Daily Real Estate News
Sales ticked up for existing homes and new homes, several real estate market indicators revealed last week, pointing to a housing market that may finally be entering recovery mode.
In the most recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new houses once again inching up last month. New-home sales rose 1.6 percent from October to November to an annualized rate of 315,000, and sales were up nearly 10 percent compared to November 2010.
The median sales price of a new home in November was $214,100, the Census Bureau reported, and the inventory of new houses nationwide decreased to a six-month supply at the current sales pace.
"Inventories of new homes are very low: There's nothing on the shelf, so any increase in new home sales will translate directly into new housing starts," Bob Denk, senior economist at the National Association of Home Builders, told CNNMoney. "That means putting people back to work."
Other recent good news for the housing market: November sales of existing homes increased 12 percent year-over-year, new-home building starts were up nearly 21 percent year-over-year, and mortgage rates reached new record lows last week, pushing housing affordability even higher.
Source: “New Home Sales Edge Up,” CNNMoney (Dec. 23, 2011)
Thursday, December 29, 2011
Monday, December 12, 2011
Our Exciting New Parent Franchise whose DNA is Real Estate
BROOKFIELD RESIDENTIAL PROPERTY SERVICES ANNOUNCES ACQUISITION OF PRUDENTIAL REAL ESTATE AND RELOCATION SERVICES
Yesterday Brookfield Residential Property Services (“Brookfield”), a Brookfield Asset Management Inc. affiliate, announced that it has purchased Prudential Real Estate and Relocation Services, a recognized leader in global relocation and real estate brokerage from Prudential Financial, Inc. Prudential Relocation Services operates as Pricoa Relocation in Asia and Europe.
The addition establishes Brookfield as North America’s third largest residential real estate brokerage business and the world’s second largest global relocation services provider.
For Prudential Real Estate’s more than 600 affiliates operating across North America and their clients, the news means “business as usual.” Under a licensing agreement, Prudential Real Estate affiliates will continue using the Prudential brand based on the terms of their franchise agreements. The expanded scale of the combined businesses will ensure that the network remains at the forefront of the industry, positioned with leading-edge tools and technologies to best serve their clients.
“We are thrilled to join Brookfield, a leader in residential real estate franchising and employee relocation services and a brand name that is synonymous with strength, stability and growth,” said Larry Hitz, Broker/Owner, Prudential Executive Group. “In the past 30 years, I have been through many corporate acquisitions…Pan American Airlines, MetLife, Hospitality Franchise Services, Cendant, and Realogy, among others. However this is the first time that a real estate corporation, a company whose sole purpose is real estate, has purchased the parent franchise. This means a much stronger alignment in services provided including marketing, relocation and business development.” Hitz added, “The fact that they have made this aggressive purchase in this economy demonstrates their belief in the Prudential brand when others are retreating from the industry.”
Through its various brands, Brookfield’s residential real estate franchisees are now present in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal, with a network of approximately 80,000 real estate agents, 2,800 real estate brokerage locations and more than $150 billion in annual residential real estate transactions.
Brookfield’s parent company, Brookfield Asset Management, is a global asset manager with approximately $150 billion in assets under management. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA.
About Brookfield Residential Property Services
Brookfield Residential Property Services is a leading global provider of real estate and relocation services, analytics and knowledge. The company’s portfolio consists of leading brands, including Brookfield Global Relocation Services, the second largest provider of global relocation services, Prudential Real Estate and Relocation Services, Brookfield Real Estate Services, Royal LePage, Real Living, Via Capitale and Centract. Through its real estate brands, it has nearly 80,000 real estate professionals in more than 2,800 locations, who transact over $150 billion annually. Its global footprint spans North America, the United Kingdom, France, China, Singapore, India, Brazil and Australia, and includes more than 2,500 employees worldwide. It is a division of Brookfield Asset Management, a global asset manager with approximately $150 billion of assets under management.
About Prudential Real Estate and Relocation Services
Prudential Real Estate and Relocation Services is a leading real estate brokerage franchise and relocation services business. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with more than 1,600 franchise offices in its Network. Prudential Real Estate franchises are independently owned and operated companies selected based upon outstanding performance records, high levels of customer service and business values. Prudential Relocation Services is a leading provider of global relocation services to Fortune 500 corporations. With locations in the United States, Canada, United Kingdom, France, Hong Kong, Singapore and China, Prudential Relocation – which operates as Pricoa Relocation in Asia and Europe – offers a comprehensive suite of services to its worldwide clients and their transferees.
