Tomorrow June 26th is the deadline for the owners of those buildings of old data that are intended to sell houses rent to tenants.
On 28 March, the Ministry of Housing and Habitat issued a ruling which ordered the sale of real estate in those buildings for 20 years or more have been oriented to the lease, which revived one of the transitional provisions of the Act Real estate leases, in force since 2011. that period ends this week.
However, the sale of the buildings has come slowly. Spokesmen for renters networks indicate that several owners have expressed an intention to sell, but add that the most advanced negotiations with owners who have initiated proceedings in June 2011.
In that period, the Vice-President summoned the owners of 100 properties located in the Metropolitan Area of Caracas to begin sales of rented apartments. Then when the National Assembly approved the Law Holiday, the process was handed to the Superintendent of Lease Housing, which re-sent communications to the owners of those 100 buildings.
In three years, negotiations have been finalized with the owners of 23 buildings and according to spokespersons of organizations, families currently living in these buildings are doing the procedures for managing credit.
They comment that the rest of the 77 buildings, 40% of owners have indicated the supervisory body who are willing to offer the apartments, however, others have reported that they have not negotiated by the difficulties they have had to transform properties in condo.
The real estate industry representatives suggest that these changes require a two-year period.
But it sets the rules and lapses if negotiations do not specify the property owners will be subject to severe penalties.
According to the arrangement, those building owners not to sell the homes will have to pay a fine of 2,000 tax units (254,000 bolivars) for each flat is offered to tenants.
The fine must be paid within five business days following and, if not, will be considered a repeat offender in the penalty, so that the fine will be doubled.
If the fine is not canceled, the Superintendent may go to court and ask the seizure of the property.
Thursday, June 26, 2014
Monday, June 23, 2014
Increasingly unaffordable housing for New Yorkers
Having a roof, owned or rented, it is becoming less affordable for New Yorkers.
The accounts are simple and painfully clear. Income families, especially middle and lower class have fallen and are increasingly giving less of whether to pay for homes that do nothing but go up in price on virtually most of the state.
The fact is that more than three million households paid for their residence more than 30% of their income, a percentage that marks the dividing line between what is affordable and what is not in terms of housing. Worse yet, those three million, half paid more than 50% of their income to cover the costs of your home or apartment.
Are data collected by the comptroller, Thomas DiNapoli, in a report published yesterday, which is based on census figures (PDF) for 2012.
According to these, from 2000-2012 the average income of those with home ownership have fallen by 1.6% and those who rent have been reduced by 7.1%.
Meanwhile, the price of houses has gone the opposite way.
And it is much more serious for those who pay rent as income increases have been 18.6% while costs associated with the property (benefit historically low interest rates) have also risen but less, almost 10%. The real estate taxes increased by 12.3% in the state and have played an important role in the assessment of costs.
It is not unreasonable to think that these figures have been accentuated since the 2014 square foot prices in most of the state and rents have grown very significantly in recent months but the average wage has increased. The labor market is still healing the wounds left by the Great Recession of 2007-2008 and no upward pressure on wages.
Thus, according to figures DiNapoli, since 2000-2012 households are paying rent that costs more than 30% of its revenues have grown from 40.5% to 50.6% of the sum total. For those who have owned their home, the percentage has also increased almost eight percentage points (see illustration).
For renters, the worst ratio of rising costs has been given to those residing in Bronx County.
Up to 57.6% of those who pay the rent in this area have to spend more than 30% of what they earn it. Followers of Greene County (a rural area in the north of the state), Ulster, Rockland, Orange, Suffolk, Putnam, Moroe, Queens, Westchester and Nassau.
In the case of New York County (Manhattan) although housing costs are the most expensive in the country, income, on average, are slightly higher so it is among one of the places with the lowest proportion of tenants affordability problems.
The comptroller said that this "unfortunate trend has negative implications for economic growth and for the quality of life of New Yorkers."
"When half of the income is used to pay the place where you live, you're going to tighten their belts in other daily needs," DiNapoli said in a statement.
The reality is that when lack affordable housing in the state, businesses are complicated efforts to recruit and retain employees if they have difficulty affording a place to live or have to do, trying to balance a budget on rent or asphyxiated by mortgage.
The accounts are simple and painfully clear. Income families, especially middle and lower class have fallen and are increasingly giving less of whether to pay for homes that do nothing but go up in price on virtually most of the state.
The fact is that more than three million households paid for their residence more than 30% of their income, a percentage that marks the dividing line between what is affordable and what is not in terms of housing. Worse yet, those three million, half paid more than 50% of their income to cover the costs of your home or apartment.
Are data collected by the comptroller, Thomas DiNapoli, in a report published yesterday, which is based on census figures (PDF) for 2012.
