Author: ipgocorp

LAKEWOOD, CO – Real Estate Equities Development announced plans for its newest Village Cooperative community, which will be the first owner-occupied senior housing cooperative in Lakewood, Colorado. Senior cooperative housing communities originally began in Minnesota in the 1970s and have had a successful track record with over 120 communities, primarily in the Midwest.

Real Estate Equities Development is the developer for the Village Cooperative and has 29 Village Cooperative communities that are either operating, under construction, or scheduled for construction in the next year and can be found in six different states.

“Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle. These communities give active adults and retirees an excellent option of home ownership with a hassle-free lifestyle. We include the amenities they desire and all for a great value,” said Keith Jans, President of Real Estate Equities Development.

Details for the Village Cooperative in Lakewood, CO will be unveiled at upcoming public informational seminars that begin on April 12th. They will be held as an opportunity for the public to learn more about how maintenance-free cooperative living works, the community and lifestyle, its Lakewood location, the financial benefits as well as a background on cooperative housing and why it has been so popular. Priority numbers will be accepted as an important step to reserve a home in the new cooperative.

The multi-story Village Cooperative building will feature beautifully decorated community areas including a community room with kitchen, guest suite for friends and families, club room, reading areas, raised outdoor gardening beds, workshop, fitness center, internal storage area and underground heated parking with a car wash bay. Because the building is 100% owner-occupied, priority number holders will have the opportunity to choose from a wide variety of spacious homes that range from approximately 875 sq. ft. to over 1,700 sq. ft. of living space. Options vary from one bedroom and one bathroom plans up to 2 bedroom and 2 bathroom plans with a den. Each home is completely maintenance-free and has its own private laundry room, storage area and balcony. Fully-equipped kitchens include spacious, open floor plans with kitchen islands, rollout shelving in the base cabinets and a choice of cabinetry and countertops to suit each member’s personal style.

The cooperative will also employ a Member Services Manager as well as offer courtesy services. As a cooperative, the members control all aspects of ownership. There is no other senior cooperative in the area that offers the convenience and easy lifestyle available at the Village Cooperative.

Real Estate Equities Development is a Twin-Cities, Minnesota based real estate development and property management firm with its roots dating back to the 1970s. Over the past decade, Real Estate Equities Development has developed over 40 projects comprising over 2,200 homes with a value of over $400,000,000 in urban, suburban, and medium-sized Midwestern communities. Their Village Cooperative communities can be found in Minnesota, Wisconsin, Iowa, Kansas, Missouri, and now Colorado.

NEW YORK, NY – Mortgage rates slipped lower this week, with the benchmark 30-year fixed mortgage rate dropping to 4.29 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed slid to 4.22 percent and the average 15-year fixed mortgage rate stepped down to 3.49 percent. Adjustable mortgage rates also declined, with the 5-year ARM sliding to 3.44 percent and the 7-year ARM to 3.68 percent.  

Mortgage rates retreated to one-month lows, continuing declines that began with the Federal Reserve’s quarter-point interest rate hike. The Fed rate hike and dropping oil prices help keep a lid on inflation, which coupled with the suddenly wobbly stock market, are good news for long-term bonds and mortgage rates. Mortgage rates are closely related to yields on long-term government bonds. If investors continue to exhibit skepticism about the likelihood of new fiscal stimulus measures, this will produce a flight to quality that continues to benefit mortgage borrowers. If animal spirits return, or we get details from the administration that investors cheer, mortgage rates will quickly reverse course.

At the current average 30-year fixed mortgage rate of 4.29 percent, the monthly payment for a $200,000 loan is $988.57.

SURVEY RESULTS

30-year fixed: 4.29% — down from 4.44% last week (avg. points: 0.24)

15-year fixed: 3.49% — down from 3.64% last week (avg. points: 0.22)

5/1 ARM: 3.44% — down from 3.60% last week (avg. points: 0.29)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s move in mortgage rates, go to www.bankrate.com  

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next week. The majority of panelists, 55 percent, expect mortgage rates will remain more or less unchanged over the next seven days.   Of the remaining experts, 36 percent predict mortgage rates will decrease and just 9 percent expect mortgage rates to rise in the coming week.

NEW YORK, NY – Besyata Investment Group and The Scharf Group, both NY-based single family offices, along with their partners, Pensam Residential and BH Equities, have acquired Park at Hurstbourne and Woodcrest Village for a purchase price of $74 million.

