SAN FRANCISCO, CA – Trulia, a leading destination for homebuyers and renters, released the findings from the Trulia Inventory and Price Watch. This quarterly look at the supply of starter, trade-up and premium homes on the market nationally and in the 100 largest U.S. metros found that markets with the largest gains in home values since 2012 are facing the tight supply of for-sale homes.

Buyers Face Tightest Inventory Levels Heading into 2017 House-Hunting Season
Nationally, housing inventory hit its lowest level on record in the first three months of 2017. The number of homes on the market dropped for the eighth consecutive quarter, falling 5.1% over the past year. Across different housing segments, starter and trade-up home inventory fell 8.7% and 7.9% year-over-year nationally. Meanwhile, the stock of premium homes remained relatively unchanged since last year, having fallen just 1.7%.

Affordability Becoming a Larger Obstacle for Starter-Home Buyers
This persistent and disproportional drop in starter and trade-up home inventory continues to make homeownership less affordable – especially for first-time buyers. A typical starter-home buyer would need to dedicate 38.3% of their monthly income to buy a starter home – a 2.9-point increase from last year. Trade-up and premium homes, on the other hand, are still relatively affordable despite being more expensive.

Home Value Recovery May Be Causing Inventory Crunch
A strong recovery may be partly to blame for the large drop in inventory some markets have experienced over the past five years. Housing markets – including San Francisco, Seattle, Nashville, Tenn. and Colorado Springs, Colo., – which have had greater home value recovery since 2012 have experienced larger decreases in inventory. In other words, not only are buyers in the hottest markets likely to be priced out, potential sellers may be locked in to their existing homes.

Ralph McLaughlin, Chief Economist for Trulia stated, “Recovering home values have proven to be a double-edge sword. While homeowners across the country are thrilled to regain equity in their homes, many have not been in a rush to trade up. This has added to the inventory gridlock that ties up would-be starter-home inventory from ever coming on to the market, further constraining supply and decreasing affordability.”

McLaughlin added, “Saving up for a down payment is one of the largest obstacles to homeownership for first-time buyers. In markets plagued with tight inventory and decreasing affordability, Millennials who make up most of these first-time buyers may find homeownership increasingly out of reach. But, there continues to be an uptick in new construction – which should help increase supply in some inventory-constrained markets.”

Powered by WPeMatico

FARMERS BRANCH, TX – Centurion American Development Group and the City of Farmers Branch announced the groundbreaking ceremony for the mixed-use development Mercer Crossing, at the corner of Luna Road and Whittington Lane in Farmers Branch, Texas.

“We’ve spent the last two years plotting every detail of this project with the City of Farmers Branch and feel there couldn’t be a more perfect time to break ground,” said Mehrdad Moayedi, Centurion American President and CEO.

Centurion American and the City of Farmers Branch have partnered to make the 370 acre, $1 billion development. The property, located in the heart of the Metroplex, will include more than 800 single-family homes, 2,250 apartments, retail stores, restaurants, a boutique hotel, 48-acre office park, amphitheater, and a boardwalk entertainment district.

Mercer Crossing is the culmination of more than two years of plotting with the City of Farmers Branch and will result in an exciting new development for the area. Construction has already started with residents able to go in next year.

Centurion American is one of Texas’ largest developers of single-family home neighborhoods. Since 1990, they have developed over 20,000 single-family homes and currently have several mixed-use projects being built throughout the Metroplex.

Powered by WPeMatico

IRVINE, CA – Steadfast Senior Living announced plans for another addition to their senior housing portfolio with a new ground-up development in Morgan Hill, Calif., just south of San Jose. The new facility will provide 67 apartment homes for seniors in need of helped living and memory care.

“Our objective is to make quality assets in the senior living space,” said Christopher Hilbert, president of Steadfast Companies, “We believe that this ground-up development in Morgan Hill will provide a fantastic quality of life experience for residents with helped living and memory care needs.”

The two tale, 62,000-square-foot development will consist of studio, one- and two-bedroom residences ranging from 400 square feet to 1000 square feet, and will feature high ceilings and spacious bathrooms and kitchenettes.

Plotted amenities will include large common areas, lounges, bistro, spa, beauty salon, fine dining, fitness center, movie theatre, game room, computer lab and library. Residents will also delight in an enclosed courtyard with fireplace, outdoor fountain, BBQ, putting green, gardens and walking paths.

Steadfast Senior Living currently owns two other helped living and memory care communities, the newly opened GranVida, in Carpinteria, CA, and Crestavilla, currently under construction in Laguna Niguel, CA.

Ground breaking for the project is expected to start in the summer of 2017 with the facility scheduled to open in 2018.

Powered by WPeMatico