Britney Spears in talks for new Vegas residency, would pocket $500k per show -- Report
Britney Spears is apparently headed back to Vegas, and she's cashing in.Ever since Britney ended her highly successful "Piece of Me" residency show after a four-year run at Planet Hollywood Resort, rumors have abounded that she would return to Sin City in 2019 for a different residency show at a different property.
© Marcio Jose Sanchez/Associated Press
Wall Street is betting that more well-off Americans will want to be renters.
Financiers who loaded up on homes after the housing bust for pennies on the dollar are buying yet more—despite home prices in many markets being at all-time highs.
Their wager: High prices, higher mortgage rates and skimpy inventory are making homeownership harder. Well-to-do families who might have bought a single-family home in another era are willing to rent a house now, especially if it means access to a good school system.
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Kourtney Kardashian & Younes Bendjima Are 'Getting Serious' as They Vacation with Her Kids
Kourtney Kardashian‘s jet-setting romance with Younes Bendjima is far from a summer fling. “She is incredibly happy with Younes,” a source tells PEOPLE. “They are getting serious. Younes is very close to her kids and loves spending time with them. The kids really like him.” Kardashian, 39, and Bendjima, 25, have been vacationing in Italy for weeks, and her three children with ex Scott Disick — sons Mason, 8, Reign, 3, and daughter Penelope, 5 — joined the couple this week. “Kourtney is having the best time in Europe,” the source adds. Last week, photographers even captured the reality star and boxer/model sharing a passionate kiss after working out at their hotel in Portofino. Kardashian, 39, and Bendjima, 25, who were first introduced during a trip to Paris in October 2016, took their relationship public in Cannes last May. In the months since, they’ve enjoyed several trips to luxe locations, from St. Tropez to Egypt, and their blossoming romance was documented on the most recent season of Keeping Up with the Kardashians. In December, a source told PEOPLE things between Kardashian and Bendjima are “definitely serious.” “No one thought their relationship would last this long, but Kourtney is very happy,” said the insider. “Younes has met her kids. Kourtney’s family really likes him. He’s the opposite of Scott. He doesn’t party, isn’t flashy and really treats Kourtney with a lot of respect. It’s obvious that he really cares about her.
The number of homes purchased by major investors in 2017 was at least 29,000, up 60% from the previous year, estimates Amherst Capital Management LLC, a real-estate investment firm that made nearly 5,000 of those purchases.
That marked the first time since 2013—when investors like Blackstone Group LP’s Stephen Schwarzman and Barry Sternlicht of Starwood Capital Group gobbled up foreclosed homes—that investors bought more houses year-over-year. Single-family homes have become far more attractive to investors than apartments, where a nationwide glut has driven down rental yields.
This year, investors have raised billions of dollars from bond buyers, pension funds and even wealthy Chinese individuals to purchase more homes. They have been particularly aggressive buyers in places like Atlanta, Phoenix, and other metro areas with good schools and faster-growing economies.
Report: Teams not coming close to asking price for Machado
The Baltimore Orioles are almost certainly going to trade Manny Machado before the July 31 deadline, but it sounds as though their expectations for what they are going to get in return may need to be tempered. The Baltimore Orioles are almost certainly going to trade Manny Machado before the July 31 deadline, but it sounds as though their expectations for what they are going to get in return may need to be tempered.
Cash to acquire and renovate homes has become so abundant lately that some rental investors can’t spend it fast enough. Without enough homes to buy, some investors are now building their own in popular residential markets like Miami and Nashville, Tenn.—upending a traditional pattern of Americans buying starter homes and moving up.
“The American dream no longer includes homeownership,” said Jordan Kavana, chief executive of Transcendent Investment Management LLC, a south Florida firm that has been a big acquirer of rental homes. “You will earn your equity in other ways, not your home.”
Transcendant says it has secured more than $250 million, mostly from wealthy Chinese individuals, that it will use to build thousands of rental homes in the Southeast. A Canadian investment firm said it is teaming with a U.S. pension fund and a sovereign-wealth fund to enlarge its home-purchasing program over the next three years by about $2 billion, enough for perhaps 12,000 houses.
