#Orlando’s red-hot real estate market may be cooling off. The November real estate report from the Orlando Regional Realtor Association released Monday shows home sales are down and the supply of houses on the market is up as interest raise continue to increase.

Home sales fell 6.9 percent during the month to 2,575 while the number of #homes #for sale grew to a 3.3-month supply, the biggest inventory since September 2017.

Real estate agents and analysts say increasing interest rates are giving buyers pause. The average interest rate for area homebuyers in November increased to 4.97 percent, up from 3.97 percent during the same month last year.

“There has been a shock in how quickly interest rates have gone up,” said Eric Soto, a real estate #agent and co-owner of TC Orlando Homes based in Altamonte Springs.

It mirrors trends nationally, where both sales and price growth is slowing, according to the U.S. Census Bureau. The number of U.S. homes sold in October dropped 8.9 percent compared with a year ago, the agency’s most recent report said.

In Metro Orlando in November, the average price of a single-family home in the area increased to $251,000, up $1,100 from the month before. Rising average prices combined with slower sales are usually an indication of a decrease in sales of less-expensive homes.

But though there are more homes available, it’s still far from a buyers market, Soto said.

“There may be more homes than there were a few months ago but only a few hundred,” he said.

Several times in the past 18 months, the Federal Reserve has raised the key lending rate that helps determine the rate on 30-year fixed mortgages. Only recently have those policymakers indicated that they may hold off on more hikes.

#Zillow economist Jeff Tucker said home supply is up in many markets across the country. But he, too, wouldn’t call it a huge increase.

“This is certainly not looking like an inventory spike,” he said. “It’s just coming up from really low levels.”ADVERTISING

A five- or six- month supply of homes is a good equilibrium between buyers and sellers, Tucker said. Even at a 3.3-month supply, sellers still have control over the market, he said.

“It’s a bit of a breather for buyers, though,” Tucker said. “But there is a downside with interest rates rising.”

Tucker said rising interest rates may delay buyers from making purchases but doesn’t stop them completely.

What it may impact is affordability. Buyers can expect to pay about $148 more per month on a 30-year, fixed-rate mortgage with interest rates increasing from 3.97 to 4.97 percent, according to Bankrate.

Alex Vastardis, a Dr. Phillips area real estate agent with Coldwell Banker, said there was a slowdown in November, particularly for homes for less than $300,000. However, homes in Windermere, Dr. Phillips and Winter Garden are still in high demand. New homes are still selling well too, he said.

But since real estate decisions are often dictated by other factors such as new jobs or relocations, Vastardis said he still has a lot of customers coming into his office looking for new homes.

“December is usually a pretty positive month because people want to sell their homes or get into a new one before the end of the year,” Vastardis said.

In sign of real-estate slowdown, Orlando home sales are down and listings are up was first published on We Know Nona Blog

      

Robinson Cocktail Room is under construction on the second floor of the Robinson building at 63 E. Pine Street. It’s described by the owners, Team Market Group, as a modern craft cocktail bar.

Robinson Cocktail Room is under construction on the second floor of the Robinson building at 63 E. Pine Street. It’s described by the owners, Team Market Group, as a modern craft cocktail bar.

Watch a walk-thru video of the space pre-construction.

The first floor of the Robinson building will be familiar to Daily City readers as the former home of Red Mug Diner. The two story brick structure was built around or before 1900. The structure is a contributing structure in the Downtown Historic District. The original transom windows visible above the canopy had been covered over. The store front area appears to have been altered several times during the life of the building.

A year ago TMG built a walled-in staircase inside the Red Mug Diner Space that leads from the second story club space down to a brand new front door on the first floor leading out to Pine Street.

TMG asked The Daily City back in January 2017 what we thought the space should become. Here are our answers.

The following article Robinson Cocktail Room Coming to Downtown Orlando is available on Maycumber Keller Williams

      

This week, as part of the #RenterWeekofAction, September 18 to 23, renters in over 45 cities will take to the streets to demand better protections from #displacement and more #community control over land and h

Recognizing the severity of the #housing affordability crisis facing renters from Oakland to Miami and the need for policy solutions, the National Equity Atlas, a partnership between PolicyLink and the USC Program for Environmental and Regional Equity, analyzed the growth of renters in the nation and in 37 cities, their contributions to the #economy, and what renters and the United States stand to gain if housing were affordable.

