Residential
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April 26, 2024
Colo. House OKs Lower Age For Historic Structure Tax Credit
Colorado would reduce the age requirement for the properties eligible for the state's historic structures tax credit, postpone its sunset and make other changes under legislation approved by the state House on Friday.
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April 26, 2024
Weyerhaeuser Is Optimistic About US Housing Market
Weyerhaeuser remains upbeat about the housing market in 2024 and expects demand for lumber to pick up in the coming months, the lumber real estate investment trust said on its first quarter earnings call Friday.
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April 26, 2024
Default Risk At Major SF Complex Drives April CMBS Distress
Kroll Bond Rating Agency said Friday that special servicing on a $1.3 billion loan for one of San Francisco's biggest apartment complexes accounted for more than a third of new distress among commercial mortgage-backed securities this month.
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April 26, 2024
Philly Mayor Creates Property Assessment Task Force
Philadelphia will designate a task force to study and address inequities in the city's residential property tax assessments, the mayor announced Friday.
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April 25, 2024
PI Ordered To Stay Away From Jury That Issued $10B Verdict
A California judge on Thursday kept in place an order for a private investigator to cease contacting jurors who delivered a $10 billion verdict in March against his client, telling him, "it doesn't sit well with me" that he's "going and bothering jurors" by visiting them at their homes.
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April 25, 2024
Real Estate Exec Can't Escape Shareholder's Self-Dealing Suit
A California federal judge ruled that a derivative shareholder suit accusing the president of a real estate management and investment firm of misusing nearly $35 million of company revenue now passes the so-called Zuckerberg test since the plaintiff sufficiently pled that demand on the company's board members would be futile.
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April 25, 2024
JDS Buys $61M Miami Tower For Dolce & Gabbana Project
An affiliate of JDS Development purchased a Miami office building for $61.2 million, which the developer plans to convert to a Dolce & Gabbana-branded tower with 259 hotel and luxury condominium units, per a Vizzda filing.
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April 25, 2024
Wash. Appeals Court Rejects Seattle High-Rise Permit Dispute
A Washington state appeals court sided with a developer on Thursday in a challenge to its plan for a 17-story apartment building on Seattle's waterfront, concluding that the project's opponents missed their chance to contest the city's decision not to hold the proposal to certain shoreline regulations.
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April 25, 2024
Neb. To Require County Tax Roll Corrections Upon Final Order
Nebraska county clerks or assessors will be required to correct tax rolls and property assessments when an administrative body or court gives a final order, under a bill signed by the governor.
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April 25, 2024
Mr. Cooper's $3.6M Convenience Fee Settlement Gets Final OK
A D.C. federal judge on Thursday gave the final nod to a nearly $3.6 million settlement to resolve class action claims that Mr. Cooper unlawfully charged processing fees to borrowers who made mortgage payments over the phone.
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April 25, 2024
Phoenix-Area Build-To-Rent Project Sells For $57M
Privately held Christopher Todd Capital said Thursday that it has bought a recently completed build-to-rent community near Phoenix for $57 million from an affiliate of Canadian developer WestStone Group.
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April 25, 2024
Peer Street Says It Has Votes To Confirm Ch. 11 Plan
Bankrupt crowd-funded real estate investment platform Peer Street Inc. asked a Delaware bankruptcy judge to confirm its proposed Chapter 11 plan and disclosure statement, saying its creditors have voted overwhelmingly to support the plan ahead of its confirmation hearing scheduled for Friday.
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April 25, 2024
Gibson Dunn, Simpson Thacher Guide $1.6B Campus Deal
KKR on Thursday announced the purchase of a portfolio of 19 student housing properties from Blackstone Real Estate Income Trust, in a $1.64 billion deal advised by Gibson Dunn & Crutcher LLP and Simpson Thacher & Bartlett LLP.
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April 25, 2024
Mobile Home Co. Pays $85K For Misclassifying Workers
A mobile home transportation company in Texas paid nearly $85,000 in back wages for misclassifying 32 workers, the U.S. Department of Labor announced.
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April 25, 2024
EEOC Says Co. Piled Tasks On Black Worker, Then Fired Him
A real estate company gave a Black manager more than twice as much work as his white colleague, paid him less and then fired him because he was "lazy," the U.S. Equal Employment Opportunity Commission said in a suit filed in Georgia federal court.
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April 24, 2024
Wash. Property Manager Sued Over Lease Cancellation Fees
A proposed class of tenants accused a Seattle property management company and a Washington debt collection agency in state court of using lease cancellation practices that violate state law.
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April 24, 2024
Mass. Golf Course Manager Gets 13 Months For Tax Fraud
A Massachusetts golf course manager was sentenced to 13 months in prison after pleading guilty to tax charges, following prosecutors' accusations that he manipulated contracts with a home developer to deflate their value.
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April 24, 2024
Court Pauses Order To Sell Office Park In $16M Tax Battle
A New Jersey federal court paused its order allowing the U.S. government to sell a family trust's office park to satisfy a trustee's $16.2 million tax debt Wednesday, giving the family time to appeal a decision approving the sale to the U.S. Supreme Court.
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April 24, 2024
Condo Group Says Insurer Is Blowing Off Wind, Hail Damage
Greater New York Mutual Insurance Co. has moved to federal court an Ohio non-profit condominium community's state court lawsuit accusing it of lowballing the group's wind and hail damage costs and then refusing to engage in their agreed-upon appraisal process.
