Inside Real Estate - April 15th, 2017

Inside Real Estate (Apr 15th, 2017)

Fastest housing market / Airbnb sues Miami / Seattle rezones / The Shire

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Redfin’s March report predicts that 2017 is on track to be the fastest housing market on record. In March, the typical home was under contract within 49 days, down from last year’s median time on market of 60 days. In Denver and Seattle, the typical home went under contract within just eight days. The national median sale was $273,000, up 7.5 percent from last year. Sales were up 8.9 percent even though home inventory fell for the 18th consecutive month. – CNBC

Airbnb has sued Miami, saying that city has violated the rights of Airbnb hosts. The company filed the suit along with five homeowners in an effort to stop Miami officials from enforcing bans on short-term rentals and from targeting Airbnb hosts who spoke out a city commission meeting in March. Two bills currently under debate in Florida's state legislature seek to prevent cities and counties from creating any new regulations on vacation rentals. – MIAMI HERALD

Developer Renzo Renzi has proposed a $500-million condo project for Denver. The development, dubbed Paradise Living, will offer 800 condominiums in two 40-story towers. Prices for units will range from $200,000s to $1 million. Renzi and his partners purchased the land, currently a public parking lot, for $22 million. It is estimated to take 30 months to complete and construction will begin after 200 units are pre-sold. – COLORADO REAL ESTATE JOURNAL

Mammoth Resorts, which operates four ski resorts in California, has been purchased by a partnership between Aspen Skiing Co. and KSL Capital Partners. Terms have not been disclosed. KSL and Aspen Skiing also announced they are acquiring Intrawest Resorts Holdings, which operates six mountain resorts in a deal valued at $1.5 billion. Both transactions are expected to close by the start of the next ski season. – LA TIMES

Blackstone Group subsidiary Equity Office Management is seeking a buyer for Boston’s South Station, New England's second-largest transportation center. The property includes 117,000 square feet of fully leased office space and 59,000 square feet of restaurant and retail space. The sale is for a 98-year leasehold interest in the building which was built in 1898 and serves both train and subway passengers. No price has been listed but it is expected to sell in the $100 million range. – BOSTON BUSINESS JOURNAL

The Seattle City Council has approved upzoning the city’s Downtown and South Lake Union neighborhoods. Developers can add one to five additional stories to buildings but must designate 2.1 percent to 5 percent of the total units for affordable housing or pay fees to the city earmarked for affordable housing organizations. The rezones are part of the Mandatory Housing Affordability requirements of Mayor Ed Murray’s Housing Affordability and Livability Agenda and are expected to add 2,100 affordable units over the next ten years. Seattle’s overall plan calls for rezoning in over two dozen neighborhoods around the city, adding 6,000 new affordable units. – GEEKWIRE

Luxury real estate auction company, Concierge Auctions, will donate a home for a needy family for every luxury home it sells. The Key for Key program, a collaboration with Giveback Homes, a social good organization focused on housing, begins with the sale of baseball player Matt Kemp’s house. The program is expected to result in 100 concrete and pinewood homes for families in need in Nicaragua. – MANSION GLOBAL


Snowboarder Shaun White, who also recently listed a home in Encinitas, California has put his Hollywood Hills home on the market for $6.95 million. White bought the five-bedroom contemporary home for $6.4 million in 2015. He also owns a home in Malibu and a condo in Park City, Utah. – VARIETY

Cobie Smulders and Taran Killam are selling their apartment in the Battery Park City of New York for $3.995 million. The three-bedroom condo at 2 River Terrace, also known as Riverhouse, has Hudson River views. The couple bought the home in 2011. Oliver Stone recently purchased a 24th-floor unit in the building for approximately $4 million. As we mentioned in a previous newsletter, Tyra Banks listed her duplex at Riverhouse for $17.5 million in March. Earlier this year, Smulders sold a home in the Los Feliz area of Los Angeles for $1.425 million. – LL NYC

The Shire of Montana, a Hobbit-themed guest retreat in Montana, has been listed for sale for $595,000. The two-bedroom home is approximately 1,000 square feet and comes with juniper furniture. It was the second place winner of “The Best Themed Homes In The World” and currently operates as an adults-only vacation rental. The property has views of Cougar Peak and Whitepine Valley and includes fairy houses and an elven village. – INMAN

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