MarketSpace Capital and DigiShares Partner to Tokenize A 250-Unit Active Older Adult Housing Development in Dallas, Texas.

HOUSTON–(BUSINESS WIRE)–MarketSpace Capital, a real estate private equity firm headquartered in Houston, Texas, announced today it has partnered with DigiShares, a leading end-to-end white-label platform for tokenized securities, to digitize, tokenize and manage the share cap table for the Spot @ Myra Park, a real estate development project in Dallas, Texas.

The Spot at Myra Park is a 250-unit multifamily apartment complex that recently broke ground and is expected to be completed in Q4 2022. The equity interests in the Spot at Myra Park will be digitized by DigiShares using Ethereum blockchain technology. Subject to legal and regulatory due diligence and securities law considerations, MarketSpace Capital expects the digital securities to become tradable on the tZero ATS.

DigiShares CEO, Claus Skaaning stated, “We are excited to work with MarketSpace Capital to tokenize the Spot at Myra Park. This is one of the most significant and solid real estate projects in which we have been involved. We view MarketSpace as a highly professional and forward-looking player in the US real estate markets and are proud to be working with them on this project. At the same time, it marks a big step forward for DigiShares as a key player in the global security token ecosystem.”

MarketSpace Capital is focused on ground-up developments and value-add investments through the U.S and has over $400 million of cumulative asset value through 19 investment properties over the past decade. Out of these 19 investments, MarketSpace Capital has gone full cycle and sold six of these properties.

MarketSpace Capital Co-Founder and Chairman Dr. Masaki Oishi said, “we see great value in the tokenization of commercial real estate as a vehicle for enabling liquidity on a secondary market and democratizing access to a normally elusive asset class. Between MarketSpace Capital and our co-development partners, we have a combined existing portfolio of over $1 Billion, and we look forward to working with DigiShares, one of the leading providers of asset management and crowdfunding platforms for real assets and coordinating the trading of the Myra Park and future property’s digital securities through an integration with tZERO.”

Ownership interests of the Spot at Myra Park were distributed to approximately 45 accredited investors through a real estate limited partnership, which closed in May 2020 and raised approximately $6.5 million.

About MarketSpace Capital

MarketSpace Capital is a private equity real estate firm focused on ground-up developments and value-add investments throughout the U.S. Through its relationships, expertise and disciplined, data-driven analysis, MarketSpace Capital’s veteran staff has completed over $1 billion in transactions and has the capability and experience required to maximize value creation through a comprehensive, programmatic, and conservative investment and asset management approach. In addition to producing consistent returns, MarketSpace Capital seeks to create positive economic impact and long-term value for its investors, the properties it invests in, and the communities in which it works.


About DigiShares A/S

DigiShares is one of the leading providers of asset management and crowdfunding platforms for real assets, including real estate and private equity. Our solutions enable asset owners and fund managers to digitize and automate processes, to reduce administrative cost, to reduce the ticket size to fractionalize and democratize and enable retail investors to participate, and finally to provide a huge increase in liquidity through the built-in marketplace that enables shareholders to trade their assets.


Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by any of the parties mentioned herein or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, the parties mentioned herein, their subsidiaries, or their representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of the parties mentioned herein and their subsidiaries to change the direction; their ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by the parties mentioned herein, their subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. The Parties mentioned herein, their subsidiaries, and their representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by the respective parties their subsidiaries or their representatives might not occur.

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What $900,000 Buys You in California

This house is a block away from Sutter’s Fort State Historic Park, where costumed interpreters working on the grounds and in the main adobe structure demonstrate aspects of life in 1840s Sacramento. Today, the area is mostly residential, apart from Sutter General Hospital and the shops and restaurants clustered along the main avenues.

Size: 2,715 square feet

Price per square foot: $322

Indoors: From the street, steps lead up to a covered porch, where the original red door opens into an airy foyer with a bench set under one of the many leaded-glass windows in the home. Here, and throughout, the dark wood paneling typical of Craftsman houses has been painted white, to create a sense of brightness.

To the right is a living room that has light hardwood floors with an inlaid pattern in a contrasting shade and hand-forged light fixtures chosen to complement the style of the house.

Opposite the front door is a dining room with a white-painted coffered ceiling, wainscoting and built-in cabinetry with more leaded glass.

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Metro Area Wealth Gains as of 2021 Q2: Typical Gain of $349,000 Over 30 Years

Homeownership is a key pathway to building wealth and narrowing the racial income and wealth inequality gap. Housing wealth (equity) accumulation takes time, and is built up by price appreciation and paying off the mortgage. Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2 accumulated housing wealth of $349,258, of which 73% is due to price appreciation.

