While the supply of homes is less than the national average, inventory increased in 2022, with the number of active listings tripling the national average, according to NAR’s data.

4. Fayetteville-Springdale-Rogers, Arkansas-Missouri

Median home price: $328,400

Home to three Fortune 500 companies — Walmart, Tyson Foods and J.B. Hunt Transport Services — this metro area is second among NAR’s top 10 rankings in terms of housing affordability.

It’s a growing market, too, with annual population growth of 2% — well above the national average of 0.01%.

Homes are also cheap, with prices second only to Huntsville, Alabama, among this list. The share of renters that can afford the typical home is nearly double the national average. 

5. Greenville-Anderson-Mauldin, South Carolina

Median home price: $335,400

While housing affordability is on par with the national average, job growth in this area is strong, especially for high-paying information technology jobs like computer programming or web development. 

There are more houses to choose from, too, as the supply of homes in 2022 was more than twice the national average. 

6. Charleston-North Charleston, South Carolina

Median home price: $416,800

Of the top 10 rankings, the Charleston area is second only to Raleigh for the highest median price for homes. It’s also below the national average when it comes to affordability.

However, this fast-growing market has strong migration gains and job growth that is nearly twice the national average.

7. Huntsville, Alabama 

Median home price: $327,500

Alabama’s most populous city is the most affordable area for homes amongst this list. Just under 30% of renters can afford a typical home with a 10% down payment, which is almost twice the national average.

Growing job opportunities and low cost of living will continue to attract even more movers in 2023, according to NAR.

8. Jacksonville, Florida

Median home price: $398,000

As with many cities in Florida, Jacksonville became a migration hotspot during the pandemic, with home prices soaring by almost 58% since the beginning of 2020.

Jacksonville’s house prices are nearly on par with the median price in the U.S., but it’s more affordable than other areas statewide, according to NAR.

The qualifying income to purchase a median-priced home with a 10% down payment is about $98,000. That’s less than most large metro areas across the state, including Miami, where the qualifying income with a 10% down payment is $140,000.

Jacksonville also has a strong job market and a good supply of homes compared with the rest of the country. 

9. San Antonio-New Braunfels, Texas

Median home price: $342,700

San Antonio became a migration hotspot during the pandemic, especially from California, where home prices and the cost of living tend to be more expensive.

The city has become a destination within the state of Texas, too. Many potential homebuyers have migrated to San Antonio from nearby Austin, largely due to cheaper home prices.

In San Antonio, residents earning $85,000 qualify for a median priced home, including a 10% down payment, much less than $130,000 required in Austin. Job growth is also stronger than the national average.

10. Knoxville, Tennessee

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Hui, once one of China’s richest and most influential titans, bridging business and high-level politics lost 93 per cent of his fortune, according to the Bloomberg Billionaires Index.

Once the second-richest person in Asia, the China Evergrande Group chairman’s fortune is considerably diminished, moreover, Hui is also finding himself increasingly isolated politically, with the latest signal coming from the Chinese People’s Political Consultative Conference.

CPPCC is an elite group comprising government officials and the biggest names in the business. Hui had been part of the political advisory body since 2008 and of its elite 300-member standing committee since 2013, but he was told not to attend the annual convention last year as his property empire became the biggest casualty of the nation’s credit crunch, reported SMH.

Now he’s not even included on the latest list of those who’ll form the CPPCC for the next five years, which was released on Wednesday.

The new CPPCC members will head to Beijing in March for the group’s 14th National Committee to discuss everything from political and social issues to new laws and the nation’s growth.

“The CPPCC role is like an honorary reward that China gives to faithful business people to make contributions to the country,” said Willy Lam, an adjunct professor at the Chinese University of Hong Kong who has authored several books about Chinese politics.Not only Hui, but Shimao Group Holdings Ltd.’s Hui Wing Mau, Guangzhou R&F Properties Co. co-founder Zhang Li and Hoi Kin Hong of Powerlong Real Estate Holdings are among the property magnates no longer part of the CPPCC, reported SMH.
The move reflects China’s shifting attitude toward developers, many of whom have fallen from grace amid a years-long real estate crisis that threatens the broader economy.

President Xi Jinping’s “common prosperity” drive to redistribute wealth has led to crackdowns in several industries. For the real estate sector, the imposition of a strict “three red lines” policy to curb debt has exacerbated a crisis that’s affecting banks, trust firms and millions of homeowners.

Moreover, under the impact of the continuous stringent “zero-COVID” policy, coupled with a two-year brutal regulatory crackdown, Chinese tycoons last year saw their fortunes plunge by the most significant amount in more than two decades.
“It’s not surprising at all that property tycoons like Hui, who created trouble in the property sector with their over-leveraging, are out of the list,” said Lam.

