Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

Posts Tagged ‘residential market’

Demand pressure in European commercial residential markets – yield decreases aren’t measured

Posted by fidest press agency su sabato, 26 Maggio 2018

Catella Research examined the commercial residential markets of 59 cities in 19 European countries: the lowest yield in Stockholm, the highest in Krakow. The highest rents in London, the lowest in Vilnius. The average purchase price for owner-occupied flats is at 4,616 €/sqm. Highest transaction volume in Germany.In the 19 countries analyzed by Catella, a total transaction volume of EUR 48.1 billion was achieved in 2017. 32% of this was achieved in Germany alone, followed by UK with a share of 15%. The taillight in this ranking is Belgium with merely EUR 55.8 million.Further single results of this analysis:
– The lowest yield of all European residential markets can be found in Stockholm with 1.50%, followed by Zurich with 2.20%. The highest yield can be found in Krakow with 7.44%, followed by Warsaw with 6.15%. The average European yield is at 3.97%.
– The lowest average rent is in Vilnius with 8.75 €/sqm, closely followed by Riga with 9.25 €/sqm. The most expensive rental flats by far are found in London with average prices of 40.78 €/sqm. Behind that, the continental city of Bern follows with 34.10 €/sqm. The average price of the 54 presented rental prices in Europe is at 15.21 €/sqm.
– The city of Vilnius has the lowest purchase prices for owner-occupied flats with an average of 1,470 €/sqm. The second lowest city is Wroclaw with 1,520 €/sqm. The most expensive prices per square meter for owner-occupied flats are also paid in London with 16,935 €/sqm. Zurich is in second place with 1,007 €/sqm and therefore ahead of Paris, where the average price is 10,030 €/sqm.“The demand pressure in the European commercial residential markets will sustain. In 31 of 59 cities, a slight decline of yields is expected by the end of the year, while increasing yields aren’t expected in any European city”, explains Dr. Thomas Beyerle, Head of Group Research at Catella. “For investors, the Polish cities seem to have the most attractive yields”, Beyerle continues.The full analysis is available at catella.com/research.

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Miami Residential Market Registers $1.04 Billion Total Sales in April

