From high-profile design commissions to exciting listings, there is always something new happening in the world of real estate. In this roundup, AD PRO has everything you need to know.

On the Market

Behold This Hamptons Classic

A lovingly restored 1970s Hamptons home by modernist architect Charles Gwathmey is on the market for $9.25 million.

The Haupt Residence at 43 Gilberts Path in the Amagansett Dunes was one of Gwathmey’s earliest residential projects. Like his first house—a home for his parents also in Amagansett—the five-bedroom property sports a bold streak of yellow across the façade.

In addition to Min beds and Richard Shultz outdoor furniture, the home features numerous Gwathmey-designed built-ins, including dressers, bookcases, sofas, and even the dining room table, named “Rosalie” after his mother, according to the Wall Street Journal. 

The house is listed with Cindy Scholz and Clayton Orrigo of Compass’s Hudson Advisory team.

Cryptocurrency Real Estate Arrives in L.A.

A Beverly Hills megamansion with a 20-foot water wall and 2,000-bottle wine cellar could be yours for $65 million—or the equivalent in bitcoin.

Elementi, an 18,000-square-foot estate in Trousdale Estates, is the result of a collaboration between SAOTA Architects and Luxford Group, the development firm led by Michael Chen.

Chen’s concept for the property was inspired by nature—specifically the stretch of Pacific Coast Highway that passes through Big Sur: Cross over the moat at the entrance and you’re greeted with that water wall—and a 150-year-old olive tree imported from Tuscany.

Cryptocurrency is increasingly becoming the coin of the realm in real estate: In 2020, an office building in downtown Zurich sold for $134 million via cryptocurrency.

The listing for Elementi, located at 1108 Wallace Ridge, is held by Michael Chen and Aaron Kirman of the Aaron Kirman Group at Compass.

Elementi, a Beverly Hills estate that is available to purchase with bitcoin.

Photo: Douglas Friedman

Art

A Jeff Koons Moment in the West Village

Jeff Koons’s Corks (Couple).

Photo: Evan Joseph Images, courtesy of 17 Jane Street

Jeff Koons has moved into 17 Jane Street, the new boutique West Village condo where Jennifer Lawrence recently snagged a home. Not literally—his 10-foot-bronze sculpture Corks (Couple) has been installed in the building’s lobby.

17 Jane is a private residential building, but architect Sir David Chipperfield designed the jewel-box lobby as a showcase for contemporary art visible from the sidewalk and the street.

To complement the neighborhood’s 19th-century brownstones, Roman-style bricks handmade by a centuries-old Danish brick-making firm comprise the building’s façade, transitioning to sculptural concrete at street level.

Originally Appeared On: https://www.architecturaldigest.com/story/cryptocurrency-mansion-listed-in-beverly-hills-and-more-real-estate-news

By Gary Snedaker

In mid-March 2020, the COVID-19 pandemic was declared and all parties were told to “shelter in place.”  This ultimately shut down the residential real estate industry through the month of April 2020.  The market then accelerated rapidly in May through October. Year over year statistical comparisons are therefore going to be skewed by these market aberrations.

North Bay Real Estate Trends for March 2021

For all of the areas covered by Wine Country Group Multiple Listing Service (BAREIS), which includes Lake, Marin, Mendocino, Napa, Solano and Sonoma Counties, there is an inventory of 1,450 homes and condominiums for sale at the end of March. Inventory is 41% below that of a year ago (2,437) and slightly ahead of the inventory last month (1,431). At times, the inventory has exceeded 10,000 homes in the BAREIS region. There were 1,858 sales for the month of March. This number is 72% above a year ago (1,082) and 34% above last month (1,386).

I have been following a data point I call the “Price Reduction Ratio”. Across the country, one might expect that 30 to 35% of the homes put into the MLS, will have a price reduction before they eventually sell.  For March 2021, of all closed homes in our Wine Country markets, the range was from 17.5% (Mendocino County) to 21% (Napa County).  Conversely, the ratio of homes selling in excess of Original List Price ranged from 37% (Mendocino) to 54% (Sonoma County).

Mendocino County: The inventory of homes and condominiums available in Mendocino County at the end of March stands at 108. This is 52% below the inventory in March 2020 (225) and it is 2% above the inventory last month (106). New sales (72) in Mendocino County in March were 67% above the pace of March 2020 (43) and they were 39% above the pace last month (52).  There now is a 1.5 months supply of inventory in Mendocino County based on the existing sales pace. The average Days on Market for the 60 homes sold in Mendocino County in March is 70 days.  For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the homes closed in March in Mendocino County was $510,000. This is 32% ahead of the median price in March 2020 ($387,000).  Mendocino County homes seem to be in high demand with prices rising quickly.