Evergrande first defaulted on dollar bonds in 2021 and has more than USD 16 billion of outstanding dollar notes.

After missing several self-imposed deadlines to deliver a preliminary restructuring blueprint, it proposed a restructuring plan this week with two options, people familiar with the matter said. Its shares have been suspended for almost a year after the company failed to report 2021 results, and PwC resigned as its auditor on Monday.

Shimao, also a defaulter, has had its stock suspended since last March. R&F’s Zhang was arrested in London last month on US
bribery charges and is currently confined to his five-bedroom penthouse apartment after posting a record USD 16 million bail.

Powerlong, another crisis casualty, has lost more than 80 per cent of its value from a 2021 peak, reported SMH.
According to Bloomberg’s wealth index, China’s five richest property tycoons lost about USD 65 billion combined in the past two years.

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Marcus & Millichap said Friday that Jim Palmer was hired as SVP and national director responsible for overseeing the firm’s Commercial Property Auction Services division of its brokerage business. Formed in 2022, the division offers clients an accelerated way to buy and sell commercial property as a complement to the Calabasas, CA-based firm’s traditional property marketing channels. 

“As part of our ongoing mission to provide our clients with the best possible range of investment opportunities in the industry, we launched Commercial Property Auction Services last spring. The response from clients has been tremendous,” said J.D. Parker, EVP and COO of Marcus & Millichap’s Eastern Division. “The addition of Jim further expands our auction capabilities and aligns with our firm’s history of maximizing value for clients through every aspect of service.” 

Palmer brings more than 25 years of real estate and technology experience to Marcus & Millichap. Most recently he served eight years on Ten-X Co.’s leadership team, where he managed the broker channel, as well as many of the firm’s largest institutional clients. 

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If you’ve dipped your toe into the housing market recently, it would be completely understandable to have been scared away from the prospect of purchasing a home in California.

High cost of homes, rising mortgage rates and recession fears have made the last couple months a precarious time to dive into the real estate pool.

But a new study published by real estate company RE/MAX has found that home prices in Los Angeles are actually on the decline year-over-year.

These are the fastest cooling real estate markets in the U.S.

In December 2022, the median price of a home in Los Angeles was $810,000; down $40,000 or 4.7% from December 2021.

That was the second largest decline in the study, behind only San Francisco which saw a 5.1% decrease.

Below are the five metropolitan areas to see the biggest year-over-year dips, according to RE/MAX.

Median Sales Price

But don’t go to the bank to withdraw your life savings for a down payment, just yet. The study also found that the total number of new houses to come onto the market is down a stark 38.6% this year versus last.

In Dec. 2021, there were 7,343 new real estate listings in Los Angeles. This past December, there were only 3,540.

Los Angeles had the third largest percent decrease in new listings year-over-year, trailing only Phoenix, Arizona and Des Moines, Iowa.

New Listings

So prices appear to be steadily going down, but new listings are at least slowing down a bit. It’s important to note that December is typically not a big month for real estate listings, in part because of major holidays and inclement weather that makes moving a bit more of a hassle than in other months.

And despite a big dip in new listings in December in L.A. and across the country, RE/MAX says the total number of houses on the market as a whole remains strong.

Housing inventory in Los Angeles is still much higher than the previous year. Data provided to KTLA shows that the housing inventory in December 2022 was nearly twice as high as December 2021.

Those houses that do go to market are also staying on the market longer. In December 2021, the average house lasted on the market only 27 days. In December 2022, homes lasted for more than 41 days.

Prices are dipping, inventory is up and homes aren’t selling as fast — this is all good news for buyers. But RE/MAX says it’s good for everyone.

Nick Bailey, president and CEO of RE/MAX, described the latest movement in the housing market as a “rebalancing.”

“Looking forward into 2023, the higher-interest rate environment clearly poses some challenges, but as buyers, sellers and agents recalibrate their expectations, sales will continue to occur. Demand hasn’t gone away,” said Bailey.

Those mortgage rates Bailey mentioned are also expected to come down over the course of the year. Rates just dropped for the third consecutive week, reaching the lowest figure since last September. But still, a far cry from the pre-pandemic rates before the housing market turned into the wild west.

It’s also important to note that, while the median price of a house sold is down, the same data indicates that homeowners are also listing their homes at a higher price to begin with.

You win some, you lose some.

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3 Hazel Street – Google Street View

Brian Onyechefule and Lindsay Onyechefule bought the property at 3 Hazel Street, Worcester, from Allan G Waigera and Jane Gichuki on Dec. 28, 2022, for $525,000 which represents a price per square foot of $248. The property features three bedrooms, three bathrooms, and a underground/basement. It sits on a 8,000-square-foot lot.

