by admin | Jan 15, 2016 | Market Data
Source: www.newgeography.com
The population of domestic migrants continue to move principally to the South. The South has gained 5.6 million domestic migrants, followed by 0.8 million in the West. The Northeast has lost 3.7 million domestic migrants, while the Midwest has lost 2.7 million.
Florida leads the way by capturing 21.5% of all net domestic migration from 2000-2015 which translates to 1,793,000 people. In 2015 alone, Florida had more than 200,000 people domestically migrate.
This bodes well for a variety of industry including housing, retail and services and should be the fuel to provide a well sustained local economy for years to come.
by admin | Jan 15, 2016 | Market Data
The Rays sent in their heavy hitters to talk to the council before the vote.
Source: www.bizjournals.com
The St. Petersburg City Council voted in favor of a memorandum of understanding with the Tampa Bay Rays that allows the team to look for stadium locations in Pinellas and Hillsborough counties.
The stalemate between the Rays and St. Pete officials had been going on for years, however, Mayor Kriseman was able to achieve something his predecessor could not…and would not.
Allowing the Rays flexibility in their search for a new stadium site in Tampa as well as St. Petersburg helps insure their chances to stay in the region. If the Rays happen to choose a site in Tampa, they are going to be paying an early termination fee to their lease and the city of St. Petersburg will have the opportunity to redevelop the 85 contiguous acres providing a 24-7 mixed-use activity center versus a stadium used for less the 90 events per year.
by admin | Jan 12, 2016 | Market Data
Senior housing caught fire with investors in 2015, and in Southwest Florida, no deal was larger than NorthStar Healthcare Income Inc.’s purchase of the Fountains and Springs at Lake Point Woods, in Sarasota County.
Source: www.businessobserverfl.com
Senior housing deals have been sprouting up in southwest Florida as demand for this product type continues to grow.
by admin | Jan 12, 2016 | Market Data
Will the apartment sector’s strong performance hold long-term?
Source: nreionline.com
Demand for rental apartments over the next couple of decades could likely continue to be very strong as homeownership rates continue to fall. Even without further declines to the homeownership rate, demographics will drive up the number of renter households over the next 10 years by more than 4.4 million, according to the Joint Center for Housing Studies at Harvard University. That’s an average of 440,000 new households a year!
by admin | Jan 12, 2016 | Market Data
Sky-high rents and falling vacancies have characterized the U.S. apartment market for the past six years, but that is suddenly changing.
Source: www.cnbc.com
“The low vacancy rate, improving economy, tightening labor market and gradually rising income growth is providing all of the fodder for continued rent growth, even in the face of rising construction,”
That said, the market is getting crowded at the top end of the luxury segment. Affordability concerns are being raised as there is simply a finite number of people that can afford the nicest properties in each market.
This creates and opportunity for well positioned second tier properties that can provide more affordable accommodations, albeit for maybe a little older property with less amenities.
by admin | Jan 11, 2016 | Market Data
The mayor and city council chair faced reporters at City Hall to talk about the new plan.
Source: www.bizjournals.com
St. Petersburg Mayor Rick Kriseman seems to be on the right track with discussions regarding the Tampa Bay Rays future. What has been largely dismissed in the past is the fact that the 85 acres the stadium sits on could be redeveloped into a much larger project which would better serve the community and further enhance the live-work-play vibe downtown St. Petersburg has today.