Ukiah: The inventory of homes and condominiums for sale at the end of March in Ukiah is 26 homes. This is 26% below the level of March 2020 (35) and it is equal to the inventory last month.  There were 29 new sales for the month of March. This is 93% above the number of sales in March 2020 (15) and it is 93% above the sales last month (15).  There is now 0.9 months of inventory based on the current sales pace. The ‘Days on Market’ for the 19 closings last month was 37 days. The median price of the homes sold in Ukiah in the past year has ranged from $370,000 to $505,000. The median price was $462,000 for the homes that closed in March.

Hopland and Talmage: The inventory of homes and condominiums for sale at the end of March in Hopland and Talmage is six homes. This compares to nine homes in inventory at the end of March 2020 and five homes in inventory last month. There were three new sales for the month of March. This compares to one sale in March 2020 and four new sales last month. There were four closings in the Talmage-Hopland market last month with an average days on market of 152 days.

Redwood Valley and Calpella: The inventory of homes and condominiums for sale at the end of March in Redwood Valley and Calpella is nine homes. This is 47% below the level of March 2020 (17) and it is 29% above the inventory last month (7). There were four new sales for the month of March.  This compares to five sales in March 2020 and five new sales last month. There is a 2.3 months supply of inventory based on the current sales pace. The median price of the homes sold in Redwood Valley/Calpella in the past year has ranged from $400,000 to $655,000. There were four closings in Redwood Valley/Calpella in March at a median price of $540,000 and the homes sold in 49 days.

For additional information, please contact Gerrett Snedaker at 707-939-2009 or gsned@winecountrygroup.com

Originally Appeared On: https://www.willitsnews.com/2021/04/29/wine-country-real-estate-trends-in-march-2021

More than a year into the pandemic, with vaccines rolling out and the U.S. economy aided by the injection of $1.9 trillion, outlooks show signs of overall stabilization, albeit at a slow pace. Nuveen Real Estate, a TIAA company, has released its second issue of RealAccess, a study on the impacts of the health crisis on real estate investment, in which it explores several commercial real estate trends profoundly impacting the built environment.

“Megatrends related to demographics, technology and sustainability will continue to drive demand as generations age and relocate, and as growth continues in sectors like e-commerce and health care,” Nuveen Real Estate Global Chief Investment Officer Carly Tripp told Commercial Property Executive.

ACCELERATED MIGRATION TO SUN BELT CITIES

While the trend is not new, COVID-19 has clearly accelerated it. High-density cities are losing ground in the face of those with more space availability, and the top preferred destinations are Arizona, Texas and Florida.

Similarly, suburban areas are more appealing to the aging Millennial generation, which is now having children and looking for residential options that include more bedrooms, privacy and a yard. Moreover, the report’s authors project that the growth of this demographic will be more than twice the rate of the general U.S. population over the next decade.

Population growth in 25 largest metro areas. Chart courtesy of Nuveen Real Estate RealAccess

Meanwhile, the Baby Boomer generation is also aging, which will likely fuel demand for senior housing—more than 65 percent of the current stock is 17 years or older, adding to the opportunity for development.

These migration patterns extend beyond housing as the substantial population growth in particular cities and puts pressure on demand for industrial fulfillment centers, health-care offices, grocery-anchored retail and others.

Unsurprisingly, major employers are relocating their headquarters from higher-priced cities to these areas, with Oracle, Hewlett Packard and CBRE among them. Additionally, with more people and businesses growing roots across Sun Belt metros, the softer factors in these cities will also gain importance, and well-being, culture and leisure will play an essential role in real estate demand.

HEALTH-CARE REAL ESTATE RESPONDS TO HEALTH-CARE SYSTEM TRANSFORMATION

Another aspect the report touches on is the growth of health care. Even before the pandemic, the sector was already the fastest growing in the U.S. economy and accounted for almost one-fifth of GDP, according to OECD Health Statistics 2019.

The global health crisis has not just amplified its performance but also placed into the spotlight some subsectors, such as medical offices and life sciences centers. While the latter are essential for drug development, medical offices will remain in high demand as, the authors believe, more care will be delivered outside of hospitals, and these facilities provide cost-effective settings.