We found that renters now represent the majority in the 100 largest cities in the U.S. and are growing as a share of the population nationwide, comprising 35 percent of the population — a 27 percent increase since 2000. Renters also make tremendous contributions to economic, social and political life. They bring vitality, culture and connection to their neighborhoods and cities; they vote and volunteer in local schools; they bring dollars into their communities. Nationally, they spend $1.5 trillion per year after paying for rent and utilities, contributing billions to local economies across the country.

But that spending power has been shrinking. Renters, in many cities, are also facing a toxic mix of rising rents and declining incomes. Since 2000, median rents increased by 9 percent while median renter household incomes decreased by 11 percent. And these are real, inflation-adjusted changes. Given these circumstances, it’s not surprising that more than half of renter households now spend more than 30 percent of their income on rent and utilities, up from 39 percent in 2000. Today, nearly 50 million people nationwide live in rent-burdened households.

If no renter households paid more than 30 percent of income on rent, they would have an extra $124 billion to put back into their family budgets where they could pay for the basics like healthcare, child care, transportation or food. This $124 billion in renters’ pockets averages out to roughly $6,200 per rent-burdened household. This is enough for 90 percent of an entire food budget, nearly two-thirds the cost of child care, almost all transportation costs, or two-thirds the cost of tuition at a public four-year university (living expenses are based on a three-person household). Across the largest 100 cities, the average gains per household range from roughly $13,000 in Irvine, California, to $4,000 in El Paso, Texas. In all cities, it would provide an opportunity for families to save and invest in their futures.

It would also improve the health and livelihoods of the nation’s most vulnerable renters. Nearly one in five households is paying more than half of their income on rent nationally. Studies have shown that these severely rent-burdened households spend less than half others do on food, which is often cheaper and less nutritious. And when those families are finally able to secure housing vouchers (often after years on a waiting list), one of the largest spending categories of the additional cost savings is food.

What’s Holding Us Back?
Every year, renters are evicted from their #homes by the millions. And landlords and corporate investors are profiting off of these evictions. One of the major findings of Matthew Desmond’s research in his bestselling book, “Evicted,”was that evictions are not just a condition, but a cause, of poverty. After evictions, families are often compelled to accept substandard housing, and dealing with the aftermath of an eviction can lead to job loss. Eviction and housing instability also have serious mental health consequences. Recently, there have even been cases of landlords threatening immigrant tenants with deportations if they refuse to leave, if they make complaints about housing conditions, or if they challenge rent increases.

The housing affordability crisis is not only taking a toll on renters, it’s also impacting municipal pocketbooks. Research from the Urban Institute shows how renters’ economic and housing insecurity drains city budgets: In a typical year, one in four households experiences an income disruption due to job loss, health or a pay cut of 50 percent or more. And this has major cost implications for cities when it comes to homeless services, unpaid utilities and uncollected property taxes. One remedy is reducing evictions by providing legal counsel to tenants facing eviction. Just this year, NYC became the first city to guarantee lawyers to tenants who are facing eviction.

This affordability crisis is particularly wearing on black and brown women and their children. Desmond’s research also found that one in five black women renters report being evicted at some point in their lives. For white women, it was one in 15. Families with kids were also three times as likely to get evicted than those without kids (even after controlling for how much money they owed a landlord).

Our analysis found that women of color are the most impacted by the renter crisis. Six in 10 women of color-headed households are rent-burdened nationally while the number drops to four in 10 among white men-headed households. Importantly, there are roughly the same number of renter households headed by white men (11 million) as there are renter households headed by women of color (10.8 million).

Women of Color Continue to Face the Steepest Rent Burdens
Share of renter households paying more than 30 percent of income on rent, 2000 and 2015

There Is a Better Way
Evictions and displacement are violent and disruptive. They cut tenants off from their communities, schools, doctors, services, places of worship and their homes. Policymakers at all levels need to address the renter affordability crisis. They should support policies that strengthen the social and economic vitality of our communities. These policy opportunities include:

