Inside Real Estate - November 6th, 2019

Inside Real Estate (Nov 6th, 2019)

Austin's 3-D printed houses / Millennials' homebuying concerns / Post use in public housing / Las Vegas' busiest real estate season


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1. Over 40 percent of millennials cite being unable to afford their children’s college tuition as one of their major concerns when it comes to buying a home. That’s according to a survey by home equity site Hometap’s 2019 Homeownership Study. While that may seem odd, Hometap CEO Jeffrey Glass explains that “because many millennials are saddled with more student debt than previous generations,” they’re concerned with their children enduring the same issue. The Hometap report also reveals that most millennials are afraid of becoming “house rich” and “cash poor.” - CNBC

2. Chicago tenants who receive public-assistance housing vouchers are not allowed to consume marijuana in their homes even though medical and recreational pot use is legal in Illinois. The Chicago Housing Authority explained that it must follow federal law, since it is a federally funded agency. A notice sent to residents of one public-housing complex warns: “The CHA can TERMINATE all assistance ... if you, a member of your household, or a guest or person under your control is found engaging in…the use and/or possession of marijuana for medical or recreational purposes.” - CHICAGO SUN TIMES

3. Homebuilding startup Icon, which is based in Austin, Texas, hopes to disrupt the residential-construction industry with its 3-D printed houses. Icon’s Vulcan II printer can reportedly complete a tiny house in a mere 24 hours, which could help solve the housing crises affecting some states. Among some of the challenges the company has had to overcome are finding the perfect concrete blend that can properly flow through the printing device, which has led to the creation of a proprietary recipe. To add to the challenges are Austin’s unpredictable weather conditions, which can affect how the concrete substance forms in the printer: it can result in a neat, sturdy structure or a shapeless mess. Variable climates is just one of the obstacles the company knows it will face as it inches closer to expanding production to other markets. - INC MAGAZINE

4. Three Texas cities are ranked among the top places for commercial real-estate investments. Houston, Austin and Dallas claimed spots on a Ten-X Commercial ranking for those interested in buying commercial properties. Austin took the top spot as a "buy market" ahead of San Francisco and Orlando, Florida. The top "sell markets" in the U.S. are Milwaukee, Wisconsin, Pittsburgh, Pennsylvania and Oakland, California. While the “retail-pocalypse” has closed thousands of brick-and-mortar stores across the nation, Ten-X said activity on its platform grew: “overall sentiment for strategic retail investments remains strong,” Ten-X Chief Economist Peter Muoio said. - HOUSTON CHRONICLE

5. New Orleans Saints Pro Bowl guard Andrus Peat just purchased a Pasadena, California, mansion for $2.785 million. The three-story, Cape Cod-style home sits on half an acre of land and features a loft atop the structure that allows for scenic panoramas. According to the LA Times, Peat closed an $11.4 million deal with the Saints in the 2015 NFL draft. With the football season over, some speculate he’s spending his winter in the new home. - LA TIMES

6. Also in celebrity real estate: singer Avril Lavigne is hoping to unload the Sherman Oaks, California, house she shared with ex-husband — Nickelback frontman Chad Kroeger — for $6.49 million. That’s down from its original 2018 list price of $7.9 million. The 10,000-square-foot mansion is situated on a half acre of land and boasts a theater, billiard and oversized master suite. Outside it features a saltwater swimming pool and a sports court and patio with a retractable roof. - REALTOR

7. Some residents in Waianae, Hawaii, are outraged about a 10-acre homeless village that’s expected to be moved from its current site to a newly purchased 20-acre parcel in the Piliuka Place community. The $800,000 complex, Pu'uhonua 'O Wai’anae, is currently in escrow; it will be the site for clusters of tiny homes and communal kitchens and restrooms for homeless people. Some people living in Piliuka Place are concerned about the forthcoming development, with some residents even threatening to leave the neighborhood if it is erected at the planned location. Advocates for homeless people vow to assuage these residents’ fears by “taking actions and steps” to mitigate any potential issues. - KITV 

8. The best time to sell a home in Las Vegas is upon us, according to TV station KVVU. The holidays — specifically November and December — are the busiest months of the year for Realtors in that market. This trend seems contradictory, since most home buyers and sellers typically wait until after Thanksgiving and Christmas to make a move. Coldwell Banker Premier Realty CEO Bob Hamrick agrees that these are the most hectic months for home sales, but he adds that January and February are when Las Vegas sees the most new home listings hit the MLS. - KVVU

9. The biggest Manhattan real estate loan made in October was a $1.1 billion provided by Deutsche Bank and HSBC for Chinese conglomerate Fosun. That corporation bought One Chase Manhattan Plaza, a mixed-use property at 28 Liberty Street, for $25 million in 2013.  At the time of its purchase, Fosun said it wanted to keep the structure as an office building and will bring Chinese companies on board to expand the retail floor. - THE REAL DEAL

10. Denver home listings plummeted by more than 10 percent in October. Denver residents listed just 5,425 properties for sale last month, the Denver Metro Association of Realtors reports, adding that that’s the lowest number of listings since February of this year, which has three fewer days than October. That may explain the 6.4 percent month-over-month sales decline. The Denver Post points to instant-buyer platforms like OpenDoor and Zillow Offers as part of the reason traditional home listings are down. Instant buyers now fulfill roughly 2,000 sales per month. - THE DENVER POST

Written and curated by Darla Guillen Gilthorpe. Darla writes for the Houston Chronicle, where she was part of its 2018 Pulitzer Prize finalist staff. She was previously an editor at Vox Media site Eater and has had bylines in Elle Decor, SFGate and various other outlets. Follow her on Twitter here.

Editor: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside).

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