Posted by fidest press agency su sabato, 21 Maggio 2016

miamiMiami-Dade County residential properties totaled $1.04 billion in sales in April and all local Multiple Listing Service (MLS) sales posted robust price gains, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the MLS system.The median sales price for existing single-family homes rose 9.6 percent year-over-year in April 2016, from $260,000 to $285,000. The median sales price for existing condominiums increased 8.0 percent to $215,000 from $199,000. Miami-Dade existing condo prices have risen in 57 of the last 59 months.“Miami real estate remains at 2004 pricing levels despite more than four years of increases,” said Mark Sadek, a Coral Springs Realtor and the 2016 MIAMI Chairman of the Board. “The growing scarcity of local distressed homes and increased properties selling in the popular price ranges is factoring in the rise of prices.”Miami real estate remains a bargain worldwide. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to the National Association of REALTORS® (NAR). Prices for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) are at least five times higher.International buyers continue purchasing South Florida property. Thirty-six different countries, for instance, are represented among the buyer pool in one Miami residential tower. In Sunny Isles Beach, 23 different nationalities have bought preconstruction units in one condo building. This increased diversification of foreign buyers is the new norm for Miami real estate.
Historic-low mortgage rates should continue to attract future buyers. According to Freddie Mac, the average commitment rate (link is external) for a 30-year, conventional, fixed-rate mortgage fell from 3.69 percent in March to 3.61 percent in April, which is the lowest since May 2013 (3.54 percent).
Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — decreased 10 percent year-over-year from 2,689 to 2,419 last month.Miami-Dade County single-family home transactions decreased 7.6 percent in April, from 1,245 to 1,150. Existing condominium sales — which declined 12.1 percent, from 1,444 to 1,269 — are competing with a robust new construction market, which continues to add inventory.A 46.7 percent year-over-year drop in total distressed sales, from 767 transactions in April 2015 to 409 last month, contributed to the lower sales activity. Only 16.9 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 28.5 percent in April 2015. In 2009, distressed sales comprised nearly 70 percent of Miami sales.Short sales and REOs accounted for 3.0 and 13.9 percent, respectively, of total Miami sales in April 2016. Short sale transactions dropped 45.9 percent year-over-year while REOs fell 46.8 percent.
Traditional homes, meanwhile, are seeing steady price growth. Non-distressed Miami single-family homes saw a price growth of 1.7 percent in April, growing from $295,000 to $300,000.
Nationally, distressed sales comprised 7 percent of all sales in April, down from 10 percent a year ago, according to the National Association of REALTORS® (NAR).Total Miami residential properties combined for $1.04 billion in total sales volume in April 2016, about 10.3 percent lower than the $1.16 billion sold during the same month last year. The aforementioned sales volume does not include the strong new construction condo sales figures.
Mid-priced Miami homes are seeing increased sales. Single-family homes priced between $200,000 and $600,000 saw a 5.8 percent year-over-year increase in April, growing from 685 to 725. The sector represented 63.0 percent of total Miami single-family home sales in April 2016.Existing condos priced between $150,000 and $300,000 saw a 2.7 percent-rise in sales in April, increasing from 485 transactions to 498. This sector represented 39.2 percent of total existing Miami condo home sales in April 2016.The median number of days between the listing and contract dates for Miami single-family home sales fell 18.2 percent year-over-year to 45 days. The median number of days between the listing date and closing date for single-family properties dropped 13 percent to 94 days.For condos, the median time to contract decreased 14.3 percent year-over-year to 66 days. The median number of days between the listing date and closing date decreased 11.3 percent to 110 days.Miami real estate is selling close to listing price. The median percent of original list price received for single-family homes was 95.8 percent in April 2016, an increase of 0.7 percent. The median percent of original list price received for existing condominiums was 93.9 percent, the same as last year.
In addition to competing sales from new construction units, the lack of access to mortgage loans is also impacting existing condominiums. Of the 8,523 condominium buildings in Miami-Dade and Broward Counties, only 23 are approved for Federal Housing Administration loans, down from 29 last year, according to statistics from the Florida Department of Business and Professional Regulation and FHA.At last week’s 2016 REALTORS® Legislative Meetings & Trade Expo, U.S. Housing and Urban Development Secretary Julian Castro announced beneficial changes to FHA condo rules are moving forward and are currently at the Office of Management and Budget for review.
The policy would streamline the condominium recertification process, expand its definition of acceptable owner-occupied units to include second homes not owned by investors and change the way it views co-insurance clauses. The MIAMI government affairs team advocated for the changes and continues to monitor and support increased condominium recertification.Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 1.7 percent to a seasonally adjusted annual rate of 5.45 million in April from an upwardly revised 5.36 million in March, according to NAR. Sales are now up 6.0 percent from April 2015.Statewide, closed sales of existing single-family homes totaled 24,144, remaining relatively the same (down 0.6 percent) as April 2015, according to Florida Realtors. Florida’s condominium sales totaled 10,738 last month, down 5.3 percent compared to April 2015.
The national median existing-home price for all housing types in April was $232,500, up 6.3 percent from April 2015 ($218,700). April’s price increase marks the 50th consecutive month of year-over-year gains.The statewide median sales price for single-family existing homes last month was $213,000, up 9.2 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in April was $160,000, up 4.4 percent over the year-ago figure.
Miami cash transactions comprised 48.6 percent of April total closed sales, compared to 51.7 percent last year. Miami cash transactions remain about double the national average of 24 percent. Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash.Condominiums comprise a large portion of Miami’s cash purchases as 62 percent of condo closings were made in cash in April compared to 33.7 percent of single-family home sales.Inventory of single-family homes increased 9.2 percent in April from 5,790 active listings last year to 6,320 last month. Condominium inventory increased 15.9 percent to 14,011 from 12,087 listings during the same period in 2015.There is a 5.6-month supply of Miami single-family homes, an increase of 12 percent from April 2015, which indicates a sellers’ market. There is an 11-month supply of condominium inventory, a year-over-year increase of 22.2 percent, which indicates a buyers’ market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.Total active listings at the end of April increased 13.7 percent year-over-year, from 17,877 to 20,331. Active listings remain about 60 percent below 2008 levels when sales bottomed.New listings of Miami single-family homes increased 2.3 percent from 1,762 in April of last year to 1,803 last month. New listings of condominiums decreased a negligible 0.3 to 2,503 last month, compared to 2,511 during the same time period in 2015.
Nationally, total housing inventory at the end of April increased 9.2 percent to 2.14 million existing homes available for sale, but is still 3.6 percent lower than a year ago (2.22 million). Unsold inventory is at a 4.7-month supply at the current sales pace, up from 4.4 months in March.Most Miami preconstruction condo developers require a 50-percent cash deposit on new units. The deposit is not only one of the highest in the United States but is significantly higher than the 20 percent required during the last real estate cycle. The large all-cash deposits are a sign home buyers are committed to the Miami market.Developers are also being cautious not to overbuild. About 85 percent of condos under construction in downtown Miami are sold, according to Integra Realty Resources and the Miami Downtown Development Authority. Downtown Miami has about 7,200 units under construction, a considerably smaller number than the 18,500 the area had under construction in 2006.To access April 2016 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

