Author: ipgocorp

NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for June 2016 shows that home prices continued their rise across the country over the last 12 months.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.1% annual gain in June, unchanged from last month. The 10-City Composite posted a 4.3% annual increase, down from 4.4% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, down from 5.3% in May.

Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last five months. In June, Portland led the way with a 12.6% year-over-year price increase, followed by Seattle at 11.0%, and Denver with a 9.2% increase. Six cities reported greater price increases in the year ending June 2016 versus the year ending May 2016.

Before seasonal adjustment, the National Index posted a month-over-month gain of 1.0% while both the 10-City Composite and the 20-City Composite posted a 0.8% increase in June. After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase, and both the 10-City Composite and 20-City Composite posted 0.1% month-over-month decreases. After seasonal adjustment, nine cities saw prices rise, two cities were unchanged, and nine cities experienced negative monthly prices changes.

“Home prices continued to rise across the country led by the west and the south,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “In the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit faster than inflation. Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing.

“Overall, residential real estate and housing is in good shape. Sales of existing homes are at running at about 5.5 million units annually with inventory levels under five months, indicating a fairly tight market. Sales of new single family homes were at a 654,000 seasonally adjusted annual rate in July, the highest rate since November 2007. Housing starts in July topped an annual rate of 1.2 million units. While the real estate sector and consumer spending are contributing to economic growth, business capital spending continues to show weakness.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

(RECAP: Being on a waiting list for community-based services may be evidence enough that an individual with developmental disabilities is at risk for institutionalization in violation of the Americans with Disabilities Act, according to the U.S. Department of Justice. In a statement of interest filed this month, the Justice Department said that if individuals with developmental disabilities are not receiving services in the community, they may have a claim that their rights have been violated. “Non-institutionalized individuals with disabilities who are not currently receiving state-funded home- and community-based services may bring a claim that a public entity has placed them at risk of institutionalization or segregation in violation of the ‘integration mandate’ of Title II of the Americans with Disabilities Act,” the federal filing indicates.)

BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson announced that the company acquired The Townhomes at Lost Canyon, a 157-unit multifamily community in Santa Clarita, California for $61 million. The company invested $19 million of equity (inclusive of closing costs) and secured a 10-year fixed rate loan of $43 million through Fannie Mae at 3.63% to acquire this wholly-owned property.

“We are excited to expand our presence in the greater Los Angeles area with another high quality asset,” said Nicholas Bridges, Managing Director of Kennedy Wilson Multifamily Investments. “We believe this community will attract those who want access to LA’s jobs and amenities but who also desire an outstanding public school system and a high quality of life.”

The Townhomes at Lost Canyon is a class-A apartment community located in Santa Clarita, CA. Situated on 12.5 acres, the property was built in 2013 and is entirely comprised of 3 bed, 2.5 bath townhomes featuring high-end condominium-level specs and all with two-car, direct access garages. Best-in-class amenities at the property include a swimming pool and spa, fully equipped fitness center, enclosed dog park, and a kid’s playground. The Santa Clarita Valley is a thriving center for high-paying industry clusters such as advanced manufacturing, medical devices, aerospace and defense, information technology, and digital media and entertainment.

Kennedy Wilson’s global apartment portfolio includes 133 communities with approximately 26,000 units, including 25 communities and 8,808 units in which the company has an approximate 99% ownership interest.

SAN FRANCISCO, CA – Just a few weeks after the official launch of sales for the tower residences within The Pacific,  developer Trumark Urban announced that the building has completely sold-out its phase one offering, surpassing $120M in sales. Prompted by the unequivocal demand for the first newly constructed condo residences in San Francisco’s Pacific Heights neighborhood in decades, the team will release and accept offers on the second phase of residences ahead of schedule on September 6.

“After working for so many years on a building with no parallel or precedence, it is very encouraging to see such a strong reception by the market,” said Arden Hearing, Managing Director for Trumark Urban. “The feedback and sales interest in our first phase of residences at The Pacific has exceeded our expectations.”

Beyond the mold-shattering architecture and bespoke interior design by Glenn Rescalvo at Handel Architects, the collaboration with Jay Jeffers on model residences, the intimate art installation from Helen Amy Murray and the collection of five-star service and amenities, the most significant asset this building has is the address itself.  

Sales for the building’s 66 residences, led by West Coast sales and marketing firm Polaris Pacific, include an array of one-, two- and three-bedrooms flats and three-level townhomes each featuring distinctive entertaining spaces, chef’s kitchens, up to 11-ft ceiling heights and floor-to-ceiling windows with picturesque views of San Francisco that span from the Bay, the Golden Gate Bridge, the Presidio, the Marin Headlands, Tiburon and Sausalito, to the Island of Belvedere.

