Mall repurposing downer, affordable housing war chest, remodeling rally, the Supreme Court and private property, Broadway bummer.
In Today’s News
CNBC says a new Barclays (NYSE: BCS) report predicts turning shuttered malls into fulfillment centers (as Amazon (NASDAQ: AMZN) is looking to do), apartment complexes, schools, or medical offices could mean massive write-offs in property values.
Why it matters: This isn’t good news for the 15% to 17% of U.S. malls that will need to undergo that transformation to be occupied at all, this analysis says, nor for commercial investors who have money directly in those properties or in real estate investment trusts (REITs) that own them.
National Real Estate Investor says some buyers who want to keep properties affordable are hoping to snap up assets that otherwise might be converted to market-rate units if they fall into other investors’ hands.
The National Association of Home Builders (NAHB) said today its third quarter Remodeling Market Index (RMI) is signaling residential remodelers’ strong confidence in their markets for projects of all sizes.
Why it matters: The trade group says the remodeling business is strengthening as homeowners stay home and focus on improving their surroundings as a place to both work and play. Investors who put money into these projects may find it easier to recoup that investment, too.
Today on Millionacres
Over the years, the highest court in the land has rendered many decisions that talk about what people can do with their property.
Why it matters: It’s called “supreme” for a reason. As Millionacres’ Deidre Woollard demonstrates with examples of some notable cases, these rulings can have a profound effect on property owners and their communities.
Millionacres’ Maurie Backman shares her take on how the Broadway League’s announcement this week will affect Manhattan landlords.
Why it matters: This news isn’t exactly affirming reports the Big Apple could be experiencing a rebound soon, at least in Midtown. The Great White Way has long been an attraction for living nearby, so this can’t help residential real estate prices in that neck of the woods, either.