China’s yuan ‘may already be overvalued’ and is set to move lower, Nomura says

The Chinese yuan is probably already overvalued against the U.S. dollar and any efforts by President Donald Trump’s team to lock in that level as part of trade negotiations will likely backfire, according to Japanese financial firm Nomura. The yuan has long been a sticking point for the U.S., which, despite years of long-term appreciation in the currency, accuses Beijing of keeping it artificially undervalued to boost exports. “We believe (the) yuan may already be overvalued against (the dollar)


The Chinese yuan is probably already overvalued against the U.S. dollar and any efforts by President Donald Trump’s team to lock in that level as part of trade negotiations will likely backfire, according to Japanese financial firm Nomura. The yuan has long been a sticking point for the U.S., which, despite years of long-term appreciation in the currency, accuses Beijing of keeping it artificially undervalued to boost exports. “We believe (the) yuan may already be overvalued against (the dollar)
China’s yuan ‘may already be overvalued’ and is set to move lower, Nomura says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-11  Authors: kelly olsen, honglouwawa, getty images
Keywords: news, cnbc, companies, long, nomura, dollar, trade, yuan, lower, set, chinas, growth, japanese, firm, overvalued, efforts


China's yuan 'may already be overvalued' and is set to move lower, Nomura says

The Chinese yuan is probably already overvalued against the U.S. dollar and any efforts by President Donald Trump’s team to lock in that level as part of trade negotiations will likely backfire, according to Japanese financial firm Nomura.

The yuan has long been a sticking point for the U.S., which, despite years of long-term appreciation in the currency, accuses Beijing of keeping it artificially undervalued to boost exports. Washington has reportedly pressed Chinese officials to maintain currency stability amid trade talks.

Despite that request, Nomura said the American side appears to have it all wrong.

“We believe (the) yuan may already be overvalued against (the dollar), and China’s latest round of monetary and credit easing may push (the yuan) further into overvalued territory,” Nomura said in a Monday note, referring to the country’s efforts to put a floor under slowing growth in the world’s second-largest economy.

In fact, attempts to stabilize the rate “could result in an increasingly overvalued yuan, slower export growth, elevated import growth and worsening current account deficits in China,” the Japanese firm said.

Nomura said it ultimately expects the yuan to move lower against the dollar “in the medium to long term,” though it did not suggest any levels or ranges.


Company: cnbc, Activity: cnbc, Date: 2019-03-11  Authors: kelly olsen, honglouwawa, getty images
Keywords: news, cnbc, companies, long, nomura, dollar, trade, yuan, lower, set, chinas, growth, japanese, firm, overvalued, efforts


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Australia dollar skids as the economy slows sharply

Australia’s economy slowed sharply in the second half of last year as consumers shut their wallets and housing construction pulled back, data showed on Wednesday, sending the local currency to a two-month trough. The gross domestic product (GDP) figures showed the A$1.8 trillion ($1.32 trillion) economy expanded 0.2 percent in the fourth quarter, slower than the 0.3 percent increase economists had forecast in a Reuters poll. The disappointing outcome sent the Australian dollar down 0.4 percent t


Australia’s economy slowed sharply in the second half of last year as consumers shut their wallets and housing construction pulled back, data showed on Wednesday, sending the local currency to a two-month trough. The gross domestic product (GDP) figures showed the A$1.8 trillion ($1.32 trillion) economy expanded 0.2 percent in the fourth quarter, slower than the 0.3 percent increase economists had forecast in a Reuters poll. The disappointing outcome sent the Australian dollar down 0.4 percent t
Australia dollar skids as the economy slows sharply Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, sharply, outcome, australia, wednesdays, dollar, data, growth, trillion, slows, twomonth, skids, countrys, spending, gdp, showed, economy


Australia dollar skids as the economy slows sharply

Australia’s economy slowed sharply in the second half of last year as consumers shut their wallets and housing construction pulled back, data showed on Wednesday, sending the local currency to a two-month trough.

The gross domestic product (GDP) figures showed the A$1.8 trillion ($1.32 trillion) economy expanded 0.2 percent in the fourth quarter, slower than the 0.3 percent increase economists had forecast in a Reuters poll. Third-quarter growth was unrevised at 0.3 percent.

Annual GDP rose a below-trend 2.3 percent, the slowest since mid-2017 and confounding expectations for a 2.5 percent increase.

