Of the 10 metro areas that have the best conditions for buyers as home-shopping season approaches, three are in Florida – Miami, Tampa and Orlando – but the best market overall for buyers is New York, according to the Zillow Buyer-Seller Index.
It’s not that New York is all that affordable: Its median home value in January was $438,300, almost double the U.S. median of $225,300. But other aspects of the New York market are a boon to buyers who can afford it. For example, among the largest 35 metros, it has the longest number of days on the market, at 132 days. The next longest time on market is 102 days in Chicago. It’s followed by Miami, at 99 days.
Two other Florida metros – Tampa and Orlando – rank in the top five for the share of listings with a price cut, a pro-buyer characteristic. In Tampa, 23.2 percent of listings received a price cut in January. In Orlando, it was 20.4 percent.
The third metric in the buyer-seller index is the sale-to-list-price ratio. A ratio above 100 percent indicates that buyers are paying more than list price. The further the ratio falls below 100 percent, the better the market is for buyers – because they’re paying that much less than list, which would be 100 percent even. The lowest ratios among the largest metros are Pittsburgh, at 93.7 percent, Miami at 93.9 percent and Chicago at 94.2 percent.
Four of the five hottest markets offer more job opportunities per person than 42 other major metros.
With strong projected home value growth and the strongest job numbers, San Jose, Calif., again ranks as the hottest market in U.S.
Markets that will continue to face challenges in 2019 are Cleveland and Hartford, Conn., as well as three large metros in the South: New Orleans, Memphis, Tenn., and Birmingham, Ala.
While the U.S. housing market is cooling in some ways, certain markets are red hot – fueled by rapid home value and rent appreciation, job opportunities, income growth and low unemployment.
Much like last year, San Jose, Calif., is poised to be the nation’s hottest market in 2019. Driven by an abundance of job opportunities per person, the nation’s lowest unemployment rate, still-climbing household income and enduring housing cost appreciation, the South Bay Area metro finds itself at the top of Zillow’s list of hottest markets for 2019.
Home values in San Jose rose more than 10 percent last year and are expected to grow by 12.7 percent this year – although that forecast could turn quickly as last month’s numbers disappointed expectations. Rents actually fell very slightly in the San Jose area over the past year, but going forward are expected to grow by 2.1 percent over the coming year. But as real estate values continue to grow, housing affordability in the area has become a challenge even for those earning a hefty tech salary. Population growth has slowed and for-sale inventory is on the rise (from historic lows), which may slow growth in the future.
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More than 150 single-family homes are planned for the city of Apopka as part of a new community called Bridal Path.
TheBurnBrae Companies, a real estate investment, development, and management company headquartered in Washington, D.C., put the development plan together.
Principal Rich Thometz said the project would be the first single-family home community within the Kelly Park Interchange Form-Based Code area — a district created by city officials to help drive future development and economic activity to the city.
The once sparsely developed region is roughly halfway between the downtowns of Apopka and Mount Dora.
The Apopka City Commission voted unanimously on Mar. 6 to approve the final development plan and plat for Bridal Path. The project is located at 5526 Plymouth Sorrento Rd., just east of SR 429.
A site plan for Bridal Path shows a mix of 50- and 55-foot lots. Amenities include a pool and cabana.
The company does not have a builder under contract, but Thometz said he expects shovels in the ground by early Summer.
BurnBrae specializes in opportunistic land, residential and commercial investment deals in the Mid-Atlantic region. The company has completed or is in the developing phases of more than 1,000 residential lots. According to its website it has $150 million in equity under management.
“Trevor Hall of Colliers International pointed us to the site and showed us there was an opportunity,” Thometz said, underlining the opening of the Kelly Park Road interchange.
It’s one of four interchanges opening in part of the $1.6 billion, 25-mile Wekiva Parkway project that will complete the beltway around northwest metropolitan Orlando.
The expressway was designed to provide an alternative to Interstate 4, and relieve US 441, SR 46 and other area roads of traffic congestion, but professionals in the industry say it’s also opening up a wealth of real estate opportunities.
Nearby to Bridal Path, a Longwood-based developer is close to breaking ground on a new retail project called Gateway Plaza.
The project features more than 32,000 square feet of retail space on 3.36 acres of land situated on the northwest corner of E. Lester and Rock Springs roads.
Directly behind where Gateway Plaza will rise, a 112-lot residential community being developed by K Hovnanian is underway.
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Orlando-based developer Khaled Hussein is teaming up with Park Square Homes to introduce a new single-family home community directly across the Chapel Hill Cemetery in east Orange County.
