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Spencer Hayes' Blog

By Spencer Hayes | Agent in 36117
  • Top Cities for Nuisance Flooding from Rising Seas

    Posted Under: Home Buying, Home Ownership  |  July 31, 2014 2:39 PM  |  5 views  |  No comments

    The National Oceanic and Atmospheric Administration's report, Sea Level Rise and Nuisance Flood Frequency Changes around the United States, identifies the top 10 U.S. cities with the highest increase in nuisance flooding between 1957-1963 and 2007-2013. 

    According to William Sweet, lead author of the report, “as relative sea level increases [in a city], it no longer takes a strong storm or a hurricane to cause flooding”—which means that if your city is high on the list, road closures, maxed-out storm drains, and the inevitable damage that accompanies a flood will be coming your way (especially if you live on the East Coast).Scientists examined data from 45 NOAA water level gauges around the country and compared that to long-term reports of number of days of nuisance floods to identify which metros are most at risk. 

    TOP 10 U.S. AREAS FOR NUISANCE FLOODING*

    *Averaging more than one flood on average 1957-1963, and for nuisance levels higher than 0.25 meters. "Nuisance level" correlates to the meters above the mean higher high water mark in each location. 

    1. Annapolis, Md.
    Nuisance level: 0.29

    Average nuisance flood days (1957 - 1963):
     3.8 days

    Average nuisance flood days ( 2007 - 2013):
     39.3 days

    2. Baltimore, Md.
    Nuisance level: 0.41
    Average nuisance flood days (1957 - 1963):
     1.3 days

    Average nuisance flood days ( 2007 - 2013):
     13.1 days

    3. Atlantic City, N.J.
    Nuisance level:
     0.43

    Average nuisance flood days (1957 - 1963): 3.1 days
    Average nuisance flood days ( 2007 - 2013):
     24.6 days

    4. Philadelphia, Pa.
    Nuisance level:
     0.49

    Average nuisance flood days (1957 - 1963):
     1.6 days

    Average nuisance flood days ( 2007 - 2013):
     12.0 days

    5. Sandy Hook, N.J.
    Nuisance level:
     0.45

    Average nuisance flood days (1957 - 1963): 3.3 days
    Average nuisance flood days ( 2007 - 2013):
     23.9 days

    6. Port Isabel, Texas
    Nuisance level:
     0.34

    Average nuisance flood days (1957 - 1963):
     2.1 days

    Average nuisance flood days ( 2007 - 2013): 13.9 days

    7. Charleston, S.C.
    Nuisance level: 0.38
    Average nuisance flood days (1957 - 1963): 4.6 days
    Average nuisance flood days ( 2007 - 2013):
     23.3 days

    8. Washington, D.C.
    Nuisance level:
     0.31

    Average nuisance flood days (1957 - 1963):
     6.3 days

    Average nuisance flood days ( 2007 - 2013):
     29.7 days

    9. San Francisco, Calif.
    Nuisance level:
     0.35

    Average nuisance flood days (1957 - 1963):
     2.0 days

    Average nuisance flood days ( 2007 - 2013): 9.3 days 

    10. Norfolk, Va.
    Nuisance level:
     0.53

    Average nuisance flood days (1957 - 1963):
     1.7 days

    Average nuisance flood days ( 2007 - 2013): 7.3 days 

    Read more about this segment of the report on NOAA >>

  • A Lukewarm Summer for Demand

    Posted Under: Market Conditions  |  July 31, 2014 2:38 PM  |  5 views  |  No comments

    The BUILDER / Metrostudy Demand Index provides local insight from Metrostudy Regional Directors in 35 markets across the country in the form of a 1-10 score (1 low, 10 high) every month.

    Between May and June, the average demand score for new homes and lots across all 35 markets declined, but stayed close to average levels month-over-month. The average demand for new homes decreased from 6.7 in May, to 6.6 in June, and lot demand slid from 7.3 to 7.1.


    Demand for New Homes

    Seven regional directors reported higher demand for new homes in June, though the incremental change didn’t exceed more than one point in the index. Nine directors reported a decrease in demand, with the Chicago market sliding the most—two points down the scale month-over-month. The Phoenix and the Rio Grande Valley continue to be the weakest markets for new home demand, (as well as lot demand) and May levels remained unchanged in June.

