Real Estate Archives

Flintridge Partners is pleased to announce that construction of its new senior living community Crestavilla is slated to begin in early 2013. Unparalleled amongst senior living communities in the area, the resort-style community brings together a stunning location, beautiful architectural designs and the highest standards in services and amenities. It’s a place where enriching the health and well-being of seniors is apparent from literally the ground up and is scheduled to open in 2014.

Crestavilla represents a new brand of retirement living community, comparable to a five-star resort. Living at Crestavilla will provide residents with “inspired coastal living,” from the warmth and authenticity of its Spanish Colonial architecture reminiscent of the early days of California to the programs and activities fostering a healthy physical and emotional well-being.

“Crestavilla has been designed with seniors in mind, and to take advantage of the scenic vistas of its location, not to mention the unmet need for a retirement community of this caliber,” said Marlon Fenton of Flintridge Partners.

Crestavilla will offer independent living, assisted living as well as memory care for residents in one location. Situated on 11.5 lushly landscaped acres in Laguna Niguel, Crestavilla features timeless architecture, functional floor plans and elegant design, not to mention five-star amenities and services to complete the resort style living including restaurants, a spa, theaters and a spiritual resource center. Crestavilla is located near major transportation corridors, shopping centers, medical, cultural, and recreational venues.

At the heart of Crestavilla is over 80,000 square feet of indoor amenities. Spacious residences feature a custom selection of fine interior finishes to match the elegance of the entire community and will be available in studio, one, and two bedrooms ranging up to 1,190 square feet. Crestavilla is located near the intersection of Niguel Road and Crown Valley Parkway in Laguna Niguel, California.

About Flintridge Partners
Flintridge Partners, LLC, is a real estate development company focusing on a number of specialty markets. Irvine, California based Flintridge Partners is led by an experienced group of professionals who together combine their diverse and complementary skills to manage every aspect of the company’s real estate development projects.  For more information visit http://www.flintridge.us.

CONTACT: Stacia Kirby, +1-206-363-1492, stacia@speakeasy.net

Web Site: http://www.flintridge.us

Investment conditions have improved modestly across all property sectors, while property values remain flat and transaction volumes have decreased. These results were released today by CCIM Institute (www.ccim.com), one of the largest commercial real estate networks in the world, following a national third-quarter survey of CCIM members conducted by Real Estate Research Corp. (RERC).

Slow economic growth, high unemployment and anticipated federal tax increases are factors that continue to negatively impact the commercial investment environment, based on the report. The climate remains challenging for commercial real estate investors, who struggle to find viable opportunities in a slow-growth environment. A small silver lining – commercial real estate remains a reasonable and sturdy investment choice for investors seeking realistic returns and minimal volatility, according to CCIM members.

“Returns on investment income from commercial real estate can still be achieved over time for those with patience. There are plenty of investors seeking to avoid the volatility of the stock market, and who require higher yields than those offered by bonds and cash investments,” said Kenneth P. Riggs Jr., CCIM, CRE, MAI, chief real estate economist for the CCIM Institute and chairman and president of Real Estate Research Corp. “Commercial real estate is a good alternative for such investors, particularly those who are looking for income in a slow economy.”

Investment Conditions Improve
Investment condition ratings for all property types – office, industrial, retail, apartments and hotel – improved during third-quarter 2012, with the apartment sector receiving the highest score, at 7.6 on a scale of 1 to 10, with 10 being highest. The hotel and industrial sectors’ ratings rose to 5.9 and 5.6, respectively, followed by the 5.4 rating for the retail sector. The office sector investment rating rose to 4.8.

CCIM members said that the best investment strategies in this environment include buying low, keeping cash on hand for future opportunities and investing in foreclosed or distressed properties. Members also suggest looking long term and advise patience when investing.

Return vs. Risk and Value vs. Price Ratings Rise
CCIM members raised the return-versus-risk ratings and value-versus-price ratings for all property types and for commercial real estate overall during third-quarter 2012.

