House prices are rising, spring is in the air and the property market is blooming. Estate agency and lettings chain Martin & Co floated on the stock market in December and is ideally positioned to benefit from the new mood. At 129p, the shares offer robust, long-term value.

Martin & Co was founded by entrepreneur Richard Martin in the 1980s. Starting out in Yeovil, Somerset, the business did well and in 1996, the company adopted a franchise model so it could grow at a faster pace without recourse to the banks.

Under this structure, agents run their own businesses but have access to Martin & Co's support and experience in areas such as IT, marketing, shopfitting and training. They also benefit from collective purchasing and in exchange, they give the company 9 per cent of their annual revenues.

The system works in part because many Martin agents come from other professions, ranging from policemen to vicars to tennis coaches. They are looking for change, they want to run their own businesses but they need training and advice to be able to set up and Martin & Co gives provides them with this help.
Even seasoned agents like the idea of support from a larger parent and many are given financial help too, particularly in the early years.

The company now has 160 franchisees operating 190 branches from Scotland to Devon.
Until recently, the business focused exclusively on letting, working with landlords, finding them tenants and managing their properties. In 2012, however, the company added sales to its roster and most franchisees now cover both selling and letting.

The move was smart, as the housing market has picked up dramatically in the past two years and sales have increased considerably. A number of landlords have begun to sell their properties, too, and Martin can now pick up this business.
Conversely, when people buy property to let, they frequently use the estate agent involved in the sale. Martin's is winning business here, too.

Investors can become suspicious when founders decide to float their business on the stock market. In Richard Martin's case, however, he has stayed on as chairman and only sold half his shares, keeping the rest in the business. In his mid-60s, he is keen to have a little more free time so he is a non-executive chairman and the day-to-day running of the business is handled by chief executive Ian Wilson.

Read full article at http://www.thisismoney.co.uk/money/investing/article-2603221/Martin-Co-set-benefit-blooming-property-market.html

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The market can be tough for first-time buyers so with the spring homebuying season now in full swing (March through June are the year's four busiest months), here are some tips for first-time homebuyers.

With two daughters and a baby on the way, Carlos and Cinthya Jijon decided last year to buy a house for about the same monthly cost as a bigger apartment. But they couldn't find a home.

Supply was tight. And investors armed with fistfuls of cash outbid them every time.

This month, however, the Jijons are unpacking, settling into a one-story house in Buena Park, Calif. The auto-parts deliveryman and the nurse made the transition from renters to first-time homebuyers.

The market is tough for first-time buyers such as the Jijons, and statistics show the number of first-timers is falling.

But the Jijons persevered, taking an eight-hour homebuying course, learning about cash-assistance programs, and getting loads of practical advice. They beat the odds.

With the spring homebuying season now in full swing (March through June are the year's four busiest months), here are some tips for first-time homebuyers.

Read full article at http://seattletimes.com/html/homesrealestate/2023278367_hrefirsttimebuyersxml.html

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New York and London are the leading cities in terms of wealth generation and economic growth which means they are likely to appeal to expats seeking a world class city to live and work in.

A new report from international real estate adviser, Savills, classes leading cities on their prominence and fame, as well as economy and size that give them what it calls 'world class' city status with the X-factor.

The firm has looked at a combination of global competitiveness, together with measures such as connectivity, international visitors and web search data, to determine overall world city status.

Behind New York and London are Singapore and Paris followed by emerging cities such as Moscow, Mumbai and Rio de Janeiro which are less established leading global cities in the top tier of 12 covered by the study.

'Our definition of a world city is not just based on size or economic prosperity, but other less tangible factors. These include fame, prominence, international reach and investability, all factors that are not revealed by population and GDP figures alone,' said Yolande Barnes, director of Savills World Research.

'These intangibles impact on the appeal of a city to business and wealth generators, which in turn influences the pace of residential and commercial real estate market growth and contraction and levels of market stability,' she explained.

'The redrawing of the global economic map is having a significant impact on real estate markets. New world economies, notably China and India, have recently seen weakened growth, while older industrialised economies, including the USA, UK and Japan, are now recovering more strongly than many commentators anticipated,' Barnes pointed out.

'As a result, the runaway real estate growth of new world cities has abated and in some cases, such as Mumbai and prime Hong Kong, it has reversed. The strength of investment markets in new economies are personified by Dubai's high growth real estate centre. Its revival is indicative of a market recovering from very full price corrections after 2008,' she added.

Read full article at http://www.expatforum.com/america/new-york-and-london-top-x-factor-index-of-global-cities.html

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Real-estate legend Sam Zell said recently that the "End of Suburbia" might be happening. Right here and now.

Of course, all the suburban dreck that was built in the last six decades isn't going to vaporize. But, in terms of new construction - in other words, the real estate development business - reproducing the postwar, automobile-dependent Suburbia pattern is a money-losing proposition.

"You're drawing all the young people in America to these 24/7 cities," said Zell last October. "The last thing they want to do is live in the suburbs."

Of course, as people get a little older, compromises ensue. But, that doesn't mean they like it. "Why would anyone live in the suburbs, except to provide schools for their kids?" Zell asked.

