Bourg Immobilier http://bourg-immobilier.com/ Thu, 24 Nov 2022 06:49:14 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bourg-immobilier.com/wp-content/uploads/2021/03/default.png Bourg Immobilier http://bourg-immobilier.com/ 32 32 City begins aggressive sale of cheap industrial land https://bourg-immobilier.com/city-begins-aggressive-sale-of-cheap-industrial-land/ Thu, 24 Nov 2022 02:49:00 +0000 https://bourg-immobilier.com/city-begins-aggressive-sale-of-cheap-industrial-land/ EDC executives say city’s $50,000 an acre price for industrial land is too low

Sault Ste. Marie Economic Development Corp. is preparing to launch an aggressive marketing campaign for city-owned industrial land.

“Within two weeks, you’ll start to see [Multiple Listing Service] industrial lands in Sault Ste. Marie belongs to the city,” Rick Van Staveren, the city’s director of economic development, said Wednesday at a meeting of EDC’s board of directors.

“That has never happened in the past,” Van Staveren said.

“The only way to find out if there was industrial land for sale in the Sault was to call me or one of my counterparts.”

“Now it will actually be promoted and advertised.”

James Caicco of Century 21 Choice Realty Inc. was recently hired by EDC to market the town’s industrial property, which sells for $50,000 per acre.

This is double the price charged by the city until July 2021.

Before that, the city had been selling industrial land for $25,000 an acre since 2004 and never raised the price.

Flakeboard (now known as Arauco) built on Base Line in 2004.

EDC doubled the price in 2021 after checking prices in other northern Ontario cities and recent industry transactions here in Sault.

At Wednesday’s EDC meeting, Sam Butkovich, owner and official broker of RE/MAX Sault Ste. Marie Realty Inc., expressed concern that even $50,000 per acre seemed like a very low price.

“We’re still not at market price. We recognize that,” Van Staveren said.

“We don’t want speculators. We know land is cheap. The last thing we want is for someone to come and buy all the industrial land and sit on it.”

“So there’s a rider that you need to build a facility of at least 2,000 square feet in a year,” Van Staveren said.

“You give the property away at $50,000 an acre, fully serviced,” board member Joe Bisceglia commented.

“Hopefully they get it back soon enough and start building,” Bisceglia said, adding, “It’s not our property. It’s city property.”

In any case, none of the industrial land in the city has sold in the last year, even at the price of $50,000.

In other matters, EDC executives said Wednesday they were trying to arrange a meeting with Algoma Steel to revive the Algoma Port project, but so far the steelmaker has been concerned about other concerns.

EDC also formalized its previously approved $250,000 donation to the downtown project on Wednesday.

“As with most projects,” Van Staveren told his board, “I think they have a few supply chain issues here and there on certain things.”

“The [completion] the date is still the date, but is it possible that it can move? Yes,” Van Staveren said.

“But I don’t have any new dates or anything to share.”

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Thanksgiving has extra meaning this year for residents of this Jersey City apartment building https://bourg-immobilier.com/thanksgiving-has-extra-meaning-this-year-for-residents-of-this-jersey-city-apartment-building/ Wed, 23 Nov 2022 18:36:00 +0000 https://bourg-immobilier.com/thanksgiving-has-extra-meaning-this-year-for-residents-of-this-jersey-city-apartment-building/

Thanksgiving came a day early, but when you’ve been waiting two years to host it, why not get a head start?

As people gathered around roast turkey, ham and potatoes on Wednesday, it was a time to celebrate much more than a national holiday. It was the start of a new era for the Bergenview building where they live, which now have upgraded units giving each former homeless resident a truly independent living experience and amenities like the community room where they met to to eat.

The McGinley Square building, formerly a YMCA, has for over 20 been a single room homeless shelter to transition to stable and affordable studios.

Its renovation marks an investment in the community it has fostered, ensuring each resident has their own kitchen and bathroom, rather than the dorm-style units some previously lived in, as well as access to a new fitness room, bike storage, redesigned community room with games and social services and property management suite.

