Tallest Building in Western US to be Built by 100% Minority Group’s $1.2B Development After Unanimous Selection by LA City Council

 Angels Landing Partners LLC, a 100% minority-owned team comprised of the Peebles Corporation, MacFarlane Partners and Claridge Properties, has been selected by the City Council of the City of Los Angeles, California to manage development of the coveted Angels Landing Site, and will build the tallest building in the Western US as part of the plan. “Our team is inspired by the great opportunity to transform the Los Angeles skyline with our iconic building, enhance residential life downtown, and forever change how large buildings are built in Los Angeles by ensuring that all residents and businesses receive equal access to career and business opportunities. We look forward to working with the City of Los Angeles and their team, Council member Jose Huizar and the Chief Legislative Analyst, Oscar Ixco,” said Don Peebles, Chairman and CEO of the Peebles Corporation. Following a unanimous approval from the City of Los Angeles Economic Development Committee, the full City Council approved the approach by the team to develop the 2.24-acre site at Fourth and Hill Streets. The estimated budget, including acquisition, is $1.2 billion with a construction phase expected to run for 41 months with completion due in late 2024. “We join our partners in thanking the City of Los Angeles for their support of our team and our plan,” said Victor MacFarlane, Chairman and Chief Executive Officer of MacFarlane Partners. “Having invested in properties in downtown Los Angeles for the past 15 years, we are firm believers in DTLA and enjoy a valuable…

TURNBERRY OCEAN CLUB RESIDENCES ANNOUNCES 50% SALES MILESTONE

Recent trend of purchasing side-by-side residences to create the feeling of an estate home but with amazing ocean views and an amenity-rich lifestyle Turnberry Associates, one of America’s premier real estate development and property management companies, announced today that its luxury residential development Turnberry Ocean Club Residences is already half sold — even though the building is now just going vertical. The strong sales in advance of verticality underscore the appeal of the luxury and amenity-rich offering that Turnberry Associates has brought to the market. One distinguishing trend is buyers purchasing multiple residences to create family estates in the sky. With unparalleled amenities like a sky club, spa, kids club and more, Turnberry Ocean Club offers something for the entire family. The project is anticipated to be completed next year, near the end of 2019. “We are thrilled to be 50% sold at this point in our development. It’s quite an achievement and I think our progress speaks volumes about the quality and luxury we are offering. Consumers have trust in the Turnberry brand. Our buyers are telling us Turnberry Ocean Club Residences is a place they want their entire family to call home.” Jeff Soffer, Co-Chairman and CEO of Turnberry Associates Turnberry Ocean Club Residences Features: Designed by the creative partnership of architects Carlos Zapata Studios of New York City and Robert Swedroe of Miami, Turnberry Ocean Club Residences is a 54-story oceanfront high-rise glass tower. It features 154 luxury residences ranging from 2,950 to 10,000 square feet with three,…

‘Huge’ Opportunity in US property

There’s one ‘huge’ opportunity in US property, CEO says Buy to let is now a “huge” investment opportunity in the U.S. as single-family rentals surge, says John Burns, CEO of John Burns Real Estate Consulting. Surging home sales. “Something happened in the middle of September where the country woke up and started buying homes again.” Single-family renting. “The biggest shift we have seen in the last six years is these new, professionally managed single-family rental companies who have now made it a very reasonable thing to do…Almost 12% of America is renting a single-family home. Instead of renting it from some person who might be on vacation, you actually have a real company now who will take care of you as a landlord.” The Fed. “They used the housing market as a tool to get us through the 2001 recession if you remember. Housing is not being overbuilt right now, and so if the economy slows, I think they are going to turn to housing again and stimulate the economy with housing.”

Low Inventory is Causing High Prices

So Why Aren’t People Selling? Seattle wins the wait and hold game. Homeowners hold onto their houses for longer in just four other places — Boston; San Jose; Providence, R.I.; and Hartford, Conn. — among the 40 U.S. metro areas with at least 1 million people. We’re tied with San Francisco, with sellers waiting 10.2 years. Sure, they could get a good profit — on average, home sellers today make about 65 percent return on their original purchase before closing costs, the Attom data shows. That’s the third best profit in the country, behind the San Francisco and San Jose regions. But then what? If you want to remain a homeowner locally, you still have to turn around and buy at today’s high prices, and deal with transaction costs like taxes and realtor commissions on both sales. https://www.seattletimes.com/business/real-estate/seattle-home-prices-are-so-high-partly-because-barely-anyone-is-selling-despite-chance-for-big-profits/

Wells Fired Head of Lending:Misconduct

The bank has been on unstable footing ever since the revelation of the bank’s fake account scandal, which saw the company fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million potentially unauthorized accounts to get sales bonuses. Wells Fargo announced Friday that it fired Franklin Codel, a senior executive vice president and head of the bank’s consumer lending division, for misconduct. Wells Fargo

Facebook launches massive push into real estate listings

Zillow. Trulia. Realtor.com. Redfin. All household names in the real estate listings world, right? Well, those companies now have some serious competition from a company that boasts an audience that dwarfs all of those sites put together – Facebook. That’s right. Facebook is coming to real estate listings. Now, anyone who’s “friends” with a real estate agent on Facebook is likely used to seeing real estate listings show up in their news feed, but it appears that Facebook has much bigger plans for real estate listings through its own platform.   real estate on Facebook  

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Compare Cost of Living

Cost of Living   The Cost of Living Page The cost of living calculator  allows you to see where different cities rank in various cost categories. See below for an example of NYC and Chicago. As you can see, two of the most heavily marketed cities for recent grads have significant above-average cost of living rates.

Ice Berg Report

REAL TRENDS ANNOUNCES NEW REPORT ON SINGLE-FAMILY RESIDENTIAL INVESTMENT MARKET

The Iceberg Report is an annual report on the American Single-Family Residential Investment Market REAL Trends, Inc., the Trusted Source in residential brokerage and Andrew Waite of NEXZUS Publishing Group announces the release of The Iceberg Report, an annual report and analysis of the American Single-Family Residential Investment Industry. Some 23 percent of one- to four-family residential homes in the United States are owned by investors. The Iceberg Report details the size of the single-family residential market, as well as the demographics, attitudes and behaviors of owners of single-family investment homes and uncovers the companies that serve this market. The implications of investors owning and holding single family residential real estate as an investment have enormous implications for the future of housing, rentals and homeownership at large as well as housing affordability. “The Iceberg Report confirms what we suspected,” says Steve Murray, president of REAL Trends. “More successful investors rely on professional real estate agents and leading property managers to help them find, manage and profit from an increasingly mainstream asset, the standalone single-family residential house.” Some Report Highlights Institutional owners own less than 400,000 of these units, while nearly 8 million non-institutional owners (those that own one to two units) own the rest. Learn about their portfolio goals. Most of the 8 million who own one to two units don’t use a formal property management firm until they accumulate more than four units. A majority of investors in single-family residential homes still use a real estate professional when buying…