Sold! Top real estate transactions

The following are the top-dollar real estate transactions in Erie, Huron and Ottawa counties for the week ending Feb. 1. For a full list of area real estate listings, pick up a copy of Sunday's Register.

1. 13703 Lake Road, Vermilion Twp, Erie County, Stuart B. and Trisha B. Chesky to JP Morgan Chase Bank NA, $1,400,000.

2. 3185 S. Schultz-Portage Road, Harris Twp., Ottawa County, new split, 54.431 acres, Luann Juergens et al to Robert R. and Kathleen A. Bench, $503,789.

3. Vacant land Chenango/Zenobia Road, Clarksfield Twp., Huron County, William J. and Pauline Welch, trustees, to David R. and M. Patricia Ross, trustees, $360,000.

For the original post visit: http://www.sanduskyregister.com/blog/top-real-estate-transactions/3207351

Twin Cities commercial real estate picks up in 2012

The Twin Cities' office market is in its best shape since 2007, as it absorbed nearly 1 million square feet of available space in 2012, and the area's industrial buildings recorded their lowest vacancy rates since 2008.

Those findings -- detailed in a semi-annual report from real estate firm Cushman & Wakefield/NorthMarq -- show the local commercial real estate market picked up in the second half of 2012.

"After a slow first half, development and redevelopment activity have bounced back, nearly doubling the square footage under construction since 2011," said Mike Ohmes, Cushman & Wakefield's executive vice president of transaction and advisory services.

The Twin Cities' industrial market had vacancy rate of 12.8 percent in 2012, which was a 3.3 percent reduction from 2011.

Retail properties showed their strongest year since the recession, with vacancy decreasing from 8.9 percent at midyear to 8.3 percent at year's end.

A development boom also continues for apartments, with more than 1,400 new units delivered in 2012, and multi-family vacancy rates were up only slightly, rising from 2.3 percent to 2.7 percent.

"Despite a lingering sense of economic uncertainty, all sectors of the Twin Cities' commercial real estate market continue to show signs of recovery," Ohmes said.

-- John Welbes

For the original post visit: http://www.twincities.com/business/ci_22491301/twin-cities-commercial-real-estate-picks-up-2012

Qatar plans law to regulate real estate valuation

The Minister of Justice  H E Hussain bin Abdullah Al Ghanem

DOHA: Qatar hopes to soon have a law to regulate the process of real estate valuation that would likely help the state prevent people from under-quoting the market value of a property and paying less registration fee while selling or buying land or building.

The Minister of Justice said yesterday that since Qatar didn’t have a legislation that regulates property evaluation process and profession, the state had been losing revenue, since in many cases people provided incorrect valuation of a property to pay less registration fee. “The state has been losing money. Such a practice is making the state lose revenue,” H E Hussain bin Abdullah Al Ghanem said.

He added that his ministry had set up a committee late last year to prepare a draft law to regulate the real estate valuation process.

“Such legislation is very important, particularly considering that mega development projects are being launched in the country and real estate transactions are on the rise.”

The minister said the importance of such a law was not known in the country until a few years ago when a slew of mega infrastructure projects were launched. “We later realised how crucial such a law was.”

Al Ghanem was addressing a symposium held on ‘Real Estate Valuation’ by the Legal Studies Department of his ministry here yesterday. The aim of the symposium was to familiarise citizens about the importance of real estate valuation.

About the committee that has been formed to frame the draft law, Al Ghanem said several state agencies had coordinated in its establishment and celebrated experts were on it. “We have asked the panel members to draw heavily from the experiences of fellow Arab countries as well as of other nations in framing the draft. We want a very effective law.”

Such a law would also be highly beneficial to banks and the private sector that need to know the exact market value of a property, whether land or building. There, currently, are a number of real estate valuation agencies in the country that provide valuations but, in most cases, they may not be correct, the minister said.

“At the real estate registration department of our ministry, we are facing difficulties in the absence of such a law, as in many cases, property valuations are incorrect and the state loses revenue due to under-quoted market prices.”

The undersecretary at the Ministry of Justice, H E Ibrahim Al Hitmi, who also heads the Legal Studies Centre, in his address to the symposium said he hoped that the committee that was set up last September would come out with a competent draft. The minister earlier said he expected the draft to be ready within two months.

