CNBC, Mar. 28, 2016–Insana, Ron
The StreetEasy Blog, which tracks New York real estate markets, notes that expensive apartments are sitting idle for roughly 90 days before being sold, the longest “time on market” since January 2013.
Category: Top National News
Another Condo Bust Looms in Miami
Wall Street Journal, Mar. 29, 2016–Kusisto, Laura
Miami is facing a condo bust-again. Developers have started canceling projects, slashing prices and offering incentives such as private-jet access to spur sales, an ominous echo of the housing crash that pounded South Florida especially hard.
MetLife Wins Bid to Shed ‘Systemically Important’ Label
Wall Street Journal, Mar. 30, 2016–Tracy, Ryan
A federal judge overturned U.S. regulators’ determination that MetLife Inc. poses a threat to the financial system, granting the insurer a victory in its quest to avoid stricter rules and potentially undermining a central part of the 2010 Dodd-Frank law.
Distorted Markets: Why Banks Are Better Off Than You Think, And Real Estate Isn’t
Wall Street Journal, Mar. 30, 2016–Brown, Ken
Banks are probably safer than people believe, and real estate, the sector investors are rushing to, has become riskier.
Marriott Wins Starwood Hotels Support with Improved Takeover Offer
Bloomberg, Mar. 21, 2016–Yu, Hui-Yong; Perlberg, Heather
Starwood Hotels & Resorts Worldwide Inc. accepted an improved takeover offer from Marriott International Inc. valued at $13.6 billion, proceeding with plans to form the world’s largest hotel operator as investors led by China’s Anbang Insurance Group Co. seek to thwart the deal.
MGM, Dubai World Sell Las Vegas Mall to Simon, Invesco for $1.1 Billion
Wall Street Journal, Mar. 18, 2016–Hufford, Austen MGM Resorts International and Dubai World’s Infinity World Development Corp. will sell a Las Vegas luxury shopping center to mall operator Simon Property Group Inc. and Invesco Ltd. for about $1.1 billion, the latest payoff on a bet to remake the Las Vegas Strip.
BlackRock’s Rieder Sees Opportunity in Commercial Mortgage Debt
Bloomberg, Mar. 18, 2016–Willmer, Sabrina
Rick Rieder, chief investment officer of global fixed income at BlackRock Inc., said some securitized debt, including commercial mortgages, is among the most attractive opportunities in an environment of moderating growth.
Macy’s Names REIT Expert to Board Amid Pressure to Spin Off Real Estate
Wall Street Journal, Mar. 22, 2016–Jamerson, Joshua
Macy’s Inc. said Tuesday that it has tapped William Lenehan, an expert in real-estate investment trusts, to become a board member as the company continues to face pressure to spin off its real estate despite ruling out the move last year.
MGM Real Estate Subsidiary Files for Initial Public Offering
VEGAS Inc., Mar. 22, 2016–Morris, J.D.
MGM Resorts International’s new real estate subsidiary, which will own 10 of the company’s properties, filed a registration statement for an initial public offering.
Fannie Mae and Freddie Mac: If You Can’t Kill Them, Merge Them?
Wall Street Journal, Mar. 23, 2016–Light, Joe
A group including some of the chief architects of the Obama administration’s housing policy released a paper Wednesday outlining a new proposal for how to deal with mortgage-finance giants Fannie Mae and Freddie Mac.