READ ALSO: Phoenix industrial market continues surge in Q1

With slower economic growth expected after the pandemic, the focus is expected to shift to real estate property types that can generate superior growth, despite a weaker economic environment.

“According to NCREIF, alternatives currently make up 12 percent of the average real estate portfolio. In 2030, we expect it to hit 50 percent as the definition of real estate changes and megatrends continue to create opportunities for investors,” Tripp told CPE. This change also translates into increased demand for alternative housing, such as single-family properties and manufactured housing.

The evolution of alternative real estate. Image courtesy of Nuveen Real Estate RealAccess

Two sectors are emerging: alternative housing options for aging Millennials and Baby Boomers, and data centers, cell towers and their associated real estate components that support the sustained growth of internet traffic, mobile-to-mobile connections, and next-generation technology such as artificial intelligence and the Internet of Things.

THE RISE OF THE INDUSTRIAL SECTOR AND DIGITALIZATION

Coronavirus lockdowns have pushed technology advancements. “Real estate plays an integral role in the continued digitalization of the world economy. How we continue to utilize and depend on the built world is evolving and technology has enabled investors to look beyond the traditional commercial and housing sectors, and expand the definition of what real estate investing is today,” explained Tripp.

E-commerce sales saw remarkable performance, with consumers ordering goods and services online. “E-commerce’s penetration rate grew from 11.2 percent in the third quarter of 2019 to 14.3 percent year-over-year in 2020 as a result of the pandemic, and we expect it to increase another 5 to 10 percent by 2025. This could lead to heightened demand for warehouse space from a larger variety of tenants,” according to Tripp.

Online sales. Chart courtesy of Nuveen Real Estate RealAccess

Supply management strategies shifted from “just-in-time” to “just-in-case” practices following unforeseen increases in customer demand, which last year, led to supply chain failures. Consequently, the new supply management tactics require larger inventories, and thus more warehouse space, which is anticipated to further elevate demand for industrial real estate space going forward.

Similarly, to manage risk and be prepared for the changes in global economics, major corporations have been diversifying their supply chains. Specifically, India, Malaysia, Pakistan and Vietnam became more attractive than China, thanks to their affordable labor costs and large workforce pools.

READ ALSO: Cities Weathering the COVID-19 Storm

Extrapolating, this transition will likely increase demand on the East Coast relative to West Coast ports. More so, to reduce supply chain risks, companies are beginning to relocate mission-critical supply chain activities to geographic regions closer to the end consumer. As such, some corporations will choose to place these activities in the U.S., Mexico and Canada.

Raleigh, N.C., Austin, Texas, and Nashville, Tenn., are among the markets expected to display the greatest surge in warehouses, relative to their population. With strong migration to these cities, especially among higher-income workers, e-commerce is anticipated to expand in a disproportionate manner.

The report also found that single-family home permit performance marked an exceptional increase at the end of 2020, up to 14.4 percent from -0.6 percent at the close of 2019. Typically, single-family home demand has been a primary driver of light industrial and warehouse demand, as construction companies and vendors need space to store building materials and equipment. Nuveen also expects demand from home construction and related activities to support warehouse growth as a complementary demand driver to e-commerce.

Read the full report here.

Originally Appeared On: https://azbigmedia.com/real-estate/here-are-the-commercial-real-estate-trends-that-favor-arizona/

Repeat star-winner Parachute operates out of its sister restaurant, serving to-go orders. Rick Bayless’ Topolobampo, is serving “a handful of people at a time” from a private dining room, according to its website, and has not announced a reopening date.

South Loop restaurant Acadia was awarded two stars, just like it was in 2019. That, despite chef and owner Ryan McCaskey closing the restaurant last summer and moving to Maine, following allegations that he has harassed and mistreated workers at the restaurant. Acadia’s website said the closing is temporary, but no reopening date has been announced.

If a 2020 star winner was temporarily closed, Michelin kept it on the list this year, the company said. That was the case with Acadia.

Michelin has also said that inspectors “kept in touch” with restaurants throughout 2020, tracking their openings and closings and dining in when they could. But in Chicago, regulations forced restaurants to shutter indoor dining for the better part of six months since the pandemic hit, and capacities remain at the lesser of 50 percent or 50 people per room.

Such restrictions have been lethal to restaurants of every strata in Chicago, and Michelin stars were no savior. Blackbird in the West Loop closed permanently last summer, for example, and other fine-dining establishments have offered take-out or meal kits to stay afloat. 

