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
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)