BH Management, Besyata’s long-standing partner and leading property manager of 65,000 apartments in 23 states, will oversee the day-to-day property management and leasing for both assets.

Park at Hurstbourne, a 689-unit 1972-vintage garden style multifamily apartment complex, resides on 44 acres in Louisville, KY. The property offers superior amenities, including an indoor pool, basketball court, two clubhouses, and a daycare. The submarket has an established hub of large employers, including GE, Ford, and UPS, which have been expanding operations in the area. With the growing job market and continued population growth, the submarket has a strong demand for class B units.1

Woodcrest Village, a 344-unit 1990-vintage garden style multifamily apartment complex, which has undergone a complete exterior transformation, resides on 34 acres in Lithonia, GA. Atlanta has one of the nation’s highest population and employment growths and is home to 25 fortune 500 headquarters. The property is in a nearby suburb of Atlanta in an expanding medical and distribution center with access to 500,000+ jobs in a 15-mile radius.

Besyata and Scharf Group plan to add value to the communities by creative modernization of the amenities and gradual unit renovations. Both properties benefit from strong market fundamentals and organic rent growth. Besyata and Scharf Group believe that investing in value-add class B multifamily transactions in well-positioned class B suburbia near growing cities presents a prime opportunity to generate attractive risk-adjusted returns in the multifamily space.

SANTA CLARA, CA – Realtor.com, a leading online real estate destination operated by News Corp subsidiary Move, Inc., announced realtor.com’s Top Cities for Millennials. Led by Salt Lake City, the list includes some of the usual millennial hot spots – Seattle and Los Angeles – along with a few surprises such as Buffalo, N.Y. and Albany, N.Y.

In rank order, realtor.com’s Top Cities for Millennials include: Salt Lake City, Miami, Orlando, Fla., Seattle, Houston, Los Angeles, Buffalo, Albany, San Francisco, and San Jose, Calif.

“High job growth in markets such as Orlando, Seattle, and Miami, and the power of affordability in places like Albany and Buffalo are making these markets magnets for millennials.” said Javier Vivas, manager of economic research for realtor.com. “But what really stands out is that all these markets already have large numbers of millennials, which translates into strong populations of millennial home buyers.”

The average share of the 25-34 year old population in the U.S. is 13 percent, but in these top markets, the average share is 14 percent. Salt Lake City, No. 1 on the list, happens to also have the highest share of milllennials, comprising 15.8 percent of its total population. Seattle is close behind with a millennial population at 15.2 percent, Los Angeles and San Francisco tie for third with 15.0 percent.

Economic growth and relative affordability make these markets really attractive to first-time home buyers. Salt Lake City has the lowest unemployment rate of all the markets on the list at 2.9 percent, which is well below the national unemployment rate of 4.7 percent. The job market is also a factor in San Francisco and San Jose, with the unemployment rate at 3.7 percent. When it comes to affordability, Buffalo is No. 1 with the most affordable home prices relative to salary, at 22.7 percent. It’s followed by Albany where people only use 27.3 percent of their income on a home and Salt Lake City where buyers use 30 percent.

Realtor.com analyzed the 60 largest markets in the U.S. and compared the share of millennial page views in each area to the national average. Markets were ranked based on their comparison to the national average. Page view data included in this analysis covers the period from August 2016 to February 2017.

Salt Lake City: The draw: The excitement of an urban city with the relaxed vibes of a mountain town. Large tech companies such as Adobe are attracting the millennial generation to this area by offering innovative workspaces, large salaries and an overall high quality of life.

Millennial hotspot: Sugar House, located southeast of downtown Salt Lake City, offers hip bars and trendy restaurants.

The stats: Millennials make up 15.8 percent of the population. Homeowners spend 30 percent of their income on their home and the unemployment rate is 2.9 percent

Miami: The draw: An international mecca for tourism and entrepreneurship.

Millennial hotspots: Wynwood, located just north of downtown, offers a strong art community. South Beach is a strong draw for business and fashion oriented millennials looking to make it big in their careers.

The stats: The millennial population makes up 13.1 percent of the population. Affordability is tough, requiring the average buyer to spend 49 percent of their income on a home. Its unemployment rate is 5.1 percent, slightly above the national average.

Orlando: The draw: Downtown Orlando is becoming a hot area and offers easy access to public transportation, shopping and dining, as well as a proximity to many jobs.

