New York’s luxury market sees record volume: UrbanDigs

New York’s luxury market sees record volume: UrbanDigs

by Luxury Real Estate

Real estate

December 28, 2021

View from penthouse condo at the Baccarat Hotel & Residences in Manhattan. Image credit: Douglas Elliman

 

By Katie Tamola

New York luxury real estate had a record year in terms of volume, according to new findings from UrbanDigs.

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Apartment rent and occupancy hit record highs in November

Apartment rent and occupancy hit record highs in November

by Real Estate News

A “For Rent” sign posted in front of an apartment building on June 02, 2021 in San Francisco, California.

Justin Sullivan | Getty Images

Apartment rent growth and occupancy set new records in November, yet another sign that the nation’s housing market isn’t following seasonal patterns this year. Rent growth and occupancy usually cool heading into winter.

Apartment occupancy hit a new high of 97.5{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in November, according to RealPage, a real estate technology platform. The rate is up roughly 250 basis points from the long-term norm of about 95{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} going back over the past three decades.

The annual increase in asking rents for new move-in leases hit 13.9{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in November. Renewal lease rent growth usually climbs more slowly than when there’s turnover in a unit’s occupant, but it has still been growing at 8{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} even during the later part of the year.

“The demand from renters is really strong, especially for the luxury product. As the economy has recovered we’ve done a better job in high- paying employment than we have in the lower paying jobs,” said Greg Willett, chief economist at RealPage.

This is usually the time of year that landlords see lower occupancy and therefore offer incentives or cut lease prices. Demand, however, continues to outstrip supply in the rental market, as it is also in the for-sale housing market.

“The rental market is actually stronger than the for-sale market right now. The rent increases are something like I’ve never seen before in my life, so we are definitely pulling forward a lot of household formation,” said John Burns, CEO of John Burns Real Estate Consulting.

November rent prices were up 0.6{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} from October. While that is below the growth seen in the spring and summer months, it is notable because rent prices usually decrease in the fall months.

What’s driving demand

Rental demand is soaring due to the very high prices in the for-sale market, which are up nearly 20{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} year-over-year. Also, fewer people are choosing to live with roommates. In certain markets, owner-occupant homebuyers are being pushed out by usually all-cash investors.

“With this work-from-home and the stimulus and everything else – not enough WiFi, too noisy in the house – a lot of people are living on their own or they had two roommates and now they’ve got one, and that’s been the big reason for the surge in the apartment demand,” added Burns.

Household formation had been growing steadily before the pandemic, but then dropped off abruptly when Covid-19 hit the U.S., according to Census figures. Within a few months it began to climb again and has been accelerating in the last six months.

High prices in the for-sale housing market are also presenting an opportunity for older homeowners who might want to cash out at the top of the market. They, in turn, are moving into luxury rentals, taking up more supply and keeping rents inflated.

Regionally, rent growth is now strongest in West Palm Beach, Tampa and Phoenix, with annual gains of 26{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} to 28{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}. Austin, Orlando, Fort Lauderdale, Las Vegas, Jacksonville, Atlanta, Salt Lake City, Raleigh/Durham and Miami also saw rent growth above 20{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}.

Rent growth is now weakest in the Midwest. Out of the nation’s 50 largest metropolitan markets, Minneapolis saw the smallest rent increase of just over 4{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} from a year ago.

Virtual real estate plot sells for record .4 million

Virtual real estate plot sells for record $2.4 million

by Real Estate News

LONDON, Nov 23 (Reuters) – A patch of virtual real estate in the online world Decentraland sold for a record $2.4 million worth of cryptocurrency, the buyer crypto investor Tokens.com (COIN.NLB) and Decentraland said on Tuesday.

Decentraland is an online environment – also called a “metaverse” – where users can buy land, visit buildings, walk around and meet people as avatars.

Such environments have grown in popularity this year, as the pandemic caused people to spend more time online. read more

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Interest surged last month when Facebook changed its name to Meta to reflect its focus on developing virtual reality products for the metaverse.

Decentraland is a specific type of metaverse that uses blockchain. Land and other items in Decentraland are sold in the form of non-fungible tokens (NFTs), a kind of crypto asset.

Crypto enthusiasts buy land there as a speculative investment, using Decentraland’s cryptocurrency, MANA.

A subsidiary of Tokens.com, called the Metaverse Group, bought a patch of real estate for 618,000 MANA on Monday, which was around $2,428,740 at the time, a Decentraland spokesman and a statement by Tokens.com said.

FILE PHOTO: Visitors are pictured in front of an immersive art installation titled “Machine Hallucinations — Space: Metaverse” by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby’s, at the Digital Art Fair, in Hong Kong, China September 30, 2021. REUTERS/Tyrone Siu

Reuters also saw the land’s purchase recorded on the NFT marketplace OpenSea.

