’s no financial indicator that says Seattle is in a bubble,” DeBord says. “Unlike the last bubble, buyers today are paying cash, have good jobs, large down payments and high credit ratings. Even with high prices, interest rates have remained low. Seattle’s job market will continue to attract people from all over the world, and our housing crunch will continue. We’ll likely see a slight slowdown in appreciation with high single-digit price growth, and a continued focus on building more housing units of all varieties to accommodate our growing population.”

There is the chance for a downturn, but one investors can withstand if they get in early and at a good price.

“There’s always a correction in the market in real estate—there always has and always will be,” Zeier says. “Nashville was the last to go into that recession and really one of the first to come out of it.”

“Real estate investors should be keeping a close eye on Durham,” Fitzgerald says. “This city is a few years behind Raleigh and offers many opportunities that might have already passed in other areas. You can still buy a great home in walking distance to all Durham has to offer for under $150,000—[but] the city offers too much for these prices to stay this low much longer.”

Overall, investor focus is shifting. Cities like Nashville, Raleigh, Seattle and others are establishing precedent.

“The trend of smaller markets displacing larger ones as investment hubs is setting a new course for urban development that is reshaping cities across the nation,” says Patrick L. Phillips, global CEO of the ULI. “These cities are positioning themselves as highly competitive in terms of livability, employment offerings, and recreational and cultural amenities.”

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Appealing to Investors: ‘Emerging’ Markets Show Strength appeared first on RISMedia.

Don’t Wait: Buying Will Cost More in Just One Year

Real Estate News - Sun, 11/12/2017 - 13:06

Are you on the fence about owning a home? It may be better to buy now than wait.

The nation’s median home value is expected to grow by $6,275 to $208,975 just one year from today, according to Zillow, adding on to the already considerable funds homebuyers need now to own a home. The average homebuyer, in fact, has to add $105 more each month to their down payment savings (assuming a 20 percent down payment on a median-priced home) over the next year, or $1,260 total, to keep up with the rise in values.

In other words: It costs more to hold off.

“Sky-high rents and rising home prices are putting first-time buyers in a bit of a catch-22,” says Dr. Svenja Gudell, chief economist at Zillow. “Buying now with a low down payment can be riskier, and the offer may not be considered as competitive by the seller; however, a renter who saves for another year to reach a larger down payment may find that the home they love today is outside their budget a year from now. For those considering buying in the next year, getting into the market today may make more financial sense than they think.”

Homebuyers in hotter markets have to contribute even more to their savings if they wait. In San Jose, Calif., the average homebuyer has to add $599 more each month to their savings to purchase a median-priced home ($1,088,434) with 20 percent down ($1,088,434); in Seattle, Wash., the average homebuyer has to add $394 more each month to their savings to purchase a median-priced home ($479,451) with 20 percent down.

In other markets:

San Diego, Calif.
Additional Down Payment Savings Per Month: $267
Expected Median Home Value (Sept. 2018): $569,906

Riverside, Calif.
Additional Down Payment Savings Per Month: $266
Expected Median Home Value (Sept. 2018): $348,949

Sacramento, Calif.
Additional Down Payment Savings Per Month: $246
Expected Median Home Value (Sept. 2018): $388,336

Las Vegas, Nev.
Additional Down Payment Savings Per Month: $229
Expected Median Home Value (Sept. 2018): $247,331

Portland, Ore.
Additional Down Payment Savings Per Month: $227
Expected Median Home Value (Sept. 2018): $383,348

Boston, Mass.
Additional Down Payment Savings Per Month: $206
Expected Median Home Value (Sept. 2018): $443,047

San Francisco, Calif.
Additional Down Payment Savings Per Month: $192
Expected Median Home Value (Sept. 2018): $876,938

Denver, Colo.
Additional Down Payment Savings Per Month: $181
Expected Median Home Value (Sept. 2018): $383,667

For more information, please visit www.zillow.com.

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Don’t Wait: Buying Will Cost More in Just One Year appeared first on RISMedia.

What's Selling Now: Homes That Sold for Around $1 Million

Recent residential sales in New York City and the region.

Ask Real Estate: Does It Make Sense to Rent Out a House Rather Than Sell It?

A reader wonders if there are any advantages to renting and if there is a rule of thumb to decide if it’s worth it financially.

Accurate testing for radon in a house can be tricky - CapitalGazette.com

Radon Testing News - Sat, 11/11/2017 - 08:08

CapitalGazette.com

Accurate testing for radon in a house can be tricky
CapitalGazette.com
I read in Monday's Capital a column by a doctor about radon gas that I seemed to remember some time ago was a big deal as it was associated with a lung cancer risk, then it sort of faded. What is the change if any about the stuff? If you look it up ...

Barry Stone: Home inspection is limited to what is visible | News OK - NewsOK.com

Home Inspection News - Sat, 11/11/2017 - 06:02

Barry Stone: Home inspection is limited to what is visible | News OK
NewsOK.com
DEAR BARRY: We bought our house five years ago and hired a home inspector to find all the defects. After all these years, we learned that an important defect ...

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