by admin | Jul 24, 2015 | Market Data
Condos accounted for just 5.5% of all construction of multifamily housing in the U.S. in the first quarter, the lowest ratio on record, as demand has been hit by post-crisis rules on condo mortgages and by some consumers’ shift in favor of renting.
Source: www.wsj.com
Reforming FHA condo lending guidelines is paramount to reviving owner occupant entry level condo purchases. We expect the private market will find an innovative solution to this niche in short order. There is far too much opportunity in this inefficient corner of housing finance to not see innovation.
by admin | Jul 23, 2015 | Market Data
The number of renters who are 65 or older will reach 12.2 million by 2030, more than double the level in 2010, according to research by the Urban Institute in Washington. While the millennial generation born after 1980 has driven demand for apartments in recent years, baby boomers — those born from 1946 to 1964 — will be the next wave, pushing up rents and spurring construction of more multifamily housing.
Source: www.bloomberg.com
Millennials and Boomers are competing more and more for urban infill rental projects in a dramatic shift in trends within the industry. The number of renters who are 65 or older will reach 12.2 million by 2030, more than double the level in 2010, according to research by the Urban Institute in Washington. While the millennial generation born after 1980 has driven demand for apartments in recent years, baby boomers — those born from 1946 to 1964 — will be the next wave, pushing up rents and spurring construction of more multifamily housing.
by admin | Jul 23, 2015 | Market Data
The number of loans in some state of foreclosure as of June 2015 dropped to about 739,000 year-over-year, the lowest number since 2007, prior to the financial crisis. Even with the decline, however, the foreclosure inventory rate is still three times its “normal” rate, according to Black Knight.
Source: dsnews.com
The number of loans in some state of foreclosure as of June 2015 dropped to about 739,000 year-over-year, the lowest number since 2007, prior to the financial crisis. Even with the decline, however, the foreclosure inventory rate is still three times its “normal” rate, according to Black Knight Financial Services.
by admin | Jul 23, 2015 | Market Data
With condos ranging from $345,000 to $1.4 million, nearly half of the units are presold.
Source: www.bizjournals.com
Already having a lively downtown scene with great restaurants, bars, restaurants and arts, there is a new wave of condominium construction happening in downtown St. Petersburg. Downtown Tampa currently lags with new condo construction opportunities as there are nearly 1,000 units left over from the great recession.
by admin | Jul 23, 2015 | Market Data
Sarasota tops for Boomers apartment living
Source: m.cltampa.com
Sarasota is considered one of the top markets for Baby Boomers to rent in the United States. Downtown Sarasota is the epicenter for this growth and demand with multiple luxury rental projects in the development pipeline, including the 228 unit project in the Rosemary District by a joint venture between Framework Group and Vertica Partners.
by admin | Jul 22, 2015 | Market Data
With the housing market in its fourth year of recovery, construction of single-family homes and multifamily rentals is rebounding.
Not so for condo construction, which has been slammed by tough rules on condo mortgages enacted after the housing bust as well as stronger demand among young people for rentals and tight lending conditions for builders.
In the first quarter, condo construction accounted for just 5.5% of all construction of multifamily housing in the U.S. That was the lowest ratio since the Commerce Department started tracking the figures in 1974, and far below the 24% average.
Source: www.wsj.com
Condo construction has been slow to recover in most markets due to tough rules on condo mortgages enacted after the housing bust as well as stronger demand among young people for rentals and tight lending conditions for builders.
In 1Q 2015 condo construction accounted for just 5.5% of all construction of multifamily housing in the U.S., the lowest ratio since the Commerce Department started tracking the figures in 1974, and far below the 24% average.