The first criticisms of the American automobile suburb began about the same time as the suburbs themselves appeared in the 1920s and expanded in the postwar period. "There's no there there," lamented Gertrude Stein about Oakland, California, in 1937. She would know - she grew up there.

But, if we aren't going to build suburbs, what should we build?

I propose that we build what I call the Traditional City - the normal form of human urban living for the last five thousand years. The Traditional City is the basic form of historic cities in Europe, Asia, the Middle East and North Africa, and both pre-Columbian and post-Columbian Americas.

Read full article at http://www.forbes.com/sites/nathanlewis/2014/04/10/how-to-make-billions-while-making-people-happy-and-saving-the-planet/

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The real estate rental market is fast paced, competitive and sometimes daunting. During the stress of finding a rental that fits your needs, you sometimes run into yet another brick wall: the landlord. Some landlords can be nosey people. Every corner your turn at an apartment viewing they're racking off another list of things they need before you're approved. But before you slip your social, you might want to do some research of your own. Here are five ways to screen your landlord or property manager before you sign a lease.

1. Find Foreclosures

According to the Wall Street Journal, it's an entirely possible that your dream apartment is in the foreclosure process. Meaning, a landlord could try to rent an apartment he or she doesn't even own. You could lose your deposit, and worse, your home.

Look into tax records and find out who actually owns the rental. Additionally, if you're dealing with a property management company, research any recent foreclosures for their properties. If the company is underwater or filing for bankruptcy, your lease terms might be shorter than you think.

2. Check Criminal Records

It's important to know your landlord's prior convictions. From fraud to assault, your potential property manager could have a horrifying history.

If a criminal record can disqualify a potential tenant, then why not a landlord? eHow.com has several tips on ways to search for criminal records.

3. Consider Complaints

Yahoo.com suggests investigating potential complaints through the Better Business Bureau. Additionally, "check websites such as Yelp for complaints about the landlord. You can also check with your city or county Chamber of Commerce to see if they register complaints or have knowledge of any other local agencies that would keep such information."

You could find a laundry list of tenants who mysteriously never received their deposit or never got the features promised in their lease.

Read full article at http://www.forbes.com/sites/trulia/2014/04/11/5-ways-you-should-be-screening-potential-landlords/

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I'm going to be listing my home soon. What kind of services do real estate salespeople typically offer?

When it comes to real estate services, there's no such thing as "typical."

There are more than 63,000 real estate brokers and salespeople across Ontario, and each one of them will have their own approach and style.

Listing agreements you sign with a brokerage can outline a wide range of services, depending on your particular needs. A "full service" arrangement may include:

* staging your home, or providing tips to prepare
* marketing plans/strategies
* scheduling showings and open houses
* receiving and negotiating offers from prospective buyers
* providing detailed property information/features to prospective buyers or their representatives
* handling transaction paperwork, and
* referring you to a lawyer, mortgage broker, home inspector or other specialists you may need

That contrasts with a minimal service arrangement, where the brokerage might simply post the property on the MLS system but not provide any of the services listed above.

As you can imagine, there's a lot of room for a middle-ground between full service and minimal service.

Remember that fees and commissions for services by real estate salespeople are not only negotiable to the services being performed, but can be a mixture of a set fee or a percentage of the sold price. As can be expected, the level of service should relate to the amount being charged.

With so many possibilities, it's important to consider your options and ensure the person you choose to represent you will provide the services you want, and at a fair price.

Do your homework. Start by asking friends and relatives who have recently bought or sold a home for referrals. Find out what they liked or didn't like about the experience.

Then interview a few different real estate professionals, and get their references, before deciding on one. Keep in mind that, as with most things, the cheapest deal is not necessarily the best deal.

Never assume that a service will be included. Communicate with your chosen real estate agent clearly and ahead of time, and get everything in writing.

Always read what you are signing and consider seeking legal advice if there are things you do not understand.

Also, if you choose to go with a minimal service option, understand that real estate professionals have ethical obligations and can't simply take your word regarding key details about the property. They are required to conduct due diligence to ensure the MLS posting is accurate, which can include measuring rooms, confirming municipal taxes, zoning, operating costs, rental/lease items, and so forth.

It might seem daunting, but just take it one step at a time: think about what service level you need, identify representatives that can meet your needs at a price you consider fair, and make sure that there's a mutual written understanding about what services will be provided.

Starting with clear expectations can go a long way to ensuring a positive selling experience.

Jill Chodorov, a real estate agent with Long & Foster, writes an occasional column about local market trends and housing issues.

Homebuyers beware. If you are nervous about having your financial information hacked when purchasing linens for your new home at Target, have you considered how easily your private data can be lifted from your Mortgage Company or real estate broker during the home-buying process?

If you haven't thought about it, maybe it is high time that you did.

In a recent study conducted by HALOCK Security Labs, a cyber-security consulting firm based in Schaumburg, Ill., it was discovered that seven out of 10 mortgage companies allow information-sharing practices that put your personal and financial data at grave risk.

