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After a UBS housing report pointed to as many as one in four homes owned offshore by mainland Chinese buyers being kept empty, and a further quarter used on a "temporary" basis, experts have been quick to say the results do not apply to Australian real estate . Among the naysayers is Jane Lu, head of Australia for Chinese international property site Juwai . She said there was "no hard data" and called the idea of vacant apartments held by offshore buyers as an "urban myth". "Most Chinese buyers of inner- city apartments are not so wealthy that they can afford to leave their property vacant ??? rather than renting it and earning some sort of income. There are some who do not live there full-time, because it is their second home. " Chinese investors are no more likely to turn down easy rent money than are Australians ... Australian second-home owners probably have more vacant properties in Ballina and Byron Bay than Chinese investors do...

San Francisco Supervisor Aaron Peskin has asked the city attorney to explore legislation to impose a vacancy tax on large property owners who leave residential and commercial buildings empty . During a supervisors meeting this month, Peskin said he continues to receive complaints about the impact of “ghost buildings” on neighborhoods. The problem is, nobody really knows how many vacant homes there are in the city and whether a vacancy tax would be legal or effective in freeing up much-needed housing. In an interview, Peskin cited a 28- unit apartment building at 1656 Powell St. that was vacated after a fire damaged some units in December 2013. It remains empty. The three-story building is in a prime North Beach location across from Washington Square Park . Four businesses on the building’s ground floor — a liquor store, a bar, a Thai restaurant and a seafood restaurant — are open, but the apartments above still have boarded-up windows and a littered lobby. Some work was done in the...

Affiliates of Toronto-based Republic Funds paid $17 million last month to buy two Little Rock apartment complexes with a total of 482 units. Republic Spanish Rock , a limited partnership, paid $11 million for the 258- unit Spanish Rock Apartments in the Markham Mesa subdivision . Spanish Rock is the combination of several complexes from eight units to 162 units. Another limited partnership, Republic Spanish Jon , paid $6 million for the 224- unit Spanish Jon Apartments at 5001 W. 65th St. Pete Hartnett, senior vice president of Dallas- based Rowan Properties , represented Republic Funds as well as the "large Texas-based seller that owns thousands and thousands of Class C units," he said. In an interview, Hartnett declined to identify the Texas seller. Both properties underwent significant interior and exterior renovations, which were completed before the sale, Rowan Properties said in a news release. Spanish Jon Apartments had a low cost housing program agreement th...

We offer our predictions on communities that will rank among the city's most desirable in 2026. Plus a look at developers who are working to make those visions a reality. February 18, 2016 (page 7 of 7) 8 developers with insight who are rethinking our urban neighborhoods   BY DEBRA SMIT G reat neighborhoods — with ample green space , commerce and good housing stock — empower their residents to grow and prosper. Developers are key when it comes to weaving together the physical threads of a community, particularly in urban neighborhoods frayed by years of blight and decay. These are among the developers who are working to revitalize some of the city’s most challenged neighborhoods, striving to be restorers of streets in which to dwell. All have one eye, certainly, on the bottom line. Still, they are well aware of expectations that they give measured consideration to quality of life in the neighborhoods in which they build.   Wi...

Here’s some real estate news of possible interest. Three properties on Towering Heights Boulevard in south St. Catharines recently sold for $37.7 million. Real estate records show the seller was George Wakil and Company Ltd. of White Oaks Resort and Spa fame; the buyer was Kingston- based Homestead Land Holdings Ltd. The key piece was the 135- unit Crown Tower apartment building , which, at 17 storeys, is St. Catharines’ tallest edifice. I doubt which company owns what apartment complex in the city is of much interest to anyone but residents of the buildings. And, for all I know, maybe these dwellings change hands on a regular basis. What makes this transaction potentially interesting for a broader audience, though, is the state of the other two parcels. They’re vacant, raw land. The larger piece, on the northwest corner of Towering Heights Boulevard and Glen Morris Drive , is 4.42 acres. The smaller one, across the boulevard, is 2.48 acres. Homestead Land Holdings is a fair...

PASADENA, Calif. , Sept. 1, 2015 /PRNewswire-iReach/ -- CALCAP Advisors is announcing that it has purchased two apartment communities in Las Vegas.  The company has acquired 500 units in Southern Nevada in the past 13 months.  Photo - http://photos.prnewswire.com/prnh/20150829/262093 El Pueblo de Los Arboles Apartments, a 228-unit property in Las Vegas , was purchased for $9,765,000 ( $42,829 per unit/ $56.39 per square foot) on June 30, 2015 through the online real estate website Auction .com.  The seller was an entity of mortgage special servicer LNR Partners , LLC.  LNR acquired the property via a CMBS foreclosure on January 29 , 2015.  The address is 5400 West Cheyenne Avenue , Las Vegas, NV 89108. " El Pueblo de Los Arboles offered us an opportunity to purchase a well located multi- family community significantly below replacement cost", stated Edward Aloe , Managing Principal of CALCAP Advisors .   The property, constructed in 1986, was 86% leased at the clo...

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The Town Council gave its unanimous approval for a development agreement and the concept plan for the proposed Copper Ridge senior living development at its regular session on Aug. 18. The proposal would develop the vacant 12.24-acre site that wraps around the Bashas’ shopping center. The new development would be built along Avenue of the Fountains from LaMontana Drive to Westby Drive and north along Westby to Palisades Boulevard. The project is planned for three phases, the first of which would be a 132- unit age restricted (62 and older) complex at Avenue of the Fountains and Westby. The initial phase also includes a 19,000 square- foot community clubhouse , parking and a park/drainage detention facility along Westby. Phase II includes a two-story, 80, 000 square foot assisted living facility with 60 living units and 52 memory care/physical rehabilitation beds. A commercial component would make up Phase III at opposite ends of the site. A 12,000 square- foot commercial retai...