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Search resuls for: "Will Parker"


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☆ Investment Firms Have a New Bidding Opponent: Activist Home Flippers
  + stars: | 2023-03-28 | by ( Michael Gosman | President | Chief Executive Of Acts Housing | ) www.wsj.com   time to read: 1 min
Investors say that through rental conversions they are making more homes available to people who cannot afford to buy or who would prefer to rent. Housing groups say the growth of this business has come at the expense of lower-income residents because rental conversions reduce opportunities for residents to build wealth through homeownership.
☆ Signature Bank Raised Its Crypto Exposure After Slowing Real-Estate Lending
  + stars: | 2023-03-20 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
The Signature Bank may be most remembered for getting in too deep with cryptocurrency firms. But until recently it was best known as one of the biggest lenders to New York City apartment landlords, including owners known for deregulating rent-controlled housing. The bank had been working for years to lessen real-estate lending as a share of its total business after Signature’s exposure greatly exceeded what U.S. bank regulators recommended for managing risk. It also slowed real-estate lending after changes to New York tenant laws that made it harder for landlords to profit from deregulation.
☆ Three Million U.S. Households Making Over $150,000 Are Still Renting
  + stars: | 2023-03-13 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Lee Robbins, a 36-year-old accountant, left Indiana for central Florida five years ago in search of sun and a six-figure job. He found both in Sanford, Fla., but one thing hasn’t changed. Mr. Robbins is still a renter. With the city’s median home price up more than $100,000 during the pandemic, Mr. Robbins said he needs a few more years to save for a down payment even though he now makes six-figures. “It’s not what I envisioned, to be in a two-bedroom apartment with my son,” Mr. Robbins said.
☆ Three Million U.S. Households Making Over $150,000 Are Still Renters
  + stars: | 2023-03-13 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Lee Robbins, a 36-year-old accountant, left Indiana for central Florida five years ago in search of sun and a six-figure job. He found both in Sanford, Fla., but one thing hasn’t changed. Mr. Robbins is still a renter. With the city’s median home price up more than $100,000 during the pandemic, Mr. Robbins said he needs a few more years to save for a down payment even though he now makes six-figures. “It’s not what I envisioned, to be in a two-bedroom apartment with my son,” Mr. Robbins said.
☆ Apartment Rents Fall as Crush of New Supply Hits Market
  + stars: | 2023-02-27 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Apartment rents fell in every major metropolitan area in the U.S. over the past six months through January, a trend that is poised to continue as the biggest delivery of new apartments in nearly four decades is slated for this year. Renters with new leases in January paid a median rent that was 3.5% lower than they would have paid last August, according to estimates from listing website Apartment List. It was the first time in five years that rent fell every month over a six-month period, according to the same estimates.
☆ Opendoor Posts Heavy Losses After Losing Money on Home Sales
  + stars: | 2023-02-23 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Photo: Benjamin Hoster for The Wall Street JournalOpendoor has lost money on sales of many of the homes it bought last year, before rising interest rates chilled the real-estate market. Opendoor Technologies Inc. posted its second consecutive quarter of losses, as the online house-flipper continued to lose money on homes it purchased last year. The company said it had $2.9 billion in revenue from selling 7,512 homes in the fourth quarter, down 25% from the same quarter a year ago.
☆ Opendoor Suffers Heavy Losses After Losing Money on Home Sales
  + stars: | 2023-02-23 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Photo: Benjamin Hoster for The Wall Street JournalA home for sale by Opendoor in the Phoenix metro area. Opendoor Technologies Inc. posted its second consecutive quarter of massive losses, as the online house-flipper continued to lose money on homes it purchased last year. The company said it had $2.9 billion in revenue from selling 7,512 homes in the fourth quarter, down 25% from the same quarter a year ago.
☆ Investor Home-Purchases Plunge by Half in Fourth Quarter Amid Housing Slump
  + stars: | 2023-02-15 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Houses in a subdivision of Atlanta. Investor purchases of homes posted a 46% decrease in the last three months of 2022 from the same quarter a year earlier. Investors bought fewer homes last quarter than they have in years, extending a retreat that has coincided with the pullback by conventional buyers stymied by higher mortgage rates. Large and small businesses purchased 48,445 homes in the last three months of 2022, a 46% decrease from the same quarter a year earlier and the second straight quarter of large declines, according to a report from real-estate firm Redfin , which tracked sales of single-family homes, condominiums and other properties across 40 major metro areas.
