Mazda Motor Corp. will build a Toyota subcompact car at its new plant in Mexico for sale in the United States.

Mazda will build a new subcompact car for Toyota, based on the Mazda2.
Mazda Motor Corp. will build a Toyota subcompact car at its new plant in Mexico for sale in the United States.
The new Toyota will be a rebadged version of the Mazda2 and go on sale in 2015. Toyota expects to sell 50,000 copies of the car a year.
The Mazda2 subcompact car competes with vehicles such as the Ford Fiesta, Chevrolet Sonic, Honda Fit, Nissan Versa and Toyota's Yaris and Scion xD.
Through the first 10 months of this year, Toyota has sold 26,397 copies of the Yaris, up 17 percent from the same period in 2011, and 9,280 copies of the Scion xD, up 17 percent from last year. The Yaris and xD are imported from Japan, where current dollar-yen exchange rates means Toyota makes minimal profit or loses money on sales in the United States.
But the new Toyota is likely to be an addition to the automaker's lineup, not a direct replacement for the Yaris or xD, according to a Toyota spokesman. Toyota also plans to sell the car in Canada and Mexico.
The automakers announced the deal early Friday. The Mazda plant in Salamanca, Mexico, is currently under construction and scheduled to open in 2014. It is designed to build the Mazda2 and Mazda3, with a capacity of 140,000 units a year. The Toyota production will add to the plant's capacity.
A redesigned Mazda2 is scheduled to arrive in 2014, which would coincide with the plant's opening. The current Mazda2, launched in 2007, was jointly developed with Ford Motor Co. and shares its platform with the Fiesta.
Ford has since minimized its ownership of Mazda and the two have stopped developing products together. Earlier this year, Mazda pulled out of a production joint venture with Ford in Flat Rock, Mich., that built the Mazda6 sedan. Ford uses Flat Rock to build the Mustang and is adding production of the redesigned 2013 Fusion sedan.
Mazda and Fiat announced in May that they would cooperate on the design of a new generation of the Mazda MX-5 Miata roadster, which will also produce a version for the Alfa Romeo brand.

BMW is set to preview its upcoming X4 SUV for the first time at the Detroit

BMW is set to preview its upcoming X4 SUV for the first time at the Detroit auto show in early January.
Confirmed by BMW chairman Norbert Reithofer earlier this year, the ute is set to debut as a near-production concept that will rival the appearance, dimensions and packaging of the Porsche Macan due to go on sale in North America in early 2014, according to highly placed BMW officials.
Although the all-wheel-drive X4 is set to share its monocoque steel platform, engines and underpinnings with the second-generation X3, it's earmarked to receive individual styling in a move intended to convey more sporting image and enable BMW to position it higher in its lineup for added profitability. Expect prices to start at around $42,000.
Autoweek first reported plans for BMW's Porsche Macan-fighter last two years ago (“Faceoff,” Nov. 17, 2010).
A series of design proposals made official by BMW in 2010 suggest the X4 will differ visually from the X3 in much the same way the larger X6 is distinguished from the X5, with a bullish front end, plunging coupé-style roofline, four conventional front-hinged doors and a heavily angled one-piece tailgate.
The German carmaker is yet to announce what engine options it plans to offer with the X4. Autoweek understands it will receive a combination of four- and six-cylinder gasoline and diesel units in line with those already used by the X3.
Most intriguingly, the SUV get a range-topping performance model from BMW's M division. Nothing is official just yet, but the X4 M due out toward the end of 2014 is planned to run a uniquely tuned version of the twin-turbocharged inline six-cylinder gasoline engine set to appear in the upcoming sixth-generation M3.
Also planned is a hot X4 M diesel (not likely for North America) running a detuned version BMW's tri-turbocharged 3.0-liter inline six-cylinder engine launched in the X5 and X6 M. It will form part of a fast expanding range of BMW M Performance models.
Production of the X4 will take place alongside the second-generation X3 at BMW's sprawling Spartanburg, S.C., manufacturing facility. Officials from the company's headquarters in Munich, Germany, have already confirmed an extensive expansion plan for the site, which also produces the X5 and X6.

Asia Pacific REIT Market Could Swell to $500 Billion

REITs continue to hold their strength, even in weakened global real estate markets, according to the Asia Pacific Real Estate Association (APREA).

APREA CEO Peter Mitchell told the Malaysian National News Agency (BERNAMA) the REIT structure continues to be a fundamental driver of the securitization of real estate holdings in many international markets. 

