KeyStone Point Market Update

Sales of Large Homes Up 21 Percent in August in U.S.

According to Redfin, the typical home that sold in the four weeks ending August 16 was 3.7% larger (1,772 square feet) than the typical home that sold a year earlier. Compare that with 0.4%, the average year-over-year growth rate from 2015 to 2019. Even though sales of large homes were up 21% year over year nationwide in July--sales grew nearly 10 times faster for large homes than small homes--small and medium-sized homes saw the bigger price increases. The price of the typical small home was up 8.1% year over year in July, versus a 7.5% increase for medium-sized homes and a 6.7% increase for large homes. "Most people would prefer a large home over a small home given the choice," said Redfin chief economist Daryl Fairweather. "That's true regardless of what's happening in the world, although spending more time at home due to the pandemic is encouraging some homebuyers to seek out bigger houses with bigger yards. But affordability still reigns, which is why the market for large homes isn't much hotter than for smaller homes. The lines are drawn economically. The people with steady work-from-home jobs are able to move away from city centers, or even to entirely different parts of the country, and find more space for a similar price. But a lot of people searching for homes are in less advantageous financial situations and can't afford more space even if they want it." The average minimum square footage of Redfin.com users' saved searches was 1,864 so far in August, up from 1,794 a year ago and up from 1,803 in January. The size of sought-out homes has been growing over the past five years, up from 1,685 in January 2016. "People want bigger: Bigger houses, bigger properties," said Vancouver, WA Redfin agent Chriss Houghton. "That's what people are asking for, whether their idea of big is a half-acre, one acre or 10 acres. If people are living in a small cookie-cutter home right now, they want a larger house with extra rooms and a dedicated place for an office." Redfin analyzed July housing market data to determine whether homebuyer interest in additional space has translated to a hotter housing market for bigger homes. The answer? Yes--but only slightly. Sales grew nearly 10 times faster for large homes than small homes Sales were up 21.2% year over year nationwide for large homes in July, compared with 10% for medium-sized homes and 2.3% for small homes. For this analysis, Redfin divided single-family homes across the country into three size tiers: Small (300-1,500 square feet), medium-sized (1,500-3,000 square feet) and large (3,000-5,000 square feet). The increase in pending sales for large homes was nearly double that of medium-sized homes, with an even bigger gap for small homes The story is similar for homes that went under contract in July, with large homes experiencing a 16.1% year-over-year increase in pending sales, compared with 9% for medium-sized homes and 2.6% for small homes. The coronavirus outbreak has caused homebuyers to want larger homes, with 21% of homebuyers saying the pandemic has caused them to want designated space to work from home and 21% saying it has caused them to want more outdoor or recreational space, according to a Redfin survey of more than 1,000 people who are planning to buy a home within the next 12 months from July 19-21. Additionally, 10% said they now want a bigger home, and 7% said they want a designated space for children to learn from home. Prices jumped more for rural areas (up 11.3% year over year in July) and suburbs (9.2%) than urban areas (6.7%), which points to a preference for more space. The median square footage of homes that have found a buyer in rural areas and suburbs is about 1,850, versus about 1,500 in urban areas. But small and medium-sized homes saw their prices increase slightly more than large homes The price of the typical small home was up 8.1% year over year to $199,900 in July, versus a 7.5% increase to $322,500 for medium-sized homes and a 6.7% increase to $539,000 for large homes. The bigger price increase for smaller homes is likely due to buyers prioritizing affordability. Seventeen percent of homebuyers said the pandemic has caused them to want a less expensive home, according to the aforementioned survey. The typical small home sold 19 days faster than the typical large home Homes of all sizes sold faster than last year in July, with small and medium-sized homes selling faster than large homes. The typical small home went under contract in 28 days (2 fewer days than last year), versus 34 days (-2) for medium-sized homes and 47 days (-3) for large homes. Just under 39% of small homes went under contract within two weeks (up from 28.9% last year), compared with 34.1% of medium-sized homes (up from 22.8%) and 24.1% of large homes (up from 14.3%). It's typical for more expensive homes to take longer to sell. New listings increased nearly 8% for large homes, and declined for smaller homes New listings of large homes were up 7.6% year over year, while they were down 8.3% for small homes and down 1% for medium-sized homes. Total home supply was down about 25% from last year in July for each category. A lack of new listings has contributed to dwindling supply among small and medium-sized homes. But while there has been an increase in new listings of large homes, they are being snatched off the market in greater numbers, which is why total inventory is down about the same amount for all three categories. The uptick in new listings of large homes could be partly due to owners of larger, more expensive homes realizing they have the potential to earn a significant amount of money by selling their home. "Owners of single-family homes are recognizing it's a good time to capitalize on demand from people who want more room, both inside and outside, to accommodate all the new things they're doing at home," said Seattle Redfin agent Jessie Culbert Boucher. "Some people have been in their large family homes for decades, they've been thinking about selling and see that now is a good time. Others--and these are definitely not the ones who have lost their jobs during the pandemic--are putting their big houses on the market and taking advantage of low mortgage rates to upgrade into even larger, even nicer homes. Sales of Large Homes Up 21 Percent in August in U.S. According to Redfin, the typical home that sold in the four weeks ending August 16 was 3.7% larger (1,772 square feet) than the typical home that sold a year earlier. Compare that with 0.4%, the average year-over-year growth rate from 2015 to 2019. Even though sales of large homes were up 21% year over year nationwide in July--sales grew nearly 10 times faster for large homes than small homes--small and medium-sized homes saw the bigger price increases. The price of the