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How Hurricane Season Stands to Impact American Real Estate

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According to the 2021 Hurricane Report from real estate data analytics provider CoreLogic, nearly 8 million homes with a rebuild cost value of more than $ 1.9 trillion are at risk of storm surge damage in 2021.

The report, which focuses on single and multi-family homes along the Gulf and Atlantic coasts, examines how hurricane damage to a property affects the owner’s ability to pay the mortgage. It also studies the impact of hurricanes on the country’s already appallingly scarce housing supply.

For homeowners, the outcome of a financial disaster leads to a significant spike in mortgage defaults as people paralyzed by spending and lost wages fail to make monthly payments, according to the report. For example, after Hurricane Laura hit land in Lake Charles, the already raised delinquency rate rose from 9.8% in August 2020 to 16.1% in September 2020, an increase of 6.3 percentage points, the report said.

“To give a 360-degree view of the effects of climate change, we looked at the US real estate industry after a hurricane and saw a significant increase in mortgage defaults and housing losses,” said Frank Nothaft, Chief Economist at CoreLogic. “Some of the communities hardest hit by natural and financial disasters include communities with already high crime rates, such as Lake Charles, Louisiana, as reflected in the landfall rates before and after Hurricane Laura.”

Last week we listened as CoreLogic hosted its webinar on Hurricanes and Climate Change and the panelists discussed why hurricane risk assessment is so important to financial institutions, borrowers and entire communities.

“We’ve already seen 2020 and previous years have had a record-breaking financial impact in many communities,” said George Gallager, principal, Hazard and Spatial Solutions. “I summarize this as an important reminder that we cannot overlook the impact devastating hurricanes and other natural disasters have on homeowners and the communities they live in, on the people and the community.”

Historically, the housing stock is depleted after a categorized storm. For example, according to Harvey, Houston, Texas, saw its supply fall 23% over the next five months. Wilmington, North Carolina lost 26% of its inventory within four months of Florence in 2018. Panama City, Florida, declined 13% in the two months following Hurricane Michael in 2018.

As climate change continues to affect the way storms occur, the risk in these hurricane-prone areas will continue to increase, according to the report’s authors: Tom Larsen, Dr. Thomas Jeffery, Rhea Turakhia, Denise Moore, Molly Boesel,
Elizabeth Greeves, Maiclaire Bolton Smith and Jose Acosta.

“Based on data from the NOAA National Centers for Environmental Information, we’ve seen total inflation-adjusted losses from weather events in the United States increase 70-90% every decade – and that trend is not slowing down.”

They say the trend of urban migration to coastal cities could result in more households at risk.

These areas are typically deep, prone to hurricanes and, according to the Hurricane Report, are particularly subject to climate-related factors such as sea level rise, extreme rain events and a possible increase in hurricane intensity.

The resilience of these coastal communities – high or low income – remains a focus of prevention and preparation.

“The only way forward is to understand what is really at risk and educate, prepare, and work with them
everyone involved in the ongoing crisis, including insurance companies, lenders, government agencies and frontline families, “they noted.

Access the full report on CoreLogic.com for an insight into real estate risk at both national and regional levels.

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Crow Holdings Announces Closing of Ninth U.S. Diversified Value-Add Real Estate Fund with Approximately $2.6 Billion of Investable Capital

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DALLAS – (BUSINESS WIRE) – Crow Holdings, a leading national real estate investment and development firm, today announced the definitive closing of Crow Holdings Realty Partners IX, LP (“Fund IX” or the “Fund”). Managed by Crow Holdings Capital, Crow Holdings’ investment management company, the fund invests in value-adding real estate investments in the United States, primarily in industrial and multi-family homes and specialty sector opportunities.

Fund IX was oversubscribed with approximately $ 2.3 billion in commitments, above its original ceiling of $ 2.0 billion, and received strong support from existing investors and significant participation from new investors, including global banks and Insurance companies, pension plans, family offices and high net worth individuals. The fund has also co-invested a total of $ 265 million in equity, resulting in total investable equity of approximately $ 2.6 billion for the strategy. Fund IX marks the company’s largest fundraiser to date and is a significant increase over the $ 1.3 billion pledges raised for the previous fund.