Decentraland said it was the most expensive purchase of a plot of virtual real estate on the platform.

The land is in the “Fashion Street” area of Decentraland’s map and Tokens.com said it would be used to host digital fashion events and sell virtual clothing for avatars. read more

It is made of 116 smaller parcels, measuring 52.5 square feet each, making the land 6,090 virtual square feet in size.

Andrew Kiguel, CEO of Tokens.com, said the assets would complement the real estate already held by Metaverse Group.

In June, a plot of virtual land in Decentraland sold for 1,295,000 MANA, worth $913,228 at the time. The buyers built a virtual shopping centre to sell digital clothing, but Reuters has visited this site multiple times since and not seen any shoppers. read more

MANA is highly volatile. It has gained around 400{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} this month according to Coinbase, spiking after Facebook’s name change.

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Reporting by Elizabeth Howcroft; Editing by Saikat Chatterjee and Barbara Lewis

Our Standards: The Thomson Reuters Trust Principles.

Alibaba, JD hit record 9 billion of sales

Alibaba, JD hit record $139 billion of sales

by Home Decoration

GUANGZHOU, China — Chinese e-commerce giants Alibaba and JD.com established new product sales data across their platforms on Singles Day, the most significant buying function in the environment.

Shares of JD were up about 4.6{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in afternoon trade in Hong Kong on Friday while Alibaba was down about 1.8{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}.

The record revenue occur irrespective of problems about the power of the Chinese consumer and the impression of Beijing’s crackdown on technological innovation organizations.

Even though Singles Day, also known as Double 11, utilized to just be a 24-hour flash sale sort of affair, it has transformed into a multi-working day extravaganza, ending at midnight on Nov. 11. JD commenced income in late Oct although Alibaba started at the starting of November. This prolonged period of time has assisted the businesses continue to increase sales.

Signage for Alibaba Team Holding Ltd. shown at the company’s headquarters in Hangzhou, China, on Wednesday, Nov. 10, 2021. Alibaba’s yearly 11.11 Singles’ Working day on the net procuring bonanza, one that draws in hundreds of tens of millions of folks throughout the globe, is a far more low-essential affair this year as the e-commerce large seeks to turn the emphasis absent from escalating revenue and much more toward sustainability and philanthropy — critical pillars of President Xi Jinping’s travel to reshape China’s economic climate.

Qilai Shen | Bloomberg | Getty Photos

Alibaba reported gross goods quantity (GMV) throughout the 11-working day period totaled 540.3 billion yuan ($84.54 billion), a more than 8{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} jump from previous year’s 498.2 billion yuan.

JD claimed transaction quantity on its system totaled 349.1 billion yuan ($54.6 billion) during the Singles Working day period, a 28{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} enhance from the 271.5 billion yuan recorded final year.

GMV and transaction quantity do not translate into immediate income for JD and Alibaba. They also do not account for returned items. The figures relate to the volume of transactions throughout equally their platforms.

They do, having said that, indicate Chinese consumers’ hunger to store on the e-commerce giants’ platforms.

‘Social responsibility’

The two JD and Alibaba touted social and environmental accountability all through the event, aligning by themselves with the priorities of Beijing.

“This 11.11 World Shopping Pageant, we shipped constant and good quality growth that is a reflection of the dynamic Chinese consumption economic climate,” Yang Guang, vice president at Alibaba, said in a push release.

“We also leveraged the electric power of 11.11 as a platform to fulfill our social duty. This year’s festival was a meaningful milestone as component of our motivation in direction of making a sustainable potential.”

JD in the meantime said it lowered carbon emissions by 26,000 tons through this Singles Working day period compared with previous yr, highlighting its environmental qualifications.

What did individuals buy?

JD stated it observed a surge in purchases of luxurious goods and pet-similar merchandise.

Apple appeared to see sturdy product sales. JD mentioned transaction quantity of iPhones surpassed 100 million yuan in 2 seconds following the final gross sales began on Nov. 10.

Each Alibaba and JD mentioned they observed advancement in more compact Chinese metropolitan areas, a critical concentrate for the e-commerce corporations as they search to grow their person bases.

Customers from so-termed lower-tier marketplaces accounted for 77{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} of all buyers through the Singles Working day period, JD mentioned. The company reported it had seen “quick development of intake” from these marketplaces in house appliances, drugs and house decoration.

When Double 11 revenue opened on Nov. 1-3, investing in decreased-tier metropolitan areas and rural areas amplified by virtually 25{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} from very last yr, Alibaba stated.