In this week's Real Estate News in Brief... interest rates creep higher, water worries return to California, and a new report that shows money can buy happiness.
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Newly minted crypto millionaires are on a mission in Puerto Rico. They are relocating to the island territory where they can avoid state and federal taxes on their bulging bank accounts. Plus, they are planning to put their money to work with the creation of a city or a “crypto utopia” that’s based exclusively on digital currency.
Austin, Texas appears to be the latest city to give border wall contractors the boot. Austin city leaders are opposed to the building of a controversial wall between the U.S. and Mexico, and are giving local contractors an ultimatum -- either work on the wall or work for us. But not both.
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Long-term interest rates are getting a whole lot closer to that 5% level. They are not there yet, but Redfin did a survey to find out what homebuyers might do, if interest rates hit that mark. And it appears that just 6% of the people surveyed would actually “cancel” their plans to buy, but others said it would affect how quickly they purchase, and potentially what and where they buy.
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In this week's Real Estate News in Brief... we have an unexpected surge in inflation, a disputed city-wide ban on Airbnb, and a certain dog breed that’s tied to rising home prices.
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Saudi Arabia has launched a $500 billion project that will help it diversify away from crude oil, and put the middle eastern country at the forefront of smart city development. The oil-producer is building a massive 10,200 square mile smart city along the Red Sea that some people are calling an international “game changer.” And construction is already underway.
A city called NEOM is about to sprout from miles and miles of desert, mountains, and coastline in the northeast corner of Saudi Arabia. It will stretch across the Saudi border into both Egypt and Jordan, with bragging rights as the world’s first municipality to extend into the depths of “three” countries.
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The tax filing season is underway, along with hackers who are busy trying to steal your refund. The IRS issued a warning about the first scam of the season. It targets taxpayers by hacking into computers used by tax professionals, and using client information to file phony tax returns.
The official tax filing season began on January 29th this year. That’s when the IRS started accepting 2017 tax returns. The agency identified this new scam just a few days later, saying that hackers had already stolen information from the computers of several tax preparers and filed fraudulent returns.
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A ballot initiative is gaining momentum in California that would open the rent control flood gates across the state. The measure would repeal a state law that protects certain kinds of housing from rent control, including single family homes, and give cities and counties local control over rent regulations. State lawmakers voted against legislation with similar goals, just a few weeks ago.
2018 should be a good year for builders. Buyers are hungry for new homes, and with such a tight supply, builders don’t have to worry about demand. In fact, John Burns said at a recent builders’ show in Las Vegas that new home sales have been surging and the construction industry is in good economic shape.
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In this week's Real Estate News in Brief… stocks continue their sell-off, a new Fed chief is sworn in, and the net neutrality battle heats up in the U.S. Senate.
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The booming solar power industry is stunned by President Trump’s recent decision to impose a massive tax on imported solar panels. The president says the tariff will create “a lot of jobs” but industry insiders say it will destroy many more, and slow the use of solar power.
The president announced new tariffs on imported solar panels on January 23rd. The tariffs begin at 30% for the first year and decrease to 15% in the fourth year. The purpose for the tax is to protect the solar industry from what some companies interpret as unfair trade practices. But industry experts say the plan could backfire. They cite the response to a tariff on foreign steel imports imposed by then president George W. Bush in 2002.
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The cannabis plant is getting a lot of attention these days as states legalize the use of marijuana, but there’s another corner of the hemp market that’s shaking up the construction industry -- and it’s called “hempcrete.” It’s a green building material that dates back to the time of the Romans in Europe, but is just gaining acceptance here in the United States.
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Institutional landlords are making use of a loophole in financial regulations to get massive numbers of appraisals done quickly and cheaply. It’s a practice known as the “drive-by” appraisal that was banned by Congress after the housing crisis. But that ban only applies to people applying for a traditional mortgage, and not companies conducting much bigger deals.
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In this week's Real Estate News in Brief... a new high point for mortgage rates, a big jump in home seller profits, and a 1031 exchange reprieve for Southern California wildfire victims.
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It’s a great housing concept with a biased name. Granny flats are not just for grannies, they are for the young, the old, and the middle-aged. And with the affordable housing crisis in full swing, new rules are making it easier than ever for homeowners in California and other U.S. metros to build them or make their unpermitted units legal.
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The legalization of marijuana in California and other states is creating some confusion over the use of pot in rentals. Landlords and property managers may not have provisions in leases covering pot use because laws are too new, but they may still have options for setting and enforcing their own rules.
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Windows of the future may do more than brighten up our homes. Scientists are developing windows that can absorb solar energy and generate free electricity for our future smart homes and businesses. These windows aren’t ready to hit the market yet, but the potential is astounding for residential and commercial buildings -- especially those with lots of windows.
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