Additional houses have recently changed hands close by:

• In February 2022, a 1,428-square-foot home on Middlesex Avenue in Worcester sold for $330,000, a price per square foot of $231.
• A 1,533-square-foot home at 51 Commonwealth Avenue in Worcester sold in January 2022 for $390,000, a price per square foot of $254.
• On Commonwealth Avenue, Worcester, in January 2022, a 1,533-square-foot home was sold for $390,000, a price per square foot of $254.

Real Estate Wire is a service provided by United Robots, which uses machine learning to generate analysis of data from Propmix, an aggregator of national real-estate data.

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Experts: It’s a good time for first-time homebuyers

FOX 26 Reporter Randy Wallace spoke with one realtor who says now is a good time to buy a house for first-time homebuyers.

HOUSTON – No doubt mortgage rates have increased substantially, but some experts believe that can be huge advantage for first-time home buyers.

“When you’re paying rent somewhere, you’re paying a 100% interest rate, so what’s a six percent interest rate,” said Tricia Turner CEO of Tricia Turner Properties Group. “When you’re paying rent, you’re paying someone else’s mortgage. How do you build wealth like that?”

RELATED: Real estate in 2023: Best, worst locations to move to in the new year

Buying property is one of the safest ways to invest your money.

While the pandemic was good for the housing market, it pushed first-time home buyers off the playing field.

“During COVID, we watched prices escalate, we watched multiple offers coming in,” Turner said. “20, 30, 40 offers on a property, basically it bumped first-time home buyers out of the market.”

But higher mortgage rates can mean fewer buyers with more inventory to pick from.

If you’re a first-time home buyer, you could qualify for various programs and grants.

“There are even 100% financing programs now for first-time home buyers with grants,” said Turner. “So, you can literally get into a house right now in today’s market with zero down, and possibly help with your closing costs to bring your rate down, which is crazy.”

How will the home real estate market look in 2023?

Looking to buy a home or sell one? We asked Cathy Trevino with the Houston Association of Realtors for her outlook on the Houston real estate market for 2023.

Some experts believe the housing industry is teetering towards a buyer’s market and now is the time to act.

“If your thoughts are I want to buy a home, get out now while there are fewer buyers and sellers are feeling it. They’re anxious to sell, so they’re willing to deal,” Turner said. “They’re going to deal with you less when there is less competition and more buyers.”

If you’re thinking about becoming a first-time homeowner, talk to reputable lenders and realtors to see what you might be able to qualify for.

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Alternatives lead this week’s collection of personnel moves from across Asia Pacific’s real estate sector, with the top three entries representing logistics, data centres and proptech. Also making the list is a senior appointment at CapitaLand’s Ascott division and a new research head for CBRE IM.

Logistics giant Prologis has hired Vineet Sekhsaria as its head of India, with the investment veteran joining the US company this month after more than 15 years with Morgan Stanley. Based in Mumbai, Sekhsaria had served for the past year as a managing director with Morgan Stanley’s real estate investment team for India, after first joining the company in New York as a vice president in 2007, following a three-year stint at Deloitte.

Vantage Data Centres has hired former Amazon Web Services executive Paul Gilsenan as senior director of site selection and acquisition, according to a company statement. Based in Tokyo, Gilsenan leads all real estate activities to support the regional expansion of Vantage in Asia Pacific and is responsible for site selection strategies, new site evaluation, transaction management and acquisitions. Prior to joining the unit of US fund manager DigitalBridge, Gilsenan was the regional principal for AWS in Tokyo.

US venture capital firm Fifth Wall has expanded into Asia Pacific, hiring former Logos Group executive Yvonne Voon as its partner responsible for the region, per a company announcement. The proptech investment specialist, which bills itself as the largest of its kind globally with over $3.2 billion in commitments and assets under management, has tasked Voon with opening its first regional office in Singapore. At Logos, Voon had been part of the group capital raising team and she also has previous experience with Credit Suisse.

The Ascott Limited said on 10 January that it has appointed Serena Lim as its chief growth officer, based in Singapore. In her new role, Lim will lead Ascott’s business development team globally and will manage growth of its management and franchise business worldwide, excluding China. Before joining the rental residential division of CapitaLand group Lim had spent more than five years as a vice president for development with Intercontinental Hotels Group, where she was responsible for southern and eastern Asia, as well as Korea.

CBRE Investment Management has promoted Sandy Padilla to head of research for Asia Pacific, where she is now responsible for overseeing the fund manager’s research operations in the region, according to a company statement on 12 January. Based in Melbourne, Padilla will also be tasked with providing thought leadership and advise on fund strategy, as well as supporting investment teams with asset selection.

