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Millennials will be renting for a lot longer in US

The U.S. housing market continues to move ahead, but a generation of homebuyers is being left behind. Homeownership rates have fallen across all age groups since the housing collapse in 2009, but the biggest drop has been among the millennial generation.

       The homeownership rate will continue to fall through 2025, which means that millennials will be renting for a lot longer than their parents' generation did. In 2004, when the overall homeownership rate peaked at just under 70 percent for all age groups, those born in the 1970s were 25–34 years old, moving out on their own and forming new households. With mortgages easy to get, almost 50 percent of that age group owned their home. That's 5 percent higher than the average rate since 1981.

      Today, with mortgages harder to get and memories of the housing bust fresh in buyers' minds, the homeownership rate among 25–34-year-olds has fallen to just 39 percent. A decade after the peak, that 1970s generation, now 35–44 years old, has also seen its grip on homeownership eroded by the housing bust. Its current 59 percent homeownership is 7 percent below the norm for that age group, and the lowest rate for 35–44-year-olds since the data became reliable in the early 1980s.

      Though the home sales are still rising, they're still far from the early 2000s boom. 

     The overall homeownership rate will fall to just 60.8 percent by 2025, the lowest since the mid-1950s. That forecast assumes roughly 15.9 million people born after 1960 will become homeowners and some 10.6 million older homeowners from earlier generations will pass away or no longer own their homes. That works out to a net gain of 5.2 million more homeowners by the middle of the next decade.

       In 2006 house prices in America hit an all-time high, after rising unabated for the previous ten years. The crash that followed brought the entire global financial system to its knees. Despite efforts to fix the plumbing of the American mortgage market, housing in the United States remains a dangerous menace to the world economy. In the meantime property prices in the country, underpinned by low interest rates, forge ahead. On average, American home prices have recovered nearly all their losses from the 2006 crash, but when adjusted for inflation they are still 20% below the 2006 peak. Anyway, house prices continue to rise; demand is strengthening, and residential construction activity is also rising.

      New homes sold in the U.S. rose by 14.6% in 2015 to about 501,000 units, according to the US Census Bureau - the highest number of new housing units sold since 2008. In Q1 2016 there were 132,000 homes sold - up by 17.9% y-o-y. The South accounted for 61% of new home sales transactions in Q1 2016, the West for 23%, Midwest for 11%, and Northeast for 5%.Existing home sales also increased 5.1% in March 2016, to an annualized rate of 5.33 million units, according to the National Association of Realtors (NAR). The Northeast had the biggest increase in of 11.1%, followed by the Midwest with a 9.8% increase.



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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