1、Ivy Zelman of fames Zelman Assoc, sees US home price falling in both 2023 and 2024 by mid single digits.
2、Construction on a 74 story mix-used tower in downtown Austin has broken ground, once completed, it will be the tallest building in all of TX.
3、WeWork reported 37% revenue growth in Q2, as hybrid work skyrocketed demand for flexible workspace
Autodesk is closing its HQ in San Rafael and assigned its employees to existing office in SF.
4、As avg 30 year mortgage rate broke 6% highest since 2008, mortgage application tanked to 22 year low. 85% of major market have price already peaked in July, 10% of markets falling by 4%+, tappable home equity lost by 10-20% for west coast metros, per Black Knight.
5、CRE investor sentiment survey by Marcus Millichap soften slightly, two big concerns are rate and inflation, 74% not changing investment plan, apt, hotel and self storage are the top choices. 49% expected Cap to expand, 51% expected cap to flat or lower.
6、Bad news for LLs at Stockton CA: city utility billing system was changed to owner only on 8/15, so prop owners are now responsible for utility charges and bills, then try to recoup from tenants.
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