Residential
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July 22, 2024
Nationwide Seeks Travelers' Aid In Hot Tub Illness Row
Nationwide told a California federal court a Travelers unit must help defend a condominium association in an underlying lawsuit brought by a resident alleging he needed a double lung transplant because of hot tub contaminants, arguing Travelers' pollution exclusion and fungi or bacteria exclusion didn't apply.
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July 22, 2024
NAR Economists See Light Amidst Continuing Slow Sales
Even as sales of existing homes reached a low not seen since 1995, the recent growth of new home inventory may be an early positive indicator if other conditions — including interest rates — improve, National Association of Realtors Chief Economist Lawrence Yun said Monday.
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July 22, 2024
Invitation Homes Reaches $20M Deal To End Permit Fee Suit
Invitation Homes agreed to pay nearly $20 million to end claims that the single-family rental giant defrauded California cities by failing to pay permitting fees when the company carried out renovations on housing properties, according to federal court filings Monday.
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July 22, 2024
Ill. Imposes 20-Year Time Limit On Property Tax Refund Claims
A 20-year time limit was set on refund requests that result from final orders of the Illinois Property Tax Appeal Board under a bill signed by Gov. J.B. Pritzker.
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July 22, 2024
'Wolf Of Airbnb' Gets 51 Mos. As Judge Sees Lack Of Remorse
A Manhattan federal judge hit the Florida man who styled himself the "Wolf of Airbnb" with over four years in prison Monday, saying the risk is high that he will break the law again after scamming New York City landlords.
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July 22, 2024
Walker & Dunlop Steers $285.5M Refi For Pa. Student Housing
Walker & Dunlop arranged $285.5 million in refinancing for two Philadelphia student housing properties owned by developer The Goldenberg Group and located on the campus of Temple University, according to a Monday announcement.
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July 22, 2024
2 Firms Rep $1.25B PE Takeover Of Senior Living Co.
Alternative investment firm Stonepeak bought up New Zealand retirement village company Arvida Group Ltd. for $1.25 billion, in an all-cash deal guided by New Zealand-based law firms Bell Gully and Chapman Tripp, according to a Monday announcement.
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July 22, 2024
NYC Real Estate Week In Review
Fried Frank and Greenberg Traurig are among the law firms that landed work on the largest New York City real estate deals to hit public records last week, a busy period that saw 10 transactions above the $20 million mark become public.
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July 22, 2024
Orange County's Shrinking Multifamily Vacancies Taper Off
Second-quarter multifamily housing vacancies in California's Orange County reached a rate of 3.9%, and didn't significantly shift from the first quarter of the year, according to a CBRE report.
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July 19, 2024
Property Plays: Barings, Blackstone, Tishman Speyer
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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July 19, 2024
Credit Rater Presses 4th Circ. To Trash Developers' Libel Suit
Credit rating firm Dun & Bradstreet has asked the Fourth Circuit to scrap a group of apartment development companies' libel lawsuit, telling the court that nothing in a credit score was provably false.
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July 19, 2024
Bank Regulators Ask 5th Circ. To Unfreeze New Lending Rules
Federal banking regulators have urged the Fifth Circuit to rescind a Texas district court's injunction blocking implementation of new community lending rules, arguing in a filing that the district court's finding essentially rewrote the Community Reinvestment Act.
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July 19, 2024
Calif. Justices Revive Row Over State Farm's Claims Handling
California's Supreme Court revived a policyholder's case over State Farm's claims-handling practices, reversing an appeals court decision and agreeing with the state's attorney general that California's statute of limitations on unfair competition actions, not the policy or insurance code, governed the timing of the case.
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July 19, 2024
Pa. Judge Orders Accused RE Fraudster To Pretrial Detention
A Pennsylvania federal judge has ordered an accused real estate fraudster to pretrial detention, finding that his previously undisclosed ties to Panama and the fact that he is charged with using fake identities in furtherance of an alleged scheme make him a flight risk.
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July 19, 2024
Pa. Bill Seeks Tax Exclusion For Affordable Housing Projects
Pennsylvania would exclude affordable housing projects developed through the federal Rental Assistance Demonstration program from the state's realty transfer tax under a bill introduced in the state Senate.
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July 19, 2024
San Francisco Lawmaker Floats Rent Algorithm Software Ban
A San Francisco lawmaker proposed a ban that would prohibit selling or using software that can be used for rent price fixing, and took aim at property management software companies such as RealPage and Yardi for their software allegedly being used for such a purpose.
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July 19, 2024
Property Management Group Pays $304K For OT Violations
A Florida property management group paid nearly $304,000 in back wages, damages and fines for denying 92 workers overtime pay, the U.S. Department of Labor announced.
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July 18, 2024
Conn. Justices Order Redo Of Apartment Tenant's Fee Award
The Connecticut Supreme Court on Thursday gave a landlord another shot at reducing a $3,500 attorney fee award scored by a tenant in an eviction dispute, holding that the lower court failed to consider whether the total was reasonable under the relevant fee shifting statute.