    Demand for New Building Lots

    In the majority of markets, the availability of affordable lots is still the number one pain point regional directors identify when gauging a market’s score for new building lot demand. Demand for new lots decreased in 10 markets month-over-month, not because there’s an abundance of supply, but because builders are starting to hold off on land deals, hoping that landowners may lower prices.

    David Cobb, regional director of the Naples-Ft. Myers market, reported the largest decrease in demand for new lots between May and June, sliding from a 10 to a 7 on the scale. “[I’m] beginning to see some deterioration in demand...builders are attempting to negotiate escalators and take downs,” Cobb says. “[Land] sellers still think the land market is great, but reality will strike soon.”

    Thankfully, the sticker shock that is evident for builders/developers, and prospective homebuyers alike illuminates the potential for future growth in the new home market—price may be a major impediment, but builders and buyers are still looking. They’re just holding out for a balance between the two before taking the plunge.

    Learn more about markets featured in this article: Phoenix, AZ.

  • ADP: 218,000 Jobs Added in July; 12,000 in Constructio

    Posted Under: Market Conditions  |  July 31, 2014 2:35 PM  |  4 views  |  No comments

    Employment growth slowed considerably in July, but this month's data is still consistent with a steadily improving job market, says Moody's Analytics chief economist Mark Zandi.

    By 
     
    CHANGE IN TOTAL NONFARM PRIVATE EMPLOYMENT188K190K215K196K245K191K121K193K198K205K214K281K218KJulyAugSeptOctNovDecJanFebMarAprilMayJuneJulyNaNK0K100K200K300K

    The U.S. economy added 218,000 jobs in July, according to today’s employment report released by payroll-processing firm ADP and their partner Moody’s Analytics. This is down from June's report of 281,000 and up slightly from the revised May report of 214,000.

    Although the July numbers indicate slower growth compared to June, ADP president and CEO Carlos Rodriguez still chalks it up as positive, because this is the “fourth straight month of employment gains above 200,000,” he said in a press release.

    "The July employment gain was softer than June, but remains consistent with a steadily improving job market. At the current pace of job growth, unemployment will quickly decline,” said Moody’s Analytics chief economist Mark Zandi in a press release. “Layoffs are still receding and hiring and job openings are picking up. If current trends continue, the economy will return to full employment by late 2016.”

    CHANGE IN NONFARM PRIVATE EMPLOYMENT BY SELECTEDINDUSTRYMayMayMayJuneJuneJuneJulyJulyJulyConstructionManufacturingProfessional/ BusinessServices0K100K25K50K75K

    The economy added 12,000 construction jobs over the month—less than half of last month’s growth, in which the initial data represented the highest total in the industry since February 2006. July’s numbers indicate the lowest monthly gain in the construction industry since 8,000 jobs were added last August.

    Manufacturing also experienced deflated growth, with a mere 3,000 jobs added in July. This is less than a third of June’s revised number of 10,000.

    The professional and business services sector, a broad category that most likely includes architects and engineers, also took a downturn with 61,000 jobs added in July, compared to 79,000 added in June.

    The U.S. Bureau of Labor Statistics report is scheduled for release Friday morning, providing more detailed information about the economic state of the construction and architecture fields.

    Charts: Maggie Goldstone; Source: ADP, Moody's Analytics

  • Presidio and Summit Add New Homes in Vegas

    Posted Under: Market Conditions, Home Buying, Property Q&A  |  July 31, 2014 2:34 PM  |  3 views  |  No comments

    Last year, the Las Vegas market saw spectacular growth, but as of the first quarter things were slowing, according to Metrostudy,

    “The availability of lots and the shortage’s impact on land prices continues to be the main story for 2014,” noted Greg Gross, regional director of Metrostudy’s Las Vegas market in his first quarter report. “For the past two years, builders had to consider and purchase 'B' and 'C' grade lots just to maintain their position in the market place as class 'A' lots dwindled. 2013 marked a turning point as land development increased 81%, and 1Q14 is no exception as lot development has increased 67% compared to 1Q13.”

    Presidio Canyon Rendering

    Photos: Presidio Canyon Rendering


    Presidio Canyon Rendering

    With the scarcity of lots in Sin City, it makes sense that a site near Las Vegas Strip, McCarran Airport, Interstate 15, and the Clark County 215 Beltway would have some appeal. Presidio Residential Capital and Summit Homes of Nevada certainly hope so with last week's announcement of 36 new homes in the market. Here are more details:

    LAS VEGAS – July 18, 2014 – Presidio Residential Capital has partnered with Summit Homes of Nevada to build Canyon View, a $7.8 million five-acre community with 36 single-family homes conveniently located near the Las Vegas Strip, McCarran Airport, Interstate 15 and the Clark County 215 Beltway in unincorporated Clark County.

