China’s Buyers Investing Abroad in Real Estate

New York City is a hot real estate market among Chinese home buyers according to a report in the Wall Street Journal. The U.S. is top ranked among Chinese looking to buy homes outside of their country. The article shows screenshots of some New York real estate listings marketing to Chinese buyers on Juwai. The site which posts listings for 53 countries says that more and more people are investing in real estate abroad.

“There’s just a bigger appetite for the U.S., and New York in particular,” said Andrew Taylor, a founder and co-chief executive of Juwai in Hong Kong.

“And what’s changing is that they’re now looking for lower-priced properties instead of just searching for the ultra-luxury homes. People are looking for yield, and they want to diversify out of China. It’s not just the wealthy who are buying: The upper-middle-class are searching for properties under US$1.1 million and the real sweet spot is under US$750,000.”

The U.S. is noted as the overwhelming favorite followed by Australia, The U.K., Singapore and Canada.

New condo prices continue to soar in the New York City housing market as demand continues to drive up the price. Luxury condos such as 10 Madison Square West by The Witkoff Group has reached 60% sold in sales. The Azure luxury residential building by the DeMatteis Organizations and Carl Mattone/Mattone Group announced it reached 75% sold earlier this year. The Wall Street Journal reports that New York City apartments are selling for well over $5,000 a square foot including skyscrapers near Central Park such as One57 and 432 Park Ave.

New York was noted as the most-searched city for Chinese real estate buyers, followed by San Francisco, Palo Alto, Los Angeles and Orange County.

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Will Rolling Stone’s Controversial Magazine Cover Hurt Sales?

It’s pretty clear that Rolling Stone magazine’s latest cover with Boston Marathon bombing suspect Dzhokhar Tsarnaev has set off a media frenzy. However, the magazine’s Managing Editor Will Dana won’t say if it has impacted sales. Whether readers wanted to buy the magazine or not, it’s likely they didn’t have access as some retailers refused to sell the latest issue.

“It is absolutely impossible to predict what newsstands sales are going to be,” Rolling Stone Managing Editor Will Dana told NPR. “… It’s something you have to be mindful of, but at the same time, put out of your mind on a case-by-case basis. …We really go with our gut on these things, usually.”

Rolling Stone did not immediately respond to a CNN request for information.

The magazine’s circulation is 95% subscription, with 1.4 million copies. About 75,000 copies from the remaining five percent come from individual sales.

Crime Takes Toll on Cleveland

The city of Cleveland is making the headlines for a string of gruesome crimes against women, including the work of one convicted serial killer. Cleveland authorities are trying to understand why its happening and if there’s anything that can be done prevent the violence.

According to reports,

Anthony Sowell was sentenced to death in 2011 in the murders of 11 women at his home in Cleveland.

Ariel Castro is facing 977 charges of kidnapping, rape and assault after three women escaped from his Cleveland home earlier this year.

Now, Michael Madison, a registered sex offender is in police custody. Madison is believed to have an involvement with three women whose bodies were found wrapped in trash bags in suburban Cleveland. Madison was arrested after a neighbor complained of a foul smell in the neighborhood.

Media reports and statistics suggest that violent and serial crimes are higher in beleaguered cities. Officials say the crimes went unnoticed with the rise of poverty and disintegration of neighborhoods.

Forbes magazine declared Cleveland the ninth-most danger U.S. city in 2012, with 1,363 violent crimes per 100,000 residents. The national median for violent crime averages at 13.9 per 1,000 residents, compared with 3.9 per 1,000 nationally.

“This is what happens when you have poverty,” Ohio Gov. John Kasich told reporters Monday. “It’s what happens when you have individuals who are very dangerous inside the community and somehow lose track of them. It’s about breakdown of neighborhoods, sometimes, where, you know, we don’t always know our neighbors. There’s so much to it.”

Residents in the East Cleveland area are hopeful the community can come together.

“Maybe after all this, maybe this will bring a change to East Cleveland,” said Cleveland resident Vanessa Jones. “Hopefully. Pray for that.”

Locals Weigh in on Proposed Belmont Soccer Stadium

The prospect of a brand new soccer stadium being constructed at Belmont Park in Elmont, New York has locals and state officials weighing in on what this would mean for the community. According to CBS Local News, the Cosmos are pushing hard for a “25,000-seat Stadium near Belmont Park,” which has created a division within the Elmont community.

cosmos-stadium-Mattone

 

Photo courtesy Cosmos Stadium

Earlier this year, the New York Cosmos, in conjunction with the Queens-based Carl Mattone, a Real Estate Group, submitted a proposal to build a new Soccer stadium at Belmont Park, which included the construction of a massive sports complex nearby the racetrack, as well as retail space. Avid New York sports fans are probably familiar with the Cosmos, despite their decades-long hiatus as a team. The reformation of the soccer team, with a stadium to match, is believed by many to be a step forward for New York sports culture, as well as a means to further improve the economy in New York, and Elmont, specifically.

Others would disagree. Many community members are concerned that the construction of a stadium could create problems like increased traffic, and that the economic benefits won’t be long lasting. “The soccer executives get something out of this deal, the state gets something out of this deal; however the community doesn’t get what it needs,” explains Nassau County Legislator Carrie Solages.

However, the Cosmos insist that “development will help re-energize Belmont and the surrounding community with 3,000 full-time jobs, 500 construction jobs, a restaurant row and a 4.5-acre park,” reports CBS. Not only would soccer matches draw in community members and visitors, it would provide jobs, and elevate the overall status of Elmont, which reportedly doesn’t even have its own grocery store.

The Empire State Development Corporation is still evaluating incoming bids and is set to make its decision about the stadium any day now.