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What’s New With Housing?

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From rooftop decks to custom wood floors, these repurposed shipping containers are anything but boring.
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The The Counselors of Real Estate‘s annual list of industry threats lists rising mortgage rates and the general economy at the top, but it includes long-term issues for the first time, such as a weakening infrastructure and disruptive technology.
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Study: With inventory tight, an entire generation has been forced to consider fixer-uppers, and they’re more comfortable tackling remodeling projects.
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If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
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For the first time since the Great Recession, there are signs of a broad shift in America’s housing market.  Homeownership rates are inching up, while the number of new rental households has declined slightly.
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New Listings for Pinellas County Single Family and Townhomes/Condos UP 8.8%… 1,626 in May 2018 versus 1,494 in May 2017.
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Prefab HousesWhere Are All the Prefab Houses?
Architects, environmentalists and some forward-thinking builders embrace the construction method as the way every home should be built in the future. But modular homes are still a rarity. Why?
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What’s New With Housing?

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The first month of summer is when HUD and others mark the importance of owning a home and the impact it has on the lives of American families and local neighborhoods – and how it benefits the nation’s economic health.
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Do America’s for-profit, market-rate leading players need to concern themselves with a growing housing attainability crisis? You bet!
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Developers of Bezu, a condo tower in downtown St. Petersburg, have cut the height from 300 to 180 feet to be more compatible with the historic Flori de Leon next door.
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Piece by piece along a factory line, workers erect walls, string electrical wires, fasten plumbing, hang drywall and paint stackable move-in-ready apartments.
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Did Tax Reform Kill the Luxury Market?  NOT SO FAR!
“We are seeing the opposite of what was expected. We have certainly not seen the doomsday predictions play out.”
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Nineteen local workforce boards are hosting a statewide, construction-industry focused job fair in cities and towns across Florida.


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What’s Up With Housing?

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Mulvaney to Realtors, “We are not out to make you look like a bad guy if you are not. We are out to enforce the law, not become the law.”
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Construction JobsConstruction Employment Rises in 38 States and D.C. From April 2017 to April 2018… Florida Up 7%.
“The collective cultural fixation on urging every student to go to college and seek office jobs means relatively few young adults are ever encouraged to consider careers in construction.”
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The Science Is In: The Healthiest Neighborhoods are Both Walkable and Green.
We tend to take our neighborhoods for granted when it comes to health. But we shouldn’t, because there is a rapidly growing body of evidence demonstrating that the shape and character of our communities matters a great deal to our health.
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Congress curtailed tax incentives to purchase a home, and mortgage rates and home prices are up – but most buyers have more disposable income, and a higher tax deduction will compensate them for losing their IRS interest and property-tax deductions.
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Respondents said that monetary policy (not the housing market) would be the likely reason for the economy to tip into recession — a shift from the last survey when geopolitical tensions were cited.


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What’s Up With Housing?

Wishing all our friends a Joyous Mother’s Day weekend.

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More luxury buildings are luring buyers with amenities that lower stress and lead to inner peace, such as meditation courtyards, yoga studios and herb gardens.
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If you plan to buy a home this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
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The number of respondents who said now is a good time to buy a home in a Gallup poll ticked down, but remains well above 50%.
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They missed a step: Recession-wary young adults skipped the starter home and lived in their parents’ basements, where they saved money for a downpayment.
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What is driving the lift? Americans are optimistic about their prospects for selling, with 45 percent believing now is ideal to list—a high point.
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EDGE District, St. PetersburgEDGE District Designated Florida Main Street Program of the Month.
Since its designation in 2014, the EDGE District has received eight awards for outstanding programs, business and volunteers. EDGE is an acronym for “Entertainment, Dining, Galleries and shops, Etcetera.”
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What’s Up With Housing?

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Affordability and inventory is bleak, but rising interest rates and home prices signal a strong economy.
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The Pinellas real estate market is continuing to see a trend of higher sale prices and a shrinking inventory for both the Single Family and Townhome/Condo segments. The Median Sale Price for Townhomes/Condos was up 14.4% in March 2017. The Median Sale Price for Single Family Homes was up by 8.7% from last year.
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If consumer spending is the grease that moves an economy, the U.S. should keep growing for at least the next six months – the number of survey respondents who expect a loss of income over that timeframe hit an 18-year low.
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More wealthy people seem interested in a Fla. home – and the state’s lack of an income tax – now that the IRS caps local and state tax deductibility at $10,000.
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Public art can spark revitalization in struggling neighborhoods and turn vacant land into a place where people want to live, work and play.


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What’s Up With Housing?

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Building Permits on the Rise in FloridaFlorida Building Permits Rose 20.8% Year-to-Year.
Home construction continues to lag nationwide, but increases in Fla. and the West are being offset by decreases elsewhere, such as New Hampshire’s 43.1% drop.

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Governor Scott Signs Real Estate-Related Bills Into Law.
New laws will boost flood insurance warnings, tinker with HOA covenant and restriction rules, and change the way Fla. regulates and defines “mortgage lenders.”

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The Pinellas County real estate market is continuing to see higher sale prices and homes moving at a faster rate for both the Single Family and Townhome/Condo markets compared to February 2017.
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As more multifamily developers experiment with modular construction, its use is increasing.
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Did you know that St. Pete offers no-interest loans for qualified first-time home buyers and for qualified homeowners who need help to rehab their houses?
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The premium hikes, which are required by law, will be as little as 2% for some properties and as high as 24% for others. The average increase will be about 8%.


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What’s Up With Housing?

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Some buyers want a newly built home, but today’s tight inventory of existing homes is pushing even more to consider construction. Building a home, however, comes with different challenges, such as greater difficulty finding a willing lender.
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Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.
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According to the recent JPMorgan Chase Business Leaders Outlook survey, which showed that about 91 percent of owners of the state’s small- and medium-sized businesses expect local economic conditions to be favorable in 2018.
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Rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
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“Even considering the recovery from the financial crisis, we are experiencing a boom in home prices.”
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Conference Board: Despite recent stock market volatility, consumers expressed greater optimism about short-term prospects for U.S. businesses and labor markets.