Specifically, the overall return-versus-risk rating for commercial real estate increased to 5.5 during third-quarter 2012, according to CCIM members. Likewise, the return-versus-risk ratings for all of the property types increased. At 7.2, the apartment sector earned the highest rating. The industrial sector rating, at 5.7, pulled away from the hotel sector rating of 5.6. The rating for the retail sector increased to 5.3, while the office sector rating remained the lowest, at 4.9, during third quarter.

CCIM members noted that the value-versus-price for commercial real estate increased during third-quarter 2012, with the overall value-versus-price rating increasing to 5.6. Although the overall value of commercial real estate improved only slightly, the value-versus-price ratings also increased for every property sector. The industrial sector rating increased to 5.6, and retained the highest rating among the property sectors. Similarly, while the retail sector’s rating rose to 5.3, the ratings for the office and apartment sectors each increased to 5.2. At 5.1, the hotel sector rating also increased, although the rating remained the lowest compared to the other property types.

Property Values Remain Flat
While commercial real estate seems to be holding its own with respect to income performance, property values remain flat and transaction volume declined in third-quarter 2012.

On a 12-month basis, transaction volume for all property types decreased with the exception of the industrial sector volume, which increased slightly. More specifically:

  • Hotel sector volume fell 25 percent.
  • Office and retail sectors volume declined approximately 15 percent and 10 percent, respectively.
  • Apartment sector volume decreased about 5 percent from the previous quarter.

“Get used to it, as this is the ‘new normal’ for the economy and we should expect this investment environment for the foreseeable future. The low-hanging fruit has been picked, and investors are adapting to the challenges we face. Risk-adjusted returns for commercial real estate are down from what we have seen, but fundamentals are steady and even improving slightly,” added Riggs. “With volume and prices for commercial properties flat or down on average (except for apartments) during third quarter, plus assurance from Bernanke that interest rates will be low until mid-2015, opportunities with reasonable prices may be found in increasing numbers of secondary and tertiary locations.”

Property Sector Highlights
Continuing a positive trend, the national vacancy rate for all property types continued to decline during third quarter 2012. Only the retail sector vacancy rate remained unchanged.

Other property sector highlights gleaned from the survey of CCIM members include:

  • The apartment sector remained the safest and best investment compared to the other property types during third-quarter 2012.
  • Compared to other property types, distressed and foreclosed office properties sold the best during third-quarter 2012.
  • Industrial properties are currently underpriced. Members suggest that investors should buy low, lease at market value and hold. There is not much demand for industrial properties in the East region due to oversupply.

The complete survey findings can be found at http://www.ccim.com/resources/itq-fourth-quarter-2012-rercccim-investment-trends-quarterly

About the Survey Methodology
The analysis provided in the RERC/CCIM Investment Trends Quarterly is conducted by Real Estate Research Corp. (RERC). The information is gathered in raw form from surveys sent to CCIM designees and candidates, and from sales transactions collected from various sources, including CCIM members, various key commercial information exchange organizations (CIEs), the media, assessors’ offices, RERC contacts in the marketplace, and other reliable public and private resources. All sales transactions are aggregated, analyzed, and reported on by RERC. The RERC/CCIM Investment Trends Quarterly report provides timely insight into transaction volume, pricing, and capitalization rates for the core income-producing properties.

About the CCIM Institute
Since 1969, the Chicago-based CCIM Institute has conferred the Certified Commercial Investment Member (CCIM) designation to commercial real estate and allied professionals through an extensive curriculum of 200 classroom hours and professional experiential requirements. The core curriculum addresses financial analysis, market analysis, user decision analysis, investment analysis, and negotiation—the cornerstones of commercial investment real estate.

An affiliate of the National Association of Realtors®, the CCIM Institute also offers powerful technology tools such as the Site To Do Business, an online site analysis and demographics resource, and CCIMREDEX, a single-entry listing and data exchange. Currently, there are nearly 10,000 CCIMs in 1,000 markets in the U.S. and 31 additional countries, with another 6,000 practitioners pursuing the designation, making the institute the governing body of one of the largest commercial real estate networks in the world. Visit www.ccim.com, www.stdbonline.com, and www.ccimredex.com for more information.

