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Longmont-area real estate, commercial deals; May 30, 2021

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May 30th – trust deeds

This list includes trust deeds (to secure the repayment of a loan) of $ 750,000 or more. The information includes the borrower, the lender, the address or legal description of the property, the date the trust deed was filed, and the amount.

Carl S. Weimer, Elevations Credit Union, 4751 Summerlin Place, Longmont, 5/10/2021, $ 1,171,274.00

East St. LLC, Commerce Bk, Mult Prop, 5/11/2021, $ 1,500,000.00

Gold Nugget LLC, First Western Trust Bk, 7142 Gold Nugget Drive, Longmont, May 12, 2021, USD 1,020,000.00

John R. and Sharon J. Soltis, US Bk, 6432 Legend Ridge Trail, Longmont, 5/12/2021, $ 867,000.00

Katherine R. and John M. Vollmayer, Midwest Regional Bk, 2735 Geneva Place, Longmont, 5/5/2021, $ 881,000.00

Mapleton Hill Invest LLC, Firstbank, May 5, 2021, $ 99,999,000.00

Rude Dog Properties LLC, Bk Colo, 1441 Emery St., Longmont, May 11, 2021, $ 1,400,000.00

Scott Everett Pritchard, JP Morgan Chase Bk, 3715 Fowler Lane, Longmont, 5/10/2021, $ 1,360,000.00

Stephan A. and Nicki J. Boettcher, Bk Am, 8601 Portico Lane, Longmont, May 11, 2021, USD 1,040,500.00

Vine St. Devl. LLC, Firstbank, Mult Prop, 05/12/2021, $ 1,000,000.00

West End Invest LLC, Elevations Credit Union, Mult Prop, 5/13/2021, $ 7,165,500.00

Ziggi Ventures LLC, High Plains Bk., 1221 S. Main St., Longmont, May 12, 2021, $ 4,420,261.30

Deeds

This list includes deeds (transfer of ownership of a property) of $ 350,000 or more. The information includes the seller, the buyer, the address or legal description of the property, the date of filing the deed and the amount.

2145 Upland LLC, Vine St. Devl. LLC, Vl, 05/12/2021, $ 1,570,000.00

2945 Wilderness Place Ltd., Beta 1000 LLC, 5400 Kennedy Drive, Longmont, May 5, 2021, $ 544,500.00

400 402 Main LLC, Lyons Mane LLC, Mult Prop, 6/5/2021, $ 655,400.00

Adam C. and Kelsey N. Shearer, Orchard Property I LLC, 876 Shuttleworth Drive, Erie, 5/11/2021, $ 455,000.00

Alexis and Julianna Vorhaus, Jeffrey Stampes, 3627 Wildrose Place, Longmont, 6/5/2021, $ 542,000.00

Angie and Patrick McCreavy, Amanda Skye Davis, 2104 Third Ave., Longmont, 6/5/2021, $ 427,000.00

The story goes on

Atlas Properties Ltd., Spencer Jack Schell, 718 Pendleton Ave., Longmont, 5/10/2021, $ 650,000.00

Barbara L. Block, Nick Danger, Moonlight Drive 1522, Longmont, 5/5/2021, $ 655,000.00

Barry J. and Jody J. McClurkin, Ariel Wishkovsky, 2139 Grant St., Longmont, 5/13/2021, $ 370,000.00

Beacon Properties LLC, David Billings, 2137 Steele St., Longmont, 5/10/2021, $ 460,000.00

Beau Hanes and Esther Gwen Clark, James Hewitt, 1023 Atwood St., Longmont, 6/5/2021, $ 407,000.00

Bradley N. Grgurich, Blake T. Ryan, 1528 S. Coffman St., Longmont, 5/10/2021, $ 525,000.00

Brandon Schmidt, Dillon, and Megan Whisman, 6 Seattle Lane, Longmont, 5/12/2021, $ 388,600.00

Calatlantic Group Inc, Sheila and Harry William Goldstein, 1538 Bluemoon Court, Longmont, 6/5/2021, $ 507,100.00

Calatlantic Group Inc., Erik Wiedenbach McLeod, Armstrong Drive 1541, Longmont, May 13, 2021, USD 598,400.00

Charles C. and Melanie O. Nygren, Cole C. Nygren, 401 Terry St., Unit A, Longmont, 11/5/2021, $ 425,000.00

