- Over 5 Million Renters Have Lost Money in Rental Scams “As rents have shot up nationwide in recent years, millions of people have been lured by fraudulent listings promising affordable housing.” (MarketWatch)
- Overstock.com Moving Into the Real Estate Industry “The online retailer is launching a property management site with hopes of becoming a one-stop shop for the real estate market.” (HousingWire)
- Chinese Company Tries a Fresh Concept to Revive a New York Mall “Owners of struggling malls have added medical clinics, offices, even amusement-park rides in an effort to resuscitate a fading retail model. Now, China Lesso Group Holdings , a maker of pipes, building materials and home-furnishing products thinks it’s hit on a winning formula: Mixing manufacturers’ showrooms that sell lighting fixtures, floor tiles and kitchen cabinets with traditional mall chains such as the Gap and Cheesecake Factory.” (Wall Street Journal, subscription required)
- Oregon Weighs Record Bond for Housing as Real Estate Prices Jump “The Oregon agency that runs Portland’s zoo is behind the biggest bond measure in the state’s history to build homes. For humans. Metro, a municipal entity known for running the Oregon Zoo and natural areas around Portland, is asking voters in November whether they want to borrow $653 million to build and renovate housing for people priced out of the booming local real estate market.” (Bloomberg)
- Detroit Has the Country’s Most Unequal Housing Market—And That Could Be a Good Thing “Inequality could be good for housing markets. A new analysis from LendingTree, an online loan marketplace, examined the nation’s 50 largest metropolitan areas to determine how equal—or unequal—their housing markets are. And as it turns out, the Midwest and Deep South are bastions of home price inequality.” (MarketWatch)
- Jury Takes 15 Minutes to Convict in Real Estate ‘Investment’ Deal “A real estate entrepreneur was sentenced to 20 years in state prison for securities fraud and theft for swindling investors in Harris, Nueces and Collin counties.” (Houston Chronicle)
- Here’s the Salary You Need to Live in the Country’s Priciest Zip Codes “There’s no secret to scoring a coveted 90210 mailing address in California. All it takes is $692,388.” (CNBC)
- Thor Equities Loses Control of $50 Million Property “Thor Equities has given up ownership of a Third Avenue building to its lender, the latest blow to the firm, which has struggled with several investments that have soured amid the downturn in the retail market.” (Crain’s New York Business)
- Landlord Critic James Raking in Cash From Real Estate Interests “After shaming the city’s “worst landlords” for years, Public Advocate Letitia James is hauling in donations for her state attorney general campaign from developers, management companies and other real estate interests.” (New York Post)
- Sterling Org. Closes Fund With $495M in Commitments “With leverage, Sterling Value Add Partners III has roughly $1.3 billion in purchasing power, which will be aimed at retail centers nationwide.” (Commercial Property Executive)
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