Existing home sales fall for the first time in 5 months

first_imgMessage* But there are some economists who question how much longer the housing market’s record year can continue. They argue that lower-income households are being left behind as lenders tighten their criteria for borrowers and job loss related to the pandemic continues.There are also signs that buyer demand is waning. NAR’s index tracking pending homes sales, which is seen as a leading indicator for future sales of existing homes, has declined for the past two months.Yun acknowledged that rising prices as a result of the past year’s surge in demand has pushed homeownership out of reach for some buyers, particularly first-time buyers who can’t rely on the sale of a previous home to finance a down payment.But, citing the $892 billion stimulus package Congress passed Monday, distribution of the vaccine and “very strong demand for homeownership,” Yun maintained that “robust growth is forthcoming for 2021.”Contact Erin Hudson Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsHousing MarketResidential Real Estate Full Name*center_img Email Address* Share via Shortlink There were 6.69 million homes sold in November, seasonally adjusted, a 2.5 percent drop from 6.85 million in October, according to NAR. (iStock)Homebuyers took a step back last month, as the number of homes on the market reached a new low.There were 6.69 million homes sold in November, seasonally adjusted, a 2.5 percent drop from 6.85 million in October, according to the National Association of Realtors’ monthly report.Every region saw a decline or flat sales figures last month compared to October — though the number of sales are still up significantly year over year. Nationwide, November’s sales were up nearly 26 percent from a year ago.Inventory also continued to tighten, hitting a record low for the second consecutive month. Total housing inventory was 1.28 million units, down 9.9 percent from October’s record low of 1.42 million. November’s inventory is down 22 percent from a year ago, when there were 1.64 million units on the market. At the current sales pace, last month’s inventory will be sold in 2.3 months.Despite the low supply, prices slipped with the wane in demand from buyers. The median sales price was $310,800 in November, down from $313,000 in October. But the price was up about 15 percent compared to the median of $271,300 a year earlier.Lawrence Yun, NAR’s chief economist, said November’s report was “a marginal step back,” and maintained his view that the housing market would continue to perform well into 2021.“Sales for all of 2020 are already on pace to surpass last year’s levels,” he said in a statement.Read moreU.S. home sales rose again as inventory hits all-time lowThe mirage of low interest ratesSingle-family housing starts now at 2007 bubble levellast_img read more