• Tenant protections like just cause eviction and rent control ordinances, as well as eviction prevention. New York City was the first to provide legal counsel to low-income tenants facing eviction, the vast majority of whom go to eviction court without a lawyer. Baltimore and Philadelphia are among a growing list of cities considering similar tenants’ right to counsel laws.
• Full funding for HUD: There are multiple federal funding sources for direct housing assistance (including public housing, Housing Choice vouchers and Section 8), but only one in four eligible families actually receives any kind of assistance. In many cities, the waiting list is measured in decades or closed. Each year, federal expenditures for direct housing assistance is just a fraction of what is spent on homeowner tax benefits (most of which go to wealthy families). Still, President Donald Trump’s administration and HUD Secretary Ben Carson are attempting to drastically cut the Department of Housing and Urban Development budget.
• Community ownership of land and housing through the creation of community land trusts, as well as ensuring that public land is used for the public good, and not just sold to the highest bidder.
• Diverse affordable housing strategies: The production of affordable housing (via affordable housing linkage/impact fees or inclusionary zoning), as well as the preservation of single-room occupancies (SROs) and “naturally occurring affordable housing.”
• Living #wages: The other piece of the housing crisis puzzle is stagnating wages and the need to raise the floor on low-wage work. From 2000 to 2015, median renter household income declined in real terms in 88 of the 100 largest U.S. cities. Policymakers and employers should support minimum wage increases and living wage ordinances.

The following post Here’s What U.S. Cities Gain If Housing Is Affordable is available on http://weknownona.com/

      

Orlando – yet again – attracted droves of foreign homebuyers in 2018 is republished from Maycumber KW

      

ORLANDO, FL. – #Construction activity at Orlando International Airport’s South #Terminal Complex paused briefly in recognition of the Independence Day holiday. Work will resume this Friday.

Progress is being made with crews working seven days-a-week to prepare the site for vertical construction in the fall. So far:

• Nearly 75% of the 4,000 total piles are in the ground
• Two million cubic yards of dirt have been moved
• Construction workforce has grown to more than 500 on site daily

The terminal scheduled for completion in 2021 will provide 19 new gates for domestic and international flights and increase capacity to more than 50 million passengers annually at Florida’s busiest airport.

The terminal will add up to 19 new gates at the airport, which is expected to end 2018 with more than 47 million passengers traveling through it and help to prepare the region for its next growth in annual visitation. The terminal is expected to be completed by 2020.

As such, the airport has pulled a new permit from the state that gives a quick peek into what’s being worked on now. According to state records, the permit “to modify the conceptual permit to include the #expansion of the South Terminal Airside building, with associated additional apron and taxiway areas, as well as use the existing stormwater management system in place to provide full treatment and attenuation for the project known as the South Terminal Complex –Phase 1X. Additionally, the final connection of the re-routing of Tradeport Ditch is proposed within the extents of the project.”

Update on Orlando’s OIA Terminal was first seen on Maycumber Keller Williams

      

The VillageWalk at #Lake Nona Homeowners Association, Inc. (“VillageWalk”), a private, gated community in Lake Nona, announced today that it has filed a #lawsuit against KPMG LLP (“KPMG”), a professional services firm and independent member firm of KPMG International Cooperative, and JR Davis Construction Company, Inc. (“JR Davis”), an Orlando-based construction company, relating to the property and other damage that VillageWalk suffered as a result of the construction activity at the KPMG Learning and Innovation Center currently being built in Lake Nona.  The lawsuit (2018-CA-12388-O) was filed in Orange County.

In this lawsuit, VillageWalk alleges that on the evening of September 30, 2017, Upper VillageWalk Circle, the privately-owned main street encircling 1,289 #homes in VillageWalk, collapsed without warning.  In addition to damaging the street, the 10 to 12-foot collapse caused damage and destruction to portions of VillageWalk’s storm water outflow, portions of the electric lines which power street lights, one street light and pole, sections of sidewalks and walking paths, several mature Oaks and Palm trees, and portions of a main irrigation distribution line that controls irrigation for roughly half of all VillageWalk homes.  The collapse also destroyed a section of a critical sewer pipe which resulted in the disruption of critical services to over 400 VillageWalk homes.  One home was rendered temporarily uninhabitable.

