Confirming speculation first broached earlier this year, Goldman Sachs CEO Lloyd Blankfein is indeed retiring from the firm he’s led since 2006. Goldman Sachs is tapping one of its own, President David Solomon, to replace Blankfein.
Hotel room rates in and around Costa Mesa ran higher year-to-date through May as “No Vacancy” signs were barely less common, according to fresh statistics.
Here are seven trends to know from CBRE Hotels’ latest reports on how local operators are doing filling up their rooms vs. countywide patterns year-to-date through May …
1. Costa Mesa hotel rooms on average cost $149.15 a night, an increase of 84 cents in a year or 0.6 percent.
2. Among seven Orange County regions tracked by CBRE, Costa Mesa ranked No. 5 priciest.
3. Countywide, room rates averaged $191.36 per night, up $7.14 in a year or 3.9 percent.
4. Costa Mesa hotels in 2018’s first five months were 78.6 percent full, up from 78.5 percent a year earlier.
5. Costa Mesa ranked No. 4 among seven Orange County hotel districts in terms of hardest to find an empty room.
6. Countywide occupancy was 79.5 percent, up from 79.3 percent a year earlier.
7. A key measure of hotel cash flow known as “RevPar” for Costa Mesa increased 0.6 percent from a year earlier.
8. Countywide RevPar was up 4.1 percent in a year.
DID YOU SEE? California critic’s ultimate critique: He moved to Pennsylvania!
The latest VeroFORECAST report predicts a slight uptick in the national average of real estate appreciation, while this MSA remains in the lead for appreciation for the second quarter. Check out Veros VP of Statistical and Economic Modeling Eric Fox’s breakdown of the data.
New Residential Investment Corp.’s acquisition of Shellpoint Partners, a mortgage vehicle that is owned in part by Lewis Ranieri’s Ranieri Partners, is now complete. The companies announced this week that the $190 million deal, which was first announced in November 2017, is now finalized.
Some red, white and blue apparel offered on Walmart’s website from third-party sellers this holiday week may have American shoppers feeling a little less than united.
The online site is selling T-shirts with “IMPEACH 45” emblazoned across the front in big capital letters — a call to bring down the 45th U.S. president, Donald Trump. The shirts that come in several shades — plus similar baby onesies and even frisbees — have the Twitter-sphere in a frenzy and spurred a grassroots call to boycott the world’s biggest retailer. The hashtag #BoycottWalmart even began trending on Twitter.
The T-shirts aren’t being sold by Walmart itself, but by third-party sellers including Old Glory and Teespring Inc. Third-party sellers can sign up to advertise products on Walmart’s website, and the retail giant gets a commission on each sale.
A spokesman for Walmart didn’t immediately respond to requests for comment.
As news outlets began to report on the shirts, some of the listings were no longer available. Still, there were plenty of anti-Trump merchandise, including items calling for his impeachment, available from other sellers. Third-party sellers on the website also offer a slew of other politicized products, including “IMPEACH OBAMA” and “IMPEACH NIXON” license plates.
Amazon.com had oodles of impeachment merchandise, too. There were “Impeach 45” football jerseys, tank tops and sweatshirts.
It’s not the first time Walmart has gotten into hot water for controversial t-shirts for sale on its website. Last year, the retailer came under fire after a third-party seller offered T-shirts that suggested killing journalists. The T-shirts read: “Rope. Tree. Journalist. Some assembly required.”
Ginnie Mae recently announced that it plans on giving its systems a major makeover, and hopes to complete its modernization by 2020. The agency said its mortgage-backed securities platform, while reliable, is in need of major upgrades. Here are the company’s plans for the next two years.
Hockey Hall of Famer and fan favorite Teemu Selanne has put his 6-acre Coto de Caza estate on the market for $6.9 million.
Selanne, nicknamed the “Finnish Flash,” was a member of the Anaheim Ducks’ 2007 Stanley Cup championship team.
The Coto de Caza spread is set amidst sprawling lawns in the luxe Los Ranchos neighborhood. In addition to a 9,400-square-foot Mediterranean home, there’s a barn, riding area, tennis court and a rock swimming pool with several waterfalls.
