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With Apartment Living on the Rise, Where Does That leave the Single Family Market?

first_imgHome / Daily Dose / With Apartment Living on the Rise, Where Does That leave the Single Family Market?  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share Save About Author: Staff Writer Q4 of 2016 saw a rise in completion of multifamily homes, including apartments and condominiums, according to the most recent Survey of Market Absoption (SOMA), which is produced by the U.S. Census Bureau in conjunction with the U.S. Department of Housing and Urban Development. Apartment completions—classified as buildings with 5 or more units—rose to 73,300 in the final quarter of 2016, a 9 percent increase year-over-year from 67,300. Similarly, condominiums and co-op completions were up to 6,500 from 3,200 a year prior. In the last two years, there have been over 250,000 new apartments entering the market, and the number of completed condominiums has more than double from 2014 to 2016—increasing from 8,000 units to 19,000 units. Absorption, however, has been down for both apartments and condominiums. The number of apartments rented within 3 months of their completion was at a near-decade low—48 percent—compared to 55 percent a year prior. Absorption numbers haven’t been below 50 percent since Q4 of 2009. Condominium absorption numbers are also faltering at a much higher rate than apartments. Only 47 percent of condos completed were absorbed in Q4 2016, compared to 81 percent in Q4 2015. The last time condominium absorption rates saw numbers that low was in Q4 2011. The report notes that, because completions of new multifamily housing has been on the rise for the last couple of years, it is not out of the ordinary that absorption would slow in the face of a larger inventory. The slowdown, although steep compared to Q3, does not entirely point to an emerging trend, the report also notes. Apartment absorption has been on the rise since Q3 of 2015, and condominium absorption has stayed above the latest dip in Q2 of 2015 for six straight quarters. June 23, 2017 1,732 Views Tagged with: Absorption Multifamily homes SOMA Servicers Navigate the Post-Pandemic World 2 days ago Absorption Multifamily homes SOMA 2017-06-23 Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago With Apartment Living on the Rise, Where Does That leave the Single Family Market? Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, News Previous: Defaults: How Low Can They Go? Next: Are the Days of the Seller’s Market Numbered? The Best Markets For Residential Property Investors 2 days agolast_img read more

Delhi Riots: Delhi Court Directs Joint Commissioner Of Police To Sensitise Investigating Officers About Following Due Diligence While Filing Replies In Riot Cases

first_imgNews UpdatesDelhi Riots: Delhi Court Directs Joint Commissioner Of Police To Sensitise Investigating Officers About Following Due Diligence While Filing Replies In Riot Cases Karan Tripathi11 Sep 2020 4:15 AMShare This – xDelhi Court has directed the Joint Commissioner of Police to sensitise Investigating Officers about the due diligence that needs to be followed in filing replies before the court, especially in the cases pertaining to riots. The said direction is given by an Additional Sessions Judge at Karkardooma court while disposing of a bail plea moved by one of the accused of participating…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginDelhi Court has directed the Joint Commissioner of Police to sensitise Investigating Officers about the due diligence that needs to be followed in filing replies before the court, especially in the cases pertaining to riots. The said direction is given by an Additional Sessions Judge at Karkardooma court while disposing of a bail plea moved by one of the accused of participating in the riots that took place in the northeast districts of Delhi. While granting the bail to the accused, the court observed that: ‘The reply of the IO had stated that Aslam is an eye-witness who has given a statement under section 161 of CrPC that he has seen the accused Yogedender Singh at the scene of crime while entering the house. The said assertion in the reply is factually false as reflected in the charge-sheet.’ While noting that the narrative presented by the Investigating Officer is different from the facts mentioned in the charge-sheet, the court highlighted that the IO has to be careful about what he writes. The court also took into consideration the fact that the accused has three minor children and his wife is suffering from physical and mental ailments, receiving treatment from the IHBAS Hospital. The court also observed that the prosecution wrongly quoted an eye witness identifying the accused at the spot, when as per the charge-sheet, the accused was nowhere to be found near the scene of crime. The accused in the present case was represented by Advocate Bilal Anwar. Next Storylast_img read more