The dismal figures challenge the optimism of the country’s central bank, which expects growth to pick up to around 3 percent this year. The data also raises questions over whether the country’s recession-free run of 27 years is losing steam.

The disappointing outcome sent the Australian dollar down 0.4 percent to a two-month low of $0.7052.

A major setback in Wednesday’s data came from private consumption, which contributed just 0.2 percent to overall growth as households cut back on spending. The category accounts for about 57 percent of Australia’s GDP.

An escalating decline in Sydney and Melbourne home prices has eaten into consumer wealth at a time when they hold record levels of mortgage debt. A long stretch of unusually slow wages growth has also throttled household incomes, and shows few signs of changing anytime soon.

The sharper-than-expected downturn in the country’s once-booming property market has become a significant point of uncertainty for the Reserve Bank of Australia (RBA), which cut its growth and inflation forecasts last month and moved away from a previous tightening bias.

A decline in dwelling construction was one reason for the soft fourth-quarter outcome, while government spending was the only silver lining in Wednesday’s report.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, sharply, outcome, australia, wednesdays, dollar, data, growth, trillion, slows, twomonth, skids, countrys, spending, gdp, showed, economy


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Dollar Tree to close up to 390 Family Dollar stores, reports $2.3 billion loss

The company’s earnings beat Wall Street estimates, which were heavily adjusted to exclude a $2.73 billion write-down against its Family Dollar business, among other charges. It generated $6.21 billion in revenue, better than the $6.19 billion expected by Wall Street but down slightly from $6.36 billion a year earlier. Shares of the company rose more than 4 percent in intraday trading Wednesday. The company opened 143 stores in the fourth quarter, closed 84 Family Dollar stores and 10 Dollar Tree


The company’s earnings beat Wall Street estimates, which were heavily adjusted to exclude a $2.73 billion write-down against its Family Dollar business, among other charges. It generated $6.21 billion in revenue, better than the $6.19 billion expected by Wall Street but down slightly from $6.36 billion a year earlier. Shares of the company rose more than 4 percent in intraday trading Wednesday. The company opened 143 stores in the fourth quarter, closed 84 Family Dollar stores and 10 Dollar Tree
Dollar Tree to close up to 390 Family Dollar stores, reports $2.3 billion loss Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: jessica bursztynsky, sean proctor, bloomberg, getty images
Keywords: news, cnbc, companies, 23, quarter, family, stores, billion, reports, company, wall, close, share, tree, street, dollar, rose, loss, 390


Dollar Tree to close up to 390 Family Dollar stores, reports $2.3 billion loss

The company’s earnings beat Wall Street estimates, which were heavily adjusted to exclude a $2.73 billion write-down against its Family Dollar business, among other charges.

On an adjusted basis, the Dollar Tree reported a profit of $1.93 per share during the 13 weeks ended Feb. 2 compared with average estimates of $1.92 a share compiled by Refinitiv. Sales at stores open for at least a year rose 2.4 percent versus an estimate of 1.5 percent. It generated $6.21 billion in revenue, better than the $6.19 billion expected by Wall Street but down slightly from $6.36 billion a year earlier.

On an unadjusted basis, the company had a loss of $2.31 billion, or a loss of $9.66 a share, compared with a profit of $1.04 billion, or $4.37 a share, during the same quarter last year, which included an extra week.

Shares of the company rose more than 4 percent in intraday trading Wednesday.

The report comes after activist investor Starboard Value, which has a 1.7 percent stake in the company, pressured Dollar Tree this January to change its pricing and sell the store.

The company opened 143 stores in the fourth quarter, closed 84 Family Dollar stores and 10 Dollar Tree stores and expanded or relocated 14 stores. It currently operates 15,237 stores across the U.S. and Canada.

