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11 Must Reads for Real Estate Investors to Start the Week (July 10, 2023)

Multifamily completions are on track for their strongest year since the 1980s, according to data from CoStar Analytics. CNN Business looks at whether the boom in generative AI could help turn around San Franciso’s real estate fortunes. These are among the must reads from around the real estate investment world to kick off the new week.

  1. Multifamily Completions On Track For Strongest Year Since The 1980s “Multifamily completions are on track to top 520,000 units this year, which would be the most since the late 1980s, according to a projection by CoStar Analytics. Most of the increase will be in the southern U.S., the company predicts.” (Bisnow)
  2. Alone in an Empty House, Female Real Estate Agents Face Danger “Across the nation, the overwhelming majority of real estate agents are women — and they are vulnerable to abuse in an industry that offers few protections, demands that they meet clients alone in empty homes and encourages them to use their appearance to help bring in buyers.” (The New York Times)
  3. NAV Monitor: US equity REITs see discounts to net asset value fall in June “Publicly listed US equity real estate investment trusts traded at a median 18.2% discount to their consensus net asset value per share estimates as of July 3, down from a 23.3% discount at the end of May, according to S&P Global Market Intelligence data.” (S&P Global Market Intelligence)
  4. Investors Bought Nearly $1 Billion in Land Near a California Air Force Base. Officials Want to Know Who Exactly They Are. “An attorney representing Flannery said it is controlled by U.S. citizens and that 97% of its invested capital comes from U.S. investors, with the remaining 3% from British and Irish investors. Flannery previously told Solano County the entity ‘is owned by a group of families looking to diversify their portfolio from equities into real assets, including agricultural land in the western United States.’” (The Wall Street Journal)
  5. Bluerock Total Income+ Real Estate Fund Pays $1 Billion in Total Distributions “As a closed-end interval fund, the company says TI+ Fund pays a quarterly distribution corresponding to the fund’s net asset value at the annualized rate of 5.25% based on the current share price. Since the fund’s introduction in 2012 at a $25 NAV per share, TIPRX has paid approximately $16.27 per share in total distributions to its shareholders, with a 65% average annual tax deferral on those distributions.” (The DI Wire)
  6. Optimizing Corporate Real Estate: Unlocking Cost-Saving Opportunities “While navigating the current dynamic and unpredictable business landscape, cost saving remains a top priority for many organizations. Corporate real estate plays a crucial role here. Yet, according to Deloitte, almost 50% of companies fail to meet their cost reduction targets. Even for those that meet the targets, Gartner suggests that aggressive cost reduction could jeopardize an organization’s high-impact innovative projects that bring in new opportunities.” (Colliers Knowledge Leader)
  7. Viewpoint: Don't count downtown San Francisco out yet “The city is already making progress to overcome its great challenges, the president of Advance SF argues. Here's what's happened.” (San Francisco Business Times)
  8. NYC residents charged with funneling straw donations to Mayor Adams’ 2021 campaign to reap political favors “The Manhattan district attorney unsealed indictments accusing former NYPD Inspector Dwayne Montgomery, Shamsuddin Riza, Millicent Redick, Ronald Peek, Yahya Mushtaq, Shahid Mushtaq, and a Queens-based site safety management company that the Mushtaq brothers own, Ecosafety Consultants Inc., of structuring illegal campaign contributions to bloat donations to Adams’ campaign through the New York City Matching Funds Program.” (Daily News)
  9. SFR Boom Times Are Over As Investment Drops, But Some Like The Long-Term Play “Debt and equity financing have both slowed as interest rate increases, economic unease and concern about the stability of regional banks make both investors and financiers cautious to approach SFR, even though its demand drivers remain strong.” (Bisnow)
  10. Can AI save commercial real estate in San Francisco? “Rao said his decision to keep his company in San Francisco was helped by the fact that the city had become the epicenter of the recent AI craze, which took off late last year when OpenAI launched its generative AI product, ChatGPT.” (CNN Business)
  11. Wave of Rental Resets to Further Deplete Affordable Housing “Some cities could lose large shares of their low-cost rentals. In the Dallas area, about one in five tax-credit-built apartments could lose its affordability protections by 2027, according to Moody’s. Chicago and Houston also look especially vulnerable to losing a large amount of their affordable housing.” (The Wall Street Journal)
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