Today's Real Estate Investing Pulse
Housing market steadies as sellers adjust prices and buyers return
May’s housing report shows median list prices slipping 2.4% year‑over‑year to $429,500, the sharpest decline since 2017. Pending sales rose 4.3% YoY, extending a six‑month growth streak, while new listings jumped 8.6% in the Northeast and 4.7% in the Midwest but stalled in the South.
Also developing:
Arkansas Teacher Retirement System Earmarks $160 M for Infrastructure and Real‑estate Funds
The Arkansas Teacher Retirement System’s trustees approved up to $160 million in new allocations, including $75 million each to Blackstone Infrastructure Partners and Ares Real Estate Secondaries X L.P. The moves come as the $25 billion portfolio seeks higher returns amid a volatile market.
Institutional Capital Fuels $151.4M Miami Multifamily Deal
A newly delivered Miami multifamily community just traded for $151.4M. RPM Living and Cantor Fitzgerald Asset Management acquired Biscayne Shores, a 380-unit waterfront apartment community completed in 2024 along Biscayne Boulevard in North Miami. The property sits between Aventura and Downtown...
MJW Debuts Its First Fund
MJW Investments, a Sawtelle‑based real‑estate firm with $1.5 billion in assets under management, announced its first student‑housing fund targeting $75‑100 million of capital. The vehicle requires a $100,000 minimum investment and includes MJW’s own $4.5 million stake. It will acquire six to eight...
Lendlease Sells MSG North Project for $250 Million, Books $175 Million Loss
Lendlease agreed to sell its Milano Santa Giulia (MSG North) mixed‑use project in Milan to a Bizzi & Partners‑led investor group for a gross $250 million, including $160 million of debt. The deal will generate a $175 million post‑tax operating loss, underscoring the...
Patrick Southern of Serhant: 5 Questions
Patrick Southern, a two‑decade Jersey City real‑estate veteran, joined Serhant in 2025 after a career spanning mom‑and‑pop firms, an Australian‑backed brokerage, and Coldwell Banker. He closed 376 contracts last year—roughly one deal per day—by leveraging disciplined lead generation and a...
Higher‑for‑Longer Rates Freeze Boston Housing Construction and Commercial Development
Boston’s housing builders and large‑scale commercial developers are pulling back as the 10‑year Treasury yield steadied at 4.44%, well above the 3.94% low earlier this year. The higher‑for‑longer rate environment is squeezing consumer credit and raising borrowing costs, prompting a...
Berkshire Hathaway to Acquire Homebuilder Taylor Morrison for $8.5 Billion in Cash
Warren Buffett’s Berkshire Hathaway has signed a definitive agreement to purchase homebuilder Taylor Morrison for $72.50 per share, valuing the deal at $8.5 billion. The cash transaction represents a 24% premium and is set to close in the second half of...
Behind Blackstone’s Newfound Commitment to Finance Home Construction
Blackstone Real Estate Debt Strategies announced a homebuilder lending platform that will finance the construction of more than 50,000 for‑sale single‑family homes each year, tapping its $78 billion real‑estate debt platform and partner Brio Homebuilder Solutions. The initiative seeks to narrow...
Qualitas Makes the Structural Case for Australian Real Estate Private Credit
Qualitas argues that a confluence of demographic momentum, banks pulling back, and chronic housing undersupply creates a durable niche for private credit in Australian commercial real estate. The firm highlights that the country’s population is set to add over a...
House Prices Will Fall by Two per Cent This Year – the Most Since the Financial Crisis
Savills forecasts UK house prices to decline by 2% in 2026, the first nominal drop of that magnitude since the 2008 financial crisis. The downturn is driven by sharply higher mortgage rates after the Iran war, with two‑year fixed rates...
San Francisco Victorian Listed for $2.99 M Accepts OpenAI and Anthropic Stock
A 1907 Victorian home in San Francisco’s Duboce Triangle is on the market for $2.995 million, with the seller willing to take private shares of AI leaders OpenAI or Anthropic as payment. The listing underscores how high‑valued tech equity is being...
Shekel Soars to Record High as Dollar Slides Below 3 NIS
The Israeli shekel surged to a historic peak, pushing the U.S. dollar under 3 shekels for the first time in decades. The shift adds roughly $220,000 to the cost of a typical 3 million‑shekel apartment for foreign buyers, prompting developers to...
