Inside Real Estate - February 4th, 2020 |

Inside Real Estate (Feb 4th, 2020)

The rise of co-living spaces / WeWork's new CEO says luck is on his side / Inside Kim and Kanye's house

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1. The real estate industry has been notoriously slow in adopting new technology, according to Forbes, but it's now embracing AI, virtual reality, 5G and drones. Another new tech focus in real estate is the Internet of Things (IoT), which refers to devices that are constantly communicating digitally to the cloud. These could help multifamily housing landlords know what maintenance specific units may need and could, in the future, even know what predictive measures could be taken to prevent major repairs. Some experts believe that in the future, “homebuyers may be able to download a comprehensive history of a home’s maintenance and upkeep through its smart devices connected to the electrical, HVAC, and plumbing.” That translates to: “No more guessing or paying for costly inspections to understand the condition of a house.” - FORBES

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2. The new CEO of WeWork, Sandeep Mathrani, says he's had "plenty of luck." Mathrani took over the beleaguered company after its failed IPO and dramatic exits. Mathrani has a reputation for re-energizing struggling CRE entities, to the point that he’s been dubbed the “turnaround artist.” So the industry is relying on him to breathe new life into the struggling shared-workspace corporation. At an award acceptance ceremony in 2019, he told the audience: “I’ve had plenty of opportunities and plenty of luck." - CRAIN'S

3. A new community southwest of central Dallas is rising and will offer more than 2,000 new homes upon completion. Developer Hanover Property is building the $950 million project on a 66-acre parcel it purchased off U.S. Highway 287 in Midlothian, Texas. The mixed-use commune with have completed neighborhoods by 2022 and will include townhouses, single-family homes, a 50-acre lake and some commercial buildings. The first phase will include 350 homes priced from $300,000. - DALLAS MORNING NEWS

4. The co-living trend is becoming increasingly popular. New data shows that "more young adults are still living with their parents than on their own," so this real estate movement is providing a more favorable alternative to that arrangement. For most of these buildings, there are private sleeping quarters and shared kitchens and restrooms. Entertainment subscriptions (like Netflix and Hulu) are usually included in the price. For some shared-living communes, health and wellness is a theme that's popular. In these, tenants are encouraged to share their cooking or yoga skills with their roommates. The benefits include affordability and community. One co-living resident, Cassidy Claire Risien, said that she pays less than $1,000 per month to live blocks from the beach in Venice, California. - CNBC

5. A new ordinance in Illinois specifies how assistance-animal rules can be implemented by condominium associations. The “Assistance Animal Integrity Act” took effect on Jan. 1 and says that even associations with express anti-pet declarations must allow disabled residents to have pets if a "therapeutic relationship is required between the requesting resident and the medical provider supplying a medical opinion in support of a reasonable accommodation request." Another tenet of the act says that "nonmedical service agencies may provide supporting documentation to bolster a reasonable accommodation request.” - CHICAGO TRIBUNE

6. Former Padres and Dodgers outfielder Matt Kemp just sold his Poway, California, mansion for $4.3 million, less than the $9.075 million he bought it for in 2013. According to the LA Times, Kemp spent roughly $3 million to renovate the 15,844-square-foot, five-bedroom estate. On the property is a swimming pool, tennis court, 4 acres of land and hedged gardens. In the main house is a gym, steam room, game room and custom theater. - LA TIMES

7. Median rents in Seattle rose from $1,375 in 2010 to $1,998 in 2020, according to a new study from PropertyClub. That’s a 45 percent spike in the span of a decade. The outlet analyzed 100 U.S. cities and compared median-rent data from Zillow to form a ranking of the markets with the biggest rent increases in recent years. Seattle claimed the No. 6 spot, with some neighborhoods averaging more than $2,000 in monthly rents. The area's lack of affordable housing is creating a homelessness crisis for the city. - SEATTLEPI.COM

8. The commercial real estate market in Long Beach, California, is expected to remain unchanged, as it was for most of 2019, new reports indicate. Low vacancy and a low rate of new construction should mean low buys and sells but may increase the price of rentals. The low inventory of new spaces has also meant that last year brought some of the area's highest annual rent renewal rates. Lance Ryan, executive vice president and COO of Watson Land Company, said: “A lot of that is driven by the fact that there really aren’t alternatives. Even if somebody really would like to expand or has a need to relocate to reconfigure their operation, there just aren’t a lot of options available.” - LONG BEACH BUSINESS JOURNAL

9. Kim Kardashian West and Kanye West took Architectural Digest readers on a tour of their minimalist Los Angeles home, which Kanye describes as a "futuristic Belgian monastery." The couple reportedly bought the property for $20 million in 2014, although Kardashian's mom, Kris Jenner, has said it's valued at $60 million. Belgian designer Axel Vervoordt helped to create the ultra-modern space, which is filled with Japanese sculpture work. Kanye said: “When I saw the kind of work he was doing, I thought, This man could design Batman’s house. I had to work with him.” - ARCHITECTURAL DIGEST

10. Commercial real estate icon Herb Tousley III has died at age 67. The longtime developer is remembered by his contributions to the Minneapolis real estate industry, where he amassed more than $80 million in properties. He was the University of St. Thomas' director of the Shenehon Center for Real Estate from 2009 to his time of death. Tousley was known for his "quick wit and even-tempered personality." In 2010, he founded the Minnesota Real Estate Hall of Fame to celebrate realty professionals in the area. - TWIN CITIES BUSINESS

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 Beth Duckett, staff writer at Inside.

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