The lawsuit further alleges that sections of Lake Nona Boulevard, a public right of way that runs parallel to Upper #Village Walk Circle, also collapsed simultaneous to the collapse in the VillageWalk community.  At the time of the collapse, JR Davis was in the process of dewatering and excavating the main water retention pond structure at KPMG’s Learning and Innovation Center.  The pond structure, located directly across the street from the collapsed road sections, was dewatered and excavated to a depth 21 feet beneath the Upper VillageWalk Circle road bed and 19 feet below the seasonal average water table on VillageWalk property. The lawsuit further claims that five (5) independent geotechnical engineering firms have all independently concluded that the dewatering and excavation of the KPMG water retention pond was the cause of the collapses on both Upper VillageWalk Circle and Lake Nona Boulevard.

“It is unfortunate that we are forced to resort to litigation,” said Tom Rose, president of VillageWalk, “but because our community’s streets are privately owned, we have an obligation to our owners to act. Without remuneration from those responsible, our residents would solely be responsible for absorbing over $500,000 in damages resulting from this event that we did not cause, and they should not have to bear that obligation.  The permitting process in Florida is clear that KPMG, as the permit holder, and JR Davis, as the construction company, are responsible for damages caused by their dewatering and construction activities.”

VillageWalk has hired attorney Patrick Howell with Becker to represent the association’s interest in this matter. Mr. Howell is Board Certified by the Florida Bar in Construction Law.

The following post Lake Nona homeowners allege $500,000 in damages See more on: Maycumber KW

      

It will be a smooth landing from #Orlando International Airport to South Florida’s most popular attractions aboard #Brightline. Conveniently located in the South Terminal, ride south and dive into the turquoise waters, vibrant nightlife and cultural attractions of Miami, Fort Lauderdale and West Palm Beach.

Discover the magic of Florida’s most popular theme parks when you ride carefree and car-free north from any of our South Florida stations.

Our Orlando station is nearly complete, but there is much left to do, including laying more than 170 miles of new track. Phase II construction to Orlando is expected to take approximately three years, and we plan to begin in 2018. Stay tuned for updates.

Company President Patrick Goddard said during a Dec. 13 update with the Central Florida Expressway Authority governing board that Brightline will give its contractor a 30-day notice to proceed on the $2.1 billion route on Feb. 1. The company will then proceed with construction after those 30 days, with a goal of completing the route in 30 to 36 months.

Completion of the project would be set for either fourth-quarter 2020 or first-quarter 2021.

During the meeting, Goddard mentioned that the company, which will be called Virgin Trains USA in 2019 thanks to its new partnership with Sir Richard Branson’s #travel and hospitality company Virgin Group, is already in talks with Fort Pierce and Stuart about putting a potential stop in each city.

Explore Orlando and beyond with Brightline was first published to Maycumber Keller Williams

      

Home sales nationwide fell in November at the fastest rate in two years while the number of #homes listed #for sale increased at the fastest rate in three years,

The latest housing report from the Orlando Regional Realtor Association is a bit of good news/not so good news for the region as far as activity that took place in November.

First, the good news: The inventory of homes available for purchase in the Orlando area has experienced its first year-over-year increase since July 2015, with the overall inventory in November 1.7% higher than November 2017. In addition, the overall median price of Orlando homes sold in November is $233,100, 3.6% above the November 2017 median price of $224,995 and 1.8% above the October 2018 median price of $229,000.

“The tide has turned. Sellers are now competing for buyers, but they haven’t all realized it yet,”  Broker #Agent with Keller Williams Realty 

The bad news: Sales of single-family homes — 1,978 — in November decreased by 8.9% compared to November 2017, ORRA said.

“This slight rise in inventory can be attributed to a combination of both slowing sales and a bump in new listings, which increased by 4.5% compared to this same time last year,” said ORRA President Lou Nimkoff. “Factor in expected increases in interest rates that traditionally dampen sales, and we anticipate prospective homebuyers enjoying bolstered inventory levels throughout the upcoming year.”

Current inventory combined with the current pace of sales created a 3.3-month supply of homes in Orlando for November.

The blog post November Home Market Statistics Find more on: www.weknownona.com

      

   

Port Canaveral’s plans for a new $150 million cruise terminal The money. are underway, and one major aspect of the project is going smoothly.

The Canaveral Port Authority on Dec. 5 approved a project financing plan that includes a mixture of bonds, bank loans, a line of credit, as well as funds from the terminal’s future tenant, Carnival Cruise Line. The terminal is part of a larger agreement with Carnival that includes the cruise liner operating for another 25 years at Port Canaveral.