Holiday celebrations have long been a mainstay of the Bergenview experience, but have been put on hold during the two-and-a-half-year renovations.

“Today our goal is to give them a sense of family, a sense of belonging and to show them that we care,” said property manager Claudia Lopez. “That’s what we did every vacation. Due to COVID and construction, we haven’t really been able to get together for the past two years.

And for many formerly homeless, it’s their only Thanksgiving celebration, a crucial resource during a vacation period where depression may worsen for those far away of the family, said Bergenview social services coordinator Mike Bratton.

Some residents like Charles Hyman have made Bergenview their home for two decades.

Although Hyman’s unit was recently repainted, many of his framed photographs are already back on the wall of the room he moved into in 2002, with decor to match the 76-year-old’s eclectic personal style. , with a silver ring on almost every finger, and the whispering hip hop of an old-fashioned boom box.

Others have taken up residence there more recently. All must be verified as homeless to be approved for an apartment, and the building’s 111 units are currently 98% full, with a waiting list of 239 people, Lopez said.

Stanley Robinson said he became housing insecure during a separation and had to stop working due to medical foot problems. He found it uncomfortable navigating the balance of crashing with relatives, who he described as often expecting more than he could provide in return, and the shelter he tried was packed and chaotic, with some people sleeping in the kitchen.

When Garden State Community Development Corporation, a Hudson County-based housing and social services nonprofit, helped him apply for an apartment in Bergenview, he said he was able to move in. almost immediately.

“After all these years of going through all this hardship, coming here was probably one of the best things that ever happened to me,” Robinson said. “You have your own security. You have your own place.

While he has a brother who lives in Jersey City and can see nieces and nephews on Thanksgiving Day, he says it’s possible the Bergenview lunch will be his main holiday celebration.

The building provides in-house social services to residents and many staff are formerly homeless themselves. The Community Builders, a nonprofit real estate developer, owns the building and is building a new project, Fairview Apartments, with affordable, market-priced housing right next door.

The location, with an abundance of shops and restaurants in the surrounding blocks, is ideal for residents like Alfred Reaves who walks with a cane.

The 54-year-old was couch surfing before living in the downtown St. Lucy shelter for two months after a back problem interrupted his job as a truck driver.

Now, eight years after his stay at Bergenview, he is enjoying the sense of security it gave him.

He watches TV on an oversized screen in his studio and keeps a model ship he made in high school on his kitchen table.

He remembers when he was first offered a tour of the apartment while living in the shelter.

“I was like, ‘I don’t even need to see it,'” Reaves recalled. ” Where are the keys ? »

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“Foreign real estate agents” aggravate the problems of the real estate market in Antalya https://bourg-immobilier.com/foreign-real-estate-agents-aggravate-the-problems-of-the-real-estate-market-in-antalya/ Wed, 23 Nov 2022 01:00:00 +0000 https://bourg-immobilier.com/foreign-real-estate-agents-aggravate-the-problems-of-the-real-estate-market-in-antalya/ The number of Russian and Ukrainian real estate agents, who work without a license, has exceeded the number of local real estate agents with …]]>
ANTALYA

Real estate agents working informally in Russia and Ukraine are compounding the problems in Antalya’s real estate market, further pushing up already high prices and rents in the city.

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The number of Russian and Ukrainian real estate agents, who work without a license, has exceeded the number of local real estate agents with proper official documents, according to the Antalya Real Estate Brokers Association.

“The war in Ukraine has transformed the real estate market. We’ve seen rents soar amid migration [from Russia and Ukraine]. They arrived in town in a state of panic and were looking for accommodation. Some of our colleagues and owners saw opportunities there,” said İsmail Çağlar, the head of the association.

Prices for furnished apartments have tripled in a very short time, he said, adding that other landlords have started raising rents for their existing tenants. “It has turned the local real estate market upside down. The situation worsened further in July. The tenants failed to pay their rents and the landlords began to sue them.

