Abington veteran receives home renovation as part of Operation Legacy Service Project

Abington veteran receives home renovation as part of Operation Legacy Service Project

The Travis Manion Foundation (TMF) and Entercom recently teamed up for an Operation Legacy Service Project to renovate Iraqi War veteran Matthew Renner’s home in Abington.

Each April and November, the Travis Manion Foundation organizes Operation Legacy Service Projects, which unite communities for a common cause through volunteer-led service opportunities. Under this umbrella, Entercom and TMF joined forces to unite home improvement partners to donate their services in renovating Renner’s home.

Volpe Enterprises, based out of North Wales, removed an old roof and installed a brand new CertainTeed Integrity Roof System.

All Seasons Comfort Control, in partnership with American Standard Heating & Air Conditioning and Ferguson HVAC, supplied the Renners with a brand new high-efficiency furnace and cooling unit, new ducting and a new digital thermostat.

Employing Bricklayers Association and Bricklayers Allied Craftworkers Local No. 1, in partnership with Dzwil Contracting and Haye Construction, with the help of EP Henry and its HeroScaping program, provided a brand new backyard, patio and retaining wall.

Renner is a third-generation military enlistee. In 2002, he enlisted, serving two tours in Iraq as a machine gun turret gunner. While serving in Ramadi during his second deployment, Renner’s placement atop his unit’s Humvee put in him in danger during an IED explosion. As a result of his injuries, Renner required eight surgeries and medically retired in 2008. He was awarded two Bronze Stars and a Purple Heart for his service.

[“source=cnbc”]

UP RERA planning to rate real estate developers, projects

To protect the interests of home buyers, the Uttar Pradesh RERA is planning to rate both real estate projects and developers, Chairman Rajive Kumar said at a workshop held in Delhi on Thursday.

“RERA is meant for protecting the interests of home buyers. We would be launching a system of grading the builders and projects shortly,” he said.

Kumar said that the purpose of grading both buyers and projects is that over a period, it creates a track record for builders and signals to the public that the promoter and the project have a higher rating.

“A substantial part of the grading will relate to feedback of the people who have been associated with the project. The first round will be held around February and the first rating will be out before we complete a year in the month of September next year,” he said.

An independent rating agency will conduct the exercise.

Kumar also said that 98 projects in Uttar Pradesh have been audited so far and serious issues have been found in 20-25 of them. Another 25 have been declared as fine and the remaining have been graded as redeemable. The auditing agency has has made some recommendations for the redeemable.

“We are asking both the authorities to follow up those recommendations so that projects can move ahead. Finance is a major challenge,” he said.

[“source=cnbc”]

Does RERA empower home buyers to complete stuck projects themselves?

Setting a precedent, the Uttar Pradesh Real Estate Regulatory Authority (RERA) for the first time has decided to consider a proposal by defrauded homebuyers to take over and complete a project in Noida that has been delayed by several years. While this is a great move and may set the trend for other homebuyers in stuck projects, arranging funds to complete construction could still pose a challenge, say real estate experts.

UP RERA for the first time has asked over 700 home buyers of Subhkamna Tech Home to come up with a proposal to complete the project they had invested in and get the consent of at least 60 percent buyers within 10 days, Balwinder Kumar, Member of UP RERA bench told Moneycontrol.

The project was due for delivery in 2014. Almost 70 percent of the work on the towers is complete and buyers have claimed they have paid about 80 percent of the amount. The project is located in Sector 137, Noida.

“If the homebuyers are able to get about 60 percent members of their association to agree to the proposal, we will get it examined by the financial consultant of Noida Authority Currie & Browne. The consultant will then discuss it with the concerned stakeholders such as Noida Authority. Once the financial consultant gives its approval and agrees that the homebuyers have the capacity to complete the project and arrange for finances, then we will have no problem in giving them permission,” Kumar said.

[“source=cnbc”]

Does RERA empower home buyers to complete stuck projects themselves?

Setting a precedent, the Uttar Pradesh Real Estate Regulatory Authority (RERA) for the first time has decided to consider a proposal by defrauded homebuyers to take over and complete a project in Noida that has been delayed by several years. While this is a great move and may set the trend for other homebuyers in stuck projects, arranging funds to complete construction could still pose a challenge, say real estate experts.

UP RERA for the first time has asked over 700 home buyers of Subhkamna Tech Home to come up with a proposal to complete the project they had invested in and get the consent of at least 60 percent buyers within 10 days, Balwinder Kumar, Member of UP RERA bench told Moneycontrol.

The project was due for delivery in 2014. Almost 70 percent of the work on the towers is complete and buyers have claimed they have paid about 80 percent of the amount. The project is located in Sector 137, Noida.