Millennial hotspots: Thornton Park, located just east of downtown has also become popular among millennials who are looking to live in a unique historic neighborhood with cobbled streets and lined with bungalows.

The stats: Millennials account for 14.6 percent of the total population in Orlando. Homes are affordable here and only require 34 percent of income. The unemployment rate is below the national average at 4.4 percent.

Seattle: The draw: With big company names such as Starbucks, Amazon, Filson, K2 and REI, it’s not hard to imagine why so many millennials want to live and work in Seattle.

Millennial hotspots: Capitol Hill and Belltown are popular neighborhoods for creative millennials who want access to boutique shopping, craft breweries and unique dining experiences.

The stats: Seattle has the second largest millennial population, at 15.2 percent, of all the towns on the list. It offers affordability of 35.6 percent and an unemployment rate of 4.2 percent.

Houston: The draw: A booming job market is drawing many young millennials looking to jump-start their careers.

Millennial hotspots: The Heights, Oak Forest, and Timbergrove attract millennials with their close proximity to downtown, boutique shops, trendy restaurants and craft breweries.

The stats: Houston’s population is made up of 14.5 percent millennials. While people spend 36.1 percent of their income on homes, the unemployment rate in Houston is slightly higher than the national average at 5.4 percent.

Los Angeles: The draw: Companies such as Snap Inc. and Airbnb draw tech driven millennials to what is now being referred to as “Silicon Beach,” while actors, comedians and music artists are still drawn to the area for a chance at fame.

Millennial hotspots: Silver Lake is a hotbed for millennials looking for a  young and creative community.

The stats: Millennials make up 15.0 percent of the population. While the unemployment rate is in line with the national average at 4.7 percent, affordability is difficult in Los Angeles with people spending 64.1 percent of their income on a home.

Buffalo: The draw: Money is flowing into the area as a tech scene begins to expand from incubation competitions such as 43 North, which awards $5 million in prizes yearly.

Millennial hotspots: With a revitalized waterfront, downtown Buffalo and North Buffalo are becoming hot real estate for trendy millennials who are looking for easy access to shopping and dining as well as a family oriented community.

The stats: For those millennials looking to spend more time outdoors, Buffalo has a millennial population of 13.4 and an unemployment rate of 5.6 percent. It is the most affordable market on the list, where people only spend 22.7 percent of their salary on their home.

Albany: The draw: Albany is slowly becoming what is referred to as the “Silicon Valley of the East Coast,” with companies such as GE putting up headquarters and employing over 7,000 people. The large tech scene popping up is attracting many young millennials who want to be in tech, but don’t want to pay for real Silicon Valley housing prices.

Millennial hotspot: Specialty cocktail bars, Biergartens, and craft coffee houses make downtown Albany the place to be for millennials.

The stats: Millennials make up 12.7 percent of Albany’s population. It offers both affordable housing at 27.3 percent of income and a low unemployment rate at 4.5 percent.

San Francisco: The draw: San Francisco’s tech fueled job market is pumping millennials into the area left and right, however, sky-high housing prices are pushing many of the newcomers to the outer neighborhoods and forcing them to rent.

Millennial hotspots: North Beach and the Mission have become popular for the young tech generation that have established themselves and earned a large paycheck, while the Sunset District and Daly City offer more affordable housing options – relative to the rest of the city.

The stats: In San Francisco, millennials make up 15 percent of the total population. While the unemployment rate is really low at 3.7 percent, affordability is a concern with people spending 56.2 percent of their income on a home.

San Jose: The draw: Opportunity to work in some of the most innovative companies in the U.S. as well as the infamous Silicon Valley paycheck, are major drivers drawing millennials to the area.

Millennial hotspots: Centrally located downtown San Jose is attracting many millennials because of its public transportation as well as trendy shops and unique dining experiences.

The stats: Millennials make up 14.2 percent of the total population in San Jose. Similar to San Francisco, the unemployment rate is low at 3.7 percent but homes cost 53 percent of income.

RALEIGH, NC – The Metropolitan luxury apartment community is taking shape in the Glenwood South neighborhood of Raleigh, North Carolina where the former Greyhound Bus terminal stood.

The $51 million project has closed on its construction financing and broke ground in June 2016, putting it on schedule to open its doors in Fall 2017.