About Prudential Executive Group
Prudential Executive Group, a full service brokerage with its corporate office in Valparaiso, became an affiliate of the Prudential Real Estate Network in 2007. Since its founding 29 years ago by Larry Hitz, Executive Group has earned its reputation for being the leader in Northwest Indiana real estate by attracting, training and supporting top-producing agents. Visit Prudential Executive Group online at www.HousesAreSelling.com to discover all of the resources available to you through Prudential Executive Group.
Yesterday Brookfield Residential Property Services (“Brookfield”), a Brookfield Asset Management Inc. affiliate, announced that it has purchased Prudential Real Estate and Relocation Services, a recognized leader in global relocation and real estate brokerage from Prudential Financial, Inc. Prudential Relocation Services operates as Pricoa Relocation in Asia and Europe.
The addition establishes Brookfield as North America’s third largest residential real estate brokerage business and the world’s second largest global relocation services provider.
For Prudential Real Estate’s more than 600 affiliates operating across North America and their clients, the news means “business as usual.” Under a licensing agreement, Prudential Real Estate affiliates will continue using the Prudential brand based on the terms of their franchise agreements. The expanded scale of the combined businesses will ensure that the network remains at the forefront of the industry, positioned with leading-edge tools and technologies to best serve their clients.
“We are thrilled to join Brookfield, a leader in residential real estate franchising and employee relocation services and a brand name that is synonymous with strength, stability and growth,” said Larry Hitz, Broker/Owner, Prudential Executive Group. “In the past 30 years, I have been through many corporate acquisitions…Pan American Airlines, MetLife, Hospitality Franchise Services, Cendant, and Realogy, among others. However this is the first time that a real estate corporation, a company whose sole purpose is real estate, has purchased the parent franchise. This means a much stronger alignment in services provided including marketing, relocation and business development.” Hitz added, “The fact that they have made this aggressive purchase in this economy demonstrates their belief in the Prudential brand when others are retreating from the industry.”
Through its various brands, Brookfield’s residential real estate franchisees are now present in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal, with a network of approximately 80,000 real estate agents, 2,800 real estate brokerage locations and more than $150 billion in annual residential real estate transactions.
Brookfield’s parent company, Brookfield Asset Management, is a global asset manager with approximately $150 billion in assets under management. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA.
About Brookfield Residential Property Services
Brookfield Residential Property Services is a leading global provider of real estate and relocation services, analytics and knowledge. The company’s portfolio consists of leading brands, including Brookfield Global Relocation Services, the second largest provider of global relocation services, Prudential Real Estate and Relocation Services, Brookfield Real Estate Services, Royal LePage, Real Living, Via Capitale and Centract. Through its real estate brands, it has nearly 80,000 real estate professionals in more than 2,800 locations, who transact over $150 billion annually. Its global footprint spans North America, the United Kingdom, France, China, Singapore, India, Brazil and Australia, and includes more than 2,500 employees worldwide. It is a division of Brookfield Asset Management, a global asset manager with approximately $150 billion of assets under management.
About Prudential Real Estate and Relocation Services
Prudential Real Estate and Relocation Services is a leading real estate brokerage franchise and relocation services business. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with more than 1,600 franchise offices in its Network. Prudential Real Estate franchises are independently owned and operated companies selected based upon outstanding performance records, high levels of customer service and business values. Prudential Relocation Services is a leading provider of global relocation services to Fortune 500 corporations. With locations in the United States, Canada, United Kingdom, France, Hong Kong, Singapore and China, Prudential Relocation – which operates as Pricoa Relocation in Asia and Europe – offers a comprehensive suite of services to its worldwide clients and their transferees.
About Prudential Executive Group
Prudential Executive Group, a full service brokerage with its corporate office in Valparaiso, became an affiliate of the Prudential Real Estate Network in 2007. Since its founding 29 years ago by Larry Hitz, Executive Group has earned its reputation for being the leader in Northwest Indiana real estate by attracting, training and supporting top-producing agents. Visit Prudential Executive Group online at www.HousesAreSelling.com to discover all of the resources available to you through Prudential Executive Group.
Subscribe to:
Posts (Atom)