Home prices rise but growth slows – good news say the experts
The latest barometer of home prices shows that growth has slowed. The S&P/Case-Shiller home price index was up 4.2 per cent in the year to April, a slower pace than the 4.3 per cent rise in March. However analysts say that it shows that the market isn’t overheating. David Blitzer of S&P Dow Jones Indices told the Wall Street Journal: “We’ve moved from something we couldn’t sustain to something that’s a lot more reasonable.” The sub-index of 10 cities was up by 4.6 per cent year-over-year while the 20-city index rose 4.9 per cent. Both are roughly unchanged from March. On a month-over-month basis there was little change in the seasonally adjusted figures.
Movie tycoon lists Beverly Hills home
The chairman and CEO of Phoenix Pictures Mike Medavoy, who worked on many Oscar-winning movies including Rocky and One Flew Over The Cuckoo’s Nest, has listed his Beverly Hills home for $14.995 million. The LA Times reports that Medavoy and his wife Irena bought the home for $8.2 million just two years ago. The main house has 7 bedrooms and 8.5 bathrooms while outside there’s a pavilion, pool, spa outdoor kitchen and garaging for 5 cars. The listing is being handled by Jade Mills and Joyce Rey of Coldwell Banker.
Is retail space heading for a major downgrade?
A report in the New York Post suggests that developers and landlords are oblivious to a shift that’s happening in retail real estate. The article cites an example of Build a Bear Workshop which recently closed its 22,000 square foot store on the prestigious Fifth Avenue to move to a new also-prestigious space at the Empire State Building. That new store though is 3,000 square feet. Author Steve Cuozzo says that Manhattan has a lot of empty retail space but exact figures are not carefully collated in the way that office space is. With the exit of some retailers, either from bankruptcy, downsizing or a changing business model, builders keep building prime retail space but could end up with a supply glut in the years to come.
Fox News announces new real estate program
Fox News Channel has announced that is launching a new show with real estate attorney Bob Massi. The show will focus on the Las Vegas market where Massi is based and will look at everything from first-time buyers trying to find a home to millionaire’s mansions, although it will be more business-oriented than most of the real estate TV shows. ‘Bob Massi is The Property Man’ airs Saturdays at noon from July 11.