A private gate leads up a long driveway to the house, with four bedroom suites and two additional rooms that can be converted into bedrooms.
Fireplaces warm spaces throughout the home, including formal living and dining rooms, a family room and a pair of offices.
The kitchen contains a large breakfast nook, and in the bar and entertainment center, French doors open to a veranda. There are six garages, and the barn includes a couple of flats – one a two-bedroom – with kitchenettes.
One piece of real estate here is just for kids: They can play house in a cute doll house on the grounds of the estate, says Mariann Cordova of Berkshire Hathaway HomeServices, the listing agent.
Selanne was inducted into the Hockey Hall of Fame in November 2017.
“Teemu Selanne blew away the NHL with his breakaway speed from the moment he jumped into the league, captivating it with his goal-scoring touch and magnetic personality,” wrote Eric Stephens in the Orange County Register when he was selected for the honor a few months earlier. “Those aspects of the multifaceted lover of fast cars and uptempo hockey instantly made him a fan favorite.”
Selanne put off his retirement on an annual basis, often announcing his comebacks in funny videos on the team’s official website.
“Whether he was playing in the NHL or in international competition, Teemu Selanne always found a way to excel,” NHL commissioner Gary Bettman said last year. “A relentless competitor, a Stanley Cup champion and a global ambassador for the game, Teemu now adds the ultimate hockey recognition to his resume.”
Selanne retired in 2014, finishing 11th all-time with 684 goals and 15th with 1,457 points. His No. 8 jersey was retired by the Ducks.
In addition to his Selanne Steak House in Laguna Beach, he is slated to open The Penalty Box, a more casual eatery, at SteelCraft Garden Grove this fall.
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Tuesday, the Department of Labor announced a new rule that experts in the housing industry say will make health care more affordable for small businesses. The department announced a new rule that will change the definition of employer to include working owners for Association Health Plans.
Southern California house prices were up in May for a 72nd consecutive month, rising 7.7 percent year over year in the Los Angeles metro area and 6.8 percent in the Inland Empire, the California Association of Realtors reported Tuesday, June 19.
The median price of an existing single-family home — or price at the midpoint of all sales — hit an all-time high in Orange County, rising 5.4 percent to $838,000, the Realtor report said.
That’s the eighth-highest median in the state, trailing San Franciso (median $1.03 million), five other Bay Area counties and Mono County, north of Mammoth.
Riverside County had the region’s highest appreciation rate, however. The median house price there rose 9.3 percent to $409,925, an 11-year high.
Los Angeles County’s price gain was close behind, rising 9.1 percent to $536,940. In San Bernardino County, the median increased 4.6 percent to $285,000.
House prices have increased on an annual basis in all Southern California four counties since June 2012.
Sales, however, were down everywhere in the region but San Bernardino County, due to a very low number of homes on the market and higher mortgage interest rates.
Sales were down 8.7 percent from May 2017 levels in Riverside County, 7.4 percent in Orange County and 5.5 percent in Los Angeles County. In San Bernardino County, sales increased 2.1 percent from a year ago.
The unsold listings in the Los Angeles metro area were equal to 3.4 months — that is, it would take 3.4 months to sell everything on the market at the current sales pace — well below the six-month level considered to be a balanced market between buyers and sellers. The listing supply equaled 3.6 months in the Inland Empire.
The Realtor data is the first of at least four key market reports for May, with CoreLogic’s all-home median price and sales survey due out later this week.
Statewide, the median home price also reached a record high in May, while home sales retreated both on a monthly and annual basis, the Realtor association reported.
May’s statewide median home price was $600,860, up 9.2 percent from May 2017, hitting a new high for the first time in more than 10 years.
Existing, single-family home sales totaled 409,270 in May on a seasonally-adjusted annualized rate, down 4.6 percent from May 2017.
Sales likely will be tempered in the coming months due to higher home prices coupled with rising mortgage rates, said CAR President Steve White.
“The softening in May home sales was due in part to the spike in interest rates in mid-April, when the 30-year fixed mortgage rate jumped … (to) the highest level since 2014,” White said. “Additionally, the specter of rate increases earlier in the year may have pulled sales forward into the first quarter, which resulted in the subpar performance in the last couple of months.”