“If the homebuyers are able to get about 60 percent members of their association to agree to the proposal, we will get it examined by the financial consultant of Noida Authority Currie & Browne. The consultant will then discuss it with the concerned stakeholders such as Noida Authority. Once the financial consultant gives its approval and agrees that the homebuyers have the capacity to complete the project and arrange for finances, then we will have no problem in giving them permission,” Kumar said.

[“source=cnbc”]

UP RERA planning to rate real estate developers, projects

To protect the interests of home buyers, the Uttar Pradesh RERA is planning to rate both real estate projects and developers, Chairman Rajive Kumar said at a workshop held in Delhi on Thursday.

“RERA is meant for protecting the interests of home buyers. We would be launching a system of grading the builders and projects shortly,” he said.

Kumar said that the purpose of grading both buyers and projects is that over a period, it creates a track record for builders and signals to the public that the promoter and the project have a higher rating.

“A substantial part of the grading will relate to feedback of the people who have been associated with the project. The first round will be held around February and the first rating will be out before we complete a year in the month of September next year,” he said.

An independent rating agency will conduct the exercise.

Kumar also said that 98 projects in Uttar Pradesh have been audited so far and serious issues have been found in 20-25 of them. Another 25 have been declared as fine and the remaining have been graded as redeemable. The auditing agency has has made some recommendations for the redeemable.

“We are asking both the authorities to follow up those recommendations so that projects can move ahead. Finance is a major challenge,” he said.

[“source=cnbc”]

Home Depot beats earnings estimates and raises sales outlook as consumers keep spending on homes

Home Depot shares rise after earnings beat street

Home Depot shares rise after earnings beat street   8:15 AM ET Tue, 13 Nov 2018 | 05:59

Home Depot on Tuesday reported quarterly earnings that beat analysts’ expectations and raised its sales outlook for the full year, showing little sign of slowing down despite concerns about softening existing home sales.

Management warned during a conference call with analysts the company will still face tougher comparisons in the foreseeable future because of devastating storms late last year. In the fourth quarter, Home Depot will be comparing against roughly $380 million in hurricane sales booked during the fourth quarter in 2017, CFO Carol Tome said.

Home Depot shares initially rose in premarket trading but closed the day down less than 1 percent.

Here’s what Home Depot reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $2.51 vs. $2.26 expected
  • Revenue: $26.30 billion vs. $26.26 billion expected
  • Same-store sales: up 4.8 percent globally vs. growth of 4.7 percent expected

For much of the year, confidence in the U.S. housing market has been soaring, benefiting Home Depot and rival Lowe’s. But with mortgage rates climbing, attitudes had started to turn sour. This may lead to home prices rising at a slower rate and the market cooling down.

Still, Home Depot CEO Craig Menear said Tuesday there is continued “overall strength of demand in the home improvement market,” prompting the company to hike its outlook for fiscal 2018.

Home Depot reported fiscal third-quarter net income of $2.9 billion, or $2.51 per share, up from $2.2 billion, or $1.84 per share, a year earlier. Earnings per share came in better than the $2.26 expected by analysts polled by Refinitiv.

Net sales rose roughly 5 percent from a year ago to $26.30 billion, slightly beating expectations of $26.26 billion.

Sales at stores open for at least 12 months were up 4.8 percent globally and up 5.4 percent in the United States. Home Depot said sales per square foot were up 5.2 percent from a year ago, customer transactions rose 1.4 percent, and the average shopper’s ticket was up 3.6 percent.

Looking to the full year, Home Depot now expects sales to grow roughly 7.2 percent, up from a previous outlook of just 7 percent. It says same-store sales should be up 5.5 percent, up from 5.3 percent.

Analysts anticipate Home Depot may have an opportunity to gain market share in the appliance category after Sears filed for bankruptcy protection and continues to shut stores.

“There’s been a lot of concern out there in the marketplace about a slowdown in housing,” Brian Nagel, Oppenheimer senior equity research analyst, told CNBC. “As I look through [Home Depot’s] results, I’m not seeing it. … The underlying demand for housing seems to be quite good. That typically goes back to jobs growth.”

Given low unemployment, consumers are feeling confident enough to invest in home projects.

Home Depot also said Tuesday it now expects to complete roughly $8 billion in share repurchases for the year, up from initial plans for $6 billion.

As of Monday’s market close, Home Depot shares are up about 12 percent from a year ago to trade around $183.

