Goodbye, empty nest: Millennials staying longer with parents

AP LogoBY CHRISTOPHER S. RUGABER

WASHINGTON (AP) — Many of America’s young adults appear to be in no hurry to move out of their old bedrooms.

For the first time on record, living with parents is now the most common arrangement for people ages 18 to 34, an analysis of census data by the Pew Research Center has found.

Nearly one-third of millennials live with their parents, slightly more than the proportion who live with a spouse or partner. It’s the first time that living at home has outpaced living with a spouse for this age group since such record-keeping began in 1880.

The remaining young adults are living alone, with other relatives, in college dorms, as roommates or under other circumstances.

The sharp shift reflects a long-running decline in marriage, amplified by the economic upheavals of the Great Recession. The trend has been particularly evident among Americans who

... read more at: http://naplesherald.com/2016/05/24/goodbye-empty-nest-millennials-staying-longer-parents/

Report: Portland has severe shortage of homes for sale

The supply of homes for sale in Portland has declined 31.6 percent since last April, the largest drop of any major city in the country, according to a new report.

And the resulting shortage has helped push Portland home prices up 15.1 percent to $325,400 over the past year, the second-highest increase reported by the April Zillow Real Estate Market Report. Only Denver was higher with a 15.2 increase.

The report also says the biggest decline in the Portland supply occurred in the most affordable homes. The number of homes in the lower third of the price range fell 39.8 percent since last April, compared to 39 percent for those in the middle third and 21.6 percent for those in the top third.

Although the situation in Portland is extreme, it is not

... read more at: http://portlandtribune.com/pt/9-news/308349-186488-report-portland-has-severe-shortage-of-homes-for-sale

Low Inventory Pushing Up Home Values More Quickly than Expected

Shrinking inventory is the story of the summer home shopping season for those looking to buy a home and entry-level homes have been hit the hardest; the number of entry-level homes for sale is down almost 8 percent over the past 12 months. Stiff competition and high demand, in addition to low inventory, stronger wage growth and low mortgage rates, are driving up home prices across the country, especially for entry-level homes, which is forcing many want-to-be-homeowners into bidding wars.

Markets with the tightest inventory have some of the fastest rising home values. Over the past two years, Portland has seen an almost 40 percent decrease in the number of homes for sale, with home values up 15 percent over the past 12 months. Similar patterns hold true in hot markets like Dallas, Seattle, and Denver, where inventory is down more than 20 percent and home value

... read more at: http://www.prnewswire.com/news-releases/low-inventory-pushing-up-home-values-more-quickly-than-expected-300273673.html

Are condos making a comeback in downtown Minneapolis?

Ten years ago, downtown Minneapolis was in a condo-building frenzy. Hardly a week passed without someone announcing a new project or conversion. Developers could barely keep up with the feverish demand for condo units, while investors were pocketing profits from flipping units as the national housing boom continued to push prices higher. The median sales price for downtown Minneapolis homes (nearly all were condos) reached $270,000 in 2006, up 85 percent in just five years. Owners were convinced these were not just homes, they were good investments.

But the Great Recession changed this as much as it affected the rest of the nation’s residential real estate market. Condo projects were scrapped, empty units piled up, development ground to a standstill, no one could land a loan and some properties tumbled into foreclosure. By 2013, only 47 new condos were sold downtown — a drop of 96 percent since 2004, according to

... read more at: https://www.minnpost.com/twin-cities-business/2016/05/are-condos-making-comeback-downtown-minneapolis

Timbers beat Whitecaps 4-2 in Cascadia Cup rivalry

PORTLAND, Ore. — Diego Valeri scored on a penalty kick in the opening minutes and the Portland Timbers rolled to a 4-2 victory over the Cascadia Cup rival Vancouver Whitecaps on Sunday.

Jack McInerney, Dairon Asprilla and Darlington Nagbe also scored to help the Timbers snap a three-game losing streak.

... read more at: http://www.orangeville.com/sports-story/6566677-timbers-beat-whitecaps-4-2-in-cascadia-cup-rivalry/

To Airbnb or not to Airbnb…

Sometimes, the best regulatory response to emerging disruptive technologies is to stall.

Not rushing to regulate lets the market find its own level, and gives time for the disrupter, the incumbent, the consumer and other stakeholders time to adjust.

So I wasn’t unduly surprised when the Urban Redevelopment Authority (URA) announced last Wednesday that it needed more time to review the issue of short-term rentals of homes.

It had conducted a public consultation exercise from January to April last year and said that views were “split, with no clear consensus”.

“This issue on short-term stays is complex, multi-faceted, has wide- ranging implications and it warrants a careful and balanced review,” it said, adding that it “needs more time to study the issue”.

The lull gives the URA more time to study the issues and come up with a regulatory framework. It needs to balance the interests of those who

... read more at: http://news.asiaone.com/news/asian-opinions/airbnb-or-not-airbnb

Across the world, luxury-home sales get a reality check

WASHINGTON — The global luxury housing market lost some of its sheen last year as financial markets became unsettled and many wealthy buyers began to look for less expensive homes.

“The return of realism,” is how Dan Conn, chief executive of Christie’s International Real Estate, described the high-end market that stretches from San Francisco to Singapore.

Sales in a sector whose average home prices start at $2.2 million slowed in 2015, increasing by 8 percent, half its 2014 pace. The decline most likely reflects stability rather than weakness, according to a report released Thursday by Christie’s.

Properties in London and Hong Kong are sitting on the market longer. On average, homes sold for prices 19 percent below the original asking price, compared with 14 percent below the asking price in 2014. The number of luxury-home sales in the often sizzling Manhattan market dipped 5 percent last year. Falling oil prices led sales in

... read more at: http://www.startribune.com/across-the-world-luxury-home-sales-get-a-reality-check/379175301/

Why Is Rent So High? The Answer’s Buried in Microfilm


why is rent so high

Vladimir Mucibabic/iStock.com

Ever heard of microfilm? It’s an arcane technology that shrinks newspapers down to the size of hockey pucks for easy storage; a once-high-tech “reader” (actually a big box with a lightbulb) is then used to blow them up on a screen to view. And reading microfilm is torture. Which is why you’ve gotta hand it to Eric Fischer, who recently transcribed 30 years of rental ads to answer the $3,500/month question: Why is rent so high, in Silicon Valley and other places across the country?

To find out, Fischer—a digital cartographer who makes mind-blowing maps that have been exhibited at the Museum of Modern Art—compiled data on the median price of a two-bedroom apartment advertised in the San Francisco Chronicle for every year going back to 1979, the

... read more at: http://www.realtor.com/news/trends/why-is-rent-so-high-microfilm/

Portland has the world’s 8th ‘hottest’ market for luxury real estate: report | OregonLive.com

Portland is the world’s eighth “hottest” market for luxury real estate, a new report found. 

Released on Thursday, the 2016 report from Christie’s International Real Estate listed two different rankings of luxury properties, based on a survey of 100 affiliate markets. Prime luxury property is defined as costing $1 million or more.

The report’s “luxury thermometer” compares primary residential and resort housing and gauges the health and performance of the market, the report said. Portland landed eighth on this ranking. 

In Portland, costs for luxury property started at $2 million, according to the report. Portland’s luxury market saw a 40 percent growth last year, and prime properties sold in less than three months. 

The uptick was likely driven by the technology industry, regional migration and young entrepreneurs, according to the report. Portland TV station KGW reported that international buyers made up a majority of recent luxury sales and properties are being

... read more at: http://www.oregonlive.com/portland/index.ssf/2016/05/portland_ranks_8th_worldwide_f.html