Here are Brooklyn’s top retail leases of 2020

first_imgFull Name* 4. Fitness Factory Health Club | 475 Clermont Avenue | 18,000 square feetInking a 10-year lease at what proved to be an unfortunate moment for gyms, Fitness Factory Health Club became the first tenant at RXR Realty’s new luxury residential development in Fort Greene back in January. RIPCO Real Estate’s team of Jason Pennington, Andrew Clemens, Benjamin Weiner and Jessica Hedrington represented the landlord.5. Super Fresh Market and Feel Beauty | 1584 Flatbush Avenue | 16,500 square feetThe supermarket and beauty supply center signed a 20-year lease for the East Flatbush location at $60 per square foot. Augenbaum Realty’s Josh Augenbaum represented both Super Fresh Market and Feel Beauty and landlord 1584 Flatbush Ave Partner.6. Crunch Fitness | 691 Fulton Street | 13,000 square feetAnother health club works its way onto the list with a renewal of its current 13,000 square foot space. M.C. O’Brien represented the landlord, MyLaw Realty, in the deal that took place in February.7. 20/20 Night Club | 225 47th Street | 13,000 square feetNight clubs have been slammed by the pandemic, but this deal was signed in January, before the coronavirus walloped the city. 20/20 Night Club took the entire second floor of the property, which belongs to Dib Management. Reyes & Elsamad Real Estate Group’s Julio Reyes represented both parties.8. Randolph Beer | 25 Kent Avenue | 12,228 square feetIn another pre-shutdown transaction, Brooklyn-based brewpub Randolph Beer inked this lease in February. In addition to the restaurant, the space is home to the business’ primary brewing operations, canning operation and tap room. Lee & Associates NYC represented landlord Rubenstein Partners and Heritage Equity Partners.9. The Learning Experience | 8904 5th Avenue | 12,095 square feetThe early education center inked a lease in August for the Bay Ridge space at $45 per square foot. Ralph Hanan and Brett Weinblatt of Compass represented the landlord, Mike Marino.10. Telco Department Stores | 1702 Kings Highway | 11,500 square feetAlso in February, the department store signed a lease for the Midwood location. M.C. O’Brien represented both Telco and landlord, Famaly Realty.Contact Sasha Jones Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Message*center_img Tagsbrooklynbrooklyn retailNYC Retail MarketRetail Email Address* Clockwise from left: 475 Clermont Avenue, 5200 1st Avenue and 445 Albee Square West in Brooklyn (Google Maps; StreetEasy)With Manhattan in dismay, Brooklyn came to play.With more people staying home in the outer boroughs this year, retailers came to them, signing leases for some major square footage.But half of the year’s largest leases were signed in January and February, before the impact of the pandemic became clear.The deals varied greatly. Some were your traditional clothing store or gym, while others consisted of night clubs and even schools. Educational users accounted for two of the 10 largest leases by square footage, with another taking the 11th spot.“I would definitely say there’s a true flight to quality — that A-plus locations are definitely in play,” said Arch Brokerage’s Laurence Roberts, who represented the landlord in the top deal this year. “At what price they’re leased at is a good question, but at least they’re negotiating on space. And there is an inertia moving forward.”Here are Brooklyn’s biggest retail leases of 2020:1. BASIS Independent | 445 Albee Square West | 62,000 square feetBASIS Independent, a private school serving pre-K through second grade, is coming to the massive City Point development in Downtown Brooklyn. The school wrapped up the deal in August and plans to open in the fall of 2021. Cushman & Wakefield’s Rico Murtha, Helen Paul and Jason Kroeger represented the school, while Arch Brokerage’s Roberts represented landlords Acadia Realty Trust and Washington Square Partners.2. Burlington Coat Factory | 2163 Tilden Avenue | 45,000 square feetWith 45,000 square feet, Burlington Coat Factory’s expansion encompassed a former Staples and 24-Hour Fitness at Flatbush Center. ACHS Management owns the property. Clifford Simon of CNS Realty represented the new tenant.3. Park Pro Systems | 5200 1st Avenue | 24,000 square feetPark Pro Systems, a valet parking service, will use a former warehouse to store cars in Sunset Park. Jacob Stavsky of Venture Capital Properties represented both Park Pro Systems and Landlord John Luhrs.Read moreThe 10 biggest Brooklyn retail leases of 2019Here are Manhattan’s priciest retail leases of 20201 of every 7 chain stores in NYC closed this yearlast_img read more

West Brom faces competition for Osayi-Samuel

first_imgRelatedPosts EPL: Everton set to compound West Brom woes Branislav Ivanovic joins West Brom EPL: Newcastle hammer West Ham away West Bromwich Albion face competition for the signing of QPR winger Bright Osayi-Samuel.Reports have suggested that Albion boss Slaven Bilic is keen to take Osayi-Samuel to The Hawthorns. But London Football News understand that several other clubs are also interested in the player.Sources close to Rangers suggest that a number of enquiries have been made about Osayi-Samuel, who has impressed in the Championship this season.His contract at Loftus Road was due to expire this summer but QPR have activated a clause to extend the deal by a further 12 months.The club are keen for Osayi-Samuel to sign a long-term contract but it remains to be seen whether he is willing to commit his future to the R’s.QPR will hold out for as much money as possible if clubs make a move for Osayi-Samuel when the transfer window re-opens. First-team coach Neil Banfield recently told West London Sport that it is inevitable the likes of Osayi-Samuel, Ebere Eze and Ilias Chair will move on if big offers come in.“We’d love to get promoted and play with Ebs, Ilias and Brighty, but I think you’ve got to be realistic,” Banfield said.“The real world is that if a club comes in now with loads of money then those lads have got to go. It’s just a fact of life.“If the offers come in of £20m and £20m-plus, I don’t think there would be many clubs that could turn that down.”Tags: Bright Osayi-SamuelPlayer TransferQueen’s Park RangersWest Bromwich Albionlast_img read more