Out of 182 metro areas, there were 21 metro areas with a typical housing wealth gain over a 30-year period of at least $500,000. Eleven of these metro areas are in the West region states of California (San Jose, San Francisco, Anaheim, San Diego), Hawaii (Honolulu), Colorado (Boulder, Denver), Washington and Oregon (Seattle, Portland), and Nevada (Reno). In the three metro areas ― San Francisco, San Jose, and Anaheim ― the typical housing wealth gain was over $1 million, which was primarily from the price appreciation. Seven metro areas are in the Northeast region states of New York and New Jersey (Nassau County, New York-Newark-Jersey City, Newark, New York-Jersey City-White Plains), Connecticut (Bridgeport), and Massachusetts (Boston, Barnstable), and three in the South region states of Florida (Naples), Texas (Austin) and the Washington DC-Arlington-Alexandria metro area.

Rising home values benefit existing homeowners, but home prices need to rise in line with income growth so homes remain affordable and more households are able to reap the benefits of homeownership. As seen in the table above, over the past five years, the median single-family existing-home sales price increased by 8.2% compared to the annual growth of 3.5% in average weekly wages. It is therefore critical to improve the supply of housing to enable more families to participate in the benefits of homeownership.

Homeownership: Less Risky Investment than a Stock Market Investment

While home prices can fall, they tend to recover and rise over a long-term period. Over a 30-year period through the second quarter of 2021, the median single-family existing home prices have increased at an annual pace of 4.6%. Most homebuyers purchase a home as a primary residence, but some buyers purchase properties as an investment. Over a 30-year period, an investment in a stock market yielded a higher return of 8.9% based on the S&P 500 index, but the returns are also more volatile, with a risk-to-return ratio of nearly 1.8 compared to 1.3 on an investment in a single-family existing home.

Table: Risk to Return Ratio, January 1991 to June 2021

Homeownership: Major Source of Wealth Among Families

Among all families, the value of the primary residence typically accounts for about ten times the median value of any financial asset, according to the 2019 Survey of Consumer Finances of the Federal Reserve Board.

Bar chart: Median Value of Financial Assets and Primary Residence in 2019

Uses of Home Equity

Housing wealth benefits homeowners because homeowners are able to tap into their home equity to preserve the value of the home and to improve their level of income and their children’s, through uses of the home equity to invest in a business, for education, to pay off debt, and for unexpected needs such as medical expenses.

According to NAR’s tabulation of the 2019 Survey of Consumer Finances, 43% of homeowners who had a home equity line of credit used the home equity for home improvement and repair. This is important because home improvement and repair helps maintain the value of the home arising from depreciation and aging. Paying off taxes and loans and general expenses accounted for 18% of the uses of a home equity line of credit. About 9% of homeowners who obtained a home equity line of credit used the equity to invest in a business, stock, or build up a cash reserve. Homeowners also used the home equity line of credit to buy a second home. Paying for major expenses like health, medical, or educational expenses were other uses of the home equity line of credit.

Bar chart: Uses of Home Equity Lines of Credit

For more, read the full report.

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How Old Is This Old House?

The first time a real estate agent took Ian Stewart to see the old saltbox farmhouse on a rocky hillside in Ghent, N.Y., he knew he wanted to buy it.

“It got its hooks into me. I loved it. It had a warmth to it,” Mr. Stewart said.

One question continued to nag at him long after the sale went through, however: Exactly how old was the house?

The agent told him the building went back to 1900, but Mr. Stewart, a historic preservationist with a longtime interest in the Dutch architecture of the Hudson Valley — “You can call me a giant history nerd” — knew it was considerably older. It might even date to the late-18th century, he believed.

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Rhinebeck, N.Y.: A Historic Community With Cultural Amenities

Gary Bassett moved to Rhinebeck, N.Y., in 1993, after being transferred by his employer, IBM, from Wisconsin to a plant in nearby Kingston. The village of about 2,600 residents in the Hudson Valley reminded him and his wife, Brenda Bassett, of their small hometown in central Pennsylvania, and they felt an immediate kinship with the place.

They’ve now lived there for nearly 30 years, which would make you an old-timer in most places. But Rhinebeck has a 300-plus-year history, and a long memory.

wedding of Chelsea Clinton, in 2010, at an estate once owned by John Jacob Astor IV, as a turning point. Rhinebeck went from what Catherine A. Mondello, a local realtor, called “a laid-back country town, a Mayberry,” to a popular destination for day-trippers up from New York City, as well as a community where retirees and younger urbanites choose to relocate.

“Since then, we’ve just seen the trend moving up,” Ms. Mondello, the owner and principal broker of Mondello Upstate Properties, said. “The village is bustling.”

Hudson River School movement. “Everyone was saying ‘hi’ to each other. This is an actual community.”

wrote Hudson Valley magazine in 2012, “with Rhinebeck its buckle. The town was known as the Violet Capital of the World; its major growers — known as the Violet Kings — and smaller producers supplied about 25 percent of the nation’s violets.”

Last summer, town officials unveiled a history marker commemorating Rhinebeck’s flower-growing past. It sits on Route 9G, the main road connecting Rhinebeck to neighboring violet-belt communities like Hyde Park and Red Hook. The roadway was once known as Violet Avenue.