According to Terry Kurzynksi, founder and senior partner of HALOCK, "the entire [real estate industry] ecosystem is bad." Kurzynski used Experian's (one of the three major credit bureaus) recent involvement in an identity theft scheme affecting 500,000 Americans as an example.

Don Frommeyer, president of the National Association of Mortgage Brokers, disputes the findings of the survey. He said people in his industry are careful with buyers' personal information and he doubts there's a a problem in his industry. Still, he said, consumers should feel free to inquire about lenders' policies on handling private data.

"It is a good idea to ask your lender how they will handle your personal information and what do they do with it once they have completed your loan," Frommeyer said. "Everything in our industry has been on lock down in the last four to five years. I find it hard to believe that only 30 percent of mortgage lenders are taking security precautions."

Kurzynski said he believes mortgage companies aren't the worst offenders when it comes to being careless with consumers' personal data. "If you think that is bad, I can guarantee it is far worse with your real estate broker," he said.

One local real estate agent, who requested anonymity because she's not authorized to speak on such issues about her broker, said people in her industry need to do more to protect consumers' confidential information.

"I see clients' personal financial information and contracts haphazardly lying around the office all the time," the agent said. "My broker does not have any formal policies or training in place, at least none that I know of."

Melanie Wyne, senior technology policy representative in the Government Affairs Division of the National Association of Realtors (NAR), said it adopted a set of best practices for the industry in 2009.

"I wouldn't say there was a particular incident," Wyne said regarding the reason for establishing these best practices. "As of today, 46 out of 50 states have data breach notification laws. Given these state level laws and the fact that a federal law is expected soon, we wanted our members to get ahead before the federal law is put in place. We want our members to be prepared."

In 2011, NAR published the Data Security and Privacy Toolkit for its members to use as a guideline for best practices regarding information security.

"The first question we need to ask ourselves is do we even need to collect the information that we are collecting," Wyne said. "A common practice among some agents is to collect driver's license information. But if you hold on to that information, it becomes a liability."

"Brokers and their agents also need to understand how to properly dispose of information. You don't just put loan documents in a trash can," Wyne said.

Starting in May, NAR will offer its members an online training course on best practices, which will be good for continuing education credits.

Michael Moran, chief executive of the Greater Capital Association of Realtors, said that it has never received complaints from consumers about the security of their personal data. Asked if any policies or protocol have been put in place for its members, Moran said, "We have discussed it, but nothing has been done yet."

"I would hope that agents are doing their best to protect their personal computers," Moran added. "I would assume brokers are sensitive to this, as most of this [data sharing] occurs on their servers."

Some local brokers are taking this issue very seriously. Jason Sherman, co-chief executive of Real Living At Home, a small brokerage firm based in Chevy Chase, D.C., says he goes "above and beyond" to ensure his clients' personal information is protected.

See more details here…

*Synced from Seattle and Real Estate Blog

In regions with booming real estate markets, sellers may think getting multiple offers on their home is inevitable, but there are a few things you can do to increase your chances. The three must-haves for attracting multiple offers, according to Zillow, are location, price and presentation.

You've heard it time and again: location, location, location. Buyers often consider location before other factors such as price, number of bedrooms or home size, so a well-located home is a huge advantage. Homes on busy streets, near freeway on/off ramps, or in less-than-stellar school districts may not attract as much interest. Work with a real estate agent to price your home very carefully if it's not in a prime location.

That brings us to the next factor: price. Zillow reports that homes priced 10 percent over their market value will not get noticed, so it's important to be smart and realistic with your listing price. While you won't truly know the market value of your home until a buyer closes on the sale, real estate agents can help you establish a value range based on factors such as whether you are in a buyers' or sellers' market, location, and how well your home shows. If you price your home at the lower end of that range, you can be pretty confident you'll generate lots of interest.

While you can't change your home's location and prices can fluctuate based on any number of factors, presentation of your home is something you have more control over. In today's online-focused market, photos are key, so make sure you put your home's best foot forward before you have it photographed. Buyers want to make an emotional connection with a home, so removing your personal items, making cosmetic upgrades (if you can afford it), and staging will make a good first impression online and drive buyers to look at the home in person.

These factors, supplemented by the expertise of a local real estate agent who knows the other homes in the area and can help you make yours stand out, will give you an increased chance of getting what all sellers want - multiple offers. If you are interested in selling or buying a home in the Seattle area, contact your local real estate agent today.

The market can be tough for first-time buyers so with the spring home-buying season now in full swing (March through June are the year's four busiest months), here are some tips for first-time homebuyers.

With two daughters and a baby on the way, Carlos and Cinthya Jijon decided last year to buy a house for about the same monthly cost as a bigger apartment. But they couldn't find a home.

Supply was tight. And investors armed with fistfuls of cash outbid them every time.

This month, however, the Jijons are unpacking, settling into a one-story house in Buena Park, Calif. The auto-parts deliveryman and the nurse made the transition from renters to first-time homebuyers.

The market is tough for first-time buyers such as the Jijons, and statistics show the number of first-timers is falling.

But the Jijons persevered, taking an eight-hour home-buying course, learning about cash-assistance programs, and getting loads of practical advice. They beat the odds.

