Developers of New Housing Aim for Renters, Not Buyers. New Thirst for Urban Living in Detroit Leaves Few Rentals. Fabrizio Costantini for The New York Times Rising demand for urban housing is filling apartment buildings like the Auburn in midtown Detroit. Fabrizio Costantini for The New York Times The Broderick Tower downtown is also in demand. Developers say occupancy rates in these areas are at least 96 percent, spurred by young professionals, students and empty nesters who want an easy commute to school or work and a short walk to local cafes and bars. “To us it feels like there’s an insatiable demand,” said Fred Beal, manager of Motown Construction Partners, which led the recent renovation of the 124-unit Broderick Tower downtown.
Duke Long – The Latest on Commerical Real Estate. THE TENANT ADVISOR — The Corporate Real Estate Blog of Coy Davidson Colliers International. The Official ICSC Blog and the Voice of the Retail Real Estate Industry. Market Reports. Featured Reports KPMG Competitive Alternatives Report Free guide to international business location costs and other competitiveness factors in more than 100 cities across Australia, Canada, France, Germany, Italy, Japan, Mexico, the Netherlands, the United Kingdom and the United States. 2014 Outlook | US | Medical Office Report The U.S. health care industry is undergoing a seismic shift.
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REJournals.com. Multifamily Media Frenzy. We’ve all seen the headlines: “Apartments Shine as Beacon of Hope” and “Multifamily Sales Defy the Slump.” National newspapers, industry blogs, and local business publications, among others, have joined in a chorus singing the praises of apartment investment opportunities throughout the country. “Multifamily investments have received a lot of good press over the past several years, and this has attracted more money — and more investors — into the mix,” says Jeff Siebold, CCIM, MAI, owner of Siebold Group Consulting in Caswell Beach, N.C. Of course, this trend is the result of more than just the media frenzy.
“The key [to multifamily’s success] in today’s market is net income or dividend to investors with upside potential, which is creating solid risk-adjusted returns,” says Kenneth P. Riggs Jr., CCIM, CRE, MAI, CCIM Institute’s chief real estate economist and president of Real Estate Research Corp. Small Markets See Influx Capital is key. Essential Multifamily Education - MultiFamily Industry Training Learning Management System Online.
MProTV. Commercial Real Estate Headline News. Number of Improving Housing Markets Surges to 201 in December. Dec. 6, 2012 Washington, D.C. —The number of housing markets considered “improving” according to parameters established by the National Association of Home Builders/First American Improving Markets Index (IMI) surged by 76 to a total of 201 metros in December, according to IMI data released today. The index also shows that the number of states represented on the list by at least one metro increased from 38 in November to 44 (plus the District of Columbia) in December. The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months.
A total of 84 new metros were added to the list and eight were dropped from it this month. The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. Tags: Rules/Regs/Govt. MARKET SNAPSHOT: Absorption in Cincinnati Expected to Reach 14-Year High as Manufacturing Booms. Dec. 6, 2012 By Philip Shea, Associate Editor Source: Marcus & Millichap The City of Seven Hills is witnessing a surge in manufacturing positions that is translating to heightened employment overall and a sustained demand for rental units.
Marcus & Millichap notes that for every manufacturing position that is created, approximately two spin-off jobs are realized in another industry in the local economy. Should Apartment Landlords Worry About an Improving Housing Market? In last month’s column, we argued that the strong multifamily market will continue on despite the flood of new supply in the coming years. This month, we tackle another source of concern for landlords and apartment investors.
Could further improvements in the housing market dent the current upswing in the apartment market? Home prices and sales have recently passed what many believe to be their cyclical trough, coinciding with a slowdown in demand for apartments that was visible in third quarter data. The timing of both these occurrences suggests that an upturn in the single-family housing market may be contributing to slowing improvements in multifamily fundamentals. Housing market data releases have been uniformly positive in recent months. While we may see some month-over-month declines in prices in the next few releases, this is mainly due to seasonality. Even though some housing figures are increasing at double-digit year-over-year rates, they are rebounding from historic lows.