As beachfront land in Miami, Fort Lauderdale and Palm Beach has become built out, development is filling South Florida's in-between municipalities. Luxury Projects, 20 Towers, Planned For Hallandale Beach Courtesy of KAR Properties An aerial image shows how Hallandale Beach, south of Hollywood, is growing with luxury towers. Cities such as Hollywood, Dania Beach and Sunny Isles Beach have all experienced this trend. Next up: Hallandale Beach, which is sandwiched between Miami and Fort Lauderdale. Twenty towers are in the works there, and the local Community Redevelopment Agency says $1B in projects are underway. Developer Ari Pearl of PPG Development has landed a $100M loan for one of the city's most ambitious projects: luxury SLS Residences. The financing, arranged by Lotus Capital Partners, will go to ground-up construction of an SLS-branded residential building with 250 units on the 127-acre Diplomat Golf & Tennis Club site at 501 Diplomat Parkway. PPG bought the site for $43M in 2018. The SLS residential component is a $220M development, part of a bigger, $650M expansion that is slated to include hotel towers, a Katsuya restaurant, an 18-hole championship golf course designed by Greg Norman and a 48-slip marina. Hallandale Beach, once largely a haven for retirees and snowbirds, has a population of 40,000. It has recently been making headway in retail/restaurant space, with acclaimed Japanese restaurant Etaru and a proposed 14K SF Icebox Culinary Center, with a greenhouse and restaurants. A mixed-use complex called Atlantic Village will also feature over 700K SF of restaurants, plus retail and Class-A office. South Florida Office Market Update October 24, 2019 | Register Now Featured Speaker Mukang Cho CEO, Morning Calm Management Mukang Cho Other major projects in the works in Hallandale include: 2000 Ocean, a residential project by New York-based developer KAR Properties and furnished by Italian design brand Minotti. Hallandale Oasis, an Arquitectonica-designed mixed-use project on Hallandale Beach Boulevard, including two high-end residential towers and two retail commercial areas. Gulfstream Point, a new, 300-unit apartment complex with a ground-floor restaurant near Gulfstream Park Racing & Casino. See Also: Fort Lauderdale Aiming For A More Walkable Downtown Related Topics: SLS Hotel, SLS International, Hallandale Beach, SLS Hotels, SLS Lux, Hallandale Beach City Council, SLS Hotels & Residences, SLS Properties AddThis Sharing Buttons Share to Facebook FacebookShare to TwitterTwitterShare to LinkedInLinkedInShare to EmailEmailShare to PrintPrint
Read more at: https://www.bisnow.com/south-florida/news/construction-development/hallandale-beach-towers-luxury-101095?utm_source=CopyShare&utm_medium=Browser
Thursday, October 17, 2019
Saturday, January 5, 2019
2019 a Buyer's Market! Housing market will be slower, steadier as higher interest rates weigh on prices.
It looks like 2019 could be a buyer’s market in real estate, but that’s not necessarily a good sign for the economy.
Home prices, while still higher than a year ago, are pulling back in most major markets, according to a report released Wednesday. Values in November were 5.1 percent higher compared with November 2017, CoreLogic said. That is down from the 5.4 percent annual gain seen in October. CoreLogic is now projecting a smaller, 4.8 percent gain in November 2019.
The decline in asking prices comes as sellers face a new reality of higher interest rates and affordability worries among potential buyers.
“The rise in mortgage rates has dampened buyer demand and slowed home-price growth,” said Frank Nothaft, chief economist at CoreLogic. “Interest rates for new 30-year fixed-rate loans averaged 4.9 percent during November, the highest monthly average since February 2011. These higher rates and home prices have reduced buyer affordability.”
Home values in November were 5.1 percent higher compared with November 2017, according to a report released Wednesday by CoreLogic. But that is down from the 5.4 percent annual gain seen in October.
The slowdown in asking prices comes as sellers face a new reality of higher interest rates and affordability worries among potential buyers.
CoreLogic is now projecting a smaller, 4.8 percent gain in November 2019.
There is also more supply on the market now, as new listings come out amid a slower sales pace. Last spring, more than half of the nation’s 50 largest housing markets were considered “overvalued,” meaning prices were at least 10 percent higher than their long-term sustainable levels. In November, that share slipped to 44 percent.
Mortgage rates shot up in the fall, and by the start of November the average rate on the popular 30-year fixed mortgage sat just over 5 percent, according to Mortgage News Daily. It has since fallen back, in response to the major sell-off in the U.S. stock market, and wider concerns over global economic growth. The rate hit 4.61 percent on the last day of 2018. That is still 57 basis points higher than the end of 2017.
Home prices, while still higher than a year ago, are pulling back in most major markets, according to a report released Wednesday. Values in November were 5.1 percent higher compared with November 2017, CoreLogic said. That is down from the 5.4 percent annual gain seen in October. CoreLogic is now projecting a smaller, 4.8 percent gain in November 2019.
The decline in asking prices comes as sellers face a new reality of higher interest rates and affordability worries among potential buyers.
“The rise in mortgage rates has dampened buyer demand and slowed home-price growth,” said Frank Nothaft, chief economist at CoreLogic. “Interest rates for new 30-year fixed-rate loans averaged 4.9 percent during November, the highest monthly average since February 2011. These higher rates and home prices have reduced buyer affordability.”
Home values in November were 5.1 percent higher compared with November 2017, according to a report released Wednesday by CoreLogic. But that is down from the 5.4 percent annual gain seen in October.
The slowdown in asking prices comes as sellers face a new reality of higher interest rates and affordability worries among potential buyers.
CoreLogic is now projecting a smaller, 4.8 percent gain in November 2019.
There is also more supply on the market now, as new listings come out amid a slower sales pace. Last spring, more than half of the nation’s 50 largest housing markets were considered “overvalued,” meaning prices were at least 10 percent higher than their long-term sustainable levels. In November, that share slipped to 44 percent.
Mortgage rates shot up in the fall, and by the start of November the average rate on the popular 30-year fixed mortgage sat just over 5 percent, according to Mortgage News Daily. It has since fallen back, in response to the major sell-off in the U.S. stock market, and wider concerns over global economic growth. The rate hit 4.61 percent on the last day of 2018. That is still 57 basis points higher than the end of 2017.
Subscribe to:
Posts (Atom)