The company that operates Facebook, Instagram and WhatsApp has completed the $8.5 million purchase of more than 1,000 acres of city-owned Northeast El Paso land for a proposed huge data center.
Meta Platforms Inc., under a company it established to buy the land, completed the sale on Dec. 29. That’s 3½ months earlier than the sale contract’s April 18 deadline for moving forward with the sale without a contract extension.
The land sale agreement was approved by the El Paso City Council on Dec. 4, but city officials did not announce its completion.
The City Council and El Paso Commissioners Court on Dec. 4 also approved providing millions of dollars in tax rebates to Meta over 25 years to encourage it to spend a minimum of $800 million to build a hyperscale data center.
Meta officials have yet to publicly announce the company will build a data center at the vacant El Paso site. However, the land sale is a big step toward proceeding with the project. It has up to five years to develop the property, according to the sale contract.
The vacant land is located along a little-used portion of Stan Roberts Sr. Avenue and just off of U.S. Highway 54 — not far from the New Mexico state line.
Data centers house computers and servers to process data for customers. Hyperscale data centers are large and can quickly scale up or down to meet demand. However, the centers don’t have large workforces.
The land sale was contingent on Meta obtaining a water-supply agreement with El Paso Water, which it did in early December. It waived a contract requirement that it also have a power-purchase agreement with El Paso Electric prior to the sale closing.
Meta and EPE are still negotiating a power agreement, Kelly Tomblin, the utility’s chief executive officer, recently told the El Paso Times.
The Meta-tied company, Wurldwide LLC, entered an agreement with the city and paid a deposit of $333,600 on April 18, 2022, to inspect the land for up to a year, with possible extensions. Meta instead completed the land sale on Dec. 29, a city spokesperson said.
CBRE, a global commercial real estate firm, did an appraisal in April 2023 of the 1,042-acre site for the city and concluded the site’s market value was $8,156 per acre. It based that value on evaluating sales of five El Paso-area vacant land sites, which sold for prices ranging from $6,550 to $16,929 per acre, the CBRE appraisal report shows.
The city sold 1,039 acres of the site for $8,156 per acre, or just under $8.5 million, and retained three acres. City staff handled the land deal without using an outside broker, said Karina Brasgalla, interim director of the city Economic and International Development Department.
The money from the sale goes into the city’s capital assets fund for future capital-asset purchases as required by city charter, Brasgalla said.
More: El Paso wages remain near bottom in Texas, nation, new federal report shows
Meta has to build at least an $800 million data center and invest at least $2.8 billion over 25 years, including costs of periodically updating the center’s equipment, to get $110 million in mostly tax rebates and other incentives, a city official reported in December.
However, if it builds a five-phase campus, as city officials are hoping, and spends at least $14 billion, including equipment refreshes every five years, it could get more than $500 million in tax rebates over 25 years, city information shows.
Vic Kolenc may be reached at 915-546-6421; vkolenc@elpasotimes.com; @vickolenc on Twitter, now known as X.
Though many say the suburban office real estate market is suffering, a new survey finds three Central Jersey areas among the country’s 100 priciest office markets in 2023.On the list, compiled by PropertyShark based on the per square foot price data, were Interstate 287 South, ranked at 22, Bridgewater, at 58, and Cranford at 72.
Cranford also placed second in the amount of office space transactions. Sales in the township last year totaled approximately 2.2 million square feet of office space.
The I-287 South market includes East Brunswick, Edison, Highland Park, Metuchen, Middlesex, New Brunswick, North Brunswick, Piscataway and the Somerset section of Franklin.
Three other New Jersey areas also found their way onto the list. They were North Bergen County at 73, Parsippany at 91 and Trenton at 99.
State-of-the-art office properties in high-demand markets remain well-positioned to weather any oncoming uncertainties, according to PropertyShark,
Some emerging markets may continue to experience a lift in life sciences and medical office space.
Doug Ressler, manager of Business Intelligence at Yardi Matrix, said the six New Jersey markets made the list because of their “greater density location to coastal gateway metropolitan hubs,” as well as easy access to land, sea and air.
