Real Estate

In recent years, retirees have been flocking to warmer, more affordable cities in Arizona, Texas, and Tennessee, leaving behind bustling metropolises like New York, Los Angeles, and Chicago. This trend, highlighted by a new analysis from SmartAsset, is driven by a combination of lower living costs, warmer climates, and better access to health and entertainment resources. The Exodus from the North According to SmartAsset’s 2022 study, Mesa, Arizona, a city just east of Phoenix, emerged as the top destination for retirees. With a net influx of nearly 7,000 retirement-aged individuals, Mesa not only led the pack but did so by a significant margin. Out of the 182 cities analyzed, all the top 10 cities for net movement of retirees were in the South. This shift underscores a broader trend...

The construction industry is having a tough time finding workers this year, with a shortage of about 500,000 people. This is making it more expensive to build homes when there's already not enough houses available. Experts say the US needs to do more to help people go from school to working in construction. When the pandemic started in the US in 2020, many construction projects stopped and lots of workers lost their jobs. But as more people started working from home and wanted bigger houses, the demand for new homes went up fast, and workers got back to work. That demand hasn't gone down. Over the past four years, there's been even more need for workers because there aren't enough houses and the government is spending more money on big projects. A model, developed by Associated Buil...

Malaysia's got a big plan for Forest City, a place that's kind of like a big dream turned ghost town. They're thinking of adding a casino there, which could be a game-changer for the struggling development. It might even lure in folks from Singapore who are into a bit of gambling but don't want to deal with the hefty tax back home. Back in 2006, when they first talked about Forest City, it sounded amazing. They were aiming to build a super fancy neighborhood down south, close to Singapore. It was supposed to be home to a whopping 700,000 people and have cool stuff like waterparks and fancy hotels. But fast forward eight years, and it's more of a ghost town than a bustling community. The developers pumped in a crazy $100 billion, but now only a handful of folks actually live there. It's...

The country's largest banks have reported a huge rise in their non-performing loans, placing them at the center of China's property crisis. In turn, Beijing pressures for the direction of more financial support towards some "white list" property developers in an effort to bring stabilization in the sector. Yet the Chinese banks claim they have enough reserves to manage the risks arising from this crisis. The effect has shown in the financial statements of the nation's largest lenders, reporting a visible rise in non-performing loans. This is in tandem with a Nikkei review based on recent earnings disclosures, which had indicated that non-performing loans (NPLs) of the top Chinese banks, which include the Industrial and Commercial Bank of China, Bank of China, and China Construction ...

An even NBC report puts it that in Steamboat Springs, Colorado, "people with the larger incomes are being pushed out of the market too. Gary Sujson, the City Manager, said the situation was so bad that candidates for a six-figure job turned it down because they couldn't afford to secure affordable housing. It is all part of one huge, pulsating, and richly diverse ecosystem. Strung out on a line in northwest Colorado, about three hours from Denver, and one of many ski towns struggling to cope with an explosion in home prices, is Steamboat Springs. All this has only been exacerbated by the growing trend of remote working and the emergence of the short-term rental market. This makes even handsome salaries helpless in view of unaffordable housing in the area. This has dealt with a mu...

New York Community Bank, commonly referred to as NYCB, plunged further into turmoil from a series of announcements on Thursday that worsened more than 20% of its shares. Allaying concerns, the Long Island-based bank named a new CEO, Alessandro DiNello, after elevated worries over a surprise net loss reported on January 31. Under the new leadership, the executive suite would also see DiNello take over from Thomas Cangemi as the latest chief executive at the bank. Adding to those concerns, NYCB said in regulatory filings that it found "material weaknesses" in its internal controls over loan review processes. The blame for the problems was poor supervision, as well as risk assessment and monitoring activities, according to the bank. A sign of just how massive its problems are: NYCB boo...

According to Raphael Bostic, President of the Atlanta Fed, significant relief might not arrive until summer. In an interview with CNN on Monday, Bostic projected that the US inflation rate would taper to "the lower twos" by the year's end, a decline from December's 3.4%. "Given this outlook, I anticipate the first rate adjustment to occur sometime during the summer months," Bostic remarked. Since March 2022, the Fed has incrementally increased interest rates to counter soaring inflation and moderate the fervent US economy following the relaxation of pandemic restrictions. While such hikes serve to dampen investment and spending, they also render debt—such as mortgages and credit card balances—more costly. Acknowledging the impact of inflation on personal expenses, Bostic empathiz...

In a significant downturn for San Francisco's real estate market, a lavish 10,000-square-foot duplex on Larkin Street witnessed a staggering 50% decrease in value over a mere three-year period. Originally purchased for $20 million in January 2020, the property recently changed hands for just $10 million in November. Luxurious Russian Hill Residence Takes a Hit: The six-floor duplex, located at 2626 Larkin Street, boasted four bedrooms, eight bathrooms, a five-car garage, and a guest apartment. According to its listing on Zillow, acquired for $20 million in 2020, the property's value plummeted to half that amount when it was sold on November 9, 2023. Owner and Property Features: The property was previously owned by Leslie Stretch, the former CEO of Medallia, a customer se...

Founder and Chairman Hui Ka Yan faces additional setbacks as two opulent mansions in Hong Kong's prestigious The Peak neighborhood, collectively valued at $192 million, are seized by a creditor. Financial Struggles Continue for Evergrande Founder In the latest blow to Hui Ka Yan, founder and chairman of troubled Chinese property developer Evergrande, two luxurious mansions tied to him are being seized by a creditor. According to local media report, the properties, situated at 10C and 10E Black's Link in Hong Kong, are valued at $192 million and will be formally seized in the coming days. This adds to the series of challenges faced by Hui, who saw a staggering 98% plunge in his fortune amid Evergrande's debt crisis, leading to a loss of billionaire status. Creditor Action and Seiz...