First American: Housing affordability spiked during spring home buying season

First American | September 27, 2019

In July, home prices rose 0.5%, declining 3.8% year over year, according to First American’s Real House Price Index. According to First American’s data, unadjusted house prices sit 7.4% above the housing boom peak. Whereas consumer buying power ticked up 0.5% between June and July, increasing 12.2% year over year. This means when consumer house-buying power is factored in, home prices are actually 41.1% below their 2006 peak and 17% below prices from January 2000.

Spotlight

The UK construction industry remains encouragingly resilient, with the value of new construction work rising every year since 2012.

Spotlight

The UK construction industry remains encouragingly resilient, with the value of new construction work rising every year since 2012.

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REAL ESTATE INVESTMENT,REAL ESTATE ADVICE

United Real Estate Expands National Network to NYC Area with United Real Estate | Fortune

United Real Estate | August 09, 2022

United® Real Estate (United) announced today its partnership and the newest member of its national network, United Real Estate | Fortune, based in Great Neck, New York. The move ushers United into New York State and the New York City area for the first time and expands its service footprint to one of the most exciting, diverse and competitive real estate markets in the world. United Real Estate is a five-time Inc. 5000 fastest-growing U.S. company and currently the 7th largest independent real estate operation in America. The alliance equips United Real Estate | Fortune agents with advanced proprietary technologies, marketing programs and a breadth of resources provided by United's national organization. Some resources United Real Estate | Fortune is rolling out include: 100% commission, flat-free transaction compensation Automated listings marketing and personal marketing programs Lead-generating agent websites Listings videos National referral network Agent productivity platform – Bullseye™ Revolutionary marketing & communications platform 24/7 on-demand and live agent training United Real Estate | Fortune's talented team provides expert representation for residential, commercial, multi-family, land and rental properties. They service Long Island and all five NYC boroughs. The office is also fully equipped to serve both English- and Mandarin-speaking clientele. The new partnership provides United | Fortune agents exciting new ways to serve buyers, sellers, investors and business owners while expanding their marketing firepower and local and national reach. Our agents and their clients are at the heart of how we make decisions and evolve our business in this fast-paced and competitive New York real estate market, With United under our wings, our agents are going to serve buyers and sellers with the utmost integrity and professionalism, while utilizing exciting new resources. Clients will benefit from exceptional service and sales results. It was an obvious choice for us to choose to partner with United,stated CEO/Broker of United Fortune, Susanna Shao. "We are very pleased to welcome Susanna and her team to United Real Estate and open a new market for us in the process. Their professionalism and their passionate, positive energy for growth are amazing. They are a great addition to our national network. The services, support and tools we are bringing their agents will be a great complement to United Fortune's deep skillsets, contacts and expertise in the NYC area – a true catalyst for growth." -President of United Real Estate, Rick Haase About United Real Estate United Real Estate (United) – a division of United Real Estate Group – was founded with the purpose of offering solutions to real estate brokers and agents in the rapidly changing real estate brokerage industry. United provides the latest training, marketing and technology tools to agents and brokers under a flat-fee, transaction-based agent commission model. By leveraging the company's proprietary cloud-based Bullseye™ Agent & Broker Productivity Platform, United delivers a more profitable outcome for agents and brokers. United Real Estate operates in 32 states with 140 offices and more than 17,500 agents. The company produced over $21.5 billion in sales volume in 2021. About United Real Estate | Fortune Formerly MEHome Realty, CEO/Broker Susanna Shao founded the company in 2018 with the goal of providing buyers, sellers, investors and business owners a service-oriented, one-stop shopping experience, focusing on integrity and professional representation of clients. The full-service, multi-cultural office based in Great Neck, NY serves Long Island and all five NYC boroughs. They assist both English- and Mandarin-speaking clientele.