With the spring homebuying season now in full swing (March through June are the year's four busiest months), here are some tips for first-time homebuyers.

Determine what you can afford. The first step is to meet with a lender, review your finances and find out how much you can afford to spend on a home and how much you have for your down payment.

"If they qualify for a $300,000 house, they shouldn't be wasting their time looking at a $500,000 house," says Maritza Reyna, an education manager at Consumer Credit Counseling Service.

Experts also warn not to shop for the most expensive home you qualify for, unless you truly can live with the payment that comes with it.

Shop for a mortgage. Don't use whatever lender your agent recommends without doing some independent shopping, says former loan processor and author Carolyn Warren.

Another classic mistake: calling 10 lenders and asking for their interest rates. A lender can't be held to those quotes, so "it's just going to lead you to the smoothest-talking liar," says Warren, author of "Homebuyer Beware" and another book on mortgage rip-offs.

She says it's better to look up mortgage rates online, then call three or four lenders and mortgage brokers and ask them for a written list showing their fees.

"The lowest rate is no good if you're paying too much in fees," Warren says.

Check for down-payment assistance. Before you shop, check to see if you qualify for one of the down-payment assistance programs.

"Don't assume your income is too high," says Karla Lopez del Rio of NeighborWorks Orange County, a housing assistance agency. "These special programs, no one's going to tell you about it if you don't seek it out."

Get preapproved. Getting a lender to preapprove a loan before you shop can make your offers more attractive, while avoiding deals falling apart because loans don't get approved during escrow.

Get all the documentation you'll need for the loan process - W2s, tax returns, pay stubs, bank account statements. Find out from your lender exactly what you'll need.

And go to AnnualCreditReport.com to get your free credit reports from all three major credit agencies. If necessary, follow the steps for correcting errors or repairing your credit.

Pick an agent who's right for you. Get referrals for agents from friends and family, then talk to each one. Look for someone with whom you can communicate.

"Interview them a few times," says Robert Ortola, an agent with Keller Williams Newport Estates in Orange County, Calif. "You have to see how they communicate and how knowledgeable they are."

"Keep in mind that they work for you," adds Reyna. "If you're not happy with that Realtor, you can fire them."

Find a home you can afford. Make a wish list of where you want to live and what you want to have in your home. But don't fall so in love with a particular home that you don't see its flaws, experts say.

Move on if the asking price is unrealistic or the bidding rises beyond your budget.

Make a realistic offer. When you find the right home, Ortola advises first-time buyers to find out what comparable homes sold for, learn the true value of the property and make a realistic offer. A good agent will be diplomatic but honest if your offer is too low.

"In a seller's market, the buyer doesn't have negotiating power," he says. "There still are cash offers out there. You might have to make 10 offers before you buy a house."

If the home is priced right, bid the asking price - or a little over, Ortola says.

You might, however, run into trouble getting a loan if your offer is higher than the lender's appraised value of the home. Lenders won't approve the loan if the appraisal is less than the loan amount.

Find a good home inspector. Talk to two or three inspectors rather than blindly accepting one that your agent recommends.

Get referrals from family and trusted friends to make sure you find someone working for your best interest and who isn't trying to help his or her friend, the agent, close the deal.

"A bad inspector can turn into a $15,000 plumbing problem," Lopez del Rio says.

As foreign investment in U.S. real estate continues to increase, experts say foreign investors, sellers and rival bidders alike should be wary of potential tax hurdles, differences in deal-making style and other cultural customs. U.S. gateway markets like New York, Los Angeles and Washington stand out as "safe havens" for cash from less economically stable regions around the world, and the trend of foreign investors picking up trophy properties in these cities continues to grow.

But experts say that each party to such a transaction - the investor, any potential rival bidders and the seller - should carefully consider the unique challenges that arise when parties from different countries do a deal.

Here are three things to look out for when representing foreign investors or those working with them.

Foreign Investors: Prepare for Financing and Tax Trip-Ups

Attorneys representing the foreign investors looking to purchase U.S. property often face the challenge of working with clients who are unfamiliar with U.S. financing and tax structure, experts say.

Tax consequences can vary widely from client to client, based on their tax status in the U.S. and in their own country and on the tax treaties between the two. Foreign individuals not considered U.S. tax residents may be subject to withholding taxes, either as estimates of taxes that they might owe or as flat tax amounts, regardless of a deal's profitability.

In practice, this can mean a foreign investor is subject to tax on interest, leases or dividends, impacting how property ownership is structured, according to Dana Newman, a partner with Pillsbury Winthrop Shaw Pittman LLP.

Getting the money back out of the U.S. after it's invested in a property here without paying a disproportionate amount of sales tax can also be a major hurdle, Newman said.

"The overall issue is tax planning for a foreign investor to maximize their ability to get profits free of U.S. income taxes," she said.

Financing can be a problem for foreign investors as well, according to Wei Min Tan of New York buy-side condominium brokerage Rutenberg Realty, because U.S. banks lend to them at higher rates and require larger down payments.

"The key is to work with an experienced mortgage broker who has done many foreigner transactions," he said. "Just because a bank offers a foreigner mortgage program doesn't mean all of its bankers are experienced working with foreign buyers, because that's a niche market."