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Miami Residential Market Accounts for $1 Billion in Total Sales in March

Posted by fidest press agency su giovedì, 21 aprile 2016

miami1Miami-Dade County residential properties registered nearly $1 billion in sales in March as existing single-family homes posted robust price gains, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system.The median sales price for single-family existing homes rose 7.7 percent year-over-year in March 2016, from $260,000 to $280,000. The median sales price for existing condominiums decreased 2.6 percent to $209,500 from $215,000. Miami-Dade County existing condo prices have risen in 56 of the last 58 months. Miami prices remain at 2004 levels despite four years of increases.“After five years of record sales activity, the Miami real estate market continues to post strong sales in key price points,” said Mark Sadek, a Coral Springs Realtor and the 2016 MIAMI Chairman of the Board. “Existing single-family homes and condominiums in the mid-price ranges registered double-digit sale increases in March. Almost 50 percent of all Miami transactions continue to be all-cash, a sign home buyers are committed and invested in the market.” Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — decreased 8.9 percent year-over-year from 2,706 to 2,465 last month.Miami-Dade County single-family home transactions decreased 5.8 percent in March, from 1,240 to 1,168. Existing condominium sales — which declined 11.5 percent, from 1,466 to 1,297 — are competing with a robust new construction market, which continues to add inventory.An 8.5 percent drop in distressed sales also contributed to the lower sales activity. Only 19.5 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 28.0 percent in March 2015. In 2009, distressed sales comprised nearly 70 percent of Miami sales.Short sales and REOs accounted for 3.2 and 16.2 percent, respectively, of total Miami sales in March 2016. Short sale transactions dropped 47.0 percent year-over-year while REOs fell 34.1 percent.Nationally, distressed sales fell to 8 percent in March, down from 10 percent a year ago, according to the National Association of REALTORS® miami(NAR).Total Miami residential properties combined for $996.5 million in total sales volume in March 2016, about 15.1 percent lower than the $1.173 billion sold during the same month last year. The aforementioned sales volume does not include the strong new construction condo sales figures.The single-family market registered an 8.6-percent decrease in total dollar volume in March 2016, posting $537 million in sales compared to $587.8 million last year. Existing condominiums posted $459.5 million in total dollar sales, a 21.6 percent decline from $586 million in March 2015 but does not include new construction condo sales figures.Middle-market Miami homes are seeing a spike in the number of sales. Single-family homes priced between $200,000 and $600,000 saw a 9.6 percent year-over-year increase in March, growing from 644 to 706. The sector represented 60.4 percent of total Miami single-family home sales in March 2016.
Existing condos priced between $150,000 and $250,000 saw a 14.0 percent-rise in sales in March, increasing from 363 transactions to 414. This sector represented 31.9 percent of total existing Miami condo home sales in March 2016.Miami real estate remains a bargain worldwide. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to NAR. Prices for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) are at least five times higher.Historic-low mortgage rates should continue to attract future buyers. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.69 percent in March, the eighth consecutive month below 4 percent.
miamiThe median number of days between the listing and contract dates for Miami single-family home sales fell 18.4 percent year-over-year to 62 days. The median number of days between the listing date and closing date for single-family properties dropped 12.2 percent to 115 days.For condos, the median time to contract decreased 12.8 percent year-over-year to 68 days. The median number of days between the listing date and closing date decreased 4.9 percent to 117 days.Miami real estate is selling close to listing price. The median percent of original list price received for single-family homes was 95.1 percent in March 2016, an increase of 0.3 percent. The median percent of original list price received for existing condominiums was 93.8 percent, the same as last year.
