Inside Real Estate - January 13th, 2020

Inside Real Estate (Jan 13th, 2020)

San Francisco 2020 outlook / Detroit luxury condo scrapped again / Sammy Hagar leasing home for $30K


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1. Toronto, Las Vegas, Detroit, and several other cities rank among Forbes' 14 Up-And-Coming Real Estate Locations To Watch. One of these is Sacramento, California, where some experts believe the overflow from San Francisco will end up. Its proximity to San Francisco and "more affordable rent and a lower cost of living" will appeal to those who've been priced out of some Bay Area markets because of the tech boom. A handful of "second-tier" Southeastern cities are also on the list because of their “low to no taxes, accessibility, cost of living.” - FORBES

2. A group of homeless women who have been occupying a vacant home in Oakland, California, since November are being pushed out. The group, called Moms 4 Housing, is rebuffing the homeowner’s offer to be sheltered for free for two months if they leave the property. The investment company that owns the building said it would pay nonprofit Catholic Charities to house the women, adding it would also pay for moving expenses. Moms 4 Housing founder Dominique Walker called the offer an “insult.” She continued, adding it’s “deeply disingenuous for this multi-million dollar corporation … to pretend to be concerned about the well being of black families.” - MERCURY NEWS

3. A lawmaker in Washington D.C. hopes to end unfair evictions and to transform multifamily housing units into large single-family homes through a new bill he is proposing. According to Ward 6 council member Charles Allen, these changes would prevent landlords from unjustly evicting vulnerable populations for the sake of replacing them with higher-paying tenants. Under this legislation, evicted people would be able to “go after” their former tenant and obtain moving and other costs. Allen also believes that buildings converted into 10-unit apartments or more instead of single homes threatens affordability. He would impose fees to dissuade that practice. - WTOP

4. Prospects are grim for Detroit, Michigan, high-end condo project The Mid, whose development is a part of a $377 million deal. Crain’s said it’s now “unlikely” to be built at all. The project joins the ranks of other local residential projects that have either been canceled or postponed. According to builders, luxury new-construction buildings have faced obstacles stemming from the high cost of construction and labor shortages in the city. Some estimate that prices sometimes swing by 30 percent from the point of conception to groundbreaking, which makes building prohibitive. - CRAIN’S DETROIT

5. Rockstar Sammy Hagar is leasing out his Lake Arrowhead, California, home for $30,000 per month. Hagar reportedly had trouble finding a buyer for the property he has listed at $3.9 million. This is his way of making income off of it while he finds a buyer. Hagar purchased the dwelling in 2009 for $2.3 million. The sprawling lake house is outfitted with hand-carved limestone, sauna rooms, private dock and eight bedrooms. - REALTOR

6. Some real estate experts told the San Francisco Chronicle that they do not foresee a housing market crash for the Bay Area in 2020. They point to the 2019 home prices, which flattened out in comparison to 2018. Real estate agent Pierre Buljan  — who has worked in the area for 40 years — said another reason he doesn't believe there will be a major upheaval is that he doesn’t “see much of a political climate change this coming year.” He adds that construction is up again, which will aid the shortage in homes— and that “people will remain cautious as it is an election year.” That means there may be "fewer new construction projects started this year than in recent past." - SFGATE

7. A pair of landlords in New York City reached an agreement with their tenant that would allow a 190-year-old tavern to remain open. While rising rents are often the reason some small mom-and-pop establishments shutter, property owners Ken and Henry Shi agreed to work out an agreement with Neir’s Tavern owner Loycent Gordon that would allow the place to continue operating there. The nearly two-century-old bar has been featured in the movie “Goodfellas” and opened in1829 as the Old Blue Pump House. - ASSOCIATED PRESS

8. The 2010s in Manhattan were ruled by the rise of luxury condominium towers, the New York Times says. The result has been a shrinking pool of buyers bidding on record-high places. While these units are still selling, it’s now at reduced prices. The Times' December-data analysis revealed that nearly half of 7,727 new Manhattan condos remain unsold. Among the assumed culprits are property- and transfer-tax changes that made buying some ultra-high-priced Manhattan units less desirable. New York City still faces a dearth of affordable homes with an estimated 79,000 homeless people. - NEW YORK TIMES

9. Catholic church dioceses across the country are shuffling around properties to avoid paying sex abuse victims, according to The Real Deal. The outlet points to a  Bloomberg Businessweek report that said the U.S. Catholic Church has "shielded more than $2 billion worth of assets from people who were abused by clergy.” Other dioceses have repeatedly instead opted to file for Chapter 11 bankruptcy. The archdiocese said it’s been inaccurately assessed as having more assets and funds than it actually does. - THE REAL DEAL

10. In an attempt to raise awareness for homeless veterans, a group of people camped out through brutal winter temperatures in Savannah, Georgia. The Veterans of Foreign Wars Post 660 on Ogeechee Road said it wanted to demonstrate how homeless people who have served must live when there's a lack of affordable housing options. Throughout the weekend, members of the public stopped by to donate supplies and food. Savannah has been dealing with an ongoing affordable-housing shortage for years. - SAVANNAH MORNING NEWS 

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.

Edited by Sheena Vasani, staff writer at Inside.

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