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Wednesday, March 18th, 2020

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Posted by: | Posted on: March 18, 2020

New-Home Construction Slipped in February—Before the Coronavirus Even Became a Major Concern in the U.S.

The numbers: Builders started construction on new homes in the U.S. at a pace of 1.6 million in February, the Commerce Department said Wednesday. This represented a 1.5% decrease from an upwardly revised 1.62 million in January, but was 39% higher than a year ago.

Permitting activity for new homes, meanwhile, fell 5.5% from January’s 13-year high to a seasonally adjusted annual rate of 1.46 million. This figure is nonetheless 14% higher than a year ago.

Economists polled by MarketWatch had anticipated housing starts and building permits to have occurred at a 1.49 million rate and a 1.5 million rate respectively.

What happened: Declines in activity surrounding multifamily buildings drove the downturn in both housing starts and building permits.

For housing starts, multifamily construction fell 17%, but single-family home building actually increased 6.7% between January and February. Similarly, multifamily permits dipped 20.2%, while one-unit properties rose 1.7% and two-to-four

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Posted by: | Posted on: March 18, 2020

Where Will Tom Brady Wind Up? 10 Luxe Mansions for the QB’s Next Move

It’s official! After 20 years, quarterback Tom Brady — winner of six Super Bowls, dubbed GOAT (greatest of all time) by fans—has left the New England Patriots and is on the prowl for a new NFL home.

“How do I possibly sum up the depth of my gratitude to Tom Brady for what he’s given us these past 20 years, or the sadness I feel knowing it’s ending,” Patriots chairman and CEO Robert Kraft wrote in a statement.

Brady tweeted, “Love you Pats nation.”

While hearts are broken all over New England, other sports fans are scoping out the legendary QB’s next move. And we weren’t exactly taken aback by this Patriots plot twist—Brady’s Brookline, MA mansion has been on the market since

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Posted by: | Posted on: March 18, 2020

Auto Parts Store Cap Rates Rise

AutoZone store.

Cap rates for the single tenant net leased auto parts store sector increased by 18 basis points to 6.44%, from the fourth quarter of 2018 to the fourth quarter of 2019, according to the Q42019 Net Lease Auto Parts Store Report published by Wilmette-based The Boulder Group.

An increase in the supply of vintage properties with shorter lease terms remaining drove the rise in cap rates. “It is better for financing and better to know for sure you have your tenant in place,” says Randy Blankstein, President of The Boulder Group. “With shorter lease terms, rollover risk happens sooner.”

In the fourth quarter of 2019, the median remaining lease term for the sector decreased to seven years. One year earlier, it was nine years.

“Cap rates are actually at a five-year high because there are a bunch of older properties, and the older properties have shorter lease terms,”

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Posted by: | Posted on: March 18, 2020

Coronavirus, Oil Prices Send Shockwaves Through Houston Real Estate

The Houston office market is poised to become the next commercial real estate victim of the economic shock waves from the coronavirus crisis.

So far, most of the fallout in the commercial property world has been in lodging, malls and the other property types that have been hit the hardest by the evaporation of travelers and shoppers. Office-building landlords are relatively insulated because their tenants sign long-term leases.

But Houston is dependent on the fortunes of the oil-and-gas industry, which has been sent into a tailspin by weakened oil demand combined with the failure of the Organization of the Petroleum Exporting Countries and Russia to agree on production cuts. Owners, brokers and others in its office market are bracing themselves for layoffs, bankruptcies and downsizings that will translate into lower rents, higher vacancies and foreclosures.

“This coronavirus has really been a kick in the stomach,” said Bruce Rutherford,

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