Besides Blackbird, three other restaurants dropped off the list this year: Band of Bohemia, a brewpub in Ravenswood that also permanently closed last year; Everest, an almost 35-year-old Loop restaurant that served its last meals on New Years Eve; and Kikko, a West Loop omakase bar by Oriole’s Noah Sandoval. Kikko was part of a two-in-one restaurant with Japanese-inspired Kumiko, which has paused regular service.

Despite the various states of reopening that most of Chicago’s fine-dining restaurants find themselves in, Michelin added three restaurants to its star list this year.

Ever, from Michelin-starred chef Curtis Duffy and co-owner Michael Muser, was awarded two stars. The West Town restaurant first opened last summer, then shuttered indoor dining with the rest of the state in the fall, launching to-go options and a nearby burger window. It reopened to guests in February, serving diners eight to 10 courses at $285 per person, excluding gratuity and drinks.

Moody Tongue, a restaurant housed within a brewery in the South Loop, also earned two stars. The menu from Chef Jared Wentworth is paired with Moody Tongue’s beer.

Porto in East Ukrainian Village earned one star. The restaurant from Chef Marcos Campos serves food from the Atlantic coast of Spain and Portugal. 

“Michelin Guide inspectors were honored to commemorate the strength and creativity of Chicago chefs and restaurant teams throughout the past year,” Gwendal Poullennec, international director of the Michelin Guides said in a news release. “Our teams look forward to discovering even more new talent in the area as the industry continues to emerge from the crisis.” 

A spokesperson added that “Our inspection criteria remain unchanged. Michelin inspectors evaluate the quality of the products; harmony of flavors; mastery of the techniques and flavors; personality of the chef in his/her cuisine; and consistency between visits when deciding a restaurant’s distinction. The entire calendar year of 2020 was dedicated to the new selection.”

The Michelin guides were created more than a century ago by French tire manufacturers. The coveted Michelin stars have been considered the crown jewels of the industry.

The company earlier this week released its Bib Gourmand list, which this year featured 58 Chicago restaurants that Michelin says serves a good meal and a good price. 

Here’s the complete list of this year’s Michelin star winners, with an asterisk denoting first-timers:

THREE STARS
Alinea (Lincoln Park)

TWO STARS
Acadia (South Loop)
*Ever (West Town)
Oriole (West Loop)
*Moody Tongue (South Loop)
Smyth (West Loop)

ONE STAR
Boka (Lincoln Park)
El Ideas (Pilsen)
Elizabeth (Lincoln Square)
Elske (West Loop)
Entente (Lakeview)
Goosefoot (Lincoln Square)
Mako (West Loop) 
Next (West Loop)
North Pond (Lincoln Park)
Omakase Yume (West Loop)
Parachute (Avondale)
*Porto (East Ukrainian Village)
Schwa (Wicker Park)
Sepia (West Loop)
Spiaggia (Gold Coast)
Temporis (Noble Square)
Topolobampo (River North)
Yugen (West Loop)

Originally Appeared On: https://www.chicagobusiness.com/restaurants/2021-michelin-awards-are-back-though-some-restaurants-are-not

Dependable Homebuyers is a real estate organization that offers a new way for homeowners to unload their properties quickly. From time to time, homeowners may need to sell their homes quickly.

Selling a property to Dependable Homebuyers means there are no requirements to pay for repairs or renovations, waste time waiting for a potential buyer, waiting for buyer financing, and, most importantly, no hidden fees or commissions. Whether it’s foreclosure, divorce, relocating, or tired of dealing with difficult tenants, Dependable Homebuyers can help – regardless of the situation.

While there are many companies out there that offer cash for homes throughout the United States, not all of them are fair or reputable. Some expose homeowners to unnecessary risks and reduce their income.

After purchasing the home, Dependable Homebuyers then updates, renovates and repairs the house as needed to make it attractive to future buyers. Once the home is ready, the organization can sell it to a new buyer at a much higher price than that at which it purchased it. After deducting the cost of the repairs, the company is still able to make a profit.

Whether the person needs to sell their house because of divorce, foreclosure, inherited property, or any other reason, we buy houses no matter the situation! Experts recommend that all owners who are late on their mortgages, or who are missing payments become familiar with the Foreclosure process and laws. This is a monumental task that Dependable Homebuyers can take away from distressed homeowners. If a homeowner is finding themselves underwater or simply need to get some money for their house, let Dependable Homebuyers buy the house for cash.

