“Our veterans shouldn’t be priced out of these housing options because they’re excluded from the VA’s loan program,” one lawmaker says.
Cobuying Gains Traction Among Young Adults
Faced with rising home prices and student loan debt, some cash-strapped millennials are teaming up with friends to purchase a home.
Entrepreneur Sues Compass, Claims to Be Cofounder
Technology investor Avi Dorfman says he helped create the strategy to get the multibillion-dollar brokerage off the ground but was later shut out of the firm.
Mortgage Rates Inch Up Slightly This Week
Fordham PCS Accepting Students for New Bachelor’s Degree in Real Estate
NEW YORK (STL.News) – Fordham University’s School of Professional and Continuing Studies (PCS) is pleased to announce the newest addition to its academic offerings: a Bachelor of Science in Real Estate (BSRE). Fordham’s BSRE provides students with a thorough understanding of the multidisciplinary real estate field and how properties are designed, constructed, and developed.
The degree is earned by the completion of 124 credits and up to 75 credits may be accepted as transfer credits for prior coursework, industry designations or life experience. Offered through Fordham’s Real Estate Institute, the BSRE provides an overview of the fundamental elements of real estate law, economics, accounting, finance, investment, valuation, and development at the major core level, while the elective concentration will allow each student to pursue a specific subject area.
Developed by leaders in the New York City real estate industry, courses are taught by active practitioners in the field. Flexibility is at the core of the program: part-time and full-time students will be able to take classes in person at Fordham’s Lincoln Center. Rose Hill and Westchester campuses, as well as online. Evening and weekend classes make the program even more convenient. Students will receive free admission to multiple real estate events and networking opportunities throughout the semester.
“Our BSRE offers current and prospective real estate professionals the opportunity to not only learn from some of the leading minds in the industry, but network with them through Fordham’s vast and loyal alumni network,” Dr. Anthony R. Davidson, dean, Fordham PCS. “We’re delighted to give our students the opportunity to study all facets of the multidisciplinary field in the heart of the real estate capital of the world.”
Fordham PCS will hold an information session for the BSRE program on Wednesday, March 4 at 5:00pm at the University’s Lincoln Center Campus (113 West 60th St., New York, NY 10023). For questions or to register for the information session, email pcsinfo@fordham.edu or call (212) 636-7333.
ABOUT FORDHAM SCHOOL OF PROFESSIONAL AND CONTINUING STUDIES:
The School of Professional and Continuing Studies (PCS) offers students a quality education in a small, personalized atmosphere that promotes individual growth and exploration. With three convenient campus locations – Lincoln Center in Manhattan, Rose Hill in the Bronx and West Harrison in Westchester, PCS is poised to meet students’ academic needs. Classes are offered evenings, weekends and online in areas including Business, Organizational Leadership, Economics, Legal and Policy Studies, and Social Work. Certificates in Digital and Social Media Marketing and Human Resource Management are also available, as well as Post-Baccalaureate / Pre-Medical / Pre-Health. The Fordham Real Estate Institute, which is part of PCS, offers a Master’s Degree and multiple Certificate Programs in Real Estate at the Westchester and Lincoln Center campuses. Visit https://www.fordham.edu/pcs for more information.
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Rancho San Lucas Debuts New Greg Norman Signature Course in Los Cabos
LOS CABOS, Mexico (STL.News) – Rancho San Lucas, an 834-acre resort and residential community fronting a 1.2-mile stretch of beach on the Pacific Ocean 15 minutes from downtown Cabo San Lucas, today celebrates the official grand opening of the Greg Norman Signature golf course and Rancho San Lucas Golf Club. The course is the showpiece of the resort and further positions Los Cabos as one of the top golf destinations in the world.
Inspired by the native terrain and featuring splendid panoramic views, the Greg Norman Signature course at Rancho San Lucas is a versatile 7,210-yard, par-72 course laid out within earshot of the thundering surf of the Pacific Ocean. Spanning three different ecosystems, the links-style course meanders through a thick cactus forest creased by winding arroyos before descending to enormous windswept dunes.
Featuring a dramatic 300-foot elevation change, the well-strategized course has five holes on the beach, notably the par-3 third, which parallels the sea and will give players fine views of breaching whales during the winter months. There’s also a signature island green at the testing par-3 17th hole.
