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2016 summer: best for US housing market in a decade

      Following the strongest spring in 10 years, the residential real estate market should continue to see growth throughout the summer despite some growing economic oppositions. According to realtor.com calculations using National Association of Realtors and Commerce Department data, year-to-date home sales are up 6 percent over last year, which was the best year since 2007.

      This is the strongest performance ever seen since the housing boom in spite of the fact that some would-be buyers are being hindered by low inventory and tight lending. During the boom, loose credit enabled unsustainable increases in home ownership as well as speculative over-building. Tight credit is limiting new home supply as well as existing home supply. Many homeowners who bought 10 or more years ago would not qualify for a similar mortgage today. 

      The market still has not completely recovered from the housing crash, however, as evidenced by the fact that companies are still building only half the new homes needed to keep pace with the number of households being formed.  This is partially due to the construction industry having a difficult time accessing credit and partially due to other factors such as stricter building rules and regulations, a labor shortage, and lot shortages.

      On the bright side, though, is the fact that Millennials, the largest generation in history, are just beginning to enter their prime household formation years. Meanwhile, Baby Boomers, currently the second largest generation, are beginning to reach that “empty nester” stage and are looking for new places to live, as well.

      Additionally, higher mortgage rates are not expected to rise anytime soon, adding another level to the appeal of buying a home. With everything set up how it is, the chances of seeing the best summer season in a decade are very strong. The economic backdrop may be softening, but it is still positive. Unemployment continues to decline and is approaching full employment.    Consumer confidence is managing to stay relatively strong despite election year jitters about the future.

      The factors holding housing back are preventing the factors that normally lead to oversupply and trigger a downward cycle in real estate. These factors are the limited new construction and the tight credit.

      In addition, Brexit has pushed interest rates even lower, likely keeping 30-year mortgage rates solidly under four percent for the rest of this year. Lower rates expand buying power and create a sense of urgency especially as would-be buyers get the message that rates will never be lower.

 



Projects from this area

10 Harbor, USA, Hollywood

10 Harbor will offer 10 exclusive luxury 3 bedroom townhome residences planned by Sunset Harbor Residences.

Each unit will be delivered with flooring throughout. Each residence will feature it’s own private boat/yacht slip, private elevator, and private 2 car garage as well as 3 full baths, a powder room for guests, wood cabinetry in the kitchens by Mia Cucina with high-end gas ranges and appliances, floor to ceiling high impact glass windows, oversized private terraces with private hot tub, summer kitchen, and sweeping views of the Intracoastal Waterway and Hollywood Beach.

LOCATION - 2800 N. OCEAN DRIVE, HOLLYWOOD, FL 33019.

10 Harbor is located on the Intracoastal Waterway in the fast-growing neighborhood of Hollywood. The property is in walking distance from Hollywood Beach overlooking West Lake Park and just 15 minutes from the Fort Lauderdale-Hollywood International Airport. It is also in close proximity to local attractions like Gulfstream Park, South Florida's premier race track, and Aventura Mall, one of Miami’s top destinations for high-end shopping and dining.

UNITS / FLOORS

10 units; 3-stories plus garage. Each unit ranging in sizes from 2,721 sq ft to 2,805 sq ft. Ceiling heights up to 11’-3” in some areas.

BOAT / YACHT

Private boat/yacht slip approximately up to 60' in length and 19' beam.

TIMETABLE

Construction should be underway in the second quarter of 2016 with completion slated for Fall 2017.

PRICE RANGE

Pre-construction finished unit prices starting from $1.419 million residences.

(Prices are subject to change without notice)

10 HARBOR

Nestled between Miami and Ft. Lauderdale, the city of Hollywood is known for its beautiful stretch of beaches and excellent outdoor attractions. From oceanfront hotels to the newly opened Margaritaville Resort, owned by Jimmy Buffet, visitors will find no shortage of accommodations for a weekend getaway or long stay. Experience unique shopping, beachfront restaurants and bars, and a host of activities from sightseeing to live music along

Hollywood's Boardwalk. Hollywood is also seeing a rapidly evolving arts and culture scene, which includes grand murals, art installments, galleries, and the booming Arts Park at Young Circle, which is becoming one of South Florida's premier weekend hot spots. The expansion of the area, from strategic urban development to walkable streets, is catching the attention of locals and out of out-of-towners alike. Those looking for delicious food and a vibrant nightlife will discover much to do in Downtown Hollywood, with its various options perfect for any budget and preference. To make it even easier to take in everything the city has to offer, trolley services are available to transport guests to and from Hollywood Beach to Downtown Hollywood.


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The Manhattan, USA

The Project:

Classic building on the following address: 351 East 82nd  . including 26 units for rent, with high  occupancy.

The project’s condition is required different levels of renovation.

The average rent price in this project is: $1830, comparing to the average rent price in the buildings in the neighborhood: $2590  (for 1 bedroom flat).

The location:

The Upper East Side is located between the 59th St. and  96th St. and is east to Central Park.

Well established classic neighborhood with a wealthy population (including families such as: Kennedy, Roosevelt, Rockefeller and others).

Culture and Leisure: The 5th Avenue, Central Park, The Museums area: Metropolitan, Guggenheim and many more.

Education and Health: The famous University and Hospital: Mount Sinai.

The classic buildings, the wide pavements and the relative quite area attract high quality tenants.

The average household annual income is: $147,000- among the highest in the city.

The Strategy:

1.       Each apartment will become vacant once contract is terminated.

2.       Cosmetic and Gut renovation of all units, bringing them to high end market standards.

3.       Completion of the upgrading process within 24 months.

4.       Realization of the property at updated value, and creating substantial capital gain.


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