The Peninsula

For the original post visit: http://thepeninsulaqatar.com/qatar/223916-qatar-plans-law-to-regulate-real-estate-valuation.html

Prospects improving for secondary real estate - CBRE

A gradual recovery in economic performance and business confidence this year will set European real estate up for a stronger recovery in 2014, says realtor CBRE. Prospects are improving for secondary assets and locations this year. Poland should remain strong.

Pan-European property markets faced a difficult economic environment in 2012, with heightened fears of a euro break up in the first half and output flat or falling by the year end. But 2013 has started more positively, with the threat of euro disintegration receding, together with encouraging news from China and the US, underpinning some signs of improvement.

Occupier demand is likely to remain relatively static over 2013, with rental growth most likely confined to a limited number of prime retail and office locations where demand exceeds supply. While demand and rents for industrial space are expected to be broadly flat, new requirements to support multi-channel retail strategies are a potential bright spot. Both occupation and investment will continue to show a marked north/south divide however, with for prime assets in core locations in the north expected hold stable or even rises in price.

"The heightened polarisation between prime and secondary property was a major theme of 2012 and a key question for 2013 is whether this will ease," CBRE said in a report. "A greater appetite for property risk would improve this situation but the availability of new debt for secondary is unlikely to improve much, if at all, in the coming year, meaning the outlook for these assets hinges on the economic fortunes of the region. Nevertheless, improved prospects for better quality secondary assets in stronger markets, which began to attract more interest in late 2012, look set to continue in 2013."

in 2012, Poland, with a continuously positive GDP dynamic and substantial infrastructure investment, was among the strongest performers, along with Germany and Sweden. CBRE Poland MD Colin Waddell commented: "Improving sentiment and better fiscal stability within the Eurozone is having a quiet but positive knock-on effect in Poland, a country that in itself is one of the brighter spots on Europe’s economic map. It may not be overly visible in 2013 but we anticipate economic confidence to steadily build as we draw closer to 2014 and beyond. The current healthy levels of occupier activity in the industrial and office sectors are likely to remain and consequently investor interest in Poland will continue."

While office take-up across Europe fell 7% in 2012, in Poland it rose by 9%, due to activity both in the capital as well as in regional agglomerations, mostly Kraków, Wrocław and the Tricity. This largely results from global and European corporate behaviour heavily focused on cost management, with companies tending to consolidate operational portfolios and looking to expand operational networks into emerging markets, including Poland. pie

For the original post visit: http://www.pie-mag.com/articles/4653/prospects-improving-for-secondary-real-estate-cbre/

UAE developers in crackdown on property 'flippers'

United Arab Emirates developers and banks are taking steps to crackdown on “flipping”, the rapid on-sale of off-plan properties, in lieu of a formal ban.

The real estate industry is concerned that the quick turnover of properties still under construction causes prices to escalate based on speculation, while buyers risk being defrauded.

Flipping was particularly common during the Dubai boom - the period before the 2008-2009 downturn - and left scores out of pocket when scammers on-sold a single property to multiple people.

Head of research at real estate firm CBRE Middle East, Matthew Green, said the re-emergence of new residential developments meant the practice was making a comeback.c “It’s nowhere near the level which we had seen previously, but the fact we’re seeing off-the-plan launches is an indication there’s speculative activity back in the market,” Green said.

Emaar Properties, one of the largest developers in the UAE, has moved to reduce the practice by including a clause in contracts for apartments in its new residential project, The Address Fountain Views, in Downtown Dubai that prevents a property from being transferred into another name until a certain percentage of the total value has been paid to the company.

Brokers told Arabian Business the percentage was 30-40 percent, depending on the value of the apartment.

Emaar confirmed the policy but would not comment on the details.

"These policies are aimed at discouraging 'flipping' to sustain the robust growth of Dubai's real estate sector,” a spokesperson for Emaar said.

"As pioneers in developing master-planned communities in Dubai, and having handed over more than 31,000 residences, our focus is on encouraging long-term investors in our projects.”

Banks also want to cap the loan-to-value ratio of mortgages on off-plan properties at 50 percent, compared to 75-80 percent on completed properties, Emirates Banks Association chairman Abdul Aziz Al Ghurair said on Sunday.

Al Ghurair said banks could not identify speculators but they would make it harder for flipping to occur.

“Real estate developers like flippers because they make money; if you ask the banks we like genuine buyers who use it for his own home, that’s what will really stabilise society, [when] everybody has a house,” Al Ghurair said.