Charles and Dorothy A. Burkhalter, Jonathan J. Farino, Lee Way 1018, Longmont, 5/5/2021, $ 425,000.00

Christine Marie and Douglas Williams Ludwig, Dana Lee, and Martha Lee Walters, 1805 Clover Creek Drive, Longmont, 5/13/2021, $ 555,000.00

Christopher James Hunt, Neil D. Kearney, 912 Half Measures Drive, Longmont, 5/10/2021, $ 758,000.00

Coyle Enterprizes LLlp, Andrew M. Farny, 717 Baker St., Longmont, 5/11/2021, $ 380,000.00

Craig L. and Victoria L. Moffatt, Linda M. and Carl J. Bendorf, 619 Brookside Drive, Longmont, 6/5/2021, $ 602,000.00

Creative Estates LLC, Jeffrey Butenschoen, 1430 Burlington Drive, Longmont, 5/10/2021, $ 386,000.00

David G. and Cynthia K. Robinson, Anya C. Copeland, 819 Snowberry St., Longmont, 11/5/2021, $ 487,000.00

David and Kimberly L. Desch, Scott Everett Pritchard, 3715 Fowler Lane, Longmont, 5/10/2021, $ 1,700,000.00

Revocable trust by Deanna Hanes Stolberg, John C. Lachance, 671 Robert St., Longmont, 5/10/2021, USD 555,000.00

Doree A. Newbery, Jordan Samuel, and Deborah Pava Singer, 1319 S. Collyer St., Unit B, Longmont, 5/13/2021, $ 410,000.00

Dorothy A. Johnson, Christopher Ryan Mitchell, 404 E. Fifth Ave., Longmont, 5/5/2021, $ 365,000.00

Doug Alan Friedrich, Bernadette P. McCann, 4501 Nelson Road, Unit 2101, Longmont, 6/5/2021, $ 365,800.00

Ernesto and Beatriz Esquivel, Lucas J. and Bridget A. Shaughnessy, 2401 Maplewood Circle E., Longmont, 5/5/2021, US $ 610,000.00

Frf Properties 2101 LLC, Jonna Kate Torres, 901 Snowberry St., Longmont, May 12, 2021, $ 460,000.00

Gerald Joe Jr. Chambers, Elise Edson, 5406 Gunbarrel Circle, Longmont, May 5, 2021, $ 725,000.00

Gracie Mae LLC, Alejandro Lopez Sanchez, Lamplighter Drive 1649, Longmont, May 12, 2021, $ 380,000.00

Hans Josef Krolla, Karl Linn Ford, Bluefield Ave. 1601, Longmont, May 10, 2021, $ 585,000.00

Henry Wylie Hobbs, Ryan Alan Turnbow, 1148 Purdue Drive, Longmont, 5/5/2021, $ 711,000.00

James A. and Linda P. Cooke, William and Terri Stonehocker, 4326 Oxford Road, Longmont, 5/10/2021, $ 1,385,000.00

James Kimberly McGee Living Trust, Arthur L. and Elizabeth Annecharico, 8375 Summerlin Drive, Longmont, 5/10/2021, $ 1,875,000.00

James Taylor, Adam Thomas Lawrence, 1221 Gay St., Longmont, 5/10/2021, $ 425,000.00

Jana L. Fanning, William T. III, and Jennifer L. Fanning, 1101 Twin Peaks Circle, Longmont, 6/5/2021, $ 515,000.00

Janice B. Bengtson, Bruce Evans Hallock, 2426 Santa Fe Drive, Unit D, Longmont, 5/12/2021, $ 485,000.00

Jeffrey A. and Eileen T. Bechtold, Jessica Jett, 826 Atwood St., Longmont, May 12, 2021, $ 421,000.00

Joan S. Caddell, 2015 Trc Trust, 640 Gooseberry Drive, Unit 1105, Longmont, 5/13/2021, $ 400,000.00

John O. and Shellie R. Honemann, Todd A. and Catherine C. Gibson, Goranson Court 503, Lyon, May 13, 2021, $ 850,000.00

Jonna Kate Torres, Sachiko Yamashita, 735 Robert St., Longmont, May 11, 2021, $ 640,000.00

