by admin | Oct 26, 2015 | Market Data
Source: money.brevardtimes.com
Florida still offers plenty of buying opportunities for single family rental investors.
Of the top ten markets (population 500,000+) that had the highest percentage of seriously underwater properties, Florida markets took up six spots in the Third Quarter of 2015 according to RealtyTrac which defines a property as “seriously underwater” when the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value.
Topping the list was Lakeland, Florida at 28.0%, followed by Las Vegas, Nevada (27.3%), Cleveland, Ohio (27.2%), Deltona-Daytona Beach, Florida (26.7%), Orlando, Florida (25.6%), Tampa, Florida (24.3%), Toledo, Ohio (24.1%), Chicago, Illinois (24.0%), Brevard County, Florida (24.0%) and Jacksonville, Florida (23.8%).
Five Florida markets were also among the top eight markets where the share of distressed properties (those in some stage of foreclosure) were seriously underwater. The Deltona-Daytona Beach, Florida market was the highest with 58.5%, followed by Las Vegas, Nevada (56.5%), Lakeland, Florida (55.8%), Brevard County, Florida (54.1%), Cleveland, Ohio (53.4%), Chicago, Illinois (52.6%), Tampa, Florida (52.3% ), and Orlando, Florida (51.7%).
Nationwide, the percentage of seriously underwater homes has fallen to 12.7% of all homes with a mortgage. That percentage peaked in the second quarter of 2012 at 28.6%.
by admin | Oct 23, 2015 | Market Data
Today’s real estate market is a very different place than before the recession. American home buyers are getting older and homes are getting bigger.
Source: money.cnn.com
The median age of a home buyer in 1985 was 35. When the housing boom was nearing its peak in 2005, the median homebuyer’s age was 39. Now it’s 43, according to U.S. Census data.
Demographic changes are having dramatic effects on the rental markets as homeownership is at near record lows.
by admin | Oct 23, 2015 | Market Data
In Fort Myers, Fla., the median monthly rent of $1,600 last year is now $2,000. And California is all over the list.
Source: www.bloomberg.com
Southwest Florida is the hottest market in the country for single family rentals with 2 of the top 3 markets for rental increases.
by admin | Oct 23, 2015 | Market Data
Now that the recession is beginning to become a memory of the past, the demand for housing is on the rise, and with it is the explosive interest in the multifamily market. As more…
Source: www.jdsupra.com
With the increasing interest in condo conversions, the market is also seeing the growth of a certain breed of restrictive terms in modern purchase and sale agreements which strictly forbid any buyer from converting to condos. The primary reason is that these binding restrictions on the use of property, or “restrictive covenants,” can act as a shield against exposure to costly construction defect claims. Often times, once the statute of limitation expires for construction defect claims, the condo conversion restrictions will expire as well.
by admin | Oct 23, 2015 | Market Data
In Seminole Heights, prices are low enough that there’s still a lot of upside potential for builders and developers — though opportunities are starting to dwindle and prices are rising.
Source: www.bizjournals.com
Seminole Heights is one of the hottest neighborhoods in Tampa Bay and it is an affordable alternative to the more-established South Tampa, for both families and investors. In Seminole Heights, prices are low enough that there’s still a lot of upside potential for builders and developers — though opportunities are starting to dwindle and prices are rising.
