Fairfield Connecticut Building Expert Directory

What Does It Mean When a House Sells for $50 Million?

September 10, 2014 — Jonathan J. Miller – Bloomberg
One of the byproducts of the global financial crisis has been the creation of a new class of housing and buyers. Some of the strongest evidence is the rise in the number of residences sold for more than $50 million. A buyer recently paid a record $71.3 million for a Manhattan co-op, breaking the $70 million record set only a few months earlier. These sales seem modest compared with a $147 million sale in East Hampton, New York, and a $120 million sale in Greenwich, Connecticut, the two highest U.S. residential transactions in 2014. There have been six sales of more than $100 million in the past four years, with more likely to come. Wealthy investors have benefited from rising stock markets, while preserving capital by acquiring assets such as U.S. residential real estate. However, the high-end market isn't a proxy for the health of the broader U.S. housing market. Unlike the buyers in the market's upper strata, who often are foreign and all-cash purchasers, the majority of U.S. homebuyers remain dependent on access to credit. And today's tight lending conditions aren’t expected to ease anytime soon. According to the Federal Reserve, only a small number of banks have recently eased mortgage standards. Read the court decision
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Reprinted courtesy of Jonathan J. Miller, Bloomberg
Mr. Miller may be contacted at jmiller@millersamuel.com

Tokyo's Skyline Set to See 45 New Skyscrapers by 2020 Olympics

April 20, 2017 — Gareth Allan & Katsuyo Kuwako - Bloomberg
Tokyo’s skyline is set to welcome 45 new skyscrapers by the time city hosts the Olympics in 2020, as a surge of buildings planned in the early years of Abenomics near completion. Japan’s capital will see nearly 50 percent more new high-rise space in the next three years than it did in the preceding three, Toyokazu Imazeki, chief analyst at office leasing and consulting firm Sanko Estate Co Ltd., said in an interview. He said the increase was fueled by the fiscal expansion and monetary easing under Abe’s economic program, launched after his election in late 2012. “This marks the timing for completion of buildings planned from about 2013 when developers were expecting the economy to expand,” said Imazeki. The increase in building was supported not only by Abe’s expansionary policies but also Japan’s ultra-low interest rates, he said. Reprinted courtesy of Gareth Allan, Bloomberg and Katsuyo Kuwako, Bloomberg Read the court decision
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Insured Survives Motion for Summary Judgment in Collapse Case

May 30, 2022 — Tred R. Eyerly - Insurance Law Hawaii
The insurer's motion to exclude expert testimony and for summary judgment in a cases involving collapse was denied. Firehouse Church Ministries v. Church Mut. Ins. Co., 2022 U.S. Dist. LEXIS 53959 (D. Miss. March 25, 2022). A roof truss, a framework supporting the roof, collapsed in the church. The cause was either deterioration over time or a nearby tornado. The Church claimed that before the tornado passed, the church was clean and in orderly condition. When inspected after the tornado, there was debris and wreckage, including tin, insulation dust, plaster, and ceiling tile, on the floor. The Church had a contractor, Gregory Blanchard, inspect. He added posts to support the truss and made other repairs, but informed the Church that the damage was worse than expected and it could not be easily repaired. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Damon Key Leong Kupchak Hastert
Mr. Eyerly may be contacted at te@hawaiilawyer.com

Proposed Bill Provides a New Federal Tax Credit for the Conversion of Office Buildings

September 06, 2021 — Emily K. Bias & Brittany Griffith - Gravel2Gavel Construction & Real Estate Law Blog
At the end of July 2021, a bill was introduced in the House and Senate, which, if enacted, would create a federal tax credit to fund the conversion of unused office buildings into residential, commercial, or mixed-use properties. The Revitalizing Downtowns Act (S. 2511), which is modeled after the federal historic rehabilitation tax credit, would provide a federal tax credit equal to 20 percent of “qualified conversion expenditures” with respect to a “qualified converted building.” A “qualified converted building” means any building that (i) was nonresidential real property for lease to office tenants, (ii) has been “substantially converted” from an office use to a residential, retail, or other commercial use, (iii) in the case of conversion to residential units, is subject to a state or local affordable housing agreement or has at least 20 percent of the units rent restricted and set aside for tenants whose income is 80 percent or less of area median gross income, (iv) was initially placed in service at least 25 years before the beginning of conversion, and (v) may be depreciated or amortized. Reprinted courtesy of Emily K. Bias, Pillsbury and Brittany Griffith, Pillsbury Ms. Bias may be contacted at emily.bias@pillsburylaw.com Ms. Griffith may be contacted at brittany.griffith@pillsburylaw.com Read the court decision
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Encinitas Office Obtains Complete Defense Verdict Including Attorney Fees and Costs After Ten Day Construction Arbitration