“Rancho San Lucas is the most spectacular piece of oceanfront property I’ve seen in a long time, so to have the opportunity to build a course on this site was truly once-in-a-lifetime,” said Norman. “My goal was to keep it as natural as possible, using my ‘least-disturbance’ approach, while showcasing the property’s three unique ecosystems: the ocean, the sand dunes and the arroyos. We wanted to build a sustainable course that is playable from all perspectives, including the forward tees. My design company is committed to making a global impact by creating courses that withstand the test of time, and I truly believe this golf course is one of the best we’ve ever built.”
Grassed from tee-to-green in Paspalum, a drought-tolerant, disease-resistant varietal, the course features a unique revetted bunkering design unlike anything else in the region. Specifically tailored to Cabo’s terrain and locale, Norman and his design team integrated indigenous landscapes and grass varietals that use the least amount of water and in doing so, succeeded in creating a sustainable golf experience that flows naturally with the dune and desert landscape. The club has applied for enrollment in Audubon International’s Cooperative Sanctuary Program for Golf Courses.
Solmar Group Founder and Developer Francisco Bulnes relates a story about how the course was built. “In the beginning, Greg told me, ‘It’s such an amazing piece of property, we’re only going to clear the fairway corridors 10 meters at a time.’ Most designers mass clear a site and then attempt to re-vegetate it later. Not Greg. He was very careful to remove specimen trees and plants and shelter them in a nursery. He wanted to work at a very slow rate, so he could evaluate the site’s contours and build the course in an environmentally responsible way. This took several months, but that’s what his ‘least-disturbance’ design philosophy is all about: keep earthmoving to a minimum, and step as lightly as possible on nature’s toes. We’re excited to share this world-class golf course with our guests and owners.”
With two on-course comfort stations, each providing Mexican specialties and ice-cold refreshments, players can enjoy an all-inclusive experience during the round. A handsome ranchero-style clubhouse overlooks the fairways and sea. The practice facility features a spacious driving range, an 18-hole putting course, and dedicated chipping, pitching and sand play areas.
Rancho San Lucas is a private club with exclusive access available to homeowners and guests of Solmar Hotels & Resorts, including the new on-site luxury hotel, Grand Solmar at Rancho San Lucas. The low-density community is elevating the standard of coastal living in Los Cabos with The Villas at Rancho San Lucas and the Norman Estates, a pair of residential communities. Real estate pricing ranges from $650,000 to $7 million. For more information, visit: www.ranchosanlucas.com.
About Rancho San Lucas
Rancho San Lucas is an 834-acre resort community set in rolling desert foothills that slope to 1.2 miles of pristine beachfront on the Pacific Ocean. Located 15 minutes from downtown Cabo San Lucas, a deep-sea fishing, golf and nightlife capital, this exclusive, gated enclave occupies a privileged location that offers a level of serenity rarely found in Cabo. The low-density community is elevating the standard of coastal living in Los Cabos with The Villas at Rancho San Lucas and the Norman Estates, a pair of residential communities. The masterplan is also home to two resorts—Grand Solmar at Rancho San Lucas and The Residences at Rancho San Lucas. Standout amenities include an adults-only infinity pool, kids pool with a mini waterpark, salt-water lagoon, seaside spa and private beach cabanas, state-of-the-art fitness center with Life Fitness equipment, a full-service beauty salon, a health clinic and concierge services. Hotel guests and residents enjoy 15 miles of jogging and mountain bike trails. Coming soon is a tennis facility, sports complex, a Mexican Village offering shopping and entertainment, a variety of world-class dining venues, an amphitheater and more.
About Greg Norman Golf Course Design
Since its inception in 1987, Greg Norman Golf Course Design has been one of Norman’s true passions in both business and life. His experience playing many of the world’s great golf courses over a 25-year career served as a catalyst to develop this interest and turn it into a thriving company. Today, GNGCD courses span the globe, covering six continents and 34 countries.