[“source=cnbc”]

New private home sales plunge by half in October

New private home sales plunge by half in October

Stirling Residences sold 75 units at a median price of $1,738 psf. Ms Tricia Song of Colliers International said continued take-up at projects such as Stirling Residences, Park Colonial, The Tre Ver and JadeScape "underscored genuine demand in large
Stirling Residences sold 75 units at a median price of $1,738 psf. Ms Tricia Song of Colliers International said continued take-up at projects such as Stirling Residences, Park Colonial, The Tre Ver and JadeScape “underscored genuine demand in large city-fringe projects that offer ample facilities and (are) near MRT stations”.PHOTO: LIANHE ZAOBAO

The lack of major new launches led demand for new private homes to shrink by almost half in October from a month earlier. But existing launches saw good pick-up three months after the July 6 cooling measures kicked in, analysts say.

Developers sold 487 units last month, down 48 per cent from 932 in September, and 36 per cent lower than the 761 units booked in October last year.

There was only one new launch – the 56-unit freehold condo 10 Evelyn located off Newton Road – which sold two units at a median price of $2,478 per sq ft (psf).

The 202 units from existing projects launched for sale last month were the lowest number since February this year.

“The meagre number of new units launched last month was unsurprising given that developers had put 1,169 units on the market from six non-landed launches in September,” said Ms Tricia Song, Colliers International’s head of research.

The trend is similar to that following earlier rounds of cooling measures “where the number of project launches, units launched and units sold eased in the third month of the measures”, Huttons Asia head of research Lee Sze Teck noted.

“This is likely to be a blip. Buyers are finding value in earlier launched projects and committing to a buy… Sales volumes are still heavily concentrated in the city fringe or rest of central region (RCR) largely due to a number of major launches in the RCR in 2018,” he added.

INTEREST IN EARLIER PROJECTS

Buyers are finding value in earlier launched projects and committing to a buy… Sales volumes are still heavily concentrated in the city fringe or rest of central region (RCR) largely due to a number of major launches in the RCR in 2018.

HUTTONS ASIA HEAD OF RESEARCH LEE SZE TECK, who says the trend is similar to that following earlier rounds of cooling measures “where the number of project launches, units launched and units sold eased in the third month of the measures”.

Ms Christine Sun, Orange Tee & Tie’s head of research and consultancy, noted that 485 of the 487 units sold were from existing launches, up from the average of 460 units sold from such launches in the past 12 months.

“This shows that demand for new homes at existing launches have seen a pick-up after the (July 6) measures,” she said.

The figures were released yesterday by the Urban Redevelopment Authority (URA) based on its survey of licensed housing developers. The above figures exclude executive condominium (EC) units, which are a public-private housing hybrid.

Meanwhile, EC sales nearly doubled to 23 last month from 12 in September, reflecting pent-up demand due to limited stock.

Rivercove Residences has consistently sold at $1,000 psf since its launch in April this year.

Developers moved 510 units, including ECs, last month, reflecting a drop of nearly 46 per cent from September’s 944 units and also 48 per cent lower than the 972 units sold in October last year.

Last month’s top-selling project was Affinity at Serangoon, with 81 units sold at a median price of $1,499 psf. That’s more than double the 31 units sold in September.

Ms Song attributed strong sales to “the developer’s discount in pricing to below $1,500 psf from $1,584 psf in June”.

Stirling Residences sold 75 units at a median price of $1,738 psf; Park Colonial, 52 units at a median price of $1,754 psf; Riverfront Residences, 55 units at a median price of $1,327 psf; and The Tapestry, 26 units at a median price of $1,375 psf.

“Continued take-up at Stirling Residences, Park Colonial, The Tre Ver and JadeScape underscored genuine demand in large city-fringe projects that offer ample facilities and (are) near MRT stations. Projects that are priced affordably below $1,400 psf such as Riverfront Residences and The Tapestry in the suburbs also have supporters,” Ms Song added.

Cushman & Wakefield’s senior director Christine Li expects new sales to rebound this month, fuelled by new major launches such as Whistler Grand, Kent Ridge Residences, Parc Esta and Woodleigh Residences.

[“source=indianexpress”]

Chapel Hill neighbors shocked to find I-40 project could plow road through their homes

Eugene Casale isn’t sure if his home of 28 years in northern Chapel Hill will be there another 20 years after seeing a plan for the state’s $161 million widening of Interstate 40.

Casele and other Northwood residents were wary of future traffic spilling into their streets when a developer proposed Carraway Village, a 55-acre mixed-use project across Eubanks Road. The developer worked with the N.C. Department of Transportation and the town to plan a wider road and a new N.C. 86/Eubanks Road intersection, all of which are under construction now.

