The Russian-Ukrainian war and accompanying inflation have driven up the cost of building materials, with the annual inflation rate in Egypt registering 10% for February 2022, from 4.9% a year earlier.

Al-Ahly Pharos Research expected construction material costs to increase by 15% in 2022, noting that previous research had pegged the increase at around 5%.

The center also predicted that developers will increase property sales prices by 10% in 2022 to account for increases in building material costs.

Pharos, however, expected sales to increase by around 10% in 2022, in addition to an increase in sales of move-in ready units, particularly in light of the mid-income mortgage program, which now covers units with prices up to EGP 2.5m.

He explained that expectations indicate that changes to installment schedules will not be made in 2022 by development companies, expecting average installment schedules to continue for eight years from 2022, and in the event of change, it will be minor, especially for ready units. .

Pharos also believes that 2022 will see a restructuring of the real estate sector, especially after legislation requiring property developers to pay around 30% of the value of the project before it is launched.

It anticipated that the pace of deliveries would increase to allow for more securitization transactions, with only receivables related to the units delivered being able to be securitized.

He pointed out that 2022 is the year of real estate market regulation, pointing out that there is an ongoing dialogue between major developers and the Ministry of Housing to seek the most effective and efficient way to regulate the sector. She explained that these transformations pave the way for a more regulated real estate financing market.

Aly Adel, real estate analyst at Beltone Securities, expected real estate unit prices to rise between 20 and 30 percent in the current year, especially after rising commodity prices around the world. due to developments in the Russo-Ukrainian War.

Adel added that it is possible that the inflationary wave in house prices will last until the beginning of next year after increases expected to be between 10 and 20% during the current year in due to expected inflation.

He explained that most developers have building material inventory up to about six months, and increases will start at the beginning of the third quarter (3Q) of this year.

Daily News Egypt conducted a survey of the top 10 real estate companies listed on the Egyptian Stock Exchange (EGX) in terms of profitability, contract sales and revenue.

Emaar Misr tops the list with profits of EGP 4.12 billion, market value of EGP 11.87 billion and contract sales of EGP 23.2 billion. Talaat Mostafa Group ranked second with profits of EGP 1.78 billion. The group reached a value of EGP 17.97 billion and its contract sales amounted to EGP 32.4 billion; followed by Orascom Development Egypt in third place, earning EGP 1.12 billion in earned profit, while the group’s market value reached EGP 4.66 billion and contract sales reached EGP 9.2 billion. ‘EGP in the first nine months of 2021.

SODIC came in fourth place with EGP 865.1 million in profit earned, and its market value reached EGP 4.67 billion with contract sales of EGP 11.4 billion; followed by Palm Hills in fifth place, with a market value of EGP 4.55 billion, profit of EGP 653.3 million and contract sales of EGP 17.3 billion.

Nasr City’s profit fell by 72%, to rank sixth, its profit amounting to EGP 282.8 million with a market value of EGP 3.68 billion and contract sales of 2 EGP.95 billion.

Zahraa Al-Maadi Company ranked seventh as the company’s profits increased over the past year to EGP 274.8 million with a market value of EGP 3.03 billion and sales contracts of EGP 227 million; followed by Arab Developers Group – formerly Porto – in eighth place with a market value of EGP 476.3 million, profits of EGP 92.9 million and contract sales amounting to EGP 1.47 billion. EGP.

Amer Group ranked ninth with realized profit of EGP 83.2 million, market value of EGP 882.7 million and contract sales of EGP 4.9 billion; followed by Heliopolis Housing in tenth place with earned profits of EGP 16 million and a market value of EGP 6.52 billion.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

The latest snapshot of the Salt Lake County apartment market might look attractive to real estate developers and investors, but for average renters, it could be more dire than ever.

Even with a record 12,367 new rental units under construction in the county and another 9,665 in the pipeline, vacant and available apartments remain at an all-time high — 2% or less — and rents are climbing 10% or more a year.

All of this speaks volumes about the demand for rental housing in Utah’s most populous county, even with a historic increase in supply, conditions for renters are not expected to ease until perhaps 2024 or at least. -of the.

