The Real Deal - New York Real Estate News

Elon Musk teases possibility of a Texas gigafactory

Posted: 08 Feb 2020 01:00 PM PST

Tesla CEO Elon Musk put out the possibility of a Tesla “gigafactory” production facility in Texas this week. Musk polled Twitter users with a two-word question: “Giga Texas?” and has received hundreds of thousands of responses, according to the New York Post. The possible responses were “hell yeah” or “nope,” and so far users are overwhelmingly supportive of the idea — over 80 percent of the more than 300,000 voters chose yes. Musk, who’s prone

How Chinese developers are exposed to Coronavirus

Posted: 08 Feb 2020 11:00 AM PST

China’s coronavirus outbreak is slowing down sales activity and putting pressure on domestic Chinese developers. If the outbreak extends, developers could be out billions of dollars in funding. Developers in the country tend to sell condos and other residential properties before they complete construction and rely heavily on those advance payments and deposits to complete development. If they lost just 10 weeks of activity — a roughly 20 percent decline in advance payments — they’d

Millennials are ready to break the golden rule of home-buying

Posted: 08 Feb 2020 09:00 AM PST

Add the 20-percent-down-payment rule to the list of norms millennials are tossing out the window. Around 70 percent of millennials said they would put down less than 20 percent of the price of a home as a down payment this year, breaking a rule of thumb that’s stood for decades, according to Business Insider. More than a quarter said they’d put down less than 10 percent, which was almost unheard of in their parents’ generation.

The high cost of low taxes: South Carolina town bans all development for 16 months

Posted: 08 Feb 2020 06:00 AM PST

Slashing taxes and taking a hands-off approach to governance attracted thousands of residents to places like in Lake Wylie, South Carolina. But politicians neglected to spend money on critical infrastructure, and now the Republican-led county council has placed a 16-month moratorium on all new development. The York County Council said that the town, where the population has tripled since 2000, needs to get a better handle on growth, the Wall Street Journal reported. Several years