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Video tour

The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.

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Real Estate Roundup!

May new home sales gain 2.2% from April

Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire

3 ways to tame student loan debt and afford a mortgage

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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Coliving and the Multifamily Industry

Coliving and the Multifamily Industry

If you thought you only had to compete with multi-unit properties offering space to singles or family occupants, get ready to up your game. That’s because companies like WeWork have been testing a concept in major cities such as New York and Washington, D.C. It’s called “coliving” and it’s especially appealing to those individuals who want to cut down on both waste and financial responsibility, while connecting with others who share similar likes and values.

WeWork is a coworking startup that leases the same business office space to multiple companies and/or individuals. The idea is to promote collaboration, openness, community, accessibility, and sustainability—an approach that speaks volumes to the Millennial generation. And, based on its success in the business world, WeWork branched off into multifamily with the introduction of coliving apartments, and has since been joined by many others with similar goals.

The first project was a 45-unit property on Wall Street in NYC—home to about 600 people on 20 floors. In the typical setup, a unit has a common living space with kitchen and dining area as well as restroom. This is the shared or coliving space. Each tenant usually has his or her own room. Much like a college dormitory. In fact, coliving properties have been deemed by the New York Times as “millennial communes.”

And, instead of leases and monthly rent, there are memberships and dues. Each tenant signs a 30-day agreement and pays a predetermined fee to live in the shared space and have access to its amenities. Pure House is another coliving provider in New York City. NY Times Author, Rhonda Kaysen says, “Instead, they sign a 30-day membership agreement…for a room in an apartment to be shared with others who, theoretically, have a similar worldview. The arrangement is a commercial outgrowth of co-living, taking life with roommates to a different level.”

The success WeWork is having in this space speaks volumes for the potential. “In an investor pitch deck that leaked in August, the company estimated that its residential offering, which at the time it called “WeLive” (the name may change), would account for 21% of its revenue—$605.9 million—by 2018. In those documents, WeWork planned that WeLive would span across 10.3 million square feet of real estate and serve 34,000 members within the next three years.” [Fast Company]

Is it something that could take root in your city? Given its appeal to 20- and 30-somethings, it shouldn’t be ruled out. Find out if a coliving property is something that could benefit your portfolio. Contact us today at 817-284-1411 or email us at info@classamanagement.com.