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Inside Real Estate (Dec 18th, 2019)

1. Authorizations for permits to build new apartment buildings are increasing as demand grows for rentals. Millennials entering the housing market and Baby Boomers looking to downsize are expected to be a boon to the rental market, which has already seen the biggest spike in five years. “There are 76 million people in the U.S. who have recently entered or will be entering the housing market, mostly as renters,” the National Multifamily Housing Council reports. Low interest rates are also encouraging this movement, as these have made it easier and more affordable for homebuilders to erect more housing. - BLOOMBERG

2. The renter pool has even grown among high-earning people, according to apartment platform RentCafe. Those earning salaries of $150,000 or higher and opting to rent have spiked by 157 percent since 2010. Americans aged 60 and up have also grown in the rental market by 32 percent. Homeownership peaked in 2004 at 69.1 percent. It has decreased from 67.1 percent a decade ago to 64.8 percent now. The U.S. market that’s shown the biggest shift: renters in Toledo, Ohio, "jumped from 40.9 percent of the population to 50.2 percent.” - FORBES

3. On Tuesday, WeWork said it arranged a $1.75 billion letter of credit with Goldman Sachs, which would be syndicated; its funds are anticipated to become available in January. The credit line is part of SoftBank’s three-part, $9.5 billion bailout announced in October, just a month after WeWork pulled its IPO and was losing money rapidly. According to a statement released Tuesday, WeWork "will not be required to post cash collateral on the new credit facility." - REUTERS

4. Austin, Texas-based real estate startup Ender — which aims to streamline and digitize rental property management —  has raised $7 million in funding. The company intends to help property managers more efficiently handle daily operations by using technology to collect rent, organize maintenance requests, offer property tours and simplify leasing applications, among other features. It also plans to integrate “smart locks, water leak sensors, motion sensors, and other smart home integrations” into rental units. - CRUNCHBASE

5. Pittsburgh International Airport is playing the role of developer, as it plans to construct a campus for “companies that use 3-D printing in manufacturing,” in phase 1 of a $1 billion expansion. Officials at the airport hope commercial real-estate development will help generate some revenue. They’re planning on using at least 200 developable acres to create a source of income. Arencibia, which supplies gases for 3-D printing, has already signed on as an anchor tenant. - WALL STREET JOURNAL

6. Marketing gimmicks: Real estate agent Tim Smith has recruited professional dancers to showcase his listing: a $25 million mansion in Corona Del Mar, California. Stars from TV shows "World of Dance" and "So You Think You Can Dance” performed at the six-bedroom estate and were “required to post it on social media,” Smith said, explaining that this strategy exposes the video to roughly 10 million social media followers. Smith is no stranger to viral marketing: Last year he produced a video in which dance move The Dougie was used to sell a $55 million mansion known as the "Duffy House.” - REALTOR

7. Residents in Daytona Beach, Florida, are outraged that the builder of a $192 million hotel-condominium building is requesting a three-year construction extension after buying the parcel in 2012. Protogroup's commercial-residential project — “the biggest and most expensive development” in Daytona Beach’s history — is now in its third amendment to a Planned Commercial Development agreement with the city. The developer for the structure said it needs more time to complete its 27-story second tower. Critics say there’s already a surplus of hotels in the area, and that the length of construction is unreasonable. - DAYTONA BEACH NEWS JOURNAL 

8. Partial demolition on an expansive 19,700-square-foot mansion — that can be seen from a major freeway — in Yorba Linda, California, has started. The nine-bedroom estate and its stark-white walls was a recognizable structure for some in the area because of its size and distinctive architecture. Dubbed “Satsang,” it was completed in 2004 before entrepreneur Loksarang D. Hardas bought it earlier this year. He’s expected to reuse just a portion of the structure to create new, even larger, residence. - OC REGISTER

9. Famed TV host and author Chelsea Handler offers a tour of her Los Angeles pad, a bright, contemporary structure in Bel Air. Handler’s home underwent a comprehensive remodel that transformed it into a sleek, 5,572-square-foot residence with an “indoor-outdoor California vibe.” Handler’s recent home tour coincides with the passing of her longtime TV sidekick Chuy Bravo, who died over the weekend at 63. - ARCHITECTURAL DIGEST

10. A 10-bedroom historic Auburn, New York, mansion could sell for a mere $50,000, but there’s a catch: the buyer must detail how it will be restored. Built in 1861 by philanthropist James Sheldon Seymour, the 6,000-square-foot house fell into foreclosure and into city property valued at $162,000. Listing agent Michael DeRosa explained that the person with the best plan to update the Victorian-style mansion will be able to purchase it for $50,000. Bids will close Dec. 18 and a decision will be announced later this week. - HOUSE BEAUTIFUL

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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