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☆ Liquidity gridlock worsens in US commercial real estate sector
▼ + stars: | 2023-11-08 | by ( Shankar Ramakrishnan | Thomson Reuters | Shankar Ramakrishnan Has Nearly Years Of Financial Journalism Experience In Writing | ) www.reuters.com time to read: +5 min

And those workouts are becoming mathematically untenable even for private lenders. Borrowing costs for the CRE market have risen more than income, a situation prompted by the steepest jump in interest rates in decades. NO REAL OPTIONRising caution among private lenders will worsen the paucity of liquidity for property owners who have no real exit option. Some private lenders faced the risk of ending up paring their portfolios that were expensive to manage, he added. But the firm's head of commercial real estate economics Thomas LaSalvia said probability of a contagion effect was low.

Persons: Mike Comparato, Jeff Holzmann, Razmig Boladian, Claudia Faust, Alex Horn, Horn, Jay Hiemenz, Thomas LaSalvia, Shankar Ramakrishnan, Anna Driver Organizations: Realty Trust, RREAF Holdings, Rubicon Point Partners, Hawkeye Partners, Thomson Locations: Franklin, Texas

☆ The best evidence yet that banning Airbnbs will make rent go down
▼ + stars: | 2023-11-08 | by ( Katya Schwenk | ) www.businessinsider.com time to read: +14 min

The case of IrvineWhen the city of Irvine took on short-term rentals in 2018, Airbnb seemed unstoppable. Its tentacles had spread to cities across the globe, converting entire neighborhood blocks, in the most dramatic cases, to short-term rentals. Plenty of cities had passed ordinances banning short-term rentals, only to see Airbnb listings continue to pop up. That's consistent with data on short-term rentals in Irvine, which showed that by January 2021, the number of listings in Irvine had halved. As the Berlin and Boston studies found, when houses or apartments are pulled off the long-term market to be used as short-term rentals, housing supply decreases.

Persons: it's, that's, Banning, Irvine, Airbnb, Michael Seiler, College of William & Mary, Seiler, Murray Cox, Ken Fairbanks, Fairbanks, Cox, Airbnbs, Alicia Glen, Sarah Saadian, It's, we're, Saadian, Katya Schwenk Organizations: —, New, Real Estate Economics, College of William &, Irvine, New York's, Housing Coalition, The Locations: New York City, New York, York City, Irvine , California, Orange County, Real, Irvine, Plenty, Airbnbs, . New York City, Berlin, Boston, Burlington , Vermont, Summit County, Colorado, New, Airbnb, Phoenix , Arizona

☆ How the cost of homebuying and selling will change after landmark court loss over real estate commissions
▼ + stars: | 2023-11-07 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +4 min

A recent jury verdict against the National Association of Realtors and large residential brokerages could upend the residential real estate industry. Here's what real estate agents, homebuyers and sellers need to know about potential changes in residential real estate economics. A bad time for bad news in real estateThe jury verdict comes at a time when many real estate agents are already feeling a pinch. At a time when home sales are already under pressure, "this lawsuit is just another punch in the gut for real estate franchises," said Bill Gross, a self-employed real estate broker associate in California with eXp Realty. Lawsuits focused on fees reinforce the general trend of trying to lower fees in the real estate market, Schipani said.

Persons: Max, Mike DelPrete, Bill Gross, there's, Keefe, Ryan Tomasello, Gilbert J, Schipani, we've, Glenn Kelman Organizations: National Association of Realtors, NAR, realtors, Max Holdings, Federal, University of Colorado Boulder, eXp Realty, Tempus Fugit, Compass Locations: Missouri, Kansas City, St, Louis, Springfield, Columbia, U.S, California

☆ 'We like to develop in Texas': Why the Lone Star State keeps building offices that remain vacant
▼ + stars: | 2023-10-10 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Texas developers continue to build offices, even though office-vacancy rates are high. That's because Texas developers build too much. Even with those numbers, Eckert told the Journal that new office completions in Texas eclipsed every other market. Part of that cleansing is converting office buildings into something new , giving them a chance at a new lease on life. Overall, Eckert isn't worried about the office vacancies in Texas, as that is just one data point that doesn't tell the whole story.

Persons: —, Manny Garcia, Thomas LaSalvia, Jeff Eckert, JLL's, Houston —, Brandon Bell, Houston's, Eckert, JLL, Eckert isn't, it's Organizations: Service, Lone Star State, Wall Street, Moody's, Texas —, Houston Locations: Texas, California . Texas, Texas — Austin, Dallas, Austin , Texas, Springs, Dallas , Texas

Unibail-Rodamco-Westfield (URW.PA) said late on Monday it will transfer its Westfield San Francisco shopping mall to lenders. The announcement followed Park Hotels & Resorts (PK.N) statement last week that it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels. Westfield's decision is the latest blow to San Francisco, the once-booming tech hub that has been particularly hard hit by the pandemic. The potential for difficulties from commercial real estate to flow through to banks is also becoming a bigger worry for investors and regulators. Warren Wachsberger, CEO of Aecom Capital, a real estate investor, said mall owners like Unibail-Rodamco-Westfield are focusing on their best properties.

Persons: Thomas LaSalvia, Warren Wachsberger, we're, Wachsberger, Granth, Shankar Ramakrishnan, Matt Tracy, Sriraj Kalluvila, Alexandra Hudson Organizations: Westfield San, Resorts, Hilton San Francisco, Square, downtown, Real Estate Economics, Aecom, Westfield, U.S, Flagship, Nordstrom, Banana Republic, Washington DC, Alexandra Hudson Our, Thomson Locations: San Francisco, Westfield, Westfield San Francisco, downtown San Francisco, Bengaluru, New York, Washington

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