☆ Chicago Property Developer Scores With Audacious Interest-Rate Bet
  + stars: | 2023-02-14 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
The sudden surge in interest rates has been a nightmare for most commercial real-estate owners. David Scherer is the rare property developer who has been able to cash in on it. About a year ago, Mr. Scherer wagered interest rates would rise. This bet had nothing directly to do with his portfolio of multifamily buildings. His firm bought a type of derivatives contract more commonly used by large financial institutions and hedge funds to balance risk from their investments.
☆ Home-Buying Companies Stuck With Hundreds of Houses as Demand Slows
  + stars: | 2023-02-07 | by ( Will Parker | Nicole Friedman | ) www.wsj.com   time to read: 1 min
Ribbon Home Inc. had a fast-growing business during the housing boom. The New York City-based startup purchased homes with cash on behalf of buyers. Then it sold the homes to the buyers at the same price, plus a fee, once the buyers got a mortgage. This approach made their clients’ offers more appealing, since sellers often prefer all-cash transactions that can close quickly and are considered more reliable. Ribbon has been active in hot markets such as Atlanta and Charlotte.
☆ Rising Interest Rates Hit Landlords Who Can’t Afford Hedging Costs
  + stars: | 2023-01-17 | by ( Will Parker | Konrad Putzier | ) www.wsj.com   time to read: 1 min
The cost of insuring commercial real-estate loans against a rise in interest rates has exploded over the past year, raising the prospect of a market selloff since many property owners will no longer be able to afford these hedges. Nearly half of all commercial property debt is floating rate, according to a 2019 report by the Mortgage Bankers Association. Lenders usually require that these borrowers hedge against an increase in borrowing costs, through a derivatives contract known as an interest-rate cap that limits a borrower’s exposure to rising interest rates.
☆ Apartment Rent Growth Set to Keep Slowing This Year
  + stars: | 2023-01-03 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
The West River apartment complex in Tampa, Fla. A slowdown in rental price increases would bring relief to many tenants whose wages aren’t keeping pace with rents. The pandemic-fueled boom for multifamily building owners is fading fast going into 2023. Apartment vacancies are piling up. The biggest wave of new rental buildings in nearly four decades is expected to cut the pace of rent growth across the country. Some in-demand Sunbelt cities are already experiencing rent declines, in part because many tenants and people searching for apartments feel they can’t devote any more of their income to rent.
☆ Apartment Rent Increases Slow, a Relief to Tenants After Two Years of Steep Rises
  + stars: | 2023-01-03 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
The West River apartment complex in Tampa, Fla. A slowdown in rental price increases would bring relief to many tenants whose wages aren’t keeping pace with rents. The pandemic-fueled boom for multifamily building owners is fading fast going into 2023. Apartment vacancies are piling up. The biggest wave of new rental buildings in nearly four decades is expected to cut the pace of rent growth across the country. Some in-demand Sunbelt cities are already experiencing rent declines, in part because many tenants and people searching for apartments feel they can’t devote any more of their income to rent.
☆ Home Prices Fell in October for Fourth Straight Month
  + stars: | 2022-12-27 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Home prices declined in October from the previous month as higher mortgage interest rates continued to weigh on home-buying demand. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, fell 0.5% in October compared with September, the fourth straight month-over-month decline.
☆ Activist House Flippers Take On Wall Street to Keep Homes From Investors
  + stars: | 2022-11-29 | by ( Will Parker | Photographs Taylor Glascock For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
Acts Housing, a Milwaukee nonprofit, has helped local low-income families buy their first home for more than two decades. More recently, these families have been losing out to investors whose all-cash bids are more attractive to sellers. “If a family is willing to pay the same amount for a property as an investor, how do we make sure that family actually gets that opportunity?” asked the group’s president and chief executive, Michael Gosman .
☆ Investor Home Purchases Drop 30% as Rising Rates, High Prices Cool Housing Market
  + stars: | 2022-11-22 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Investor buying of homes tumbled 30% in the third quarter, a sign that the rise in borrowing rates and high home prices that pushed traditional buyers to the sidelines are causing these firms to pull back, too. Companies bought around 66,000 homes in the 40 markets tracked by real-estate brokerage Redfin during the third quarter, compared with 94,000 homes during the same quarter a year ago. The percentage decline in investor purchases was the largest in a quarter since the subprime crisis, save for the second quarter of 2020 when the pandemic shut down most home buying.