Don’t give up! No matter the square footage, location or even condition of the home they can help. Dependable Homebuyers is looking for property to buy for cash, closing quickly and with no hassles! He’s the solution people have been searching for and the company is prepared to make a cash offer for the home. There are no hidden risks or implied obligations with this offer.

Dependable Homebuyers has taken time to plan and create a brand new local SEO strategy targeted toward web searchers who are looking to sell a house, as well as redesigned the company website for its real estate investment business.

The new online presence created by Dependable Homebuyers is led by a highly search engine friendly design that focuses on both ease of use for site visitors, but also an array of highly valuable information for users to help them make a decision on selling their house. The new website design is clean and vibrant, and utilizes strong calls to action to help drive more conversions on the website.

“There is simply no doubt that this new web presence presence is going to pay dividends for Dependable Homebuyers,” says a marketing expert. “Although it’s highly competitive, our client serves and incredibly niche market that provides a valuable service to homeowners who want to sell a house quickly, and this new local search program is going to have an incredible impact on their overall success.”

The brand new Dependable Homebuyers social media presence has proven itself to be incredibly powerful in finding new house sellers. The new website is feature rich, offering a highly informative blog about local real estate trends, and it also offers users in depth information on the benefits of selling a home for cash and what to expect during the process. The website also has a section for users to browse homes that have been recently purchased by Dependable Homebuyers.

Dependable Homebuyers buys houses nationwide. They offer a free consultation and a no-obligation cash offer for each of their customers’ houses. Appointments can be easily booked online at their website.

###

For more information about Dependable Homebuyers, contact the company here:

Dependable Homebuyers
Dependable Homebuyers
(443) 219-8331
evan@dependablehomebuyers.com
7089 Copperwood Way, Columbia, MD 21046

Originally Appeared On: http://www.digitaljournal.com/pr/5056498

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Venture into the past learning about Queens’ architectural houses in a new book entitled, Historic Houses of Queens, that looks at interior design, surrounding neighborhoods, real estate trends, peculiarities and personalities. 

The book, written by Rob MacKay — the director of public relations, marketing and tourism for the Queens Economic Development Corporation — is now available for purchase on Arcadia Publishing’s website for $21.99. 

MacKay, who is also a former newspaper editor and authored the “Queens in Your Pocket” guidebook, said his interest in writing the book grew organically, and intensely, after he became a trustee of the Queens Historical Society in 2018. 

Rob MacKay

“This is a true labor of love. I spent countless weekends on research and writing,” said MacKay, who lives in Sunnyside. “But it was worth it. Queens is such a special place, and its history is absolutely fascinating. It’s an honor and a pleasure to share this information with readers.”

With 200 images and informative captions, the paperback explores several landmarked districts and more than 50 significant houses with the oldest dating back to the mid-1660s. Their owners were America’s forefathers, religious dignitaries, nouveau riche industrialists, Wall Street tycoons, world leaders and prominent African American entertainers from the Jazz Age.

For example, Rufus King, a senator and the youngest signer of the U.S. Constitution, operated a large family farm in Jamaica, while piano manufacturer William Steinway lived in a 27-room, granite-and-bluestone Italianate villa in Astoria. Local musicians include Louis Armstrong, James Brown and Ella Fitzgerald.

MacKay has been working for the Queens Economic Development Corporation since 2011. As part of his day job, he runs various social media channels that promote the borough’s restaurants, shops, hotels and tourism attractions.

Established in 1993, Arcadia Publishing specializes in books and other products that offer inside views of regional history and forgotten aspects of American life. The company’s ever-increasing catalog has more than 12,000 titles, including several other paperbacks on Queens neighborhoods, landmarks and ethnic communities.

For more information, contact Rob MacKay at 718-263-0546 and robertazo@hotmail.com. To request a copy of Historic Houses of Queens for purposes of a review, contact Maddison Potter at mpotter@arcadiapublishing.com.

Originally Appeared On: https://qns.com/2021/04/sunnyside-resident-publishes-new-book-exploring-landmarked-districts-and-historical-houses-in-queens/

SAN JOSE — Hundreds of affordable homes could rise next to a busy church in south San Jose, according to plans being pondered by city officials.

The residences that are being planned would be offered to both families and seniors and would be a few blocks from the Curtner light rail station.

“This project proposes the development of family affordable and senior housing units,” according to an introductory section for the preliminary proposal filed with San Jose planners.

The new affordable homes project is being planned at 2315 Canoas Garden Ave. in San Jose. That’s a site near the interchange of State Route 87 and Curtner Avenue, the city planning documents show.