    Twenty homes will be built during the first phase of construction, which has already begun. Sixteen homes will be built during the second phase, which will begin in December of 2014. Nathan White, division manager for Summit Homes, estimates anticipated gross revenue of more than $9.6 million once the community is built out. A grand opening is scheduled for October 2014, and homes will be priced between $240,000 to $270,000.

    “While Las Vegas is one of the hardest hit markets during the downturn, we believe it has begun its recovery and will continue on an upward trajectory during the life of Canyon View,” said Don Faye, principal of Presidio Residential Capital. “We are confident in the Las Vegas market overall and have an excellent partner in Summit.”

    Located on Jones Boulevard just north of Windmill Road, the community will offer residents a short commute and easy access to many of Las Vegas’ popular attractions. Canyon View will be located within a highly desirable submarket for new home buyers with a community design that incorporates streets that end in cul-de-sacs and several common areas consisting of more than 4,000 square feet of open space. Built by Summit Homes, the 1,900- to 2,100-square-foot homes on 4,000-square-foot lots will have upgraded finishes including granite and cultured marble countertops, paver driveways, raised-panel interior doors, and energy-efficient features including low-E vinyl windows and radiant roof barrier sheeting.

    "Canyon View is located in an area that is predominately built out,” said White. “Prospective homeowners will be able to buy a new home knowing, with certainty, that the area’s amenities are excellent. In addition, many homeowners at Canyon View will own lots within cul-de-sacs, enhancing the neighborhood feel and encouraging neighbors to interact."

    Canyon View is Presidio Residential Capital’s second of four joint ventures with Summit Homes in Las Vegas. Recently, Presidio and Summit Homes broke ground on a five-acre infill community on West Cheyenne Avenue, just outside the city’s Summerlin master-planned community and just east of the Clark Count 215 Beltway.

    According to the National Association of Home Builders’ formula to determine the local impact of single-family housing in typical metro areas, the community’s 36 new single-family homes will generate $7.6 million in local income, $792,000 in taxes and other revenue for local governments and 117 local jobs.

    About Presidio
    Presidio Residential Capital is a real estate investment company focused on the residential housing sector. Headquartered in San Diego, Calif., the firm provides capital for for-sale residential focused development opportunities throughout the Western United States. Presidio has infused more than $400 million into the economy to capitalize housing development and construction. The firm’s goal is to fund in excess of $600 million in capital for home building projects in the Western United States, and currently has investments in California, Hawaii, Nevada, Texas, Idaho and Washington. The firm is affiliated with a privately-held registered investment advisor specializing in alternative investment strategies who has a long history of investing in the home building sector. Current assets under management total more than $2 billion. Presidio is a member of the Building Industry Association of San Diego. www.presidioresidential.com

    About Summit Homes
    Locally owned and operated by the White family, Summit homes has been a home-building staple in the Northwest for more than 30 years. Summit Homes has built nearly 3,000 homes in well-planned communities throughout the state of Washington and has expanded into the Las Vegas market as Summit Homes of Nevada. www.summithomesnv.com

    Learn more about markets featured in this article: Las Vegas, NVLos Angeles, CASan Diego, CA.

  • Top 10 Towns for Families

    Posted Under: Quality of Life, Crime & Safety, Home Buying  |  July 31, 2014 2:31 PM  |  5 views  |  No comments

    Family Circle and Onboard Informatics identify the top 10 towns for families by narrowing down a list of 4,200 towns with a population between 10,000 and 150,000, and pulling localities where a high concentration of households have a median income between $50,000 and $100,000.

    Four metrics were used to compare the remaining qualifying towns and pinpoint the top 10 places: median income, median home price, the percentage of households with children, and GreatSchools rankings.

    The Google Map below displays where each of the top 10 towns are located. Selecting a pin or town from the list provides a drilldown of the four metrics in each location.


    CHEAT SHEET:


    #1: Westborough, Mass.                                   

    Population:18,497                                                
    Median Income:$96,049                                      
    Median Home Price: $385,000
    Percentage of Households with Kids:40%
    GreatSchools Rating: 10

    #2: Camas, Wash.