New buildings rise in flood zones
One in eight new residential units in New York is being built along the riskiest waterfront. The buildings may be resilient, but what about the neighborhoods? When Hurricane Sandy lashed the southern coast of Brooklyn in October of 2012, the neighborhood of Sheepshead Bay, with its quaint bungalows and low-slung buildings, was buffeted by up to 10 feet of rushing seawater.Last week, sunbathers lounged on a pool deck high above the bay here, on a block that was devastated by the storm.
“We’re seeing a wider variety of investors coming into this asset class: sovereign-wealth funds, insurance companies, hedge funds, pensions, asset managers,” said Sandeep Bordia, Amherst’s head of Research and Analytics.
Managing far-flung clusters of homes—much harder than running an apartment building—has long been a hurdle for investors. But analysts and rental executives say investors are gaining confidence it can be done profitably. Also, wealthier tenants in the single-family-home market typically have children and need more bedrooms than most apartments offer. They’re also willing to accept rent increases to stay in good school districts.
These investors’ war chests have been swelled by rising home prices, which give them more valuable collateral to borrow against to buy more. Transcendent’s fund will add about $750 million of debt on top of investors’ $250 million or so, giving the firm spending power of about $1 billion over the next three years. Mr. Kavana expects to develop as many as 3,000 homes for his predominantly Chinese clients, each of whom will hold title to specific properties.
3 ways to lower the price of a move to a new state
Moving to a new state can bring opportunity, adventure — and increased financial strain. From packing boxes to settling into your new home, moving costs can add up. But you…But you can cut costs each step of the way, and maybe even make a little money.
“They get that this is a linchpin of the American economy,” he said.
Toronto’s Tricon Capital Group Inc. said that $750 million of the roughly $2 billion it plans to spend will be committed in equal portions by its California home-rental unit, a U.S. pension and a sovereign-wealth fund. The rest will be borrowed.
Invitation Homes, the industry’s 83,000-home heavyweight created by the combination of Messrs. Schwarzman’s and Sternlicht’s rental ventures, last month sold the largest ever rent-backed bond. The houses that Invitation borrowed $1.3 billion against were valued at 26% more than when they were used as collateral in earlier bond deals, according to Kroll Bond Rating Agency.
American Homes 4 Rent, the country’s second largest single-family rental owner, has been adding houses with proceeds from $500 million of unsecured debt the Agoura Hills, Calif. company sold in January. That was the sector’s first such deal.
Demand from the industry’s biggest players has sparked a rush to emulate and feed them houses. Bruce McNeilage, who sold 42 houses in suburban Nashville to American Homes in 2015, has since flipped another 400 or so in middle Tennessee and around Atlanta to larger landlords. He’s building dozens of houses in both regions and buying in the Carolinas, some to sell and some to rent out himself.
Mr. McNeilage had planned to slow down, but local lenders offered financing that was too favorable to pass up, particularly when rents are rising and he’s being hounded by institutional investors looking for houses to buy.
Quantum National Bank, for instance, recently sent Atlanta-area landlords and flippers a memo advertising $10 million that it hoped to lend at promotional rates against rental homes, in chunks ranging from $150,000 to $1.5 million. Quantum CEO Bryan Cohen said the Suwanee, Ga. lender ran a similar special on rental-home loans this spring and the $10 million it offered was snatched up quickly.
“Right now there’s more money than deals,” Mr. McNeilage said. “I’ve got to find houses.”
Write to Ryan Dezember at [email protected] and Laura Kusisto at [email protected]
Here's What Would Happen if Congress Paid Back All the Money It "Took" From Social Security .
Surprise! It would actually make things much worse than they are now.According to the newest Social Security Board of Trustees annual report, released in early June, America's most important social program is on track to pay out $1.7 billion more in benefits than it collects in revenue this year. This would mark the first time Social Security has paid out more than it generated in income since 1982, the year before the last major overhaul of the program was signed into law.