CONTACT: Amie DeLuca, +1-630-315-2962, amie@hensonconsulting.com

New Apartment Complex Goes Up in Texas

English: Site preparation and construction of ...

Apartment Complex(Photo credit: Wikipedia)

TDI  announced today that it has purchased 6.65 acres of prime real estate in Las Colinas for a $50 million residential development. The new development will have 386 apartments in multi-story buildings and will be the closest in walking distance to the recently opened DART Orange line station just across Northwest Highway from the Irving Convention Center. Construction is expected to begin in March 2013.

“This high profile location, which will include a landmark 6 story tower at Northwest Highway and Las Colinas Boulevard, is the ideal setting to create the next generation of multi-family product,” said Brad Taylor, Executive Vice President and Investment Partner for TDI.  “These homes will have extraordinary highway access as well as the available DART light rail system that provides easy access to Plano, Richardson and Downtown Dallas, and will reach D/FW airport by 2014.”

The design will feature urban connectivity between the streetscape and community. The clubhouse spills out onto a retail-style urban patio area that interacts with the streets. Brownstone walkup style apartments at street level will interconnect the streets with the community in a seamless manner.

“This design created a community,” said Taylor. “Offering residents access to five serene landscaped courtyards as well as an active courtyard with a resort style pool.  The interiors of the apartment homes will include 10 foot ceilings, separate showers in select units and islands in every kitchen.”

“The Las Colinas residential submarket has a 96 percent occupancy rate,” said Taylor. “We will be offering the newest and one of the most unique products in that submarket.  More than 100,000 people work in Las Colinas, which is home to the global corporate headquarters of five Fortune 500 companies and regional headquarters for 100 other corporations.”

TDI currently has 1,406 units under construction in Texas, California and Arizona and has asset management responsibilities over 4,900 units nationwide.  In addition, TDI has plans to develop an additional 2,320 units over the next 12 months that are in various stages of planning and predevelopment and is currently raising capital to complement their venture platforms in order to fund their expansion and business plan.

The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services.

CONTACT: David Margulies, +1-214-368-0909

Real Estate Investors Buying Up Storm Damaged Homes

Union Holding Group, a Union County New Jersey-based Real Estate Investment Company, has ramped up their Cash for Houses Program in New Jersey in the wake of Hurricane Sandy.

Chief Marketing Officer, Chris Floor, said, “The damage Sandy brought is immense – rendering many houses impossible to sell or mortgage on the retail market.  Our Cash for Houses program is an easy way for homeowners to sell their property as-is – without needing to fix homes or bring them up to code to meet township certificate of occupancy standards.”

Many homeowners are still trying to salvage sentimental items among the damage – as well as awaiting insurance adjuster appointments so they can find out where they stand with their insurance claims.  Floor went on to say, “We know how difficult this situation can be – it’s their homes we’re talking about.  We offer sellers the flexibility to close when they want to – we’ve got plenty of work to do and we’ve had plenty of sellers that have already taken advantage of the Cash for Houses program.  Sellers can close when it’s most convenient for them – period.”

Getting cash for houses often sounds appealing – but it’s not for everyone.  Floor continued, “Some sellers are much more comfortable using a Realtor versus selling directly.  The issue there is many storm-damaged homes require extensive renovation – and it’s not easy to find available contractors as they’ve got their plates full with work.  Sellers seeking a fast sale – so they can move on quickly – are often the best candidate for the Cash for Houses program.”

Union Holding Group is a Union County New Jersey-based Real Estate Investment Company based in Cranford, NJ.  For more information call 866-910-5323 or visit www.houses4fastcash.com.

This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.

Web Site: http://www.houses4fastcash.com

Real Estate Demand in Caribbean Heating Up

English: West Bay Beach, Roatan, Honduras.

Roatan, Honduras. (Photo credit: Wikipedia)

Based on figures from the CBO and the Joint Committee on Taxation, federal taxes will increase by a total of $423 billion in 2013 if the Bush-era tax cuts are allowed to expire. According to the Associated Press, the increase in taxes will be the largest since 1942.

In light of this, for those looking to secure their funds offshore and control their own spending, the newest development on Roatan, Crystal Sands Villas, may be the answer.

