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The CoreLogic Home Price Insights report features an interactive view of our Home Price

 

The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through September 2018 with Forecasts from October 2018 including live maps.

CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner.

CoreLogic HPI Forecasts™ (with a thirty-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales. Check out the site below for a Full report

https://www.corelogic.com/insights-download/corelogic-home-price-insights.aspx

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends

September 2018 National Home Prices

Home prices nationwide, including distressed sales, increased year over year by 5.6 percent in September 2018 compared with September 2017 and increased month over month by 0.4 percent in September 2018 compared with August 2018 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

 

Forecast Prices Nationally

The CoreLogic HPI Forecast indicates that home prices will increase by 4.7 percent on a year-over-year basis from September 2018 to September 2019, and on month-over-month basis home prices are expected to decrease slightly by 0.6 from September 2018 to October 2018.

The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

In 2018, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive consumer housing sentiment study, combining consumer and property insights. The study assessed attitudes toward homeownership and the drivers of the home buying or renting decision process. When asked about the desire to own a home, potential buyers in the younger millennial demographic have the desire to buy, 40 percent are extremely or very interested in homeownership. In fact, 64 percent say they regularly monitor home values in their local market. However, while, 80 percent of younger millennials plan to move in the next four or five years, 73 percent cite as a barrier to homeownership (far higher than any other age cohort).

House Buyers are gaining the most power in Orlando

By   – Editor, Business Journal

After years of competitive house bidding wars and rising prices, a new data analysis from Zillow shows it might finally be a good time to buy a home in many U.S. markets — especially in Orlando.

Zillow researchers looked at three factors to determine which of the largest housing markets are becoming more buyer-friendly: an increase in the share f listings with a price cut; projected increase in rent appreciation over the next year; and relative to the past.

Based on those factors, the best places for buyers this winter include:

  1. Orlando
  2. Boston
  3. Seattle
  4. Las Vegas
  5. Charlotte
  6. Columbus
  7. Portland
  8. Sacramento
  9. Minneapolis
  10. Dallas

Here in Orlando, there are 6.8 percent more listings with a price cut compared to last year, rent is projected to increase 1.4 percent in the next year, and it costs about 20.2 percent of the monthly median income to pay the mortgage on the typical home.

New office space slated for Lake Nona Town Center

By Jack Witthaus  – Staff Writer, Journal

The Orlando-based developer, Tavistock Development Co. is planning for a new 120,000-square-foot office building in the Lake Nona Town Center. It’s the third office project in the $780 million, 3.8 million-square-foot, mixed-use town center that is developing in partnership with Columbus, Ohio-based Steiner + Associates.

is expected to begin before the end of the year.

“Leasing for the building is going very well,” Senior Sales and Leasing Associate Ginger Vetter said in a statement about the second building, which has yet to open. “We expect to announce another regional headquarters and other tenants soon. With the momentum from this building, we’re moving forward with another new, Class A office building.”

The third building’s general contractor is Barton Malow Co., and the architect is a partnership between Gensler and HuntonBrady Architects. Tavistock spokesperson Karlee Kunkle declined to say whether or not a tenant had been signed for the third building or what percentage of the second building has been leased.

The third building’s revelation comes after the second building — an estimated $20 million, Class A 155,000-square-foot, six-story office building at the southwest corner of Veteran’s Way and Boulevard — topped out in March. The second building, called Town Center Office II, is part of the town center’s $300 million Phase 2A. The building was slated to be completed by the end of this year.

So far, BBA Aviation Plc., parent company to Signature Flight Support in Orlando, has signed a 65,000-square-foot lease inside Town Center Office II.

It’s no surprise that there’s interest in the airport/Lake Nona office submarket as average Class A office rents are $30.18 per square foot — the highest in Central and ahead of Orlando’s average of $25.93 per square foot, Cushman & Wakefield (NYSE: CWK) reported. Part of the demand for office space might have to do with Lake Nona’s growing Medical City, which could be spurring other businesses to relocate to the area to serve that new employment base, said Nicole Barry, vice president and director of operations at Tower Realty Partners Inc.