According to a recent Technical Review Group application filed in Orange County, Hussein is seeking to rezone four parcels of mostly undeveloped land directly east of Harrell Road from A2 to PD.
A majority of the roughly 17 acres is owned by a trust that lists Jacqueline M. Lloyd and Sheryl Meeks as trustees. Felix and Delfina Bon Pastrana own the remaining 4.6 acres just north of the Little Econlockhatchee River and the Little Econ Greenway.
Under the current zoning, the partners would be capped at one dwelling unit per every 10 acres. Park Square CEO Suresh Gupta said they’re looking to build 67 single-family market-rate homes.
AVCON Inc. is the civil engineer behind the project called Harrell Oaks. Hussein, of Cedar Engineering Consultants, was not immediately available to comment.
The property straddles Trevarthon Road and is near the S.R. 417 and East Colonial Drive interchange.
Surrounded by a small white fence, the Chapel Hill Cemetery to the propery’s left features a well-kept green field with neat rows of gravestone markers.
Though an unusual site to neighbor, the cemetery wasn’t a deal breaker for partners, who are known for taking on challenging projects.
In 2016, they partnered to close on a deal of land at 1021 S. Dean Road, ready for single family development — the catch being there was a sinkhole at the center of the property filled with 25 feet of muck.
The Harrell Oaks property also lies in east Orlando near the University of Central Florida, where a number of investors are actively re-positioning multifamily and student housing complexes.
One of the latest examples is Horizon Realty Advisors’ $65 million purchase of The Glenn apartments on University Boulevard. Last year, the company made its foray into Orlando when it bought the nearby 384-bed student housing complex dubbed The Quad.
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The owner of the Caribe Royale resort is looking to add entitlements for 341 multifamily housing units, 300 hotel rooms and 100,000 square feet of commercial space to property it owns along South International Drive and State Road 536 in Orange County.
Owner and developer Sierra Land Group, Inc., holds four adjacent parcels with entitlements totaling 481 hotel rooms, 897 timeshare units, 100,000 square feet of commercial space and a convention-center hotel with 1,618 hotel rooms, 200,000 square feet of convention-center space and support facilities, according to a land-use plan filed with the county that could prepare the property for sale.
Sierra requests to move those approved entitlements onto three parcels totaling approximately 93 acres and located west of South I-Drive, and re-entitle a fourth parcel east of the road on 35.46 acres, including 3 ponds, to accommodate the new request. Proposed trips to the parcels in total would increase approximately 5,500 compared to vested/constructed figures, according to the plan.
Caribe Royale filed plans in January to expand meeting space by 86,000 square feet and construct new support facilities while demolishing others, as well as move 7.63 acres from a parcel along the west side of South I-Drive to its main developed parcel. Calls to Caribe Royale and to Glendale, Calif.-based Sierra were not immediately returned.
With 1,338 rooms in 11 stories about 1.5 miles east of Walt Disney World, Caribe Royale bills itself as the Orlando area’s largest all-suite resort, and offers more than 72,400 square feet of meeting space.
Nearby, recently planned apartment properties include 278 units in the works by ContraVest on 11 acres of a 51-acre lakefront South I-Drive site.
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The Milken Institute’s Best-Performing Cities U.S. index provides a way to measure which American metropolitan areas offer the greatest opportunities for prosperity and innovation across the nation. The BPC index measures each metro area’s economic performance using outcomes-based metrics such as job creation, wage gains, and technological developments to evaluate their relative growth.
Provo-Orem, UT, holds steady at the top of our index, thanks to a dynamic high-tech sector, an educated workforce, and a business-friendly tax and regulatory climate.
Growth through tech is the reigning theme across America, with Silicon Valley and several of Northern California’s tech-focused metro areas in the top 20. Outside the Golden State, tech hubs such as Austin-Round Rock, TX, Dallas-Plano-Irving, TX, and Raleigh, NC, have also leveraged their educated workforces and competitive business climates to generate growth.
Top Ten Best-Performing Cities U.S. 2018
Metropolitan Statistical Area (MSA) /
Metropolitan Division (MD)
Provo-Orem, UT MSA
San Jose-Sunnyvale-Santa Clara, CA MSA
Austin-Round Rock, TX MSA
San Francisco-Redwood City-South San Francisco, CA MD
Dallas-Plano-Irving, TX MD
Raleigh, NC MSA
Orlando-Kissimmee-Sanford, FL MSA
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In conjunction with DRMP and Borelli Partners, HallDSi has been selected for continuing design services for the Town Of Oakland. Possible assignments include assisting on designing the future mixed use town center and continued expansion of the Town’s trail system.