Unique to the residences at The Pacific is the Penthouse Collection, already over one-third sold. The Collection includes an offering of seven penthouses ranging up to approximately 3,073 square feet and four Grand Penthouses with private, expansive wrap-around terraces ranging up to approximately 4,048 square feet. Significant sales interest has also been bolstered by The Pacific’s Broker Advisory Board, a partnership with some of the city’s top luxury brokers to help shape the project from conception.

“The understated elegance of The Pacific has been thoughtfully curated from start to finish,” said Mark Higgins, Senior Vice President of Sales and Marketing at Trumark Urban. “There is no other residential condo offering of The Pacific’s caliber available in the Pacific Heights neighborhood, San Francisco, or the country.”

The Pacific will offer a full range of amenities including private vehicle valet, full service concierge, lobby attendant, a private Observatory Lounge overlooking the Bay and Golden Gate Bridge, a private guest residence called “The Fillmore”, and a world class fitness center.  Nestled next door to Fillmore Street, with the urban conveniences of high-end retail, Michelin-star restaurants and activities, owners at The Pacific will want-for-nothing at this cosmopolitan refuge.

Pricing for the wide range of residences will start from under $2 million and range up to $18 million. Private tours for interested parties are available now. Move-ins are anticipated to begin immediately.

ANNAPOLIS, MD – LMC – Lennar Multifamily Communities celebrated the groundbreaking of their latest Class-A Apartment Community in Annapolis, MD.  The six story 293-unit luxury rental community, expected to deliver its first units next Summer, will feature LMC’s standard top of the line finishes, and an amazing suite of amenities including a rooftop pool, clubroom and lounge space, extensive fitness and yoga area, co-work Space, tranquil Zen garden, and a resident aquatic sports amenity program which will serve to compliment the great City of Annapolis.

Annapolis is known as America’s sailing capital, with access to water activities for residents, a thriving arts and culture scene, adjacency to the gorgeous Chesapeake Bay as well as being home to the United States Naval Academy. 

Stuart Cain, Vice-President of Development for LMC’s Mid-Atlantic Northeast region gave thanks to all involved saying “We are excited for the opportunity to weave LMC’s newest community into the already vibrant fabric of Annapolis.  This is the culmination of a team effort involving many parties and we are proud of the thoughtful design and development that went into this project.”

Bob Hannon, President and CEO of the Anne Arundel County Economic Development Corporation praised LMC’s long term commitment to the project as well as to the local community.  Mr. Hannon went on to say, “The quality that LMC brings to this project and the way in which they have conducted their business here speaks to the quality that we really want in this community.  We thank you for bringing a terrific project to this location.  From a County perspective, this location is terrific – adjacent to the City of Annapolis, adjacent to a plethora of restaurants and retail, major medical services and major transportation, all in place to serve the residents that are going to take occupancy of this building.  We think this is going to be a great project for the County, going to be a great project for the City and ultimately a significant investment in the overall community. “

LMC is also currently breaking ground on their 32 story 398 unit iconic high-rise at the epicenter of Tysons, VA adjacent to the Greensboro Metro Station. 

(RECAP: NAHB analysis of the Census Bureau Survey of Construction (SOC) data shows that non-conventional forms of financing new single-family home purchases remained elevated in 2015, accounting for more than a third of the market. For homes started in 2015, the share of mortgages insured by the FHA bumped up, especially in the Pacific and South Atlantic divisions where FHA loans accounted for 19% and 18%, respectively. This was largely due to a reduction in FHA mortgage insurance premiums implemented at the start of 2015. As a result, FHA-backed loans regained their status as the most prevalent form of non-conventional financing of new home purchases – the status they temporarily lost to cash purchases a year earlier following the implemented decline in the 2014 FHA loan limits.)

HONOLULU, HI – The Howard Hughes Corporation announced the topping out of Anaha, the second residential condominium tower to be completed within Ward Village, its 60-acre urban master planned community in the heart of Honolulu. With Anaha’s opening in the summer of 2017, Ward Village will continue its transformation into a vibrant walkable neighborhood that offers a range of exceptional residences with incredible island and ocean views and a diverse collection of dynamic retail experiences. Due to these unique features, Ward Village has contracted to sell over 1,100 homes to date, and Anaha is currently more than 90% pre-sold. A collaboration by award-winning architect and design firm Solomon Cordwell Buenz, Honolulu-based Benjamin Woo Architects and global design leader Woods Bagot Interiors, the building was designed to capture the reflected light of the Pacific Ocean and celebrate the beauty of the shoreline.

