NewsPour 8.31.23
Real estate news headlines this week include China’s Real Estate Crisis, Hawaii Fires Devastate People and Property, and Texas Leads in Best Cities for Home Buyers. Select Financial Capital also announced the closing of its latest multifamily property investment outside of Charleston South Carolina.
China’s Real Estate Crisis
Chinese real estate developers are facing default issues as its real estate market struggles. Evergrande recently filed for bankruptcy after defaulting on $300 billion in debt. Country Garden expects to report a loss of up to $7.6 billion for just the first half of the year and there are fears it will default on billions in debts. Gavekal Research estimates unpaid bills from Chinese developers at $390 billion. Watch a summary our YouTube video here.
Hawaii Fires Devastate People and Property
Costs around the fires in Maui continue to rise, as evidence mounts around the causes. Over a hundred have been declared dead with hundreds still missing. More than 2,000 buildings in Lahaina have been destroyed and rebuilding costs could approach half a billion dollars. There are worries of developers taking advantage of the situation, while the governor has lifted some regulations to speed rebuilding efforts. Watch a summary on our YouTube video here.
Texas Leads in Best Cities for Home Buyers
SmartAsset released a listing of best places to buy a home and cities in Texas were prominent. Based on affordability, growth potential, competition and demographics sunbelt cities and the state of Texas in particular scored high on a ranking of 185 metro areas. Texas looks set to continue to be a migration destination. Watch a summary on our YouTube video here.
SelectFinCap Closes Purchase of Multifamily Property
Select Financial Capital completed the acquisition of the 32 unit property known as the Nolia Multifamily Property. This prime real estate is strategically located on North Street in Summerville, South Carolina outside of Charleston. The property boasts renovated units requiring little capital expenditures, a growing market, and rising rental rates, making it a promising addition to the company’s diversified portfolio for its investors.