NJ’s priciest office space markets
I-287 South
National Rank: 22
Price Per Square Foot: $238
Total Sales: $90,590,000
Total Square Feet Sold: 509,977
Number of Sales: 4
Bridgewater
National Rank: 58
Price Per Square Foot: $157
Total Sales: $39,432,563
Total Square Feet Sold: 370,995
Number of Sales: 3
More:Route 22 medical building in Bridgewater sold for $10.5 million
Cranford
National Rank: 72
Price Per Square Foot: $133
Total Sales: $212,752,549
Total Square Feet Sold: 2,184,283
Number of Sales: 6
North Bergen County
National Rank: 73
Price Per Square Foot: $130
Total Sales: $37,750,750
Total Square Feet Sold: 306,389
Number of Sales: 4
More:Pfizer’s 150-acre campus in Somerset County targeted for redevelopment. Here’s the plan
Parsippany
National Rank: 91
Price Per Square Foot: $100
Total Sales: $75,845,390
Total Square Feet Sold: 813,167
Number of Sales: 4
Trenton
National Rank: 99
Price Per Square Foot: $89
Total Sales: $26,250,000
Total Square Feet Sold: 378,822
Number of Sales: 4
Source: CommercialEdge
Brad Wadlow is a staff writer for MyCentralJersey.com
Though the owner of Kinship Brewery told the Des Moines Register in November he had no plan to sell the foreclosed business in Waukee, a commercial real estate firm is now listing the building and land for sale.
Lincoln Saving Bank foreclosed on Kinship’s Waukee taproom at 255 Sunrise Dr. N.W. in October, saying the brewery and the limited liability company that owns the property, Sunrise Drive Acquisitions, had defaulted on loans of $3.5 million and $2.4 million and that Kinship had failed to keep up payments on an operating loan with a $44,898 balance.
Owner Zack Dobeck insisted in an interview the following month that there was “a path forward” for the brewery, which opened in 2021, and at the time he still was operating the taproom with attenuated hours. In December, however, amid complaints by employees that they hadn’t been paid, Kinship closed the taproom, posting on Facebook that it would reopen May 1.
Court records show that on March 21, Kinship, Sunrise Drive Acquisitions, Lincoln Savings Bank and Dobeck told a Dallas County judge they had agreed to a settlement in the foreclosure case, but needed until April 4 to finalize the terms. As first reported by the Des Moines Business Record, the property is now on the market.
Riley Hogan, a senior vice president at West Des Moines commercial real estate firm CBRE, said Wednesday he is marketing the property on behalf of Kinship’s investors. Dobeck did not respond to a request for comment.
The listing says the 12,180-square-foot building sits on 5.95 acres with a 156-space parking lot. There is a half-acre dog park, a large patio and a beer production facility with $1,5 million in equipment and a 40,000-barrel annual capacity. In addition, Kinship for a period in 2023 also was hosting a fine-dining restaurant.
Other breweries inquiring about property, agent says
Hogan said several breweries, both in Iowa and elsewhere, have inquired about the facility. Likely its best use would be as a brewery because it is ready to start making beer immediately, he said. In fact, Kinship brews continued to be on draft at some local bars as recently as last month.
But Hogan said the building also could lend itself to other uses, such as a bowling alley with a restaurant. And he said there is enough room on the site for a separate retail or office building, Hogan said.
“We could have a business owner buy the building and build their office building there,” Hogan said. “Build an apartment building there. Build condo units. There’s so many opportunities out there that present itself that are different in today’s world than it was five years ago. This building plays right into those expanding categories.”
The sales listing does not specify an asking price, and Hogan said it is negotiable. The Dallas County Property Appraiser lists the building’s assessed value at $2.4 million, but Dobeck in November said a private appraiser had valued it at $5.3 million.
Brewery sits amid booming development
Dobeck in 2020 said he had moved to the Des Moines metro with his wife, an Iowa native, from Atlanta in 2018 with opening a brewery in mind.
Areas surrounding Kinship have boomed since Kinship opened. Waukee is among the fastest-growing cities in Iowa, and single-family and multi-family housing developments are being built along the Raccoon River Valley Trail, which is connected to property. Waukee Northwest High School sits about a half mile away.
More:How will a 9-mile Des Moines bike trail open a world of possibilities?
