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U.S. pending home sales fell 5.7% in January, according to the National Association of Realtors

Economists polled by The Wall Street Journal expect pending home sales to rise 1%.

It was the third straight month of declines for the Pending Home Sales Index, which tracks transactions that have signed contracts but have not yet completed home sales.

The West was the only region active in January. Activity fell in all regions compared to levels 12 months ago.

The big picture: Overall, economists expect 2022 to be a tough year for housing. They didn’t expect the industry’s wheels to teeter at the start of the year.

 

 

 

 

 

 

 

 

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Legendary musician Paul Simon has yet to find a buyer for his longtime New Canaan, Connecticut property

Simon wants to move out of the home, which has been on the market since 2019 and is no longer available. It’s still up for sale for $12 million.

So far, the singer’s downsizing plan has been mistyped. The property is one of the most expensive offers in the town of Tony and has struggled to find a buyer.

Elegant hotels are undoubtedly highly regarded. The layout includes a 7,025-square-foot main house and a three-bedroom guest house that Simon uses for his music studio, where he reportedly recorded four albums.

 

 

 

 

 

 

 

 

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Russian investors have long pinpointed U.S. luxury real estate

Russian investors have long pinpointed U.S. luxury real estate. But since the Russian invasion of Ukraine last week, which has sparked worldwide condemnation and sanctions focused on Russia’s elite and their families, Russian buyers likely will make up less of the U.S. housing market, experts say.

Sunny Isles, Fla., is known as “Little Moscow” and “Moscow by the Sea” and has long been a hotbed for Russian investors to purchase luxury properties in the area. Wealthy Russians have acquired property all along Florida’s southeastern coast.

However, recently imposed economic sanctions directed at Russia aim to send a message that money cannot be safeguarded through family connections or in luxury real estate, the Miami Herald reports.

 

 

 

 

 

 

 

 

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Real estate firms join forces to expand electric vehicle adoption in the USA

Indianapolis broker F.C. Tucker is partnering with electric vehicle subscription and purchase service Motor to provide access to electric vehicles for its real estate agents and their clients. The new charge-ahead program aims to accelerate electric vehicle adoption in central Indiana.

As part of a partnership that includes more than 1,500 F.C.s. A Tucker agent in the area, Motor will install electric vehicle charging stations at several Indiana real estate company offices. Motor will also offer electric vehicle subscription services and charging options for individuals and businesses.

Agents get exclusive discounts through partnerships. For example, real estate professionals are eligible to install a home Level 2 charger for free within a two-month membership.

 

 

 

 

 

 

 

 

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Joe Pesci’s Jersey Shore home in La Valette, N.J., sold for $5 million, according to the Los Angeles Times

That’s a big drop from the actor’s first $6.5 million waterfront home launch in November 2019. As we’ve previously reported, this is by far the most expensive real estate offer in the coastal city.

The current median home price in the area is $804,000. Because it was the most expensive house, it took a while to sell. However, Pesci is back at the sticker price.

The 7,200-square-foot modern building was built in 1990 and features eight bedrooms and eight bathrooms. Access to the two-story building is via a spiral staircase or elevator.

 

 

 

 

 

 

 

 

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Prices rose the most in Sun Belt cities like Miami and other Florida hotspots, up more than 50%

To the dismay of renters, rental prices continue to trend upward, with rental prices in the nation’s top 50 metropolitan areas rising 19.8% annually in January, according to a recent Realtor.com® report.

It was the eighth straight month of double-digit increases in home prices, as the average rent in January was $1,789 a month. The report covers studios and one- and two-bedroom units.

Prices rose the most in Sun Belt cities like Miami and other Florida hotspots, up more than 50%.

Studios saw the biggest price increase in the top 50 metro areas, up 21% year over year (up $256 per month) to $1,476. One- and two-bedroom units rose 19.2% year over year to $1,652 and $2,000, respectively.

 

 

 

 

 

 

 

 

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2021: 20 climates disasters that each resulted in losses of at least 1 billion in the USA

According to CoreLogic, about 1 in 10 households will be affected by a natural disaster in 2021.

There will be 20 climate-related disasters in the United States in 2021, each costing at least $1 billion, according to NOAA.

More than 14.5 million households caused nearly $57 billion in property damage.

This wreaked havoc on American families. About 1 in 10 homes have been affected by natural disasters, according to a study released Thursday by real estate research firm CoreLogic. More than 14.5 million households caused nearly $57 billion in property damage.

According to CoreLogic, winter storms in the middle of the country had the greatest impact, hitting more than 12.7 million homes and causing more than $15 billion in property damage. Better wall and ceiling insulation, higher window standards, and minimising plumbing stress could make future homes better protected from the cold, CoreLogic suggests.

 

 

 

 

 

 

 

 

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The Walt Disney Company is entering into the real estate world

The Walt Disney Company is bringing “Storyliving by Disney” to those who want to live out the Disney magic beyond the silver screen. It announced it will be building a housing development in Southern California—the first of what they plan to be many across the U.S.

The development, to be built in collaboration with DMB Development, will be located in Rancho Mirage, Calif., and will be constructed on a 24-acre “grand oasis featuring clear turquoise waters with crystal lagoons,” a release announces, adding in that will be built sustainably with low water consumption. The planned neighborhood will be called Cotino.

Disney has gotten into residential real estate in the past. Disney has sold luxury vacation homes through a 980-acre gated Golden Oak community in Florida. Also, in 1996, Disney developed a 5,000-acre residential community known as Celebration, Fla., about 20 miles outside of Orlando.

 

 

 

 

 

 

 

 

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Digital real estate sales topped $85 million last month and are on track to hit $1 billion by the end of the year

Since Mark Zuckerberg renamed Facebook’s parent company Meta, just about everyone wanted a piece of the pie. Real estate is an important feature of the Metaverse. A place where virtual reality reigns supreme and digital avatars replace humans. According to venture capitalist Matthew Ball, individuals and companies are lining up to claim their land titles in what many see as the latest wave of computing.

The Metaverse is designed to accurately reflect reality, with features like gaming and space exploration added for good measure. If you’ve ever played Fortnite, you’re no stranger to the concept of digital avatars and skins. But Metaverse allows users to experience the online experience more deeply.

 

 

 

 

 

 

 

 

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U.S commercial real estate investment will hit a record 746 billion in 2021


The commercial real estate market is booming. U.S. commercial real estate investment will hit a record $746 billion in 2021, according to a new report from CBRE. This is an 86% increase from the previous year.

In context, however, that’s compared to when the COVID-19 pandemic hit the U.S. in 2020, triggering a massive downturn in retail across the board.

But 2021 marks a comeback for the business industry. Multifamily led all industries in fourth-quarter and full-year investment. It made $136 billion in the fourth quarter and $315 billion for the full year, according to CBRE.

 

 

 

 

 

 

 

 

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