According to these, from 2000-2012 the average income of those with home ownership have fallen by 1.6% and those who rent have been reduced by 7.1%.
Meanwhile, the price of houses has gone the opposite way.
And it is much more serious for those who pay rent as income increases have been 18.6% while costs associated with the property (benefit historically low interest rates) have also risen but less, almost 10%. The real estate taxes increased by 12.3% in the state and have played an important role in the assessment of costs.
It is not unreasonable to think that these figures have been accentuated since the 2014 square foot prices in most of the state and rents have grown very significantly in recent months but the average wage has increased. The labor market is still healing the wounds left by the Great Recession of 2007-2008 and no upward pressure on wages.
Thus, according to figures DiNapoli, since 2000-2012 households are paying rent that costs more than 30% of its revenues have grown from 40.5% to 50.6% of the sum total. For those who have owned their home, the percentage has also increased almost eight percentage points (see illustration).
For renters, the worst ratio of rising costs has been given to those residing in Bronx County.
Up to 57.6% of those who pay the rent in this area have to spend more than 30% of what they earn it. Followers of Greene County (a rural area in the north of the state), Ulster, Rockland, Orange, Suffolk, Putnam, Moroe, Queens, Westchester and Nassau.
In the case of New York County (Manhattan) although housing costs are the most expensive in the country, income, on average, are slightly higher so it is among one of the places with the lowest proportion of tenants affordability problems.
The comptroller said that this "unfortunate trend has negative implications for economic growth and for the quality of life of New Yorkers."
"When half of the income is used to pay the place where you live, you're going to tighten their belts in other daily needs," DiNapoli said in a statement.
The reality is that when lack affordable housing in the state, businesses are complicated efforts to recruit and retain employees if they have difficulty affording a place to live or have to do, trying to balance a budget on rent or asphyxiated by mortgage.
Friday, June 20, 2014
Real estate nurture growth in the U.S.
The positive trends in the residential and non-residential property sector will continue to drive growth across the United States during the first half of the year, according to a study by BBVA Research.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports, and overtake much of the country in the first half 2014, "said BBVA analysis area.
The report concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Low inventories and greater confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential this year, said the financial group.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the United States and highly skilled support income growth, in real terms, have been stagnant since 2000.
Thus, in another study the same group stressed that this more dynamic support to Mexican exports, mainly from the automotive and manufacturing industry in 2014.
"The expansion of construction and manufacturing and rising income will have a positive impact on other sectors. This is what supports a scenario of stronger economic growth and a broader basis in the coming quarters, "said BBVA Research.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports, and overtake much of the country in the first half 2014, "said BBVA analysis area.
The report concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Low inventories and greater confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential this year, said the financial group.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the United States and highly skilled support income growth, in real terms, have been stagnant since 2000.
Thus, in another study the same group stressed that this more dynamic support to Mexican exports, mainly from the automotive and manufacturing industry in 2014.
"The expansion of construction and manufacturing and rising income will have a positive impact on other sectors. This is what supports a scenario of stronger economic growth and a broader basis in the coming quarters, "said BBVA Research.
Monday, June 16, 2014
Construction in the United States remains attractive
DR HORTON INC (DHI), the largest builder of residential homes in the U.S., announced strong results for the quarter ended in March and confirmed that continues to improve and the housing construction sector in the United States.
Sales of u $ s 1,680 million, advanced 22% YoY and exceeded average expectations by almost 8%. Measured in physical units, the increase was 10% yoy to 6,194 homes, an increase of 10% in the sale price, which on average reached u $ s 278,900.
Gross margin increased 35% YoY and stood at 22.5% of sales (versus 20.4% in March 2013), but showed a slight decrease compared to the previous quarter, which could indicate that the process of rising prices stable costs is close to its limit. Administrative and general expenses of $ s 188 million grew 21% YoY; consequently, profits were $ s 131 million, or $ 0.38 per share s, an increase of 18% yoy and 11.7% exceeding the expectations of analysts. Another favorable quarter.
The company address expressed satisfaction with the performance, noting that conditions in the housing market remains positive, with a rate that varies according to the different regions, and that in the analyzed period was stronger in the East and the center of the country than in the West. Also considered that the extensive geographic presence DHI, the diversity of its products and the wide availability of favorable terrain, along with a strong balance sheet, he predicted additional improvements in the current semester. The backordered units sold increased by 5% to 10,059 homes, with a value of $ s 2,800 million and an annual increase of 18%.
DHI's financial situation is strong, with cash of $ s 931 million, construction started and completed by u $ s 2,864,000 and developed plots and developing u $ s 3.452 million, financed by trade payables of $ 1,100 s million and long term debt for $ s 3.638 million, maturing reasonably phased over ten years.
