ORLANDO, FL – Florida’s housing market reported more sales, more new listings and higher median prices in August compared to a year ago, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 26,273 last month, up 4.2 percent compared to August 2017.

“August marked the second month in row that Florida’s housing market experienced a rise in new listings, which is a excellent sign for potential homebuyers,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “New listings for existing single-family homes rose 6.6 percent compared to a year ago and new listings for condo-townhouse properties increased 4.1 percent from last August.

“At the same time, the median time for a sale to go to contract is getting shorter: For single-family homes, it was 36 days, down 2.7 percent; for condo-townhouse properties, it was 46 days, down 6.1 percent. With such a quick turnaround time to contract, a Realtor with local expertise can help buyers and sellers navigate the market.”

August marked the 80th consecutive month (over six and a half years) that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year. The statewide median sales price for single-family existing homes was $254,290, up 6.0 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse units in August was $185,000, up 8.8 percent 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 July 2018 was $272,300, up 4.6 percent from the previous year; the national median existing condo price was $248,100. In California, the statewide median sales price for single-family existing homes in July was $591,460; in Massachusetts, it was $423,250; in Maryland, it was $299,900; and in New York, it was $285,000.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 10,365 last month, up 6.6 percent compared to a year ago. Closed sales data continued to reflect fewer small sales and foreclosures in August: Small sales for condo-townhouse properties dropped 18.8 percent and foreclosures fell 28.9 percent year-to-year; while small sales for single-family homes declined 34.2 percent and foreclosures fell 30.1 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“The dominant tale across Florida’s housing markets over the past couple of years has been the shortage of single-family homes for sale, but in the July numbers, instead of the usual year-over-year decline, we saw that inventory was virtually unchanged from the level we reported for July of 2017,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “So the question is, is this the beginning of a trend? According to the newly released August data from Florida Realtors, it very well could be.

“As of August 31, we found that the statewide inventory of single-family homes was up 4.5 percent compared to the same point in time last year, marking the first tangible year-over-year increase we’ve seen in end-of-month inventory in over three-and-a-half years. Should single-family inventory levels continue to rise, especially in the price tiers where demand is the greatest, we can probably expect some acceleration in sales growth and more modest rates of price growth.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.55 percent in August 2018, up from the 3.88 percent 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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SCOTTSDALE, AZ – Technology is more than mere luxury these days— it has become the be-all and end-all of our human experience, and in relation to the multifamily housing industries, it is what residents not only want, but also expect. In order to build a trusting relationship with your residents and retain their future business, it is imperative to keep an active stride with the ever-evolving technological landscape, which is ultimately, a valuable approach in taking your apartment community to the next level. If you’re currently seeking the next “huge thing,” home automation is the answer.

Already common in large-scale buildings, home automation is anticipated to continue growing over the next few years, becoming a major must-have item in both the housing and rental markets. These cutting-edge technologies hold many benefits for prospective renters and has the potential to become an efficient marketing tool for property owners and management companies as well.

Despite all of the exciting progress being made, one concern about technology remains—it always seems to be moving quicker than the imagination and budget of apartment operators. But, when considering tactics of your retention strategy, one aspect seems to be a given: adhering to the needs of your residents once the lease has been signed.

Again, the difficulty lies in staying afloat with the rapidly changing needs of modern renters. In terms of reamenitization during what is being called “The Digital Age,” the bar is continually being raised. The days of set-it-and-forget-it amenity programming is now a thing of the past as annual redecorating and reamenitizing costs are on the rise.

With that in mind, today’s top brands have invested so much time, effort, and money into user experience because they know tech savvy home owners and apartment residents aren’t interested in products that make them work in any capacity. Although the elimination of that “work” can sometimes come with a hefty price tag, it’s ultimately unavoidable for apartment communities, who wish to succeed in attaining the business of next generation of renters.