WATCH: Dollar Tree CEO says discount retailer nearing ‘inflection point’


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: jessica bursztynsky, sean proctor, bloomberg, getty images
Keywords: news, cnbc, companies, 23, quarter, family, stores, billion, reports, company, wall, close, share, tree, street, dollar, rose, loss, 390


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Dollar rises again despite Trump trying to ‘jawbone’ the US currency lower

The U.S. Dollar Currency Index, which tracks the U.S. currency’s performance against others like the euro, was up 0.2 percent at 96.74. The moves came after Trump said on Saturday he was not pleased with how strong the dollar had become relative to other world currencies. “I want a dollar that’s great for our country but not a dollar that’s prohibitive for us to be doing business with other countries,” he said. Trump has sparked significant moves in the dollar previously, but experts say there i


The U.S. Dollar Currency Index, which tracks the U.S. currency’s performance against others like the euro, was up 0.2 percent at 96.74. The moves came after Trump said on Saturday he was not pleased with how strong the dollar had become relative to other world currencies. “I want a dollar that’s great for our country but not a dollar that’s prohibitive for us to be doing business with other countries,” he said. Trump has sparked significant moves in the dollar previously, but experts say there i
Dollar rises again despite Trump trying to ‘jawbone’ the US currency lower Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: fred imbert, hillary kladke, moment, getty images
Keywords: news, cnbc, companies, jawbone, currency, thats, lower, hiking, despite, investors, fed, trying, world, really, dollar, past, trump, rises


Dollar rises again despite Trump trying to 'jawbone' the US currency lower

The U.S. dollar rose against a basket of various currencies on Monday as investors looked past comments made by President Donald Trump over the weekend regarding the greenback.

The U.S. Dollar Currency Index, which tracks the U.S. currency’s performance against others like the euro, was up 0.2 percent at 96.74. Against the euro, the dollar gained half a percent and traded at $1.132.

The moves came after Trump said on Saturday he was not pleased with how strong the dollar had become relative to other world currencies. “I want a dollar that’s great for our country but not a dollar that’s prohibitive for us to be doing business with other countries,” he said.

Trump has sparked significant moves in the dollar previously, but experts say there is little he can do now to talk the currency down.

“I think currency investors are looking past those remarks,” said Aaron Hurd, senior portfolio manager of currency at State Street Global Advisors. The reason is “it’s unlikely Trump is going to be able to change the [Federal Reserve] outlook. When the Fed was hiking every quarter and projecting another hike, Trump would say something that would raise some concern that maybe he could change the Fed’s trajectory and have them slow down.”

“Now that the Fed is really in a patient, wait-and-see mode, there’s really not that much behavior to change. That’s already happened. The Fed has gone from hiking to doing nothing, so Trump’s comments don’t really matter unless Trump would be able to convince them to cut, but that’s a much more heroic assumption to make,” Hurd said.

The Federal Reserve signaled earlier this year it will be “patient” in raising rates this year after hiking four times in 2018.Trump criticized the Fed’s decisions throughout 2018. In October, he said the central bank had “gone crazy” by continuing to raise rates.

Over the past 12 months, the dollar has risen more than 7 percent and is up about 1 percent over the past month. Last year, the greenback gained more than 4 percent.

Chris Gaffney, president of world markets at TIAA Bank, said investors are lagely ignoring Trump’s attempt to “jawbone” the dollar as the odds of him changing the course of Fed policy are slim. He also said the key catalyst for the U.S. currency has been interest-rate differentials as short-term U.S. debt yields are higher than those overseas.

“It’s still a case of interest rates here in the U.S. are higher than anywhere in the developed world,” Gaffney said. “Therefore, when you look at the dollar versus the euro versus the yen, investors are paid more to hold dollars than to hold euros or yen right now.”

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Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: fred imbert, hillary kladke, moment, getty images
Keywords: news, cnbc, companies, jawbone, currency, thats, lower, hiking, despite, investors, fed, trying, world, really, dollar, past, trump, rises


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Aussie dollar falls on reported coal ban from China — but analysts see limited impact

The Australian dollar tumbled from levels above $0.7200 to below $0.7100 following reports that China banned coal imports from the country at a major port. Reuters reported on Thursday that customs at the Chinese port of Dalian has banned imported Australian coal since February, and will “cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.” It also said that major ports elsewhere in China prolonged clearing times for Australian coal to at least 40 days. He added th


The Australian dollar tumbled from levels above $0.7200 to below $0.7100 following reports that China banned coal imports from the country at a major port. Reuters reported on Thursday that customs at the Chinese port of Dalian has banned imported Australian coal since February, and will “cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.” It also said that major ports elsewhere in China prolonged clearing times for Australian coal to at least 40 days. He added th
Aussie dollar falls on reported coal ban from China — but analysts see limited impact Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: saheli roy choudhury, carla gottgens, bloomberg, getty images, -vivek dhar, national australia bank
Keywords: news, cnbc, companies, china, analysts, falls, australian, times, reported, coal, tumbled, impact, trade, limited, ban, aussie, dollar, australia, chinese, banned


Aussie dollar falls on reported coal ban from China — but analysts see limited impact

The Australian dollar tumbled from levels above $0.7200 to below $0.7100 following reports that China banned coal imports from the country at a major port.

