Buyers Are Flocking to NYC’s Suburbs. Too Bad There Aren’t Many Homes to Sell.
February 20, 2023 —
Jennifer Epstein & Prashant Gopal - BloombergIn the midst of the worst US housing slump in a decade, a wave of finance and tech layoffs and drumbeats of a potential recession, open houses in affluent New York suburbs are packed.
Offers come in fast — sometimes for hundreds of thousands over asking.
A typical scene played out on a cloudy Sunday last month in Scarsdale, a suburb about 20 miles (32 kilometers) north of Manhattan known for its bucolic setting and high-rated schools. At the tail end of an open house, a dozen people were still wandering in and around a 1926 Tudor-style house listed for about $1.93 million.
An older couple took video on their iPhone for their offspring too busy to attend, while a younger man walked around with his infant in a chest carrier. The house was in need of some touch-ups. Somebody whispered that the hardwood floors were scratched, another said that the refrigerator looked warped, and a pair of kitchen cabinet doors was missing. It hardly mattered.
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Jennifer Epstein, Bloomberg and
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A Court-Side Seat: Butterflies, Salt Marshes and Methane All Around
November 16, 2020 —
Anthony B. Cavender - Gravel2GavelOur latest summary of some recent developments in the courts and the federal agencies includes a unique case involving salt marshes adjacent to San Francisco Bay.
THE FEDERAL COURTS
A Wolf Among the Butterflies
On October 13, 2020, the U.S. Court of Appeals for the District of Columbia Circuit decided the case of North American Butterfly Association v. Chad Wolf, Acting Secretary of the Department of Homeland Security. The National Butterfly Center is a 100-acre wildlife sanctuary located in Texas along the border between the United States and Mexico, and in 2017, the DHS exerted control over a segment of the sanctuary to construct facilities to impede unauthorized entry into the United States. It was alleged that the government failed to provide advance notice to the sanctuary before it entered the sanctuary to build its facilities. The Association filed a lawsuit to halt these actions for several reasons, including constitutional claims and two federal environmental laws (NEPA and the Endangered Species Act), but the lower court dismissed the lawsuit because of the provisions of the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (IIRIRA). That law forecloses the applicability of these laws if the Secretary of DHS issues appropriate declaration. On appeal, the DC Circuit held, in a 2 to 1 decision, that the lawsuit should not have been dismissed. The plaintiffs had standing to file this lawsuit, but the jurisdiction stripping provisions of the IIRIRA, when invoked, required that the statutory claims be dismissed as well as a constitutional Fourth Amendment search and seizure claim. However, the plaintiff’s Fifth Amendment claim that the government’s actions violated their right to procedural due process must be reviewed. The Center was given no notice of the government’s claims and no opportunity to be heard before these actions were taken. The dissenting judge argued that the court was being asked to review a non-final decision, which it should not do.
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Anthony B. Cavender, PillsburyMr. Cavender may be contacted at
anthony.cavender@pillsburylaw.com
Construction Employment Rose in 38 States from 2013 to 2014
March 19, 2014 —
Beverley BevenFlorez-CDJ STAFFThe Associated General Contractors of America (AGC) reported that 38 states experienced construction job growth from January 2013 to January 2014, and 27 states showed gains from December 2013 to January 2014. AGC stated that “the fact so many states added construction jobs for the year and month despite harsh winter conditions in many parts of the country is a sign that demand appears to be recovering.”
Kansas ranked first in the “12-month gain or loss” category with a 10.7% gain. Wyoming came in last with a -5.9% over a 12-month period. However, if examining a one-month period (between December 2013 and January 2014), Idaho showed the highest growth with a 5.8% gain, while Vermont was ranked 51 at -5.5%.
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Sales Pickup Shows Healing U.S. Real Estate Market
June 26, 2014 —
Shobhana Chandra – BloombergAmericans snapped up previously owned homes in May in the biggest monthly sales gain in almost three years, a sign the residential real estate market is regaining its footing after a stumble early in the year.
Purchases climbed 4.9 percent, the biggest increase since August 2011, to a 4.89 million annualized rate, figures from the National Association of Realtors showed today in Washington. The level was the strongest since October. The report also showed price appreciation is slowing as more homes become available.
A more balanced market, including a wider selection of properties, smaller price gains and still-low borrowing costs, may encourage more Americans to buy as employment strengthens. Improving demand will probably spur a pickup in construction, and builders such as Hovnanian Enterprises Inc. (HOV) are optimistic.
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Shobhana Chandra, BloombergMs. Chandra may be contacted at
schandra1@bloomberg.net
Tejon Ranch Co. Announces Settlement of Litigation Related to the Tejon Ranch Conservation and Land Use Agreement
December 05, 2022 —
Tejon Ranch Co.TEJON RANCH, Calif., Nov. 30, 2022 (GLOBE NEWSWIRE) -- Tejon Ranch Co. is pleased to announce the resolution of a legal dispute involving the Tejon Ranch Conservancy and the signatories to the 2008 Tejon Ranch Conservation and Land Use Agreement (Agreement), namely, Audubon California, Endangered Habitats League, Natural Resources Defense Council, Planning and Conservation League, and the Sierra Club. The dispute stemmed from the signatories' participation in the Antelope Valley Regional Conservation Strategy (AVRCIS), which was subsequently used by the Center for Biological Diversity (CBD) and the California Native Plant Society (CNPS) to oppose Tejon Ranch Co.'s Centennial development.