    Population: 20,023
    Median Income: $80,104
    Median Home Price: $300,000
    Percentage of Households with Kids: 48%
    GreatSchools Rating: 9

    #3: Franklin, Tenn.

    Population: 66,074
    Median Income: $78,153
    Median Home Price: $312,900
    Percentage of Households with Kids: 38%
    GreatSchools Rating: 10

    #4: Westfield Ind.

    Population: 31,857
    Median Income: $84,268
    Median Home Price: $208,579
    Percentage of Households with Kids: 46%
    GreatSchools Rating: 8

    #5: Woodbury, Minn.

    Population: 63,367
    Median Income: $93,456
    Median Home Price: $250,000
    Percentage of Households with Kids: 43%
    GreatSchools Rating: 9

    #6: Boerne, Texas

    Population: 29,055
    Median Income: $81,221
    Median Home Price: $201,562
    Percentage of Households with Kids: 34%
    GreatSchools Rating: 9

    #7: Lake Mary, Fla.

    Population: 14,083
    Median Income: $79,114
    Median Home Price: $245,565
    Percentage of Households with Kids: 31%
    GreatSchools Rating: 8

    #8: Elmhurst, Ill.

    Population: 44,509
    Median Income: $88,236
    Median Home Price: $330,000
    Percentage of Households with Kids: 39%
    GreatSchools Rating: 9

    #9: Apex, N.C.

    Population: 40,205
    Median Income: $84,843
    Median Home Price: $240,000
    Percentage of Households with Kids: 52%
    GreatSchools Rating: 9

    #10: Brecksville, Ohio

    Population: 13,464
    Median Income: $93,755
    Median Home Price: $215,000
    Percentage of Households with Kids: 32%
    GreatSchools Rating: 10


  • Don't Ever Say This to a Client

    Posted Under: Agent2Agent  |  July 31, 2014 2:29 PM  |  7 views  |  1 comment

    Real estate agents should never tell clients that they only check their messages, emails, and phones during business hours. Rather, they should inform clients of the best times to reach them and indicate that they will respond within a certain amount of hours.

    Additionally, clients should never have to hear that an agent does not have a mobile website with new listings, neighborhood information, and buyer and seller resources. Agents also should avoid telling clients they do not hold open houses, instead emphasizing all the other different strategies that they will employ to market the home. 

    Finally, instead of saying they will get the clients a particular house, agents should stress the need to put in an offer right away and that they will do everything they can to help them land the property.

    Source: "4 Things Agents Should Never Say," RISMedia (July 29, 2014)

  • Countrywide Acquisition Still Haunts BofA

    Posted Under: Market Conditions, Financing, Home Ownership  |  July 31, 2014 2:27 PM  |  6 views  |  No comments

    Bank of America is getting stuck with another bill: loans that turned sour during the housing crisis stemming from its acquisition of Countrywide Financial, the Los Angeles Times reports.

    Bank of America has been ordered by a New York judge to pay nearly $1.3 billion in penalties in a civil fraud case centering around a mortgage program that Countrywide had nicknamed "the hustle." The short-lived program had fast-tracked the processing of mortgage applications from August 2007 through May 2008.

    Shortly after, Bank of America had acquired Countrywide, the nation's largest home lender at the time. BofA officials say the bank never oversaw the program and deny any wrongdoing in the matter.

    The government had originally sought $2.1 billion in the case, but a judge granted only half of that after a jury decided in a monthlong trial that Countrywide and one of its former executives were liable for selling thousands of bad loans to Fannie Mae and Freddie Mac.

    "It was, from start to finish, the vehicle for a brazen fraud by the defendants, driven by a hunger for profits and oblivious to the harms thereby visited, not just on the immediate victims but also on the financial system as a whole," wrote U.S. District Judge Jed Rakoff.

    Bank of America, like many other lenders, is facing court cases and settlements over loans that went bad from the housing crisis. In March, the bank agreed to pay $5.8 billion to settle toxic mortgage securities, with most of the bonds stemming from Countrywide.

    Bank of America officials say they may appeal the court's latest decision.

    "We believe that this figure simply bears no relation to a limited Countrywide program that lasted several months and ended before Bank of America's acquisition of the company," according to BofA officials.

    Source: “BofA Ordered to Pay $1.3 Billion Over Countrywide Lending Program,” Los Angeles Times (July 30, 2014)

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