And on some deals, it may be necessary to explain concepts that U.S.-based clients take for granted, such as the fact that a trusted third party, and not a family member, should conduct the deal, and that a deal must be written and signed in order to be binding.

"It's important to explain this to foreign buyers because in many countries verbal agreements are binding," Tan said.

Sellers: Anticipate Differing Needs and Customs

Many of the foreign investors that are currently flocking to the U.S. are attracted to properties with specific characteristics, and they also may not have a traditional way of going about acquiring them.

Because of the tax issues mentioned above, many foreign investors have a strong preference for buying property through acquiring real estate investment trust shares, according to John Sullivan, a partner with DLA Piper.

"If you're a U.S. seller and you want to maximize the potential buyers for your property, if you hold it in a private REIT, you make buying that property more attractive for certain non-U.S. investors," Sullivan said.

This trend has led to an increase in the number of properties companies will put into private REITs even if there is no immediate benefit to the company, with an eye toward attracting foreign investors in the future, according to Sullivan.

When it comes to making the actual deal, experts say there are also some things that most U.S. investors might do as a matter of course that do not work for many foreign investors, such as setting the deal up through limited liability companies. More typically, non-U.S. investors prefer to use offshore corporations.

"For some non-U.S. investors, [using an LLC] has a very adverse tax result," Sullivan said.

Rival Bidders: Beware Foreign Investors' Pricing Power

The biggest issue for attorneys representing U.S.-based investors looking to compete with foreign investors on major deals - an increasingly common situation - is the disparity in price constraints, experts say.

While many U.S. investors look to purchase a property in an effort to make a quick return, either because they are investing through a fund with a short life or because their investors expect to see the benefit of the deal quickly for other reasons, a great number of the foreign investors currently doing deals in the U.S. are more concerned about stability than yields.

"They're willing to pay a premium, and many times they are the top bidder because they will pay more for a certain type of asset," said Manny Fishman, a shareholder with Buchalter Nemer PLC.

But there are ways to beat out foreign bidders, even if an investor can't offer the same high price.

Having a good track record of closing deals and being able to do so quickly, can put a U.S. investor ahead of a foreign rival, according to Fishman.

"A seller is looking for someone that will close and has a track record of closing, and sometimes the foreign investor is not that person, even with the higher price," he said.

Conjuring the future of commercial real estate begins by conjuring our future. How will we work, live, shop or do business? Perhaps no other investment sector is so closely tied to people's most fundamental needs and behaviors; its evolution, to a large extent, follows ours.

Take it from Peter Linneman of Linneman Associates and the Albert Sussman Emeritus Professor at The Wharton School of Business, who pioneered the academic study of real estate and was named by the National Association of Realtors as one of the 25 most influential people in the business. Commercial real estate, he said, "exists to service the economy and society. That's all we do."



Over the next 25 years, say Linneman and other key players in the industry, commercial real estate will be buffeted by changes in demographics, technology, globalization, economic and environmental realities and a host of other trends. Some pieces of the trillion-dollar global industry will adapt; others will fall away. It will still be a cyclical business, but no matter how it changes, commercial real estate is expected to be thriving in 2039.

Here are seven bold predictions about U.S. commercial real estate in 2039.

1. Most shopping malls will be extinct.
The world of the American shopping mall, said Kenneth Riggs, president and CEO of Real Estate Research Corp., "has been a Darwinian environment since the 1990s with the advent of big-box retail and the 'Wal-Marting' of the world-and it will stay that way." In other words, expect malls to continue their decline due to the rise in e-commerce, with only those consistently producing very strong revenues still doing business in 25 years.

"As the J.C. Penney's and Sears continue to lose market share to online retailing, you're going to see more dead malls where the anchors go dark and ultimately are worth only the land they're built on," said Tom Bohjalian, executive vice president at Cohen & Steers, which was the first investment company to specialize in listed real estate.

Teardowns may not be the only way to capture value in defunct malls, though, said Rick Fedrizzi, president, CEO and co-founder of the U.S. Green Building Council. He predicts that with repurposing, they'll be a useful resource when our way of life swings back to revolving around more compact communities. "Established places like shopping malls will become like town centers, where people can come together, where their doctors and day care will be, where they can gather after major devastations."

2. Brick-and-mortar will go tech-and warehouses will go back to the drawing board.
As consumers increasingly shop on their computers and phones, brick-and-mortar retailers will need to adopt the attitude 'If you can't beat 'em, join 'em' in order to survive. Innovation will be key, making use of technology that integrates omnichannel shopping into the physical experience of being in a store and matching the logistical advantages of online merchants.

"People want to look and touch; they want instant gratification, too," said Maria Sicola, an executive managing director at real estate services firm Cushman & Wakefield, even as selling floors become smaller. "Perhaps there will be the equivalent of a mini warehouse within the store so you can go in the back room and buy what you want."

Apple is one retailer already using this forward-thinking approach in its stores. Its sales floors feature products that people can touch and try on their own, spending as much time as they'd like. They can buy and take home merchandise if they choose, or they can go home, do further research and buy online-with free overnight shipping. This may be a model other retailers will emulate.