Meanwhile, construction continues on the second phase of Lake Nona Town CenterOrlando Business Journal previously learned about three dozen major retailers — from American Eagle Outfitters (NYSE: AEO) to Dick’s Sporting Goods (NYSE: DKS) — are lining up for a spot inside the town center. Tavistock wouldn’t confirm any of the potential retailers as tenants, but the company recently announced that Dallas-based cinema Cinepolis USA will open a nine-screen, 40,000-square-foot cinema in 2020 in the town center.

The fast-growing community in southeast Orlando boasts more than 11,000 residents, 5,000 employees and 14,000-plus students at its schools.

Opportunity Zones but great Investment Yes!

It’s not quite lottery level buzz, but talk of the tax rewards and potential of Opportunity Zones has tax lawyers, developers, municipalities and business development pros clamoring for answers and angles.

Still, in its early stages, U.S. governors helped the Internal Revenue Service and U.S. Treasury define eligible census tracts as official zones in May and June. Initial draft regulations about the program provided a fair amount of broad specifics — until late on Oct. 19. That’s when the IRS delivered hotly anticipated detailed rules on Opportunity Zones in a 74-page report reflecting a long period of public comment.

Here’s why Opportunity Zones are getting a lot of attention.

If you have capital gains, the new bipartisan supported provision found in 2017’s tax reform means an individual or institution can park those capital gains into what is known as a Qualified Opportunity Fund. That fund is used only to create investment within the designated census tracts or group of tracts.

Notable Orlando zones include Carver Shores, Washington Shores, Rosemont, Mercy Drive, the Packing District (west of Orange Blossom Trail), West Colonial Drive, East Colonial Drive (GOAA properties), Parramore (south of Church Street), the SoDo area (west of Orange Avenue) and the northeast corner of Semoran Boulevard and Curry Ford Road.

If you leave those deferred gains in a fund for seven to 10 years, then you don’t pay the capital gains for that period. While real estate is the sweet spot, the program was initially developed as a job creator — so it also applies to gains on sales of businesses, too.

“Those gains are deferred, but on top of that, anything you earn in the Opportunity Zone is tax free,” said Mike Miedel, director at Pinellas Economic Development. “It’s a tremendous opportunity for people.”

Buchanan’s Opportunity Zone practice team of Lisa Starczewski and Bill Conaboy has been on a whirlwind tour, the lawyers said, reacting to high interest from clients of all types.

The new details Friday were heavily anticipated, Starczewski said, and it’s going to take some time digest and understand. “There are still a number of open questions,” she said. But in one big move, the government extended the period over which an investor can take advantage of the program’s 10-year gain exclusion to as late as the end of 2047.

“They also answered some simpler questions like, can a Qualified Opportunity Fund be an LLC?” Starczewski said. “Yes, they can, and that was the right answer; and while it was just a clarification, it was nice to know so people didn’t feel like they had to create a limited partnership or corporation.”

Ahead of the Friday regs, PCED’s Miedel said it remained unclear how much people can use the funds for housing or hotels. “I think we are pretty safe with our target industries. The problem is how much of that investment will get sucked away from our types of projects into other things that would be secondary industries.”

Starczewski’s bottom-line takeaway: The program continues to be pro-taxpayer.

“As a practitioner, I think it is helpful guidance and I think it is designed to be facilitative,” she told OBJ sister paper the Tampa Bay Business Journal on Saturday. “I am happy to see that because it gives me a platform where I can say to clients, the IRS and Treasury are trying to help make these transactions work.”

With some level of confidence, Opportunity Zone subject matter experts can now have an easier time predicting what the feds will do in the next set of regulations based on the approach they took in the first one.

Tavistock buys 1,000-plus acres airport land

is expanding its boundaries south of and it now owns the land it needs.

Lake Nona developer Tavistock Development Co. LLC’s related entity TDCP LLC spent $63.9 million, or roughly $55,700 per acre, on May 10 for nearly 1,147 acres south of Orlando International Airport from the Greater Orlando Aviation Authority and the city of Orlando, Orange County records showed.