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Instant Reaction: Retail Trade Sales September 16, 2021

U.S. advance estimates of retail and food service sales for August 2021 increased from the prior month. Retail sales recorded a seasonally adjusted total of $618.7 billion in August, a 0.7% increase from July. Retail sales in August increased after a contraction in July despite ongoing supply chain disruptions. Supply chain disruptions weren’t the only issue affecting retail sales as the Delta variant, inflation, and other variables came into play. Although consumer confidence declined in August to its lowest level since February 2021 with concerns over current economic conditions, short-term growth, and COVID, consumers did not curtail their spending in August. Despite these headwinds, consumer demand prevailed.

The increase in retail spending in August reflects the continued strength and perseverance of retailers and the U.S. consumer, as consumers continue to be the driving force behind a continued recovery despite diminished government stimulus. Sales in August increased adjacent to an unconventional back-to-school shopping season where some school districts have in-person learning, while others remain virtual or delayed until further notice.

On a year-over-year basis, overall retail sales were up 15.1% from year-ago levels. Furthermore, retail and food service sales have increased year-over-year every month since June 2020, although there were some month-over-month declines realized throughout that same period of time. Total sales over the past three-month period were up 16.3% over the same period a year ago.

Retail sales for August were up in all but three retail categories on a month-over-month basis: motor vehicle and parts dealers; electronics and appliance stores and sporting goods; hobby, musical instrument, and bookstores; these were at -3.5%, -3.05%, and -2.7%, respectively. Despite those three retail categories experiencing a decline on a month-over-month basis, sales on a year-over-year basis were up in every category, led by increases in clothing and clothing accessory stores, gasoline stations, and food services and drinking places at 38.8%, 35.7%, and 31.9%, respectively.

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Instant Reaction: Mortgage Rates, September 16, 2021

Mortgage rates dropped slightly this week following the trend of the 10-year Treasury yield. According to the finance mortgage provider Freddie Mac, the 30-year fixed mortgage rate dropped to 2.86% from 2.88% the previous week. What comes next? NAR expects rates to inch higher, reaching 3.5% by mid-2022 as the Fed will likely start reducing its bond purchases before the end of the year and raising interest rates in mid-2022.

With mortgage rates near historic lows for such a long period, millions of people benefited from them and purchased a home. At the same time, Hispanic home buyers are one of the fastest-growing groups of homeowners in the United States. Since 2014, the homeownership rate for Hispanics rose 3.1% compared to 2.8% for Asian and 1.1% for White Americans. This translates to 1.4 million more Hispanics who became homeowners in the last 5 years. Compared to the typical homebuyer, Hispanics are younger (39 years old) and buy a less expensive home ($250,000) as they often earn a lower salary ($75,200). Hispanic homebuyers are also twice as likely to buy a multigenerational home than homebuyers of any ethnicity in order to spend more time with their aging parents and reduce their costs.

Yet they still face some singular challenges in obtaining mortgages and becoming homeowners compared to other groups. For example, 6% of Hispanic buyers have had a mortgage application denied compared with just 4% of White buyers. With 24% of those buyers reporting student loan debt, the primary reason that their loan application was rejected was due to a low credit score. As a result, Hispanics are less likely to own a home than the typical American. Given that homeownership contributes to wealth accumulation and that the homeownership rate is lower in minority groups, data shows that the net worth for these groups is also lower. At $188,200, the net worth of a typical White family was nearly five times greater than that of a Hispanic family ($36,100) in 2019, according to the Federal Reserve.

NAR commemorates Hispanic Heritage Month, which is celebrated each year from September 15 to October 15. While Hispanics represent the largest ethnic or racial minority across the United States, NAR works to celebrate homeownership for all, including the Hispanic community.

For more information, read the 2021 report A Snapshot of Race and Home Buying in America.

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What $1 Million Buys You in Maine, Oregon and Connecticut

This property was the caretaker’s cottage for the Mountain Arrow estate. In 2008, the main house of the estate was moved to the back of the property, and the rest of the land was developed into 13 lots. Several lots are now occupied by recently built historic-looking shingled houses surrounded by stone walls, and one lot contains this almost-studs-out reconstruction of an existing center-chimney building.

It is in a historic district on High Street, Camden’s main street, half a mile northeast of the center of town and about a third of a mile from a public access point at Camden Harbor. The home is also a little more than a mile from Camden Hills State Park, which has multiple trails and an ocean view from the summit, and four miles from the Camden Snow Bowl, the town’s ski area. Camden is about 80 miles northeast of Portland, Maine, and 190 miles northeast of Boston.

Size: 2,615 square feet

Price per square foot: $380

Indoors: The house has a clapboard exterior, a shake roof, plaster interior walls and wide, pine floorboards milled from lumber on the property. The center chimney includes three flues, while the kitchen’s vintage wood-burning stove is attached to a separate chimney.

The sellers did the renovation, which includes an open floor plan with a Scandinavian-inspired kitchen (they’re from Norway). The cabinetry is red birch with granite countertops and has nautical-inspired hardware with smooth surfaces designed to ensure that anyone who is thrown against them in a squall won’t be gouged. A dual-fuel Wolf range complements the wood-burning stove. The kitchen also includes an upholstered window bench with storage. A room off the kitchen was originally a pantry and laundry room; it is currently used as an office.

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