Inside Real Estate - December 13th, 2019

Inside Real Estate (Dec 13th, 2019)

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1. After a slow summer for rentals in Manhattan, rates spiked by nearly 9 percent in November. The median price is now $3,600 monthly — a 12-year record high — according to new data. Experts say the catalyst for this particular growth is luxury tenants. November saw more leases signed at or above $10,000 per month than in previous months. It also showed a decrease in the number of concessions that landlords offered to attract new residents. - BUSINESS INSIDER

2. A new report by the National Better Business Bureau reveals that nearly half of all online apartment listings are fake. The good news is that the majority of people don't fall prey to scams, but those who do have lost large sums of money. The FBI Internet Crime Complaint Center says that from 2016 to 2019, there have been thousands of rental scams reported. And from January through October of this year, these have cost people $37 million. Apartment shoppers are advised to reach out to property managers and avoid paying deposits through cash-transfer apps. - WHBQ

3. Tenants in the U.S. have paid roughly $4.5 trillion in rent in the last decade, a Zillow study shows. In just 2019, landlords have received $512 billion in rental income, which is nearly 3 percent higher year over year. Not surprisingly, the cities with the highest rental incomes were New York City, San Francisco and Los Angeles. Cincinnati ranked at the bottom, with a mere $2.5 billion collected in rent. Phoenix saw the largest increase with nearly 8 percent growth since last year. - HOUSINGWIRE

4. Former NBA star Dwyane Wade just slashed the list price of his Miami Beach property by $3.5 million. The waterfront estate — which sits on an acre of land along Biscayne Bay — is now listed at $29 million. Wade reportedly purchased the 2,000-square-foot house in 2000 for $10.6 million.  Mediterranean-style details feature prominently throughout the contemporary home. Inside, there’s a movie theater, chef's kitchen and basketball court. Wade retired from the Miami Heat in April and now spends his time in Los Angeles with his wife, actress Gabrielle Union - MANSION GLOBAL

5. Arizona Gov. Doug Ducey just listed his11,400-square-foot mansion in Phoenix, Arizona, for $8.75 million. The “French-style farmhouse” boasts a natural-stone-façade and welcomes guests into a sleek, rustic interior which includes cowboy-themed elements. The property offers views of Mummy Mountain and comes with easy access to the  Paradise Valley Country Club. A spokesperson for Ducey said the governor is not planning on leaving the city but merely wants to downsize. Ducey was the CEO of Cold Stone Creamery before venturing into politics. - AZ CENTRAL

6. The home-sales pace in Dubai is slowing, but development has continued at a rapid rate. Data shows that the Middle Eastern market grew just 1.9 percent in 2019, despite plans for new and ongoing projects. Now Dubai property tycoon Hussain Sajwani is pleading with developers to halt residential construction, predicting that the city faces a potential “disaster” if the oversaturated market continues to supply more housing. Sajwani said that demand in Dubai calls for no more than 15,000-25,000 units per year: “If we oversupply more than that, we’ve got a problem.” - CNBC

7. Officials in San Jose, California, approved a tax proposal for the March 2020 ballot to try to ease the market's housing crisis and help to end homelessness in the Bay Area. The subject is a real property transfer tax that would be levied on transactions that involve properties valued at or above $2 million. San Jose Mayor Sam Liccardo predicts the new tax could provide roughly $70 million in revenue annually. Liccardo offered a breakdown of how the influx of money would be spent, that includes 45 percent for affordable rental housing for "extremely low-income" families and 35 percent for affordable rentals for median-income families. - KGO-TV

8. Nearly 70 real estate agents and executives in New York are being subpoenaed after missing a hearing in which they’re accused of discriminatory practices, the Real Deal reports. Just one person attended the hearing, which was scheduled following a Newsday investigation published in November unveiled widespread prejudicial behavior in the housing market in Long Island. Some representatives of the accused real estate firms have disputed the article’s findings. - THE REAL DEAL

9. Las Vegas ZIP codes 89031 and 89081 were top markets for sellers and the Nos. 2 and 3 ZIP codes for buyers. As for overall homebuyer neighborhoods, 89129 claims the top spot. The rankings were created by San Francisco-based startup Opendoor, which looked at housing demand in various parts of Las Vegas. The report showed housing demand seemed to follow retail development in some neighborhoods. It also states that condos are in high demand now.  - KLAS

10. Real estate site Realtor offers a list of guidelines to avoid annoying neighbors with your Christmas decorations. These include: not letting inflatables obstruct driveways, avoiding offensively bright lights close to the neighbor’s property and to be accepting of a nearby home’s outrageous displays (or lack thereof).  Also: Decorations and lights “should go up on Black Friday and come down no later than January.” - REALTOR

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.

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