In short, a balance better than expected, and very positive projections of the firm. We add several analysts expect consolidation of the construction firms in the United States, by which large companies, with easy access to credit-Iran acquiring smaller, and that mergers between large companies will be carried out in a market today quite atomized. Beyond some nuances that policymakers consider carefully discussed the relevant construction market, which is great creator of jobs and economic activity multiplier.
Sales of u $ s 1,680 million, advanced 22% YoY and exceeded average expectations by almost 8%. Measured in physical units, the increase was 10% yoy to 6,194 homes, an increase of 10% in the sale price, which on average reached u $ s 278,900.
Gross margin increased 35% YoY and stood at 22.5% of sales (versus 20.4% in March 2013), but showed a slight decrease compared to the previous quarter, which could indicate that the process of rising prices stable costs is close to its limit. Administrative and general expenses of $ s 188 million grew 21% YoY; consequently, profits were $ s 131 million, or $ 0.38 per share s, an increase of 18% yoy and 11.7% exceeding the expectations of analysts. Another favorable quarter.
The company address expressed satisfaction with the performance, noting that conditions in the housing market remains positive, with a rate that varies according to the different regions, and that in the analyzed period was stronger in the East and the center of the country than in the West. Also considered that the extensive geographic presence DHI, the diversity of its products and the wide availability of favorable terrain, along with a strong balance sheet, he predicted additional improvements in the current semester. The backordered units sold increased by 5% to 10,059 homes, with a value of $ s 2,800 million and an annual increase of 18%.
DHI's financial situation is strong, with cash of $ s 931 million, construction started and completed by u $ s 2,864,000 and developed plots and developing u $ s 3.452 million, financed by trade payables of $ 1,100 s million and long term debt for $ s 3.638 million, maturing reasonably phased over ten years.
In short, a balance better than expected, and very positive projections of the firm. We add several analysts expect consolidation of the construction firms in the United States, by which large companies, with easy access to credit-Iran acquiring smaller, and that mergers between large companies will be carried out in a market today quite atomized. Beyond some nuances that policymakers consider carefully discussed the relevant construction market, which is great creator of jobs and economic activity multiplier.
Friday, June 13, 2014
U.S. construction spending increases at five-year high
Spending on U.S. construction rose to its highest level in five years in April, but the increase was lower than expected, suggesting a slight rebound after retraction of this activity in the first quarter.
Construction spending increased 0.2 percent to an annual pace of 953,500 billion, the Commerce Department said Monday. It was the highest since March 2009.
Economists had expected a rise of 0.6 percent.
But the March figure was revised to reflect an advance of 0.6 percent instead of the previously reported increase of 0.2 percent.
Construction spending increased 0.2 percent to an annual pace of 953,500 billion, the Commerce Department said Monday. It was the highest since March 2009.
Economists had expected a rise of 0.6 percent.
But the March figure was revised to reflect an advance of 0.6 percent instead of the previously reported increase of 0.2 percent.
Friday, April 4, 2014
Venezuelan increase its presence in the real estate market in South Florida
A recent report by the National Association of Realtors indicates that Venezuelans were among the main buyers in 2012, in the region of Fort Lauderdale. The average price of homes that were bought between $ 200,000 and $ 299.999.
Amid the uncertainty created by the presence and absence of the now deceased President Hugo Chavez, it is estimated that tens of thousands of Venezuelans living in South Florida are buying property, operating businesses and investing in real estate.
Amid the uncertainty created by the presence and absence of the now deceased President Hugo Chavez, it is estimated that tens of thousands of Venezuelans living in South Florida are buying property, operating businesses and investing in real estate.
Wednesday, April 2, 2014
Miami live a new real estate "boom" driven by luxury homes
Miami is entering a new real estate "boom" fueled by investments chiefly Latin , which has transformed the appearance of the city and having the luxury homes in one of their big hooks .
According to the latest report from Christie's about the luxury real estate market , Miami and surroundings were cast in 2012 between the major markets of its kind in the world , thanks to the widespread recovery in demand and low prices .
" Foreign buyers have been buying luxury properties in Miami as a result of the uncertainty of their currencies , which have often been devalued against the dollar ," he explained this week Ron Shuffield of Esslinger Wooten Maxwell Realtors.
However, Christie's estimated that 55 % of the purchases were completed between October 2011 and September 2012, both months included , were made by residents of Miami and worked investments in primary residences , many in relatively central areas city .
"I've never been a fan of that people move more and more away from the city . Think you should be reunited in the center so you can do everything on foot, as in Chicago , New York or London ," says Jorge Perez, one of the architects of the current design of Miami, where more and more tend to be vertical concentration .
In an interview with Efe, Pérez , president of The Related Group, acknowledged that his company has a great responsibility in this design that begins to characterize Miami , thanks to large apartment buildings where the " penthouses " tend to be fancy , designed to large fortunes who want privacy and good views, but in central areas .
