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Private equity giant KKR is joining forces with a Florida developer to develop a luxury condominium project on a prime site in Naples, Fla.
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Home builders speaking this week at J.P. Morgan Chase & Co.’s Homebuilding & Building Products Conference in New York reported that they’ve seen more activity from first-time and entry-level buyers of late.
The woes of the project have had another effect: straining the relationship between a top architect and his client, the Port Authority of New York and New Jersey, which has sparred with another famous architect at the site.
Robert Dietz, an economist with the National Association of Home Builders, suggests that last quarter’s increase is due more to a smaller amount of housing construction in the first quarter relative to previous quarters than to a return to a market focused on megahomes.
The median size of a home built in the U.S. in the first quarter registered 2,521 square feet, up 76 square feet, or 3%, from the fourth quarter, according to Commerce Department data released Tuesday. It was the first increase for that measure after three consecutive quarters of decline.
Around the country, renter households would need to make $19.35 an hour working full time to afford a two-bedroom unit, which is $4 more than the estimated average wage of U.S. workers, according to the report released on Tuesday by the National Low Income Housing Coalition.
Existing homes sales this year are expected to hit levels not seen since just after the peak, in 2006, driven by strong job growth, low interest rates and a gradual loosening of lending standards, according to the National Association of Realtors.
Civil rights activists are accusing Fannie Mae of its inventory of foreclosed properties in working-class minority neighborhoods to deteriorate while it tends to those in more affluent areas.
Extell Development, the company behind the Manhattan super-luxury condo tower One57, is gearing up for an even bigger and bolder tower it hopes to be the most expensive tower ever sold.
A survey of millennials commissioned by the Urban Land Institute and released Wednesday found that half of the 1,270 respondents rent their homes. That’s up markedly from the results of a similar ULI survey in 2010, when 37% of respondents were renters. In tandem, millennial homeownership declined; ULI’s latest survey found that 26% of respondents own their home, down from 35% in the 2010 survey.
The owners of the SLS Las Vegas hotel got some breathing room after refinancing debt on the property, which has been struggling to fill rooms and compete with other hotels on the Strip.