News Updates

Hodges Ward Elliott Arranges Sale of Luxury Hospitality Asset

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Hodges Ward Elliott, a boutique real estate capital markets advisor, represented Sunstone Hotel Investors in the $80 million sale of the 622-room Renaissance Harborplace hotel. The Renaissance Harborplace, centrally located in the heart of Baltimore, features an on-site restaurant, a fitness center and a bar and lounge in addition to other amenities, including a café and valet parking. The property also offers 21 meeting rooms with more than 27,000 square feet of conference space. Author admin View all posts

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WeBuyHouses.com has announced today its partnership with realtor.com’s new Seller’s Marketplace service. Visitors to realtor.com ® who wish to sell their homes can learn which selling options may be best for them after they enter some basic information about their home. Seller’s Marketplace then matches the option with options that are available in the home owner’s area. For example, consumers can be connected with WeBuyHouses.com and several other major service providers that offer iBuying or cash purchase programs. Users will see side-by-side estimates for sale price, timeline and other details. There is no upfront cost or commitment. “WeBuyHouses.com has been buying houses nationwide for over 20 years and we are proud to partner with realtor.com on the launch of Seller’s Marketplace,” Jeremy Brandt, CEO of WeBuyHouses.com, said in a release. “We share the vision of providing great consumer experiences and making real estate transactions easier for all.” According to realtor.com, it has the only national home search site to compare different selling options and enable consumers to determine the best fit with just a few clicks. Author admin View all posts

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Auction statistics show significant increase in bidding volume and minimal pricing discounts. The commercial real estate auction market is performing at stronger levels than anticipated despite the ongoing coronavirus health and economic crisis. Contrary to the projections of many analysts, deal volume has increased due to healthy investor demand and abundant capital. “We’re currently in a unique and compelling environment to sell commercial real estate. We are dealing with a health-based crisis, very different from previous recessions caused by over-leveraging. That means there is still a tremendous amount of capital ready and waiting to be deployed. Opportunistic investors have been watching for any stumble in the steadily strong market and are now turning to auctions to find assets and place capital quickly,” said Damian Smoter, vice president of RealINSIGHT Marketplace. According to RealINSIGHT Marketplace, there has been robust transaction volume in retail since the onset of COVID-19. In addition, land and office assets are outperforming on the auction platform. Across all asset classes, Marketplace has seen an increase in transaction volume since late March, with an average contract price 157% above the reserve, or the minimum price the seller will accept. The average contract price increased 41%, from 116% pre-pandemic. Moreover, the average number of bidders per property increased from 10 to 18 during the same timeframe. Author admin View all posts

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Restoration Builders expands to Tennessee with latest acquisition of Sky Restoration. Restoration Builders, a residential and commercial contractor, has acquired Sky Restoration, headquartered in Smyrna, Tennessee. Restoration Builders was founded in 2017. The company has built a nationwide network of licensed contractors and other industry-related organizations. It is developing a strategic infrastructure of teams, offices, equipment, trucks and other resources. Company revenue is projected to exceed $100 million for 2020. Tony Noel and Scott Willard formed Sky Restoration in 2017 after several years of working together. Since then, they have built a team of technicians with a wealth of roofing and insurance knowledge who provide homeowners and commercial or institutional facility managers with expert roofing and renovation services. “I am thrilled to welcome Sky Restoration to our growing team,” said John Lorenz, chairman and CEO of Restoration Builders. “Tony and Scott have done a tremendous job building a reputation for impeccable workmanship and, more importantly, always putting their customers first. It’s clear that Sky Restoration shares the same core values as us and, as such, I’m confident they will make a wonderful addition to our network.” Author admin View all posts

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In its second quarter 2020 Special Report released on July 10, ATTOM Data Solutions identified the East Coast and northern Illinois as having the highest concentrations of housing markets vulnerable to the impact of COVID-19. Clusters exist in the areas of New York City, Chicago, Baltimore and Washington, D.C. Although four counties in the Western region of the U.S. were in the top 50 most at-risk counties, that region had the fewest clusters overall. The report indicates that 43 of the 50 counties most vulnerable to the housing-related economic impact of the pandemic stretch from Connecticut to Florida and also within Illinois. According to the report, factors considered for at-risk status included percentage of homes currently facing possible foreclosure, the portion of homes with mortgage balances that exceed the estimated property value and the percentage of local wages required to pay for major home ownership expenses. The conclusions are drawn from an analysis of the most recent home affordability, home equity and foreclosure reports prepared by ATTOM. Rankings are based on a combination of those three categories in 406 counties around the United States with enough data to analyze. Counties were ranked in each category, from lowest to highest. The findings surface amid signs that home-price growth stalled across significant parts of the country in May 2020, with more expensive areas of the West among those getting hit hardest. “Home-sales data from around the country is starting to show that eight years of price gains may be coming to an end amid the economic damage flowing from the virus pandemic. It’s still too early to make any definitive calls, but the latest numbers show storm clouds gathering over the market,” said Todd Teta, chief product officer with ATTOM Data Solutions. “With this second special report on the potential impact of the pandemic, we see pockets around the country that appear more or less poised to withstand downward pressure on prices and other market conditions. Over the next few months, enough data should come in to tell us how things will most likely pan out.” Read the full report for additional highlights and the full methodology used. Author admin View all posts

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Black Knight, Inc. has launched Black Knight SCOUT, a remote property inspection mobile app. The cloud-based application streamlines the appraisal process by allowing homeowners to collect property details and photos and send them electronically to appraisers to perform due diligence and analysis without requiring an appraiser to enter the property. Appraisal management company representatives or lenders working with them don’t need a specific software or system to interface with the Black Knight SCOUT solution and to order inspections. Black Knight SCOUT has built-in security measures to help minimize fraud and support the accuracy of submitted information. Author admin View all posts