International sales were severely hampered by the pandemic in 2020, but buyers from several countries still managed to pluck down big bucks for U.S. homes. Barely more than 100,000 homes were sold to foreign buyers from April 2020 to March 2021, according to a National Association of Realtors analysis reported by Inman. Three in 10 home purchases by foreign buyers came from one of five countries, Inman reports. Unsurprisingly, buyers from neighboring countries made up
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Commercial property sales are broadly rebounding to pre-pandemic levels across the country, though the same success isn’t being seen in select markets that dominated before the pandemic. Investors spent $144.7 billion on commercial property during the second quarter, nearly three-times the amount recorded in the same period last year, the Wall Street Journal reported, citing data from Real Capital Analytics. While it is unsurprising that more property was sold this year than in the early
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The pandemic hit the bottom line of Sam Zell’s Equity Residential pretty hard, but the worst is finally in the rear-view mirror, executives of the real estate investment trust said Wednesday. “We acknowledge how badly our operations declined over the last 16 months,” said Michael Manelis, the chief operating officer, during an earnings call. “But the current recovery appears to be strong enough to both quickly recapture all that was lost in the pandemic and
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A San Francisco condo association that argued some of its owners were being “cooked” inside their homes settled with their building’s developers for nearly $10 million. The ruling, which could have an effect on future construction, blamed the designers of the high rise for failing to account for how hot the west- and south-facing units could become when sunlight hit their all-glass walls. “We found that the condominium’s inadequate ventilation failed to purge the heat
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In three days, the federal ban on evictions is set to expire, allowing landlords in most states to take non-paying tenants to court. But property owners say they deserve more than the freedom to join a backlogged docket. They want money. The National Apartment Association, a landlord group, filed a lawsuit in federal claims court Tuesday demanding that the federal government compensate housing providers who have “suffered severe economic losses” during the eviction moratorium imposed
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Unibail-Rodamco-Westfield will look to sell its regional malls in the U.S. as it struggles to recover from the pandemic’s brutal impact on the retail sector. The Paris-based mall giant and investment firm posted a $652.6 million companywide loss for the first half of the year, it said in an earnings call Wednesday. That total still marked a significant improvement from the $4.6 billion loss it suffered in the second half of 2020. The firm’s coast
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