Sales boom for Queensland’s prestige property market

first_imgThis riverfront home at 77 Macquarie St, Teneriffe, sold for $4.6m.Brisbane’s western suburbs remain popular among buyers for their big homes on acreage and value for money. A five-bedroom, six-bathroom modern masterpiece on the river at 74 Jilba St, Indooroopilly recently sold for $4.5 million.And in Graceville, a historic 1950s estate set on the largest private riverfront land holding in the area sold for $5.65 million at auction.Both were marketed by Dixon Family Estate Agents.Alex Jordan of McGrath Estate Agents has just finalised the settlement of a property at 71 Tristania Rd, Chapel Hill, for $3.9 million — setting a new residential sale record for the suburb. This home at 74 Jilba St, Indooroopilly, recently sold for $4.5 million.It’s been a big few months for luxury property on the Gold Coast as well, with a Hope Island mansion changing hands for $16.75 million. The home on three land lots at 2620-2622 Virginia Drive has five bedrooms, eight bathrooms, marble flooring, crystal chandeliers, 12-seat cinema, bar, elevator and 3000-bottle wine cellar.A Hamptons inspired home at 103 Commodore Dr, Surfers Paradise, also recently fetched $5.02 million, and a contemporary, three-level residence at 32 Midshipman Court, Paradise Waters, just sold for $4.6 million through Kollosche Prestige Agents. This home at 26 Mayfield Street, Ascot, recently sold for $7.6 million.A FLURRY of high-end property deals have been wrapped up in time for Christmas as the curtains close on one of the biggest quarters yet for Queensland’s luxury market. The prestige property market was the star performer of the state’s real estate sector, driven by local families with deep pockets and interstate bargain hunters — defying the slowdown gripping Sydney and Melbourne.In the past few months, the ink dried on the sale of an Ascot mansion for $7.6 million, a historic Hamilton home for $5.95 million, a Clayfield estate for $6.75 million and a house with a bowling alley for $7.6 million.Records were broken in suburbs on Brisbane’s bayside, west and inner-city, blue-chip ring.It’s been a big few months for luxury property sales in other parts of the state as well, with a Gold Coast mansion changing hands for $16.75 million, a Whitsundays’ home fetching around $14 million and two Noosa holdings setting records for more than $10 million each. Selling agent Matt Lancashire, principal of Ray White New Farm, who has sold $120 million worth of residential real estate in the past 12 months said more properties had sold for over $5 million in Brisbane this year than any other year he could remember. Place managing director Sarah Hackett. Photo: Claudia Baxter.Mrs Hackett said Sydney and Melbourne buyers were “definitely” relocating to Brisbane and she expected that trend to continue.“Competition between buyers is being heightened by an increase in professionals down south and expats viewing Brisbane as a desirable and more liveable city to call home,” she said. “Competition drives prices, so a 2018 record breaker is highly possible.”One of the biggest residential deals of the year involved a spectacular home with a secret tunnel in Ascot, with the sale price revealed this week as a whopping $8.8 million. This home at 31 Wyuna Drive, Noosaville, recently sold for more than $10m. This home at 34 Mullens St, Hamilton, sold at auction for $5.975 million.Place also sold a century-old Queenslander on top of the hill at 77 Mowbray Terrace, East Brisbane, at auction last month — setting a new non-riverfront record and attracting 30 registered bidders.The bayside suburb of Manly saw the sale price record broken last month when Marc Sorrentino of Place sold a home at 497 Royal Esplanade for $3.9 million. In Brisbane’s most expensive suburb, Teneriffe, there has been an abundance of sales in the $3 to $4 million range, including a riverfront Catalina home at 77 Macquarie St, which sold under the hammer for $4.6 million. Matt Lancashire, principal of Ray White New Farm.Mr Lancashire said inquiries had come from a mix of “unassuming” local buyers, interstate parties and even farmers looking for a base in Brisbane. And he expects the appetite for luxury property to continue in 2018. “I think it’s going to be much the same if not a bit better,” Mr Lancashire said. “I’m really positive about what’s going to happen … I think we’ll find a lot more people will migrate to Brisbane next year.” He said inquiries from Asian buyers had also picked up again after slowing down when lending restrictions kicked in earlier in the year. “There’s a high number of Asian purchasers looking to buy within $5 to $10 million,” he said.Place managing director Sarah Hackett said it had been a strong six months for the city’s high-end market, but supply had been tight, with fewer homes listed for sale in the $3 million plus bracket. “Buyers who are eager to secure a top-end property are fast realising they will miss out if they don’t compromise,” she said. A peek inside the home at 26 Mayfield St, Ascot.More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours ago This home at 108 Oriel Rd, Clayfield, has sold for $6.75m. Picture supplied.Down the road in Clayfield, Mr Lancashire sold a luxurious family estate for $6.75 million, smashing the record sale price for a home in the prestigious blue-chip suburb.The Spanish-style home at 108 Oriel Road, Clayfield, was formerly owned by Brisbane-based fashion retailer Michael Josephson, who co-founded the Universal Store chain. Brett Walker in the Batman-like tunnel leading to the entry of his former home. Photo: Ric Frearson. Mandalay House in the Whitsundays recently sold for around $14 million.The property has a marina big enough for two 21m yachts, a helipad, climate-controlled wine cellar with dining for 12, six kingsize bedrooms, nine bathrooms and an infinity pool overlooking the Whitsundays.In the past month, properties at 31 Wyuna Drive, Noosaville, and 312 Teewah Beach Rd, Noosa North Shore, both went under contract for more than $10 million each — record levels for Noosa.Tom Offermann Real Estate Noosa principal Tom Offermann told The Courier-Mail Noosa had experienced substantial growth in recent months.“We have buyers from Sydney, Melbourne, New Zealand, our usual Brisbane market, plus a lot of overseas buyers and that’s driven by the big lift of around 100 per cent in values in Melbourne and Sydney markets,” he said.“People are using equity in those properties and shifting some of that up to Noosa, where the values have only recently started to catch up to southern states’ growth.” Brisbane-based fashion retailer Michael Josephson has sold his Clayfield home.The five-bedroom, three-bathroom home is on a massive 2834 sqm of land with a full size tennis court, pool and separate guest suite.In nearby Hamilton, a jawdropping dream home with its own bowling alley changed hands for $7.6 million in a private treaty sale that marked this year’s highest house price for the blue chip Hamilton bend of the river. Mandalay House in the Whitsundays recently sold for around $14 million.This month, the iconic Airlie Beach property, Mandalay House, sold to an interstate buyer at a massive discount from its original asking price.The sale price is shrouded in secrecy but it’s understood the property changed hands for around $14 million. This home at 26 Mayfield St, Ascot, has sold for $7.6 million.Previously owned by Dr John Fenwick, a radiologist, and his interior designer wife Christin Fenwick, the gorgeous seven-bedroom, five-bathroom home is on a sprawling 1856 sqm. The sale of this property at 71 Tristania Rd, Chapel Hill, has set a new record for the suburb.“A year ago if you sold something in the early $1 million range, you would break into the top 10 sales of the week in Brisbane, but now you need to have something with a 2 in front of it,” he said. Mr Jordan said more buyers were paying with cash and making stronger offers than they were 12 months ago, particularly interstate buyers.“They’ve built so much equity in Sydney and yields are low,” he said.The low interest rate environment had also boosted confidence in the market. GOOGLE SEARCH LANDS BUYER BIG DISCOUNT Fone Zone founder David McMahon with his wife Tracey at their former home in Hamilton. Picture: Lyndon Mechielsen.After listing on the market for more than a year, the 1905-built property finally sold at auction after attracting four registered cash bidders through a marketing campaign run by Place. FOREIGNERS BUY 1 IN 4 NEW QLD HOMES Aerial view of the home at 128 Crosby Rd, Ascot, which sold for $8.8 million.The sale price of one of Brisbane’s most beautiful Queenslanders has also been revealed, with a grand estate at 26 Mayfield Street, Ascot, fetching $7.6 million. Frank and Lynne Mallan in the bowling alley of their former home in Hamilton.The seven-bedroom, eight-bathroom property at 2 Castleton Street sits at the top of the hill on a massive 1382 sqm block and was offloaded by Frank and Lynne Mallan.Also in Hamilton, Fone Zone founder David McMahon and his wife, Tracey, offloaded their heritage home at 34 Mullens Street for $5.975 million in another landmark sale. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE This home at 128 Crosby Road, Ascot, has sold for $8.8 million.Built by the home’s former owner, construction boss Brett Walker, the property at 128 Crosby Rd is reminiscent of the Batcave at Wayne Manor because of its secretive entrance — a 50-metre concrete enclosed tunnel which extends upwards to an underground bunker-like garage accommodating eight to ten cars.last_img read more