Milwaukee Housing Market Shows Reduced Segregation, Sparking Investor Interest
Marquette University Law School’s Lubar Center reports that white homebuyers now account for 63% of recent purchases in historically Black neighborhoods, while Black and Hispanic ownership is rising elsewhere. The shift, coupled with out‑of‑state investors pulling back, signals a potential...
Three $34 Million Fisher Island Mansions Listed, Totaling $105.5 Million
French developer Madar Group USA has put three single‑family mansions on Fisher Island on the market for about $34 million each, a combined $105.5 million. The listings underscore persistent appetite for ultra‑high‑end, private residences in the nation’s most exclusive ZIP code.
Miami ZIPs: Single‑Family Prices Rise, Condos Lag Behind
LEFT: Year-over-year shift across Miami single-family home prices by ZIP RIGHT: Year-over-year shift across Miami condo home prices by ZIP via ResiClub Terminal
Michigan Towns Move to Restrict Short‑Term Rentals Amid Safety Concerns
Cities across Michigan, from Dearborn Heights to Ishpeming, are debating bans, caps and zoning limits on short‑term rentals after a series of shootings and neighborhood complaints. Lawmakers are also drafting a statewide Short‑Term Rental Act that would create a registry...
Property Tax Bills Rise Nationwide, Milwaukee’s Increase Remains Minimal at 0.7%
Median U.S. property taxes climbed 5.1% in 2024, reaching $3,119 annually. While cities like Tampa saw a 7.7% surge, Milwaukee recorded the smallest increase at 0.7%, a nuance that could affect investor calculations and valuation models.
Health Systems Trim Assets; Third‑party MOB Projects Rebound to 30%
Health systems aren't selling off real estate. They're getting smarter about which assets are worth owning and which ones aren't. Third-party MOB development rebounded to 30% of projects in 2025 after dipping to 22% in 2024.
Existing Home Prices Outpace New Homes for 4th Straight Quarter
For the fourth consecutive quarter, existing‑home prices have eclipsed new‑home prices, with the median existing home about $1,400 higher than the $403,200 median for a new home in early 2026. New‑home values slipped 4.7% over the past year, while existing‑home...
Sterling Bay Partnership Secures $290M Financing for Sorrento Mesa’s Pacific Center
Sterling Bay and Newmark have closed a $290 million refinancing of Pacific Center, a newly built 525,000‑square‑foot Class A life‑science campus in San Diego’s Sorrento Mesa. The deal includes $162.5 million of future funding earmarked for leasing incentives and carry reserves. Financing was...
Finding Value in Commercial Real Estate Credit
In this episode, Morgan Stanley’s Global Head of Fixed Income Research, Andrew Sheets, explains why commercial real‑estate debt is currently undervalued relative to other bond markets. He highlights that while yields on U.S. mortgage, high‑yield, and investment‑grade bonds are at...
REMIC Share Grows at Ginnie Mae, Fannie Mae and Freddie Mac
Global demand is driving a sharp rise in agency REMIC issuance, with Ginnie Mae, Freddie Mac and Fannie Mae collectively issuing more than $57 billion in March—well above the typical sub‑$50 billion monthly average. Ginnie Mae alone accounted for $80 billion, representing 40%...
Higher Rates Chill U.S. Mortgage Demand in May
U.S. mortgage applications dropped 8.5% in the week ending May 22 as the average 30‑year fixed rate climbed to 6.65%, the highest level since August 2025. Refinancing activity slumped 18% and fell to 37.5% of total applications, the lowest share...
Landlords Gain Leverage in Logistics Rentals
Cushman & Wakefield’s Waypoint 2026 report finds global logistics real‑estate is shifting toward landlord power as vacancy tightens and construction costs rise. Tenant‑favorable markets are projected to drop from 52 % in 2026 to 33 % by 2029, while landlord‑favorable conditions rise...
No Surprise: Last Week's Higher Rates Hit Refinance Demand
Mortgage applications dropped 8.5% week‑over‑week as the 30‑year fixed rate rose to 6.65%, the highest since August 2025. The decline was driven by an 18% plunge in the Refinance Index, pushing refinance share to 37.5% of total activity, the lowest...