Amy Murphy, a realtor with Russ Lyon Sotheby’s International Realty in Scottsdale, Arizona, has experienced an influx of buyers seeking to purchase homes in the Caribbean – with a 70% surge in inquiries since the election.

As the owner of her own Caribbean property on the island of Roatan off the coast of Honduras, Amy has first-hand experience of this offshore buying trend.

Since the late 1990s, the value of her property has rocketed from $38,000 to $250,000, a growth trend which is tempting more buyers to invest before taxes rise.

Amy said: “In 2012, the Wall Street Journal, Kiplinger’s and International Living each designated the island of Roatan – along with the Cayman Islands – as among the top destinations for retirees in the world.

“Roatan distinguishes itself by offering full-service spas, world-class golf, dining and shopping all at reasonable prices.  It’s a haven for anyone looking for an affordable and peaceful island lifestyle and it’s appealing for Americans who don’t want to give money to governments, agencies and programs they do not endorse.

“Many buyers looking to invest money in this market believe that entrepreneurs and families should be able to control their own spending, without being forced to fund an overly deficit US Government.”

The newest development on Roatan is an exclusive community in the pristine area of Turquoise Bay.  Called Crystal Sands Villas, the properties consist of eco-friendly designer villas on one of the last unspoilt white sand beaches in the Caribbean. Each luxury property will enjoy 24-hour gated security with concierge service, spa, marina and medical services, all with stunning views of the Caribbean Sea and the Mesoamerican Barrier Reef – the second largest reef in the world.

Amy continued: “Prices to buy into this idyllic and secluded Caribbean community will increase 25% in January, with building commencing next summer.  The investment potential is huge, especially as the year-end approaches.

“With land appreciation in Roatan averaging at around 13.5 percent each year over the past decade, anyone buying into the development now could look to sell in several years, potentially earning a significant return,” she continued.

“As this luxury community becomes more established, a greater number of people with wealth and a desire to escape from the stress and politics of urban life will want to buy into it.

“My advice to anyone wanting to make a move is to take advantage of securing their funds offshore before taxes rise and begin living a life of beaches and beauty on a tropical paradise like Roatan.”

Discover more about property and investment opportunities in Roatan Honduras now:

www.roatanluxuryestates.com or contact Amy Murphy at amy@roatanluxuryestates.com

CONTACT: Press, Miki Haines-Sangor, +44 7900 690 574, miki@goldengoosepr.com

Web Site: http://www.crystalsandsvillas.com

Clopton Capital, a commercial mortgage provider based in Chicago, is forecasting no increase or measurable change in commercial mortgage interest rates in 2013. This prediction is based on numerous factors including political, economic and proprietary to the commercial mortgage industry. “Via direct conduits, current commercial mortgage interest rates are at best, in the neighborhood of 3%. This make borrowing commercial capital incredibly cost effective and advantageous and we are pleased to state that these commercial mortgage interest rates will likely continue to exist throughout next year”, said Jake Clopton, the founder of Clopton Capital.

The firm states that if sudden or unprecedented borrowing costs were to increase, whether this be transactional costs or simply an increase in interest, the firm will be swift in notifying their prospects, clients and the general public. “If commercial mortgage interest rates were to somehow soar suddenly, we would immediately draft a mass email to our clients and issue a press release explaining why this has happened, what is means for our clients and what we intend to do to adapt to the issue as a firm”, said Jake Clopton.

Clopton Capital intends to continue utilizing commercial mortgages in 2013 as their primary mechanism for funding new and existing commercial real estate projects. Commercial real estate owners and business owners are encouraged to visit CloptonCapital.com for more information about commercial loan options available presently.

Credit Union Offering Zero Down Mortgages

Navy Federal Credit Union, announced this week its October mortgage closings surpassed $1 billion. This is a record and a coupe for Navy Federal at a time when the REALTOR® Confidence Index (RCI)1,reports that consumers face “tight credit conditions” and challenges in getting loan dollars from lenders. In fact, year-to-date, Navy Federal has made more than $8.3 billion in mortgage funds available to its members.