The development site is also right next to the Cathedral of Faith, a Christian church that is listed as a United States megachurch on Wikipedia.

The homes would be built on a portion of the church’s property that at present is a parking lot that serves the existing complex.

The development site is part of a 13.4-acre parcel that is owned by Friendly Bible Church Inc., according to records on file with the Santa Clara County Assessor’s Office.

The Cathedral of Faith church, two school facilities, and a daycare center would remain if the homes are approved and built, the plans show.

Sand Hill Property Co. filed the development proposal. The plans on file with the city are very preliminary and are being circulated at San Jose City Hall to obtain reactions and guidance from municipal planners.

The proposal calls for two residential buildings, each five stories high. The buildings would contain a community room on each level.

One of the buildings would consist of affordable homes for families. The other building would contain affordable homes for seniors.

The residences in the project would consist of studios as well as 1-bedroom, 2-bedroom, and 3-bedroom units.

The complex would include a courtyard, according to the plans on file.

 

 

 

Originally Appeared On: https://www.mercurynews.com/2021/04/29/housing-big-affordable-homes-complex-sprout-busy-church-real-estate/

The Brooklyn Bridge connecting Brooklyn and Manhattan (Image: Tom Coe/Unsplash)

As the coronavirus swept across the country last year, stories abounded of New Yorkers fleeing the cramped city en masse for more spacious climes, especially from the wealthy parts of Manhattan. But the most common destination for Manhattanites was one right across the East River.

That’s according to a travel analysis published this week by Bloomberg, which found that Brooklyn was number one destination for those leaving Manhattan in the last year. About 20,000 Manhattan residents moved to the borough permanently or temporarily between March 2020 and February 2021. 

That beat out second-place Florida, where 19,000 Manhattan residents moved, though 9,000 of those folks said their moves were temporary.

The results of the analysis, which Bloomberg conducted using data on U.S. Postal Service changes of address and mail forwarding, are likely unsurprising to those following local real estate trends. While neighborhoods across the city saw rent decreases last year, home sales in Brooklyn jumped last summer even as they continued to lag in Manhattan, and other data shows the rent price gap between once-affordable Brooklyn and pricer Manhattan has nearly disappeared.

The Bloomberg analysis revealed other interesting trends. In raw numbers, New York saw the greatest loss in net moves of any city over the past year, but almost 79% of those who moved stayed within the metro area. 

While Miami and Los Angeles were popular destinations for those who left, more moved to places like Westchester, Long Island or Stamford, Connecticut. And, as has been reported previously, higher-income zip codes saw the sharpest increases in movement at the height of the pandemic.

Still, even if the “urban exodus” isn’t quite as severe as was once feared, it’s still having a profound impact on New York’s rental market. Rents citywide hit a ten-year low in the first quarter of 2021; among other impacts, that shift has freed up more homes for those who use Section 8 affordable housing vouchers.

Originally Appeared On: https://bklyner.com/the-top-destination-for-fleeing-manhattanites-this-past-year-brooklyn/

Local real estate trends reflect that we may be experiencing a permanent trend toward digital nomads and location-neutral workers being drawn to communities such as Eagle County. As a result, the local housing market has become more challenging to the Eagle County workforce.

It is incumbent upon both the private and public sector that we maintain our focus on providing community housing to ensure our workforce and community members can succeed in Eagle County. Vail’s InDeed and Avon’s Mi Casa programs are steps in the right direction, and Eagle County and others continue to focus on providing tools and incentives for local’s housing. These efforts should be applauded, and we should continue to pursue good housing policy that incentivizes extraordinary projects to fit our unique needs.

None of that changes the fact that housing will continue to be in demand on a global and national level. August and September of 2020 sequentially broke all-time dollar volume and sales transaction records, previously set in 2005, and over 60% of transactions were from people outside of Eagle County. Our housing has seen exponential increases in median sold price and significant increases in number of closed ssales in 2020 — all during a global pandemic.

Despite the work of our local housing advocates and local governments, based on 2020 trends, the Eagle County affordable housing market has unequivocally worsened. These trends are largely due to major lifestyle shifts after the arrival of the COVID-19 pandemic where families are suddenly increasingly local neutral and desire to get out of crowded cities, causing a significant migration to small mountain towns with more open spaces, smaller populations and a high quality of life.

Our local economy was deeply impacted when the first positive case of COVID-19 was identified in Eagle County back in March of 2020. We have rebounded and, by most measures, have turned the corner, yet there is still work to be done.