Joshua Keith and Valerie Leigh Holland Rivet, Matthew Popkin, 852 Missouri Ave., Longmont, 5/11/2021, $ 525,500.00

Judith L. Labuda, James E. Hill, 7154 Christopher Court, Longmont, 5/10/2021, $ 862,500.00

Jwp LLC, CB 2204 18th LLC, 2204 18th Ave., Longmont, 6/5/2021, $ 1,990,000.00

Karla D. and Paul M. Altfeltis, James and Norma Wilbur, 2316 Emery St., Longmont, May 10, 2021, $ 613,500.00

Kathleen EC and Bernard J. Jr. Stone, Laurie Jennings, 2011 Centenary Court, Unit 2, Longmont, 5/13/2021, $ 875,000.00

Kathleen L. and Gene A. Smerchek, Deborah Schoenwald, 18651 Peak-to-Peak-Highway, Mountain, May 5, 2021, $ 452,000.00

Kb Home Colo Inc., Timothy M. Moore, 1237 Shale Way, Erie, 5/10/2021, $ 519,900.00

Kb Home Colo Inc., Tori Phillips, 1285 Copper Drive, Erie, 5/10/2021, $ 487,600.00

Kb Home Colo. Inc, Daniel F. and Sonia Dobinsky, 1293 Copper Drive, Erie, 6/5/2021, $ 544,300.00

Kb Home Colo. Inc., Csi 1031 LLC, 1229 Shale Way, Erie, 6/5/2021, $ 521,300.00

Kenneth and Connie Crawford, Ryan and Brittany McCarty, 7474 Mount Sherman Road, Longmont, 5/11/2021, $ 880,000.00

Kimberly A. Hassett, John A., and Jennifer R. Koskiewicz, 2180 Meadow Sweet Lane, Erie, 5/5/2021, $ 740,000.00

LA Corsentino Properties LP, 916 Seventeenth LLC, 916 17th Ave., Longmont, 6/5/2021, $ 1,050,000.00

Lee Roy L. Bechard, Hunter Ross Warkenthien, 3528 Foxtail Place, Longmont, 5/12/2021, $ 552,000.00

Marie T. McCreery, Ann Willman, 1507 Lasalle Way, Longmont, 5/5/2021, $ 590,000.00

Markel Homes Constr. Co, David L. Goldman, 5691 Cottontail Drive, Longmont, 5/10/2021, $ 824,500.00

Mark R. Crawford, Martha Taylor, and Daniel K. Dever, 3762 Florentine Circle, Longmont, 6/5/2021, $ 491,000.00

Mary Lou Schlapia Living Trust, Crown Hughes Ltd., Mult Prop, 5/10/2021, $ 478,100.00

Matthew E. and James S. and Amy S. Barrie, James E. Joque, 805 Summer Hawk Drive, Unit M78, Longmont, 5/10/2021, $ 356,000.00

Meritage Homes Colo. Inc., Scott James Killion and Rebecca Ann Carnahan, 1028 Zuckerrübenkreis, Longmont, May 13, 2021, USD 576,700.00

Meritage Homes Colo. Inc., Carlos Manuel and Alicia Lynn Sepulveda, 373 Western Sky Circle, Longmont, May 10, 2021, $ 599,700.00

Michael D. and Lana M. McLeod, Roberto Chavarria Simpson, 2517 Lanyon Drive, Longmont, 11/5/2021, $ 590,000.00

Michelle A. Jones, Wonchoul Yang, 508 Ashford Drive, Longmont, 5/10/2021, $ 675,000.00

Mjd Invest LLC, Brice Enterprises LLC, 26 Birch Court, Longmont, 6/5/2021, USD 1,050,000.00

Paul and Stephanie Fournier, Martha R. Risk, 1821 Meadow St., Longmont, 5/13/2021, $ 461,000.00

Pavel Family Living Trust, Brady and Dawn Town, 805 Summer Hawk Drive, Unit J59, Longmont, 5/11/2021, $ 365,000.00

Peter D. and Kristi L. Bakich, Carl Samuel and Adrienne, and Stephen A. and Kelsey Christine Solomon, 744 Brookside Drive, Longmont, May 10, 2021, USD 600,000.00

Renae E. Chavira, Amber Usry, 804 Zweck Court, Longmont, 5/10/2021, $ 535,000.00

Richfield Homes LLC, Casey Gulkin, 2091 Medford St., Longmont, 5/12/2021, $ 651,500.00