GNGCD’s design philosophy is grounded in a “least-disturbance approach” that blends golf courses with their surrounding environment to enhance the properties’ natural features. The company is highly-regarded as an industry leader in promoting sustainability and the compatibility of golf courses with the environment, with many projects having been certified as an Audubon Cooperative Sanctuary for environmental stewardship. For more information: www.gngcd.com
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My Place Realty Chooses Yardi to Optimize Operations
SANTA BARBARA, California (STL.News) – My Place Realty, owner-manager of approximately 1,800 apartment units in Winnipeg, Manitoba, is moving its portfolio to the Yardi® Voyager property management and accounting platform to drive operational performance.
The company anticipates greater collaboration and improved staff productivity with a single-database system. Voyager automates workflows and provides managers with real-time property and financial data from both desktop and mobile devices. For maintenance staff in the field, mobile access will help deliver better service to tenants.
“My Place Realty is excited to use the Yardi platform to improve our business in many ways, including making us a greener company by reducing paper,” said Tom Haughton, vice president of My Place Realty. “Voyager will empower our managers to oversee operations, execute leasing, run analytics and provide innovative tenant and investor services from any location.”
My Place Realty’s President, Kris Thorkelson, echoed that sentiment. “We are really looking forward to using Voyager,” he said. “This is a remarkable system.”
The company is also adopting solutions from the Yardi Multifamily Suite to further improve efficiency and resident service. RENTCafé® provides online rent payments and other tenant services, Yardi® Payment Processing supports electronic transactions, Yardi® Procure to Pay offers online MRO purchasing and invoice processing, and Yardi® Resident Screening automates rental recommendations that reduce risk.
“We’re thrilled to welcome My Place Realty to the Yardi client family,” said Peter Altobelli, vice president and general manager of Yardi Canada Ltd. “Our clients benefit most when they use our connected solutions for front office and back office to increase revenue, lower costs and reduce risk. That includes adding online services that make tenants and investors happy.”
To learn more, download the Yardi Multifamily Suite brochure for operators in Canada.
About My Place Realty
Based in Winnipeg, Manitoba, My Place Realty aims to provide quality multifamily residences that people are proud to call home. By striving for excellence in purchasing, renovating, customer service and proactive leasing, the company seeks to define a new standard in property management. To learn more, visit myplace.ca.
About Yardi
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
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Commercial Real Estate Executives Report Balanced Real Estate Market Conditions Supported by Stable Economy
WASHINGTON (STL.News) – The Real Estate Roundtable’s 2020 Q1 Economic Sentiment Index released today registered a three point increase over the 2019 fourth quarter index. Commercial real estate (CRE) industry executives continue to experience generally balanced market fundamentals across nearly all product types, with limited overbuilding and conservative overall industry debt. CRE executives also positively noted the continued macro-economic job growth and low interest rates. Election year politics and international tensions somewhat temper the overall optimistic sentiment causing some CRE executives to prepare for potential market disruptions later in 2020.
“As our Q1 index shows, we are beginning a new decade optimistic about continued overall economic growth,” said Roundtable President and CEO, Jeffrey D. DeBoer. “Commercial real estate markets remain fundamentally sound; supply and demand are in relative balance; debt and equity capital markets are functioning and disciplined; wages are rising; and unemployment is low,” DeBoer added.
The Roundtable’s Q1 2020 Sentiment Index registered at 52 – a three point increase from the previous quarter. [The Overall Index is scored on a scale of 1 to 100 by averaging Current and Future Indices; any score over 50 is viewed as positive.] This quarter’s Current-Conditions Index of 55 increased two points from the previous quarter, while this quarter’s Future-Conditions Index of 50 came in at five points higher compared to Q4 2019.
The report’s Topline Findings include:
The Real Estate Roundtable Q1 2020 Sentiment Index registered a score of 52, a three point increase over the last quarter of 2019. Respondents feel the overall economy is stable and the commercial real estate market continues to be supported by strong market fundamentals. Many respondents have stopped attempting to predict an end to this cycle as they see no apparent economic hurdles to current market stability.
Despite respondents finding comfort with the current market climate, many are anticipating two phases of the 2020 calendar year: pre-election and post-election. Many noted that election years are notoriously unpredictable and point to a large volume of transactions already underway as platforms attempt to execute before the summer.
Asset values remain elevated across most property types and geographies. While certain respondents suggest that asset values have room to grow, others view current pricing as being at peak levels.