Last year saw “the tightest rental market in our history,” said James Wood, a senior economist at the University of Utah’s Kem C. Gardner Policy Institute, which released new research Wednesday on the apartment boom. Yet even as builders jostle, the dramatic increase in the number of additional units this year is unlikely to slow the rise in rents.

Of the nearly 150,000 rentals currently in Salt Lake County, approximately 3,000 are currently vacant. That’s the lowest in 20 years, according to Gardner’s study, and includes everything from bachelors to three-bedroom units, which now fetch average rents of $1,301 a month.

One in three Utahans rents, and soaring prices for homes for sale leave them with little choice, Wood noted. With skyrocketing construction costs, rising interest rates and other economic trends, “we are worried about affordability.”

And with the county’s median home sale price now reaching $585,000 in Salt Lake County, Wood said, renters could be even more stuck. “I worry about the long-term future.”

Affordability “gets trampled”

Developer Dan Lofgren, with Cowboy Partners, said the long-standing axiom of spending no more than 30% of income on housing costs “is well in the rearview mirror”. Even lifestyle renters who choose to rent when they could buy, he said, are spending a greater share of what they earn on housing.

While a traditional supply and demand analysis suggests that building new apartments would eventually slow rising rents, Lofgren said, “the exact opposite is happening.”

“It’s a tough market to understand,” said the veteran apartment developer. “There’s all this new production; yet affordability continues to erode.

Several key trends appear to be driving the mismatch.

Soaring costs of building materials such as wood, steel and concrete currently make it difficult to build apartments at lower unit prices. This adds to a trend of building luxury apartments, especially in downtown Salt Lake City, where rents are 30-40% higher than in the suburbs.

“We build at the high end,” Lofgren said, “so affordability is what gets trampled on.”

Cowboy Partners recently opened the 21-story Liberty Sky, Salt Lake City’s first luxury residential skyscraper, with 272 units ranging from studios to two-bedroom apartments.

Its well-appointed homes and amenities — and those of several other luxury towers rising downtown — attract many foreigners drawn here for new jobs, said Mark Jensen, executive vice president of real estate firm Colliers International. .

“It’s what they expect,” Jensen said, “and the rents they’re encountering in Salt Lake seem affordable.”

More luxury

With occupancy virtually guaranteed for years to come, the majority of these new multi-story apartment complexes sprouting up on the Wasatch waterfront are also staples for investors, Jensen said. Immense volumes of capital continue to flow into multifamily real estate from out of state and overseas, as the state’s quality of life and job growth keep its economy going. booming.

A decade ago, the investment broker said, $500 million in investment sales in apartment complexes in Salt Lake County was considered a stunning one-year record.

“In 2021,” he said, “we made just under $2.3 billion.”

This, in turn, has a pronounced effect on existing, cheaper rental housing, which policy experts sometimes refer to as “natural” affordable housing. Between 2014 and early 2017, Jensen said, investors bought more than 40,200 rental units, renovated them and then rented them out with an average monthly rent of $264 per month.

It also pushes the current apartment building mix to the upscale, with rents generally out of reach for those earning the average Utah salary.

“We’re going to see a lot more high-end housing,” Jensen said.

Rising rents have forced thousands of residents to seek cheaper housing in the suburbs, often with longer commutes. For thousands more, it brought them one step closer to a financial precipice.

The burdens increase

In Salt Lake County, according to federal data, about 20% of renters spent more than 30% of their income on housing in 2009. In 2018, that number rose to 41%, or nearly 60,000 renters,

Against these gigantic economic forces, government policies aimed at encouraging the construction of more affordable housing do not seem to make a huge difference. Of about 300,000 rental units statewide, according to Wood, about 50,000 offer some kind of rent subsidies, through tax credits.

Of those units currently under construction or on the drawing board, about 3,500 will be subsidized, a relatively high number in recent years.

Wood noted that while affecting most renters, Utah’s housing issues are greatest for those with lower incomes. He said he was encouraged that the Legislative Assembly recently approved its first major round of housing funding aimed at helping those earning 30% or less of the average median income.

“These people,” Wood said, “face a housing crisis every day.”

As shopping malls sprang up in the sprawling suburbs of small towns and downtown business districts quieted down, the buildings stood empty for decades. The high ceilings and the vast windows, the wide wooden beams, the heavy red brick walls gathered dust.