When things started to calm down, then came these foreign real estate agents, he said. According to Çağlar, around 10,000 Russians and Ukrainians work informally in the Antalya property market, which is home to 200,000 expats.
These informal workers, who communicate through WhatsApp groups, are wreaking havoc on the market, he said.

“They don’t add us to those groups. The price of a house goes from 5,000 lira, which is determined by our association, to 12,000 to 15,000 lira when the house is marketed. And the situation is no different for houses put up for sale,” Çağlar said.

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Landlords have chosen to work with these people when they want to sell or rent their homes, he added.
Residents are extremely affected by this situation as they cannot afford to pay these high rents, Çağlar said.

He added that they will present a report on these illegal workers to Ankara officials at the end of the month.
One in three homes sold in the resort town of Antalya were bought by foreigners in October, according to data from the Turkish Statistical Institute (TÜİK) earlier this month.

While the number of residences bought by foreigners in Turkey in October was nearly 5,400, more than 2,000 of the 6,233 residences sold in Antalya and more than 1,600 of the nearly 17,000 residences sold in Istanbul were purchased by strangers.

In October, Russian citizens bought more than 2,000 residences in Türkiye. Russian citizens were followed by Iranians with 498 houses, Iraqis with 310 houses and Ukrainians with 216 houses.

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Pimco, TCW and DoubleLine bet on mortgage bonds as rates rise https://bourg-immobilier.com/pimco-tcw-and-doubleline-bet-on-mortgage-bonds-as-rates-rise/ Tue, 22 Nov 2022 18:05:32 +0000 https://bourg-immobilier.com/pimco-tcw-and-doubleline-bet-on-mortgage-bonds-as-rates-rise/

(Bloomberg) – Mortgage bonds are near the cheapest since the financial crisis by some metrics, and fund managers like Pacific Investment Management Co. are betting prices have fallen enough to make the stocks a great buy now.

Investors such as DoubleLine Capital, Vanguard Group and Morgan Stanley Investment Management are also borrowing from US-backed entities such as Fannie Mae and Freddie Mac. TCW Group views bonds as one of the company’s most compelling investments today.

They are attracted by an unusual change in the links. Mortgage-backed securities are typically particularly affected by unexpected changes in interest rates, which change how often consumers refinance their home loans and how quickly investors get their repayments. This sensitivity is known as negative convexity, but it has all but disappeared for now, as mortgage rates have risen and most homeowners are far from being able to refinance and prepay their loans.

“Homeowners are unlikely to refinance their mortgages given the unprecedented rise in interest rates in a short period of time,” Dan Hyman, manager of the $6.4 billion Pimco Mortgage Opportunities and Bond Fund, said in a statement. an email. “That means prepayment risk — something unique to the securitized market and a reason these bonds typically yield more than US Treasuries — is highly predictable.”

That kind of predictability may explain why mortgage bonds jumped 2.5% on Nov. 10, their biggest one-day gain since June 1988, after a government report showed inflation cooling, and have risen about 5% since the end of October according to data from the Bloomberg index.

Even with these gains, bond risk premia are near their highest level in a decade, excluding the start of the pandemic. The spread between the current 30-year Fannie Mae coupon yield and a mix of five- and 10-year Treasuries was around 1.4 percentage points on Monday, rising to nearly 1.8 percentage points at the mid-October. This is also part of why fund managers buy.

Laird Landmann, co-head of fixed income at TCW, said now is the best buying opportunity since the global financial crisis, when the bursting of the mortgage bubble resulted in outsized returns for investors willing to be against a current.

MBS represented 45% of the $64 billion portfolio of TCW’s Metropolitan West Total Return Bond Fund – its largest holding – as of September 30. That’s up from 36% at the end of last year.

“He’s settling in to be very attractive,” Landmann said in an interview at TCW’s Los Angeles headquarters. “Seasoned residential real estate debt is like gold.”