Star Sports launches ‘Star Recruitment’ for globally changing sector

first_imgShare Share StumbleUpon Countdown to Cheltenham: Star Sports on why they ‘do not bet on an opinion’ March 10, 2020 Submit On-course bookies rail against ‘severe’ age-verification penalties January 29, 2020 Ben Keith – Star SportsSeeking to diversify its business services, independent betting group Star Sports has announced the launch of its new industry recruitment vertical – ‘Star Recruitment’ (starrecruitment.bet).The new division, which will provide staffing solutions for the global gambling industry, is led by sector resourcing and talent development veteran Simon Banks who will serve Chief Executive (CEO) of the new Star Sports vertical.Updating stakeholders, Banks outlines Star Sports industry knowledge as a core strength for launching an industry recruitment service.“Star Recruitment is a logical extension of the Star Sports brand and we aim to adhere to the core values of our parent company: honesty, integrity and discretion, as we grow the business. The global gambling industry is facing a future of rapid expansion and operators will need to source the talent required to meet market demands” Banks details on launching Star Recruitment.Star Sports Founder, Ben Keith, one of the industry most recognisable bookmaking/racing figureheads, backs Star Recruitment, detailing significant opportunities in staff resourcing amid a rapidly changing gambling/betting sector.“These are very exciting times for the global gambling industry and there are some great opportunities for professionals to develop their career in places all around the world.“As Star Sports has expanded, we have recruited a lot of staff at all levels, so we understand the challenge that operators face in securing the best talent.“We are seeing new jurisdictions opening up, such as the legalising of online sports betting in a number of US states, which means the search for the best talent available will become increasingly important.” Related Articles Ben Keith, Star Sports: racing must be diverse, fun, and welcoming January 22, 2020last_img read more