by admin | Sep 22, 2015 | Market Data
Nearly a decade after the housing crash, homeownership is still waning and renting is on the rise, according to U.S. Census data released Thursday.
Source: blogs.wsj.com
Nearly a decade after the housing crash, homeownership is still waning and renting is on the rise, according to U.S. Census data released Thursday.
The homeownership rate fell to 63.1% in 2014, down from 63.5% in 2013, according to an analysis of the American Community Survey data prepared by Jed Kolko, a senior fellow at the Terner Center for Housing Innovation at the University of California, Berkeley. The homeownership rate peaked at 67.3% in 2006 and has fallen steadily since then.
by admin | Sep 22, 2015 | Market Data
Orlando’s biggest challenge with building-safety violations isn’t in a blighted area. It’s a manicured MetroWest condo community where landscapers weed and security guards check guests.
Source: www.orlandosentinel.com
When conversions go bad.
by admin | Sep 22, 2015 | Market Data
Starwood Waypoint Residential Trust SWAY, +12.70% and Colony American Homes (“CAH”) announced today the signing of a definitive merger agreement (“Agreement”) to combine the two companies in a stock-for-stock transaction. In connection with the transaction, SWAY will internalize the SWAY manager. The combined internally managed company (“the Company”) is expected to own and manage over 30,000 homes and have an aggregate asset value of $7.7 billion at the closing of the transaction. The merger is expected to achieve estimated annualized cost synergies of $40 – $50 million.
Source: www.marketwatch.com
Starwood Waypoint Residential Trust (“SWAY”) and Colony American Homes (“CAH”) announced today the signing of a definitive merger agreement (“Agreement”) to combine the two companies in a stock-for-stock transaction. In connection with the transaction, SWAY will internalize the SWAY manager. The combined internally managed company (“the Company”) is expected to own and manage over 30,000 homes and have an aggregate asset value of $7.7 billion at the closing of the transaction. The merger is expected to achieve estimated annualized cost synergies of $40 – $50 million.
by admin | Sep 22, 2015 | Market Data
Legacy Builders has broken ground on the 19-lot Homes of Laurel Park on a nearly 3-acre site in the south downtown area.
Source: sarasotaheraldtribune.fl.newsmemory.com
Legacy Builders has broken ground on the 19-lot Homes of Laurel Park on a nearly 3-acre site in the south downtown Sarasota area as yet another sign of the incredible redevelopment effort taking place in the surrounding area.
by admin | Sep 21, 2015 | Market Data
Buried deep in a new Sarasota County Business Competitiveness survey that asked 74 local companies to rate the health of the region’s business climate and macro conditions was a troubling finding: Space is at a premium.
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Nearly one-third of survey participants indicated they “cannot expand in their current facility and will need to evaluate alternative real estate to support their growth.”
For some of the manufacturers and distributors, business and technical services firms and finance and insurance providers — hospitality operators, retailers and construction companies were purposely excluded — that may mean going elsewhere to accommodate growth.
EDC officials, including President and CEO Mark Huey, say the results show a need to “develop a real estate plan that meets the near- and long-term needs of growing businesses.”
The good news is, the 74 companies surveyed are growing. Some 85% said they are creating new products or services, a majority believe revenue will climb by as much as 49% over the next year, and collectively they expect to hire 1,370 new workers by the end of 2018.
Today, the firms employ a cumulative 8,130 full-time workers and maintain a $375 million payroll, and have annual revenue of $5 billion, the survey taken between October 2014 and Aug. 15 with input from site selection firm Moran, Stahl & Boyer LLC of Lakewood Ranch found.
Participants also had positive things to say about the area’s available business services, tax structure and quality of life.
But the companies said workforce development should be a “top priority” for civic leadership, followed closely by housing affordability and availability.
EDC officials acknowledge recruiting, research and development support, transportation, communications and housing affordability are “areas to strengthen.” Availability of viable commercial real estate was also cited as a primary need.
That could prove critical, because if the collective 3.75 million square feet the survey found the 74 companies occupy isn’t capable of expansion, the area could lose some prime economic drivers and diversifiers.
By the numbers
Nearly one-third
Companies that cannot expand in their current facility and will need to evaluate alternative real estate to support their growth
85%
companies that are creating new products or services
49%
of companies surveyed think their revenue will climb over the next year
1,370
number of new workers expected to be hired
Source: www.businessobserverfl.com
A new Sarasota County Business Competitiveness survey asked 74 local companies to rate the health of the region’s business climate and macro conditions was a finding that space is at a premium.
There are almost always pains in any area that is growing as rapidly as Sarasota, however, the silver lining in the survey is that these 74 locals companies indicated they are looking to hire just under 1,400 new workers. This should continue to help out the rental and retail markets, especially many of the new rental projects under development in downtown and throughout the county.
By the numbers
Nearly one-third
Companies that cannot expand in their current facility and will need to evaluate alternative real estate to support their growth
85%
companies that are creating new products or services
49%
of companies surveyed think their revenue will climb over the next year
1,370
number of new workers expected to be hired
by admin | Sep 20, 2015 | Market Data
Florida is on the verge of another building boom, but there’s just one problem: No one wants to do the work.
Construction workers are scarce for a number of reasons. Many were burned by job losses during the recession and aren’t returning to the industry. Others are turned off by low pay or don’t want to work outside in the Florida heat.
Source: saintpetersburgtimes.fl.newsmemory.com
While the construction boom continues in Florida, a potential issue has reared it’s head and it’s not the market…it’s a shortage of construction labor. How this will affect future development remains to be seen.