“The topping out of Anaha is another significant milestone as we continue to create a neighborhood at Ward Village that enriches the lives of all those who experience it,” said David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation. “With our carefully curated mix of top residential architectural design, retail experiences, public spaces and cultural programming, Ward Village is on its way to becoming one of the great urban master planned communities in the world.”

Three residential buildings are currently under construction and five are available for sale at Ward Village offering a broad range of options and lifestyles in the walkable community. Contracted sales at the community have reached approximately 90% for the 493 homes in its first two luxury condominium towers, Waiea and Anaha. Construction began on Ward Village’s third tower, Ae‘o, in February 2016. At completion, Ward Village will deliver more than 4,000 new residences in a market where supply continues to fall short of demand for new housing.

Anaha will offer 244 studios and one-, two- and three-bedroom tower residences as well as 73 low-rise flats and townhomes. Wraparound views span from the beachfront to Diamond Head and from Kewalo Harbor to the sunset in the west. The ground floor of Anaha will also welcome Hawaiʻi culinary pioneer Peter Merriman as he opens his first Oahu location of the highly-regarded Merriman’s restaurant in the summer of 2017. Along with the relocation of Oahu’s only Nobu location to Ward Village and the highly anticipated opening of the flagship Whole Foods Market in the base of Ae‘o, the community will become Honolulu’s premier outdoor shopping destination and a gathering place for residents and visitors.

As the largest LEED-ND Platinum certified development in the country and the only one in Hawaiʻi, Ward Village is at the forefront of sustainable community development and will contain public amenities at a scale that no other development in Hawaiʻi offers. These public amenities include a planned four-acre park in the heart of the community, new tree-lined sidewalks and bike lanes and access to the adjacent Kewalo Harbor, which is now operated by The Howard Hughes Corporation under a 35-year ground lease with the State of Hawaiʻi, with plans underway to upgrade the harbor’s existing infrastructure for recreational and commercial vessels alike. Kaka‘ako was recently named by Trulia as the top neighborhood with the best amenities in cities of under one million people.

ALBUQUERQUE, NM – U.S. Representative Michelle Lujan Grisham will join representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas), Wells Fargo, YES Housing, and other dignitaries for the grand opening of the Imperial Building. The event will take place today at 205 Silver Avenue SW in Albuquerque, New Mexico.

The Imperial Building, a 74-unit mixed use, multifamily rental property received a $378,000 Affordable Housing Program (AHP) grant, which provided gap funding that aided in the construction of the building. Developed by YES Housing, the grand opening will celebrate the completion of the apartment community. The apartments, which opened in May, are anchored by a 10,000-square-foot grocery store, retail services, and underground parking. The grant comes to the Imperial Building from FHLB Dallas and Wells Fargo. Additional funding for the project came from the city of Albuquerque, New Mexico Mortgage Finance Authority (MFA), and the MFA Primero Loan Program.

“This mixed use building is one of the great catalysts for downtown,” said Mayor Richard Berry. “The grand opening of the Imperial Building is a testament to the great things that happen when the private and public sectors come together on a project such as this one. I applaud all of our partners, including Wells Fargo and the Federal Home Loan Bank of Dallas, for their efforts contributing to the revitalization of Albuquerque’s economic landscape.”

AHP grants are available annually through FHLB Dallas member institutions such as Wells Fargo to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households located across FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. This year, FHLB Dallas awarded $7.8 million in AHP grants to 27 projects that will result in 1,499 new or renovated housing units.

(RECAP: The Charlottesville region faces a serious affordable housing crisis, one that threatens the well being of the community and leaves too many hardworking local families and individuals like Trisha without access to simple, decent affordable housing. The numbers are staggering: 50 percent of Charlottesville residents spend more than one third of their income on housing alone. Based on affordable housing deficits identified in key city, county and Thomas Jefferson Planning District Commission studies, we find we have a regional deficit of about 16,000 safe, decent, affordable units. As a community, we can do better. And confronting this crisis starts with land.)

(RECAP: Affordable housing provider Piedmont Housing Alliance has received an allocation of $850,000 in Community Homeownership Revitalization Program funds from the Virginia Housing Development Authority (VHDA). First-time home buyers with low and moderate income who qualify may have access to low-cost mortgage funds between now and June 30, 2017. “We are tremendously excited for our first time home buyer clients,” said Piedmont Housing’s Executive Director, Frank Grosch. “This represents a huge opportunity for them to get into an affordable home at a great long-term interest rate.” “We are grateful for our partnership with VHDA and local VHDA lenders who play a key role in home affordability throughout the state,” added Chief Operating Officer Karen Reifenberger. “Long-term home ownership remains a critical element in anchoring community stability and promoting family financial security.”)