Sharon Marr, executive director of MainStreet Cleveland since 2005, saw this happen in her hometown.

“When I was growing up in the 60s and early 70s, everything was downtown,” says Marr, a fourth-generation resident of Cleveland, Tennessee. “As shopping centers grew, city centers lost their vibrancy.”

But the tides have turned, Marr says, and change is setting in and growing.

“The biggest change has been in downtown housing,” Marr says. MainStreet Cleveland’s loft tour that began shortly after she joined the downtown booster originally featured nine lofts, “and we were really excited about it.

“Now we have over 100,” says Marr.

More than 30 of them belong to Nicholas Lillios. As a child, Lillios would visit the empty former Ford dealership his great-grandfather owned in downtown Cleveland and listen to the patriarch imagine what might one day be made of the historic building.

“As a child, I would go up there and he would always tell me what beautiful apartments it would be,” Lillios says. “He had lived in New York in the 60s and 70s. He knew that potential and I thought he was crazy.

“I thought, ‘Who wants to live downtown?'”

Lillios got his answer when he started renovating a few buildings downtown, converting their upper floors into a handful of apartments in 2010. They quickly filled with a mix of Lee University students, empty nests and downtown employees.

“I was kind of testing the waters as I went along,” says Lillios.

This success inspired him to convert the former Ford dealership into 14 ground floor lofts and retail, opening the building to tenants in 2012 after extensive renovations.

“I owned it, and I owned it for four generations, so I didn’t have to buy it to find out if it was going to work,” he says. “When I started taking calls and renting it out, a lot of people who worked downtown were interested – restaurant workers and bank tellers, policemen who worked at the train station across the street.”

In 2020, he opened his most ambitious project – the Agora Building, 44,000 square feet that had been a looming brick-making factory in the heart of the city until it closed in the 1980s. It had stood mostly empty. since then, and Lillios has developed 19 apartments upstairs and shops on the ground floor.

“As more people moved in, we saw more businesses open up,” says Lillios. “Residents really liked the idea of ​​getting out of the apartment and there are people to see and things to do.”

Ken and Teresa Cox, empty nests with three adult sons, are enjoying the ease of loft living in the Agora after years of maintaining homes and yards, they say.

“We love freedom,” says Teresa Cox. “We can just lock it up and leave it.”

Their balcony overlooks the park which hosts concerts and markets during the warmer months, giving them a front row seat to the city’s activities, she adds.

“We get to see everything,” says Teresa Cox.

Rob McGowan and Beth Finnell also live in the Agora, about a block from the businesses they own and operate — his watering hole Mash and Hops and his wine bar, The Press.

“I love how it changes and how it all goes downtown,” McGowan said. He grew up in Cleveland, but moved to Chattanooga for a time and periodically visited his hometown, he says.

“It really hit home in the late ’80s and early ’90s,” he says. “I was from Chattanooga and I was walking around and it was a ghost town.”

These are not easy projects, says Lillios, pointing out the complexity and cost of working with the quirks and limitations of old structures often abandoned in the heart of old city centers. But bringing the city to life is rewarding, and the details of the properties are compelling, he says. The old red brick walls wider than an adult’s hand, the huge windows and the wide plank floors, the high ceilings and the exposed beams.

“They’re special,” Lillios says of these reclaimed locations.

“This cannot be replicated”

Thirty miles south, in Dalton, Georgia, Lowell Kirkman agrees. When he and his son, Nathan Kirkman, decided to buy an old, abandoned textile factory on the outskirts of downtown, “it was about the heart rather than the brain,” he says with a smirk .

“I learned that a developer was looking to tear it down and turn it into storage units and sell the brick and wood,” says Lowell Kirkman, who grew up in Dalton and runs an architectural firm with his son. “I just couldn’t let that happen.”

Crown Mill’s old campus – over three acres with several brick structures – had been empty since the company closed in the 1980s, says Nathan Kirkman. But the construction materials and the design of the place were remarkable, he adds.

“The architecture and the bones of the establishment are phenomenal,” says the younger Kirkman. “You can’t build them anymore – it can’t be replicated. Our principle was, ‘Let’s show the good stuff and create a really cool vibe and see what happens.’ “”

The men formed an investment group and in 2003 began constructing 66 apartments in one of the campus buildings, completing them in 2005. Rents were a bit higher than the market average, but the bet paid off, Nathan Kirkman said.