Reuters reported on Thursday that customs at the Chinese port of Dalian has banned imported Australian coal since February, and will “cap overall coal imports from all sources to the end of 2019 at 12 million tonnes.” It also said that major ports elsewhere in China prolonged clearing times for Australian coal to at least 40 days.

On Friday afternoon, the Australian dollar eked out slight gains to trade at $0.7101 at 2:55 p.m. HK/SIN, up from an earlier low of $0.7081. Local coal stocks mostly sold off. Shares of BHP fell 0.42 percent, Whitehaven retraced losses to gain 0.66 percent, Yancoal declined 2.8 percent and New Hope Group tumbled 3.55 percent.

Market speculation suggests Thursday’s report may be a reflection of strains in the political and trade relationship between Australia and China in recent times, Ivan Colhoun, chief economist for markets at the National Australia Bank, said in a note. He added that the reported ban would affect a relatively small portion of the country’s coal exports.

Last year, Australia banned Chinese telecommunication companies Huawei and ZTE from selling 5G technology equipment in the country, citing national security concerns. More recently, Australia rescinded the visa of a prominent Chinese businessman.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: saheli roy choudhury, carla gottgens, bloomberg, getty images, -vivek dhar, national australia bank
Keywords: news, cnbc, companies, china, analysts, falls, australian, times, reported, coal, tumbled, impact, trade, limited, ban, aussie, dollar, australia, chinese, banned


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How to entice Chinese buyers to get a multimillion dollar New York condo

How to entice Chinese buyers to get a multimillion dollar New York condo1 Hour AgoChinese investors are the top foreign buyers of U.S. residential property, according to the National Association of Realtors. But how do these purchases happen? CNBC’s Uptin Saiidi attends an event in Hong Kong focused on promoting and selling New York property.


How to entice Chinese buyers to get a multimillion dollar New York condo1 Hour AgoChinese investors are the top foreign buyers of U.S. residential property, according to the National Association of Realtors. But how do these purchases happen? CNBC’s Uptin Saiidi attends an event in Hong Kong focused on promoting and selling New York property.
How to entice Chinese buyers to get a multimillion dollar New York condo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, residential, purchases, realtors, saiidi, property, buyers, promoting, chinese, entice, selling, york, condo, dollar, multimillion, uptin


How to entice Chinese buyers to get a multimillion dollar New York condo

How to entice Chinese buyers to get a multimillion dollar New York condo

1 Hour Ago

Chinese investors are the top foreign buyers of U.S. residential property, according to the National Association of Realtors. But how do these purchases happen? CNBC’s Uptin Saiidi attends an event in Hong Kong focused on promoting and selling New York property.


Company: cnbc, Activity: cnbc, Date: 2019-02-20
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Dollar slips on US-China trade hopes, Swedish crown sags

“We are hoping to hear more positive news on trade,” said Dean Popplewell, chief currency strategist at Oanda in Toronto. The ICE index, which tracks the dollar against six other major currencies, was down 0.47 percent at 96.45. Among other major currencies, the Swedish crown tumbled after weak inflation data spurred sales of the currency and a paring of bets that interest rates would rise this year. The currency plunged more than 1 percent to a two-year low against the dollar at 9.4180, after a


“We are hoping to hear more positive news on trade,” said Dean Popplewell, chief currency strategist at Oanda in Toronto. The ICE index, which tracks the dollar against six other major currencies, was down 0.47 percent at 96.45. Among other major currencies, the Swedish crown tumbled after weak inflation data spurred sales of the currency and a paring of bets that interest rates would rise this year. The currency plunged more than 1 percent to a two-year low against the dollar at 9.4180, after a
Dollar slips on US-China trade hopes, Swedish crown sags Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: matt cardy i getty images
Keywords: news, cnbc, companies, sags, swedish, uschina, hopes, crown, euro, data, showed, currencies, inflation, slips, currency, fell, major, dollar, trade


Dollar slips on US-China trade hopes, Swedish crown sags

The dollar on Tuesday fell against a basket of other currencies as traders scaled back their safe-haven greenback holdings on optimism that a fresh round of talks between China and the United States would help resolve their trade conflict.