Certainly, mortgage bonds will face potential difficulties in the coming months. The Federal Reserve was once the biggest buyer of securities, but this year it effectively stopped buying. It has $2.67 trillion of bonds in its portfolio, in a market of about $8 trillion.

With the biggest buyer effectively out of the market, it’s unclear who will step in now, said Bloomberg Intelligence analyst Erica Adelberg. This can weigh on the prices of the securities. And at some point, the Fed could look to sell its holdings, which would weigh on bonds even more.

“Mortgages have been hit on all fronts,” Brian Quigley, senior portfolio manager at Vanguard, said in a phone interview. “The Fed has backed off, there’s a historic rate hike we haven’t seen in decades and a record spike in volatility after 2008.”

But the Fed is unlikely to deliberately flood a bond market when it’s already down, according to Vitaliy Liberman, portfolio manager at DoubleLine. The DoubleLine Total Return Bond Fund held about 80% of its $35 billion portfolio in residential and commercial mortgage-backed securities as of September 30, including agency and non-agency holdings.

“If I were to allocate my own money, the MBS agency would make sense,” Liberman said.

Some investors – especially fund managers – are once again interested in buying. For example, Vanguard bought mortgages and is now somewhat overweight, Quigley said.

“MBS needed to reach very cheap levels to attract fund managers,” Quigley said.

Falling emission

Another bright spot for stocks is that new mortgage bond issuance is expected to fall in the coming months as rising rates reduce home purchases. BMO Capital Markets expects total sales of fixed-rate mortgage bonds by entities like Freddie Mac and Fannie Mae to fall by nearly half next year to about $300 billion, from about $550 billion in 2022.

That could help push bond prices higher, especially in the coming months, which tend to be seasonally slow for home purchases, said Andrew Szczurowski, portfolio manager at Morgan Stanley Investment Management, which specializes in MBS. . The asset manager is overweight higher coupons and one of its funds has the largest allocation to agency MBS in nearly a decade.

“Higher coupons still feel incredibly cheap to us, despite the rally,” Szczurowski said. “We keep adding.”

Investors looking to gain exposure to mortgage bonds can buy the securities directly, but can also buy exchange-traded funds or real estate investment trusts linked to mortgage bonds. REITs often borrow money to buy more mortgage bonds, which could amplify the gains they generate. That’s attractive to Bill Gross, the retired co-founder of Pimco, who has been buying mortgage bonds for decades.

“Mortgage REITs like Annaly yield 16% and their book value increases if spreads tighten – kind of a double game,” Gross said last week, referring to Annaly Capital Management. “I like MBS as a game of fairness.”

Although bonds have gained in recent weeks, they have more recovery ahead of them and look better than other securities like high-quality corporate bonds or Treasuries, according to Harley Bassman, managing partner at Simplify Asset Management. and former portfolio manager at Pimco.

“You didn’t buy the stocking?” Move on. They’re still good,” Bassman said.

© 2022 Bloomberg L.P.

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Lake Worth Beach charity sends more care packages to troops than ever https://bourg-immobilier.com/lake-worth-beach-charity-sends-more-care-packages-to-troops-than-ever/ Sat, 19 Nov 2022 20:16:12 +0000 https://bourg-immobilier.com/lake-worth-beach-charity-sends-more-care-packages-to-troops-than-ever/

LAKE WORTH BEACH — Santa’s workshop has nothing to do with the one run by Lynelle Chauncey Zelnar.

Founder of Forgotten Soldiers Outreach — a 20-year-old nonprofit that sends monthly care packages to American troops overseas — Zelnar filled her Lake Worth Beach warehouse with bins upon bins of holiday goodies on Saturday , to be sent nearly 7,000 troops in the coming days.

Christmas-style care packages include snacks, hygiene products, handwritten student cards, and a mini care package to give to any soldier who returns from the mailroom empty-handed.

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