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Tue
01
Aug
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Seattle Home-Seller Profits Among Highest In Nation

Seattle home-seller profits among highest in the nation as length of homeownership also remains high

People selling their homes in Seattle have seen some of the highest profits in the nation at a time when home-sellers across the country are seeing the highest profits in 10 years, according to an ATTOM Data Solutions release.

Seattle has an on-going issue of lack of housing supply

“An ongoing issue in the greater Seattle area is a lack of supply which is aggressively driving up home prices,” Matthew Gardner, chief economist at Windermere Real Estate, in Seattle said in the release.

“The only short-term solution is to build more homes, but thanks to land constraints and construction costs, this simply is not happening at a rate that you would normally expect in a market like this,” Gardner said.

Mon
31
Jul
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June Multifamily Rents Hit Biggest One-Month Increase In Years

June Multifamily Rents Hit Biggest One-Month Increase In Years

U.S. multifamily rents jumped $12 in June, posting the largest one-month increase in several years, according to a release from Yardi-Matrix.

Average rents rose $12 to $1,349, a 2.7% increase on a year-over-year basis, in the 121 markets the survey covered.

Mon
31
Jul
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Multifamily Market Will Hit Records In 2017 As Investors Return

Multifamily market will hit records in 2017 led by the West Coast metros

West Coast markets will dominate the top 10 on gross income growth in 2017 for themultifamily market, led by Seattle, Sacramento, Tacoma, Portland and Colorado Springs, according to the Freddie Mac Multifamily Research Group’s mid-year outlook.

Outlook authors Steve Guggenmos and Sara Hoffmann find that the multifamily market will continue to grow for the rest of 2017 and into 2018.

Mon
31
Jul
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Older Millennials Leaving The City For Urban-Like Suburbs

Older Millennials Leaving The City For Urban-Like Suburbs

John Burns Real Estate Consulting’s latest research shows older millennials are leaving the city for urban-like developments in the suburbs which he calls surban.

By Annie Radecki

Senior Manager

John Burns Real Estate Consulting

The top-grossing restaurant in the Philadelphia metro used to be a French bistro in ritzy Rittenhouse Square, but a suburban mini-chain is now hot on its heels.

Philadelphia restauranteurs scoff at its success because City Works lies 20 miles outside of the actual city in the mixed-use Village at Valley Forge in King of Prussia, PA.

Tue
25
Jul
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Apartments In Upscale Arizona Neighborhood Sell For $71 Million

Phoenix, Tucson Apartments Sold

The Arcadia Cove Apartments in Phoenix, acquired for about $40 million in 2013, have sold for $71.5 million, according to a release.

The 432-unit complex was sold to BH Equities of Des Moines, Iowa, according to Bascom Arizona Ventures who completed the sale for $165,509 per unit. Arcadia Cove, built in 1996, is located at 2252 N. 44th St.

Tue
25
Jul
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Nonresidential Construction Climbs While Multifamily Recedes

Nonresidential construction climbs while multifamily recedes

Residential building slipped 4% in June, as both sides of the housing market, single family and multifamily, retreated while other new construction starts in June grew 4% from the previous month to a seasonally adjusted annual rate of $679.9 billion, according to a release.

Through the first six months of 2017, total construction starts on an unadjusted basis were $342.7 billion, down 4% from the same period a year ago.

 If the manufacturing plant and electric/utility gas plant categories are excluded, total construction starts during the first half of 2017 would be up 1% from last year, according to Dodge Data & Analytics. The non-building construction sector rose 8% with the help of elevated activity for electric utilities.

Mon
24
Jul
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Seattle Tightens Rental Inspection Rules On Landlords

The Seattle City Council has tightened rental inspection rules giving less notice to landlords before an inspection, according to reports.

The changes reduce the amount of advance notice landlords get that their building will be inspected from two months to 10 days. They will receive a 60-day notice of a pending inspection, but no specifics on which apartments will be inspected.

Fri
21
Jul
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Apartment Markets Decline Slightly In July Quarterly Survey

apartment markets continue decline in second quarter

Apartment markets declined as softening conditions continue in the apartment markets for the second quarter in the National Multifamily Housing Council’s (NMHC) survey, according to a release.

All four indexes of the NMHC July Quarterly Survey of Apartment Market Conditions remained slightly below the breakeven level of 50, the fourth consecutive quarter indicating softening conditions.

  • Market Tightness (43)
  • Sales Volume (47)
  • Equity Financing (46)
  • Debt Financing (47)

All indexes all improved from April, but still hovered just below 50, according to the release.

“All four indexes are below 50 but rising, suggesting that the softening is less wide-spread than in previous quarters,” Mark Obrinsky, NMHC’s SVP of Research and Chief Economist, said in the release.

Thu
20
Jul
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Real Estate Trust Buys Portland Apartments For $75 Million

Portland apartments purchased for $75 million

Jory Trail at the Grove, a complex of Class A apartments in the Portland, Oregon suburb of Wilsonville has been purchased for $75 million, according to a release.

The purchase was made by JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT, according to the release.

Wilsonville is a thriving suburb of Portland that features a robust apartment market, low market vacancy and no multifamily units under construction or planned in the submarket. Jory Trail has 324 units and is 95% leased, according to the release.

 The suburb is located along the I-5, providing access to some of greater Portland's major employment centers and is home to Xerox, Mentor Graphics, Rockwell Collins and Tyco.

Tue
18
Jul
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Cities Where Rent Prices Are Rising The Most 

Cities where rent prices are rising the most

It's no secret that where you live greatly affects how much you pay in rent prices. What's less known is that where you live can affect how much your rent will rise from one year to the next.

In a recent study, researchers for personal finance news and features website GOBankingRates reviewed median rental price data from May 2016 and May 2017 in select cities to determine the year-over-year change in dollars for a single-bedroom residence. The data was sourced and pulled from Zillow in June 2017, according to a release.

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