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Tampa homebuilder wants to ditch plans for timeshare near Ruby Lake for multifamily
A Tampa-based homebuilder wants to do away with plans to build timeshare units near Ruby Lake, and instead build up to 400 multifamily units along with additional commercial space.
The change is being sought by Bering Homes, which recently reactivated the shelved Tierra Del Sol resort development near ChampionsGate in Polk County.
Planner Jim Hall of Hall Development Services filed the Land Use Plans on behalf of Bering LLC, led by Chad R. O’Brien. It’s set to go before Orange County’s Development Review Committee this week.
If approved, plans would allow for up to 400 multifamily units and 15,000 square feet of commercial space. The request would replace previous entitlements calling for 420 timeshare units with 30,000 square feet of commercial space.
A conceptual site plan for the property shows the development is geared to townhome construction. Representatives for Bering Homes could not be reached for comment.
Bering Homes is also asking Orange County to change the Future Land Use Designation of the property from Activity Center Mixed-Use to Planned Development Commercial/Medium-High Density Residential.
The area has seen a flurry of new development over the past couple years, mostly from Pulte Homes. The home developer has amassed more than 157 acres of land bordering the lake for projects including Pulte Phillips Grove, Pulte’s Ruby Lake and Overlook at Ruby Lake.
In Polk County, Bering Homes received county approval in December to build up to 252 short-term rental townhomes, as part of a larger 159-acre resort project at the corner of U.S. 27 and Bella Citta Boulevard.
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Documents filed Dec. 17 with Orange County indicate plans are in the works for a new apartment complex with 250 units along the Stoneybrook East Golf Club east of Orlando.
Eden Multifamily is a boutique multifamily residential development and investment firm based in Coconut Grove. It has focused chiefly on apartment developments in South Florida. The Alafaya complex would be Eden’s first in the Orlando market.
“We tend to follow growth areas throughout the state,” President Jay Jacobson told GrowthSpotter. “We’re active throughout South Florida, and we have a project starting in March or April in Port Orange. Orlando is the next natural stop.”
Hall Development Servicesis the project planner. Jim Hall filed an application to remove the 14.5 acre site from the existing Stoneybrook Planned Development and create a new PD for the apartments, which are now being called Eden Stoneybrook. The documents were registered on Dec. 17.
The application documents indicate the developer is requesting to shift 14.5 acres from the Stoneybrook public development to a new public development south of the golf course’s ninth hole and west of the clubhouse. The land is north and east of a bend in the South Alafaya Trail. The property address is 2900 Northampton Ave.
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A new study commissioned by the Florida Department of Transportation has confirmed what local transit enthusiasts have promised: SunRail is proving to be a good investment.
Property values around the first 12 stations increased by $2.4 billion (63 percent) from 2011-2017, and FDOT estimates that $1.19 billion of that is directly attributable to SunRail. Each station has drawn new development, and most experienced a sharp increase in property values that outpaced their surrounding areas by nearly 23 percent.
The research team from Florida State University first analyzed the property value impact of SunRail in 2015, but at that time, the system had only been operational for two years. Now, with three more years of data, the team determined that property values in the station areas are escalating at a higher rate as the system matures.
In 2016, for example, the station area property values grew at twice the rate as their surrounding neighborhoods. Last year the station area values grew at seven times the rate of the comparable neighborhoods.
“In this way, SunRail has provided promising indications that it may continue to spur development and boost local property values in the coming years,” it found.
Investment and appreciation around the stations has generated $18 million in taxable revenue for the local jurisdictions. But higher property values haven’t always translated to increased revenues because so much of the property around the two hospital stations is tax exempt.
Like its companion ridership study by MetroPlan Orlando, the property value analysis did not take into account the SunRail’s southern extension, which opened this past summer. It also doesn’t count new Transit Oriented Development projects until they come on the tax roll, so major projects like Maitland Station Apartments are not included.
The Church Street station area ranked first system wide with a 125-percent increase in property value over the seven-year study period. But that number was buoyed in 2012 by the opening of Amway Center, which accounted for $275 million of the $333 million in new property value for that year.
The overwhelming majority of new value — 95 percent — has been centered around the Orange County stations. The five station areas in Seminole and Volusia counties gathered a combined $102.1 million in property values, with a decline of $543 thousand in the Altamonte Springs station area.
The suburban stations, while not experiencing the massive influx of new development seen in downtown Orlando and Winter Park, nevertheless saw “notable shifts in development patterns” away from single family homes to multifamily and mixed-use apartments.
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