So, how is it possible for Navy Federal Credit Union to report such substantial mortgage gains, despite a national lending squeeze? Jack Gaffney, executive vice president, Lending, asserts it’s by having both the will and the way to lend.

“Having ample products, competitive rates and specials like offering to pay up to $2500 in closings costs are a must in matching members to mortgages that suit their budget. But by far, being able to offer a “no money down” option is a difference maker,” says Gaffney.

The credit union is one of the few lenders in the market still offering a 100% financing alternative for purchasing a home. The Navy Federal Homebuyer’s Choice Mortgage pulled in $416 million year to date, and the credit union projects near $10 billion in total mortgages booked by year-end.

“For us, huge mortgage success means that we’ve put thousands of families in new homes or placed them securely in their current ones,” says Gaffney, “and, that we’re doing absolutely everything we can to find the exact right mortgage or refinance option to fit our members’ needs. Making homeownership possible is a privilege.”

About Navy Federal Credit Union: Navy Federal Credit Union is the world’s largest credit union with $50 billion in assets, four million members, 227 branches and a workforce of over 10,000 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information, visit www.navyfederal.org.

1 According to data from the REALTOR® Confidence Index (RCI), September 2012 Edition
http://www.realtor.org/sites/default/files/reports/2012/realtors-confidence-index-2012-10-report.pdf

Contact: Jeanette Mack
Manager, Corporate Communications
Phone: (703) 255-8792
E-mail: jeanette_mack@navyfederal.org

Web Site: https://www.navyfederal.org

Florida Real Estate Prices Heading North

Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October, according to the latest housing data released by Florida Realtors®.

“With Thanksgiving just around the corner, we have a lot to be thankful for here in Florida,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The state’s latest unemployment rate fell to 8.5 percent, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.”

Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 56.7 percent over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9 percent from a year ago.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2012 was $184,300, up 11.4 percent from the previous year. In California, the statewide median sales price for single-family existing homes in September was $345,000; in Massachusetts, it was $294,900; in Maryland, it was $244,357; and in New York, it was $225,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 8,252 units sold statewide last month, up 16.4 percent compared to October 2011. Meanwhile, pending sales for townhome-condos in October increased 47.1 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $107,000, up 20.2 percent over the previous year. NAR reported that the national median existing condo price in September 2012 was $181,000.

The inventory for single-family homes stood at a 5.2-months’ supply in October; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.

“Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said Florida Realtors Chief Economist Dr. John Tuccillo. “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.38 percent in October 2012, down from the 4.07 percent averaged during the same month a year earlier, according to Freddie Mac.

To see the full statewide housing activity report, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the October 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data

Editor’s Note : Florida Realtors 2012 housing market data releases mark a new statewide data reporting partnership between Florida Realtors Industry Data and Analysis department and new vendor partner 10K Research and Marketing. Housing sales data from the state’s local Realtor organizations is collected and organized with the goal of providing unique, localized market reports to the local Realtor boards and associations within Florida Realtors, enabling the groups and their Realtor members to serve as the definitive voice of real estate in their respective local markets. At the same time, Florida Realtors is providing comprehensive statewide housing market statistics – but this new data series only refers to statewide data and does not include metropolitan statistical areas (MSAs).

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 63 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org .

CONTACT: Marla Martin, Communications Manager, +1-407-438-1400 ext. 2326; or Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext. 2314

Web Site: http://www.media.floridarealtors.org

Las Vegas Real Estate Setting Records for Sales

Las Vegas Homes

 

We knew it had to happen sooner or later. Nothing lasts forever, not even the low housing prices in Los Vegas. The investors are coming out of the woodwork and have snapped up about 60% of the homes in Vegas for cash. Read more about it here:

http://www.latimes.com/business/money/la-fi-mo-vegas-home-sales-20120328,0,3278002.story

Foreclosure Numbers Dropping

Foreclosure

The banks are reporting lower foreclosure numbers for the last quarter of 2011. Some of that can be attributed to the robo-signing fiasco and some to the new programs that the banks have put in place to help the home owner keep their home. The banks have become a little more flexible in dealing with these delinquent mortgages mainly because the tactics they were using before simply wasn’t working. You can read more about it here:

 

 

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