ORLANDO, FL – Florida’s housing market reported increased sales, higher median prices, more pending sales and gains in inventory (active listings) in May compared to a year ago, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 30,742 last month, up 9.6% over May 2018.

“Low interest rates continue to fuel buyer demand in Florida’s housing market,” said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “In May, new pending sales for existing single-family homes were up 5% year-over-year, while pending sales for existing condo-townhouse properties rose slightly (0.5%). Inventory levels have steadily improved, which offers more choices for homebuyers. Statewide, single-family inventory (active listings) last month rose 4% over May 2018, while condo-townhouse inventory increased 4.8%.

“For expert advice and peace of mind, buyers and sellers should consult a local Realtor to learn more about area market conditions.”

In May, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 89th consecutive month. The statewide median sales price for single-family existing homes was $266,000, up 4.3% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $195,000, up 3.7% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. 

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in April 2019 was $269,300, up 3.7% from the previous year; the national median existing condo price was $251,000. In California, the statewide median sales price for single-family existing homes in April was $602,920; in Massachusetts, it was $394,000; in Maryland, it was $295,000; and in New York, it was $271,000.

Looking at Florida’s condo-townhouse market in May, statewide closed sales totaled 12,217, up 1.6% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“May turned out to be our highest single-family home sales’ monthly total for any single month over at least the past 10 years,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “What’s more, this growth was widespread, with sales increasing in 21 of the state’s 22 metropolitan areas.

“This resurgence in single-family home sales is largely being driven by a single factor, which is that mortgage interest rates have been declining sharply since late last year. It’s worth noting, for instance, that all-cash single-family home sales were really only up 1.5% in May, whereas transactions involving financing were up over 12%.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07% in May 2019, down from the 4.59% averaged during the same month a year earlier.

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

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ATLANTA, GA – Dunross Capital announced the acquisition of Hairston Woods, a 240-unit multi-family apartment complex in Stone Mountain, Georgia. Located near Marta transportation, the property is situated on 20 park-like acres, is convenient to shopping malls, restaurants, parks as well as 14 miles from the Buckhead business district. 

This is the firm’s sixth property acquisition in Georgia over the past 14 months and expands its presence in the Atlanta-Metro area. The property partners include Sureste Partners, LP and Stonemark Housing Partners, and the total buy price is $20,780,000 or $86,583/unit. 

The strategic plot for Hairston Woods is to implement a comprehensive “value-add” upgrade package to better position the property to tenants in the strong growth market of Stone Mountain, Georgia. Plans to add a new fitness center, café, pool area, family parks   and with  Class A upgrades to apartment interiors, will position Hairston Woods as the premier multi-family property in the area.

“We continue to expand in the strong growth areas of Atlanta as well as Savannah and Augusta. Our goal is to provide our residents a first-class community with best in class property management. Dunross currently has four more properties under contract and I continue to believe in the state of Georgia as a solid place to invest time and money in multifamily properties,” stated Michael Crow, CEO of Dunross Capital.

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AUSTIN, TX – Starwood Capital Group, a global private investment firm focused on real estate and energy investments, announced that a controlled affiliate has reached an agreement to buy and develop a 342-unit garden-style multifamily project in East Austin, Texas. Starwood expects to complete the Opportunity Zone development by Spring 2020. 

East Austin is one of Austin’s fastest growing submarkets and, with significant recent development driven by an influx of young professionals, has transformed into one of the region’s most desirable neighborhoods. Centrally located at 500 U.S. Highway 183 S., within close proximity to Austin’s central business district (CBD), entertainment district and international airport, the development is one of the few sites in East Austin that can accommodate garden-style apartments, which mimic single-family living and are in high demand from prospective tenants. The project’s amenities will include a club house, fitness center and pool with cabanas, and units will feature quartz countertops and stainless steel appliances. 

“We are thrilled to add this development to Starwood’s growing Opportunity Zone portfolio, and we are excited to expand our footprint in the attractive Austin market,” said Anthony Murphy at Starwood Capital Group. “Austin has experienced significant population growth and positive demographic trends, and we believe East Austin presents an attractive opportunity to meet the growing demand for high-quality housing with Class A amenities and finishes. With convenient access to Austin’s expanding job centers and entertainment district, this project will appeal to a wide pool of renters and will be a valuable addition to the Starwood portfolio.” 

“We believe the East Austin submarket is uniquely positioned to continue to grow, due to its proximity to the CBD, and will benefit from strong supply/demand fundamentals,” said Anthony Balestrieri, Senior Vice President and Head of Starwood Capital Group’s Opportunity Zone investment business. “The development at 500 U.S. Highway 183 S. is representative of the growth-focused investments Starwood Capital intends to continue targeting across our Opportunity Zone business. We look forward to continuing to grow our Opportunity Zone investment portfolio as we identify attractive investment opportunities to make value for our investors.”

Starwood Capital announced the formation of its Opportunity Zone business on Jan. 30, 2019, to ensure the success of its ongoing investments in Opportunity Zones, which were made by the 2017 Tax Cuts and Jobs Act to offer investors certain tax advantages for developing and operating assets in designated Opportunity Zones. Starwood Capital will focus its Opportunity Zone strategy on markets in regions where the firm has developed a strong real estate presence, including the West Coast, Southeast and large metropolitan markets such as New York City and Washington, D.C. Starwood Capital is well positioned in many of these markets and will continue to actively invest in, reposition and develop real estate assets in these communities.

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