☆ Redfin Shuts Home-Flipping Business, Lays Off 13% of Staff in Slumping Housing Market
  + stars: | 2022-11-09 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Real-estate company Redfin Corp. laid off 13% of its staff on Wednesday and closed its home-flipping unit, saying the operation was both too expensive and too risky to continue. The Seattle-based company, which operates a real-estate brokerage and home-listings website, said the decisions were made because it is predicting that the real-estate market is going to be smaller next year and its home-flipping business is losing money. It previously laid off 8% of its workforce in June of this year.
☆ Chinese Developer Sells L.A. Luxury Tower at Steep Discount
  + stars: | 2022-11-09 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
The much higher asking price 18 months ago for the downtown Los Angeles apartment building was less than Greenland’s development costs. A major Chinese developer on Tuesday disposed of the tallest rental apartment tower in downtown Los Angeles at a steep loss, the latest in a recent wave of Chinese investors unloading prized U.S. real-estate assets. The U.S. subsidiary of China’s Greenland Holding Group sold the 59-story apartment skyscraper for $504 million, according to the buyer, privately held apartment owner Northland.
☆ Opendoor Posts Steep Third-Quarter Loss Amid Weak Housing Market
  + stars: | 2022-11-04 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Opendoor reported it sold more homes in the third quarter compared with a year ago, but it sold many of them for less than what it paid for them. Online house-flipper Opendoor Technologies Inc. posted enormous losses in third quarter earnings on Thursday as it struggled with weak sales in a market hit hard by interest rate increases. “Navigating a once-in-forty-years market transition has been anything but easy,” wrote chief executive Eric Wu in a letter to shareholders.
☆ KKR Purchase of Philadelphia Apartment Complex Sets City Record
  + stars: | 2022-11-01 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
The four main buildings at Presidential City were built by John McShain, best known for his work on the Pentagon and other Washington, D.C., area landmarks. The investment firm KKR & Co., Inc. is raising its bet on the apartment market with the $357 million purchase of a Philadelphia housing complex, the most expensive apartment property sale in the city’s history. KKR’s acquisition of Presidential City, which consists of four 12-story buildings on the edge of Philadelphia, was more than $100 million higher than the previous top price paid for an apartment complex in the city.
☆ Inflation-Driven Record Rents Mean More People Are Piling In With Roommates
  + stars: | 2022-10-25 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
After a long stretch of record-high rents, Americans are renting fewer apartments. Some are choosing to take on roommates, while others are boarding with family or friends. More people are opting to stay longer in their parents homes’ or moving back in, rather than pay the steep rent increases many are experiencing, according to a recent UBS survey.
☆ Surging Rents Push More Americans to Live With Roommates or Parents
  + stars: | 2022-10-25 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
After a long stretch of record-high rents, Americans are renting fewer apartments. Some are choosing to take on roommates, while others are boarding with family or friends. More people are opting to stay longer in their parents’ homes or moving back in, rather than pay the steep rent increases many are experiencing, according to a recent UBS survey.
☆ Florida Couple Turned the Empty Miami Mansions of Venezuela’s Elite Into Personal Piggy Banks
  + stars: | 2022-10-11 | by ( Konrad Putzier | Will Parker | Photographs Marco Bello For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
Carlos Castañeda and Genesis Martusciello fled Venezuela in the middle of the previous decade, arriving in Miami with little money and few prospects but in search of a better life. Within a few years, the young couple had access to millions of dollars. They achieved their sudden wealth through what Florida real-estate attorneys call one of the boldest real-estate frauds the U.S. has ever seen.
☆ Home Builders Offer to Sell Homes in Bulk at Discount to Investors
  + stars: | 2022-10-10 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
American home builders are stuck with more houses and land than they can sell. That presents an opportunity for investors such as Bruce McNeilage. The co-founder of a rental-home investment company, Kinloch Partners, is looking for a deal on homes so he can rent them out while the single-family rental market is hot.
☆ Rents Drop for First Time in Two Years After Climbing to Records
  + stars: | 2022-09-26 | by ( Will Parker | ) www.wsj.com   time to read: 1 min
Apartment rents are falling from record highs across the U.S. for the first time in nearly two years, offering the prospect of relief to millions of tenants who have seen steep increases during the pandemic. August apartment asking rents nationally fell 0.1% from July, according to a report from property data company CoStar Group. It was the first monthly decline in rent since December 2020, the company said.
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