BDx Data Centres said on 13 January that its chief executive officer, Braham Singh, has stepped down, with the digital infrastructure veteran moving into a consulting role with the company. Singh, who had led the company since 2018, when it was part of HGC Global Communications before a 2020 spinoff, is said to be now focusing his attention on a sustainable energy project, with details of that venture on the way in the months to come.

Property consultancy Newmark has hired former Cushman & Wakefield executive Chris Carver as head of its valuation and advisory practice for Asia Pacific, based in Singapore. Carver, who will report to Newmark’s US-based president of valuations and advisory, John Busi, is joining the property consultancy just less than a year after it officially expanded into the region with the opening of an office in Hong Kong.

JLL said on 13 January that it has promoted Susheel Koul to chief executive of its work dynamics division for Asia Pacific, based in Singapore. Koul is taking over the top role in the corporate occupier-focused business from Jordi Martin, who will be retiring from the company at the end of March 2023. Koul has now been with JLL for 12 years and was division president of the work dynamics division for the last three years, before moving up to the CEO role.

If you know of other Asia real estate professionals changing their jobs, getting promoted or just doing something exciting, please contact us here at Mingtiandi.

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In its memorandum to the government, NAREDCO has suggested the real estate industry could become more productive and thrive, if certain regulations and taxation blocks are eliminated, particularly those concerning the deduction of interest for customers looking for a home loan, besides the tax load on developers working on affordable and rental housing.

It has also recommended amending or removing certain sections of the Income Tax Act, and incentivising business entities and individual investors looking to invest in the capital-intensive sector. It, however, did not pinpoint those sections under the relevant Act.

Further, the apex real estate body has urged the government to remove Section 23(5) of the Income Tax Act, which deals with notional rental income from the housing.

“Developers should be exempted from the burden of tax on notional rental income under Section 23(5), said Rajan Bandelkar, president of NAREDCO, adding that the idea of notional rent levied opposes the idea of promotion of rental housing in India.

The year 2022 ended on a firm note, with a rise in sales of residential properties in major metros. Commercial leasing, too, saw a revival after the Covid lull.

It has also recommended that the government consider an increase in the limit of interest deduction under Section 24(b) of the I-T Act, to keep the momentum going, measures need to be taken to bolster confidence in the industry.

This includes expanding the deduction available for home loans under Section 24 (b) from Rs two lakhs to Rs five lakhs. Such an incentive will stimulate demand and lessen the housing deficiency in the nation,” Bandelkar said.

Indian real estate sector has come out of the troubled waters facing strong headwinds caused by the Covid-19 pandemic and has done relatively well in 2022 with the growth outlook for this year projected to be robust. Besides the once-in-a-century pandemic, the realty sector also smartly manoeuvred the rising input costs and the relatively elevated cost of borrowing.

To keep the momentum intact, Niranjan Hiranandani, vice chairman of NAREDCO suggested the government grant infrastructure status to the real estate industry.

“Granting infrastructure status to avail long term cheap funding as this interest rate sensitive sector is grappling with inflation led high cost of credit borrowings. This will allow developers to build and deliver housing projects at an affordable cost,” Hiranandadded.

Budget 2023-24:
The union government is in the process of finalising the Budget document to be presented on February 1.
Budget 2023 is likely to be the last full budget of the Modi government in its second term with the next Lok Sabha elections due in April-May of 2024.

The formal exercise to prepare the annual Budget for the next financial year commenced on October 10.

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PALM BEACH COUNTY, Fla. — Finding affordable housing is a constant struggle for many residents in South Florida.

More than 200 new apartments designated for workforce housing started taking applications for leasing this week in Palm Beach County.

The Resia Pine Ridge development is located along Southern Boulevard near Jog Road.

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“These are a welcome addition to have them in the area,” Palm Beach County Mayor Greg Weiss said.

WPTV

Palm Beach County Mayor Greg Weiss discusses the importance of workforce housing and how the new units will help with the county’s problem.

Workforce housing is designed to make rents affordable for those earning a certain percentage of the area’s median income.

On the Pine Ride website, one-bedroom apartments are listed at just over $1,700 a month for those who qualify.

That figure is considerably less than the current average rent in the West Palm area of over $2,700 a month for a one-bedroom, according to Rent.com.

“This is something that’s been a priority of ours for quite a while,” Weiss said referring to the soaring costs of rents in the county.

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The proposed project is estimated to have a developable potential of approximately 1.6 million sq ft of saleable area, comprising primarily of residential plotted development.

It recently acquired approximately 9 acres of land in Gurugram, Haryana through an outright purchase. This project will offer approximately 1.6 million sq ft of premium residential development.

It also acquired approximately 62 acres of land through outright purchase in Kurukshetra. This project will offer approximately 1.4 million sq ft of plotted residential developments.

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