"It has proved remarkably resilient in the face of the global financial crisis, particularly in Asia, because of their transparent and liquid characteristics." Mitchell said.

"Asia has the lowest level of securitized real estate in the world," Mitchell said. "It is estimated that only about 4 per cent of investment grade real estate in Asia is held in REIT-type structures,"

"Taking that last point, assuming an ultimate level of securitization of investment grade real estate of 25 per cent suggests a market that could grow to well over $500 billion US.  

"REITs in the US, Asia and Australia have recovered and performed much more strongly than other real estate asset classes since the crisis," he told Bernama.

Citing  Ernst & Young data, Mitchell said the global REIT market has grown to a total market capitalization of $568 billion US, growing by $138 billion last year alone. "Much of this growth has been in Asia," he said.

Just  before the launch of the first Japanese REIT (J-REIT), the market capitalization of REITs in Asia was around $2 billion US, he said. Five years later, it was about $50 billion.

"Today, there are about 144 Asian-based REITs with a market capitalization of approximately $127.7 billion US," he said.

On a total return basis, Mitchell told Bernama Asian REITs in most countries have outperformed equities regularly, particularly since the global financial crisis, and they have been superior performers on a risk and risk-adjusted return basis.

He noted the growth has been phenomenal, but the Asian REIT industry is only in its infancy, accounting for only 11.5 per cent of all global REITs, Bernama reported.

Mitchell told Bernama major investment banks confidently predict that in the near future market capitalization will comfortably exceed $100 billion US and continue to grow exponentially.

He said a number of compelling underlying factors for this growth include a large portion of real estate in Asia still held in private hands and weigh heavily on company balance sheets.

"This is not sustainable long term Mitchell said. "The REIT format is a much more efficient way for companies to hold real estate assets,"

Regardless of when India and China introduce their own REIT markets, their strong growth alone "will have cascading effects on the regional economies," Mitchell told Bernama.

Other factors, he noted, include more countries introducing REIT regimes, as in the Philippines, and more investment grade stock coming into the market "in the wake of strong economic growth throughout the region," Bernama reported.

Miami Condo Prices Spike 28% in Q3 Over Last Year

(Miami, FL) -- According to the Miami Association of Realtors, the performance of the Miami-Dade County residential real estate market continues to create opportunities for sellers, as limited supply and strong demand consistently yield significant price appreciation.

Median and Average Sales Prices

The median sales price for single-family homes in Miami-Dade County rose 5.06 percent to $189,000 in the third quarter of 2012 compared to the third quarter of 2011, and 2.2 percent compared to the second quarter of 2012. The median sales price for condominiums was $145,000, an increase of 28 percent year-over-year.

"The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales," said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. "Such performance is reflective of the strong demand being fueled by both U.S. and international buyers.  Buyer interest will continue to positively impact our market long into the future."

Year-over-year, the average sales prices for single-family homes and condominiums increased 6.2 percent to $347,716 and 19.3 percent to $276,883, respectively.

Nationally, the median sales price of existing single-family homes was $186,100 in the third quarter, up 7.6 percent from the third quarter of 2011, according to the National Association of Realtors.  The national median sales price for condominiums was $180,800, a 7.7 percent increase over the previous year.

Homes Sales Remain Keeps Pace with Record Levels in 2011

Miami-Dade residential sales - including existing single-family homes and condominiums - increased a 0.61 percent in the third quarter, from 6,672 to 6,713, compared to a year earlier.  Following a record-breaking year in 2011, sales in Miami remain at historically strong levels.  In the third quarter, Miami sales of existing single-family homes increased 0.07 percent compared to a year earlier. The sales of existing condominiums increased one percent compared to the third quarter of 2011.

2013 Pagani Huayra

PAGANI. PAGANI? SI, SI, PAGANI!

After 14 years as the auto industry’s House of Fabergé, Pagani Automobili has built the paltry sum of 132 cars, just shy of Ferrari’s output every two weeks. Most are the original Zonda, with just 10 of the new, U.S.-bound Huayras yet in existence. Judging from the interrogations we received while stuck behind a massive wreck on the autostrada only 10 minutes from Pagani’s Modena, Italy, headquarters, that’s not enough to sear the brand into the consciousness of the locals, who are accustomed to seeing Ferrari, Lamborghini, Maserati, and Ducati test vehicles tearing up their streets.

