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☆ Joe Biden wants more people to start living in empty offices
▼ + stars: | 2023-10-28 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Office vacancies are at a 30-year high as WFH continues after the pandemic. But the White House initiative will make more than $35 billion available from existing federal programs in the form of grants and low-interest loans to encourage developers to convert offices into residential. Office vacancies stand at a 30-year high of 18.2%, according to research by CBRE. AdvertisementAdvertisementThe White House hopes the initiative will alleviate both these problems, creating more housing and revitalizing the commercial real estate sector. Conversions are faster than new construction, 20% cheaper, and produce fewer greenhouse gas emissions, the White House added.

Persons: —, Joe Biden's, Biden, Silverstein, Lael Brainard Organizations: Biden Administration, Service, Resources, Department, Transportation, CBRE, National Association of Realtors, It's, National Economic Council, ABC News Locations: Manhattan, New York, San Francisco, It's

☆ China's Guangzhou R&F co-chief agrees to be extradited to U.S.
▼ + stars: | 2023-06-14 | by ( Sam Tobin | ) www.reuters.com time to read: +1 min

LONDON, June 14 (Reuters) - The billionaire co-chairman and CEO of Chinese developer Guangzhou R&F Properties Co Ltd on Wednesday agreed to be extradited from London to the United States, where he is facing bribery charges. Zhang Li, who co-founded Hong Kong-listed R&F (2777.HK), is wanted on a provisional warrant issued in the Northern District of California that accuses him of participating in a scheme to bribe public officials between 2015 and 2020. The 69-year-old, who is currently worth $1.6 billion, according to Forbes magazine, is alleged to have paid kickbacks to obtain permits for a construction project in San Francisco. In December, Zhang was granted bail on the condition that he pay a security of 15 million pounds ($19 million), the joint-largest security that an English court has ever accepted. Reporting by Sam Tobin; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhang Li, Zhang, Sam Tobin, Sarah Young Organizations: F Properties Co, HK, Northern District of, Forbes, Westminster, Lawyers, U.S, F's U.S, Properties, San, Thomson Locations: Guangzhou, London, United States, Hong Kong, Northern District, Northern District of California, San Francisco, China

☆ The average price for a house in the Hamptons just hit a record $3 million
▼ + stars: | 2023-04-27 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The average price for a house in the Hamptons hit a record $3 million in the first quarter, highlighting a shortage of trophy beach homes for sale and the resilience of wealthy buyers. The average sales price in the New York beach community jumped 18% in the first quarter to $3.1 million, according to a report from Douglas Elliman and Miller Samuel. The average price in the Hamptons is now more than $1 million higher than the average sales price in Manhattan. The high end of the Hamptons market is the strongest. In the luxury market — representing the top 10% of sales — both the median and average sales price broke records during the first quarter, with the average luxury price surging 33% to $16.1 million, according to Jonathan Miller, CEO of Miller Samuel.

Companies Guangzhou R&F Properties Co Ltd FollowLONDON, Dec 12 (Reuters) - The billionaire co-founder of Guangzhou R&F Properties Co Ltd (2777.HK) is wanted in the United States accused of paying kickbacks to obtain permits for a construction project in San Francisco, a court in London heard on Monday. The 69-year-old – who is worth $2.3 billion, according to Forbes magazine – offered to pay a security of 15 million pounds ($18.4 million). Mark Summers, representing Zhang, said 10 million pounds of the security would be provided by R&F. Zhang would provide the other 5 million pounds, Summers said. The judge also said Zhang must be handcuffed to a member of his court-appointed private security team when he left his house for the purposes of attending court.

While going through a costly divorce earlier this year, Cavanaugh's flood insurance coverage lapsed. Many people in the small coastal community, which faces the Gulf of Mexico southwest of Fort Myers, did not have flood insurance coverage. It appears that, despite an increased occurrence of devastating flood events, a declining percentage of people nationwide have flood insurance policies. Chuck Larsen / SantivaChronicle.com via APOne significant issue is that many homeowners assume a typical homeowner's insurance policy covers floods. The average cost of flood insurance from the National Flood Insurance Program is $995 a year, according to Forbes Advisor analysis.

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