by admin | Oct 8, 2015 | Market Data
Many American millennials choose renting over buying, but with rental costs high, it may be time to reassess if it’s really worth delaying homeownership much longer. “Rents have grown at roughly twice the pace of wages” since 2000, according to Zillow research. The same report notes home buyer benefits such as “mortgage interest rates near historic lows and home values that remain below their pre-recession peaks in most areas.” And while you may doubt your ability to afford a house of your own,
Source: www.zillow.com
Millennials: 5 Reasons to Make a Condo Your First Home
by admin | Oct 5, 2015 | Market Data
Source: sarasotaheraldtribune.fl.newsmemory.com
Home buyers in Southwest Florida are still paying with cash at one of the fastest rates in the nation. Several recent studies show the Sarasota-Bradenton metro area maintains a higher percentage of cash buyers than almost anywhere else in the U.S.
It’s a similar situation throughout Florida. Of the 10 metro areas with the highest share of cash purchases in the first quarter, more than half were in Florida, according to real estate analyst Zillow.
‘In Florida, cash is king,’ Zillow said. ‘At the end of the first quarter, seven of the top 10 metros with the highest share of home purchases made in cash were in Florida, up from six at the end of 2014.’
Sarasota-Bradenton ranked second among metro areas in the nation for cash sales, with 58 percent of all home buys closed without financing. That was behind only Miami-Fort Lauderdale’s 59 percent.
by admin | Oct 5, 2015 | Market Data
A Fort Lauderdale developer is moving forward with plans for one of the last undeveloped waterfront parcels on Tampa Bay.
Source: www.bizjournals.com
New life for the New Port project in South Tampa.
The new owner’s preliminary master plan filed with the city of Tampa shows a village-like setup, with mixed-use buildings facing both the waterfront and tree-lined streets. One of the residential buildings will be a 20-story tower with 380 units, adjacent to a nine-story building with 90 units.
This prime piece of waterfront property in desirable South Tampa is one of several other potential developments along Westshore Boulevard that could bring thousands of new homes to the area.
by admin | Oct 5, 2015 | Market Data
EB-5 supporters spoke to Bisnow to address the concerns raised about the program.
Source: www.bisnow.com
The EB-5 Program has contributed billions of dollars to the US economy “at zero taxpayer expense…EB-5 was a vital piece of the puzzle that saved and created jobs for Americans. Especially during the recession when US banks weren’t lending.”
by admin | Oct 5, 2015 | Market Data
NEW PORT RICHEY — Pasco County housing sales surged in August as real estate agents statewide enjoyed more closed sales, higher median prices and a tightening inventory, according to the lates
Source: www.suncoastnews.com
“Home sales in Florida are beginning to moderate, even as inventory gets tighter,” said Florida Realtors Chief Economist John Tuccillo. “The August gains in sales for both single-family homes as well as condos and townhouses are lower than they were in the late spring and early summer. We expect the pace of growth to be typical for the rest of the year.
“Both time on market and months of inventory are down, but they present very different pictures. Houses at all price levels are selling faster than they were a year ago, but months of inventory have actually increased somewhat at prices above $300,000. We are still seeing significant inventory tightness in the lower price ranges.
“That trend, together with rising rents, poses something of a challenge for companies seeking to relocate to Florida in need of potential workforce housing.”
Inventory continues to tighten, with a 4.3-months’ supply in August for single-family homes and a 5.2-months’ supply for townhouse-condo properties, according to Florida Realtors. Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.
– See more at: http://www.suncoastnews.com/su/list/news-pasco/housing-market-maintains-strong-momentum-20151002/#sthash.GgtOmpyc.dpuf
by admin | Oct 5, 2015 | Market Data
Among Florida’s rental markets, South Florida imposes the heaviest financial burden, a new report shows.
Source: www.sun-sentinel.com
In Palm Beach, Broward and Miami-Dade counties, 36 percent of renters spend at least half of their before-tax income on rent and utilities, according to an analysis by Enterprise Community Partners, a nonprofit housing organization based in Columbia, Md. Orlando and Daytona Beach are next at 30 percent.
Statewide, 31 percent of renters devote at least half of their income to housing. That’s the highest percentage in the country.
The issue of affordability is not a new one, however, in light of record low home ownership rates and low single digit vacancy rates, the current market conditions favor owners. One of the problems with affordability is that everyone wants to live in the most desirable areas which in turn increases occupancy and rents. Sometimes there are less expensive alternatives albeit in areas or properties that may not quite have all the bells and whistles tenants desire.