Horacio Pagani’s customers—an all-hands meeting wouldn’t make a decent lunch rush at a Denny’s—don’t seem to mind the brand’s obscurity. If you can peel off an easy million for a new Huayra, which starts at 849,000 euros or, when it arrives later this year, the spot-exchange equivalent in dollars, chances are good you own a lot of stuff that Italian truck drivers have never heard of.

Pagani’s first car, the Zonda, is recalled in the headlights (top) and the rear suspension (bottom) with its forged arms and inboard coil-over shocks.

To be sure, Modena is a tough town to make a splash in. But the Huayra (pronounced WHY-ra) has the requisite assets. It’s not just that it’s flagrantly gorgeous even while dragging its belly over an Italian speed hump. Or that it is adorned with fascinating details, from its soybean-sprout mirrors to the four titanium Inconel peashooters in back. Or that the carbon fiber’s clear coat looks deep enough to do 10-meter platform dives into.

And it isn’t just the beguiling movement of the Huayra’s motorized body surfaces that constantly lift and tuck like an F-16’s flaperons with the goal of reducing body roll and stopping distances. Or the  720-hp, 6.0-liter twin-turbo V-12, the old single-cam three-valver from the S65, custom built for Pagani by Mercedes-Benz AMG and anodized to a gilded fare-thee-well to resemble the Ark of the Covenant. Or even the cockpit with its bionic-Bauhaus sculptures in cut aluminum that make the driver feel like Lucky Starr chasing the Pirates of the Asteroids.

What really makes the Huayra startling is that all of its highly cultivated (and, in some cases, efficaciously questionable) flair pulls together to make a stupendous road car. The level of lateral grip, the triple-digit stability, and the braking and steering control give this Beaux-Arts glamour boat the muscle to mix it up with the cars from Brand F and Brand L. Think Le Mans prototype with carpeting and license-plate mounts.

You feel comfortable in the Huayra. You can see out of it. Even if the gauges with their finely etched numerals aren’t easy to read in daylight, you are going fast very quickly, probing the lofty limits of the chassis’ relentless neutrality as the super-boosted Benz V-12 wheeze-bangs through each terrifying, scenery-smearing blast. This is not an exotic that is best hung on a wall—though it would nicely adorn just about any living room

2013 Volkswagen Up

Instrumented T

Ford once wanted us to spell the name of its doomed electric-car concern as Th!nk. That makes Volkswagen’s mandate of an exclamation point on its “up!” city car seem less grammatically absurd. Still, we’re putting typographic cheekiness aside and rendering it Up.

Cuteness, typographic or otherwise, is the norm in little city runabouts. Invariably, they project a sort of sexless kookiness. But this European-market city car, down one cylinder and more than seven inches of length to a Mini, is a product of typically sober VW. Its comes by its cuteness less overtly. With its 15-inch wheels pushed all the way to the corners, the Up looks improbably simple, as if sketched as a cartoon. Children’s book creator Richard Scarry might have drawn the happy Up, no doubt being driven by a smiling cat wearing lederhosen.

Our smiles while driving the Up weren’t as broad, but we were smitten with its cool charm, its clown-car-like feats of packaging, and its ambience, which is not at all chintzy. It’s a refreshingly honest little box of transportation, which VW won’t bring to the States anytime soon because the car is far too sensible. There’s nothing revolutionary about the Up. It follows the basic blueprint that the original Mini laid down more than a half-century ago. Simply tuck the tiny 74-hp, 999-cc engine into the front pocket of this 2029-pound commuter, and leave the rest to package the flesh of adult humans.

Naturally, the Up is very slow (11.8 seconds to 60 mph), and its skinny tires struggle to hold 0.80 g on the skidpad. But the Up feels nimble, lithe, and unburdened. And this city car isn’t intimidated by interstates, where it is unusually stable and quiet for a squirt. The only econo-car nastiness is the traditional three-cylinder vibration that runs through the primary controls.

The Up returned 36 mpg in mixed driving, splitting the difference between B-segment cars we’ve tested and small hybrids.

At around $14,000, the Up would represent the sort of high-quality, efficient, not-dangerously-slow vehicle that a sensible p­erson might want to drive to work every day. Maybe if VW swapped the “!” part of the badge for “hybrid,” there would be ­sufficient demand here!

