More records fall: Median home price hits $722000 in Seattle and $880000 on Eastside

Seattle has set a record for home prices for the third straight month, with the typical house cost nearing three quarters of a million dollars. On the Eastside, the median home is approaching $900,000 for the first time after rising $150,000 in just a year, the biggest jump ever. And Snohomish County home prices are rising at their fastest pace in four years.

Monthly home sales figures released Thursday showed the greater Seattle real estate market — already the hottest in the country — somehow keeps picking up even more steam. And real estate agents don’t anticipate any relief in sight as the spring rush for homes heats up, all while a historically low number of people are putting their houses up for sale.

From Tacoma to Snohomish County and everywhere in between, April saw record prices for homes as a plummeting number of houses for sale drove up competition

... read more at: http://www.seattletimes.com/business/real-estate/more-records-fall-median-home-price-hits-722000-in-seattle-and-880000-on-eastside/

Billions In Public, Private Investment Fueling A Transformation In Jamaica

Last week was a groundbreaking moment for Jamaica, Queens, both literally and figuratively. Local officials and developer BRP Cos. broke ground on the $407M affordable mixed-use project The Crossing at Jamaica Station. The project is another symbol that the neighborhood known mostly for being close to the airport is poised to be a development hotbed for years to come.

Rendering of BRP Companies' The Crossing at Jamaica Station mixed-use project in Queens

“This will be a catalyst for future development in Jamaica,” BRP director of development Andy Cohen said. “We feel there is demand for multifamily, amenity-rich development and city and state support for new development.”

When completed in 2020, the two-building project will have 669 apartments, 100% of which will be affordable, with occupants in a wide range of income levels. Cohen said the affordable housing lottery, likely to draw tens of thousands

... read more at: https://www.bisnow.com/new-york/news/neighborhood/jamaica-queens-greenpoint-bed-stuy-betty-castro-73930

Maine developers seek ways to calm the neighbors about new projects

As head of a company that builds affordable housing, Dana Totman knows what it’s like to face neighborhood opposition to a proposed development.

Totman, president and CEO of Portland-based Avesta Housing, said a 2014 effort to build a senior housing project in Portland even resulted in threats to his family.

“One neighbor objected – viciously, vigorously,” Totman said. “He pointed out that he knew where my wife and I lived.”

Developers in Portland say that NIMBYism, the tendency of nearby residents to categorically reject any proposed development they deem unappealing, is a serious problem, especially in Portland.

However, some Portland residents who have led efforts against development in the past said the only thing they object to is city officials approving projects that don’t meet established planning and zoning standards.

A group of developers met this month in South Portland to discuss strategies for overcoming neighborhood opposition, which they said can stifle economic growth, drive

... read more at: http://www.pressherald.com/2017/05/30/maine-developers-seek-ways-to-calm-the-neighbors-about-new-projects/

Miami has more unmarried people buying homes together than any other US city

A new study by ATTOM Data Solutions analyzing U.S. residential property loan originations in the first quarter of 2017 shows non-married co-borrowers accounted for 40.2 percent of single-family home sale loans in Miami — more than any other city in the U.S.

Rounding out the top five cities with homebuyers suffering from an apparent fear of commitment were Seattle (37.4 percent), San Diego (28.9 percent), Los Angeles (28.2 percent) and Portland (27.7 percent).

 

But those numbers don’t mean that Miami has more couples living in sin than any other city.

“The first thing that comes to mind when you hear co-borrowers is two people who are living together,” says Ron Shuffield, president of EWM

... read more at: http://www.miamiherald.com/news/business/real-estate-news/article152819339.html

Miami has more unmarried people buying homes together than any …

A new study by ATTOM Data Solutions analyzing U.S. residential property loan originations in the first quarter of 2017 shows non-married co-borrowers accounted for 40.2 percent of single-family home sale loans in Miami — more than any other city in the U.S.

Rounding out the top five cities with homebuyers suffering from an apparent fear of commitment were Seattle (37.4 percent), San Diego (28.9 percent), Los Angeles (28.2 percent) and Portland (27.7 percent).

 

But those numbers don’t mean that Miami has more couples living in sin than any other city.