typical small home was up 8.1% year over year in July, versus a 7.5% increase for medium-sized homes and a 6.7% increase for large homes. "Most people would prefer a large home over a small home given the choice," said Redfin chief economist Daryl Fairweather. "That's true regardless of what's happening in the world, although spending more time at home due to the pandemic is encouraging some homebuyers to seek out bigger houses with bigger yards. But affordability still reigns, which is why the market for large homes isn't much hotter than for smaller homes. The lines are drawn economically. The people with steady work-from-home jobs are able to move away from city centers, or even to entirely different parts of the country, and find more space for a similar price. But a lot of people searching for homes are in less advantageous financial situations and can't afford more space even if they want it." The average minimum square footage of Redfin.com users' saved searches was 1,864 so far in August, up from 1,794 a year ago and up from 1,803 in January. The size of sought-out homes has been growing over the past five years, up from 1,685 in January 2016. "People want bigger: Bigger houses, bigger properties," said Vancouver, WA Redfin agent Chriss Houghton. "That's what people are asking for, whether their idea of big is a half-acre, one acre or 10 acres. If people are living in a small cookie-cutter home right now, they want a larger house with extra rooms and a dedicated place for an office." Redfin analyzed July housing market data to determine whether homebuyer interest in additional space has translated to a hotter housing market for bigger homes. The answer? Yes--but only slightly. Sales grew nearly 10 times faster for large homes than small homes Sales were up 21.2% year over year nationwide for large homes in July, compared with 10% for medium-sized homes and 2.3% for small homes. For this analysis, Redfin divided single-family homes across the country into three size tiers: Small (300-1,500 square feet), medium-sized (1,500-3,000 square feet) and large (3,000-5,000 square feet). The increase in pending sales for large homes was nearly double that of medium-sized homes, with an even bigger gap for small homes The story is similar for homes that went under contract in July, with large homes experiencing a 16.1% year-over-year increase in pending sales, compared with 9% for medium-sized homes and 2.6% for small homes. The coronavirus outbreak has caused homebuyers to want larger homes, with 21% of homebuyers saying the pandemic has caused them to want designated space to work from home and 21% saying it has caused them to want more outdoor or recreational space, according to a Redfin survey of more than 1,000 people who are planning to buy a home within the next 12 months from July 19-21. Additionally, 10% said they now want a bigger home, and 7% said they want a designated space for children to learn from home. Prices jumped more for rural areas (up 11.3% year over year in July) and suburbs (9.2%) than urban areas (6.7%), which points to a preference for more space. The median square footage of homes that have found a buyer in rural areas and suburbs is about 1,850, versus about 1,500 in urban areas. But small and medium-sized homes saw their prices increase slightly more than large homes The price of the typical small home was up 8.1% year over year to $199,900 in July, versus a 7.5% increase to $322,500 for medium-sized homes and a 6.7% increase to $539,000 for large homes. The bigger price increase for smaller homes is likely due to buyers prioritizing affordability. Seventeen percent of homebuyers said the pandemic has caused them to want a less expensive home, according to the aforementioned survey. The typical small home sold 19 days faster than the typical large home Homes of all sizes sold faster than last year in July, with small and medium-sized homes selling faster than large homes. The typical small home went under contract in 28 days (2 fewer days than last year), versus 34 days (-2) for medium-sized homes and 47 days (-3) for large homes. Just under 39% of small homes went under contract within two weeks (up from 28.9% last year), compared with 34.1% of medium-sized homes (up from 22.8%) and 24.1% of large homes (up from 14.3%). It's typical for more expensive homes to take longer to sell. New listings increased nearly 8% for large homes, and declined for smaller homes New listings of large homes were up 7.6% year over year, while they were down 8.3% for small homes and down 1% for medium-sized homes. Total home supply was down about 25% from last year in July for each category. A lack of new listings has contributed to dwindling supply among small and medium-sized homes. But while there has been an increase in new listings of large homes, they are being snatched off the market in greater numbers, which is why total inventory is down about the same amount for all three categories. The uptick in new listings of large homes could be partly due to owners of larger, more expensive homes realizing they have the potential to earn a significant amount of money by selling their home. "Owners of single-family homes are recognizing it's a good time to capitalize on demand from people who want more room, both inside and outside, to accommodate all the new things they're doing at home," said Seattle Redfin agent Jessie Culbert Boucher. "Some people have been in their large family homes for decades, they've been thinking about selling and see that now is a good time. Others--and these are definitely not the ones who have lost their jobs during the pandemic--are putting their big houses on the market and taking advantage of low mortgage rates to upgrade into even larger, even nicer homes." National-housing-market-summary-by-home-size,-July-2020.jpg Sponsored by

COVID-19 Boosted Number of Rich New Yorkers Moving to Fla.

COVID-19 Boosted Number of Rich New Yorkers Moving to Fla.: Fla. is a winter retreat for New York’s upper class, but over the past few years, some relocated permanently to escape high tax laws. Now the pandemic-created desire for living space gave them another reason to relocate, and even more upscale New Yorkers are making the move.

Una Residences Luxury Interiors and Exquisite Waterfront Views / List Price $7,045,000

Click the following link to view the Listing:




Lazaro Lopez
Fortune Int'l Realty
1390 Brickell Ave, Suite 104
Miami, Fl. 33131
(786) 525-9430

57 Ocean Miami Beach Luxury PenHouse Residence / List Price: $35,000,000

Click the following link to view the Listing:



Lazaro Lopez
Fortune Int'l Realty
1390 Brickell Ave, Suite 104
Miami, Fl. 33131
(786) 525-9430

Luxury Projects, 20 Towers, Planned For Hallandale Beach

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

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.