The fund focuses on diversified value-add investment and development opportunities in multiple property types in major US markets. Today these possibilities exist mainly in industrial and multi-family houses as well as in special sectors such as prefabricated houses, comfort and gas, self-storage and student dormitories. The fund was fully launched during the Covid-19 pandemic and began investing during this challenging time as well. To date, more than 63% of the fund’s capital has been invested in 62 investments, primarily in the high-growth regions of the Southwest, Southeast and Mountains of the United States

“We appreciate the trust our investment partners have in the continued ability of our team to deliver results to them,” said Michael Levy, CEO of Crow Holdings. “This successful degree shows recognition for our company’s long-standing track record, real estate expertise and, in particular, for our early recognition of the considerable tailwind behind the demand for logistics and e-commerce, the changing population demographics and changing housing preferences as an integral part of our differentiated investment strategy . ”

“With more than 63% of the capital employed in Fund IX, we are already achieving strong investment results, including the repatriation of capital at the beginning of the fund’s life cycle through rapid realizations. This achievement is recognition of the team who have worked hard during this unprecedented and challenging time to continue fulfilling our commitment to all partners, ”said Bob McClain, CEO of Crow Holdings Capital. “We believe that our pipeline – particularly in the industrial, multi-family and specialty sectors – will continue to offer attractive opportunities to grow results throughout the life of the fund.”

Hodes Weill Securities, LLC acted as placement agent for Fund IX.

About Crow Holdings

Crow Holdings is a leading national real estate investment and development company with 70 years of operations and $ 21 billion in assets under management. With a strong track record across property types and market cycles, Crow Holdings pursues unique investment opportunities through a range of strategies and risk-return profiles, creating value for its investors, partners and communities. Operating out of 17 offices in the United States, Crow Holdings has extensive industry reach with expertise in multi-family, industrial, office and specialty sectors and has developed or acquired more than 225 million square feet. Our core principles of partnership, collaboration and reconciliation of interests remain central to Crow Holdings today. More information is available at www.crowholdings.com.

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Black real estate developer breaks ground on new housing project in his Southcrest neighborhood

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Developer DaSean Cunningham broke ground for his first residential project in the neighborhood he grew up in. Seven new houses are to be built in Newton Gardens.

SAN DIEGO – Real estate developer DaSean Cunningham is thrilled to have broken ground for the Newton Gardens residential project in the Southcrest neighborhood where he grew up.

“Yes, we’re African-American men, but we do it. I’m good at real estate because I’ve seen someone who looks like me,” said Cunningham of Paradigm Commercial Group.

The search for a builder led to a chance meeting of Joseph Lewis with Cunningham’s mother.

“I met her at Home Depot when she asked my opinion on a color and I gave her a card and she said, ‘I think you could help my son,'” said Lewis, owner of Llewellyn Group, LLC . a real estate development company.

Lewis will oversee the entire construction of Newton Gardens at 4066 Newton Avenue.

Black property developer DaSean Cunningham from Paradigm Commercial Group is excited to break ground for a new 7-unit residential project in the neighborhood where he grew up in Southcrest #SanDiego Congrats @ CBS8 @DeskEight 🏡https: //t.co/gwfvMtrazO pic .twitter.com / 8bfQ88Oa58

– Heather HOPE (@ HopeNEWS8) September 22, 2021

“I have this equipment behind me, so tomorrow I’ll flatten this land and then we’ll dig the foundations the next day,” said Lewis.

Lewis led six other projects in the same southeastern area of ​​San Diego’s 9th Ward, and said getting from the planning stage to getting funding and construction can often be a struggle.

“I had never built a house before 2017, but I had to figure out how to make plans, how to get the money, and how to get around town because that is really a trip around town. I can’t be the only one going through this drama and then DaSean came into my life and I’m determined to get him through this project ahead of time, ”said Lewis.

The all-African American group takes to the ground while breaking barriers. The residential project plans consist of seven units including three bedroom / three bathroom villas. Cunningham invested $ 200,000 of his own money, received a $ 400,000 loan for construction, and has to pay for city fees, water and sewer permits, and school and architecture fees totaling about $ 800,000.

“The main source of wealth in the United States is real estate. He’s black like me and we need to support each other in this area as we represent 0.25% of the industry, ”said Demetre Booker Jr., managing partner for Elevate Commercial, a minority owned commercial real estate company.

Booker Jr. said Cunningham’s project stands out in a community where black real estate owners are severely underrepresented.

“This is already a success for him. The average net worth of African Americans is $ 17,000, compared with Hispanics at $ 23,000 and Caucasians at $ 170,000. The majority of affordable housing developers don’t look like they live in the communities where they help or where they do business.

Newton Gardens is just a filthy place now, but Cunningham said the project embodies a lot more.

“I love what that symbolizes. Like these African American men in San Diego who are driving developments and models for what is possible in the communities they live in, ”said Cunningham.

The Newton Gardens development is expected to be completed by autumn 2022.

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Brad Pitt and Angelina Jolie vie for $ 164 million French real estate

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Angelina Jolie and Brad Pitt’s divorce ended in 2019, but the former couple are still fighting over luxury real estate in France, according to Fox News court records. Increase.