Tourism accounts for nearly half of all jobs in Eagle County, and although the tourism dollars have largely returned, we still have a long road ahead to full and complete economic recovery and resiliency. We have the opportunity to leverage our community brand and assets to take advantage of the remote-work trend and the quality of life in Eagle County to welcome our second-home owner community to spend more time (and money) here, thus supporting our community and our businesses. This is complementary to the need to focus on workforce housing; these efforts work hand-in-hand to support our economy.

Thirty-eight percent of local housing units are vacant vacation homes that can be occupied. By working together to invite our second-home owners to live in Eagle County, we help rebuild our economy, support our businesses, and protect our way of life. Second-home owners are financially and emotionally invested in our communities and enjoy the same property rights as full-time residents. Welcoming these property owners to “Come Here, Live Here, Stay Here” will boost local spending and help continue to revitalize and energize our economy — and our community.

Vail Valley Partnership has released an updated version of the Welcome Home Campaign toolkit, a collection of graphics and messages that invite our second-home owners to relocate to Eagle County. We encourage the local business community to use these campaigns to connect with second-home owners and help lead our community toward a new definition of sustainable, long-term economic health. This is our time to come together and send a message from our community to our second-home owners: Welcome Home.

Chris Romer is president and CEO of the Vail Valley Partnership, the regional chamber of commerce. Learn more at www.vailvalleypartnership.com.

Originally Appeared On: https://www.vaildaily.com/opinion/romer-lets-welcome-our-second-home-owners/

 

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— The City Planning Commission is slated to move the proposed SoHo rezoning into the formal land use review process during a meeting today, as the de Blasio administration fights a new lawsuit from community groups seeking to block the plan.

— A new City Council bill would give retail tenants a one-time option to extend their leases by up to a year even if a landlord declines to renew, with a rent hike of no more than 10 percent.

— A new CBRE report predicted occupancy levels at city hotels will average 43 percent for the first half of 2021.

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IN THE ZONE — Soho groups file lawsuit to block rezoning plan, by POLITICO’s Janaki Chadha: SoHo community groups filed a lawsuit Friday seeking to block the de Blasio administration’s proposed rezoning of the neighborhood, which the city is slated to move into the formal land use review process next week. The complaint from the SoHo Alliance, the Broadway Residents Coalition and a few individuals alleged the city’s plan to move ahead with the review process would be “in violation of the City Charter and City Rules,” due to the fact that meetings would be occurring virtually. The proposal is currently on the City Planning Commission’s agenda for Monday. The lawsuit comes less than two weeks after a Brooklyn Supreme Court judge permitted the city’s Gowanus rezoning to move into public review following a monthslong delay caused by a similar complaint. In that case, a local group likewise argued the plan should be halted until public meetings can occur in person, and were able to obtain a temporary restraining order from the judge — who had indicated she was not inclined to halt the process until the pandemic is completely over.

WHAT’S IN STORE — “New bill would mandate retail lease renewals in NYC,” by The Real Deal’s Sasha Jones: “A new bill seeks to reform the lease renewal process for retailers by giving businesses the opportunity to extend their leases — regardless of what their landlord says. The City Council bill, introduced by Helen Rosenthal, a Manhattan Democrat, would mandate that for leases greater than one year, landlords notify tenants whether or not they intend to renew 120 days before it expires. If the landlord declines to renew, tenants will have the one-time option to extend the lease by up to one year with a rent increase of no more than 10 percent, as long as they have not previously breached the lease. This applies even if the landlord already has a new tenant lined up, although the current tenant may stay for only 90 days instead of the full year. If a landlord fails to give a tenant the required notice, the amount they can raise rent during that one-year extension can drop to as low as 7 percent.”

CAMPAIGN WATCH — “Andrew Yang Promised to Create 100,000 Jobs. He Ended Up With 150,” by The New York Times’ Brian M. Rosenthal and Katie Glueck: “The idea was as simple as it was ambitious: help struggling American cities by recruiting promising college graduates, finding them jobs at start-ups in those cities and training them to open businesses of their own. That plan formed the backbone of Venture for America, a nonprofit organization founded in 2011 by Andrew Yang, who waged an improbably durable campaign for president last year and now has surged to the front of the pack in this year’s race for New York City mayor. Mr. Yang has undeniable star power, helping to fuel his rise as a political newcomer with big ideas and boundless optimism about the future of the city. Unlike most of his opponents, he has not worked in government or managed any large organization. Indeed, the most extensive leadership experience of his life was at the helm of Venture for America….

