Pacific Security Capital, a leading provider of commercial real estate loans, structured finance, investment sales and advisory services announced today that it has provided a $52 million construction loan for a fractional resort in California.
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Step into the new vacation-home executive suite: It’s bigger, better and professionally equipped.
In their zeal to get the most out of their newly purchased second homes, Americans are upgrading weekend work spaces with wireless Internet, broadband technology and computer terminals for their guests.
Link: RealEstateJournal | Second Homes.
Worth examines the private resort marketplace, which includes high-end ski condominiums, mass luxury golf communities and limited-membership gated communities with homes.
While owners of single-family homes – especially on the coasts – may be worried that they are in the midst of a real estate bubble, at the high end there are separate concerns, John Ferry [...]
Rates on 30-year mortgages fell this week for the eighth time in the past nine weeks, hitting the lowest level in four months.
Link: USATODAY.com – Rates on 30-year mortgages at 5.62%, lowest in 4 months.
The Office of Federal Housing Enterprise Oversight, Fannie Mae and Freddie Mac’s chaperone, reports that average U.S. home prices increased a whopping 12.50 percent from the first quarter of 2004 through the first quarter of 2005, the largest four-quarter increase in over 25 years.
Link: Realty Times – Agent News and Advice.
Real estate agents in the United States collected $61.1 billion in commissions last year, up 43 percent from $42.6 billion in 2000, said Steve Murray, editor of Real Trends, a real estate industry newsletter.
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On Tuesday, the National Association of Realtors reported that median prices of existing homes were 15.1% higher than they were a year ago. There’s been a 50% rise in average U.S. property values in the past five years, and home equity now represents an average of 38% of a household’s net worth, up from 27% [...]
Read moreRemember the stock market bubble? With everything that’s happened since 2000, it feels like ancient history. But a few pessimists, notably Stephen Roach of Morgan Stanley, argue that we have not yet paid the price for our past excesses.
Link: Running Out of Bubbles – New York Times.
More investors prowling some of the hottest real-estate in the country have discovered an old-fashioned financing tool — the letter of credit — and are using it in a way that may be adding fuel to an already overheated housing market.
Link: Banks offer letter of credit to finance 2nd homes.
As it expanded in Chicago during the 1990s, Starbucks stuck to a proven strategy: building outlets where there were plenty of BMWs and young professionals.
Link: Urban Magic.
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