Prominent Landlord Sandy Sigal On the Lasting Premium in Retail
Sandy Sigal, founder of NewMark Merrill, oversees more than 110 shopping centers valued at over $3 billion across California, Colorado and Illinois. He says capital is flooding into retail properties while new construction remains scarce, driving rent growth and pushing foot...
New Residential Raises $438.8 Million in Its Latest MBS
Rithm Capital has launched the 2026‑NQM7 series of the New Residential Mortgage Loan Trust, raising $438.8 million by securitizing a $890 million pool of primarily fixed‑rate residential mortgages. The bonds are structured into Class A, M and B notes with distinct first‑cash‑flow (FCF)...
NYC Pied‑à‑Terre Tax Bill Passes, Threatening Ken Griffin’s $238 Million Penthouse
New York City and New York State approved a tiered surcharge on multimillion‑dollar second homes, projected to generate $500 million annually. The measure targets properties over $5 million, including hedge‑fund billionaire Ken Griffin’s $238 million Central Park South penthouse, and has sparked a...
IRES REIT: New Rent Rules Boosting Dublin Residential Investment
Irish Residential Properties REIT (IRES REIT) reported that Ireland’s new rent‑regulation reforms are already boosting activity, with Q1 occupancy and rent‑collection rates staying above 99%. Net rental income margin held steady at 78% while the REIT completed a €31.75 million (~$34.6 million)...
U.S. Home Purchase Loans Drop 19% to 12‑Year Low as Rates Hover Above 6%
U.S. home‑purchase loan originations fell 19% quarter‑over‑quarter to 581,000 in Q1 2026, the lowest level in 12 years. Elevated mortgage rates above 6% and stubborn home prices are squeezing buyer affordability and could foreshadow a broader slowdown in the housing...
Michigan Municipalities Move to Tighten Short‑Term Rental Rules Amid Safety Concerns
Michigan municipalities are proposing stricter zoning limits, caps and compliance enforcement for short‑term rentals, while a bipartisan state bill seeks a uniform registry and 6% excise tax. The moves follow recent shootings and growing resident backlash, potentially reshaping the rental...
RAW Design Pivots to Smaller Density Builds as Ontario’s Highrise Condo Market Stalls
RAW Design Inc., a Toronto‑based architecture firm, is shifting its focus from high‑rise condo projects to smaller‑scale, mid‑rise developments as Ontario’s condo market stalls. The firm is targeting affordable rental housing in secondary markets such as Peterborough, Brockville, Whitby, Hamilton...
398. CRE’s New Math: Multifamily Cap Rates, Office Recovery Bets, & Capital Costs
In this episode, Trep Wire hosts Haley Keen, Lonnie Hendry, and Stephen Bushbaum dissect the current commercial real‑estate landscape, focusing on how elevated capital costs are shaping valuations across multifamily, office, and other asset classes. They analyze the AvalonBay equity‑residential...
Zillow Predicts Major Mortgage Rate, Housing Market Change
Zillow has revised its 2026 housing outlook, cutting home‑value growth to a modest 0.1% and projecting a 1.2% rise in existing home sales. Mortgage rates have eased slightly to around 6.5% but remain high amid ongoing geopolitical tension and rising...
Pauline Hanson Joins Negative Gearing Battle
Australian Prime Minister Anthony Albanese announced reforms to negative gearing and the capital gains tax discount on existing residential property, sparking immediate backlash from the opposition. The Liberal‑National Coalition, which has opposed any erosion of negative gearing for over four...
Wage Growth Softens the Sting of Rising Mortgage Payments
Mortgage payments edged higher in April as the 30‑year conforming rate rose, pushing the median purchase mortgage payment to $2,152, the highest level since last June. Despite the rate increase, wage growth of 5.3% year‑over‑year helped keep affordability from deteriorating...
Industrial Real Estate Is Tightening Again, and Now It Favors Last-Mile Owner-Operators
Industrial real estate is moving from a post‑COVID oversupply phase to a tightening market, driven by reduced construction pipelines and strong tenant demand. Link Logistics, which operates roughly 0.5 billion square feet and handles about 5% of U.S. GDP, reports record...