The three different parcels, two in Orange County and one in Osceola County along Narcoossee and Boggy Creek roads, will be used by  to develop a portion of a mixed-use project west of Narcoossee Road, north and east of Boggy Creek Road near the Orlando VA Medical Center, Tavistock spokeswoman Jessi Blakley told Orlando Journal.

The project, known as the Poitras planned development, includes:

  • 2,973
  • 100,000 square feet of commercial use
  • A school on 25 acres

Tavistock previously sought approval from the city earlier this month to rezone the property as a planned development with aircraft noise.

The 11,000-acre Lake Nona already has billions of dollars worth of underway and there’s even more growth ahead.

Supply of Homes For Sale Up Year Over Year in July 2018

Nation’s Months’ Supply of Homes For Sale Up Year Over Year in July 2018

SAN FRANCISCO METRO AREA HAD THE LOWEST MONTHS’ SUPPLY IN JULY

BY SHU CHEN HOUSING , REAL ESTATE


U.S. home prices have risen year-over-year by more than 6 percent since August 2017, fueled by strong demand and a lack of supply in many markets. However, due to rising mortgage interest rates and slowing sales nationally, the number of increased slightly to a 3.2 months’ supply[1] in July 2018, up from 3.1 months in July 2017.

Months Supply By Price Tier

Figure 1 breaks out the months’ supply into four price tiers: low price (0-75 percent of median list price), low to middle price (75-100 percent of median list price), middle to moderate price (100-125 percent of median list price) and high price (125 percent or more of median list price). Usually, the high price tier has the largest months’ supply and the low to middle price tier has the lowest months’ supply. The differences in the months’ supply among the four price tiers were greatest during the 2007-2009 crisis period when the high-price tier peaked at 20.2 months and the other tiers remained less than 15 months.

Here’s how each price tier’s months’ supply in July 2018 compares with its recent history:

  • The low-price tier had a 3.2-month supply, which was down 0.2 months from July 2017, and was less than a quarter of its peak at January 2008.
  • The low- to middle-price tier had a 2.5-month supply, down 0.1 months from July 2017. The July supply was about 18 percent of its January 2009 peak.
  • The middle- to moderate-price tier had a 2.7-month supply, up 0.2 months from July 2017. The July supply was also about 18 percent of its January 2009 peak.
  • The high-price tier had a 4-month supply, down 0.2 months from July 2017. The July supply was 20 percent of its January 2009 peak.

Sold in 30 Days

With demand strong and supply tight, many homes don’t spend long on the market in 2018. Figure 2 shows that over the past four years the share of homes selling within 30 days of the initial list date[2] has been at historical highs. In July 2018, the share selling within 30 days was 25.4 percent, which was almost double the pre-crisis peak in 2005 and more than triple the level during the February 2008 trough. Figure 3 shows the share of the for-sale inventory that was on the market for more than 180 days. In July 2018, that share was 19.9 percent, about 2.2 percentage points lower than the average in 2017 and half of the peak in March 2009.

Inventory on Market 180 Days

Figure 4 shows the months’ supplies in the U.S. (based on data for 65 CBSAs) and selected CBSAs in July 2018 and July 2017. The months’ supply in West Palm Beach and Honolulu increased 1.2 and 1.9 months, respectively, in July 2018 compared to a year earlier. San Francisco and Seattle had the lowest months’ supplies in July 2018: 2.0 months and 2.4 months, respectively.  Philadelphia showed the largest decline – 0.9 months – in July 2018 compared with a year earlier.

US and CBSA Month Supply

[1] The month’s supply is calculated as the ratio of the for-sale inventory at the end of the month to the number of homes sold during the same month and represents the number of months it would take to sell the inventory at that month’s sales pace. The U.S. statistics are based on data for 65 CBSAs.  To determine the price tier, the median list price was the median of homes listed in the 65 CBSAs for the given month.

