Continue Reading Add comment August 26th, 2008
The housing sector offered another mixed bag of news Tuesday, as new home sales rose slightly in July only after June sales were revised downward, according to a key government report.
Continue Reading Add comment August 26th, 2008
Newspapers across the country are in turmoil as advertising revenue continues to flood out of print and onto the Web. Classified advertisements, especially the real estate listings that papers have long depended on, have shifted to Craigslist and other free Web sites.
A new home-finder application for the iPhone that I wrote about this week could be something else for publishers to worry about. The Trulia.com iPhone app finds your location and then displays all available open houses and other listings on an interactive map. With a couple taps of the screen, you’ll find details about the house, agent contact information, and photographs. Why carry around the bulky weekend newspaper when you can pull up real-time open house information for free while you’re actually in the neighborhood where you want to buy?
Trulia CEO Pete Flint told me that the application will go “right at the heart” of newspaper real estate ad revenue.
“Unfortunately, this is another nail in the coffin of newspapers,” Flint said.
Continue Reading Add comment August 26th, 2008
Home search site Realtor.com gives us a list of the markets showing the biggest increase in searches on their site in July, versus the same month a year ago. It’s worth noting that these markets are among the hardest hit by the housing bust. Las Vegas, Miami, Naples, Sacramento. Realtor.com’s overall traffic is up 22% this year. These cities are seeing increases double or even quadruple that.
What this tells you is that a lot of people are starting to bottom-fish in these markets. Whether that leads to a bottom in housing prices remains to be seen.
Stockton-Lodi, CA 140.9%
Las Vegas, NV 93.9%
Riverside-San Bernardino, CA 86.3%
Oakland, CA 73.6%
San Jose, CA 71.4%
Fort Myers-Cape Coral, FL 69.5%
Naples, FL 66.2%
Sacramento, CA 65.0%
Orange County, CA 62.8%
Miami, FL 56.7%
Continue Reading Add comment August 26th, 2008
The Mohegan Tribal Gaming Authority, owner of Uncasville, Conn.’s Mohegan Sun, a 3 million-square-foot casino entertainment destination and one of only two authorized gaming operations in New England, has just completed the first phase of its $925 million Project Horizon expansion endeavor. The new addition to the 240-acre property is the 64,000-square-foot Casino of the Wind, which cost $116 million to complete. Read more »
Continue Reading Add comment August 26th, 2008
Hot on the heels of New York City mayor Michael Bloomberg’s call to install wind turbines on the city’s high-rises and bridges as part of a green-energy plan, a California company has offered to donate a wind turbine to the city to demonstrate that the idea is indeed workable. Read more »
Continue Reading Add comment August 26th, 2008
With the housing market in turmoil and lending standards tougher than ever, you’d think that the kind of unscrupulous activity that helped plunge the industry into crisis would be a thing of the past.
Continue Reading Add comment August 26th, 2008
Sydney-based Lend Lease Corp., a multi-national real estate investor and manager, has engaged Holliday Fenoglio Fowler L.P. to sell its 50 percent interest in the 2.6 million-square-foot King of Prussia Mall, in metro Philadelphia. Read more »
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