ORLANDO, FL – Second-quarter 2018 saw increased sales, higher median prices and more new listings for Florida’s housing market, according to the latest housing data released by Florida Realtors. Many local markets continued to report a lack of for-sale inventory, which impacts sales and puts pressure on rising median prices. Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure.

“During the second quarter of 2018, Florida’s economy and jobs sector continued to grow,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “In June, the state’s unemployment rate was 3.8 percent while the U.S. unemployment rate was 4.0 percent. On another positive note, Florida’s 2Q 2018 homeownership rate was 65.1 percent.

“Despite tight inventory levels, it’s encouraging to see that new listings for single-family homes over the quarter rose 4.9 percent year-over-year, while new condo-townhouse listings rose 3.9 percent. If that trend continues, it will hopefully help ease buyer demand and slow the pace of rising prices.”

The statewide median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017. The closed sales data reflected fewer small sales – and rising traditional sales – over the three-month period: Small sales for condo-townhouse properties declined 41.4 percent while small sales for single-family homes dropped 45.2 percent. Meanwhile, traditional sales for condo-townhouse units rose 6.8 percent and traditional sales for single-family homes increased 4.3 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Through the second quarter, low inventory levels kept the number of single-family sales just barely ahead of last year’s pace, whereas a greater selection of condos and townhouses on the market allowed for a nearly 5 percent increase in sales versus last year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Competition for existing homes remains fierce, with over half of successful single-family home sellers in the second quarter getting above 96 percent of their initial listing prices.”

He added that the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) dropped during the three-month-period.

“Half of the single-family homes that sold in the second quarter were only on the market for 35 days or less, compared to 39 days or less in the same quarter last year,” O’Connor said. “Among condo and townhouse sales, there was a similar-sized drop in this regard, from 50 to 44 days.”

Inventory was at a 3.9-months’ supply in the second quarter for single-family homes and at a 5.5-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.

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DENVER, CO – Oak Coast Properties and BMC Investments announced the $78 million acquisition of St. Moritz Apartments in Lakewood, Colorado. The acquisition marks the sixth investment partnership between Oak Coast Properties and BMC, as well as the seventh Oak Coast Properties assignment for BLDG Management, a property management affiliate of BMC. Financing for the transaction is being facilitated through HFF.

“We remain bullish on Denver and this community signals our continued appetite for investment in this market,” said Phillip Nahas, managing partner of Oak Coast Properties. “The region’s employment is booming and the population continues to climb alongside it. With housing demand still exceeding the available stock, investment in existing rentals provides attractive ROI potential.”

The 360-unit community brings the Oak Coast Properties Denver portfolio to nearly 4,000 units. St. Moritz Apartments will be managed by BLDG Management. The firm oversees and operates a 6,500-unit portfolio, which includes numerous additional Oak Coast Properties’ apartment communities in the region.

The acquisition represents the first in Lakewood for the joint partnership of BMC and Oak Coast Properties. “With fewer apartment properties built in Lakewood compared to other regional submarkets, this has historically been a hard place to source assets with attractive return profiles,” said Max Bresner, principal and chief operating officer of BMC Investments. “We were able to win this community in a competitive bid process by identifying rent positioning and operating efficiencies and by leveraging our local market knowledge and BLDG’s extensive operating platform in metro Denver.”

Originally built in 1986, St. Moritz Apartments sits adjacent to the Colfax Retail Corridor with simple proximity to light rail, Downtown Denver, numerous regional amenities and robust employment opportunities. The community offers numerous onsite amenities including a dog park, pool and spa, gas fire pits, fitness center, basketball court, putting green, and business center. Renovation plans for the community include enhancements to the common areas and amenities.   

Charles Halladay, Brock Yaffe, and Rick Salinas of HFF’s debt placement team helped in securing a $55 million acquisition loan for the buyers through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will also be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Shane Ozment, vice chairman of ARA Newmark in Denver represented the buyers in the transaction.

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SAN ANTONIO, TX – The acquisition and disposition team for Triago Holdings, LLC, based in Draper, UT and led by Jay Minnick, Mike Minnick, and Jennifer Merrill recently closed on the buy of Republic Woodlake in San Antonio, TX. 

The garden style complex built in 2008 consists of 288-units, with an average size of 787 sf., and less than 10 miles from downtown San Antonio. Within the northeast submarket it is positioned within five miles of many employment drivers such as Rackspace, HEB, Randolph Air Force Base, and Fort Sam Houston.

Jay Minnick, the president and CEO of Triago Holdings, LLC is taking advantage of the value-add opportunity to implement a needed upgrade program and position the property for future opportunity. The unemployment rate for the submarket dropped 2.9% with 30,100 jobs added. The value-add component coupled with the strong multi-family market in the San Antonio area made Republic Woodlake a very attractive opportunity. 

San Antonio is ranked no. 3 among the “10 Huge US Cities with the Fastest-Growing Economies” according to Forbes, 2018. It was also ranked among the top 20 “Fastest-Growing Large Cities in America” according to WalletHub, 2017 and was also named one of the top 25 “Best Places to Live in the USA.” Texas added 39,600 jobs in April and the state’s unemployment rate dropped to 3.8% in April 2018, down from 4.1% in March.

“We look forward to serving the residents in the fantastic state of Texas and city of San Antonio. We found they’re some the kindest, most respectful people we have met and we really like the strong military presence,” said Jay Minnick. “It’s a fantastic market with fantastic people, and a fantastic place to do business.”

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