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July 18, 2024
New IRS Easement Settlements Put Tax Pros In A Pickle
The IRS' new settlement program for partnerships that participated in conservation easements that haven't yet ended up in court comes with terms far sweeter than past offers, making it difficult for practitioners to advise clients to take the deal or wait for a better one.
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July 18, 2024
DR Horton Says Business Is Steady Amid Housing Crisis
Homebuilding giant D.R. Horton told shareholders July 18 that its business remained steady in 2024's third quarter despite the current housing affordability crisis.
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July 18, 2024
Las Vegas Developer Says SEC's EB-5 Fraud Suit Falls Short
A Las Vegas developer urged a Nevada federal judge to toss securities regulators' allegations she misappropriated $10 million raised by overseas investors hoping to come to the U.S. to pay down a loan for a project unconnected to their applications, arguing Wednesday the regulators fail to allege a wrongful state of mind.
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July 18, 2024
Blackstone Sees AI Revolution But 'Muted' RE Fundraising
Blackstone Inc., the world's largest commercial real estate owner, underscored its focus on data centers as the need for digital infrastructure increases, even as it contends with lower commitments from investors that are still skittish about real estate.
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July 18, 2024
Judge With Lake Property Exits $217M Dam Repair Tax Suit
A Michigan federal judge said he would step aside in a fight over a $217 million tax assessment to fund dam reconstruction because he's part of the assessment district, though he warned that hundreds of plaintiffs could have their own conflicts.
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July 18, 2024
Property Co. Settles Ex-Manager's Race Bias Suit
A Black former apartment complex manager who accused her ex-employer of putting her in charge of a struggling development because of her race and then firing her for complaining about the situation told a Pennsylvania federal court that her claims had been settled.
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July 17, 2024
Top Florida Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of Florida so far this year, from alleged zoning abuse and bankruptcy to a brewing condo crisis and a seven-figure highway expansion.
Expert Analysis
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Regulators Must Get Creative To Keep Groundwater Flowing
Even as populations have boomed in Sun Belt states like Arizona, California and Texas, groundwater levels have diminished due to drought and overuse — so regulators must explore options including pumping limits, groundwater replenishment and wastewater reuse to ensure future supplies for residential and commercial needs, says Jeffrey Davis at Integral Consulting.
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Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.
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What Upholding Of Short-Term Rental Law Means For NYC
A New York state judge's dismissal of Airbnb's challenge against the Short-Term Rental Registration Law will benefit the city's hospitality industry and exert downward pressure on apartment rents, and potentially provide a model for other local governments around the U.S. to curb short-term apartment rentals, says Alexander Lycoyannis at Holland & Knight.
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Key Provisions In Florida's New Insurer Accountability Act
Florida's recent bipartisan Insurer Accountability Act introduces a range of new obligations for insurance companies and regulatory bodies to strengthen consumer protection, and other states may follow suit should it prove successful at ensuring a reliable insurance market, say Jan Larson and Benjamin Malings at Jenner & Block.
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Fair Lending Activity: Calm On The Surface, Churning Below
The Consumer Financial Protection Bureau's recently released annual fair lending report to Congress confirms that despite the paucity of public fair lending enforcement actions in 2022, the CFPB and prudential banking agencies are engaged in significant nonpublic oversight, examination and enforcement activities, say attorneys at Cooley.
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The Basics Of Being A Knowledge Management Attorney
Excerpt from Practical Guidance
Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.
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To Hire And Keep Top Talent, Think Beyond Compensation
Firms seeking to appeal to sophisticated clients and top-level partners should promote mentorship, ensure that attorneys from diverse backgrounds feel valued, and clarify policies about at-home work, says Patrick Moya at Quaero Group.
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Negotiating Material Escalation In Construction Contracts
As material price escalation clauses have remained popular in construction contracts despite an easing of recent supply chain issues, attorneys representing owners should understand key considerations for negotiating such clauses, and strategies to mitigate potential exploitation by contractors, says H. Arthur Black II at Brooks Pierce.
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Identifying Trends And Tips In Litigation Financing Disclosure
Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.
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Key Drivers Behind Widespread Adoption Of NAV Financing
While net asset value-based lending has existed for years, NAV lending has only started to move into the mainstream recently — likely due to difficult market conditions faced by sponsors including persistent inflation, high interest rates and a lack of exit opportunities, say Matthew Kerfoot and Jinyoung Joo at Proskauer.
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The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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Beware Unique Compliance Risks In Home Equity Lending
As borrowers increasingly look to junior-lien mortgages and home equity lines of credit instead of first-lien mortgages, regulators will pay increased attention in turn and lenders will have to watch for a number of legal and regulatory pitfalls as they rush to meet this newfound demand, say attorneys at Orrick.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.