Commercial mortgages down so far in 2016
Originations of commercial and multifamily mortgages were down from the end of 2015 and essentially flat from a year ago according to the Mortgage Bankers’ Association. Its first 2016 data shows that in the first three months of 2016, originations were 38 per cent down from the previous quarter.
"Borrowing backed by retail, office, hotel and multifamily properties picked up, as did lending by banks. Disruptions in the broader capital markets pushed originations for commercial mortgage-backed securities (CMBS) down,” commented MBA’s VP of commercial market research Jamie Woodwell. “Across property types and investor types, changes in regulation and broader market conditions could have an impact on originations during the remainder of the year."
Homebuyers should relax this weekend
A prominent real estate expert says buyers shouldn’t rush out at the weekend to look for a new home. Scott McGillivray of Income Property says Saturday and Sunday may be popular days for viewings but waiting until Monday can save an average $3,500 for buyers.
Speaking on the So Money podcast hosted by Farnoosh Torabi, McGillivray advised that the market drops around 1 per cent every week so waiting to the start of the new week would save thousands on the average home price. He said that homeowners are generally busier with their lives on weekdays and there are fewer offers likely to be made then, increasing the chance of a buyer being accepted.
Tommy Lee lists Calabasas home
Rocker Tommy Lee has listed his Calabasas home for $5.995 million. The LA Times says the famed Motley Crue drummer bought the home a decade ago for $5.85 million, so a profit isn’t guaranteed.
The property has 5 bedrooms and 5.5 bathrooms together with plenty of rock-star must-haves including wet bar and recording studio. Outside space includes a swimming pool, Koi pond and two patios.
The listing is with Allyson Carter of Rodeo Realty.