“The first thing that comes to mind when you hear co-borrowers is two people who are living together,” says Ron Shuffield, president of EWM

... read more at: http://www.miamiherald.com/news/business/real-estate-news/article152819339.html

City looks to future of aging population

SOUTH PORTLAND — The South Portland City Council has taken the first step in what is expected to be a years-long process aimed at assuring all elderly residents are able to age in place safely, with dignity and can live independently in their own homes for as long as possible.

At its May 22 scheduling workshop, the council agreed to a future discussion on a proposal by Councilor Maxine Beecher to create an ad hoc senior citizens advisory committee.

Under a new process being used by the council, Beecher submitted a workshop proposal form to raise the issue. Because that form had a pair of names attached as cosponsors, it automatically had the second it needed for discussion, and the remainder of the council readily agreed it was a worthy topic for a future workshop. Mayor Patti Smith said it could make the schedule for a first hearing as soon as August

... read more at: http://sentry.mainelymediallc.com/news/2017-05-26/Front_Page/City_looks_to_future_of_aging_population.html

Miami has more unmarried people buying homes together than any other U.S. city

A new study by ATTOM Data Solutions analyzing U.S. residential property loan originations in the first quarter of 2017 shows non-married co-borrowers accounted for 40.2 percent of single-family home sale loans in Miami — more than any other city in the U.S.

Rounding out the top five cities with homebuyers suffering from an apparent fear of commitment were Seattle (37.4 percent), San Diego (28.9 percent), Los Angeles (28.2 percent) and Portland (27.7 percent).

 

But those numbers don’t mean that Miami has more couples living in sin than any other city.

“The first thing that comes to mind when you hear co-borrowers is two people who are living together,” says Ron Shuffield, president of EWM

... read more at: http://www.miamiherald.com/news/business/real-estate-news/article152819339.html

Miami has more unmarried people buying homes together than any U.S. city

A new study by ATTOM Data Solutions analyzing U.S. residential property loan originations in the first quarter of 2017 shows non-married co-borrowers accounted for 40.2 percent of single-family home sale loans in Miami — more than any other city in the U.S.

Rounding out the top five cities with homebuyers suffering from an apparent fear of commitment were Seattle (37.4 percent), San Diego (28.9 percent), Los Angeles (28.2 percent) and Portland (27.7 percent).

 

But those numbers don’t mean that Miami has more couples living in sin than any other city.

“The first thing that comes to mind when you hear co-borrowers is two people who are living together,” says Ron Shuffield, president of EWM Realty International. “But co-borrowers could be anything from millennials buying a home with the help of their parents to investors buying a property together. A lot of home sales we do are

... read more at: http://www.miamiherald.com/news/business/real-estate-news/article152819339.html

Why Millennials Are (Partly) to Blame for the Housing Shortage

The rush of young people to U.S. cities over the past few years is partly to blame for America’s worsening housing shortage.

In some of the country’s largest and most prosperous markets, such as New York, San Francisco, Boston and Los Angeles, housing construction has been stronger than normal in the urban core but weaker in the suburbs, where new housing can be built abundantly and more cheaply, according to an analysis set to be released Monday by BuildZoom, a website for construction contractors.

That is a problem because suburbs are typically the main drivers of housing construction.

For decades during the late-20th century, suburbs were the place to build, as urban cores suffered from high crime, poor schools and stagnant or shrinking populations.

But preferences have changed among young people, many of whom want to live closer to transit, restaurants and their workplaces. The share of young, educated people living in the urban

... read more at: http://www.realtor.com/news/trends/millennials-partly-blame-housing-shortage/

Like that house? Want to buy it? In Pierce County, better make an offer fast.

Buyers are snapping up Pierce County homes faster than in almost any other area in the country, according to real estate data firm Redfin.

Pierce County is tied with the Portland area for the third-fastest-moving housing market in the nation, according to Redfin. That’s a record fast turnover, according to Redfin data stretching back to 2012.

As of April, homes in the county, sellers found a buyer in a median of just 10 days — faster than since any other time in the past several years, Redfin data show.

“The market tends to accelerate through June so I wouldn’t be surprised if new records for speed and competition are reached in May and June given what we are seeing now,” said Nela Richardson, Redfin chief economist.

Denver-area buyers have homes under contract in just six days, while Seattle-area buyers — people who made an offer on homes in

... read more at: http://www.thenewstribune.com/news/business/real-estate-news/article152257702.html