May 23, 2022 — Dolores Montoya - Bremer Whyte Brown & O'Meara LLP
Partner Vik Nagpal and Associate Attorney Tim McNulty of the Encinitas office recently obtained a substantial victory on behalf of BWB&O’s client after a 10-day binding construction arbitration before a three-arbitrator panel of the American Arbitration Association. BWB&O’s client was sued by the Owner of a commercial office building related to a multimillion-dollar tenant improvement project in San Diego. The Owner asserted construction defect damages, delay damages, architectural negligence, fraudulent billing practices and consequential damages of $3.6 million dollars. BWB&O’s client claimed breach of contract damages against the owner for failure to pay invoices. The Owner who had substantial financial resources and a personal spite against the general contractor, unreasonably pursued the case with an extensive team of lawyers and experts. At an earlier full-day mediation, the owner rejected a reasonable settlement offer which included a settlement payment to the Owner and the client’s agreement to dismiss their affirmative claim for damages. Read the court decision
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Reprinted courtesy of Dolores Montoya, Bremer Whyte Brown & O'Meara LLP

Big Changes and Trends in the Real Estate Industry

February 06, 2023 — Rachel Mihai - Bremer Whyte Brown & O'Meara LLP
In my practice, I am fortunate enough to attend a real estate conferences on a regular basis. And, without exception, we always get a run down on hot trends/cases from industry leaders. Some issues that are being attacked in hot cases/trends are:

Are the typical commission structures – e.g., the typical 5% to 6% divided in half – fair or creating an antitrust issue?
Is MLS commission anti-competitive and artificially inflates commission rates?
Can a buyer’s agent advertise/represent that it is working for its client for free, as generally happens and has been allowed?
What is the impact of agent only showing their clients houses with higher typical commissions, like 6%? And how is this being advertised, pushed for and manipulated contrary to the interests of consumers?

There are currently some big, national cases that will likely bring about big changes in the entire national real estate community with regard to how real estate brokers’/agents’ commissions are determined, explained and advertised. These cases revolve around antitrust and alleged conspiracy claims – asserting that the use of commissions in today real estate markets are creating an overcharging to consumers and artificially manipulation of the market. Read the court decision
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Reprinted courtesy of Rachel Mihai, Bremer Whyte Brown & O'Meara LLP
Ms. Mihai may be contacted at rmihai@bremerwhyte.com

Millennials Want Houses, Just Like Everybody Else

September 17, 2014 — Peter Coy – Bloomberg
The proportion of homeownership among young adults has fallen from a third to a quarter over the past half-century. But the idea that today’s millennials are allergic to deeds and mortgages is a myth, says a report based on a survey of more than 1,000 Americans aged 18-29 by the Demand Institute, a nonprofit jointly operated by the Conference Board and Nielsen (NLSN). “Like most myths, there is some truth here—but only some,” says the report’s introduction. The true part is that millennials are financially squeezed because of “graduating into a weak job market with growing student loan debt,” Jeremy Burbank, a Demand Institute vice president, said in a statement. The false part, the report says, is that millennials don’t want to own their homes. Read the court decision
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Reprinted courtesy of Peter Coy, Bloomberg
Mr. Coy may be contacted at pcoy3@bloomberg.net

Florida Insurance Legislation Alert - Part I

April 18, 2023 — Gregory D. Podolak & Holly A. Rice - Saxe Doernberger & Vita, P.C.
On March 24, 2023, Florida Governor Ron DeSantis signed into law House Bill 837 which significantly impacts several critical aspects of modern Florida civil litigation, particularly insurance disputes. SDV has actively monitored the evolution of this legislation, including substantial commentary from the legal and insurance communities that followed its enactment. In this multi-part series, we will explore the critical developments impacting policyholders and what to expect moving forward. The insurance-related headlines overwhelmingly concentrate on one key area: the elimination of one-way attorney fee recovery for property insurance policyholders. This development represents a key change in longstanding Florida insurance law and is worthy of attention - but it doesn’t tell the whole story. Reprinted courtesy of Gregory D. Podolak, Saxe Doernberger & Vita, P.C. and Holly A. Rice, Saxe Doernberger & Vita, P.C. Mr. Podolak may be contacted at GPodolak@sdvlaw.com Ms. Rice may be contacted at HRice@sdvlaw.com Read the court decision
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FAIRFIELD CONNECTICUT BUILDING EXPERT DIRECTORY AND CAPABILITIES