Efficient distribution will be key, and the increasing importance of logistics and automation will impact warehouses across the country, many of which are obsolete even now, lacking up-to-date technology and adequate clearance height and often too remote to accommodate same-day delivery. That will add up to a lot of activity in the industrial sector in coming years, with old warehouses being retrofitted or new ones being built.

CONTINUE READING…

Looking east along King St. West from Peter St. in downtown Toronto from an upper floor at 375 King St. West on Sept 9 2013. The Hyatt Regency Toronto hotel is at left with bank towers located centre of photo. (Fred Lum/The Globe and Mail)

First, it was Canada's housing sector. Now, it's the country's commercial real estate market.

Pundits around the world are still immersed in a vigorous debate about just how overheated the residential real estate market here is, and whether it's destined for a crash. Now some are also training their sights on Canada's commercial real estate market - the wide array of office towers, shopping malls, and factories that have become hot commodities in recent years.

The key players in this sector - including Canadian pension funds, real estate investment trusts and insurers - have been saying for at least a year that the market, which has always been cyclical, appears to be near its peak.

But questions are being raised about whether they've done enough to prepare for a potential softening.

Richard Johnson, a Zurich-based managing director of UBS Global Asset Management, held a meeting with pension funds in Toronto last month and told them that UBS is concerned about their level of exposure to Canadian real estate.

"With most Canadian institutional real estate investment focused on domestic real estate, pension funds could be seriously overexposed in the event of a downdraft in the market," he says.

Canadian commercial real estate boasts a 10-year annualized total return of 11.9 per cent, according to Investment Property Databank Ltd. That's the highest of all countries covered by IPD, except for South Africa.

It compares with a return of about 8 per cent on equities and 5.6 per cent on bonds.

A number of factors have driven Canada's commercial real estate market to outperform expectations over the past five years. Local landlords, such as pension funds and REITs, have had a lot of capital to invest, leading to stiff competition for prized assets. And Canada's status as a safe haven in the wake of the financial crisis caused foreign players to look for places to park their money here.

UBS expects the total return on Canadian commercial real estate in the next three years or so will be in the neighbourhood of 6 per cent. But William Hughes, head of UBS's global asset management real estate research and strategy group, says that the market's performance will be impacted more by perception than any fundamental changes. And he says that if investors decide they're ready to take on more risk to seek higher yields, then some of those who were attracted to Canada by its safe-haven status could look to invest their money elsewhere, hurting real estate values here.

"Pricing is a concern," says Leo de Bever, the CEO of the Alberta Investment Management Corp., or AIMCo. "Real estate has been the best-performing asset class since 2000. I'm not sure that will be the case going forward. That said, all asset classes are fully priced, or in the case of bonds, riskier than they have been since the 1950-1980 period."

Most of the major pension funds have been diversifying their portfolios, and increasingly looking for investment opportunities abroad. A number of pension funds and other institutional players are also shifting toward building new office towers and other commercial real estate developments in Canada, rather than paying top prices for existing ones.

"The development cycle is working well right now for sure, a lot of us are finding it easier to manufacture profits than to buy them," says Blake Hutcheson, CEO of Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System (OMERS).

But he adds that he believes supply and demand are in check, and "I don't think in any way Canada is overpriced. The real estate fundamentals in Canada have remained as strong as any in the world."

There is some concern that too many new office towers are being developed. More than 15 million square feet of new office space is scheduled to be built across Canada in the next four years, with the country in the midst of the most active downtown development cycle in 20 years, according to brokerage Cushman & Wakefield.

But Cushman CEO Scott Chandler noted that the pension funds are developing much of the new supply - and the new towers are likely to do well, at the expense of the older ones.

Similarly, market players note that in a softening market the best assets will still hold their value, and many of those - such as landmark shopping malls - are owned by the pension funds.

Amy Erixon, a managing director in Avison Young's investments business, said that pension funds in Canada tend to have a large allocation to real estate as a means of diversifying, in part because the stock market is so concentrated.

Lorenz Reibling, chairman of Boston-based Taurus Investment Holdings, says that the real estate investment firm has sold more than $150-million in Canadian real estate lately, including shopping centres and office space.

"The best time to sell is when everyone else wants to buy, so that's what we have done," he says.

Taurus still owns some shopping centres in Canada, and Mr. Reibling says it's looking for more Canadian assets to buy. But they will be "riskier" assets - i.e., fixer-uppers - because the rest, he says, are fully priced.

If you are considering buying a home in Gilroy, Morgan Hill or San Martin this year, there are steps you can take to make your experience more enjoyable. Be sure to reach out to trusted professionals whenever you have questions.

Establish Your Budget

Before setting out to make an offer on a home, you need to know how much you can afford to spend. Each buyer's situation is different and the financing method you use will depend on your circumstance.

If you plan on paying cash, you will need to show proof of funds with a statement of account from your financial institution. Another common method of finance in South County is using the proceeds of your existing home sale to purchase a replacement home, sometimes referred to as a contingency. If you will rely on a purchase assist loan, you will need to be preapproved by a lender in addition to having proof of funds showing your deposit and closing moneys. With the recent implementation of Qualified Mortgage (QM) rules, some buyers are finding they need to reconfirm their borrowing status.