The town agreed to pay more than $1 million of the developer’s cost as an economic development incentive, and during the process, asked NCDOT to look at the I-40 interchanges, one of which is about 400 feet from Eubanks Road. The traffic backups are expected to worsen over the next 20 years, NCDOT project manager Gene Tarascio said.

But local officials and Northwood residents were shocked to learn recently that the current N.C. 86/Eubanks Road intersection upgrade could be temporary — and that a long-term fix could run through the neighborhood.

Casele said he learned about the potential five-lane road taking out his house from a restaurant server.

I-40 widening plans on the town’s website show a future Eubanks Road taking a turn south through the Northwood neighborhood, through three homes, include Casale’s, and exiting at a new N.C. 86 intersection across from Chapel Hill North. A few nearby church graves also could be affected.

I-3306A_rdy_phm_sheet_4_20181022.jpg

The N.C. Department of Transportation proposes to reconfigure the interchange of Interstate 40 and Martin Luther King Jr. Boulevard in Chapel Hill as part of a larger project to widen I-40 in Orange County.
NCDOT

As Casale gave a tour of the neighborhood Tuesday, he talked about how neighbors regularly walk the quiet streets and waved at those who drove past. Slow traffic, children playing signs were posted in some of the front yards. The tight-knit community is aging, he said, but new families with small children have moved in the last few years.

His and many other homes were designed by noted modernist builder J.P Goforth to fit into the woods, Casele said. While small, the modestly priced homes have vaulted ceilings that create an illusion of space, he said, and the single-story floor plans are good for older residents who want to age in place.

Casele proudly showed off the garage he added in 2006 in the Goforth style — a space where he could tinker with cars and build things in retirement.

It’s just horrifying,” he said. “A house is a house. Can I find another house of this quality that I can afford? I don’t know. Everything’s a lot more expensive. I — and everyone in the neighborhood — have taken love and tender care of this house.”

Nothing is set in stone yet, Tarascio said Thursday. The plans on the town’s website are preliminary and meant to generate public comments and ideas, he said.

[“source=indianexpress”]

Senior living societies a home away from home for elderly

Kiran Gupta, 62, lived in an old-age home for 5 years before moving to a senior living society, and finds the facilities much better here. Photo: Pradeep Gaur/Mint

Kiran Gupta, 62, lived in an old-age home for 5 years before moving to a senior living society, and finds the facilities much better here. Photo: Pradeep Gaur/Mint

In 2013, Kiran Gupta wound up her business and shifted to an old-age home in Jaipur after her two children got settled. While initially things were okay at the old-age home, over the years the quality of services deteriorated and she found it difficult to stay there. Gupta, now 62, discussed the problem with her daughter, who did some research and zeroed in on a senior living housing society, Utsav Senior Living, in Bhiwadi, Haryana. Gupta, whose husband died 25 years ago, shifted there in August 2018.

“Food quality deteriorated a lot at the old age home, maintenance was low, very little assistance was available and the behaviour of the staff and organisation head was unpleasant. Compared to the old-age home, things are much better here. The facilities, amenities and the overall environment is much healthier,” said Gupta.

Pawan Bagga, 73, shifted to Ashiana Housing’s senior living project Nirmay in Bhiwadi, Haryana in July 2018. “Someone told me about this place, and I discussed the option with my children and we came to check it out. I got very impressed with the friendly and comfortable environment here and decided to live here,” said Bagga. Her husband died eight years ago. She has a son living in Australia, another in Himachal Pradesh and a daughter in Delhi. Bagga doesn’t like to travel too far, but often visits her daughter in Delhi.

Like Gupta and Bagga, more and more Indians are considering staying in senior living societies after retirement.

 

Indian families are getting smaller, with children exploring job options in other cities and countries.

Moreover, there is an increase in number of elderly population in India. According to a recent report, Indian Senior Care Industry 2018, by the Confederation of Indian Industry (CII), “In about 30 years from now, the elderly population in India is expected to triple from 104 million in 2011 to 300 million in 2050, accounting for 18% of the total population in 2050.”

Pawan Bagga, 73, liked the friendly and comfortable environment of the senior living community she went to check out and decided to shift. Photo: Pradeep Gaur/Mint

Pawan Bagga, 73, liked the friendly and comfortable environment of the senior living community she went to check out and decided to shift. Photo: Pradeep Gaur/Mint

In this scenario, the senior living real estate industry in India is witnessing a huge demand, which is going to only increase over the years. This points to a significant growth prospect for the industry. “If we look at the present scenario, there are only 20,000 units of senior living available, while the current demand is of around 230,000 units,” said Mohit Nirula, chief executive officer, Columbia Pacific Communities, a developer of retirement communities with close to 1,600 residential units under management in five cities in southern India.

[“source=indianexpress”]