Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.
Monday, the Dow Jones industrial average climbed 371.32 points, or 2.1 per cent, to 18,259.60. The Standard & Poor’s 500 index gained 46.34 points, or 2.2 per cent, to 2,131.52. The Nasdaq composite added 119.80 points, or 2.4 per cent, to 5,166.17.
U.S. benchmark crude oil rose 82 cents, or 1.9 per cent, to close at $44.89 a barrel in New York. Brent crude, which is used to price international oils, gained 57 cents, or 1.3 per cent, at $46.15 a barrel in London. Other energy futures were mixed. Wholesale gasoline slipped a penny to $1.37 a gallon, while heating oil added a penny to $1.44 a gallon. Natural gas rose 5 cents to $2.82 per 1,000 cubic feet.
US stock market notches biggest gain in 8 months; oil rises -- The U.S. stock market rebounded from a nine-day losing streak Monday, posting its biggest gain in eight months. The gains came as investors mostly focused on the latest developments in the U.S. presidential race a day before the general election. The FBI announced late Sunday that its review of newly discovered Hillary Clinton emails found no evidence warranting charges. That appeared to ease the market’s anxiety, which ratcheted up in recent weeks over signs that the presidential race was tightening, triggering the longest losing streak for the S&P 500 since 1980.
BE PREPARED FOR ELECTION - Tuesday is expected to be a busy day at polling sites as people cast ballots for president and a number of other races and propositions. The State of Arizona requires proper identification to vote a regular ballot (follow link below). The polling places also are available for people to drop off early ballots they haven't mailed back. You can return the mail-in ballots at any polling place during normal voting hours, 6 a.m.-7 p.m. Do not mail your early ballot at this point, or it won't be counted. To find your polling place, follow the link below. If you have any questions, you can call (520) 724-4330.
Identification requirements to vote: https://bit.ly/2eORH6k
Find your polling location: https://1.usa.gov/1qoIGWd
Pima County Recorder's Office: https://bit.ly/2bj0xsD
TUCSON WATER HAS A PLAN TO MAKE THE SANTA CRUZ RIVER FLOW - Tucson Water unveiled a blueprint last week for putting recycled water into the Santa Cruz River through downtown Tucson. The plan, dubbed "Agua Dulce" (Spanish for sweet water), would have water flowing in the river within two years. The proposal calls for using existing reclaimed water infrastructure to move the water into the Santa Cruz for recharge. In addition to the recharge component, enough water would be available for the construction of a river channel feature in the Rio Nuevo development area along the west bank of the river. The channel would allow for efficient management of recycled water, restoration of an urban riparian area, and support historic and cultural community projects and economic development in the downtown area. Before the Tucson City Council can consider the proposal, it must be presented to neighborhood and business leaders and supported by Pima County to make the restoration compatible with the County's plans to clear trees from the river channel for flood control.
From the Arizona Daily Star: https://bit.ly/2fwz6gP
ETFs Load Up on Real Estate “Index investors can’t seem to get enough of real-estate investment trusts: They collectively hold more than 15% of shares outstanding of several of the largest publicly traded property owners in the U.S., a Wall Street Journal analysis found. Exchange-traded funds specifically held about $61 billion of U.S. and international REITs, according to XTF, led by the $31 billion Vanguard REIT ETF (VNQ). That fund, with an expense ratio of 0.12% and a yield of 3.72%, tracks the MSCI US REIT Index.” (Wall Street Journal)
What the Election Might Mean for the Fed “The 2016 election could have repercussions for US monetary policy. Currently, the market sees an 82% chance that the Fed hikes its key rate by 25 basis points in December, according fed funds futures data compiled by Bloomberg. However, several analysts and economists wrote in research reports over the weekend that a Donald Trump victory followed by market volatility and risk-off posturing, could decrease the likelihood of a Fed rate hike in December.” (Business Insider)
Pickup in Price Cuts Suggests U.S. Housing Costs Could Be Nearing Peak “According to a new Trulia analysis, in the 12-months through September, advertised prices were reduced on 9.32% of rental listings around the country, up from 7.97% in the prior year. The share of rentals with price reductions increased in 80 of the 100 largest metropolitan areas. Meanwhile, 10.66% of for-sale listings took price reductions. That’s up from 10.14% last year. Of the 100 largest metro areas, 70 experienced an increase in price reductions on for-sale listings year-over-year.” (Forbes)
Restoration Hardware Expanding “Restoration Hardware is delving further into interior design services. The luxe home furnishings company is adding interactive design studios, called RH Design Ateliers, across its entire retail fleet this fall, including more than 50 markets throughout the United States and Canada. In addition, the retailer has launched a fully integrated design platform, called RH Interior Design, designed to help customers create their dream living spaces.” (Chain Store Age)
MIT Launches Data-Driven Real Estate Research Lab “Data-driven cities — in which a proliferation of sensors and other devices in roads, power grids, buildings and more gather information about performance and wear — is the future for residential and commercial real estate, according to a report last week from PricewaterhouseCoopers and the Urban Land Institute. One example of this is the proposed $500 million Gramercy District, a 2.5 million-square-foot smart city in Ashburn, VA, which will be one of only a handful of smart cities in the U.S. when its first phase is complete in 2018. The project aims to entwine technology and real estate, allowing residents to engage with their surroundings via their mobile phone.” (Construction Dive)
Toys ‘R’ Us’ 30-Hour Spree Defies Backlash to Being Open on Thanksgiving “One of the nation's leading toy superstore chains is planning a post-Thanksgiving shopping marathon that may force rivals to rethink their holiday plans. Shoppers will be able to head straight from the Thanksgiving dinner table to Toys R Us where it will unlock its doors at 5 p.m. and keep them open for 30 hours straight. The toy retailer says that once stores open, most of its stores won’t close until 11 p.m. on Black Friday.” (USA Today)
Metro St. Louis Preps for Largest Shopping Center in Years “There’s something big coming to suburban St. Louis, and GBT Realty Corp. is behind it. The commercial development company just completed the acquisition of a 28-acre site in St. Peters, Mo., paving the way for construction of the 270,000-square-foot The Shoppes at Mid Rivers, the largest retail development to sprout up in the St. Louis MSA since 2008. The Shoppes, which will reportedly cost approximately $54 million to complete, is already receiving a warm welcome.” (Commercial Property Executive)
The Wealthiest Americans Have a New Attitude about Homebuying—and It Has Led to a Crisis in the Luxury Market “Before Zillow, Trulia, Redfin, and Realtor.com, someone interested in buying a home would have to consult a local realtor to access information about what was available on the market. But as these online property databases rose to prominence, homebuyers became more picky. That is leading to some serious problems in the luxury market, where expensive homes are increasingly taking longer to sell.” (Business Insider)
Robert Durst Set to Appear in California Court on Murder Charge “Real estate heir and documentary star Robert Durst is set to make a long-awaited appearance in a Los Angeles courtroom to face a murder charge. Durst is scheduled to be arraigned on Monday in connection with the murder of his friend Susan Berman 16 years ago. Los Angeles County prosecutors have been seeking to bring Durst to California since shortly after his arrest in March 2015.” (New York Post)
Where Did My Supermarket Go? “In New York City, distance is measured in blocks. The number of blocks a New Yorker has to trek lugging an armful of groceries could mean the difference between a great neighborhood and a crummy one. For many, that walk seems to be growing longer as corner markets and grocery stores have closed in neighborhoods across the city — forcing many New Yorkers to rethink their daily routines and in some cases changing the very tenor of a neighborhood.” (The New York Times)