The Central Florida sea hub’s Cruise Terminal 3 is set to be complete by June 2020, with #construction kicking off in first-quarter 2019. The new terminal, designed to accommodate the latest cruise ship sizes, will be roughly 190,000 square feet with a minimum 1,800-space parking garage and additional infrastructure and utility upgrades.

“We are going to borrow some and pay some down with the cruise line help. It’s a very good investment for the port and the surrounding area,” said Bob Harvey, a port commissioner, during the Dec. 5 meeting.

In addition, the port shared a brief update on when contracts regarding the project will be awarded.

A $75 million contract to oversee the terminal and roadwork construction will be awarded in January. According to the port’s contact page, the work includes the new Terminal 3 building, launch pad entrance hall, provisioning warehouse building with chiller yard, bag drop/crew building and roads/civil/utility work. The new terminal will prepare he world’s second-busiest cruise port for more future growth in passenger traffic.

Passenger counts at the port increased by 7.7 percent over last year to 4.56 million passengers — a gain of 327,489 passengers. Also, cargo tonnage coming through the port increased 6.9 percent to 6.4 million tons

New Canaveral Terminal was originally published on Maycumber and Associates

      

 #Tavistock Development Co. LLC has beefed up plans for a portion of its 24,000-acre, cross-county Sunbridge development.

Tavistock may start #construction as early as February on the 2,700-acre Osceola County piece of its future development that crosses the line into Orange County, a spokeswoman told Orlando #Business Journal. The developer is seeking approvals from Osceola County on an updated development plan for that portion of a total of 19,560 acres in future development after winning approvals for a different plan in July 2017.

The current requests before the Osceola County development review committee are for:

• 3,198 single-family #homes
• 1,434 apartments
• 2.5 million square feet of office space
• 180,430 square feet of civic space
• 450 hotel rooms
• Two schools

The county’s development review committee will make a recommendation on the proposal at a Dec. 5 meeting. Approvals typically take months or years as plans can be stalled, delayed or changed for various reasons.

The Osceola County property is south of the Orange County line, east of Narcoossee Road, west of the Econlockhatchee Swamp Preservation Area and north of Nova Road. Homestead, Penn.-based GAI Consultants Inc. is the master planner.

Master infrastructure construction was expected to start sometime in 2018, Richard Levey, managing director of Levey Consulting, which was representing Tavistock Development on approvals for the development, previously told OBJ. Levey couldn’t immediately be reached for comment.

Meanwhile, construction on Sunbridge, one of the largest developments acreage-wise in Central #Florida, is expected to continue through 2055. Orange County’s 5,000-acre portion of Sunbridge is slated to include more than 7,300 homes, 490 hotel rooms, 6.3 million square feet of office and retail space, and 2.9 million square feet of industrial space.

The blog post Tavistock to start construction on its 24,000-acre Sunbridge Find more on: We Know Nona

      

End of year Housing Report See more on: We Know Nona KW

     

There are no surprises here when it comes to where the priciest #homes were sold in Orange and Seminole counties in Q2 2018.

Back in August, we revealed our Wealthiest ZIP Codes based on 2016 median household income, and the 34786 ZIP code in the Windermere area topped our list with a median household income of $98,970. So there is no surprise that the same ZIP code joins us for our top 25 ranking of neighborhoods where the priciest homes sold in second-quarter 2018, at a solid spot as No. 4 on our list, with an average home sale price of $461,808.

Today we are releasing part two of our ‘Hottest Neighborhoods’ series. If you missed our first installment, we showed you the most popular ZIP codes around town based on the number of homes sold in Q2 2018.

According to Orlando Regional Realtor Association data, the average home sale price increased 3.6 percent when compared to Q1 2018. The data shows the area’s overall average sales price rose from $259,671 in January to $292,731 in June.

Of the top 25 ZIP codes, only three had an average home sales price greater than $500,000. Here are a few more facts:

• Three ZIPs from our top 25 ranking are also at the top of our Wealthiest ZIP codes list: 32814 in Baldwin Park, 34786 in Windermere, and 32827 in Lake Nona.
• Our No. 1 ZIP code saw its average sale price decreased by about $100,000 from Q1 2018.
• It is $150,000 more expensive to buy a home in our No. 1 ZIP code than it is to buy one in the No. 2 ZIP code.