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REAL ESTATE ADVICE

Pearson Smith Realty Merges with United Real Estate's National Network

United Real Estate | July 25, 2022

United® Real Estate (United) announced today that Pearson Smith Realty has merged with United's national network. The alliance expands United's and Pearson Smith's service footprint in Metro DC, Maryland, Virginia and West Virginia. The dynamic partnership brings together Pearson Smith Realty, the youngest company ranking among the Top 100 real estate companies in the nation, and United Real Estate, the 7th largest and fastest growing independent real estate operation in the nation. Pearson Smith Realty is a top ten market share leader and an Inc. 5000 fastest-growing company, moving from 17 agents in 2014 to more than 1,000 agents today. The merger increases United's network to more than 21,000 agents in 630 offices globally. "Pearson Smith Realty and United Real Estate share the same agent-centric model where support and culture are at the heart of our operations. By combining our programs, resources and talent, we are creating exciting opportunities for our agents to serve their clients with excellence. Our agents are our stars, and we will continue to work to make them shine in our marketplace," stated Eric Pearson, Chief Executive Officer and Co-Founder of Pearson Smith Realty. "We are thrilled to welcome Pearson Smith Realty and their incredible team of agents, brokers and staff to the United Real Estate organization. From our initial meetings with Eric and Chuck nearly a year ago, to attending and seeing first-hand the energy and excitement of Pearson Smith's agents at their St. Patrick's Day Agent Awards and Recognition celebration, it was apparent that our organizations are culturally aligned and well-positioned for the future with our agents as our North Star," stated Dan Duffy, Chief Executive Officer of United Real Estate Group. "For every ten brokerages we consider investing in, we move forward with less than one. We are really excited to incorporate a number of Pearson Smith Realty's best-in-class offerings into our national agent and broker programs. It is rewarding to see the excitement of Eric and his team as they discover the advantages of being part of United and determine how best to leverage our resources and technology to strengthen their offering in the markets they currently serve." "Eric and his team are a powerful force. They have developed processes and systems we are busily integrating with United's to benefit our national network. When two fast-growing, dominant companies combine their tools, resources, leadership and agent talent, it becomes a catalyst for growth for both. While other companies are shrinking or pulling back on expansion, United continues to make the necessary investments for smart growth into the future. Our alliance greatly strengthens our existing operations along the East Coast," said Rick Haase, President of United Real Estate. Together, Pearson Smith Realty and United's DC Metro Region office will now serve clients in the multi-state region. Pearson Smith Realty will retain its company name and leadership team moving forward, but now with the national reach, referral network, technology and breadth of resources of United's national network. In turn, United benefits from Pearson Smith Realty's deep well of talent and powerful programs that have fueled its growth. "United Real Estate's vision is continuous growth with a focus on adding value for agents and their clients. Welcoming Pearson Smith Realty to our national network strengthens us regionally and nationwide with proven systems and an extended service footprint. I look forward to what the future holds for our agents and clients," said Zhanneta Nekrich, Regional Vice President of United DC Metro Region. "Our model has always been to hire great agents and to support them with the best resources and tools. We firmly believe that our partnership with United Real Estate will take us to the next level in providing that support. We look forward to working with the United Team to help our agents win in this very competitive market," Chuck Smith, Chief Financial Officer and Co-Founder of Pearson Smith Realty The merger with Pearson Smith Realty follows previous mergers with Platinum Realty, Leading Edge Real Estate Group, Texas United Realty, Virtual Properties Realty, Benchmark Realty, Charles Rutenberg Realty Fort Lauderdale and others yet to be announced. About United Real Estate United Real Estate (United) – a division of United Real Estate Group – was founded with the purpose of offering solutions to real estate brokers and agents in the rapidly changing real estate brokerage industry. United provides the latest training, marketing and technology tools to agents and brokers under a flat-fee, transaction-based agent commission model. By leveraging the company's proprietary cloud-based Bullseye™ Agent & Broker Productivity Platform, United delivers a more profitable outcome for agents and brokers. United Real Estate operates in 32 states with 139 offices and more than 17,500 agents. The company produced over $21.5 billion in sales volume in 2021. About Pearson Smith Realty Pearson Smith Realty is a full-service brokerage serving Virginia, Maryland, DC, and West Virginia. Since its founding in 2014, it has grown from 17 agents to nearly 1,000 agents today. Eric Pearson and Chuck Smith founded the firm based on a core set of values: customer focus and commitment to deliver value with respect, honesty, and personal accountability. Pearson Smith Realty provides professional representation for residential real estate, new homes, land and property management. About United Real Estate Group United Real Estate Group (UREG) operates United Real Estate and United Country Real Estate, addressing the unique market needs of suburban, major metropolitan urban and rural markets. Utilizing the cloud-based Bullseye™ Agent & Broker Productivity Platform, UREG offers the latest training, marketing and technology tools producing a significant competitive advantage. The platform realizes a decade-long investment in virtual agent and brokerage technology services and is powered by a 2.1 million listings data warehouse generating over 3 million monthly visitors and 30,000 leads per year. Together, the United Real Estate Group supports more than 630 offices and over 21,000 real estate and auction professionals across four continents. United Real Estate Group produced over $27.1 billion in 2021. Through its in-house advertising agency, UREG offers differentiating marketing support and collateral for specialized lifestyle property websites as well as access to a 650,000+ opt-in buyer database.

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REAL ESTATE INVESTMENT

Capital Square Acquires 12th Multifamily Community Near Richmond, Virginia, for DST Offerings

Capital Square | June 17, 2022

Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the acquisition of Hunter's Chase, a 320-unit apartment community in the Richmond suburb of Midlothian, Virginia. The community was acquired on behalf of CS1031 Hunter's Chase, DST. This is Capital Square's twelfth acquisition of a multifamily community in the Richmond area for the DST/1031 exchange program. The Richmond area enjoyed 12% rent growth over the last year, driving cash flow and residual value. Capital Square is a prolific buyer of apartment communities in the Mid-Atlantic region that benefit from a combination of strong rent growth and high occupancy, along with exceptional economic opportunities, and the ongoing migration of people from gateways citites to the suburbs." Louis Rogers, founder and chief executive officer of Capital Square Located at 5200 Hunt Master Drive, the 24.7-acre garden-style apartment community offers one-, two- and three-bedroom units averaging 816 square feet with spacious floor plans, walk-in closets, in-unit washer and dryer, stainless steel appliances and private screened patios and balconies. The property amenities include a resident clubhouse with coffee bar, fully equipped fitness center, swimming pool with a sundeck, multi-use sports court, BBQ and picnic areas, fenced dog park, playground, carwash station and package lockers. Hunter's Chase is adjacent to the Village at Swift Creek and Commonwealth Center shopping malls, offering residents a wealth of local shopping and dining options. The community is situated in a thriving submarket that Yardi Matrix project's will maintain a 10-year occupancy average of 96% through 2032. According to Axiometrics, the Chesterfield County submarket in which Hunter's Chase is located, is projected to experience annual effective rent growth of 6.6% and an average occupancy rate of 97.3% through 2025. "Hunter's Chase is located in a high-growth submarket of Richmond that we expect will continue to flourish over the next several years," said Whitson Huffman, chief strategy and investment officer. "The property has exceptional amenities and is in the midst of a thriving metropolitan region that has persistently strong demand for quality multifamily living." CS1031 Hunter's Chase, DST seeks to raise $48.2 million in equity from accredited investors and has a minimum investment requirement of $50,000. Since its founding in 2012, Capital Square has acquired 149 real estate assets for approximately 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation. About Capital Square Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $5.6 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020.

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