2013 Toyota Avalon

In 1994, Toyota wrote a love letter to the AARP and called it Avalon. A stretched Camry, the Avalon replicated the classic American car with a vast rear seat, a column shifter, and a front bench seat. Even the name served up a warm bowl of nostalgia, simultaneously conjuring up the old movie house on Main Street, Hugh Downs, and a backrub from Jessica Tandy. Soft, comfortable, and spacious, the Avalon chased the Big Three right down the big-car rabbit hole.

Toyota is now maintaining that the new, redesigned 2013 Avalon is a car for those who have yet to notice their first liver spot. It’s worth noting that Toyota made that same claim in 2005 after slipping a 3.5-liter V-6 into the contemporary Avalon; we welcomed the extra power, but the car’s soft suspension and casual roll control failed to connect. That didn’t stop us from giving the ’05 Avalon a comparison-test win against some admittedly ineffectual competition. But the recycled claim that this new Avalon isn’t just for old folks may actually hold water: Its chassis has been slipped a Viagra, there’s an emphasis on driver involvement, and the styling marks a clean break from yesteryear’s examples.

Trimmed and Toned

The exterior design seems to borrow from a number of sources, including Hyundai, Lexus, and Infiniti—and its grille placement and shape recalls that of the second-gen Chrysler Sebring—but the net effect is a sedan that doesn’t immediately conjure images of applesauce and cribbage. That’s a good thing. On the driving front, the stiffened suspension keeps body roll in check, and the previous car’s acceleration squat and earth-plowing dive under hard braking are things of the past. The steering now requires effort, and even more weight can be dialed in by hitting the Sport button located between the seats. Jack LaLanne himself would be pleased by the Avalon’s transformation from flabby and sloppy to tight and athletic.

Power remains the same at 268 hp, but muscle was never the Avalon’s problem. The familiar 3.5-liter V-6 and six-speed automatic are standard and carry over from the outgoing car. Paddle shifters are fitted to the top two trims, the Avalon Touring and Limited. The previous car hit 60 mph in 6.6 seconds when we tested it a couple of summers ago, and the new Avalon should easily match or beat that time despite having a taller final-drive ratio because weight is down by approximately 100 pounds, according to Toyota. The structure is stiffer than that of the previous version, too, which has helped make powertrain, suspension, and road noise even more hushed than before—and decidedly Lexus-like. We had a chance to sample new and old models back-to-back, and the latest Avalon feels more modern, more solid, quieter, and more expensive.

Riding in Style

The redesigned interior represents a massive upgrade. Leather upholstery covers the seats in every Avalon, and a vinyl-wrapped dashboard gives the appearance of real hide. Opt for the grey or tan interior and there are contrasting colors throughout. At night, ambient lighting glows out of the base of the dashboard, à la Mercedes-Benz S-class. The Avalon’s 111-inch wheelbase is unchanged, yet rear legroom is down 1.7 inches due to the rear chairs being moved slightly forward to coexist with the sloping, contemporary roofline. Riders will find that the rear seat remains large and comfortable, though; Toyota believes it’s spacious enough to test the waters of the livery market with the new model (orders accepted for black cars only, please).

Buffalo Lender Provides $92.6 Million to TIAA-CREF for Apartment Buy in Washington DC

MassCourt East End luxury apartments, Washington DC

M&T Realty Capital Corp., a wholly-owned subsidiary of 156-year-old Buffalo, NY-based M&T Bank (NYSE: MTB), has loaned New York City-based TIAA-CREF $92.6 million to buy the 371-unit MassCourt East End luxury apartments in the Mount Vernon Triangle neighborhood of Washington, DC.  Terms of the financing were not disclosed in a news release from the Washington office of HFF which arranged the deal.

India's First REIT Raises $81.3 million in Over-Subscribed Issue

Investors in Asia, Europe and the U.S., looking for a vehicle to fight inflation, have over-subscribed India's first real estate investment trust.  Singapore Stock Exchange-listed Ascendas India Trust (a-iTrust) closed when it reached $81.3 million (Singapore $100 million).

The trust was initially looking to raise $70 million Singapore dollars. (One Singapore dollar equals 81 cents US)

The private placement is offering new units in a-Trust. at 72 Singapore cents per unit. The joint placement agents were Citigroup Global Markets Singapore Pte. Ltd and DBS Bank Ltd.

According to the company's statement, the placement saw strong participation from Asian, U.S. and European investors and was about 2.6 times subscribed based on the upsized issue of S$100 million or 139 million New Units. The new units represent 18 per cent of existing units.

