Sharon Tan

property News

The Disappearing Act of Affordable Housing: A Growing Crisis in the U.S.

Affordable housing in the U.S. is on the brink of a major crisis, as thousands of units built under the Low-Income Housing Tax Credit (LIHTC) program are set to expire in the coming years. This program, which has been in place since 1986, has been responsible for creating 3.6 million affordable housing units, yet many of these units are nearing the end of their 30-year affordability period. For tenants like Marina Maalouf, a longtime resident of Hillside Villa in Los Angeles, this expiration marks a significant threat to their livelihood. Marina’s rent doubled in 2021 after her building’s LIHTC contract

October 8, 2024 No Comments

Hong Kong News

Can China’s Property Market Rebound During Golden Week?

China’s property market, long troubled by a significant economic slowdown, is attempting to rebound during the National Day Golden Week holiday. As part of a renewed effort to revitalize the struggling sector, local governments, developers, and cities are rolling out extensive promotional campaigns to attract homebuyers. The timing is critical, as Beijing has recently introduced a series of stimulus policies aimed at breathing new life into the real estate sector. Beijing’s New Stimulus Policies In late September, just before Golden Week, the People’s Bank of China (PBOC) introduced several key measures to spur property sales. The mortgage rate was cut

October 7, 2024 No Comments

Hong Kong News

China’s Stimulus Revives Investor Interest in Troubled Property Bonds

China’s recent stimulus measures have sparked renewed interest from both Chinese and global investors in the country’s beleaguered property sector, particularly in offshore bonds. These efforts, aimed at stabilizing the economy and reviving the real estate market, have led to significant rallies in bonds that were previously distressed. The aggressive stimulus package, announced on October 1, 2024, represents the most comprehensive effort by the Chinese government to support the property sector since the COVID-19 pandemic. This development has attracted substantial investment, including from Beijing G Capital Private Fund Management, which placed its first orders for property bonds in several months.

October 6, 2024 No Comments

property News

Manhattan’s Luxury Real Estate Booms Despite Supply Shortages

The Manhattan luxury real estate market experienced a surge in home contracts during the third quarter of 2024, despite a notable decrease in available listings. According to recent reports, sales of residential properties priced at $20 million or more saw a 16.7% year-over-year increase, signaling a significant uptick in high-end property activity. Historically, real estate activity in Manhattan tends to slow down during the summer months. However, the third quarter saw a surprising rise in ultra-luxury home deals, driven by a strong stock market and lower interest rates. Compass, a leading brokerage, reported a 15.4% jump in contracts for homes

October 5, 2024 No Comments

News

Silver Lake’s Silva Apartment: A New Landmark in LA’s Hot Market

A new chapter begins in Silver Lake, Los Angeles, as Cityview and Wafra secure a $73 million loan from 3650 REIT to acquire Silva, a newly built Class-A apartment community. Located at 235 N. Hoover Ave, Silva boasts 360-degree views of iconic landmarks like Hollywood, Downtown LA, and West Los Angeles, offering residents a unique combination of luxury and convenience. With 221 units averaging nearly 1,000 square feet, each home features modern amenities such as 9-foot ceilings and floor-to-ceiling windows. This prime location, only a mile from the heart of Silver Lake, is renowned for its vibrant culinary scene and

October 4, 2024 No Comments

News

New Yorkers Say ‘Yes’ to Affordable Housing: The “City of Yes” Initiative

New Yorkers are uniting for a future where affordable housing is within reach, thanks to the approval of the “City of Yes for Housing Opportunity” proposal. This initiative, marking a pivotal change in the city’s zoning code, aims to address the housing crisis and meet the growing demand for affordable homes. With the city’s vacancy rate at a low 1.4%, rent prices are skyrocketing, forcing families out of their homes. Mayor Eric Adams, alongside state officials, has taken proactive steps to tackle this crisis head-on. Now, it’s up to the City Council to join forces and pass this landmark proposal,

October 3, 2024 No Comments

UK News

Paris Apartment Blends Minimalism with Napoleon-Era Grandeur

Renowned French architect Joris Poggioli recently transformed his Paris apartment, skillfully blending modern minimalism with the rich architectural heritage of the Napoleon era. Located in a mansion once used as Napoleon Bonaparte’s office, the apartment reflects a harmonious mix of historical preservation and contemporary design. Poggioli’s vision for the renovation was clear: maintain the “historic soul” of the 90-square-meter apartment while incorporating minimalist design elements that speak to the present day. “It was an opportunity to merge my passion for minimalism with the grandeur of Napoleon-era architecture,” he explained. This approach was not just about restoring the space but allowing

October 2, 2024 No Comments

Hong Kong News

China’s Top Cities Ease Real Estate Curbs to Boost Housing Market

China’s property market is experiencing a major shift, as three of the country’s largest cities—Shanghai, Guangzhou, and Shenzhen—have eased homeownership restrictions to stimulate the market. The easing of these curbs is part of a broader strategy by both central and local governments to support the housing sector, which has been suffering from a prolonged slowdown. Guangzhou Leads the Way in Policy Deregulation Guangzhou, the capital of Guangdong province, has taken a leading role in relaxing restrictions on home purchases. As of October 1, 2024, all homebuying curbs for both locals and non-locals have been removed. This deregulation is a major

October 1, 2024 No Comments

News

Hackney Wick Gets Green Light for 337-Home Co-Living Development

Hackney Wick, a vibrant and creative area in East London, is set to welcome a new co-living development after receiving approval from the London Legacy Development Corporation (LLDC). This exciting project, led by investor Mitheridge and developer Halcyon, will deliver 337 co-living homes in two modern blocks located along the canalside at 115-119 Wallis Road. The development is set to transform the waterside location, which currently houses three low-rise warehouses, into a thriving residential and commercial hub. The co-living scheme will feature a mix of five- and eight-storey blocks, offering studio apartments designed for individuals who value a community-oriented lifestyle.

September 30, 2024 No Comments

property News

Zoning in Los Angeles: The Debate Over Single-Family Zones

The Los Angeles City Planning Commission recently made a pivotal decision, voting to prioritize housing developments outside of the city’s single-family zones. This move is part of a larger rezoning effort required by the state, aiming to accommodate over 450,000 new homes in the next five years. With 72% of L.A.’s residential land currently zoned for single-family homes, city planners are exploring ways to build more housing without disrupting these areas significantly. The new proposal focuses on encouraging developers to construct taller, denser buildings in areas already zoned for apartments, with incentives for including affordable housing for low-income renters. Meanwhile,

September 29, 2024 No Comments