A complaint filed in Luxembourg on Tuesday did not allow the “Maleficent” star (46) to capture a 50% stake (57) of the 1,000 hectare, $ 164 million Chateau Miraval in Corin, France. He accuses him of trying to dump. The first option to buy them.

The huge property is owned by separate limited liability companies managed by both parties, according to court documents stating that Mirabal was owned by Kimikam-Pitt, originally 60% owned by his company Mondobongo. I owned a share. Jolly now held 40% through her company Nouvel.

“Nouvelle has been worth mentioning for four years. [Jolie’s company] Due to the systematic delay in the approval of the annual financial statements and the appointment of new executives, we have not acted in the best interests of Quimicum, ”it said in the proceedings.

Angelina Jolie says she did not divorce Brad Pitt “lightly”: “There is not much I can say.”

An aerial photo taken in Leval, southeastern France on May 31, 2008, shows Chateau Miraval, a vineyard mansion owned by Brad Pitt and Angelina Jolie.
(Michel Gangne ​​/ AFP via Getty Images)

“I understand the real purpose of Nouvel and its shareholders behind this systematic obstruction. [Jolie] The shares of Château Miraval SA were sold by circumventing Mondobongo’s first veto (as described in the Kimikam Authorization Article), which resulted in capital gains thanks to Mondobongo’s investment and no Nouvelle contribution. “

Pitt and Jolly married in a luxury apartment in 2014 in a top-secret ritual that only had six children in attendance. According to the document, three years before they rolled the ball in a long divorce lawsuit, Pitt transferred 10% of his stake in Jolly, making both 50/50 co-owners with nine-figure landmarks. Bottom.

Court disqualifies Angelina Jolie’s judge, Brad Pitt’s divorce case

According to sources reporting Fox News Tuesday, Jolly had allegedly been involved in real estate when the actress tried to move the goal post and evade her duty to box. They wanted to get out of business.

Meanwhile, Jolly’s camp points to Pitt, who allegedly used his celebrity to sympathize with the ongoing Exe custody battle.

Brad Pitt filed a lawsuit in court alleging Angelina Jolie attempted to sell her stake in Château Miraval’s estate without giving her the first option to buy it in full.
(Michel Gangne ​​/ AFP via Getty Images)

“This type of gamemanship is the final attempt by a prominent party seeking special treatment, not the purpose of the court’s limited review resources,” Jolly’s attorney told Page Six on Tuesday. ..

“There is nothing to see or to evaluate here. It’s okay to meet this court’s strict standards for review or review, ”she added.

Brad Pitt requests review of Angelina Jolie’s custody battle after private judge’s disqualification

Jolly filed for divorce in August 2016 because of “irreconcilable differences” in five of her six children (Pax 17 years old, Zahara 16 years old, Shiro 15 years old, twins Vivienne and Knox 13 years old). Custody requested. ..

Earlier this month, Pitt moved to re-examine her custody battle after Jolly won the disqualification of the private judge overseeing her case.

Angelina Jolie and Brad Pitt were married for two years before the actress filed for divorce.

Angelina Jolie and Brad Pitt were married for two years before the actress filed for divorce.
(Getty)

In a statement to Fox News, Pitt’s attorney Theodore J. Boutros Jr said: After lengthy trials by multiple witnesses and experts, he was disqualified after presenting detailed fact-based custody decisions.

“The judgment of the inferior court rewards the party who loses the custody case and allows them to await possible instructions on the case before moving to petition for the disqualification of the judge, their gambling art. Enables this type of strategy to be used. The “wait and see” objection to disqualification is involved in this case by unnecessarily prolonging the settlement of these disputes in an already overloaded judicial system. It does irreparable harm to both the child and the family, and in other cases, other families. The strategy will take away irreplaceable time with their children for parents as judges who allow such wise action will be disqualified for minor reasons during the trial.

Brad Pitt receives joint custody of children in Angelina Jolie’s divorce case

“The lower court ruling is bad for children and for California’s obese judicial system,” said Boutrous Jr. of Gibson, Dunn & Clutcher LLP. Closed.

Jolly’s attorney did not immediately respond to Fox News’ request for comment, but in a statement at the time, actress Robert A. Olson’s attorney told Entertainment Tonight: When the judge heard the question of imprisonment, he overturned the order of the Richter correctly.

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“Mr. Pitt’s attorney’s petition to the California Supreme Court reveals their hold on to this private judge who has shown prejudice and denied legally necessary evidence. In a financial relationship, Mr. Pitt’s attorney attempted to revive a private judge.

“Jolly wants Pitt to be with her instead of focusing on the children’s needs, voice, and healing,” the statement concludes.

Jolie representatives did not immediately respond to Fox News’ requests for comment.

Melissa Roberto of Fox News contributed to this report.

Source link Brad Pitt and Angelina Jolie vie for $ 164 million in French real estate

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