Rising Financial Wealth Drives Increased Demand for Vacation Homes in U.S.

National Association of Realtors | October 11, 2019

According to the National Association of Realtors' newly released 2019 U.S. Vacation Home Counties Report, increased financial wealth and low mortgage rates boosted the demand for and price of vacation homes. Between 2013 to 2018, the median sales price in vacation home counties increased at a slightly higher pace of 36% compared to the pace of increase of all existing and new homes sold, at 31%. Median price increases occurred across both expensive and inexpensive areas. The counties with the highest price increases during this five-year span were in three states: Pennsylvania, which includes Pike and Monroe counties; Wisconsin, which contains Price and Washburn counties; and Massachusetts, which includes Nantucket.

Spotlight

Confused about the difference between scripts for receiving calls and making calls? Join Brent Daniels and Tom Krol today as they discuss their two different scripts that have both produced million dollar businesses!

Spotlight

Confused about the difference between scripts for receiving calls and making calls? Join Brent Daniels and Tom Krol today as they discuss their two different scripts that have both produced million dollar businesses!

Related News

REAL ESTATE TECHNOLOGY

Dubai-based DAMAC Properties makes foray into US real estate market with ultra-luxurious CAVALLI branded Miami condos

DAMAC Properties | May 30, 2022

UAE-based DAMAC Properties has announced that it has won the US $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside. The Dubai-based developer plans to build an ultra-luxurious, CAVALLI branded condominium project. The property, on Collins Avenue, offers residents 200 feet of direct beach frontage and access to South Beach and Bal Harbour. The land, comprising 1.8 acres, was sold to DAMAC for $120 million through the court process. DAMAC Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings." Hussain Sajwani,DAMAC Chairman and Founder Surfside, in recent years, has become a hotspot for ultra-luxury condominium developments, including the Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside buildings. The town also has a collection of high-end hotels, including the Four Seasons, the St. Regis Bal Harbour, and the Ritz-Carlton Bal Harbour and its primary shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury shopping destination. DAMAC Properties, known for its luxury real estate offerings both regionally and globally, is rapidly expanding its global footprint such as its flagship project in Europe — DAMAC Towers Nine Elms in the prestigious Zone 1 district of London with Versace interiors. The Surfside project will be DAMAC's first in the United States. The Company's consistent success over the years, and more recently on the tailwinds of Dubai's stellar economic performance and forecast, has propelled it to eye various global opportunities for development and growth. It is developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International and has already projects in Canada, the UK and across the Middle East. In 2021, DAMAC Properties launched two projects in Dubai, DAMAC Lagoons, the developer's third master community in Dubai, and Cavalli Tower, an ultra-luxurious 70-storey tower overlooking Palm Jumeirah, with Cavalli-branded interiors. Both projects have seen great customer interest and demand. "Our global expansion into the United States marks a major milestone and demonstrates that DAMAC is a force to be reckoned with. This is an exciting time, and we have a lot in store," Sajwani said. "We are rapidly growing, not only in our real estate endeavours but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs and data centres. This enables us to stay ahead of the curve," he concluded.

Read More

REAL ESTATE INVESTMENT

Gray Capital Purchases 122-Unit Apartment Property, the First Acquisition of 100M Multifamily Fund

Gray Capital | June 06, 2022

Multifamily investment firm Gray Capital has closed on Stonybrook Commons, a 122-unit apartment community located on Indianapolis's East side, built in 1991. Gray Capital's plans for the property include interior renovations with updated flooring and appliances as well as other modernizations and efficiency improvements. Additionally, $500k has been aimed at improving the exterior of Stonybrook and increasing curb appeal. Renovations include replacing several roofs, replacing gutters, improving drainage, replacing and painting shutters, and asphalt improvements. The business plan also includes revitalizing existing outdoor amenities and taking advantage of a large green space on the property with the addition of a soccer field for residents. Indianapolis, IN is seeing a substantial amount of job growth, particularly in the sub-market where Stonybrook is located, and Stonybrook Commons will be ideally situated to meet the growing housing demand in the area." Spencer Gray,Gray Capital CEO and President George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield were the selling brokers in the transaction. Stonybrook Commons is the first property within Gray Capital's $100 million multifamily investment fund, The Gray Fund, and Gray Capital plans to continue this momentum with additional acquisitions in the near future. The purchase of Stonybrook Commons follows the 2021 acquisition of Suncrest Apartments and adds to Gray Capital's $500+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.

Read More

REAL ESTATE TECHNOLOGY

Sealy & Company Boosts Oklahoma City Holdings with Latest Addition of Irreplaceable Infill Warehouse

Sealy & Company | July 20, 2022

Sealy & Company, a fully-integrated commercial real estate investment and operating company and recognized leader in the industrial real estate market, announces the acquisition of 200 NW 142nd Street in the Oklahoma City MSA. The 27,000 square foot Class A Industrial property was acquired in an off-market deal for an undisclosed amount. The rear-load warehouse distribution center offers optimal functionality for a smaller warehouse, including nine dock-high doors, eight drive-in doors, 22’ clear heights, and minimal office finish-out. The property is located in one of Oklahoma City’s most attractive submarkets. The irreplaceable infill location is situated one mile from the intersection of Highway 77 and John Kilpatrick Turnpike and just five miles from Interstate-35. The property is currently 100% leased to three tenants Fueled by robust population growth and the rise of e-commerce, the Oklahoma City region has added 16.4 million SF of new industrial space since 2010. With the area’s central location, steady job growth, and strong transportation infrastructure, the region continues to solidify itself as an emerging logistics hub. Oklahoma City is only one of 14 cities across the country to add more than 100,000 people in the last ten years, according to 2020 data from the U.S. Census Bureau. Of the 25 largest cities by population, Oklahoma City had the sixth-fastest growth rate between 2010 and 2020 at 17.4 percent. “Sealy & Company first entered the Oklahoma City market in 2014. Since then, we have continued to seek investment opportunities in industrial real estate that align with our portfolio by design objective. Oklahoma City has been a great market for Sealy, and we look forward to continuing to acquire and develop quality industrial properties,” Davis Gibbs, Sealy & Company’s Director— Investment Services Jason Gandy, Managing Director – Investment Services, and Mr. Gibbs led the transactions for Sealy & Company. Jason Hammock of CBRE represented the seller. Sealy & Company Sealy & Company, a fully-integrated commercial real estate investment and operating company, is a recognized leader in acquiring, developing, and redeveloping regional distribution warehouses, industrial/flex, and other commercial properties. Sealy provides a full-service platform for high-net-worth individuals and institutional investors through our development, management, and brokerage divisions. Sealy & Company has an exceptional team of over 100 employees, located in eight offices, with corporate offices in Dallas, TX and Shreveport, LA.

Read More