The company said the issue price of S$0.72 per new unit represents a discount of 9.2 per cent to the adjusted volume weighted average price (vwap) of S$0.7933 per unit for trades in the units on the SGX-ST for the full Market Day on September 27 and a 22 per cent premium to the net asset value per unit based on a-iTrust's unaudited financial results for the first quarter ending June 30.

An announcement will also be made when the date the new units are expected to be listed on the SGX-ST.

Ascendas India Trust was publicly listed in 2007. This  is the fund's first attempt in issuing a follow-on equity fund raising for its private placement. The money raised through this offer will be used to finance a-iTrust's initiatives, the company said.

a-iTrust is developing Aviator, a 6 lakh square feet multi-tenanted building in International Tech Park Bangalore (ITPB) due for completion in December 2013.

U.S. Construction Market Annualized Spend Rate at $851.6 Billion in September

According to the U.S. Census Bureau of the Department of Commerce, U.S. construction spending during September 2012 was estimated at a seasonally adjusted annual rate of $851.6 billion, 0.6 percent (±2.1%) above the revised August estimate of $846.2 billion. The September figure is 7.8 percent (±2.1%) above the September 2011 estimate of $790.3 billion.

During the first 9 months of this year, construction spending amounted to $624.8 billion, 8.9 percent (±1.3%) above the $573.7 billion for the same period in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $580.5 billion, 1.3 percent (±1.3%) above the revised August estimate of $572.8 billion. Residential construction was at a seasonally adjusted annual rate of $285.9 billion in September, 2.8 percent (±1.3%) above the revised August estimate of $278.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $294.6 billion in September, 0.1 percent (±1.3%)* below the revised August estimate of $294.8 billion.

Public Construction

In September, the estimated seasonally adjusted annual rate of public construction spending was $271.1 billion, 0.8 percent (±3.1%) below the revised August estimate of $273.4 billion. Educational construction was at a seasonally adjusted annual rate of $66.7 billion, 0.8 percent (±3.6%) below the revised August estimate of $67.2 billion. Highway construction was at a seasonally adjusted annual rate of $78.4 billion, 1.6 percent (±7.4%)* below the revised August estimate of $79.6 billion.