Hogan described the project as “slightly ahead of its time,” and said that with the infrastructure work that has gone into the area since Kinship opened, it is primed for another owner to turn it into an asset for Waukee.
More:Get your steps in and get paid: Des Moines suburbs looking for special census workers
“The landscape out there has changed so much over the last 24 months, 12 months,” Hogan said. “The residential rooftop growth is feeding a bunch of demand for new retail. So I think we’re in a good position.”
Philip Joens covers retail, real estate and RAGBRAI for the Des Moines Register. He can be reached at 515-284-8184, pjoens@registermedia.com or on Twitter @Philip_Joens.
Each week we compile local real estate records so you can find out what property is selling for in your neighborhood.
Need more information about these sales? Check out each county’s site:
We also have a local database page with restaurant inspections, an unemployment tracker, river levels and more.
HAMILTON COUNTY
Information provided by Hamilton County Auditor Brigid Kelly.
Anderson Township
1394 Rambling Hills Dr: Grantadam Melissa to Sprong Tanner & Sydney Johnson; $497,000
156 Coldstream Villa Dr: Coldstream Estates Development LLC to Emery Richard A & Vicki Emery; $260,000
2218 Berrywood Dr: Mcconaughy Maxwell T & Bridget R Mcconaughy to Dennis Linda S & Michael J Breen; $270,000
2744 Turpin Oaks Ct: Wood Sean W to Jafiss Investments LLC; $421,000
566 Eight Mile Rd: Weir Marie C to Turner Michael F; $425,000
6989 Salem Rd: Stoughton Dezeray Lash Omope & Harry William Stoughton Iii to Kraemer Jr Andrew Joseph & Laura Kraemer; $220,000
Avondale
314 Rockdale Ave: Aks Properties LLC to Ach Property Solutions LLC; $150,000
3535 Beldare Ave: Eb E Barg Portfolio LLC to Mako Property Group LLC; $76,782
3577 Wilson Ave: Kassem Real Estate And Investments LLC to Forest Gump Estates LLC; $70,000
Blue Ash
10738 Kenwood Rd: Jchg LLC to 10738 Kenwood Road LLC; $650,001
3500 Tiffany Ridge Ln: Goret Kenneth A to Lin Li & Xuefu Zhou; $550,000
9280 Floral Ave: Team Dykstra LLC to Burnett Daniel G & Jill A; $170,000
9348 Towne Square Ave: Kothari Usha to Hart Kathleen J; $415,000
Bond Hill
1510 Joseph St: Vb One LLC to Christmon Gregory L; $130,500
Cheviot
3325 Harrison Ave: Krieger Lorie to Atmaca Asset Management LLC; $336,000
3740 Carson Ave: Murnan Michael R to West End Holdings Ob LLC; $139,900
3867 Olivette Ave: Williamson Daniel E & Lyn to Bauer Joannah Marie; $183,000
3879 Taft Ave: Little Bob Consulting 401k to Lewis Jennifer A; $46,000
3325 Harrison Ave: Krieger Lorie to Atmaca Asset Management LLC; $336,000
Clifton
3650 Middleton Ave: 3650 Middleton LLC C/o Prodigy Properties Receiver to Eltringham Matthew D & Katharine; $457,710
Colerain Township
10077 Marino Dr: Dews James Oatley to Glaza Rodney; $207,000
10267 Dewhill Ln: Burns Yolanda A to Bruns Jr Maurice Dewayne; $175,000
10329 Season Dr: Rex Residential Property Owner A LLC to Rp3 Funding LLC; $147,690
11365 Pippin Rd: Smith Brandon & Angela Dirr to Mako Property Group LLC; $155,000
11395 Gravenhurst Dr: Thompson Mary Lou Tr to Huffman Luke; $225,000