The 2008 Tejon Ranch Conservation and Land Use Agreement has been widely hailed as a historic conservation achievement in preserving one of California's great natural and working landscapes. Tejon Ranch Co.'s agreement to conserve 90 percent of its landholdings pursuant to the Agreement is a monumental contribution to conservation in California. Tejon Ranch Co. continues to be a leader in balancing the stewardship of the ranch as a natural treasure for California and achieving economic opportunities for its shareholders. The Company demonstrated that leadership with the actions it took to enforce the terms of the Agreement, which led to this legal dispute.
As part of a settlement agreement, the Conservancy and the signatories dismissed with prejudice the lawsuit they filed. They also acknowledge that the AVRCIS does not contain the "best available scientific data" regarding Tejon Ranch Co.'s landholdings, and further, that they will not use, or support the use of, the AVRCIS or any other similar endeavors, to challenge Tejon Ranch Co.'s development projects and/or any Ranch uses consistent with the Agreement.
In turn, Tejon Ranch Co. released from escrow 50% of the advance payments it withheld under the terms of the Agreement. The remaining funds will be released over a three-year period as matching funds to monies raised by the Conservancy as well as others who participate in Conservancy capital raising programs, after which the remaining funds with be released to the Conservancy to further its mission. These funds are the final fulfilment of Tejon Ranch Co.'s full funding obligations under the Agreement, totaling $11,760,000 over the past 14 years, again demonstrating Tejon Ranch Co.'s commitment to fulfilling the implementation of the 2008 Tejon Ranch Conservation and Land Use Agreement.
All parties are glad to put this dispute behind them and move forward in a cooperative manner to achieve the goals envisioned in the historic 2008 Agreement.
About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com.
Forward Looking Statements
This press release contains forward-looking statements, including without limitation statements regarding commitments of the parties under the settlement agreement and the achievement of certain goals related to Tejon Ranch Co.'s landholdings. These forward-looking statements are not a guarantee of future results, performance, or achievements, are subject to assumptions and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements to differ materially from those implied by such forward-looking statements. These risks, uncertainties and important factors include, but are not limited to, the ability and willingness of the parties to the Settlement Agreement to take the actions (or refrain from taking the actions) specified in the Settlement Agreement, and the risks described in the section entitled "Risk Factors" in our annual and quarterly reports filed with the SEC.
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NYC Rail Tunnel Cost Jumps and Construction Start Pushed Back
October 10, 2022 —
Elise Young - BloombergThe cost of the New York City-area Gateway rail tunnel project climbed to $16.1 billion and the expected start of construction was pushed to 2024, its overseer said Wednesday. The plan is to seek more federal aid to cover the rising cost.
The new estimate, with finance charges, was 14% higher than last year’s projection to build a passenger rail tunnel between New York and New Jersey, and rehabilitate Amtrak and New Jersey Transit’s only existing link. The start of major construction, once proposed for mid-2023, now is expected in mid-2024, according to a statement from the Gateway Development Commission.
The tunnel is anticipated to be in service by 2035.
Half the cost was expected to be covered by the federal government, and the rest by New York and New Jersey, with contributions from Amtrak and the Port Authority of New York and New Jersey. The commission now will seek additional US funding under the 2021 Infrastructure Investment and Jobs Act. It expects a full funding grant agreement in early 2024, with construction starting later that year.
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Elise Young, Bloomberg
The Miller Act: More Complex than You Think
October 07, 2016 —
Beverley BevenFlorez-CDJ STAFFKeith Bremer, senior partner of Bremer Whyte Brown & O’Meara LLP, has a feature article in the Fall 2016 issue of Construction Claims Magazine, and discusses how the Miller Act has been slowly changing: “This is a complex piece of legislation that is evolving and has been decided differently depending on the federal district a case is heard in,” Bremer wrote.
Bremer explained how the courts continue to rule differently in regards to the Miller Act. “Currently it seems jurisdictions are split on the issue of whether or not subcontractors should be allowed to bring both a federal and state cause of action stemming from payment by a Miller Act bond. Therefore, any surety writing these bonds should pay strict attention to how broad or narrow the federal district that would hear the claim has interpreted the scope of a subcontractor’s remedies for Miller Act claims.”
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More Regulations for Federal Contractors
October 08, 2014 —
Craig Martin – Construction Contractor AdvisorThe Office of Federal Contract Compliance Programs (OFCCP) has been busy. In the last several weeks, the OFCCP has proposed regulations that will require contractors and subcontractors to provide summary compensation data and another rule prohibiting federal contractors and subcontractors from discriminating against employees or applicants who inquire about, discuss, or disclose their own compensation or the compensation of another employee or applicant.
Equal Pay Report
The OFCCP has proposed Summary Compensation regulations which would require federal contractors and subcontractors with more than 100 employees to “provide summary data on the compensation paid to employees by sex, race, ethnicity, specified job categories, and other relevant data points.” Covered employers would have to submit three types of information:
1. the total number of workers within a specific EEO-1 job category by race, ethnicity and sex;
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Craig Martin, Lamson Dugan and Murray, LLPMr. Gopal may be contacted at
pgopal2@bloomberg.net
