Typical investor magnets like San Francisco, New York City, Boston, and Seattle are getting new competition from some rapidly growing markets. The coastal cities are no longer the top choices for investors: Other markets are stepping in as the ones to watch for 2015, according to Emerging Trends in Real Estate 2015, a report co-published by PwC US and the Urban Land Institute. The report is based on a survey of more than 1,000 leading real estate experts, including investors, fund managers, developers, property companies, lenders, brokers, advisers, and consultants.
The numbers are in and the year is ending very hot for Austinâ€™s housing market. October sales were up 16% year-over-year and the median and average prices, now $240,000 and $311,028 respectively, were both up double digits at 11% for the same period.
What this means is that a typical homeowner paid $23,000 more to buy a home in October than one year prior.
Inventory increased modestly to 2.7 months in October but that is far below ideal levels to offer home buyers more options and far from a balanced type of market which is considered to be around 6 months of inventory.
Half of all American adults now live in one-person households, a rapidly growing number, according to the Bureau of Labor Statistics. The singles demographic is likely to reshape multifamily communities and single-family home designs going forward, according to Builder Online.
British chipmaker ARM Holdings is looking to invest in a $56 million Austin expansion and 150 new jobs if the State will provide some of its financial incentives that seems to be the norm, these days. ARM â€śdominate the global processor market for smartphonesâ€ť according to an ABJ report.
The jobs would reportedly be added over the next 5 years at the Austin design center.
For the full details, check out â€¦ http://www.bizjournals.com/austin/blog/techflash/2014/11/british-chipmak...
Detroit is aiming to further eliminate neighborhood blight and recover lost revenue from home owners who are delinquent on their mortgages. Wayne County is taking on an unprecedented effort to take possession of every property that is three or more years behind in taxes. The county is notifying 80,000 property owners that they are on the verge of losing their homes to foreclosure due to delinquent taxes. That equates to one of every five properties in Detroit, the city's Motor City Muckraker reports.
We hear about all of the big companies coming to and growing in Austin. Not wanting to be left out Amazon.com plans to do a major expansion of their Austin foothold, according to a report in the Austin American-Statesman.
The report says that up to 250 technology jobs could be coming to an Austin office that will be located at the Domain. Contracts have not yet been signed but the Amazon expansion could come as early as spring/summer 2015.
Check out the story at â€¦ http://www.mystatesman.com/news/business/sources-amazoncom-to-bring-200-...
In some states, all it takes is just one claim to a home ownerâ€™s property insurance to see premiums soar by hundreds of dollars. Filing a single claim can result in a monthly premium increase of 9 percent, according to a study by InsuranceQuotes.com. A second claim? Premiums climb an average of 20 percent.
The claims can be for anything ranging from tornado damage to a stolen bicycle. Filing a small claim can increase your rates by just as much as filing a catastrophic one, according to the study.