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All articles tagged with #business real estate

business-real-estate1 year ago

Realtor Settlement Sparks Major Commission Overhaul

Zillow's stock dropped 15% after the National Association of Realtors settled claims of commission conspiracy, potentially leading to lower commissions for homebuyers and sellers. The $418 million settlement will likely impact how consumers buy and sell homes, with real estate names like Anywhere Real Estate, Compass, and Redfin also experiencing declines. The new rules are expected to reduce agent commissions by 25-50% and benefit online and discount real estate brokerages, while potentially disadvantaging first-time and less-wealthy buyers. The settlement also adds to the financial and administrative challenges the NAR has been facing, including the recent resignation of its former CEO and president.

via Yahoo Finance|
#business-real-estate#commissions#national-association-of-realtors
business-real-estate1 year ago

"Swedish Property Giants Face Billions in Write-Downs Amid Market Uncertainty"

Two of Sweden's largest property companies, SBB and Heimstaden, announced multibillion-crown writedowns in their 2023 results due to a European property rout caused by a sharp rise in interest rates. SBB wrote down the value of its property by over 13 billion Swedish crowns, while Heimstaden wrote down the value of its investment properties by 31 billion crowns, leading to significant losses for both companies. Both companies expressed cautious optimism about the market's future, with SBB CEO Leiv Synnes stating that they are at the beginning of a period where conditions in the financial markets are improving. Sweden's central bank chief Erik Thedeen highlighted commercial property as the main threat to banks, emphasizing the country's vulnerability due to its heavily indebted property market.

via Reuters|
#business-real-estate#commercial-real-estate#european-property-rout
business-real-estate2 years ago

"Blackstone Acquires Tricon Residential in $3.5 Billion Deal"

Blackstone Inc. is set to acquire Tricon Residential Inc. for $3.5 billion, expanding its investment in the rental housing market. The deal involves Blackstone paying $11.25 a share in cash for Tricon, a Toronto-based company with a portfolio of approximately 38,000 rental homes in the US, including single-family rental homes and apartments.

via Bloomberg|
#acquisition#blackstone#business-real-estate
business-real-estate2 years ago

"San Francisco Mall Suffers Fifth Store Closure in Rapid Decline"

San Francisco Centre, the city's largest shopping mall, is facing a crisis as it has lost five retailers in the past month, bringing its occupancy rate down to just 25%. The mall's value has plummeted by $1 billion, and its owners have defaulted on a $558 million mortgage due to declining foot traffic and sales exacerbated by the pandemic. A receiver has been appointed to manage the property, and there are proposals to redevelop it into a soccer stadium. The city's broader issues, including crime, homelessness, and housing shortages, have also contributed to the mall's struggles.

via New York Post |
#business-real-estate#mall-occupancy#property-value