The coronavirus pandemic has thrown yearly buying and selling patterns out of whack, with a big reduction in inventory and an increase in asking prices in many of the country’s biggest markets.During the second quarter of 2020 — typically a time when the number of listings spikes for the spring buying season — the 50 largest American metropolitan areas saw an average of 23 percent fewer homes listed compared to a year earlier, according to NerdWallet’s First-Time Home Buyer Metro Affordability Report — Q2 2020.Today’s super-low interest rates, which make it possible to borrow more money at the same monthly cost, would seem to help home buyers, but the inventory-depleted market counteracts the benefit. Bidding wars that drive up purchase prices are inevitable with increased competition, so this year fewer potential buyers will be able to find a home they can afford.What’s been the effect on asking prices? According to the report, in the second quarter of 2020 they were up by an average of about 3 percent in those 50 metro markets compared with a year earlier, and about 5 percent above the first quarter of 2020. Overall, these rates of growth are comparable to patterns in recent years. But
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A digital rendition of Supalai Premier Siphraya-Samyan, a condo project with 384 units priced from 3.69 million baht. SET-listed developer Supalai is confident it can achieve its 2020 presales target, which has not changed despite the pandemic, as the firm launched new condo projects with prices below market value. Managing director Tritecha Tangmatitham said new condo supply launched following the pandemic, amid unfavourable economic sentiment, should have attractive selling points, particularly prices. “With a glut of unsold, completed condo units in the market offering discounts and campaigns, those deciding to buy a unit at an off-plan project launched this year are mostly people who are financially secure,” he said. These buyers are usually attracted by very good deals, such as selling prices that are much lower than the market average or neighbouring projects. Unit sizes should be large enough for comfortable living, while locations should be in prime areas. In July 2020, Supalai launched a new condo project near Bang
In March, as Covid-19 swept across New York, Jordan and Alina Ellington decided to leave the city for a while. After spending a couple of months in a Catskills Airbnb, they resolved to make the move permanent.Mr. Ellington, 50, is the owner of SecureReview, a cybersecurity company; Ms. Ellington, 34, is a psychoanalyst completing her New York State licensing requirements. After years of apartment living in Manhattan, most recently in a rental on the 59th floor of a luxury high-rise, they began their search for a house.
The Chao Phraya Estate condo project is worth 21 billion baht. SET-listed Country Group Development is freezing new development plans in the second half but says it will still open two luxury hotels this year. Chief executive Ben Taechaubol said the company this year will focus on Chao Phraya Estate, a mixed-use development worth 32 billion baht on Charoen Krung Road by the riverbank. “We will focus on selling the remaining units at Four Seasons Private Residences Bangkok, which is 70% sold,” Mr Ben said. As a part of Chao Phraya Estate, the super-luxury condo project worth 21 billion baht has units worth 7 billion baht for sale. In the first half, Country Group transferred 1.1 billion baht and had a sales backlog of 12 billion baht to transfer within this year. At present, the average selling price is 300,000 baht per square metre, up from 270,000 baht during the launch period five years ago. Unit prices range from 45-400 million baht under a lease contract of 25 years plus two extensions of 25
The sign business began with painters wielding brushes and daubing letters on storefront windows and over building entrances. It has evolved into a $37.5 billion industry with companies capable of erecting signs that incorporate live news streams, interactive capabilities and artificial intelligence.But the goal has always remained the same: combine words and imagery to conjure an identity for a building and market it as a piece of real estate.Sign making evolved in the 19th and early 20th century with gaslight and then incandescent light bulbs used in addition to hand lettering, But business took off with the advent of neon and helped set cities like Las Vegas and New York ablaze with the giant, gaudy signs known as “spectaculars.”ImageThe illuminated signs of casinos and hotels along Fremont Street in Las Vegas were once known as “spectaculars.”Credit…Loomis Dean/The LIFE Picture Collection via Getty ImagesAs technology continued to advance, signs incorporated plastics, screen-printed PVC vinyl and energy-saving LEDs. Today’s enormous digital billboards, which can be programmed to cycle through an array of messages, can animate entire facades.Regulations have also had an effect on the size and positioning of signs. In many places, building codes prohibit types
