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Hong Kong remains the world’s most expensive office market, with rents averaging $252 per square foot, according to the Global Outlook Report from consultant Knight Frank, World Property Journal reported Feb. 14. San Francisco office rents rank sixth worldwide, but are the highest in the U.S., averaging $85 per square foot.
The twin cities of Minneapolis-St. Paul sit atop a list of the nation’s 25 best multifamily markets, according to the 2019 Multifamily Investment Forecast from real estate company Marcus & Millichap, National Real Estate Investor reported Feb. 8. The forecast considered such things as economy, construction, vacancy rates and rents.
One in 11 homeowners nationwide is seriously underwater on house payments, with homeowners in Baton Rouge, Louisiana, the worst off — 20.7 percent are seriously underwater, analytics firm ATTOM Data Solutions reported Feb. 8.
Softening inflation and a drop in global economic growth saw mortgage rates during the past week reach their lowest level since early 2018, Freddie Mac reported Feb. 14 in its Primary Mortgage Market Survey.
Google announced Feb. 13 that it will invest $13 billion in the commercial real estate market this year as it constructs and expands data centers and offices nationwide. The tech giant said it will open new data centers in Nebraska, Nevada, Ohio and Texas, and will expand existing centers in Oklahoma and South Carolina.
A steady commercial real estate market and the availability of equity and debt are expected to keep commercial and multifamily mortgage originations around $530 billion — similar to originations recorded during the past two years, according to the Commercial/Multifamily Real Estate Finance Forecast released Feb. 14 by the Mortgage Bankers Association.
Maui, Hawaii, is the nation’s hottest “power market” for the wealthiest homebuyers, according to real estate firm Coldwell Banker, HousingWire reported Feb. 13. Other markets in vogue with high-net-worth buyers and sellers: Palm Beach, Florida; Washington, D.C.; Kauai, Hawaii; and Brooklyn, New York.
Applications for new home purchase mortgages jumped 43 percent between December and January, but remained flat compared with one year ago, the Mortgage Bankers Association reported Feb. 14. MBA said that a healthy job market, wage growth, moderating price gains and lower mortgage rates helped home sales.
The Appraisal Institute announced Feb. 20 that Allison Massari — an entrepreneur, celebrated artist and executive coach — will be the keynote speaker at its Annual Conference July 22-24 at the Hyatt Regency Denver.
The IRS on Feb. 4 released proposed safe harbor rules that clarify the types of rental real estate that qualify for an income deduction of up to 20 percent from pass-through entities, National Real Estate Investor reported. While the 2017 Tax Cuts and Jobs Act allows the deduction, confusion exists around eligibility and limitations.
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