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Housing Starts in U.S. Climbed to a Five-Month High in July

U.S. home construction unexpectedly accelerated in July to the fastest pace in five months, indicating the housing industry remains an area of support for the economy.

The rate of overall construction rose 2.1 percent to a seasonally adjusted annual rate of 1.21 million from 1.19 million in June. That was the highest level since February. Most of the gain came from an 8.3 percent acceleration in the construction of multi-family buildings. Construction of single-family houses edged up just 0.3 percent.    

Continued recovery in housing will be supported by historically low mortgage rates.

Construction climbed 15.3 percent in the Northeast. The Midwest and South reported smaller gains, while starts slipped in the West. Still, future gains may be limited because current housing starts are outpacing permits to build in the future. Authorized permits slipped 0.1 percent in July to an annual rate of 1.15 million.

A shortage of existing homes for sale is boosting the market for newly-built homes, and fueling confidence among builders right along with it. A monthly reading of builder sentiment rose two points to 60 in August; anything above 50 is considered positive on the National Association of Home Builders/Wells Fargo Housing Market Index. July's reading was revised down one point. The index stood at 61 in August of 2015.

Current sales conditions rose two points to 65, and sales expectations over the next six months increased one point to 67, but buyer traffic fell one point to 44, still mired in negative territory. Housing affordability, which has been weakening amid rising prices, is playing into the drop in buyer traffic. Higher prices have more than canceled out the benefits of falling mortgage rates this summer. Just 62 percent of both new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $65,700. This is down from the 65 percent in the first quarter. Several major housing markets are seeing record high median home prices, and the premium for a newly built home is widening.

On a three-month moving average, builder confidence in both the South and Northeast rose two points to 63 and 41 respectively. Confidence among builders in the West was unchanged at 69 and in the Midwest dropped two points to 55. Single family housing starts have been rising steadily but are still well below historical norms. 

San Jose's homes are historically expensive.

According to data from the National Association of Realtors, the median price of a home in the California city is now over $1 million — $1,085,000 to be exact — the first time that the group has registered such a high figure in a metro area. All in all, during the second quarter, home prices increased in 83% of the 178 metro areas that NAR tracks and the average price of a single-family home nationwide increased 4.9% year-over-year, to $240,700.



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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