Lounge chairs are defining pieces in most living rooms, but they take up a lot of space. And if your living room is on the small side, that can create problems.“One of the biggest mistakes people make is buying furniture that’s the wrong scale for the space,” said Sheila Bridges, the New York-based interior designer. Giant lounge chairs, she noted, can easily overwhelm a small room.But there are plenty of compact lounge chairs that provide an outsize dose of style and comfort in a smaller-than-average footprint.“When you scale smaller, there’s an opportunity to add more things, which is how you build a nice-looking interior space,” Ms. Bridges said. “It’s always easier to add to the furniture than subtract, once you’ve bought it.”Another trick for making the most of a small space is to choose chairs with curvy shapes rather than square edges — a choice that Ms. Bridges said is also on trend.“The nice thing about pieces that don’t have such rigid lines is that there’s more usable space in between them,” she said. “They’re a little more free.”What’s the minimum seat size for a lounge chair? A seat with an interior width of about two feet, and an equal
New condo supply launched in Pattaya dipped 95% in the first half because of the glut of unsold units last year and a drop in foreign demand during the pandemic. Phattarachai Taweewong, associate director at property consultant Colliers International Thailand, said a large number of newly launched condos totalling more than 15,500 units last year made developers freeze new launches this year. “Condo demand in Pattaya slowed after the virus hit globally, as Pattaya’s property market heavily relies on foreign buyers, particularly Chinese,” he said. Colliers reported that 480 units from just two projects were launched in the first half, compared with 4,953 units in the same period last year. Sales rate of the new launch was 66%, a slight increase from the second half last year, but the amount of unsold inventory in the market remained high at more than 20,000 units. The number is accumulated from newly launched units in 2018-19, which soared to 10,239 and 15,545 units, respectively, up from 2,192 in 2017 and 2,103 in 2016. Jomtien and Na Jomtien saw the biggest pool of unsold inventory, as there was fierce competition from several new projects in the past few years with more than 1,500
A woman passes model houses at last year’s House and Condo Expo. The central bank says recent housing loan applications represent real demand. The Bank of Thailand has been closely monitoring property supply amid the slower pace of residential project sales, vowing to keep loan-to-value (LTV) regulations for mortgage loans unchanged. Based on an examination of the remaining inventory of the property sector, there is no oversupply in the market, said Ronadol Numnonda, deputy governor for financial institutions stability. Against a backdrop of slowing sales due to the coronavirus outbreak, the central bank will not ease LTV regulations to spur the property market or mortgage loans, Mr Ronadol said. The central bank introduced LTV rules in April 2019 in order to prevent counterfeit demand for mortgage loans. The move also aimed to standardise the overall housing loan business and initiate real demand from homebuyers, especially those seeking a first home.
The Midtown mansion that was a longtime home of Princess Ashraf Pahlavi, twin sister of Iran’s last shah, finally closed in August after several years on the market and some legal wrangling. The sale price was $11.5 million, a hefty discount from its nearly $50 million initial price tag.The stately building, at 29 Beekman Place, situated on a tree-lined enclave with striking East River views, had been in bankruptcy proceedings. It was also the subject of lawsuits by staff and family members against the company that managed the assets of the princess, who died in 2016 at the age of 96.ImageThe house was the longtime Manhattan home of Princess Ashraf Pahlavi, twin sister of Iran’s last shah.Credit…Associated PressThe most expensive transactions in New York City in August were also in Midtown. Four more units at 220 Central Park South closed. The priciest, at $61 million, encompasses the 70th floor of the main tower. At the adjacent 18-story villa building, there were three purchases, including a duplex on the 11th and 12th floors that sold for $49 million. All went into contract before the coronavirus pandemic hit.Among the month’s other noteworthy transactions, an Upper
State vows fresh property stimulus Operators present proposals to Prayut The government pledges to come up with fresh measures to spur the property sector but sought more consultation with related parties. (Bangkok Post photo) The government on Thursday pledged to come up with fresh measures to spur the property sector but sought more consultation with related parties. Real estate operators and homebuilders led by Pornarit Chounchaisit, president of the Thai Real Estate Association, met Prime Minister Prayut Chan-o-cha and his deputy Supattanapong Punmeechaow to submit proposals to the government for measures to help the real estate industry. Mr Supattanapong said the proposals cover the relaxation of stringent loan-to-value (LTV) rules, a soft loan scheme, tax incentives and town planning rejigs. He declined to disclose further details of the proposals. “The private sector has assured the government that the overall real estate market still has demand and