“It was definitely kind of a risk, but we thought there was a niche and it turned out to be okay,” he says. “We filled up fairly quickly and had a management company manage it for us. They have 100% occupancy with waiting lists.”

Next, the men turned their attention to the nearby 40,000 square foot structure that is now The Mill at Crown Garden, a mixed-use marketplace housing an array of retailers, restaurants and event spaces – a design that Nathan Kirkman inspired by the urban town of Ponce. and Krog Street Markets in Atlanta, where he lives.

“I live less than a quarter mile from Krog Street,” says Nathan Kirkman. “We take those same principles and map them out on a smaller scale.”

The pandemic meant The Mill got off to a slow start, but the men used federal aid to cover some expenses and relieve their tenants of some financial stress, says Nathan Kirkman.

“We kind of wanted to arrange the right mix of tenants, we went out and wanted to promote local businesses, and almost every business there has a first-time business owner,” he says.

The next phase of the project will be another set of apartments, this one intended for short term stays for employees of the booming local flooring industry who need accommodation on repeat visits. or long.

The return to these old places is a pendulum from its growing years in Dalton in the 70s and 80s, when the downtown core had been hollowed out, says Nathan Kirkman.

“I think it’s a way of life that people are more drawn to now,” he says. “Being in your car, driving from one center to another, I think that’s not really appealing. People want pedestrian communities, pedestrian-friendly environments, social interaction.”

In urban planning, it’s called “new urbanism,” but it’s really a return to an old way of life, says Nathan Kirkman.

“People always have to break stuff and then be like, ‘That was stupid, let’s try what worked before,'” he says.

The return

When Lewie and Becky Card returned to her hometown of Dunlap, Tennessee, they set off in search of real estate projects. They didn’t have to look far. Working with the Chamber of Commerce to find empty buildings in the old city center, they identified 17.

“We ended up with seven of them,” said Lewie Card.

The crown jewel of their restoration efforts is the Dunlap Mercantile, which had stood empty for 45 years after a flood downtown.

The Cards had retired to Naples, Florida, but decided to return and invest in the town where Becky grew up and where she worked for 20 years as a dentist. They bought the old business in 2019 and brought it back to life as a place to buy almost anything, and to sit and have a soda to catch up with the neighbors.

“It was mercantile back then,” says Lewie Card. “It was the WalMart of its time.”

The Cards are just getting started and their newest acquisition, Mansfield House, is a stately white house on a corner lot in the heart of Dunlap town centre. They plan to convert it into a short-term rental for people wanting to spend time in the mountains, and they’ve also converted another building nearby into rental space and a music studio.

As people move from across the country to settle in small towns, the hearts of those small towns need to be healthy, says Lewie Card.

“We’re growing up and people are coming from California, Chicago, Colorado,” he says. “People move here because Tennessee is the best. You have four seasons, mountains, valleys, rivers.”

Janis Kyser, executive director of the Sequatchie/Dunlap Chamber of Commerce, grew up in the area, left for school and work, then returned decades later to promote the growth of her hometown. As young people get older, many of them want a simpler pace of life, Kyser says.

“Especially millennials and Gen Xers,” she says. “They’ve had enough of the commotion and 500 people in line for a COVID test.”

Thomas Austin was born in Dunlap, grew up on a farm owned by his great-grandfather and raised his family in the area. He went to Middle Tennessee State University and then to Nashville Law School, but by then he was ready to go home.

“I got married in law school, and we didn’t want to live and raise kids in a big city,” says Austin, whose kids are 4 and 6.

Walking through the streets of Dunlap town centre, Lewie Card points out the growing number of properties that have been reclaimed in the center of the small town. Investing in these places pays off in terms of growth and creating a place where people want to be – and where young people want to stay, he says.

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* Online Anywhere: Rural broadband is boosted by pandemic funds and demand for working from home

*Made Here: Counties around Chattanooga are magnets for manufacturing

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The Massachusetts agency that oversees more than $2 billion a year in public construction projects has failed to meet targets for hiring women and minority workers in more than half of its projects, according to a state audit released today.