Keeping your budget firmly in mind helps ensure your home, perhaps your largest investment, remains secure.

Defining That "Perfect" Home

Once you understand your buying power, it's time to start looking for your home. Structures are human made and therefore imperfect, but they can be perfect for you once you embrace them as your own. You've likely created a minimum criteria of how much space you need, but have you thought about what makes it special?

Consider making a list of pros and pros, both being positive as opposed to the pros and cons list you may have tried in the past. Jot down what you love about your current home as well as what you'd love in your new home. If you initially focus only on the positive aspects of a situation, you may zero in on what you truly love the most. Those items should form the critical criteria to keep in mind when you view homes.

Avoiding Burn-Out

No doubt you've begun looking on the internet for homes; perhaps you've also gone to some open houses. Selecting a local real estate agent to help you is an important step early in the process. Why? You want to make sure your decision is based on accurate and current information for the area you're looking. There's an incredible amount of information available, both good and bad, and it's possible to get discouraged or form the wrong conclusion.

How do you keep energized while shopping for your home?

Communicate with your real estate agent. Ask questions and get details about how the market is progressing in the area and for the type of home you seek.Keep your proof of funds documentation and lender preapproval (if applicable) current so you're ready to make an offer.Think positively; there is always a housing market and it may take time to find the right fit for you.Mind your health; get plenty of sleep and eat well to keep your strength up.Take a few days off without looking; take part in an activity that recharges you for the search ahead.Be open to suggestions which may be slightly out of your initial selection criteria, they may lead to a great result.

Once you have found the ideal home, your real estate agent will present your offer for consideration by the seller. Each step you've taken in preparation increases your opportunity for acceptance.

Oftentimes we find a home that will meet our needs, but it takes vision to personalize it. What is your vision for your perfect home?

As always, let's foresee the possibilities . . . and get results!

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http://www.japantimes.co.jp/news/2014/02/13/business/tokyo-condo-supply-climbs-again/#.UweTfWJdVQg

New condominiums put up for sale in greater Tokyo grew 6.1 percent from the year before to 1,826 units in January, climbing for the ninth consecutive month, the Real Estate Economic Institute said Thursday.

The figure was the highest for a January since 2,320 units in 2008 and topped the boom-or-bust line of 70 percent for the 12th consecutive month. Purchase contracts were concluded for 78.6 percent of the total. The data covered Tokyo and its three neighboring prefectures of Kanagawa, Saitama and Chiba.

Demand peaked in September 2013 as buyers rushed to lock in the current consumption tax rate of 5 percent for contracts concluded that month specifying delivery on or after April 1, when the rate jumps to 8 percent.

Still, demand remained solid throughout and after October, thanks to policy measures that included extended tax breaks for those taking out mortgages, an official of the think tank said.

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Having traded for years almost oblivious to the notion of risk, China's bond market, Asia's biggest outside Japan, has begun exhibiting characteristics of a genuine credit culture, with onshore investors demanding higher premiums for weak borrowers.

In the past, investors had operated under the belief that the state would always step in to prevent a default.

But a recent default of a credit product, and growing worries over the proliferation of a shadow banking system extending off balance sheet loans, has made them question old assumptions.

Hence, lenders have begun differentiating on the basis of industry fundamentals, the degree of state support and balance sheet size, making the credit curves steeper as the gap between the strong and weak names widens.

"There is no dearth of potential defaulters. But, when there is confidence of a bailout there is no fire sale even in the stressed names, because of confidence that principal will be repaid despite missed coupons," said Becky Liu, Standard Chartered strategist based in Hong Kong.

"The situation is starting to change."

In January, AAA-rated Beijing State Owned Asset sold bonds carrying a coupon of 6.48 percent, 242 basis points more than a coupon paid by AA-rated Ningxia Baota Petrochemical.

Similar bonds sold in December showed a narrower gap between top-tier and second-tier issuers.

Shaanxi Coal, rated AAA, sold 2018 bonds at a coupon of 6.48 percent, but AA-rated Anhui Foreign Economic Construction had to pay just an extra 132 bps for its 5-year bonds.

But while the trends are positive, the situation really is only starting to change, as analysts say most investors still nurture belief that Beijing will step in rather than allow a default that could drain confidence from the market.

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http://www.reuters.com/article/2014/02/16/bonds-china-risk-idUSL3N0LI11C20140216

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Sales of existing homes, both condominiums and single-family houses, rose to record highs in 2013 in Tokyo and three surrounding prefectures on the back of the improving national economy, a real estate information firm said Saturday.

The number of used condominiums sold in Tokyo and Chiba, Kanagawa and Saitama prefectures jumped 16.0 percent from the year before to 36,432, the most since the Real Estate Information Network for East Japan began collecting data in 1990.

Sales of existing single-family homes in that area increased 6.9 percent to 12,245, also a record.

"Consumer resistance to used houses is becoming less" as remodeling has grown popular in Japan, an official of the company said, adding the uptrend is expected to continue this year despite the consumption tax hike in April, thanks to housing loan tax breaks.

