Real Estate

July Existing-Home Sales Fall for the Sixth Straight Month, Realtors See ‘Housing Recession’

The numbers: U.S. existing-home sales fell 5.9% to a seasonally adjusted annual rate of 4.81 million in July, the National Association of Realtors said Wednesday. This is the sixth straight monthly decline. The sales number matched what economists polled by the Wall Street Journal were expecting. This is the weakest level of sales since May 2020 at the end of the recession caused by the...

New-Home Sales Plummet as the Housing Recession Gains Steam

Nobody’s buying newly built homes anymore. Just a few months ago, builders were sitting on lengthy lists of homebuyers waiting to purchase new construction and holding lotteries to announce who would be allowed to go under contract. Not anymore. Sales of newly built homes plunged in July, according to a recent report by the U.S. Census Bureau and the U.S. Department of Housing and...

‘Vulnerable Time for the Housing Market’: Mortgage Rates Rise to 5.66%, Double What They Were a Year Ago, and Will Likely Slow House-Price Appreciation

The 30-year fixed-rate mortgage averaged 5.66% as of Sept. 1, according to data released Thursday by Freddie Mac. That’s up 11 basis points from the previous week — one basis point is equal to one hundredth of a percentage point, or 1% of 1%. The 30-year is at the highest level since June, when rates hit 5.81% the week of June 23. The average rate on the 15-year fixed-rate mortgage rose 13...

Snapchat’s office footprint uncertain after layoff news

Social media firm plans to “reduce” investment in real estate, cut 20% of staff While many companies put up swaths of office space for sublease during the pandemic, one tech firm did not. Santa Monica-based Snap, the parent company of social media app Snapchat, added 510,000 square feet of leased office space worldwide over the last two years, ending 2021 with 1.4 million square feet, according...

Producer Joel Silver relists Brentwood mansion for $52M

On and off the market since 2020, the mansion at 470 Layton Way was designed by Mexican architect Ricardo Legorreta. Just like his movies, Joel Silver’s home sale saga has a sequel. The producer behind the franchises “The Matrix” and “Lethal Weapon” has relisted his Brentwood estate at 470 Layton Way for $52 million. Measuring 25,000 square feet, the mansion prices out to $2,080 per square...

Westfield Santa Anita mall sells for $538M

Largest US retail deal since 2018 is part of national divestiture Unibail-Rodamco-Westfield has sold another mall in L.A., as it continues with a plan to divest its non-core properties in the U.S. The French mall operator sold the 1.5 million-square-foot Westfield Santa Anita complex in Arcadia for $538 million, according to an announcement on Thursday. The deal comes out to around $363 per square...

California hotel buyers’ price per room goes up, deals down

Focus shifts to luxury properties even as cost for capital climbs If you’re looking to buy a hotel in California, expect to pay a record median price per room. The median price for a hotel per room hit $143,400 in the first half of this year — up 13 percent compared to the same period in 2021, according to a report from hospitality brokerage firm Atlas Hospitality Group. But overall sales...

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