2495 Tiverton Ln: Cash4yourhome LLC to Ac Cincinnati Sunrise Properties LLC; $138,000
2495 Tiverton Ln: Crouch Louise Ammerman & Charles Robert to Cash4yourhome LLC; $125,000
3009 Overdale Dr: Conrex Residential Property Group 2016-3 Operating Company LLC to Conrex Residential Property Group 2016 Trs LLC; $508,130
3070 Preserve Ln: Houston John C Jr to Battle Joann; $122,000
3087 John Gray Rd: Batchelder Bryce Anderson to Strube Jason & Abby Walker; $229,000
3360 Deshler Dr: Conrex Residential Property Group 2016 Tr LLC to Weingartner Jeffrey T; $143,000
3417 Amberway Ct: Diegmueller James F Tr to Grimes Patricia D; $174,000
3786 Ripplegrove Dr: Hodges William E Iii to Solano Esperanza B; $219,900
7240 Creekview Dr: Woods Anna M to Morse Michelle & Paul; $80,000
7909 Cheviot Rd: Gemperline Marie P @4 to Ems Marilyn I & Virgina Ems; $170,000
8428 Jackies Dr: Northfield Construction LLC to Bbsb Holdings LLC; $130,000
8792 Carrousel Park Cr: Taylor Mary Elizabeth to Bean Matthew; $150,000
9234 Pippin Rd: Vb One LLC to Sfr Workforce Owner LLC; $130,000
9804 Melcarl Dr: Dunlap Development LLC to Nvr Inc; $43,230
9806 Melcarl Dr: Dunlap Development LLC to Nvr Inc; $43,230
9808 Melcarl Dr: Dunlap Development LLC to Nvr Inc; $43,230
Merril Ct: Grand Communities Ltd to Fischer Single Family Homes Iv LLC; $180,000
Sweetbay Cir: Grand Communities Ltd to Fischer Single Family Homes Iv LLC; $180,000
College Hill
1054 Grayview Ct: Bullio Phillip M to Kohlman Adam; $183,000
1119 Wilmont Ct: A&k Homes Investments LLC to Turner Alex & Armanti Tajanay Turner II; $255,000
1182 East Wy: Destefano Lisa & Ryan Mcadoo to Glodd Maxine & Cardell W; $234,900
1979 Connecticut Ave: Harmon Kevin P & Lucrecia C to Canete Eireenmae; $145,000
6102 Sunridge Dr: Cisse Aissata to Thomas Dixon Darren & Regina Thomas; $200,000
Columbia Tusculum
3435 Golden Ave: Baughman Julia A to Walker Cynthia T Tr; $450,000
Corryville
2605 Eden Ave: Van Kesteren Kennet to Seibert Earl Jr; $131,000
Crosby Township
10576 Atterbury Dr: Staller Linda S to Franconia Real Estate Services Inc Dba; $390,505
Franklin Dr: Sedona Reserve LLC to Nvr Inc; $75,100
Deer Park
4253 Hegner Ave: Schilling Stephen F to Frodge Katherine Sue & Patricia Frodge; $248,000
4413 Orchard Ln: Bluestein Robert S Tr to Anty Enterprises LLC; $143,000
7344 Richmond Ave: Robb Christopher S to Longsworth John Mark & Donna Lynn; $230,000
Delhi Township
407 Elm St: Kaanapali Renovations LLC to Jjs Holding LLC; $137,000
407 Elm St: Wagner Robert C Jr & Constance M to Kaanapali Renovations LLC; $120,000
5047 Dellers Glen Dr: Yu Chi Ping to Perez Jose Manuel Espinoza; $319,900
5140 Old Oak Tl: Husman Joseph to Rosiello Melissa M & Elissa M Stetter; $51,640
536 Pontius Rd: Vierling Ethel Ann to Napolitano Gary & Kathleen M Napolitano; $425,000
6340 Simon Dr: Budde Mark D & Karen S to Bisher Brian @ 4; $445,000
761 Anderson Ferry Rd: Martinez Christy to Qz Funding LLC; $121,000
East Price Hill
1051 Considine Ave: Stock Gayle Tr to Tomas Jose Luis Mendez & Irma Ramirez Juarez; $70,000
3014 Liberty St: Hargis Stan & Lee Bay to Mcguire Richey Sarah; $188,000
