Daily Market Update: US has the most property billionaires according to Forbes...

by MPA24 Apr 2015
US has the most property billionaires according to Forbes
The latest list of the world’s billionaires has been published by Forbes.com and this year there are more real estate billionaires with more from the US than anywhere else. There are 157 people on the list who have made their billions from property, that’s 23 more than last year, 33 are Americans. Generally speaking they have made their fortunes from commercial real estate rather than homes.

Hong Kong’s Lee Shau Kee is the richest property tycoon; at number 27 in the billionaires list with an estimated $24.7 billion. His portfolio includes commerce centers and hotels. China’s Wang Jianlin is next with $24.2 billion with mainly shopping centers and hotels. Third are the Kwok Brothers with $15.9 billion thanks to their investments in Hong Kong skyscrapers. American Donald Bren is the fourth richest property tycoon and number 67 on the billionaires list overall. His $15.2 billion fortune comes from his Irvine Company’s portfolio of shopping centers, apartments, golf clubs and offices, mainly in Southern California.
Celebrity home to go under the hammer at $100
A home that was owned by Real Housewives of New Jersey star Teresa Giudice but it now in foreclosure is to be auctioned with a starting bid of $100. Giudice was sentenced to 15 months in prison for fraud and according to the Inquistr the New Jersey home that she and her husband were trying to sell went into foreclosure and will be sold next month. It says that another of her NJ homes is also in foreclosure and another is in pre-foreclosure.

Remodeling set for steady growth
Small renovation jobs are driving a steady pace for the remodeling sector according to new figures from the National Association of Home Builders. Its remodeling market index shows that activity is down slightly on the last quarter of 2014 but at 57 it is still above the key break-even point; anything above 50 suggests positive growth. The West is doing best with a score of 62 followed by the Northeast on 59, the South on 56 and the Midwest on 54. Small renovations and repairs pushed up to their highest level on record in the first quarter. Bad weather and labor shortages held the sector back somewhat and costs of materials is also higher currently. 


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