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10 most affordable big cities to buy a home

Home prices continue to rise and now the gains are accelerating again. Short supply is the culprit in the hottest areas, keeping properties supremely pricey.

      But supply isn't terribly tight everywhere; that presents some enticing new opportunities for buyers. Some of the most up-and-coming metropolitan housing markets are actually some of the most affordable. As millennials age out of their expensive rentals and seek affordable, urban homes, these new markets could heat up quickly.

      A research reveals that while the national average listing price for a sample size home of $320,120 can buy a similar home in nearly 1,300 markets across the country, there are some major outliers on both ends of the price spectrum. In Detroit, the country’s most affordable market, the average listing price of a sample size home is less than $65,000. However, in Saratoga, California -- the most expensive market -- that same size home costs nearly $2.5 million, fueled by the region’s high-tech enterprise

      Cleveland came in as the second-most affordable housing market, according to Coldwell Banker's just-released annual survey of housing affordability. The average four-bedroom, two-bathroom home will cost just $73,073. Compare that to the nation's least affordable markets, Silicon Valley's Saratoga, where the same home will cost $2,453,718. All of the top-10 least affordable markets are in California, thanks to the tech industry, but that could soon change. While most of the nation's affordable markets are in the Northeast and Midwest, they are all within commuting distance of major cities. Younger first-time buyers have been a disproportionately small share of the market during the recovery, but are starting to move back into the home buying market. They are more mobile than move-up buyers with families, so as first-timers return new markets could become less affordable.

      Median home prices increased quarter over quarter in 25 of the 27 metro areas studied, and substantially in some areas including by 24% in Cleveland, by 18% in Chicago and by 17% in both Cincinnati and Pittsburgh. At the same time, mortgage rates dropped in every metro area. The study found that buyers in only three metro areas needed a smaller salary in the second quarter than in the first to afford a median-priced home. The South and the Rust Belt dominated in the ranking of the most affordable markets.

      In Orlando, Florida

Salary needed: $49,382.26 (-$460.94)

Median home price: $223,000 (0.9%)

30-year fixed mortgage rate: 3.76% (-0.18%)

Monthly payment: $1,152.25

 

      In San Antonio

Salary needed: $48,752.98 ($1,759.96)

Median home price: $210,500 (7.67%)

30-year fixed mortgage rate: 3.71% (-0.16%)

Monthly payment: $1,137.57

 

      In Tampa, Florida

Salary needed: $44,874.70 (-$704.99)

Median home price: $199,900 (-0.35%)

30-year fixed mortgage rate: 3.86% (-0.15%)

Monthly payment: $1,047.08

 

      In Phoenix

Salary needed: $44,715.99 ($1,049.08)

Median home price: $234,700 (5.2%)

30-year fixed mortgage rate: 3.71% (-0.18%)

Monthly payment: $1,043.37

 

      In Atlanta

Salary needed: $40,092.12 ($3,267.15)

Median home price: $192,000 (14.42%)

30-year fixed mortgage rate: 3.71% (-0.17%)

Monthly payment: $935.48

 

      In Detroit

Salary needed: $38,541.83 ($3,003.94)

Median home price: $164,200 (15.61%)

30-year fixed mortgage rate: 3.78% (-0.19%)

Monthly payment: $899.31

 

       In St. Louis

Salary needed: $38,131.22 ($3,089.80

Median home price: $170,300 (15.22%)

30-year fixed mortgage rate: 3.7% (-0.16%)

Monthly payment: $889.73

 

      In Cincinnati

Salary needed: $37,179.18 ($3,395.41)

Median home price: $160,600 (16.55%)

30-year fixed mortgage rate: 3.79% (-0.09%)

Monthly payment: $867.51

 

      In Cleveland

Salary needed: $34,433.95 ($3,935.82

Median home price: $138,100 (24.08%)

30-year fixed mortgage rate: 3.72% (-0.14%)

Monthly payment: $803.46

 

      In Pittsburgh

Salary needed: $32,390.09 ($2,909.13)

Median home price: $140,500 (17.13%)

30-year fixed mortgage rate: 3.62% (-0.13%)

Monthly payment: $755.77



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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