Richmond Am Homes Col. Inc., Joshua and Amy Rodriguez, 1026 Woodgate Court, Longmont, 6/5/2021, $ 584,100.00

Robert W. and Jacqueline M. Kearby, David and Carlota Heins, 1662 Woodward St., Erie, 5/11/2021, $ 643,000.00

Ryan L. and Angela L. Flynn, Kyle McAllister, 6581 Saint Vrain Road, Longmont, 5/13/2021, $ 835,000.00

Ryan Stuart Thompson, Andrew, and Christina Wagoner, 1507 S. Coffman St., Longmont, 5/11/2021, $ 485,000.00

Sara A. and Trent Travis Gall, John H. and Joan L. Bludorn, Amethyst Drive 2070, Longmont, May 5, 2021, $ 1,225,000.00

Scott P. Arends, Steve P., and Kathleen S. Nalley, Moonlight Drive 1523, Longmont, 5/10/2021, $ 495,000.00

Sean E. and Mark E. and Janae Weston, Marilla and Patrick Havens, 1541 Cushman Court, Longmont, 5/12/2021, $ 447,000.00

Sonam Sherpa, Peter James, and Monika Germain Driscoll, 2137 Frontier St., Longmont, May 11, 2021, USD 520,000.00

Suzanne J. Spiro, Tiffany Kalin, Brennan Circle 557, Erie, 5/10/2021, $ 550,000.00

Therese and Dennis Otoole, Gold Nugget LLC, 7142 Gold Nugget Drive, Longmont, May 12, 2021, $ 1,273,000.00

Thomas J. and Melissa M. Glorioso, Jochen and Yoko Schmitt, 2118 Astoria Lane, Longmont, May 13, 2021, USD 508,700.00

Tim Wanner, Aubry Hoffman, 7460 Mount Meeker Road, Longmont, 5/10/2021, $ 865,000.00

Toll Co. LP, Mitu Lnu, 2490 Claystone Circle, Erie, 5/10/2021, $ 915,100.00

Travis and Angela Renee Norris, Robin Alan Braun, 7399 N. 95th St., Longmont, 6/5/2021, $ 1,077,000.00

Victoria L. and Craig L. Moffatt, Elaine Logan, 2108 Springs Place, Longmont, 5/11/2021, $ 680,000.00

William Lyon Homes Inc., Brian Michael and Chelsea Dame Rosipajla, 1130 Marfell St., Erie, 6/5/2021, $ 678,000.00

Zillow Homes Property Trust, Dianne D. Littlehales, 1419 Red Mountain Drive, Unit 82, Longmont, 6/5/2021, $ 365,000.00

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Inflation forces homebuilders to take it slow, raise prices | Real Estate

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LOS ANGELES – Even in the hottest US housing market in more than a decade, new home construction has become a frustratingly unsafe and costly endeavor for many home builders.

Rising costs and a shortage of building materials and labor are making themselves felt in the housing industry, which accounted for nearly 12 percent of all US home sales in July. Construction delays are common, leading many home builders to slow down the number of new homes they offer for sale. When a new home becomes more expensive to build, some of these costs are passed on to buyers.

Across the economy, prices have skyrocketed this year due to the shortage of manufactured goods and components, from automobiles and computer chips to paint and building materials.

The home builder restrictions are not welcome news for home buyers as they are already facing historically low levels of resale in the market and record prices. Economists fear that many first-time home buyers will be pushed out of the market. The affordability of affordability is one reason the pace of home sales has slowed in recent months.

At Sivage Homes in Albuquerque, efforts by builders to keep the construction schedule on schedule are undermined almost daily by delays in plumbing fixtures and windows to bathtubs and appliances.

“These days we could literally wait 30 days, maybe even 60 days for one thing or the other,” said CEO Mike Sivage. “I’ve been doing this since 1986 and I have to say that I’ve never seen anything like it before.”

The pandemic set the stage for higher prices and shortages in construction products. The factories have been temporarily shut down and are now trying to catch up with production, while demand has increased due to an unexpectedly hot housing market and an increase in home conversions.