Taking design direction from an intimate, modern day speakeasy, the Metropolitan will be a 241 unit mid-rise urban hideaway comprised of Studio, 1- and 2-bedroom apartments. To balance out the market’s current offerings, the community provides a higher number of larger 2 bedrooms.

Its upscale resident amenity package features a rooftop deck with views of the city skyline, pet spa, golf simulator, and a throwback arcade room along with the classic indulgences renters have come to expect. The Metropolitan’s elite Walk Score reflects its close proximity to local craft breweries, eclectic boutiques, top-rated restaurants, and downtown employers.

In addition to developing the Metropolitan, Banner Real Estate Group through its affiliates own and operate approximately 6,000 multifamily units nationally. This community will mark Banner’s fourth Raleigh property.

With a projected job growth in 2017 at almost double the national average and forecasted rental growth at 3%, Raleigh continues to be a focal market for Banner. Banner is also a prolific developer and owner of institutional quality self-storage facilities in top national markets.

ORLANDO, FL – Florida’s housing market continued to report a tight supply of homes for sale and rising median prices in February, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide remained relatively flat last month, totaling 18,033, down only 0.5 percent compared to February 2016.

“Florida’s economy is growing, with more jobs being created,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “And a growing economy boosts the state’s housing sector as well. However, many local markets are reporting low inventory of for-sale homes at a time of increasing buyer demand. For sellers, it’s a good time to list their homes, as they continue to get more of their original asking price at the closing table. In February, sellers of existing single-family homes received 95.8 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent.

“In these kinds of market conditions, serious home buyers must be prepared to act fast, and work closely with a local Realtor to find the right home for their needs and their budget.”

The statewide median sales price for single-family existing homes last month was $225,000, up 12.5 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in February was $167,500, up 11.7 percent over the year-ago figure. February marked the 63rd month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in January 2016 was $230,400, up 7.3 percent from the previous year; the national median existing condo price was $217,400. In California, the statewide median sales price for single-family existing homes in January was $489,580; in Massachusetts, it was $330,000; in Maryland, it was $261,868; and in New York, it was $250,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,949 last month, up 4.1 percent compared to February 2016. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 39.6 percent while short sales for single-family homes also dropped 39.6 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Florida’s market for existing single-family homes in February continued to perform in line with what we’ve seen over the past year and a half,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Due primarily to fewer distressed properties on the market, sales of single-family homes edged down. However, non-distressed sales of single-family homes were up almost 10 percent year-over-year, showing that the traditional market – as opposed to the niche distressed market – is healthy and continues to grow.

“Meanwhile, Florida’s condo and townhouse sales are off to very good start in 2017. Coming off a 6.2 percent year-over-year increase in January, condo and townhouse sales rose 4.1 percent year-over-year in February. For perspective, the last time statewide condo and townhouse sales rose on a year-over-year basis for two consecutive months was in August and September of 2015.”

For the second consecutive month, inventory remained at a tight 4.2-months’ supply in February for single-family homes, and was at a 6.4-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.17 percent in February 2016, up significantly from the 3.66 percent average recorded during the same month a year earlier.

(RECAP: A nearly century-old building that’s spent the past two decades as senior apartments has been brought into the 21st century with a $5 million upgrade. City officials and firms involved in the 18-month renovation of the William Byrd building, the 11-story former hotel across West Broad Street from the Science Museum of Virginia, celebrated the project’s completion with a ribbon-cutting ceremony in the lobby Wednesday morning.)

(RECAP: The William Byrd Senior Apartments, located in a historic building that opened as a hotel in 1925, is seeing better days. The 11-story high-rise for low-income seniors at 2501 W. Broad St. across from the Science Museum of Virginia has emerged from a yearlong, $5 million renovation. A ribbon-cutting celebrating the renovation will be today.)

(RECAP: President Donald Trump’s proposed budget could save the country $3 billion, but it is at the expense of community development block grants. Trump says the grant money is not demonstrating results, so News 5’s Kristi O’Connor went to find out if that is the case in our area. In Marion, programs that are partially funded by block grants have resulted in 27 new businesses, more than 100 new jobs, and 50 new affordable houses.)

(RECAP: City officials are concerned that proposed initiatives, funded with federal dollars targeted for elimination in the budget proposal released by President Trump last week, will be delayed or perhaps not get off the ground if the budget blueprint holds sway in Congress.)