This is set to cause “major disruption” to the real estate industry
Machines are set to play a significant role in real estate according to a symposium held by the Urban Land Institute. The event, held in Hong Kong discussed the impact on the industry as machines communicating with each becomes a factor of “major disruption.” The fourth industrial revolution will be “as hugely impactful on the global economy and real estate industry as the three preceding industrial revolutions” the participants said.
Among the main findings of the symposium:
- The speed at which technological innovation is arriving continues to increase, as does the speed of adoption; affecting the real estate industry on an unprecedented scale.
- As an industry, real estate remains generally conservative and behind the curve in responding to innovation.
- The millennial generation is an increasingly important part of the equation, partly because millennials are increasingly prominent demographically, and partly because they have an instinctive grasp of the potential of new technology.
“Taken in combination, the impact of this wave of incoming innovation will only grow in force in coming years, forcing real estate practitioners to adapt or go the way of the dinosaur,” the report concludes. “This is not only because new technology will likely create opportunities for greater efficiencies that will provide significantly better products or services, but also because the next generation of industry leaders is already steeped in the cyber-world dynamic.”
Pending home sales gain again in California
Pending homes sales in California showed solid gains in December compared to a year earlier. The California Association of Realtors reports an 8.3 per cent rise in its pending sales index to 77.9, however this was the smallest increase since January 2015. Seasonal factors saw pending sales drop 22.4 per cent in December compared with November.
The share of equity sales – or non-distressed property sales – edged up in December and remained at the highest levels since the fall of 2007. Equity sales now make up 93.6 percent of all sales, up from 90.1 percent a year ago.
Thin housing supplies, affordability and overinflated home prices are realtors’ main causes for concern in the state, according to a CAR survey.
NFL linebacker cuts price of Florida mansion
Karlos Dansby, linebacker with NFL team Cleveland Browns, has cut the price of his Florida mansion. The home was listed last year at $4.4 million but has now been cut to $4.1 million according to Realtor.com. The Southwest Ranches home has more than 9,000 square feet of living space with oversized rooms and custom woodwork.