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Thursday, June 18th, 2020

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Posted by: | Posted on: June 18, 2020

PGA Star Jesper Parnevik Slices Price of Florida Mansion

The professional golfer Jesper Parnevik is taking another swing at selling his custom estate, after cutting the mansion’s price to $8.5 million.


The professional golfer Jesper Parnevik is taking another swing at selling his custom estate in the Sunshine State. After initially listing his waterfront property in Tequesta, FL, last year for $10.7 million, Parnevik and his wife, Mia, recently cut the price on the place to $8.5 million.

Known for his eclectic fashion on the greens—complete with a baseball cap worn with an upturned bill—Parnevik also designed the home, along with his wife.

The couple were “ahead of their time in understanding what buyers would want in 2020,” the listing description notes.

The mansion gives

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Posted by: | Posted on: June 18, 2020

Expect Fewer Distressed Asset Opportunities Than in 2008

This recession is fundamentally different than the Great Financial Crisis in 2008, and as a result, the opportunities to benefit from the market dislocation will also be much different. Specifically, there will likely be fewer distressed asset sales in this down cycle than in 2008—where investors were presented with big opportunities to buy assets at a discount. This round, strong fundamentals heading into the recession will help to stabilize pricing and reduce distress in most asset classes.

“The fundamentals for office, multifamily and industrial product heading into this downturn were very solid,” Kevin Shannon, co-head of U.S. capital markets at Newmark Knight Frank, tells GlobeSt.com. “Owners, generally speaking, were more disciplined during this downturn as compared to 2008, and construction activity has been moderate. There is also no banking crisis this time around, suggesting there will be fewer opportunities to acquire distressed office, multifamily and industrial space.”


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Posted by: | Posted on: June 18, 2020

Housing Starts Climb 4.3% in May as Buyers Return and Builders Aim to Speed Up Work

The numbers: Construction of new houses rose 4.3% in May as a reopening U.S. economy and ultra-low mortgage rates drew more buyers and encouraged builders to start to speed up work.

Housing starts climbed to an annual rate of 974,000 last month from a five-year low of 934,000 in April, the Commerce Department said Wednesday. It was the first increase since January.

Economists polled by MarketWatch has forecast starts to rise to a 1.13 million rate. That’s how many new homes would be built in a year if the level of construction was the same each month.

Although the increase was less than expected, a sharp rise in builder permits indicates construction is on track to expand more rapidly soon. Permits to build new houses jumped 14.4 % to a 1.22 million annual pace.

What’s lighting a fire under builders is a surge in applications to buy a new home.

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