439 Elberon Ave: Fancy Realty LLC to Fox Sugar; $10,000
810 Matson Pl: Odom Zachary Ty & Mary Alexandra Dierig to Thomas John C & Janet Thomas; $234,000
959 Fairbanks Ave: Turner James P to Fourth World Capital LLC; $79,500
Evanston
1844 Huron Ave: Evans Michael H @3 to Catholic Calvary Cementery Association; $18,000
3011 Paul St: Young Stephanie to Berning Adam; $347,500
3138 Durrell Ave: Vn Holdings 2020 LLC to Qassab Safaa; $145,000
Evendale
3768 Sherbrooke Dr: Eckroth Kenneth J & Joyce M to Seeley Sheri; $600,000
Forest Park
1013 Waycross Rd: Lee Ronald T to Moon Patricia Grady & Kelly Anne Melim; $58,000
11332 Lincolnshire Dr: Conrex Residential Property Group 2016-3 Operating Company LLC to Conrex Residential Property Group 2016 Trs LLC; $508,130
11577 Gallahad Ct: Loren Real Estate LLC to Brightness LLC; $290,000
556 Bessinger Dr: Ferguson Matthew & Jacquelyn A Werle to Ba Hamidou @ 3; $270,000
844 Fairborn Rd: Upton Dacia R to Home Recreations LLC; $81,000
Waycross Rd: Waycross Fp LLC The to Williams Russell & Chenetta Yvonne Williams; $75,000
Golf Manor
6027 Yosemite Dr: Yosemite 6027 LLC to Page Justin; $205,000
Green Township
1734 Doresa Pl: Jackson James A & Kathryn to Zeleke Enatnesh & Minassie Meshusha; $254,000
2925 Carroll Ave: Gray Brenda L to Longeway Garrett & Alyssa Longeway; $195,000
3417 Tolland Ct: Opendoor Propert Trust I to Kelley Alexa Rae & Noah Christian Bonecutter; $268,000
3912 Grace Ave: Derrenkamp Virginia M to Djj Properties LLC; $10,000
4023 Hubble Rd: Equity Trust Company Custodian Fbo Milton Goedde Ira to Cronin Ashleigh & Harrison Kitchen; $244,900
4951 Arbor Woods Ct: Hipp Bonita to Rowley Daniel Scott; $185,000
5203 Eaglesnest Dr: Xie Yong to Griffin Deshunta; $120,000
5487 Joey Te: Heiman Diane R to Roblero Yusenia Ortiz @ 3; $199,000
5535 Haft Rd: Vaughn Lynette & Thomas to Bernecker John Richard & Shauncay Mariah Kay; $382,500
5573 Leumas Dr: Dauer Cody M to Wallace Cervantee & Babriyelle Israel; $200,000
5579 Antoninus Dr: Litzinger Lisa to Hippensteel Jenna M & Hannah D Hippensteel; $215,000
5936 Harrison Ave: Czanik Kaitlin S to Mosley Letisha & Jamar Mosley; $130,000
5980 Colerain Ave: Allen Rodney Allante to Johnson Perez I; $130,000
6935 Taylor Rd: Mih Holdings LLC to Draca Kathryn & Gabriella Draca; $140,000
6955 Mary Joy Ct: Leitsinger Tammy S & Matthew R to Bockenstette Mary Kay & Mark Bockenstetter; $480,000
Haft Rd: Vaughn Lynette & Thomas to Bernecker John Richard & Shauncay Mariah Kay; $382,500
Greenhills
388 Inman Ln: Ratcliff William A & Patricia L to Cobo Antonia Rivera; $205,000
Harrison
10871 West Rd: Hon Andrea S to Colpoys Justin & Lindsey Herald; $240,000
Hartwell
105 Millsdale St: 105 Millsdale LLC to Ach Property Solutions LLC; $100,000
157 Parkway Ave: Kna Properties LLC to Ach Property Solutions LLC; $250,000
Hyde Park
1335 Delta Ave: Areddy Joseph M Jr to Waters Anne Boat & Richard Brendza; $1,305,000
Kennedy Heights
3521 Section Rd: Callahan Thomas M @ 3 to Cochran David; $163,500
Lockland
324 Westview Ave: Carson James E & Barbara D to Crawford Dianthe L; $176,000