The dollar index hit a near two-month peak on Friday after last week’s set of negotiations in Beijing failed to result in a deal, although officials from both sides said the talks had produced progress on contentious issues.

“We are hoping to hear more positive news on trade,” said Dean Popplewell, chief currency strategist at Oanda in Toronto. “The dollar should come under pressure as it loses some safe-haven appeal.”

The ICE index, which tracks the dollar against six other major currencies, was down 0.47 percent at 96.45.

On Friday, it hit 97.368, which was the highest since Dec. 17. U.S. financial markets were closed on Monday for the Presidents Day holiday.

Among other major currencies, the Swedish crown tumbled after weak inflation data spurred sales of the currency and a paring of bets that interest rates would rise this year.

Last week, the crown rose after Sweden’s central bank broke with growing caution among major monetary-policy makers, saying it would stick to its plan to raise rates in the second half of 2019.

The currency plunged more than 1 percent to a two-year low against the dollar at 9.4180, after a report showed inflation slowed in January.

Against the euro, it was headed for its biggest daily decline in more than 15 months. It touched 10.621, its weakest since September.

The euro appreciated against the dollar on trade optimism. It reversed earlier losses after data showed Italian industrial orders dropped 5.3 percent in December from a year earlier.

Euro zone bond yields, notably those of German bunds, fell amid the cloudy European economic outlook, weighing on the euro. When European Central Bank policymakers meet on March 7, they are expected to lower growth and inflation projections.

The euro was up 0.37 percent at $1.135, holding above a three-month low of $1.1234 set last week.

The single currency, however, fell against the British pound as data showed domestic workers’ salaries held at its fastest pace in a decade in late 2018.

The euro was 0.62 percent lower at 86.99 pence, while the pound was up 1.08 percent at $1.306. The sterling’s gains were limited ahead of British Prime Minister’s Theresa May’s meeting with the EU to find a way to get their Brexit deal through the UK parliament.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: matt cardy i getty images
Keywords: news, cnbc, companies, sags, swedish, uschina, hopes, crown, euro, data, showed, currencies, inflation, slips, currency, fell, major, dollar, trade


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‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC

“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”


“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


'Million Dollar Listing' agent Ryan Serhant: Buyers are 'freaking out' about Amazon ditching NYC

New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”

Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.

“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.

“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”

Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.

Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”

However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”

The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.

Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


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‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC

“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”


“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


'Million Dollar Listing' agent Ryan Serhant: Buyers are 'freaking out' about Amazon ditching NYC

New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”

Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.

“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.

“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”

Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.

Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”

However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”

The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.

Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


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Dollar buyers are the big winners as prime London property tumbles

The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings. Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before. The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014


The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings. Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before. The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014
Dollar buyers are the big winners as prime London property tumbles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: david reid, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, property, winners, billion, uks, dollar, buyers, 2018, big, tumbles, compared, london, value, sold, prime, quarter


Dollar buyers are the big winners as prime London property tumbles

The cost of property in London’s most expensive neighborhoods tumbled in 2018, with buyers using the U.S. dollar making the largest savings.

Analysis of three prime property areas in the city suggested that sold house prices at the top end of the London market averaged around 6 percent less in 2018 from the year before.

New data published by real estate analysis firm LonRes also revealed that more than half of properties had to fall in price before managing to achieve a sale.

The accompanying report, published Tuesday, claimed that buyers of homes in prime central London paid 14 percent less during the last three months of 2018 compared with the 2014 peak.

Moreover, during 2018’s fourth quarter those buying top London property in U.S. dollars are estimated to have averaged a 36 percent saving compared to 2014’s peak prices. The value of sterling has fallen sharply with a steep drop in value shortly after the result of the 2016 referendum on the U.K.’s membership of the European Union (EU).

Roughly £2.9 billion ($3.7 billion) of housing stock was sold in the prime central London area in 2018 compared to £3.5 billion in 2017.

Meanwhile, transactions in the fourth quarter of 2018 were down 13 percent, compared to the same period in 2017.

Brexit, the U.K.’s exit from the EU, was cited by some 69 percent of agents who answered the survey as the root of the slowdown in 2018. Almost half said Brexit would remain the biggest drag to demand in the year ahead.


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: david reid, simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, property, winners, billion, uks, dollar, buyers, 2018, big, tumbles, compared, london, value, sold, prime, quarter


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