Wood futures jumped to an all-time high of $ 1,670 per thousand board-feet in May. Since then, they have fallen to $ 634, about 10 percent higher than a year ago. Still, wholesale prices for a category of home building components that include windows, tiles, doors, and steel rose 22 percent in the past 12 months, according to an analysis of Labor Department data conducted by the National Association of Home Builders. Before 2020, it was typical for such total prices to increase a little more than 1 percent annually.

These conditions are likely to remain. Robert Dietz, chief economist at NAHB, said he had heard from builders that “there are ongoing and in some cases growing challenges” with floors and other building materials.

Meanwhile, the lumber savings have yet to be rolled over to many construction companies, including Thomas James Homes, which operates in California, Washington state, and Colorado.

“The price we pay for lumber today is the same price we paid before 90 or 120,” said Jon Tattersall, the construction company’s president, who found his company’s total construction costs have increased about 30 percent since November .

Home buyers should also not expect discounts from falling timber prices, as home builders set their prices largely based on overall demand in the housing market.

A signed contract for a house yet to be built usually includes a grant to cover unexpected construction costs, but generally, builders have to accept large increases and then pass them on to the next buyer.

“We have to increase the cost of our future ones,” said Tattersall.

Higher building material prices aren’t the only factor driving up building costs. The chronic shortage of skilled workers in the construction industry has worsened during the pandemic and forced building owners to factor in higher labor costs.

Inflation is being felt across the economy. Consumer prices rose 5.3 percent in August compared to the same month last year. At the producer level, inflation rose even steeper by 8.3 percent, the largest annual increase since records began.

The Federal Reserve expects the rise in inflation to be temporary. For the time being, however, the rising costs of building materials and the continuing shortage of supply are making everything from house to apartment to commercial building more expensive.

To cope with that, many builders are slowing down the introduction of new homes. Zonda Economics, a real estate data tracker, estimates that around 85 percent of home builders are intentionally limiting their sales.

“They’re trying to make sure they have the land ready, the workers ready, and the materials ready to actually sell the houses that have been sold,” said Ali Wolf, Zonda’s chief economist.

Even with inflation, builders benefit from the hottest housing market for years. Demand for new homes has increased while the number of pre-occupied US homes for sale has plummeted to all-time lows, driving prices higher.

The average price of a new home sold in July rose 18.4 percent year over year to $ 390,500, an all-time high, according to the Commerce Department. For existing homes, the average price rose 17.8 percent to $ 359,900 in July, according to the National Association of Realtors.

Builders typically hire contractors to handle framing, electrical, plumbing, and other aspects of the construction. As these firms faced higher costs to find skilled workers or to obtain the materials they need to do their jobs, they had to pass those increases on to construction companies.

Tri Pointe Homes, which builds homes in 10 states including California, Texas, and Maryland, is grappling with higher labor costs. It has worked through those increases and has sometimes gone beyond its core group of contractors, said CEO Doug Bauer.

One way Tri Pointe and other home builders deal with product delays is to ask contractors to install temporary facilities and equipment, for example, so buyers can move in as soon as possible.

“As soon as the original item is available, we will return to install it,” said Bauer.

In order to stay one step ahead of rising costs, Tri Pointe has increased its home prices and, if necessary, reduced the incentive to buy. Even so, the builder has raised its forecast for the number of houses it is expected to deliver this year from 6,000 to 6,300.

While the large, publicly traded construction companies have the resources to buy building materials and store them until needed, the smaller construction companies that make up the bulk of the industry are at the mercy of suppliers.

Sivage, whose company builds houses priced between $ 250,000 and $ 1 million, was able to set the price of wood with suppliers a year in advance. That has changed in recent years with the increasing demand for wood. Now Sivage doesn’t know what it will cost him until it’s ready for delivery.

“We had to grin and take it,” he said.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed in any way without permission.

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Summit County’s real estate market is anything but easy for first-time homebuyers

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Leah Canfield, longtime resident and real estate agent for Coldwell Banker Mountain Properties, smiles outside a home in the Wellington neighborhood of Breckenridge on Saturday September 25th. Canfield recommends that first-time buyers take at least six months to find a property in the county.
Ashley Low / For the Summit Daily News

Rising prices, high inventory turns, and cash offers are all evidence that the Summit County’s real estate market has been hot for some time, but what has that done for first-time home buyers?

