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Great First Half of 2016 for property market in the US

Housing market growth in the United States is holding steady with a rise of 0.6% quarter on quarter, according to the latest real estate analysis report.

The annual spring housing boom has been beneficial to most regions across the nation, with most markets outside of the Northeast seeing a small bump in quarter on quarter growth in the last month. The data also shows that in the West quarterly growth has increased by 0.2% to 1.3%, while quarterly growth in the South and Midwest have increased to a modest 0.8% and 0.3% respectively.

Also, total home sales are up 5% compared with the first half of 2015.

One of the main factors driving this year’s real estate market has been substantial pent-up demand driven by demographic trends. The leading edge of millennials is entering into homeownership in large numbers, particularly in more affordable markets. At the same time, more baby boomers are making retirement decisions, providing inventory and powering sales. All ages have been tempted by near-record lows in mortgage rates prompted by global economic weakness and instability driving investors toward U.S. bonds. (As demand for bonds goes up, their price and mortgage rates go down.) But even with all that demand, the market can grow only so much, because of the limited inventory of homes for sale. 

Growth figures in the Northeast are concerning with the Clear Capital’s firm models showing an average of zero price growth in the region over the last quarter. Alex Villacorta, vice president of research and analytics at Clear Capital pointed out that while prices in the region as a whole have appeared to stagnate, there are markets in the region that are performing positively, such as New York and Hartford, where prices have increased by 0.5% and 0.7% respectively over the last quarter. The regional year end forecasts may also be a cause for concern, with the West and North-eastern regions projected to fall potentially into negative territory over the next six months. The analysis predicts that by the end of 2016, the nation may see a new leader in terms of regional growth as the South and Midwest are predicted to have the highest price growth over the next six months, around the 0.5% mark.

Southern cities are dominating the top spots in our forecast, with six of the top 10 markets located within the region. Home prices in Dallas and Nashville are predicted to see growth throughout the remainder of 2016, increasing to the tune of 3% to 4% by the end of the year. Major Florida markets are also predicted to continue to rise, with Jacksonville and Orlando growth forecasts around 2.5% by the end of 2016, while homes in Tampa may increase by almost 4% over the next six months.

It is getting even more expensive to become a homeowner — especially in Seattle or Dallas. Those cities saw their median home prices rise to the highest point ever: $385,000 in Seattle and $240,156 in Dallas. Across the nation, home prices reached an all-time high of $231,000 in June, up 6% from May and up 9% over the same time last year. That exceeds the peak set before the housing crisis, when they reached an average of $228,000 in 2005. June also marks the 52nd month in a row of rising home prices across the nation.

A similar phenomenon can be seen in cities around the country. Nearly a third of the 130 metro areas analyzed saw all-time home price highs in June, including Minneapolis, at $235,950, Atlanta ($192,000), and St. Louis, ($190,209).

So as a result of a very strong spring and summer leaving with low inventories, mortgage rates potentially moving back up, and the presidential election creating more uncertainty, the US may see a weaker housing market in September, October, and November. However, given the performance so far this year, 2016 should end as the best year in a decade.



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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