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Kim and Kanye sell Bel Air home for big profit

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Kim and Kanye sell Bel Air home for big profit
The new owner is a Ukrainian entrepreneur and philanthropist
Los Angeles /
And the Kardashian real estate saga continues.
Reality star-turned-makeup guru Kim Kardashian and musician Kanye West sold their Bel Air Crest residence for $17.8 million to Ukrainian entrepreneur and philanthropist Marina Acton, the Wall Street Journal reported.
Spanning 9,000 square feet, the minimalist estate has six bedrooms, eight bathrooms, a swimming pool and a cabana. The couple renovated the home upon buying and installed new glass windows, some of which reach over 30 feet high.
The property last traded hands for $9 million in 2013, public records show.
Josh and Matt Altman of Douglas Elliman brokered the deal. Sandy Papale of Douglas Elliman and Joel Goodrich of Coldwell Banker Previews International also represented Acton.
Just a year after acquiring this residence, Kimye also snagged a Hidden Hills mansion once owned by Lisa Marie Presley for $20 million. Kardashian West also just recently purchased a condo in the Avanti community in Calabasas for $1.6 million. Kanye, on the other hand, has been more in a selling mood. He recently sold his Hollywood Hills home used in the “Heartless” music video for just under $3 million. [WSJ] Natalie Hoberman
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Philly is a real estate bargain no more

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(Credit: vic15/Flickr, back; Tom Woodward/Flickr, front)
The city long regarded as a trove of cheap housing at least compared to New York is in the middle of an affordability crisis.
Home prices in parts of Philly have jumped more than 50 percent since 2014, according to Zillow and the increases come as the city is simultaneously home to the largest proportion of residents below the poverty line, as compared to America s 10 top biggest cities. According to the Wall Street Journal, local government is responding with a new law that would force residential developers to offer 10 percent of new units for below-market rate rents.
Developers could also choose to pay into a city-managed fund to repair homes in lieu of selling or renting 10 percent of its units at lower rates. In exchange, for the concessions, under the law developers would be able to build more units than they would otherwise be permitted under the city s existing zoning.
According to Alterra Property Group s Leo Addimando, the law, if passed, would certainly slow down residential development.
[WSJ] Erin Hudson
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Womp womp: Rental vacancies and concessions stay high in Manhattan

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Womp womp: Rental vacancies and concessions stay high in Manhattan
Incentives in Queens jumped significantly
New York /
Clockwise: 23 Elliott Place, 900 Park Avenue, 15 West 53rd Street #31B and 33 Bond Street
Though slightly down from last month, the vacancy rate in Manhattan rental apartments in October remained high.
According to Douglas Elliman s latest market report, the vacancy rate hit 2.5 percent last month. In September, the rate reached 2.6 percent, the highest seen all year. Concessions rose last month, with 28 percent of new leases offering concessions, a roughly 4 percent increase year-over-year. Meanwhile, median rents stayed flat at $3,400 in October, around the same as September.
We are seeing just general malaise or weakness in the market, said Jonathan Miller, the CEO of appraisal firm Miller Samuel and author of the report. The market is soft. We re seeing a lot of concessions.
Median net-effective rent in the borough — meaning that concessions were taken into account — continued to fall for the 10th month in a row. October s median net effective rent was $3,300, down from September s $3,334, according to the report.
Gary Malin, president of Citi Habitats, noted that the vacancy rate is high in the borough, in part due to a seasonal decline in demand. But he also pointed to landlords who haven t changed their leasing strate[……]

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LCOR eyes $400M sellout for condo conversion of 25 Broad

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LCOR eyes $400M sellout for condo conversion of 25 Broad
Pricing would range from $800 to $2,000 psf
New York /
25 Broad Street
LCOR is planning a nearly $400 million sellout for its condominium conversion of the 308-unit rental building at 25 Broad Street in the Financial District.
The development firm, which is majority owned by the California State Teachers Retirement System, filed an offering plan with the New York state Attorney General’s office indicating a $395 million projected sellout for the project.
David Sigman
LCOR principal David Sigman told The Real Deal that pricing is forecasted to range from about $800 per square foot at the base of the building to $2,000 per square foot for the top floors.
“We’re really just trying to decide if this is the best route to go,” he said. “We’ll start reaching out to see what kind of interest there is from current tenants and see where the condo market goes over time.”
LCOR filed a “test the market” application with the AG’s office in November to gauge interest for a potential offering. The average condo price in Manhattan during the first quarter was $2.68 million, according to Douglas Elliman. That checked in at $1,989 per square foot.
The developer bought the 21-story building at a foreclosure auction in 2012 from Kent Swig, who had previously worked on converting the former office building t[……]

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Wildfires and a trade dispute with Canada are creating a US lumber shortage

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Wildfires and a trade dispute with Canada are creating a US lumber shortage
Higher prices are passed on to builders and eventually homeowners
Los Angeles /
(Credit: Wikimedia Commons)
A perfect storm of politics, logistics, and natural disasters has created a shortage of lumber that’s become a bona fide “crisis,” for suppliers, industry experts say.
Suppliers are having a hard time getting material to builders, and wood that does make it to construction sites comes at a premium, according to a report in the Wall Street Journal. That is making home building more expensive, and could affect what builders anticipate will be one of the busiest years for home construction in recent memory.
One Colorado-based builder told the Journal he’s spending $8,500 more on a typical home than he did a year ago.
Initially, what set prices rising were a series of wildfires last year in Canada’s forests big enough to be seen from space and a U.S.-Canada trade dispute. That disagreement had U.S. suppliers hesitant to resupply at higher prices.
Trade disputes between the U.S. and Canada date back to the 1980s, but periodic agreements have temporarily settled them. They flared up again when the Trump administration set a 20 percent tariff on Canadian lumber imports last year, after negotiations for another agreement fell apart, the Washington Post reported.
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Housing investment startup EasyKnock raises $3.5M in seed funding

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Housing investment startup EasyKnock raises $3.5M in seed funding
Montage Ventures, Crestar Partners and Blumberg Capital invested
New York /
EasyKnock CEO Jarred Kessler (Credit: iStock)
Housing investment startup EasyKnock raised $3.5 million in venture capital, the company announced Wednesday. Montage Ventures, Crestar Partners and Blumberg Capital participated in the Seed round.
The Manhattan-based company, founded in 2016 by Jarred Kessler and Benjamin Black, buys homes and allows the sellers to remain as renters for a fixed lease term.  At the end of the term, the renter can either buy back the home for a previously agreed price or move out.
EasyKnock claims it can close on home purchases within 30 days with the help of credit lines and markets itself as an alternative to reverse mortgages for homeowners who want to turn their properties into cash without actually moving out. “There is an explosion in single family rentals in the United States and a huge hole for homeowners unable to release equity out of their home,” said the company’s CEO Jarred Kessler.
Last year EasyKnock raised $1.2 million in an earlier Seed funding round. The company initially launched in New York, Florida, Georgia, Texas and California and has since expanded to Tennessee and South Carolina, Kessler said. The company currently has 16 employees.
Its business model i[……]

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