The growth in existing home sales is also attributable to the rising cost of new condominiums.

Data at the Real Estate Economic Institute show the average price of new condominiums in the Tokyo area rose 18.2 percent in December from a year earlier, due largely to rising wages for construction workers and higher costs for building materials.

"The used housing market is a good option for those who cannot buy a new house amid circumstances where incomes have yet to increase," said Toshiaki Nakayama, a senior researcher of real estate research firm Tokyo Kantei Co.

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Just over two-thirds of properties up for auction over the weekend sold, setting the scene for a hot market in the late summer and autumn.

The Real Estate Institute of Victoria recorded a 68 per cent clearance rate from 253 results. Research house RP Data recorded 68.8 per cent from 285 auctions.

RP Data spokesman Robert Larocca said the market was picking up where it left off last year but the low number of auctions meant it was too soon to judge where it was going.

''I would be surprised if there is any substantive change from last year. The fundamentals haven't changed,'' Mr Larocca said.

Commentary over the holiday break has focused on concern about the surging house prices in Sydney and Melbourne but the Reserve Bank of Australia kept rates on hold last week.

There are signs the market will remain as hot as it ended in December. The highest price in weekend auction results was for a house that was snapped up last week.

The four-bedroom clifftop property at 4 Ian Road, Mount Martha, had six registered bidders and a quoted price of more than $1.3 million, JP Dixon agent Val Garma said.

''One particular buyer threw in an offer that was way above the rest of the pack at $1.48 million, on a 30-day unconditional settlement,'' Mr Garma said. ''It was way too tempting for our vendors. Other offers had been around $1.3 million,'' he said.

Agent Greg Hocking said there was a ''new range of buyers'' in the market place impatient to see new stock. ''They've been saying to us, what's coming up? Where are the new properties?'' he said.

Mr Hocking said the weekend before the Labour Day long weekend in March was shaping up to be a super weekend.

It was full house at the Metung Hotel in East Gippsland where 1400 hopeful buyers competed for 86 properties and marina berths.

Agent John Castran said all properties sold, with multiple bidders for each. The mortgagee auction followed the collapse of developer Riviera Properties.

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http://www.smh.com.au/business/property/melbourne-real-estate-market-picks-up-where-it-left-off-20140209-32a0s.html

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On one of the first rainy days that drought-stricken California has had in months, San Francisco Mayor Ed Lee stood out of the rain in an unfinished retail space on the city's gentrifying Market Street. Exposed pipes ran past naked plaster and cold concrete floors, but the drab backdrop had shining significance: above the retail space were nearly two dozen brand new, below-market rate apartments, the kind of housing the land-constrained, soaringly expensive city desperately needs-and that the mayor has vowed to provide.

Housing in San Francisco has become the most costly in the nation, spurring an affordability crisis that has pushed protesters into the street and low-income earners out of their homes. It has also inspired a flurry of activity at City Hall, where politicians have been churning out proposals aimed at fixing housing problems and easing the city's simmering class tensions. Lee's latest effort, announced at a press conference in the retail space on Thursday, calls for cutting red tape in the cumbersome review process for new projects and giving priority to proposals that include units for lower-income residents.

Other proposals have been more ambitious and far more controversial. Here's a look at seven other plans for solving San Francisco's housing crisis:

Build, build, build

One of the city's biggest problems is that far more people now want to live here than can currently fit. In his "State of the City" address in January, Lee announced the ambitious goal of building or rehabilitating 30,000 new homes by 2020, the equivalent of 5,000 each year-and a massive increase from the rate that the city has been building. In 2011, a mere 260 units were completed in the City by the Bay. Lee has said he wants one-third of the new units to be "permanently affordable" to lower-income residents.

Make landlords pay for evictions

City Supervisor David Campos proposed a law on Feb. 4 that would require certain landlords evicting tenants from rent-controlled buildings to essentially subsidize the new, higher rents those people could be forced to pay. Landlords would have to pony up the difference between the controlled rents and whatever the going market rate for that apartment would be for the equivalent of two years. Unsurprisingly, developers and landlords have balked.

Incentivize developers

The issue of density has long been a lightning rod among city residents, and San Francisco places density limits on new building projects. But for developers, more apartments in a building generally means more income from that project. So, in an attempt to get developers focused on building affordable housing rather than luxury condominiums catering to new tech wealth, City Supervisor Scott Wiener has proposed that the city raise density limits for any project that is made up of at least 20% affordable housing units and completely eliminate density limits for any projects that are 100% affordable housing.

Legalize it

City leaders have also proposed legislation that would turn illegal "in-law" units into legitimate housing stock. These might be apartments that are actually converted garages, unglamorous but livable spaces that aren't technically up to code. There are tens of thousands of such units in the city. "They house a lot of people. They tend to be much lower rent," Wiener says. Legalizing them also causes uproar among NIMBY-types who don't want buildings zoned as single-family homes suddenly becoming two-family homes.

Read full article here:
http://nation.time.com/2014/02/07/8-solutions-to-san-franciscos-housing-problems/

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