In Port St. Lucie, Florida's Foreclosure Capital, Voters Are Mixed

An interesting read from CNBC, on how voters on this east Florida coast city are mixed on the election.

More than anyone else across the United States, homeowners are voting either for Donald Trump or Hillary Clinton because of their pocketbooks. Some eligible voters are even sitting out the election this year, having no idea which candidate they prefer.

Check it out here.

I Have Moved

I have moved to Florida and am affiliating with a new brokerage along the southwest coast of the Sunshine State.

Details to follow . . . .

Markets Crashing, Assets Moving To CRE

We're nowhere close to melt-down, but billions in dollars of liquidity has disappeared from world markets in recent weeks.

The DOW in the U.S. is down some 300 points daily, the past three days. That doesn't include what is happening in overseas markets in Europe and Asia.

Already there is movement of non-performing assets to investment real estate.

U.S. House Unanimously Passes Condo Bill

Smaller real estate investors who like the housing market -- rentals -- often look to purchase blocks of condominiums, or even single units, as part of their portfolio plan. Many of these acquisitions are all cash, but sometimes lenders are involved in these smaller transactions.

As such, there is looming good news for these investors. The House of Representatives passed, "Housing Opportunities through Modernization Act” with a unanimous vote of 427-0.  This legislation sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO) includes three major provisions:

1. The legislation solves a number of concerns regarding FHA’s condo rules:
   • Reduces owner occupancy ratio to 35%.
   • Directs FHA to streamline condo certification process.
   • Provides more flexibility for mixed use buildings.
   • Mirrors FHFA rules regarding private transfer fees
2. The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.
3. The legislation makes reforms to federally assisted rental housing programs to streamline the program.

The bill now moves to the United States Senate. Considering the momentum of this legislation through the U.S. House, it will likely be met favorably by Senators.

Stay tuned.

SVN: 2016 CRE Outlook

SVN President Kevin Maggiacomo has taken a look into his crystal ball, and come up with some pretty solid CRE trend predictions for 2016.

Here is Kevin's take on the state of CRE this year.

HAPPY NEW YEAR

I hope your 2016 is a year of peace and prosperity!

5 U.S. Streets Where Retail Rents Have Shown The Most Growth

A very interesting read on retail grown in the United States, and the boulevards where consumers flock, retailers thrive, and rents are driven higher and higher.

Worth a look.