In the case of Dillon-based Alex Cole, it meant waiting up to seven months to find a property that met his minimum requirements and budget. Cole lived in Denver and had spent a few winters in the county before deciding to move. He was looking for a property that had to be within the county limits, within his budget, and in a quiet two bedroom area.

“It’s just been a puzzle since February,” said Cole. “I have a feeling you are starting to build your puzzle pieces. I knew it was Summit County. Now, considering my price, I had to find out exactly what area it was in? “

First, Cole said he searched Breckenridge before focusing on Wildernest and then finally Dillon Valley, where he recently bought a three bedroom, two and a half bath condo.

Leah Canfield, a real estate agent at Coldwell Mountain Banker Properties, said this was not uncommon. In fact, Canfield’s recommended buyers give themselves six months to find a property. To move the process forward, when using the Multiple Listings Service database, buyers should work closely with their agent to set realistic expectations before proceeding.

“I would recommend that you look up the MLS and get whatever has been sold in the last six months that meets your criteria and that is within your budget, and if two or three spots have been sold it means none There’s a lot out there, ”Canfield said. “That means they are looking for something that doesn’t exist.”

Cole closed his house in late September. According to the Summit County Assessor’s Office, the condominium was sold for $ 530,000.

Price is another factor that makes it difficult for first-time buyers to anchor themselves in the market. Andrea Perry, of Silverthorne, said she had lived in her family’s vacation home in Leadville for the past five years, which helped her save enough for a down payment. Even then, she said her parents had given her financial support to shut down.

“The only reason I could do this was to help my family,” Perry said. “The ability to rent a house from them and have my parents help with the down payment really made this possible, and a lot of people don’t have the resources to help them buy their first home. It’s a really difficult process. “

Perry said she was one of several offers vying for her two-bedroom, two-bathroom apartment in Wildernest. She believes it was a letter to the sellers, along with a short tender period, that influenced her decision in her favor.

“I had offered her the price and wrote a letter saying that I was a local and a first-time home buyer, and I think all of that and the short offer period were the only reasons I was actually able to get the apartment,” Perry said .

Although writing a letter worked in Perry’s favor, Canfield said it falls into a gray area and some agents will try to prevent letters from being written and received as it could lead to discrimination lawsuits.

Perry said it was difficult to find something that would work for her from the inventory available. She looked for a two bedroom apartment with a washer and dryer and found one in Wildernest. The condominium was sold for $ 549,000, according to the Summit County Assessor’s office.

Of the first-time home buyers looking to get into the county’s real estate market, the majority are already living in the county, Canfield said. Canfield said she has heard of expanding families currently renting who are sometimes interested in buying a home, but it is difficult to save enough for a down payment due to the high rental payments. Some others who currently live in a house are hesitant to sell because it is likely that their house will be eaten up much sooner than they can find a new place.

As for the cheapest inventory in the county, the latest report from the Land Title Guarantee Company points to units in the Dillon Valley. The average transaction price for a unit here is $ 382,292. However, the prices for units in traditionally cheaper areas continue to rise. Canfield said A-frame homes in Blue River used to be considered affordable, but some of them hit $ 1 million. According to the Land Title report, the average transaction price for units in Blue River is $ 747,900.

There are resources available for first-time home buyers to help them get started. In addition to various federal programs, the Summit Combined Housing Authority offers three different down payment loan programs for Summit County residents. These loans are only available for main home purchases and require a 1: 1 match of up to $ 25,000.

Rob Murphy, executive director of the Summit Combined Housing Authority, said the organization typically provides three to seven loans a year, and this year has been quiet with just one loan. Murphy said he attributed this to low interest rates and the fact that not many are aware of these programs.

Even with programs like these, both Canfield and Cole said that first-time home buyers should be patient once they begin researching the market.

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NABOR® Economic Summit experts discuss migration and regulatory patterns

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NAPLES, FL – More than 300 REALTORS®, real estate professionals and local executives interested in Collier County’s economic health and its impact on the local real estate market attended in person or virtually on the Naples Area Board of REALTORS®. part (NABOR®) ninth annual economic summit, “A View from the Top”, on Tuesday, September 7th, 2021, at the Hilton Naples. Three top economists gave a qualitative insight into the factors influencing the economy and shared their analysis of the factors influencing growth and property sales in the near future.