Click through the gallery above to find out which Orlando-area neighborhoods had the highest average home sales price in the second-quarter of 2018. Check out the Link above.

The article Orlando’s priciest homes were sold during Q2 2018 Read more on: www.weknownona.com

     

The CoreLogic Home Price Insights report features an interactive view of our Home Price was originally seen on Maycumber KW

     

By Cindy Barth  – Editor, #Orlando Business Journal

Oct 29, 2018, 3:27pm

After years of competitive house bidding wars and rising prices, a new data analysis from Zillow shows it might finally be a good time to buy a home in many U.S. markets — especially in Orlando.

Zillow researchers looked at three factors to determine which of the largest housing markets are becoming more buyer-friendly: an increase in the share f listings with a price cut; projected increase in rent appreciation over the next year; and #affordability relative to the past.

Based on those factors, the best places for buyers this winter include:

1. Orlando
2. Boston
3. Seattle
4. Las Vegas
5. Charlotte
6. Columbus
7. Portland
8. Sacramento
9. Minneapolis
10. Dallas

The following blog post House Buyers are gaining the most power in Orlando Read more on: We Know Nona Blog

     

The article Zumper National Rent Report: November 2018 was first published on www.weknownona.com

     

The following post Latest figures on Housing outlook and Economy Read more on: Maycumber Keller Williams

     

By Jack Witthaus  – Staff Writer, #Orlando #Business Journal

Oct 26, 2018, 4:23pm

The Orlando-based developer, Tavistock Development Co. is planning for a new 120,000-square-foot office building in the Lake Nona Town Center. It’s the third office project in the $780 million, 3.8 million-square-foot, mixed-use town center that #Tavistock is developing in partnership with Columbus, Ohio-based Steiner + Associates.

#Construction is expected to begin before the end of the year.

“Leasing for the building is going very well,“ Senior Sales and Leasing Associate Ginger Vetter said in a statement about the second building, which has yet to open. "We expect to announce another regional headquarters and other tenants soon. With the momentum from this building, we’re moving forward with another new, Class A office building.”

The third building’s general contractor is Barton Malow Co., and the architect is a partnership between Gensler and HuntonBrady Architects. Tavistock spokesperson Karlee Kunkle declined to say whether or not a tenant had been signed for the third building or what percentage of the second building has been leased.

The third building’s revelation comes after the second building — an estimated $20 million, Class A 155,000-square-foot, six-story office building at the southwest corner of Veteran’s Way and #Lake Nona Boulevard — topped out in March. The second building, called Town Center Office II, is part of the town center’s $300 million Phase 2A. The building was slated to be completed by the end of this year.

So far, BBA Aviation Plc., parent company to Signature Flight Support in Orlando, has signed a 65,000-square-foot lease inside Town Center Office II.

It’s no surprise that there’s interest in the airport/Lake Nona office submarket as average Class A office rents are $30.18 per square foot — the highest in Central #Florida and ahead of Orlando’s average of $25.93 per square foot, Cushman & Wakefield (NYSE: CWK) reported. Part of the demand for office space might have to do with Lake Nona’s growing Medical City, which could be spurring other businesses to relocate to the area to serve that new employment base, said Nicole Barry, vice president and director of operations at Tower Realty Partners Inc.

Meanwhile, construction continues on the second phase of Lake Nona Town Center. Orlando Business Journal previously learned about three dozen major retailers — from American Eagle Outfitters (NYSE: AEO) to Dick’s Sporting Goods (NYSE: DKS) — are lining up for a spot inside the town center. Tavistock wouldn’t confirm any of the potential retailers as tenants, but the company recently announced that Dallas-based #luxury cinema Cinepolis USA will open a nine-screen, 40,000-square-foot cinema in 2020 in the town center.

The fast-growing community in southeast Orlando boasts more than 11,000 residents, 5,000 employees and 14,000-plus students at its schools.

The following post New office space slated for Lake Nona Town Center is courtesy of http://www.weknownona.com

     

It’s not quite lottery level buzz, but talk of the tax rewards and #business potential of Opportunity Zones has tax lawyers, developers, municipalities and business development pros clamoring for answers and angles.