NAR Pending Home Sales Report

WASHINGTON (August 29, 2018) — Pending home sales stepped back in July and have now fallen on an annual basis for seven straight months, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.7 percent to 106.2 in July from 107.0 in June. With last month’s decline, contract signings are now down 2.3 percent year-over-year.

Lawrence Yun, the NAR chief economist, says the housing market’s summer slowdown continued in July. “Contract signings inched backward once again last month, as declines in the South and West weighed down on overall activity,” he said. “It’s evident in recent months that many of the most overheated real estate markets – especially those out West – are starting to see a slight decline in home sales and slower price growth.”

Added Yun, “The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”

https://goo.gl/AFukQb

Pointing to annual changes in active listings data at realtor. com®, Yun said increasing inventory in several large metro areas, and especially many out West, will likely help cool price growth to more affordable levels going forward. Even as days on market remains swift in many of these areas, Denver, Santa Rosa, California, San Jose-Sunnyvale-Santa Clara, California, Seattle, Nashville, Tennessee, and Portland, Oregon was among the large markets seeing a rise in active listings in July compared to a year ago.

Earlier this week, NAR released commentary reflecting on the past decade since the beginning of the Great Recession. Although supply and headwinds are the biggest issue right now, Yun said it is important to note just how much the housing market has recovered since the depths of the financial crisis. Today, thanks to several years of solid job growth, as well as safe lending and regulatory policy reforms, foreclosures sit near historic lows and record high home values have helped millions of households build substantial wealth.

“Rising inventory levels – especially if new home finally starts picking up – should help slow price appreciation to around two-and-four percent, which will help aspiring first-time buyers, and be good for the long-term health of the nation’s housing market,” said Yun.

Yun expects existing-home sales this year to decrease 1.0 percent to 5.46 million, and the national median existing-home price to increase around 5.0 percent. Looking ahead to next year, existing sales are forecast to increase 2 percent and home prices around 3.5 percent.

July Pending Home Sales Regional Breakdown

The PHSI in the Northeast climbed 1.0 percent to 94.6 in July but is still 2.3 percent below a year ago. In the Midwest, the index inched up 0.3 percent to 102.2 in July but is still 1.5 percent lower than July 2017.

Pending home sales in the South declined 1.7 percent to an index of 122.1 in July, and are 0.9 percent below a year ago. The index in the West decreased 0.9 percent in July to 94.7 and is 5.8 percent below a year ago.

The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #

* The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing . A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

NOTE: NAR’s August Housing Minute video will be released on August 31, Existing-Home Sales for August will be reported September 20, and the next Pending Home Sales Index will be September 27; all release times are 10:00 a.m. ET.

Property Man – Bob Massi Features Lake Nona and Orlando

features in a recent episode… Not only is Lake Nona and one of the fastest growing cities across the nation, but the here is perfect for . Orlando is used as a meter for the real estate market because of the booming economy and the constant influx of new residents and visitors. In this episode, Bob Massi answers why Orlando is so successful and features Lake Nona and as one of the fasted growing community across the nation. Bob takes a tour around Orlando and Lake Nona to see why the market is so successful. The most important message to take away about Orlando is, as most cities across the nation feel the ups and downs of the economic rollercoaster, Orlando is the first to recover and last to feel the pinch.

Watch as Bob Massi uncovers the reasons why Orlando truly is the city beautiful…

As always… comment, like and share. Your feedback helps us know how to help you better!

-The Maycumber Team of WeKnowOrlando.com

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Orlando OKs conditional plan for $107M Creative Village apartment complex

The City Commission today helped move forward two pieces of the planned $1 billion, 68-acre, mixed-used Creative Village in downtown.

The commissioners voted unanimously during the Sept. 4 city council meeting to give conditional approval of a $107 million, 390-unit apartment complex. The Creative Village Design Review Committee still wants to review certain aspects of the apartment project such as the streetscape, parking, architecture, and appearance, before it gets full approval.

The commissioners also gave full approval for a 9,221-square-foot central cooling system building for the planned Downtown, a campus that will be shared by the University of Central Florida and  College The UCF energy plant building will include condenser water pumps and cooling towers located outside the building. The structure will be the only plant for the downtown campus.