Debt and equity capital are perceived as widely available in most markets. Many respondents noted the high level of discipline they are witnessing in the debt markets on behalf of lenders. This level of discipline suggests a healthy state in the capital markets, and is a contributing factor to the continuation of the current cycle.
DeBoer noted, “There is natural concern regarding the uncertainty of the coming presidential election. However, the commercial real estate industry’s leading executives are positive about today’s economy and optimistic about future market conditions. As the year progresses, The Roundtable will continue working with national policymakers to maintain and strengthen pro-growth policies to create jobs, expand housing opportunities, and benefit the overall economy.”
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Significant farmland auction: 874 acres, with wind turbines, offered at auction in time for 2020 planting
ROSSVILLE, Ill. (STL.News) – Six farms making up 874 acres in Vermilion County, Illinois, will be offered at auction March 19, with Schrader Real Estate and Auction Company conducting the event. The farms offer the opportunity for immediate wind income, with four turbines on the property.
The land will be offered in 16 tracts, ranging in size from 10 to 160 acres. The turbines will be offered as separate tracts, each with two turbines.
“It’s rare to see this much quality land offered at auction just before planting. It is available for immediate possession, with 2020 farming rights,” said R.D. Schrader, president of the auction company. “The current owners have installed pattern tiling on 40-foot centers to ensure good drainage. It is well suited not only for operators but for investors as well. With our method of bidding, prospective buyers may make offers on any combination of tracts,” he said.
The land is located near Rossville, approximately 20 miles east of Champaign, Illinois, and 35 miles west of Lafayette, Indiana.
Schrader representatives will be available Wednesday, March 4, from 9 to 11 a.m. CST to provide detailed information and accommodate inspections.
The auction will begin at 1 p.m. CST/2 p.m. EST, at the Beef House Annex, 16501 North State Road 63, Covington, Indiana. Internet bidding will be available by prior arrangement. Those seeking additional information may visit www.schraderauction.com or call 800-451-2709.
Schrader Real Estate and Auction Company, based in Columbia City, Indiana, is a leading auctioneer of farmland, other agricultural assets and real estate throughout the United States and is a five-time USA Today/National Auctioneers Association Auction of the Year winner.
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Timeshare Attorney Mitchell Sussman Warns Timeshare Owners Of Resale Scams
PALM SPRINGS, Calif. (STL.News) – Timeshare cancellation attorney Mitchell Sussman warns timeshare owners of resale scams.
Attorney Mitchell Reed Sussman issued another warning to timeshare owners who are trying to sell their unwanted timeshares.
“The scams are becoming more and more sophisticated, with ‘timeshare resale companies’ asking for money,” says Sussman. “But remember, if you are selling anything, there’s absolutely no reason for you to pay a dime.” Sussman, a timeshare cancellation attorney for over ten years, is receiving more emails and calls than ever from worried timeshare owners hoping to sell their timeshares.
“Beware of any company that asks you for money to sell your timeshare. You’re the seller. You’re supposed to receive the money.”
Sussman has been an advocate for timeshare owners who have been duped by a billion-dollar industry that often does nothing more than ‘presell a lifetime of vacations at inflated prices.’
“They wrap up the presentation pitch with a big bow to make it look like they’re selling real estate. But if it’s real estate, then why is almost impossible for a layperson to resell?”
“If these timeshares have value, why can’t my clients get rid of them without engaging in the same type of fraud that the developer had to use in the first instance to sell them?” he asks.
And now, according to Sussman, timeshare owners who are unable to use their timeshares either due to age or illness are being taken advantage of by ‘resale agents’ who ask for upfront money from the seller.
“I’m receiving more and more emails from people across the country complaining that they’re being told they have to pay money to a company or a broker in order to sell their timeshare. I tell them that’s a sure sign it’s a scam.”
As with all purchases, the standard Latin warning, Caveat Emptor or Let the Buyer Beware, applies. Now, however, it appears Sussman is warning sellers to beware. “If you’re selling, you don’t pay. Period.”
About Attorney Sussman
Mitchell Reed Sussman has been practicing Real Estate and Bankruptcy Law for over 40 years. More information about timeshares can be found by visiting the website www.timesharelegalaction.com
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