Happy Valley Apartment Community Trades for $58 Million

PORTLAND, Ore., Sept. 21, 2017 /PRNewswire/ – HFO Investment Real Estate (HFO) announced the sale of Latitude Apartments located near Clackamas Town Center mall in Happy Valley for $58 million.

Latitude Apartments - 210 Units in Happy Valley, Oregon (Photo courtesy: HFO Investment Real Estate)

The Latitude Apartments is a gated apartment community consisting of 210 apartments with an average unit size of 1,133 square feet. Built in two phases between 2008 and 2014, the sale represents the second largest apartment transaction for Clackamas County this calendar year.

Latitude Apartments consists of 33 three-story apartment buildings and one clubhouse on 6.89 acres across from Clackamas Town Center − one of the largest regional malls. The transit-oriented development is convenient to I-205 and easy walking distance to MAX light rail

... read more at: http://markets.businessinsider.com/news/stocks/Happy-Valley-Apartment-Community-Trades-for-58-Million-1002401912

Portland panel recommends sale of 4 Bayside parcels for $4 million

Portland’s Economic Development Committee is recommending that the city sell four parcels in the West Bayside neighborhood for nearly $4 million.

The committee voted unanimously Tuesday in favor of the land sales, which could potentially bring more than 100 units of housing to Bayside and neighboring Parkside.

Developer Nathan Szanton and Bayside landowner Ross Furman are being recommended to buy and develop a 0.22-acre parcel at 178 Kennebec St. for $250,000.Developer Nathan Szanton and Bayside landowner Ross Furman are being recommended to buy and develop a 0.22-acre parcel at 178 Kennebec St. for $250,000.

The committee’s recommendation on the four parcels must go to the full City Council for approval.

It comes as the city continues to experience a shortage of housing, including affordable housing, and as the neighborhood struggles with issues associated with the high concentration of social service providers and homeless people there.

The parcels used to

... read more at: http://www.pressherald.com/2017/09/20/portland-committee-recommends-sale-of-citys-bayside-lands/

Portland panel recommends 4 developers for city’s Bayside land

Portland’s Economic Development Committee is recommending that the city sell four parcels in the West Bayside neighborhood for nearly $4 million.

The committee voted unanimously Tuesday in favor of the land sales, which could potentially create more than 100 units of housing in Bayside and neighboring Parkside.

The committee’s recommendation will go to the full City Council as the city continues to experience a shortage of housing, including affordable housing, and as the neighborhood struggles with issues associated with a high concentration of social service providers and homeless people.

City Councilor David Brenerman, who leads the committee, said Wednesday that the committee approved the agreements with only minor amendments to ensure that the final projects reflect the original proposals. Those amendments still need the approval of the buyers before the land sales go to the council for approval, which could happen in October.

“If there are any problems, we will table it when we

... read more at: http://www.pressherald.com/2017/09/20/portland-committee-recommends-sale-of-citys-bayside-lands/

Demand by Renters Pushes Home Sale Prices Higher

Rental houses have been in high demand since the housing market crashed, but a lack of supply has made renting those homes more expensive. According to a new Zillow® analysis, the median monthly rent for single-family homes is rising faster than the median monthly rent for apartments.

While rents for both houses and apartments have slowed significantly over the past year, median rent for houses rose 1.3 percent annually to a monthly rent payment of $1,404, but median rent for apartments rose 0.5 percent, to a monthly rent payment of $1,551.

There are fewer single-family homes to rent than a decade ago. When the housing market crashed, investors scooped up many single-family homes lost to foreclosure and turned them into rentals. Almost 20 percent of all single-family homes across the U.S. were rented in 2016, up from 13.5 percent 10 years prior.

Meanwhile, rentals are in increasingly high demand because many aspiring

... read more at: http://www.cpapracticeadvisor.com/news/12368524/demand-by-renters-pushes-home-sale-prices-higher

Davis condo project back before Planning Board

YORK, Maine The trustees of the Mary McIntire Davis Trust have an agreement to purchase property on Donica Road for a second entrance into their York Village property, and intend to appear before the Planning Board next month once again with its plans for a condominium development there.

When they come before the board Oct. 12, it will be the trustees third appearance to discuss plans to develop the 100-acre parcel that fronts York Street and is one of the last large undeveloped parcels in the village.

In the previous two iterations before the Planning Board, only one entrance onto York Street was planned. The board made clear that was a nonstarter after hearing from numerous residents. Citizens said York Street is already dangerous and clogged with traffic and they also were concerned for the safety of children walking on

... read more at: http://www.seacoastonline.com/news/20170914/davis-condo-project-back-before-planning-board

Home-flipping rate plateaus in Q2, average returns decline for third consecutive quarter

ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q2 2017 U.S. Home Flipping Report, which shows that 53,638 single family homes and condos were flipped nationwide in the second quarter of 2017, a home flipping rate of 5.6 percent of all home sales during the quarter. The home flipping rate of 5.6 percent in Q2 2017 was down from 6.9 percent in the previous quarter but unchanged from a year ago.

For the report, a home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period based on publicly recorded sales deed data collected by ATTOM Data Solutions in more than 950 counties accounting for more than 80 percent of the U.S. population.

The report also shows an average gross flipping profit of $67,516 for homes flipped in the second quarter, representing a 48.4 percent

... read more at: http://www.buckscountycouriertimes.com/blogs/real-time/home-flipping-rate-plateaus-in-q-average-returns-decline-for/article_1cf147e4-9885-11e7-aa8a-0f0b00343d31.html

King Portland Centre Residential Switches From Rental to Condo

After decades of little purpose-built rental residential construction in Toronto, the last few years have seen many developers revisit the sector, and begin building apartment towers again. While a handful of developers have opened new rental buildings over the last few years, now there are in fact several dozen developers or landowners moving rental apartment proposals through the Toronto planning process, especially as infill projects at tower-in-the-park sites.

Looking northwest to the King Portland Centre, before the latest design changes, image courtesy of Allied/RioCan

As the decreasing availability of land in the GTA has forced land prices up and made owning a single family home less affordable for large numbers of people, rental’s comparative affordability has made it more attractive again, it bringing greater demand for the product. As of this Spring however, the provincial government’s application of several measures to correct the real estate market, including a foreign buyer’s tax

... read more at: http://urbantoronto.ca/news/2017/09/king-portland-centre-residential-switches-rental-condo