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US home sales down

Existing home sales in the United States unexpectedly slowed in August for the second consecutive month despite mortgage rates near record lows.

      Higher home prices and not enough inventory for sale have kept some would-be buyers at bay, according to the index report from the National Association of Realtors. It also shows that only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate. Total existing home sales, which are completed transactions that include single family homes, town homes, condominiums and co-ops, fell by 0.9% to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July. After the previous month’s decline, sales are at their second lowest pace of 2016, but are still slightly higher by 0.8% than a year ago when they were 5.29 million.

      Recent job growth is not yielding higher home sales.

      The index also shows that the median existing home price for all housing types in August was $240,200, up 5.1% from August 2015 and the 54th month in a row of year on year price gains. However, total housing inventory at the end of August fell 3.3% to 2.04 million existing homes available for sale and is now 10.1% lower than a year ago and has declined year-over-year for 15 straight months. Unsold inventory is at a 4.6 month supply at the current sales pace, which is down from 4.7 months in July. The share of first time buyers was 31% in August, which is down from 32% both in July and a year ago. First time buyers represented 30% of sales in all of 2015.

      Properties typically stayed on the market for 36 days in August, unchanged from July and down considerably from a year ago when it was 47 days. Short sales were on the market the longest at a median of 144 days in August, while foreclosures sold in 42 days and non-distressed homes took 35 days and 46% of homes sold in August were on the market for less than a month. All-cash sales were 22% of transactions in August, up from 21% in July and unchanged from a year ago. Individual investors, who account for many cash sales, purchased 13% of homes in August, up from 11% in July and 12% a year ago. Some 62% of investors paid in cash in August.

      Distressed sales, that is foreclosures and short sales, were 5% of sales in August, the lowest since NAR began tracking in October 2008, unchanged from the previous month and down from 7% a year ago. Some 4% of August sales were foreclosures and 1% were short sales. Foreclosures sold for an average discount of 12% below market value compared to 18% in July, while short sales were discounted 14% compared to 16% in July. Single family home sales declined 2.3% to a seasonally adjusted annual rate of 4.7 million in August from 4.81 million in July but are still 0.6% above the 4.67 million pace a year ago. The median existing single family home price was $242,200 in August, up 5.3% from August 2015.

      Existing condominium and co-op sales increased by 10.5% to a seasonally adjusted annual rate of 630,000 units in August from 570,000 in July and are now 1.6% above August 2015. The median existing condo price was $225,100 in August, which is 3.7% above a year ago.

      A regional breakdown shows that existing home sales in the Northeast rose 6.1% to an annual rate of 700,000 and is unchanged from a year ago. The median price in the Northeast was $274,100, which is 0.8% above August 2015.

       In the Midwest existing home sales fell 0.8% to an annual rate of 1.27 million in August but are still 0.8% above a year ago. The median price in the Midwest was $190,700, up 5.5% from a year ago.

      Existing home sales in the South fell 2.7% to an annual rate of 2.16 million but are still 0.9% above August 2015. The median price in the South was $209,700, up 6.7% from a year ago.

       Existing home sales in the West fell by 1.6% to an annual rate of 1.2 million in August but are still 0.8% higher than a year ago. The median price in the West was $347,400 which is 9.2% above August 2015.



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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