Still, in its early stages, U.S. governors helped the Internal Revenue Service and U.S. Treasury define eligible census tracts as official zones in May and June. Initial draft regulations about the program provided a fair amount of broad specifics — until late on Oct. 19. That’s when the IRS delivered hotly anticipated detailed rules on Opportunity Zones in a 74-page report reflecting a long period of public comment.

Here’s why Opportunity Zones are getting a lot of attention.

If you have capital gains, the new bipartisan supported provision found in 2017’s tax reform means an individual or institution can park those capital gains into what is known as a Qualified Opportunity Fund. That fund is used only to create investment within the designated census tracts or group of tracts.

Notable Orlando zones include Carver Shores, Washington Shores, Rosemont, Mercy Drive, the Packing District (west of Orange Blossom Trail), West Colonial Drive, East Colonial Drive (GOAA properties), Parramore (south of Church Street), the SoDo area (west of Orange Avenue) and the northeast corner of Semoran Boulevard and Curry Ford Road.

The article Opportunity Zones but great Investment Yes! See more on: http://weknownona.com

     

An application filed by Tavistock Development Co. shows plans for more than 3,000 homes on 1,800 acres.

TAVISTOCK DEVELOPMENT CO.

TAVISTOCK DEVELOPMENT CO.

Tavistock buys 1,000-plus acres airport land Read more on: Maycumber Keller Williams

     

SAN FRANCISCO METRO AREA HAD THE LOWEST MONTHS’ SUPPLY IN JULY

U.S. home prices have risen year-over-year by more than 6 percent since August 2017, fueled by strong demand and a lack of supply in many markets. However, due to rising mortgage interest rates and slowing sales nationally, the number of #homes #for sale increased slightly to a 3.2 months’ supply[1] in July 2018, up from 3.1 months in July 2017. Figure 1 breaks out the months’ supply into four price tiers: low price (0-75 percent of median list price), low to middle price (75-100 percent of median list price), middle to moderate price (100-125 percent of median list price) and high price (125 percent or more of median list price). Usually, the high price tier has the largest months’ supply and the low to middle price tier has the lowest months’ supply. The differences in the months’ supply among the four price tiers were greatest during the 2007-2009 crisis period when the high-price tier peaked at 20.2 months and the other tiers remained less than 15 months. Here’s how each price tier’s months’ supply in July 2018 compares with its recent history:

• The low-price tier had a 3.2-month supply, which was down 0.2 months from July 2017, and was less than a quarter of its peak at January 2008.
• The low- to middle-price tier had a 2.5-month supply, down 0.1 months from July 2017. The July supply was about 18 percent of its January 2009 peak.
• The middle- to moderate-price tier had a 2.7-month supply, up 0.2 months from July 2017. The July supply was also about 18 percent of its January 2009 peak.
• The high-price tier had a 4-month supply, down 0.2 months from July 2017. The July supply was 20 percent of its January 2009 peak.

With demand strong and supply tight, many homes don’t spend long on the market in 2018. Figure 2 shows that over the past four years the share of homes selling within 30 days of the initial list date[2] has been at historical highs. In July 2018, the share selling within 30 days was 25.4 percent, which was almost double the pre-crisis peak in 2005 and more than triple the level during the February 2008 trough. Figure 3 shows the share of the for-sale inventory that was on the market for more than 180 days. In July 2018, that share was 19.9 percent, about 2.2 percentage points lower than the average in 2017 and half of the peak in March 2009. Figure 4 shows the months’ supplies in the U.S. (based on data for 65 CBSAs) and selected CBSAs in July 2018 and July 2017. The months’ supply in West Palm Beach and Honolulu increased 1.2 and 1.9 months, respectively, in July 2018 compared to a year earlier. San Francisco and Seattle had the lowest months’ supplies in July 2018: 2.0 months and 2.4 months, respectively.  Philadelphia showed the largest decline – 0.9 months – in July 2018 compared with a year earlier. [1] The month’s supply is calculated as the ratio of the for-sale inventory at the end of the month to the number of homes sold during the same month and represents the number of months it would take to sell the inventory at that month’s sales pace. The U.S. statistics are based on data for 65 CBSAs.  To determine the price tier, the median list price was the median of homes listed in the 65 CBSAs for the given month.

Supply of Homes For Sale Up Year Over Year in July 2018 is available on We Know Nona KW