Month: March 2019

Where Does Tidiness Craze Leave Self-Storage?: Stephen Gandel

Developers may have added too much space to the self-storage sector to keep supply levels in check.

(Bloomberg Opinion)—One of the hottest sectors in real estate investment trusts last year may no longer spark joy with investors. Marie Kondo, the tidying-up sensation, may be partly responsible.

Shares of self-storage REITs were up 3 percent last year, including dividends, in what was a tough market for real estate. Hotel REITs fell 12 percent, including dividends, in 2018. REITs focused on shopping centers dropped nearly 15 percent. Overall, REITs lost 5 percent last year, worse than the overall stock market. The basic reason for the success of self-storage is pretty evident to anyone who has lived in America, or just knows Americans: We buy a lot of stuff, and we don’t like to throw it away. That’s created a steady stream of demand for self-storage units for a while.

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    Making Their Mark: The Growing Influence of High-Net-Worth Investors in Large-Scale Commercial Real Estate

    Non-billionaire HNW investors are increasingly competing on large-scale commercial assets.

    Not so long ago, the vision of high-net-worth (HNW) investors in commercial properties entailed doctors and lawyers passing the hat at the country club in an effort to buy an eight-unit apartment complex in town or the retail strip across the street from church. In recent years, however, this image has been washed away in a veritable flood of HNW capital propelled by increased sophistication and growing incentives.

    Billionaires have long been a fixture in this landscape. For instance, the late Paul Allen’s Vulcan Real Estate has led the redevelopment of Seattle’s South Lake Union neighborhood with billions of dollars invested in 37 construction projects. These homegrown ultra-rich are complemented in U.S. commercial real estate acquisitions by the investments of sheiks from the Middle East, Chinese billionaires and other uber-wealthy foreign nationals. However, these family offices are essentially institutions themselves.

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      New Single-Family Rental Pitch: Want to Buy a Piece of a House?

      Roofstock is launching a platform to buy SFR properties and allow investors to purchase stakes in them for as little as $5,000.

      (Bloomberg)—Here’s a new proposition from a company that markets single-family rental homes to mom-and-pop investors: Want to buy a tenth of a house?

      Roofstock is pitching a chance for those interested in the asset class to start small. The company will buy a home and put it in a trust, then sell stakes for as little as $5,000. The aim is to provide investors direct access to rental income — and the tax benefits of owning commercial real estate — while lowering the buy-in and eliminating inconveniences like having to carry a loan on their personal balance sheet.

      “The whole idea at our founding was to create a platform where real estate could trade much more like a stock,” said Gary Beasley, chief executive officer at Roofstock, a four-year-old startup based in Oakland, California. “At the end of the day, you can go to a website and after a few clicks, you have real estate exposure.”

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        [Pulse] Housing industry reacts to Gary Vaynerchuck’s homeownership slam

        Ryan Serhant, Casey Crawford, Mat Ishbia, Kristy Fercho and Anthony Casa weigh in on the controversy

        Recently, I wrote an article for HousingWire’s Pulse column about a video of Gary Vaynerchuk slamming homeownership during an appearance on the Cannonball Mindset podcast.

        The motivational speaker, best-selling author and respected tech entrepreneur called homeownership “bull***t” in the video that eventually went viral.

        “I do not think the American dream should be buying a home anymore, I think it’s full of s**t,” Vaynerchuk said. “It’s a bad use of upfront capital, and it ties you up and it’s just not smart. And what is it for?”

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          Eight Common Mistakes HNW Investors Make When Buying Commercial Properties

          From trying to close deals on their own to focusing too much on returns, HNW investors should try to steer clear from these costly missteps.

          Money mistakes are a fact of life. In a survey by consumer comparison website Finder.com, 78 percent of Americans confessed to making at least one financial gaffe.

          Such mistakes typically carry greater consequences for high-net-worth (HNW) investors, though. One slip-up in a commercial real estate deal could easily cost millions of dollars.

          To help HNW investors avoid expensive blunders, we’ve compiled a list of eight common mistakes they make in commercial real estate, along with strategies for sidestepping those errors.

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