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10 Must Reads for the CRE Industry Today (November 1, 2017)

Airbnb is driving up home prices by 0.64 percent and rents by 0.39 percent, MarketWatch reports. The New York Times profiles the messy family battle behind the sale of Starrett City, the largest federally subsidized housing complex in the United States. These are among today’s must reads from around the commercial real estate industry.

  1. This Is How Much Airbnb Is Driving Up Home Prices and Rents “A new, not-yet-published working paper suggests the popular home-sharing service might do just that. The researchers looked at rents and home prices in the 100 largest metro areas in the U.S. between 2012 and 2016. They found that a 10% increase in Airbnb listings leads to a 0.39% increase in rents and a 0.64% increase in house prices.” (MarketWatch)
  2. The Messy Family Battle for Starrett City “When the sale of Starrett City, the largest federally subsidized housing complex in the country, was announced last month, it looked like a done deal. The buyers of the massive complex, with its 5,581 apartments, schools, shopping center, power plant and even its own ZIP code, pledged to maintain its affordable rents, a key in getting the government approvals the sale will require. They agreed to pay $905 million to its shareholders, who include President Trump.” (The New York Times)
  3. Wal-Mart Will Hold Parties—Yes, parties—in Its Stores This Holiday SeasonWal-Mart is gearing up for the holiday season this year with plans to invest even more in the in-store shopping experience. For Wal-Mart, that means parties.” (CNBC)
  4. Inside the Decline of Sears, the Amazon of the 20th Century “Shoppers hunting for this holiday season’s hot toy, the L.O.L. Surprise, may have trouble finding it at Sears or Kmart stores. Worried about the financial health of the retail chains, the company that makes the toy, a ball that children unwrap to reveal small dolls, has reduced shipments to Sears Holdings ” (Wall Street Journal, subscription required)
  5. Home prices close in on new all-time highs, Case-Shiller says “National home prices accelerated in August, according to a report released Tuesday. The S&P/Case-Shiller 20-city home price index rose a seasonally adjusted 0.5% during the three-month period ending in August and was up 5.9% compared to the same period a year ago. That was stronger than the 5.8% annual gain in the period ending in July.” (MarketWatch)
  6. Don’t Make This Mistake When Selling Your Commercial Property “Don’t assume that buyers are paying attention. The human attention span generally lasts about eight seconds, a finding that highlights the effects of an increasingly digitalized lifestyle on the brain. As a seller, you must recognize this to position your sale for success.” (Forbes)
  7. Two Months After Harvey, Houston Continues to Count the Cost “This region has cleared enough post-flood debris from its neighborhoods to fill 700 Olympic-size pools. But two months after Hurricane Harvey swept across Texas, tens of thousands of people are still living in temporary housing and some schools remain closed.” (Wall Street Journal, subscription required)
  8. 3 Hudson Boulevard is getting a major upgrade “Developer Joe Moinian is rebooting 3 Hudson Blvd. and has brought in JLL to oversee the development of the new office tower.” (New York Post)
  9. Vornado’s Roth Calls Kushner’s 666 Fifth Plans “Likely Not Feasible,” Says He’s “Better Than New” After Bypass Surgery “Vornado Realty Trust’s CEO Steve Roth is in his mid-seventies and hasn’t publicly named a successor, so news of his August heart incident made some analysts anxious. He did his best to dispel those concerns Tuesday. “I am now better than new and have been back to work for a while,” he said during the company’s third-quarter earnings call.” (The Real Deal)
  10. How Manhattan’s Two West Side Mega-Developments Stack Up “How two massive new meccas measure up.” (New York Post)
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