Real Estate

New York real estate hit by coronavirus, market decline

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Sellers are now even more reluctant to list their homes, fearing falling prices and the risks of having strangers touring their apartments as the coronavirus spreads.  Would-be buyers are also postponing decisions, according to Halstead.  Manhattan real estate was already in a two-year slump. Plunging stocks and coronavirus fears are starting to hit the New …

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Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates

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Refinance applications rose a whopping 79% last week and were 479% higher than a year ago. Mortgage applications to purchase a home increased a much milder 6% for the week and were 12% higher annually. Mortgage rates have come off their record lows and took a sizable move higher on Tuesday, as news of potential …

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Mortgage rates could be even lower, but lenders are struggling to keep up with demand

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The average rate on the 30-year fixed loosely tracks the yield on the 10-year U.S. Treasury bond, but it is no longer keeping up. The 10-year plummeted to yet another record low overnight, but mortgage rates, while also at a record low, are slower to fall.  One borrower who called Bank of America on Saturday …

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American Dream megamall in New Jersey sets March opening date for first round of retail shops

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Retail shops will begin to open at the American Dream on March 19. Those shops include Aritzia, Zara, Sephora, H&M and Old Navy. A luxury wing is scheduled to open in September. Nearly two decades in the making, the American Dream megamall in New Jersey is preparing to open its first round of retail shops …

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‘San Francisco is full’: Tech backlash reaches new heights with skyscraper battle

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Proposition E, a measure on the ballot Tuesday in San Francisco, would peg the amount of new office space available to the amount of affordable housing built. The measure is currently on track to pass with 55% of the vote.  SAN FRANCISCO — John Elberling has a drastic plan to address the city’s housing crisis: …

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Here’s what $1 million buys you in real estate around the world

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When it comes to real estate, $1 million doesn’t go as far as it used to — especially in the world’s top cities. In Monaco, the world’s most expensive city on a per-square-foot basis, $1 million gets you 162 square feet of prime real estate, according to a report from real-estate brokerage firms Douglas Elliman and …

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Like a college dorm for adults, co-living is the next big thing

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In many high-priced cities, communal housing is becoming more and more popular. As a lifestyle, co-living closely resembles college. But this is not your typical dorm, either. There’s a new solution for millennials struggling with rising rents, but it has a familiar feel. Communal living, or co-living, brings together a group of people, likely strangers, …

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Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years

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Mortgage rates last week hit their lowest level since October 2016. Refinance applications, which are most sensitive to weekly rate moves, jumped 15% for the week and were 183% higher than a year ago. Demand hit the highest level since June 2013. Homeowners rushed to take advantage of the sharp drop in interest rates last …

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Silicon Valley Office Market Enjoyed Solid Growth in 2019

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According to a new regional Silicon Valley office and R&D market report by Cushman & Wakefield, there were contrasting statistics among the two sectors in 2019. On the one hand, Silicon Valley’s office market closed 2019 with a powerful 2.2 million square feet (msf) of occupancy growth in the fourth quarter driven by occupancies in …

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9 million homeowners could save big time on a mortgage refinance as rates hit a 3-year low

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The average rate on the 30-year fixed mortgage just hit 3.49%, according to a survey by Mortgage News Daily. That’s down from 3.8% at the start of January and 4.58% a year ago. About 9.4 million borrowers could save an average $272 per month if they were to refinance to a lower rate, according to …

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