Madeira
7232 Camargowoods Dr: Van Lieu Carole M to Coleman Mark; $520,000
7265 Rita Ln: Rita Holdings LLC to Cochran Sndrew Devin; $295,000
Madisonville
5115 Camargo Rd: Yavi Equity LLC to Larkin Ventures LLC; $134,000
5653 Bramble Ave: Bauer Brent & Ashley Jean Bauer to Jones Lucius; $530,000
6940 Britton Ave: Miller Brandon J to Mcclain Danielle R; $350,000
Miami Township
3475 Chestnut Park Ln: Smith Christina L to Hail Evan B; $211,000
Millvale
3047 Beekman St: Lws Reality Group LLC to Drane Property Group LLC; $4,000
Montgomery
230 Vintage Club Blvd: Traditions Vc North LLC to Gutterman Hiram & Julie B Gutterman; $883,683
Hightower Ct: Cr Middletown LLC to Yue Kan; $544,000
Mount Airy
5611 Glenview Ave: City Country Cottages Inc to Regenold Daniel; $40,000
Mount Auburn
2421 Auburn Ave: Auburn Land Holdings LLC to Women’s Care Center Inc; $500,000
401 Dorchester Ave: Hawwa Ahmad to Elliott Austin Curry; $235,000
Mount Healthy
1456 Rambler Pl: Conrex Residential Property Group 2016-3 Operating Company LLC to Conrex Residential Property Group 2016 Trs LLC; $508,130
Mount Lookout
1152 Herschel Ave: Cover John P & Virginia L Kokoefer to Sherman Tai & Jackson Pogue; $425,000
625 Athens Ave: Ketabchi Jahandar & Kyle to Deems Nathan; $590,000
Mount Washington
1640 Winchester Ave: Vb One LLC to Honey & Vinegar Investments LLC; $162,000
6527 Coffey St: Vb One LLC to Kisner Darlene A; $165,000
North Avondale
38 Clinton Springs Ave: Harris Ramon to A & M Management Company; $35,000
North College Hill
1524 Gardenwood Ct: Robinson Tiara to Charlotte Metro Rentals LLC; $164,000
6919 Pinoak Dr: Lataille Leah L to Hazel James III; $223,000
Northside
1605 Saxon St: Jauch Jennifer to Scheponick Marie; $155,000
4589 Anthony Ave: Sabo Alex to Wolf Caleb & Samantha Hineson; $219,900
Norwood
1955 Maple Ave: Smith Barbara L to Lyon Renovations LLC; $155,000
2012 Delaware Ave: Yolo Investments LLC to Titmas Benjamin & Katleen Rottert; $330,000
2164 Slane Ave: Imhoff Judith L to Rizzie Daniel Christopher & Taylor Kuhl Rizzie; $490,000
2513 Shanmoor Ave: Kogan Realty Enterprises LLC to Ach Property Solutions LLC; $400,000
3822 Regent Ave: Price Alyssa A & Kevin Menschel to Dao Phuc & Joanne Tang; $425,000
5126 Warren Ave: Aks Properties LLC to Ach Property Solutions LLC; $150,000
5134 Carthage Ave: Good Guidance LLC to Wong Aidan & Alice Wu; $195,000
5210 Montgomery Rd: Montgomery Affinity LLC to Montgomery Rd Enterprises LLC; $425,000
Oakley
Three Oaks Ln: Three Oaks Single Family LLC to Mason Lawrence Edward Jr; $160,000
Pleasant Ridge
2741 Lawndale Ave: Heck Katherine to Dearth Jesse; $225,000
2947 Douglas Te: Spain John W Jr & Bonnie K to Williams Michael B Jr &; $485,000
Reading
100 Voorhees St: Niefield Steven to Hughes Kenneth J; $54,100
Roselawn
7309 Brookcrest Dr: Federal Home Loan Mortgage Corporation to Shai Properties LLC; $155,151
Sayler Park
133 Huey Ave: Jenkins Nicole to Schoch Jacob; $165,000
5948 Hillside Ave: Kahny Donald P Jr & Lisa R to Nek Home Rentals LLC; $535,000
6730 Jersey Ave: Gambill Norma R to Gambill Gary; $124,000