Auditor Suzanne Bump’s report found that the Division of Capital Asset Management and Maintenance, or DCAMM, provided the state legislature with inaccurate reports over a 2-year period, painting a rosy picture of its hiring women and minority construction workers.

Bump told GBH News that the capital projects agency erred in presenting the total number of labor hours per year, rather than per project.

“If you aggregate the hours, it looks like entrepreneurs are hitting their targets. But individual entrepreneurs are not,” Bump said. “The DCAMM’s big requirement is to ensure that each construction company meets the workforce participation targets. And they clearly don’t.

The audit investigated all of DCAMM’s 127 construction projects in 2019 and 2020 and found that more than a quarter of projects had no people of color on work teams. More than 60 percent did not employ any female workers. DCAMM oversees major state construction projects not related to roads or highways and manages a large portfolio of state-owned real estate.

The recent DCAMM Annual Report in the Legislative Assembly lacked documentation to support its claim that minorities worked 17.8% of hours on construction projects and women worked 3.1% of hours, the audit found.

A 2016 state mandate requires all state agencies to track the hours of minority and female workers on construction projects. The target for female workers is 6.9% of total working hours and 15.3% for minorities.

Lawmakers have criticized the state’s failure to hire women and minorities into construction trades in the past, pointing to well-paying construction jobs as a pathway to the middle class.

“[These are] well-paying jobs and everyone should have access to them, especially if the programs are publicly funded,” Bump said.

An investigation by the GBH News Center for Investigative Reporting earlier this month found that most state agencies have failed to comply with this mandate, drawing criticism from lawmakers worried about whether workers of minority-owned construction will benefit billions of federal infrastructure dollars coming to Massachusetts.

---

“Policies that were adopted in good faith have not been followed by good faith enforcement.”

Suzanne Bump, Massachusetts State Auditor

The findings of the GBH News investigation came as no surprise to Bump.

“Policies that were adopted in good faith have not been followed by good faith enforcement,” she said.

DCAMM told listeners he’s getting stronger now its application and monitoring of hiring targets for women and minority workers.

Workers of color now make up nearly a quarter of the state’s construction trades workforce, with their numbers climbing 30% from a decade ago, according to the Bureau of Labor Statistics. Women make up more than 10% of apprentices in the building trades in Massachusetts.

Bump said the auditor’s office makes tracking fairness in government spending a priority, especially with respect to federal pandemic relief funds coming into the state.

Filings for intellectual property (IP) protection rose 11.6% in 2021 to a total of 46,496, recovering significantly from the 2020 decline as lighter quarantine restrictions last year revived commercial and IP-related activities.

After being the hardest hit in 2020, utility model (UM) filings saw the strongest recovery, registering a 20% increase to a total of 1,588. The rebound, which was faster than the growth of 4% from the pre-pandemic year 2019, was driven by residents whose UM filings rose 24.4% to a total of 24,015. Non-resident filers fell 44% to 48 .

Food chemicals contributed the most to the sum, with 815 UM deposits. Then come the fundamental chemistry of materials (with 92 deposits made); other special machines (77); handling (75); and civil engineering (57).

Trademark applications jumped 12% to 39,616, with resident applicants accounting for the bulk at 24,015 and rebounding with 14% growth. Deposits from non-residents also rebounded by 12%. In total, trademark filings last year grew at a faster rate than the 10% annual growth in 2019.

Growth in trademark filings was largely driven by filings for pharmaceuticals, healthcare and cosmetics, which totaled 11,360. Agricultural products and services (10,977) came second, followed by scientific research, information and communication technologies (8,946); management, communication, real estate and financial services (7,624); and textiles, clothing and accessories (5,843).

Meanwhile, patent filings rose 10% to 4,031. Patent Cooperation Treaty (PCT) filers, which propelled patent filing activity, rose 12% to 3,344, while resident depositors increased by 9% to 455.

Pharmaceutical patents pushed the increase (with 3,170 filings), followed by organic fine chemicals (1,562); biotechnology, (994); basic materials chemistry, (614); and food chemistry, (443).

Industrial design (ID) filings, meanwhile, continued to decline, albeit at a slower pace from 2020’s 37%. ID requests fell -0.2% to 1,261 Resident ID filings contracted -0.3% to 644 while non-resident filings were flat at 617.