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April 24, 2024
Title Co. Sues Conn. Atty Over Botched Mortgage Payoff
First American Title Insurance Co. has sued a Connecticut attorney in state court for allegedly mishandling a $340,000 Bridgeport residential property sale, claiming the lawyer, who represented the seller, failed to transmit around $163,000 to cover an existing mortgage and left the insurer stuck footing the bill.
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April 24, 2024
Equity Tallies Illegal Late Fees Owed Tenants In Ruling
Equity Residential executives during an earnings call Wednesday said the landlord is still weighing the implications of a California federal judge's decision in early April voiding its fees for late rent after finding Equity only sought to drum up revenue with the charge in violation of state law.
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April 24, 2024
NY's Housing Incentives, Protections Draw Mixed Reviews
The housing provisions in New York's recently approved $237 billion budget, which includes new tax incentives for developers and increased legal safeguards for tenants facing evictions, received varied reactions from attorneys, housing organizations and lobbyists as they digest all the details.
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April 24, 2024
Landlords Bring NY Rent Law Challenge To High Court Again
Thirteen New York property owners urged the U.S. Supreme Court to review their challenge to two 2019 changes to New York rental laws, arguing that the suit is the better-tailored vehicle Justice Clarence Thomas signaled interest in when denying a similar challenge in January.
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April 24, 2024
KKR Financing REIT Expects $140M Loss From Office Distress
The president of KKR & Co.'s financing-focused real estate investment trust said Wednesday that the company will likely face $140 million in losses in the second quarter due to distress in parts of its office loan portfolio.
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April 23, 2024
Realtors, Home Sellers Get OK For $418M Broker Rules Deal
The National Association of Realtors and a nationwide class of home sellers on Tuesday scored a Missouri federal judge's initial approval of their $418 million settlement resolving claims that the trade group's broker commission rules caused home sellers across the country to pay inflated fees.
Expert Analysis
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Setting The Stage For High Court BofA Escrow Interest Case
Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.
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DC's Housing Tax Break Proposal: What's In It, What's Missing
Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for submitting an application, but do not provide sufficient detail regarding the actual dollar value of the abatements, says Daniel Miktus at Akerman.
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Assessing The Future Of Colorado's Economic Loss Rule
The Colorado Supreme Court's decision to review a state appellate court's ruling in Mid-Century Insurance Co. v. HIVE Construction will significantly influence the future of Colorado's economic loss rule, with high stakes for the cost of doing business in the state, says David Holman at Crisham & Holman.
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How Recent Laws Affect Foreign Purchase Of US Real Estate
Early diligence is imperative for U.S. real estate transactions involving foreign actors, including analysis of federal and state foreign investment laws implicated by the transaction, depending on the property's nature and location, the parties' citizenship, and the transaction's structure, say Massimo D’Angelo and Anthony Rapa at Blank Rome.
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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High Court Case Could Reshape Local Development Fees
If last month's oral arguments are any indication of how the U.S. Supreme Court will rule in Sheetz v. County of El Dorado, it's unlikely the justices will hold that the essential nexus and rough proportionality tests under the cases of Nollan, Dolan and Koontz apply to legislative exactions, but a sweeping decision would still be the natural progression in the line of cases giving property owners takings claims, says Phillip Babich at Reed Smith.
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White Collar Plea Deals Are Rarely 'Knowing' And 'Voluntary'
Because prosecutors are not required to disclose exculpatory evidence during plea negotiations, white collar defendants often enter into plea deals that don’t meet the U.S. Supreme Court’s “knowing” and “voluntary” standard for trials — but individual courts and solutions judges could rectify the issue, says Sara Kropf at Kropf Moseley.
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How 2 CFPB Advisory Opinions Affect Reporting Agencies
The Consumer Financial Protection Bureau issued two advisory opinions last month that demonstrate a continued commitment to address inaccuracies in background check reports and consumer file disclosures through broad interpretation of the Fair Credit Reporting Act, expanding on a coordinated federal agency effort, say attorneys at Cooley.
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Algorithmic Pricing Programs Caught In Antitrust Crosshairs
The Justice Department's investigation into software company RealPage follows a host of federal antitrust cases alleging that property owners and casino hotel operators use the same proprietary software programs to fix and maintain pricing, which means algorithmic pricing programs are considered a key price-fixing tool in the digital age, say attorneys at Ballard Spahr.
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A Welcome Turning Of The Page For Residential Real Estate
After one of the most challenging years on record for residential real estate, 2024 will likely be a time of transition to a stabler business climate, as sellers lose some of their excess bargaining power and the pace of sales picks up, says Marty Green at Polunsky Beitel.
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Strict Duty To Indemnify Ruling Bucks Recent Trend
A South Carolina federal court's recent decision that it lacked subject matter jurisdiction to decide an insurer's duty to indemnify prior to the finding of insured liability sharply diverges from the more nuanced or multipronged standards established by multiple circuit courts, says Richard Mason at MasonADR.
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Ill. Insurance Ruling Helps Developers, Community Orgs. Alike
The Illinois Supreme Court's decision in Acuity v. M/I Homes of Chicago, holding that commercial general liability policy exceptions did not prevent coverage for damage caused by faulty workmanship, will bring more potential insurance coverage for real estate developers and, in turn, larger payouts when community organizations sue them, say Howard Dakoff and Suzanne Karbarz Rovner at Levenfeld Pearlstein.
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NJ Foreclosure Law Will Have Multifaceted Impact On Lenders
New Jersey's A.B. 5664 introduces significant reforms to foreclosure proceedings in the state, potentially lessening the burden on lenders and servicers to maintain foreclosed properties, but also brings new limitations and time frames, say Christina Livorsi and Wael Amer at Day Pitney.