In addition to competing sales from new construction units, the lack of access to mortgage loans is also impacting existing condominiums. Of the 8,523 condominium buildings in Miami-Dade and Broward Counties, only 23 are approved for Federal Housing Administration loans, down from 29 last year, according to statistics from the Florida Department of Business and Professional Regulation and FHA.A new FHA policy should qualify more South Florida condo buildings. On Nov. 12, the FHA announced plans to streamline the condominium recertification process, expand its definition of acceptable owner-occupied units to include second homes not owned by investors and change the way it views co-insurance clauses. The government affairs team of the MIAMI Association of REALTORS® advocated for the changes and continues to monitor and support increased condominium recertification.Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops jumped 5.1 percent to a seasonally adjusted annual rate of 5.33 million in March from a downwardly revised 5.07 million in February, according to NAR.Statewide, closed sales of existing single-family homes totaled 23,758, remaining relatively the same (down 0.6 percent) from March 2015, according to Florida Realtors. Florida’s condominium sales totaled 10,076 last month, down 7.1 percent compared to March 2015.
The national median existing-home price for all housing types in March 2016 was $222,700, up 5.7 percent from March 2015 ($210,700). March’s price increase marks the 49th consecutive month of year-over-year gains.The statewide median sales price for single-family existing homes last month was $209,500, up 10.3 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in March was $155,000, up 3.3 percent over the year-ago figure.
Miami cash transactions comprised 48.6 percent of March total closed sales, compared to 54.0 percent last year. Miami cash transactions remain about double the national average of 25 percent. Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash.Condominiums comprise a large portion of Miami’s cash purchases as 64.1 percent of condo closings were made in cash in March compared to 31.4 percent of single-family home sales.Inventory of single-family homes increased 8.2 percent in March from 6,494 active listings last year to 6,004 last month. Condominium inventory increased 15.9 percent to 13,952 from 12,042 listings during the same period in 2015.
There is a 5.7-month supply of Miami single-family homes, an increase of 9.6 percent from March 2015, which indicates a sellers’ market. There is a 10.8-month supply of condominium inventory, a year-over-year increase of 21.3 percent, which indicates a buyers’ market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.Total active listings at the end of March increased 13.3 percent year-over-year, from 18,046 to 20,446. Active listings remain about 60 percent below 2008 levels when sales bottomed.New listings of Miami single-family homes increased 6.5 percent from 1,823 in March of last year to 1,942 last month. New listings of condominiums decreased 1.6 percent to 2,683 last month, compared to 2,726 during the same time period in 2015.
Nationally, total housing inventory at the end of March increased 5.9 percent to 1.98 million existing homes available for sale, but is still 1.5 percent lower than a year ago (2.01 million). Unsold inventory is at a 4.5-month supply at the current sales pace, up from 4.4 months in February.
Miami’s preconstruction condo market is in a better position today compared to the previous boom. Today, most Miami preconstruction condo developers require a 50-percent cash deposit on new units. The deposit is not only one of the highest in the United States but is significantly higher than the 20 percent required during the last real estate cycle. The large all-cash deposits are a strong sign home buyers are committed to the Miami market.Developers are also being cautious not to overbuild. About 85 percent of condos under construction in downtown Miami are sold, according to Integra Realty Resources and the Miami Downtown Development Authority. Downtown Miami has about 7,200 units under construction, a considerably smaller number than the 18,500 the area had under construction in 2006.Strong sales in the Miami preconstruction condominium market east of Interstate 95 continue to reflect significant demand for new properties, according to a March 21 report from preconstruction condo projects website Cranespotters.com and MIAMI.Forty towers with 719 floors and 3,770 units have been completed in Miami-Dade County east of I-95 in the five years since 2011. There are 79 towers with 1,829 floors and 11,726 units under construction in Miami east of I-95. About 53 towers with 1,252 floors and 7,331 units are planned, but have not begun development.

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