Tom Steyer Adds $3.5 M to Bridge Partners as He Vows 1 M New Homes in California Race
Tom Steyer, the billionaire Democratic gubernatorial candidate, has poured roughly $3.5 million into Bridge Partners’ multifamily funds even as he pledges to build 1 million new homes in California. The investment, alongside smaller stakes in Brookfield, puts his populist housing agenda under...
Brooklyn’s Luxury Deals Pick up Speed
Brooklyn’s high‑end market accelerated last week as 32 contracts above $2 million closed, spending an average of just 46 days on the market—the shortest period this year. Buyers signed for 10 condos, one co‑op and 11 single‑family homes, generating $97 million in...
Citycon Signs Non-Binding LOI for €400m Finland Asset Divestment
Finland‑based retail property owner Citycon has signed a non‑binding letter of intent to divest a portfolio of Finnish assets for €400 million (approximately $436 million). The transaction will be executed by an undisclosed buyer, while Citycon will retain responsibility for property‑management services...
NYC's New Second‑home Tax Will Double Wealthy Owners' Bills
"New York City’s new tax on second homes will more than double property taxes owed by many wealthy luxury apartment owners" https://t.co/Ox2SgA0Hx5 This will be fun to watch - from afar. https://t.co/kgF37rHAI4
IREI’s Geoffrey Dohrmann Says Investor Capital Remains Cautious, But Curiosity Returning
In this episode, Jeff Dorman of Institutional Real Estate Inc. discusses how institutional investors are navigating prolonged market uncertainty, shifting from traditional asset‑allocation models to a total‑portfolio approach that evaluates each investment’s monthly contribution. He explains that while capital remains...
PE Firms Own Over 500,000 U.S. Rental Homes, Target 40% Market Share by 2030
Institutional investors backed by private‑equity funds now own more than 500,000 single‑family rental homes and are on track to command roughly 40% of the U.S. market by 2030. The scale of ownership has triggered a DOJ criminal probe into a...
NGS Posts Record $47.1M Rental Revenue, Up 21% YoY, Boosting Investor Confidence
Natural Gas Services Group (NGS) announced $47.1 million in rental revenue for Q1 2026, a 21% year‑over‑year increase and a company record. The earnings beat was accompanied by a 36% dividend raise and an upgraded full‑year adjusted EBITDA outlook, underscoring strong demand...
Fidelity Unveils Five‑Question Homebuyer Checklist to Gauge Purchase Readiness
Fidelity Investments launched a five‑question checklist on May 20, 2026, to help prospective homebuyers determine if they are financially and strategically ready to buy. The framework stresses stable income, a 20% down payment, a debt‑to‑income ratio below 36%, a minimum...
Financing a Modular or Manufactured Home: Your 2026 Loan Guide
Factory‑built housing is shedding its stigma as buyers chase lower per‑square‑foot costs and strong equity growth. The global manufactured‑home market is slated to reach $30.5 billion in 2026 and $42.7 billion by 2031, while appreciation since 2000 mirrors site‑built homes at roughly...
Toronto New Home Prices Jump As Builders Absorb HST Rebate
Greater Toronto new‑home prices edged higher in April, with a typical single‑family home reaching C$1.42 million (about US$1.05 million) and condos at C$1.03 million (≈US$0.76 million). The gains stem from Ontario’s expanded HST rebate, which builders absorbed by raising sticker prices. New‑home sales surged...
Johns Creek Opens $37 Million Town Center Park, Paving Way for Mixed‑Use Boom
Johns Creek officials opened the $37 million Boardwalk at Town Center park on May 8, a centerpiece of a 43‑acre mixed‑use project slated for later this year. The park’s storm‑water function and adjacent infrastructure signal a shift toward higher‑density, walkable suburbs.
Mortgage Rate Rebound Dims Spring Affordability Gains
Housing affordability improved 7.8% year‑over‑year in March 2026, helped by lower mortgage rates and faster household‑income growth. The average 30‑year fixed rate rose from 6.05% in February to 6.18% in March and reached 6.51% by late May, trimming the affordability...
AI Leveraging, Lead Engagement, Servicing, Compliance Tools; Non-Agency Product News
The newsletter highlights a sharp rise in median U.S. home prices—up from $274,900 in Q4 2019 to $414,900 in Q4 2025—outpacing the impact of higher mortgage rates on affordability. Lenders are rolling out new tools and products, including UWM’s free 1‑0 temporary...