The changing face of the neighborhoods have created cultural conflicts over social norms, Bates says: New residents oppose the outdoor barbeques that had been typical in the neighborhoods while long-time residents oppose the expansion of bike lanes in areas where they’d long been advocating for bus service.
Neighborhoods that would have traditionally been too far for gentrification are preparing for a flood of new residents, and rising prices. Living Cully, the coalition where Cameron Herrington works, is rushing to create affordability before prices spike. Living Cully is trying to “move as much land and housing out of the system as possible into some kind of community-controlled model,” says Hetherington. Right now, about 14 percent of the land in Cully is shielded from the market in some way, to maintain affordability, twice as much land shielded from development than in the rest of the city, he says. Because Cully
Home values in a highly competitive Philadelphia market – newly reclassified by the real estate search engine Zillow as “very hot” – finished the first quarter of 2016 higher than the peak they reached just before the housing bubble burst in 2007.
“[This] implies that all of the losses in house values due to the bubble’s deflation and subsequent recession have now been recovered.
Portland’s ongoing shortage of homes for sale continues to push up prices.
Portland Tribune file photo
If you want to buy a home in the Portland metro region, be prepared to pay more and move faster than ever before.
The residential real estate market favored sellers even more than buyers in April. A shortage of homes for sale continued to drive up prices and reduce the total market time by the end of the month.
According to the latest report by the Regional Multiple Listing Service, 13,059 homes were listed for sale in the Portland metro region through the end of April 2016 — 286 fewer that the same period last year.
Because of the shortage, the median sales price increased
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
Chicago—JLL’s latest research indicates the multifamily sector’s first quarter of 2016 was the strongest first quarter ever recorded, with figures reaching $34.5 billion.
The power of private equity is one reason multifamily is continuing its more than six-year boom period. The investor group accounted for more than $8.2 billion in activity during the first quarter, more than doubling comparable activity from the first half of 2015. Suburban, garden-style properties are the primary target of the group.
“Private equity in particular has demonstrated an appetite for suburban, garden-style assets, and it largely boils down to a play for yield and the strategy to diversify investments,” David Williams, JLL’s leader of multifamily capital markets, told MHN.
“Compared to CBD product, suburban, garden-style assets deliver higher yields and often have lower rents, which mirror renters’ preference toward more affordable rents,” he
A Massachusetts investment firm said the high rental demand in Greater Portland served as a catalyst for its purchase of 620 South Portland apartment units for $87.5 million.
The sale, which was first reported on Tuesday by the Boston-based commercial real estate news outlet The Real Reporter, has the Hingham, Mass.-based investment firm Jones Street Investment Partners purchasing both the 500-unit Redbank Village development and the adjoining 120-unit Liberty Commons complex.
Portland-based CBRE|The Boulos Co. and CBRE|New England of Boston co-brokered the sale.
The two complexes, which are located between the Portland International Jetport and the Maine Mall were previously owned by the Dallas-based Lone Star Funds following its 2015 purchase of the real estate investment trust Home Properties of America, according to the Bangor Daily News.
PORTLAND, Maine — A Massachusetts investment firm has purchased 620 South Portland apartment units for $87.5 million, citing high rental demand in Greater Portland as a key reason for the purchase.
The Portland brokerage and property management firm CBRE The Boulos Co. announced the sale Tuesday, which included the 500-unit Redbank Village development and the abutting 120-unit Liberty Commons.
Matthew Frazier, a founder of buyers Jones Street Investment Partners, said in a statement that the strength of Portland’s rental market drew it to the purchase.
“We are familiar with the market and we like what is happening there,” Frazier said, adding that it’s “a secondary market that has rental demand characteristics of a core market.”
The two apartment complexes are located between the Portland International Jetport and the Maine Mall. The properties were previously owned by the Dallas-based Lone Star Funds, which acquired the properties when it bought the real estate investment trust Home
The Portland City Council will hold a closed-door meeting Monday to discuss a long-delayed plan to build hundreds of residential apartments in Bayside.
The meeting will deal with the “city’s legal rights and duties” regarding the sale of 3½ acres of city-owned land on Somerset Street to Florida-based developer Federated Cos., according to the city’s website.
City Manager Jon Jennings said Federated Cos. has requested some minor modifications to the sales agreement, but he could not provide specifics because it’s part of a negotiation. If the changes are made, the sale could close by the end of May, he said.
“There’s some cleanup that has to happen with the agreement,” Jennings said. “It’s nothing like a change to the purchase price or anything like that.”