A total of 152 filings under the conveyance classification constituted the majority. Behind, packages and containers for the transport or handling of goods (95); recording, communication or information retrieval equipment (64); furnishings (62); fluid distribution equipment, sanitary equipment, heating, ventilation and air conditioning, solid fuels (54).

Copyright filings, meanwhile, climbed 123% to 2,086 from 940.

Last year, the top five areas for copyright filings were in the category of other literary, scholarly, scientific and artistic works (709 filings); books, brochures, articles, e-books, audio books, comics, novels and other writings (439); musical compositions with or without words (281); drawings, paintings, architectural works, sculptures, engravings, prints, lithographs and others (236); and computer programs, software, games, applications (137);

“This significant rebound, especially in UM, trademarks, patents and copyright, has been made possible by our aggressive IP promotion campaigns to reach more inventors, artists and contractors. Added to this is our ongoing work to upgrade, streamline and digitize our services to attract more customers,” said Managing Director Rowel S. Barba.

“Our success in reviving demand for the creation and protection of intellectual property has further motivated us to maintain our momentum of rebuilding the economy with intellectual property,” he added.

MEMPHIS, Tenn. —According to a recent survey, Memphis had the 5th highest rent increase among major US cities over the past year.

Experts said it’s a combination of two things: first, housing demand is high and second, the cost of building new units has skyrocketed.

According to a realtor.com survey, rent in the town of Bluff has increased over 29% over the past year. This is the 5th largest increase among the 50 largest US cities.

Porsha Holloway said her rent could soon go up by $30, which is a blow to her budget.

“It would affect me a lot because the cost of living these days is like everything is going up, like everything is going up. So if the rent were to go up, that would make me work even harder, so you’re basically robbing Peter to pay Paul,” Holloway said.

Roshun Austin is a real estate expert at The Works Inc., a community development company.

She said rents were rising due to high demand. In addition, a sharp increase in the cost of building materials.

“It costs more for contractors and developers to build units,” Austin said. “Supplies are blocked. Much of it can be linked to a pandemic. We are unable to obtain supplies. We have a shortage of truckers.

According to the survey, the median monthly rent in Memphis was around $1,300 in December. That’s still hundreds of dollars less than most cities, despite the increase.

Austin fears the alarming trend will reverse anytime soon.

“And the warehouses. They are human beings who may have suffered from COVID and so they were often front line workers and so they contracted the virus which resulted in warehouses being closed for weeks due to the covid outbreaks,” Austin said.

For many, this means finding an alternative form of housing.

“So people will have to live differently, and they’ve already started to do that,” Austin said. “A lot of people we found are moving to extended stay hotels, or sleeping with family members.”

If you’re facing high rental costs, Austin said you might consider buying instead of renting. Especially because, a house belongs to you, and it can become a valuable asset.

The German construction equipment market is mixed in 2022.

While orders for construction equipment remain healthy, the association, which represents more than 3,400 German and European mechanical engineering and plant companies, reports uncertainty over turnover as materials continue to be in short supply and supply chain issues are delaying the production of construction equipment.

“We are pushing ahead of us a wave of orders which we will probably have to carry until 2023 if the situation remains like this,” said Joachim Strobel, president of the construction equipment division of VDMA. “Despite well-filled order books, the industry can only expect a maximum revenue increase of 7% for the current year. Profit will also be below our expectations because we have to do in the face of extremely high costs.”

The VDMA says the US market is promising for the next few years. “Thanks to extensive economic stimulus programs, golden times could dawn for the construction sector in the United States. In Europe, the economic stimulus programs launched in the pandemic will also have a supporting effect in the next 2-3 In China, development is uncertain, the risk of a real estate crisis is still present there,” continues the statement from the Association.

In Germany, sales of construction equipment increased by nearly 10% last year and demand from customer industries remains high this year. The VDMA claims that this “boom” will even be able to challenge the shortage of skilled workers and material bottlenecks.

According to the VDMA, the priorities of construction equipment manufacturers are reducing CO₂ emissions and advancing digitalization. The association says there will also be key topics at this year’s major trade shows for the construction equipment and building materials plant sector. ceramitec in June, glasstec in September and bauma in October will present avant-garde developments. “We all look forward to our presence at trade shows. Finally, we can once again show on a large scale the technical progress we have already made to achieve the objectives of climate policy,” emphasizes Franz-Josef Paus, President of VDMA Construction.