6746 Parkland Ave: Franco Thomas M to Gls Properties LLC; $115,000
Gracely Dr: Whitaker Jennifer to Davis Jared Quentin & Kristen Kerkhoff; $28,000
Sharonville
10911 Lemarie Dr: Coyle Cornelius X to Knue Construction LLC; $125,000
11765 Caerleon Ct: Brinker Dorothy M to Peace Candice; $310,000
12041 Legacy Ct: Meinzen Donald E & L Jeanne to Freytag Vanessa Anne; $374,900
3563 Verbena Dr: Smith Paul A @ 3 to Smith Paul 2 & Julie A Zink; $33,426
3801 Sharon Park Ln: Cuc Properties Vi LLC to Bpcm Properties LLC; $1,000,000
3849 Creek Rd: Schweinhart Sheli M to Craig Lauren; $267,500
Lebanon Rd: Cuc Properties Vi LLC to Bpcm Properties LLC; $1,000,000
South Fairmount
1731 Westwood Ave: Grackle Holdings LLC to 1731 Westwood LLC; $52,000
2059 Harrison Ave: Amir Guy & Fhani to Willis Brothers Pluming LLC; $53,000
2195 Clara St: 513 Houses LLC to Martinez Fabricio Naranjo; $62,000
2438 Blaine Rd: Lws Reality Group LLC to Drane Property Group LLC; $4,000
Springdale
11626 Maxey Ln: Jackson Randoline A & Nakeisha R to Anuafuo Stanislaus & Mabe Ndeh; $355,000
12076 Crossings Dr: Davidson April L to Bediako Asare; $193,000
524 Observatory Dr: Transohio Companies Inc to Smith Michael; $264,900
821 Clearfield Ln: Ray Michelle Tr to Mazzella Lauren Adele & William Buck; $260,000
933 Tivoli Ln: Mcvey Christie N to Pacheco Abelina Lopez; $194,000
988 Tivoli Ln: Conrex Residential Property Group 2016-3 Operating Company LLC to Conrex Residential Property Group 2016 Trs LLC; $508,130
Springfield Township
1422 Meredith Dr: Richburg Willie Jr & Iva Smith Richburg to 1422 Meredith LLC; $75,000
1500 Meredith Dr: Creech Gypsey V to Cedar Brook Properties Funding I LLC; $68,000
2311 Roxanna Dr: Johnson Whitney R to Bell Neatwood Jr; $225,000
267 Forestwood Dr: G & L Developement Group LLC to Freeman Gene A & Linda C Freeman; $269,900
458 Ballyclare Te: Thomas Mary P Tr to Nieves Justino Rios & Patricia Cruz Mijangos; $199,000
6814 Kenbyrne Ct: Scott Alysha Lyan to Wilkinson Kaniewski; $196,000
8698 Balboa Dr: Lewis Robert & Tammie E to Lewis Robert; $59,300
9081 MiLLCliff Dr: Kadariya Prayash & Roshan Khadka to Bradley Darlene Yvette; $232,000
923 Belsage Ct: Schoenhoft John C & Linda S to Esposito Giavanna & Timothy Mathew Miller; $290,000
9600 Wildbrook Ln: Conrex Residential Property Group 2016-3 Operating Company LLC to Conrex Residential Property Group 2016 Trs LLC; $508,130
St. Bernard
303 Ross Ave: Swafford Pamela M to Groh Alexander & Sarah; $140,000
4201 Delmar Ct: Logsdon Nicolette to Walters Corrie Ann & Jennifer Lynn Black; $215,000
Symmes Township
12123 Montgomery Rd: Nxfaze Unlimited Properties LLC to Ons Properties LLC; $800,000
Walnut Hills
2136 Fulton Ave: Mccarren Bridgid A to White Kristina Elizabeth &; $219,000
2713 Alms Pl: Kna Properties LLC to Ach Property Solutions LLC; $250,000
928 Windsor St: First Step Home Inc The to Holte Road LLC; $240,000
West Price Hill
1016 Seton Ave: Telescope Properties LLC to Johnson Kiara; $203,500
1269 Quebec Rd: Banks Paul & Deanne to Saint Williams Avenue Homes LLC; $300,000
4308 St Lawrence Ave: Ragland Darra L to Avid Real Estate Solutions Today LLC; $82,500
