May 20, 2024

Real Estate & Construction News Roundup (4/24/24) – Omni Hotels Hit with Cyberattack, Wisconsin’s Low-Interest Loans for Home Construction, and Luxury Real Estate Sales Increase | Pillsbury – Gravel2Gavel Construction & Real Estate Law

In our latest roundup, alternative lenders take the lead in CRE loans, construction workers worry about artificial intelligence, prospective homeowners express concerns about climate risks, and more!

  • Even as overall real estate sales fell 4% nationwide in the first quarter, luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years. (Robert Frank, CNBC)
  • As many banks cut back from commercial real estate loans amid rising interest rates and a regional banking crisis that exploded in early 2023, a number of alternative lenders jumped in to lead the way. (Andrew Coen, Commercial Observer)
  • Workers in construction and other industries are worried about artificial intelligence, and it’s keeping their companies from moving forward more decisively with the surging technology. (Matthew Thibault, Construction Dive)
  • Overall operating expenses per multifamily unit rose by 7.1% year over year in January with property insurance premiums seeing the steepest rise out of all expense types at 27.7% year over year, followed by marketing at 12.3%, administrative expenses at 9.6% and repairs and maintenance at 8.8%. (Mary Salmonsen, Multifamily Dive)
  • Of roughly 4,600 prospective buyers Zillow surveyed nationwide last spring, over 80% said they considered at least one climate risk when looking for a home, which has led real estate websites to share more climate risk information with home buyers and sellers. (Sami Sparber, Axios)
  • The Wisconsin Housing and Economic Development Authority is offering $275 million in loans to pay for infrastructure serving new housing, as well as a pair of $100 million loan programs to incentivize housing in downtowns and the conversion of commercial spaces. (Joe Schulz, WPR)
  • Ransomware group Daixin Team claimed responsibility for the cyberattack on Omni Hotels & Resorts, which Omni said may have impacted customer names, emails and mailing addresses, as well as loyalty program information. (Noelle Mateer, Hotel Dive)

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