It’s no stretch of the imagination to see why smart-home automation is so well loved among these emerging demographics, either. Smart-home automation allows the renter to be in complete control of their apartment’s environment even when they are not at home, which for Millennials and Gen-Z, is quite often. Renters can seamlessly control temperature, lighting, security, and more from a single device such as a smart phone.

While the value for residents is quite clear, many operators are left scratching their heads in pondering which way they benefit from this unique technology—aside from marketing their brand-new assets. As these rising rental demographics drive tech innovation, forward-looking executives can make value with new technologies as well, and these very technologies were specifically designed to provide operators with competitive advantages in streamlining costs. For example, in the multifamily industry, a leak in one unit can easily spread to other units, exacerbating the problem and increasing overall repair costs. While someone in an occupied unit might spot the problem early, a small leak could go undetected for weeks or even months in an unoccupied apartment home until it becomes an insurmountable problem, making the hurts, and in turn, the problem itself much more detrimental.

With the average cost of a home water hurt insurance claim being nearly 7,000-dollars, it’s no wonder Multifamily Property Managers place this issue near the top of their concerns when recently surveyed.

“93 percent of water hurt is preventable by simply detecting the leak early enough,” clarified Sean Miller, President of PointCentral, a leader in smart home technology in the multifamily housing industry. “Just a 1/8-inch crack in a pipe can spill 250 gallons of water in a day, damaging carpet, floors, furniture, electronics – you name it. The earlier the leak can be detected and fixed, the less the hurt and the costs associated with it.”

Fortunately, there is a reliable, cost-effective solution for multifamily housing operators, through Property Automation. By installing small water leak sensors, you will be automatically alerted when as small as 0.0003 inches of water is detected. Since they are low cost, you can easily afford to place one of these sensors in those areas most susceptible to water leaks – under kitchen sinks, in bathrooms, and around water heaters.

The Future of Smart Home Technology will be discussed at the upcoming Multifamily Leadership Summit, taking place November 28 – 30, 2018 in Scottsdale, Arizona. Register to attend to learn what Smart Home Technology can do to help streamline multifamily housing operations far beyond the amenities that matter to renters.

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HOUSTON, TX – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Hilltops Apartments, a new 208-unit multifamily asset located approximately 40 minutes north of downtown Houston in the city of Conroe, Texas. The company will invest approximately $800,000 in capital improvements.

American Landmark, and its debt and equity partner Electra America, are selectively and decisively acquiring value-add properties in brilliant locations across the Southeast and Southwest. The firm, which has already bought 19 properties this year worth over $800 million, expects to complete a total of $1.3 billion in multifamily acquisitions by the close of 2018. This is their ninth acquisition in the Houston metro area; last month, the company bought another Class ‘A’ multifamily community in Houston: Haven at Liberty Hills.

The firm plans to implement a variety of improvements on the property, including adding a washer/dryer in all units, installing USB ports/outlets, implementing valet trash service, and building a package delivery locker system for residents.

“Economic growth from Houston continues to spill over into the suburbs, and that’s turned Conroe into the fastest-growing city in the country, with over 7.8 percent population growth last year,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Demand for rental housing in Conroe is robust, and will remain so for the foreseeable future with more businesses moving into the area. Hilltop Apartments fits perfectly within our portfolio of properties offering luxurious amenities and resort-style, community living at an attainable price.”

Built in 2017, Hilltop Apartments is located at 2200 North Loop 336 West in Conroe. The property comprises one- and two-bedroom units averaging 881 square feet in three-tale garden-style buildings. Amenities include a resort-style swimming pool with expansive deck and grill, a business center with complimentary office services, carports and detached garages, a game and media room with a billiards table, a resident clubroom with cyber café, a state-of-the-art fitness center and a laundry facility. Hilltop Apartments is conveniently located close to I-45, the Conroe Regional Medical Center, Lake Conroe, two H-E-B grocery stores, and Sam Houston National Forest.  

The property was 92 percent leased up at the time of sale, with average in-place effective rents of $1,059 per unit or $1.20 per square foot.

American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, North Carolina, South Carolina and Texas. 

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