The data-rich hybrid event began with a welcome message from NABOR® President Corey McCloskey, followed by remarks from event sponsor BJ Cottrell, who is the managing partner of the FIRPTA Group. Longtime summit moderator Jeff Lytle set the tone of the day by assuring attendees that they would get answers to questions about the impact the pandemic is having on the economy and whether it will continue to affect the housing market.

First, Dr. Brad O’Connor, Florida Realtors® chief economist and director of industrial data and analysis, takes the stage. After Dr. O’Connor had given a comparative overview of Florida and the local housing industry, Dr. O’Connor said data showed that the Florida luxury real estate market has improved more than any other price segment over the past year. He then referred to data from the United States Postal Service (USPS) which showed that New York had the highest number of residents who moved their permanent address to Florida in 2020. The USPS data also showed that new residents came mainly from urban cities and boroughs like Manhattan, Chicago, and Boston.

The presentation by Dr. O’Connor included a historical perspective of the price data. “Prices in Florida haven’t gone down in 10 years. But while the median closing price for single-family houses has apparently stabilized in recent months, the prices for condominiums have continued to rise. “

Dr. O’Connor added, “If all of the Florida homes were on the market right now, we would have an eight month inventory.” He quickly assured the audience that the current situation of house bank defaults does not have the same qualities as it did 10 years ago due to the stricter lending rules.

Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®, announced in a virtual presentation that the “work from home” trend will outlast the pandemic and predicted that it will continue to have a major impact on where people buy a home for years to come.

With a housing shortage in America, Dr. Yun points out that rents rose 8 percent over the past year. He also predicts that rents will continue to rise as house prices are also likely to continue to rise due to our inability to meet demand. In fact, he said, “A year ago home prices were 20 percent lower, so some buyers are being priced today.” Dr. Yun also revealed that for these prospective buyers, rental payment history is used as a factor in qualifying for a mortgage.

Dr. Yun predicts that property prices will continue to rise 5 to 10 percent in Florida and potentially up to 20 percent in the Naples area.

Most recently at the summit was Dr. Elliot Eisenberg, a political economist and celebrated public speaker who was a former senior economist with the National Association of Home Builders. Dr. Eisenberg, whose style of presentation brings humor into an often banal topic, made it unmistakably clear that “the above trend growth will continue until next year”. It showed several graphs that identified consumer behavior activity during the pandemic, including the increase in retail sales when all were in quarantine and how the service sector is expected to overtake retail consumption as the preferred way to spend money now as the Consumers are less reluctant to go to their homes.

Dr. Eisenberg said, “Under normal conditions, when you exit a recession, supply and demand will collapse. But not now. ”That’s because demand has skyrocketed as people are hungry to return to pre-pandemic consumer behavior, but the influential impact of the pandemic has resulted in all production being halted – both for the retail as well as for the service sector – and production cannot keep up.

Dr. Eisenberg said the stock market has averaged 10 percent annual return for the past 10 years, but predicts the average return could decrease to about 5 percent annually over the next 10 years. Importantly for REALTORS®, he said: “Household balances are spectacular. We want to spend and consume and do, it’s just that we can’t get people to do something [goods] and service [our needs]. However, if the [pandemic] the recession began, we were forced to stay home, and forced savings were created. As a result, these forced savings saved many people $ 25,000, which is why we saw an increase in first-time home buyers in 2021. “

In conclusion, Dr. Eisenberg, he doesn’t expect the Federal Reserve to hike rates before the end of 2022 – the Fed may be forced to hike rates before it wants to. “

The Economic Summit is a joint effort by the NABOR® Board of Directors, the Media Relations Committee and the Economic Summit Task Force, led by Rick Fioretti, Chair of the Economic Summit Committee.

NABOR® thanks its event sponsor The FIRPTA Group, technology sponsor Supra, program sponsor Stuart Kaye Homes, media sponsor SWFL Home Inspections, reception sponsor DR Horton and table sponsors: Gulfshore Insurance, Law Offices of Sam Saad III, Honc Industries, Old Republic Exchange, The National Association of Hispanic Real Estate Professionals (NAHREP), Women’s Council of REALTORS®, and Keep Collier Beautiful.

NABOR® is located at 1455 Pine Ridge Road in Naples. For more information on the Economic Summit, please contact Marcia Albert at (239) 597-1666.

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