“Flippers, when they make money, is at the cost of the ultimate buyer.

“You cannot stop it completely [but]... we [will] ask them to put more money on the table. By putting 50 percent on the table it will limit the ability to leverage the bank’s money.”

Priyesh Patel, from Aston Pearl Real Estate, said the industry needed tougher regulation against flipping, but it was difficult to enforce.

Speculators already flouted rules set by Dubai’s Real Estate Regulatory Agency (RERA) by creating power of attorney documents that gave the rights to a property to the buyer.

Patel said the arrangement, which was legal, allowed the buyer to change contact details with the property developer, however the contract could not be transferred into their name until the developer’s required deposit had been paid.

That put the buyer at risk because they did not have legal ownership of the property and it could potentially be repeatedly “sold”.

Patel said the deals were usually done between investors who knew each other, but there were countless examples of buyers being burnt.

Despite Emaar’s attempt to prevent flipping, Patel said those who bought properties off-plan could still on-sell, including changing the owner’s name before the contract was completed, which usually took a week after signing the reservation form. Patel said while the practice needed to be stopped, it was difficult for authorities to ban it.

“RERA has done everything they can,” Patel said. “You can’t stop someone selling what they own.”

While the regulations had not completely stamped out flipping, it had reduced the number of times a property was on-sold before it was completed, from four to five times during the boom years to about once, Patel said.

Green said any move to reduce flipping was “a good idea”. “It would limit speculation,” he said.

“[Flipping] facilitates rapid growth because people are looking to make very short-term gains instead of actually coming in and investing in the market long-term.”

For the original post visit: http://www.arabianbusiness.com/uae-developers-in-crackdown-on-property-flippers--487594.html

Property drought in Perth

THE number of properties for sale in Perth has dropped to its lowest in seven years.

Real Estate Institute of WA figures show stock levels peaked in April 2011 with a glut of 18,200 properties for sale.

That figure dropped to only 9300 at the end of last year.

Experts say the properties were sold, withdrawn or taken into Perth's hot rental market.

Hegney Property Group executive chairman Gavin Hegney said any shift in stock availability of that number was abnormally large and could not be ignored."We've seen new demand over the past six months from first-home buyers who are mostly moving out of family homes,'' Mr Hegney said.

"We're also seeing new demand from investors now and that will further reduce the market.''

Mr Hegney said the market was changing somewhat to favour sellers, though both buyers and sellers were more confident in the present conditions.

He said ultimately prices would start to rise in 2013.

REIWA president David Airey said seasonal factors could also contribute to stock levels and after the Christmas-New Year hiatus, listings were already starting to return.

"Many sellers will remove their properties from market over the Christmas and new year period, simply because it's a quiet time and people are away,'' Mr Airey said.

"These sellers will generally relist in late January and we are seeing signs of that now,'' he said.

Mr Hegney said rising prices would lead to more properties coming on to the market.

"But I don't see it getting back to peak levels,'' he said.

REIWA lists the number of houses, units and land lots for sale this week at 9421.

The industry wisdom is that 12,000 properties for sale at any given time is a good balance between supply and demand in Perth.

For the original post visit: http://www.heraldsun.com.au/realestate/buying/property-drought-in-perth/story-fndcuqbl-1226563265575

Real Estate market showing signs of rebound

PORTLAND, Maine (NEWS CENTER) -- Its been six years since the real estate market was associated with positive economic trends, but Maine is seeing some signs the industry is rebounding.

At a meeting of the Maine Real Estate and Development Association (MEREDA) today a speaker asked how many of the 650 brokers, bankers, and developers were optimistic about 2013. The vast majority heartily raised their hands.

While analysts say the market for single-family homes remains sluggish, and median prices are still comparatively low, but commercial real estate is picking up in key areas.

"When you talk about the beacon of hope you're talking about what industry is really growing a tremendous amount and I would say that's healthcare," says Drew Sigfridson, president of MEREDA. "The healthcare industry has seen tremendous growth great new construction projects, vacancy rates for the class A medical sector is under 2% which is phenomenol relative to national statistics but also great here locally."

Medical and retail space is moving particularly well in the Greater Bangor area and parts of Central Maine.

Analysts also say that struggling strip malls are starting to adapt to the times and re-market themselves as affordable office space, filling space that way.

For the original post visit: http://www.wcsh6.com/news/article/228843/314/Real-Estate-market-showing-signs-of-rebound