Morning Briefing: Sunshine state dominates for single-family homes

by Steve Randall09 Jan 2017
Sunshine state dominates for single-family homes
Orlando tops the list of the hottest markets for single-family homes in the winter market report from real estate firm Ten-X.

Palm Beach county, Fort Lauderdale, Tampa and Dallas complete the top 5 in the ranking of 50 metros based on current and forecasted housing fundamentals.

“While most of the cities at the top of the list share common traits like job growth, population growth and economic expansion, many of the cities showing the greatest potential were among those hardest hit during the Great Recession," said Ten-X Executive Vice President Rick Sharga.

Sharga added that the Northeast and Midwest markets are still struggling while Florida, the Southwest, Coastal California and Pacific Northwest are showing great promise.

"The top 20 cities in our report include many that were devastated during the foreclosure crisis – especially in states like Florida – and as home prices continue to recover, they still represent buying opportunities for homeowners and investors alike," Sharga concluded.
 
Commercial, multifamily lending set to increase this year
This year should be a good one for commercial mortgage lending, the Mortgage Bankers’ Association says.

Its survey of top lenders reveals an expected increase in mortgage originations for commercial and multifamily among 63 per cent with 26 per cent expecting growth of at least 5 per cent.

"Commercial mortgage bankers expect 2017 to carry-over much of the momentum from 2016," said Jamie Woodwell, MBA's Vice President for Commercial Real Estate Research. "Most of the top firms expect strong demand from both lenders and borrowers in 2017, although not quite as strong as 2016. Originators generally see borrowing and lending volumes growing slightly, with just over half expecting potential regulatory and legislative changes to be positive for the market. The survey paints expectations of a strong, steady market in 2017."

The MBA survey shows that 96 per cent of lenders has a strong or very strong appetite to lend in 2016 while 77 per cent said the same for 2017. Lenders said that 80 per cent of borrowers had a strong or very strong appetite to borrow in 2016 with 69 per cent saying that for 2017.
 
Canadian snowbirds most interested in Southern Florida
Canadians continue to dominate international searches for property in Southern Florida according to data from the Miami Association of Realtors.

Colombia had been the long-time top country for searching the association’s online portal but Canada took the lead in October and has remained the leader.

“Miami’s tropical weather, resort lifestyle and world-class shopping have long attracted Canadian home buyers,” said Christopher Zoller, the 2017 MIAMI Chairman of the Board. “With temperatures dropping up north, more Canadian home buyers are purchasing real estate in South Florida.”

Colombia is second for international searches for South Florida homes followed by India, Venezuela and Brazil.

Among domestic searches by state, New York, Georgia, California, Texas and Illinois are the top 5.
 

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