Wildflower Studios in Queens, New York, led by Robert De Niro, received approval for construction from the Department of Buildings (DOB).

The Bjarke Ingels Group (BIG) designed facility also secured an equity investment from Meadow Partners and a $600 million construction loan from Silverstein Capital Partners to construct the 775,042 gross square foot building.

The building permit was granted two years after the closing of Wildflower Studios’ purchase of the 5.25-acre waterfront parcel for $71.6 million from Steinway, with Ares Commercial Real Estate Management providing funds of $56.5 million for the land.

When completed, the site will become New York’s first purpose-built production soundstage and will be the world’s first vertical film studio. Additionally, Wildflower Studios is expected to create more than 1,000 new permanent union jobs.

Bjarke Ingels said in a statement:[This] marks a new chapter in the city’s ability to create the stories of our future.”

Adam Gordon, chairman of Wildflower LTD, said the campus is being created with a wide range of storytelling in mind, including “streaming, AR [augmented reality]virtual reality [virtual reality] and games, with a future-oriented building design”.

Tahoe Boston builders’ headaches include lumber prices, labor issues, land and material shortages. Builderonline.com recently reported that “latest lumber price hikes add more than $18,600 to new homes.” Last May, feeling the effects of the pandemic, lumber prices soared to $1,500 per thousand board feet. Prices then stabilized a little.

By the end of December, according to Random Lengths, “the price of lumber exceeded $1,000 per thousand board feet, an increase of 167% since last August.” Reasons for the increases include supply chain bottlenecks, doubling of tariffs on Canadian lumber imports and a damaging wildfire season in the western United States and Colombia. -British.

What’s a constructor to do? Catherine Bassick of Boston-based Bassick Real Estate Advisors is a longtime producer who sold the first single-family home for over $100 million in the United States and works closely with luxury builders.

Bassick offers insider insight into the issues Greater Boston builders are facing with soaring lumber prices. “These price increases affect all segments of the wood supply. Between Canadian tariffs, labor shortages at Georgia-Pacific, one of the largest lumber processors, and lenders placing timber reserves on construction loans, the impact on builders is huge. Supply chain issues are causing builders to use the lumber they receive immediately to meet construction deadlines. Bassick’s advice to those looking for a new home: “If buyers find a home they’re looking for, they really should buy it now.”

Moving about 2,900 miles west of Lake Tahoe, luxury builders face various challenges. Clifton Taylor, president of Taylor Builders, is a leading builder in Northern California and Northstar in Lake Tahoe. “In recent years, the Lake Tahoe market has been explosive. Land is a finite resource in the Tahoe area, and because of that, there are only a few viable projects over the next two decades,” says Taylor. “This puts a lot of pressure on existing inventory. At Northstar, there is a strong demand for custom lots and built inventory.”

Lake Tahoe is also experiencing labor shortages in the construction industry as well as shortages of building materials. “What’s happening is that houses are now more expensive to build while also taking longer to complete. People don’t want to hear that it will take three years to build their house,” Taylor attests.

Jeff Brown, owner and managing director of Tahoe Mountain Realty, has been selling luxury residential real estate in Lake Tahoe for several decades. “Weather is the biggest variable for us in this industry. There is a certain lifespan for an asset here. If a homeowner can’t occupy a home for several years, that could be 25% of the lifespan. asset if you’re only looking to own a home here for, say, maybe 8 to 10 years,” Brown said.

It’s no surprise that vacation home buyers in a ski resort want to be able to use that home as soon as possible. “Shortages of labor and materials have a definite impact on raw land sales. Under normal circumstances, the period between acquisition and occupancy, including design, engineering, permits and construction, is about 12 to 18 months. Now it’s doubled,” Brown said.

“We’ve had a number of raw land transactions that didn’t happen. Instead, these buyers bought a finished home that may not have everything they wanted,” adds- he.

Buying a finished home, imperfect or not, is not easy to do in today’s even hotter than hot market.

Bassick Real Estate Advisors and Tahoe Mountain Realty are exclusive members of Forbes Global Propertiesa consumer marketplace and member network of elite brokerages selling the most luxurious homes in the world.