The apartment complex is a joint venture between Orlando-based Ustler Development Inc. — whose related Creative Village Development LLC is the master developer of Creative Village — and Coral Gables-based apartment developer The Allen Morris Co. The project is slated for a 1.6-acre site on the southwest corner of Amelia Street and Terry Avenue, which is known as “parcel M,” according to city documents.

Creative Village is expected to attract 8,000 faculty, staff and students when UCF Downtown opens in fall 2019 — two to three times more people than initially anticipated, according to Ustler Development Inc. President Craig Ustler. The number of apartment units was increased from 250 in the previous plan to 390 in July due to that increased demand.

The apartment complex, which could open by mid-2020, will feature mostly studio and one-bedroom units, each with a washer and dryer. The ground floor has a 6,500-square-foot commercial space that may house a food and a social hall. The project also will include a 570-space parking garage, a public courtyard, and a beer garden, said Ustler.

  • Dallas-based Mill Creek Residential Trust plans to build an estimated $59 million-$90 million, 250- to 300-unit market-rate apartment complex on the east side of Central Park.
  • Ustler Development and Development Ventures Group Inc. are underway on a 15-story, $105 million student-housing project with 600 beds and 105,000 square feet of educational space leased to UCF and Valencia College.
  • Winter Park-based Atlantic Housing Partners LLLP is building the $60 million, 256-unit Amelia Court at Creative Village mixed-income community.

These projects add to the boom in apartment in the region. Orlando reported a 3.2 percent vacancy rate in the multifamily sector, which is among the lowest for Southeastern cities, according to the most recent report by Charlotte, N.C.-based Real Data Inc. There are more than 11,700 apartments in Central Florida’s construction pipeline, and roughly 30 percent of those units are being built in downtown Orlando.

The average monthly apartment rent for the central submarket, which includes downtown Orlando, is $1,499, up from $1,381 a year ago, Real Data reported. Occupancy rates are expected to remain higher than 95 percent over the next year, well above average among Southeastern cities, which should trigger even more rent growth, according to the report.

UCF Downtown also is expected to bring a major economic impact to the area. The campus is forecast to generate 2,000 jobs and a $205 million economic impact in the next few decades. “There’s a lot of different facets — certainly there’s the economic development aspect of growing our downtown and having the university campus there,” Orlando Mayor Buddy Dyer told Orlando Journal. “It’s good for UCF and the students who will have internships and be closer to businesses that are in their majors.”

The 25 highest-paying jobs in the U.S.

 

Tech jobs make up 13 of the 25 highest-paying jobs in America for 2018, up from 11 in 2017, according to a new ranking from the job and recruiting site Glassdoor.

There are five health-care jobs on this year’s ranking, down from six in 2017, Glassdoor said. The top three jobs are all in health care.

“The fact that employers are paying top dollar for many techs and healthcare jobs reinforces how demand for these valuable skill sets continues to outpace the supply of talent with these experts,” Amanda Stansell, economic research analyst for Glassdoor, said in a prepared statement. “We know that salary matters a lot to job seekers when determining where to work, but it should not be the only factor to consider.”

Eight job titles are new to the ranking this year, including nurse practitioner, which has the highest number of current job openings at 14,931 positions.

Scroll through the accompanying gallery to see the 25 highest-paying jobs for 2018.

For a job title to be considered for this list, it must receive at least 100 salary reports shared (with Glassdoor) by U.S.-based employees over the past year through June 30, according to the site. Glassdoor also applies a statistical algorithm to estimate annual median base pay in order to control for factors like location and seniority.

Salary information hub Payscale.com provided us with a list of the 25 top-paid positions in the U.S. technology sector.

From database architect to a principal product manager and many jobs in between, the data provided to us show the median pay for a variety of tech titles in the U.S.

The median (50th percentile) pay is the annual total cash compensation in the U.S. — half the people doing the job earn more than the median, and half earn less.

The information shows the highest paid individual contributor, or non-management, roles in the technology sector.