High construction costs and low inventories are driving home prices ever higher in some of America’s fastest-growing cities, said panelists speaking at a recent ULI Colorado event.Read More
Strong economic fundamentals, a favorable regulatory environment, and plenty of capital to deploy bode well for real estate investments, acquisitions, and development in 2018.
Like many areas of the United States, California is facing a housing affordability crisis in its most populous area, and the San Francisco Bay area is ground zero, with sky-high rents and housing prices. To help address the issue, ULI San Francisco created the Housing the Bay initiative in early 2017. Through research, events, and workshops, the initiative aims to explore the underlying causes of the Bay Area’s high housing costs and inadequate housing supply and propose solutions. As a culmination of all this work, the Housing the Bay Summit will be held on March 23, 2018.
In many ways, San Diego illustrates the challenges facing many attractive U.S. cities, including the demand for affordable housing, struggling retail, and the need for more senior housing. At the top of the list is a strong community wariness of any new development, which has made it difficult to build meaningful mixed-use projects, said speakers during a January panel discussion organized by ULI San Diego–Tijuana.
According to a recent report from RCLCO, home sales at America’s 50 top-selling master-planned communities surpassed the 2016 totals by more than 17 percent last year. The Villages in Central Florida’s 2,231 sales puts them in the top spot again, while California’s Irvine Ranch, with sales of 1,814, comes in at second place, followed by Florida’s Lakewood Ranch, with 1,206 total sales.
Regulations addressing local conditions could spur new supply in the coming years, writes Diane de Felice, a shareholder at Brownstein Hyatt Farber Schreck.
The Federal Housing Authority (FHA) provided some news the housing industry can be thankful for this holiday season—an increase to loan limits across 3,011 counties. In particular, some of the markets that have faced the most rapid price appreciation over the past few years saw a sizable jump. Seattle saw the largest absolute value increase of $75,000 and a 13 percent change. Other notable year-over-year movers include Salt Lake City (8.4 percent), Minneapolis (7.3 percent), and Denver (7.2 percent).
At a panel discussion hosted by ULI Pittsburgh, experts highlighted the city’s interesting architecture, relatively affordable housing in walkable neighborhoods, and a strong outlook for the retail sector.
While the $1.5 trillion tax-cut bill passed by the U.S. House of Representatives is widely seen as beneficial for commercial real estate, one provision would eliminate a municipal financing tool that has been essential for housing, infrastructure, and industrial development investment for decades.
Modular units, virtual reality, rental homes, data-driven marketing—and even autonomous flying passenger vehicles—will transform master-planned communities in the coming years, a group of developers and marketers said during a panel discussion at the 2017 ULI Fall Meeting in Los Angeles.