by admin | Apr 11, 2016 | Market Data
Source: jedkolko.com
Contrary to current prevailing wisdom, the U.S. actually continues to suburbanize. The share of Americans living in urban neighborhoods dropped by 7%, from 21.7% in 2000 to 20.1% in 2014. Even looking at only the densest urban neighborhoods where about one-third of the urban population lives, the share of Americans living in these neighborhoods fell by 5%, from 7.4% in 2000 to 7.0% in 2014.
What has changed in urban environments is the demographics. Urban environments have become more rich and more childless. With the high number of infill apartments under construction, it will be interesting to look back in a few years and see who ultimately ends up occupying these buildings and if the projections of developers and real estate professionals alike will be proven right.
by admin | Apr 5, 2016 | Market Data
A huge data leak from a Panamanian company that created shell companies for corrupt real-estate deals could help end Miami’s latest boom cycle.
Source: www.miaminewtimes.com
Was Miami’s latest condo boom fueled by dirty money…possibly in part. The Panamaniam Papers have already disclosed this on a small scale and it is yet to be determined how widespread the problem is and what this means for the market.
It’s really too early to tell what the impact is, other than this is potentially another nail in the coffin for the latest condo boom in South Florida. The real question to ask is what happens to all these condos when no one is living in them and the ability to cover the costs to maintain them is not met. Or worse, if there is a rush to sell by foreign investors it could devastate the market and jeopardize projects currently in development.
by admin | Apr 5, 2016 | Market Data
Chef Joe DiMaggio’s new restaurant takes the place of the former Darwin’s on 4th.
Source: www.sarasotamagazine.com
As the Rosemary district in downtown Sarasota undergoes a dramatic makeover with apartments, hotels and new homes under construction, the retail and restaurants these new residents desire will follow in very short order. One of the latest additions is Servandos which recently opened and is bringing some sophistication and more wordly cuisine catering to the type of people choosing to live downtown and in this up and coming district.
Vertica Partners and Framework Group recently broke ground on a 228 unit luxury apartment project at the premier gateway to the district on the corner Fruitville Road and Lemon Avenue. This project exemplifies what city leaders envisioned when they provided an overlay to the district to encourage new development.
by admin | Apr 5, 2016 | Market Data
Why has the homeownership rate remained low while housing fundamentals continue to improve?
Source: www.dsnews.com
The nationwide homeownership rate sank to a 48-year low of 63.4 percent in the second quarter of 2015, however, by the end of 2015, the rate had clawed its way back up to 63.8 percent. That said, 2015 still represented the 11thconsecutive year of decline since hitting an all-time peak of 69 percent in 2004.
Where it will go next is still up for debate as some are calling the bottom now with an eventual leveling out to around 65% by 2030, while others feel the drop could continue to below 60 percent during the same time.
With nearly 135 million housing units in the US, both rental and owned, a 5 percent difference in ownership rate translates to more than 6.7 million people or more than 1.34 million for every percentage point change.
The rate, and where it is headed over the next decade, has a tremendous impact on both rental and for-sale housing across a wide variety of industries a demographies.
by admin | Apr 5, 2016 | Market Data
Welcome to the April 2016 Florida Apartment List Rent Report! Rents in the Sunshine State are increasing at a higher rate than nationwide averages. In this report, we’ll be looking at trends across the whole state as well as variations between cities.
Florida Rent Prices
In Florida, 1-bedroom rents averaged $1,100 while 2-bedroom rents
Source: www.apartmentlist.com
YOY rents are up 3.9% in Florida versus only 2.7% nationally. Florida’s population is growing by nearly 1,000 residents per day. While apartment developers have been delivering a large number of units in recent years with fears of oversupply running rampant, the homeownership rate continues to decline causing the influx of units to be steadily absorbed…so far.
by admin | Apr 5, 2016 | Market Data
The number of boomer renters is still small. But there were just 10 million in their 50s and 60s in 2005, and in 2015 there were 15 million. They account for more than half of the nation’s renter growth in the last 10 years, according to Jennifer Molinsky, researcher for the Joint Center for Housing Studies of Harvard University.
She calls it a “dramatic increase,” and a trend that’s likely to continue as the giant generation of 77 million people, born between 1946 and 1964, ages and seeks easy living.
Source: www.chicagotribune.com
There were just 10 million Baby Boomer renters in their 50s and 60s in 2005, and in 2015 the number increased by 50% to 15 million. Boomers account for more than half of the nation’s renter growth in the last 10 years, according to the Joint Center for Housing Studies of Harvard University. It is a trend that is likely to continue as the Boomer generation of 77 million people, born between 1946 and 1964, ages and looks for an easier lifestyle which renting affords.