ROAD TEST EDITOR JONATHAN WONG: I was a fan of the first-generation Acura RDX, but it never caught on like its MDX big brother did. Truth is that the previous RDX was too small, featured a harsh ride and wasn't exactly fuel efficient with the turbocharged four-cylinder engine. For a single guy like me who puts a premium on performance and doesn't care so much about fuel economy, it was pretty darn cool. It hustled through turns well, and the turbo really got the little RDX moving. The biggest problem was that it simply didn't sell.
With the arrival of the second-generation RDX, Acura is much better prepared to capture a broader audience. In place of the turbocharged K-series four-cylinder engine is Acura's tried and true 3.5-liter V6 mated to a six-speed automatic gearbox. The engine provides good muscle and is among the smoothest drivetrain pairings on the market, in my opinion. And with EPA fuel economy ratings of 19 mpg in the city and 27 mpg on the highway, it's respectably fuel efficient. Oh, and it happens to have 33-hp more than the outgoing turbo four-cylinder powerplant.
Ride quality is also more forgiving. Gone is the borderline jarring ride replaced with a chassis that's capable of taking the edge off of most bumps and potholes. It's not overly cushy and you'll still feel some jolts in the cabin when going over bigger road hazards. Steering is responsive to inputs and feels nice for a small SUV. The brakes are great with firm pedal feedback and strong stopping power.
The interior is also nicer with higher-grade materials and larger dimensions. The back seat is more spacious and the front buckets feature decent support. As in other Acura vehicles, there are a good number of hard buttons on the center stack (but not as many as in the MDX) to control audio, climate and navigation. The ELS audio system sounds rich and doesn't get the credit it deserves, often overshadowed by the Bose and Harmon-Kardon units of the world. The navigation system is easy to use, but the map graphics are in need of an update. While other luxury automakers like Audi have 3D Google Maps graphics, Acura is still rolling along with the same system as in the Wong family's first-generation MDX. I'm also disappointed that this range-topping Tech trim doesn't included blind-spot monitors on this luxury small SUV, while our long-term Mazda CX-5 does.
With those couple of nitpicks aside, the second-generation RDX is very strong redo and the sales numbers are proof. In September alone sales are up almost 120 percent compared to September of 2011. For those who liked the previous car's sporty personality, they won't be too disappointed with the new one because it's still a great handler for the class. But to draw in customers who dismissed the old car, it's grown a little, offers a better ride quality, fuel efficiency, and good value.
NEWS EDITOR GREG MIGLIORE: The 2013 Acura RDX is a nicely equipped crossover with broad appeal and potential, but it failed to inspire me during my commuter laps. With the sweeping changes for the 2013 model year, however, the brand does seem poised to sell a bunch of them and build on its base.
From this view, the styling was bland, and even the smaller cues like the headlights and creases in the panels didn't really spark my interest. Inside was worse, with dark materials (which usually present well) that made the cabin feel like a cavern. Normally there are too many buttons in Acura's center stack. It seems to be remedied in this vehicle, though the abundance of buttons unfortunately migrated to the steering wheel.
That's the negatives. The RDX is comfortable, offering an elevated driving position and soft yet supportive seats. This was perfect for a stop-and-go-slog into work. With the windows cracked and satellite radio humming, it was a pleasant experience—even as I stared at taillights. The chassis is compliant, and the vehicle handles road imperfections with ease.
The next-generation all-wheel-drive system seems flawless, and credit to Acura for improving something it probably didn't have to; it makes the brand and this vehicle more relevant.
The engine is just OK. The power isn't obvious to the driver, and it doesn't come on until high in the band. No one expects a drag racer, but only a heavy foot and aggressive attitude will make this thing feel even remotely fast. It does add power compared with the turbo four, and the replacement is part of sweeping changes for the '13 model year. Overall, the RDX could attract a wide range of customers, as blandness can also be viewed as universal appeal. Lots of things like leather and heated front seats are standard—making it a solid value. Personally, I'd opt for a different SUV.
EXECUTIVE EDITOR ROGER HART: Two things really stand out for me with the RDX—the engine, and the excellent navigation system. Honda's 3.5-liter V6 is a sweetie, free-revving and fuel efficient. Personally, I like engines with a bit more low-end torque, but the engine works just fine in this configuration. Acura's nav system ranks among the best, in my opinion. It's easy to use, the screen is nice and big, and with real-time nav traffic, it can save you a bunch of time commuting.
As crossovers go, the field is getting pretty crowded, and I'm not sure this would be my first choice. The exterior design is bland, to be kind. And at $40k, I would want more interior space than this vehicle affords.
2013 Acura RDX Tech
Base Price: $40,315
As-Tested Price: $40,315
Drivetrain: 3.5-liter V6; AWD, six-speed automatic
Output: 273 hp @ 6,200 rpm, 251 lb-ft @ 5,000 rpm
Curb Weight: 3,852 lb
Fuel Economy (EPA/AW): 22/22.6 mpg
Options: None

Jaguar Concept Speedboat complements XF Sportbrake

Jaguar introduced the Concept Speedboat at the drive event for the XF Sportbrake.


On Tuesday Jaguar unveiled a Concept Speedboat at the driving debut of the Europe-only Jaguar XF Sportbrake. Jaguar says it “showcases the design DNA of the manufacturer in a spectacular package.” We think it's another feather in the hat of design-guru Ian Callum.
"We recognize that both our existing and future customers enjoy diverse and active lifestyles. With the launch of the new Jaguar XF Sportbrake, we had an opportunity to create a vision of how our design philosophy might be applied to an alternative product in which speed and beauty are also priorities,” said Callum. "The Concept Speedboat looks powerful. It follows, in so many ways, the idea of a traditional speedboat but with the sleek and fast characteristics that you would expect from a Jaguar car."
Jaguar consulted with Seventy Seven Design on the project. It gets a gel coat, fiberglass hull and is finished with natural teak wood. A carbon-fiber fin, inspired by the Jaguar D-Type, spans the length of the boat. A sharply raked tinted windscreen stretches around the outside. Fuel-filler caps are inspired by the Series 1 XJ.
Jag didn't specify a powertrain for the speedboat, but we'd suggest the 5.0-liter supercharged V8 from the XKR and not the 2.2-liter diesel from the Euro Sportbrake.

Porsche 918 spotted in San Francisco

Carson Chen/Jason Chen
The Porsche 918 hybrid supercar looks just as mean in candid photos as it does in official publicity shots.


