NYC real estate
fromwww.housingwire.com
1 day agoNewark housing market outpaces cooling New Jersey
Newark's real estate market is thriving due to increased demand, luxury developments, and its proximity to Manhattan, despite historical stigmas.
According to the latest data from the Bank of Italy and ISTAT, Foreign Direct Investment (FDI) inflows into Italy reached €23.1 billion in 2023, a sharp rebound from the previous year, with the UK remaining the 4th largest foreign investor in the Italian economy.
With domestic out-migration levels growing prior to the pandemic and remaining significantly elevated beyond it, it is clear out-migration is a structural phenomenon that is here to stay and not just a byproduct of remote work and the pandemic.
The structure pairs $150 million of equity from GTIS investment vehicles with $50 million from Hovnanian, or 25% of the equity capital. Total build-out costs are projected at about $545 million, supporting an estimated $617 million in home value.
The home is currently listed on Airbnb for about $1,000 a night for short stays throughout June and July. It boasts a 'spacious 3BR retreat just 15 minutes from MetLife Stadium!' - the site of eight World Cup matches, including the tournament final - along with a backyard, a fire pit and a 'roomy deck with plenty of seating.'
At a time when affordability remains one of the state's most pressing challenges, adding additional transaction costs makes it harder for buyers and sellers to participate in the market that so desperately needs participation. New Jersey Realtors said the state should consider reducing or reforming the fee as it applies to residential housing.