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National Cheat Sheet: Malls put on a show for holiday shoppers, NAR lobbies for protections in tax reform bill & more

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National Cheat Sheet: Malls put on a show for holiday shoppers, NAR lobbies for protections in tax reform bill more
Clockwise from top left: Holiday show at the mall, National Association of Realtors president Elizabeth Mendenhall, Brazilian developer Galwan s Miami hotel tower, and Jay Newman of Athens Group and One Beverly Hills.
Trying to lure back holiday shoppers, malls put on a show
From temporary ice rinks to Santa parades to baking classes, shopping malls are getting creative in their efforts to lure customers back to brick-and-mortar stores this holiday. Malls typically spend $150,000 to $500,000 on holiday decorations, Greg Maloney, chief executive officer of JLL’s retail business in The Americas Told The Wall Street Journal. And retailers are looking to spruce up their stores ahead of the shopping season: work orders for fresh paint, new lighting and other fixes were up 8 percent to 10 percent compared to 2016 according to Bill Hayden, CEO of facilities management company FacilitySource. This year, 164 million people nationwide plan to shop over the Thanksgiving weekend, compared to up from 154.4 million at the same time last year, according to the National Retail Federation. [TRD]
Realtor lobby fights to protect homeownership incentives in GOP tax plan
The National Association of Realtors, with allies like the National Home Builders Assoc[……]

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Can a German city take London’s place? Frankfurt’s new ‘Mayfair’

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Can a German city take London s place? Frankfurt s new Mayfair
German sellers are holding off to see if the market will heat up
New York Weekend Edition /
(Pixabay)
Germany s financial capital has been looking to eclipse London since Brexit and now Frankfurt s residential market is making a similar bid to unseat the UK center.
The German city s Westend neighborhood is hoping to become the next Mayfair, a wealthy area in London, according to Mansion Global.
Homeowners in Westend are putting off selling to wait and see whether the market heats up as expectations that an increase in buyers from Brexit are coming. But they haven t arrived quite yet.
“My company’s commercial team is seeing increase in requests for office space but not much increased activity in residential sales because of Brexit,” said Engels Volker s Amin Aschdjai-Benissi to Mansion Global.
That said, however, home prices have risen by 10 percent in the past year with the average property selling at about $8,250 per square meter, though high-end homes can go for up to almost $18,000 per square meter.
“It’s not going to be an instant thing,” Aschdjai-Benissi said. “My guess is that high-ranking employees will rent first and if things work they might buy a base here in future.”
[Mansion Global] Erin Hudson
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In resi development, “Other People’s Money” no longer cuts it

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In resi development, Other People s Money no longer cuts it
There’s enough skin in the game where it would be painful for the developer to walk:” Peebles
New York /
For years, one of real estate’s dirty little secrets was how little equity some developers put in their own real projects. The mantra was Other People s Money, which allowed sponsors to recover from failures with only superficial wounds.
No longer. Now, there’s enough skin in the game where it would be painful for the developer to walk,” said Don Peebles, CEO of the Peebles Corporation.
“Capital is plentiful, but it’s not dumb,” added Billy Macklowe, speaking at Haute Residence s luxury real estate summit at the Core club Friday. “Most capital allocators want to see sponsor equity.”
Senior lenders are willing to contribute between 40 and 60 percent of the capital stack, down from as high as 90 percent pre-2008.
Mitchell Moinian of the Moinian Group said his firm puts up at least 50 percent of a project’s equity. And there are advantages to that approach, with sponsors having greater control over their projects, he said.
“The more you’ve seen the rodeo, the less you’re willing to expose yourself to highly-leveraged debt,” said Continuum Company s Bruce Eichner, who s on the third or fourth of his proverbial nine lives in this business.
Peebles said he typically puts up about 20 perce[……]

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