We've seen the upcoming Porsche 918 supercar in a variety of paint schemes, and read about it in action everywhere from California's Death Valley to the Nürburgring.
Now, a reader-submitted photo shows a 918, wearing black and white livery and a large “21,” prowling the streets of San Francisco. Autoweek's Mark Vaughn had a hands-on experience with a pair of cars, numbered 12 and 18, undergoing some desert testing, so this likely represents a third car on the roads of the Southwest.
Appearances are a bit deceiving here—what may appear at first glance to be carbon fiber weave on the rear of the car is actually a reflection from the photographer's dashboard. That doesn't mean there aren't plenty of composites on the roughly 3,748 pound car. Don't miss our report on all the (speculative) details.
Thanks to Autoweek reader Carson Chen, whose son Jason snapped the photo, for the submission.

57,000 U.S. Foreclosures Completed in September, Says CoreLogic

According to CoreLogic's latest National Foreclosure Report for September, there were 57,000 completed foreclosures in the U.S. in September 2012, down from 83,000 in September 2011 and 59,000 in

August 2012. Prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 3.9 million completed foreclosures across the country.

Approximately 1.4 million homes, or 3.3 percent of all homes with a mortgage, were in the national foreclosure inventory as of September 2012 compared to 1.5 million, or 3.5 percent, in September 2011. Month-over-month, the national foreclosure inventory was down 1.1 percent from August 2012 to September 2012. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process.

"The continuing downward trend in foreclosures along with a gradual clearing of the shadow inventory are signs of stabilization and improvement in the housing market," said Anand Nallathambi, president and CEO of CoreLogic. "Increasingly improving market conditions and industry and government policy are allowing distressed homeowners to pursue refinancing, loan modifications or short sales rather than foreclosures."

"Homes lost to foreclosure in September 2012 are down 50 percent since the peak month in September 2010 and 22 percent less than the beginning of the year," said Mark Fleming, chief economist for CoreLogic. "While there is significant progress to be made before returning to pre-crisis levels, the trend is in the right direction as short sales, up 27 percent year over year in August, continue to gain popularity."

Highlights as of September 2012 include:

• The five states with the highest number of completed foreclosures for the 12 months ending in September 2012 were: California (108,000), Florida (92,000), Texas (59,000), Georgia (55,000) and Michigan (51,000). These five states account for 47.7 percent of all completed foreclosures nationally.

• The five states with the lowest number of completed foreclosures for the 12 months ending in September 2012 were: South Dakota (20), District of Columbia (58), Hawaii (436), North Dakota (583) and Maine (625).

• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.5 percent), New Jersey (7.3 percent), New York (5.3 percent), Illinois (5.2 percent) and Nevada (4.9 percent).

• The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.9 percent) and South Dakota (1.1 percent).

Russia's Commercial Real Estate Market Reviving Slowly

Without citing specific figures, the Voice of Russia states the commercial real estate market in the country is slowly reviving but has a long way to go.  Office space, especially, is in demand but supply is low.

CBRE Russia predicts the market should begin recovery by the end of this year following a sharp economic downturn in the country.

Knight Frank forecasts office rents will begin to rise by the end of this year due to limited delivery of new space.

The Voice of Russia notes the commercial real estate market was among those hit particularly hard by the 2008 world financial crisis,

Growth prospects in Russia  are "significantly impeded by uncertainty surrounding the European debt crisis worries, with investors clearly focusing on prime property and risk avoidance," the Voice of Russia reports.

"Along with this trend, the volume of transactions on the commercial real estate market in the UK and Germany this year far exceeds that of other European states."

The Voice of Russia concedes  "the country's office space segment can hardly be called a 'safe haven' due to its ever-present cloud of volatility. At times of economic instability, foreign companies strive to shed all non-core operations, making it unrealistic to expect any sizable expansion of their presence in the country."

The Voice of Russia cites CBRE data that show in 2012 only 20% of investments in Russian commercial real estate market came from abroad, while 80% has a domestic origin.

Valentin Gavrilov, research director at CBRE Russia, told the Voice of Russia by  phone, "The main problems are volatility and lack of investment grade assets in Russia currently. One emerging trend that we see is related to foreign investors' readiness to enter projects on early stages of construction. They are trying to develop high quality properties themselves, rather than search for completed assets."

Gavrilov added, "The process allows us to speculate about a transition that is presently happening in this segment. As a result, foreign players become more accustomed to building high grade objects themselves with the aim to either sell them later on, or keep them for investment purposes."