"We 're making . Has created a rather large density in the last ten years on the street before two or three taxis were seen , and are now many and urban transport service is developing and improving," he says.
It is estimated that Miami had late last year over two thousand homes with higher prices million, half that of New York, although the population of its metropolitan area is not even represent a quarter of the New York .
According to Christie's , 70 % of homes purchased last year by more than five million in Miami were paid in cash, a percentage that , although it seems high, it is less than 90% of New York or 100% of Los Angeles .
"Ten years ago , you went to Flagler ( the central street of Miami) at six in the afternoon, shooting with a machine gun and did not give anyone. Miami was a ghost town ," recalls Perez.
"That has changed, defends the promoter . Has not occurred as quickly in any other city in the world change. Ten years have created a 'city' ."
"We have always prided ourselves on being able to see where new areas were . Downtown When we started in the first luxury condominiums people said ' you're crazy , will not live here no ' , but now the city has expanded and now comes to ( what is called ) Midtown and Design District "she recalls.
The company started in Miami Beach and then moved to continental Miami , where " take many risks : start building a lot and have now followed northwards , but are always areas that can be reached by bike ."
"We always have that fear comes another economic depression like that of 2007 , when the market is down because we built too ," says Perez. "We lost a lot of money in that cycle , but it was good for Miami because now the buildings are full ."
In that sense argues that "if it were not for all those buildings we build the downtown Miami would not have grown as it has ."
The " boom" of luxury has meant that prices of homes in Miami and South Florida are already at 2003 levels , after rising by around 11 % last year, and after thirteen consecutive months of annual gains. Even the recorded average rent increases of 15 % yoy.
According to the Case-Shiller index , in South Florida sales prices rose 10 % in 2012 , a senior forward for the first time , which was recorded in 2006 before the bursting of the housing bubble, although prices are still 45% below its record high in May 2006.
According to the latest report from Christie's about the luxury real estate market , Miami and surroundings were cast in 2012 between the major markets of its kind in the world , thanks to the widespread recovery in demand and low prices .
" Foreign buyers have been buying luxury properties in Miami as a result of the uncertainty of their currencies , which have often been devalued against the dollar ," he explained this week Ron Shuffield of Esslinger Wooten Maxwell Realtors.
However, Christie's estimated that 55 % of the purchases were completed between October 2011 and September 2012, both months included , were made by residents of Miami and worked investments in primary residences , many in relatively central areas city .
"I've never been a fan of that people move more and more away from the city . Think you should be reunited in the center so you can do everything on foot, as in Chicago , New York or London ," says Jorge Perez, one of the architects of the current design of Miami, where more and more tend to be vertical concentration .
In an interview with Efe, Pérez , president of The Related Group, acknowledged that his company has a great responsibility in this design that begins to characterize Miami , thanks to large apartment buildings where the " penthouses " tend to be fancy , designed to large fortunes who want privacy and good views, but in central areas .
"We 're making . Has created a rather large density in the last ten years on the street before two or three taxis were seen , and are now many and urban transport service is developing and improving," he says.
It is estimated that Miami had late last year over two thousand homes with higher prices million, half that of New York, although the population of its metropolitan area is not even represent a quarter of the New York .
According to Christie's , 70 % of homes purchased last year by more than five million in Miami were paid in cash, a percentage that , although it seems high, it is less than 90% of New York or 100% of Los Angeles .
"Ten years ago , you went to Flagler ( the central street of Miami) at six in the afternoon, shooting with a machine gun and did not give anyone. Miami was a ghost town ," recalls Perez.
"That has changed, defends the promoter . Has not occurred as quickly in any other city in the world change. Ten years have created a 'city' ."
"We have always prided ourselves on being able to see where new areas were . Downtown When we started in the first luxury condominiums people said ' you're crazy , will not live here no ' , but now the city has expanded and now comes to ( what is called ) Midtown and Design District "she recalls.
The company started in Miami Beach and then moved to continental Miami , where " take many risks : start building a lot and have now followed northwards , but are always areas that can be reached by bike ."
"We always have that fear comes another economic depression like that of 2007 , when the market is down because we built too ," says Perez. "We lost a lot of money in that cycle , but it was good for Miami because now the buildings are full ."
In that sense argues that "if it were not for all those buildings we build the downtown Miami would not have grown as it has ."
The " boom" of luxury has meant that prices of homes in Miami and South Florida are already at 2003 levels , after rising by around 11 % last year, and after thirteen consecutive months of annual gains. Even the recorded average rent increases of 15 % yoy.
According to the Case-Shiller index , in South Florida sales prices rose 10 % in 2012 , a senior forward for the first time , which was recorded in 2006 before the bursting of the housing bubble, although prices are still 45% below its record high in May 2006.
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