“With the zeal of an evangelist, Mr. Yang raised tens of millions of dollars for the organization with the goal of creating 100,000 jobs in cities where they were most needed, such as Detroit. The aim led the Obama administration to declare Mr. Yang a “Champion of Change” and paved the way for his political career. But a review by The New York Times of Mr. Yang’s tenure at Venture for America found a yawning gap between his bold promises and the results of his efforts.”

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HOTEL WOES — “NYC Hotels Predicted to Hit Normal Occupancy Rates by 2025: CBRE Report,” by Commercial Observer’s Celia Young: “New York’s hotel industry is inching its way to recovery after being decimated by the coronavirus pandemic, with normal occupancy rates predicted to return by 2025, thanks to vaccinations and COVID-19 relief money, a CBRE report found. CBRE’s report predicted an average occupancy level for hotels of 43 percent for the first half of 2021, an increase from the average 35 percent occupancy recorded in 2020. The speed of vaccinations, which outpaced CBRE’s previous predictions, along with the reduction of lodging supply — due to closures and fewer new projects — and the $1.9 trillion coronavirus relief bill approved in March are expected to boost the hotel and lodging industry at large. ‘Since we developed our February 2021 forecast, the pace of vaccination distribution has topped two million a day, more than we originally foresaw,’ Bram Gallagher, a senior hotel economist at CBRE, said in a statement.”

BIG DEAL — “Columbia Property Trust ponders $2.2B takeover offer,” by The Real Deal’s Akiko Matsuda: “The board of Columbia Property Trust is seriously considering an unsolicited proposal to acquire the real estate investment trust for about $2.24 billion. The Manhattan-based REIT allocated $2.4 million in strategic review costs for that purpose, according to its quarterly financial report. CEO Nelson Mills said during an earnings call Thursday that Arkhouse Partners, which made the bid in mid-March, is ‘very much part of the process.’ ‘They have access to the data room and access to us and our advisers,’ he said. ‘It’s always been a friendly, open dialogue.’ No timeline has been set for how long the review will take as it depends on how the process evolves, Mills said. ‘We certainly don’t want to drag it out for months and months,’ he said, adding that the best guess may be a few months.”

LOOKING AHEAD — “Influencer co-working, Knicks practice space: The future of NYC real estate?” by The Real Deal’s Sydney Winnick: “Wondering what could become of unused commercial space in Manhattan? Hype house-esque influencer co-working spaces and an esports facility were among the ideas pitched by students in Columbia University’s Real Estate Development Program. The projects were the close of a semester-long course, Real Estate Media and Marketing, taught by The Real Deal Publisher Amir Korangy. For the competition’s judges — Lightstone Group CEO David Lichtenstein and JDS Development Group CEO Michael Stern — the winning concept was Stephen Steckel, Oliver Schwalbe and Jeff Adler’s ‘Friday Piers.’ Donning Steve Jobs-inspired black turtlenecks, the students made a mock pitch seeking a $266 million investment for the conversion of Manhattan’s empty Pier 40 into a Knicks practice facility.”

MARKET WATCH — “Brooklyn real estate market off to slow start for 2021,” by Crain’s Eddie Small: “The first quarter was a rough one for Brooklyn’s real estate market, with the impact of the pandemic and low supply contributing to drops in dollar and sales volume, according to a report from brokerage TerraCRG. The borough saw about $619 million worth of investment sales across 206 transactions, respective declines of 59% and 22% compared to the first quarter of 2020, most of which took place before Covid-19 upended real estate in the city. Both figures were also down compared to those in the fourth quarter of 2020, with dollar volume declining by 60% and transaction volume declining by 18%, the report says. Sales were down across all different property types, and the decline was especially steep in the retail sector, where year-over-year dollar volume fell by 82% from $236 million to $43 million.”

— “Leslie J. Garfield’s former townhouse sells for $15M,” by The Real Deal’s Cordilia James

— “Life science sector will be key to city’s economic recovery, Partnership Fund says,” by Crain’s Shuan Sim

— “Elion Partners snaps up $58M Queens warehouse,” by The Real Deal’s Rich Bockmann

— “Cuomo ups NYC indoor dining capacity to 75%,” by The Real Deal’s Sasha Jones

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Originally Appeared On: https://www.politico.com/states/new-york/newsletters/weekly-new-york-real-estate/2021/05/03/soho-groups-file-lawsuit-to-block-rezoning-343787