Westwood
2927 Mignon Ave: Feinberg Philip H to Garrison Casey & Cheyanne; $215,000
3004 Glenmore Ave: Morena Francis James to Akers Paul Shane & Tina M; $90,000
3057 Worthington Ave: Cherry Jessie Tr to Rx Capital LLC; $52,500
3057 Worthington Ave: Rx Capital LLC to Huff & Puff Home Remodeling LLC; $65,000
3144 Montana Ave: Rivera Radames & Javonna A to Nickell Jesse & Margaret Craig Nickell; $240,000
3247 Hildreth Ave: Parker Lynn Properties LLC to Lammers Andrew Robert & Katherine; $295,000
3311 Hildreth Ave: Barlion Howard to Wullenweber Sarah Elizabeth &; $110,000
Wyoming
105 Charlotte Ave: Sams Christopher & Samantha to Gill Richard; $325,000
14 Fleming Rd: Schmidt Michael to Krueger Rebecca A & Joseph B Stark Krueger; $327,900
300 Compton Rd: Henderson Veronica to Jafiss Investments LLC; $406,000
320 Durrell Ave: Kogan Realty Enterprises LLC to Ach Property Solutions LLC; $400,000
NORTHERN KENTUCKY
Information provided by Christine Charlson.
Alexandria
10978 Dairybarn Lane: Fischer Single Family Homes IV, LLC to Melynda and Bobby Platt; $426,500
7511 Flintshire Drive, unit 4-304: Abby and Kane Belcher to Matthew Beck; $245,000
7663 Devonshire Drive, unit 30-204: Fischer Attached Homes III, LLC to Megan Duckett; $413,500
7677 Devonshire Drive, unit 30-201: Fischer Attached Homes III, LLC to Mary and Paul Luecke; $399,500
7956 Trillium Court: The Drees Company to Rachel and Zachary; $400,000
9777 Indian Trail Road: Jamie and Larry Shelton to Justin Schmidt; $389,000
Bromley
300 Pike St.: Cheryl and Joh Kammerer to Jackie Walls; $90,000
Burlington
1618 Deer Run Drive: Shari and Jeffrey Mitchell to Nicholas English; $265,000
2260 Medlock Lane, unit 104: Linda Holbrook to JoAnn and Terry Behrle; $180,000
Butler
774 Fairlane Road: US Bank Trust to Garrett Brossart; $235,000
Covington
117 Indian Creek Drive: Team Bush Sells, LLC to Michael Brown; $270,000
1306 Banklick St.: Gehard Tetzner to Adam El-Hodiri; $240,000
2175 Rolling Hills Drive, unit 15-305: Tammy Wooding to Rachel Knoebel; $175,000
2215 Howell St.: Melissa and Kenneth Cooper to Grace Petit; $188,000
2216 Madison Ave.: Jean Marshall to Snider Select Properties, LLC; $155,000
2353 Piazza Ridge, unit 16-104: Madison McGhee to Rachel and Russell Hiler; $268,000
2418 Arezzo St., unit 400-300: Fischer Attached Homes III, LLC to Alicia Elliott and Cameron Racke; $196,000
290 Madison Pike: Troy Combs to Shah Mian and Faiza Moeen; $63,000
3102 Frazier St.: 2TC Realty Advisors, LLC to Logan Breen; $153,500
312 W. 22nd St.: Rachel Hogan to Nathan Nickerson; $197,000
313 E. 13th St.: Lionkat, LLC to Isabelle Schultz; $135,000
3817 Circollo Drive: Daniel Pohlman to Anthony Milinaro III; $435,000
3918 Tracy Ave.: Barbara Beihl and Brendan Mitchell to Jacob Gamble; $164,000
4101 Decoursey Ave.: Justin Wade to CAL Property Management, LLC; $125,000
4101 Decoursey Ave.: Robert Holt to Justin Wade; $47,500
4323 McKee Ave.: Robert Perry to Keith Estes; $150,000
Crescent Springs
2120 Carrick Court, unit 203: Amy Forrester to Kati Nolan; $170,000
2471 Lilywood Way: Fischer Single Family Homes IV, LLC to Alesha and Benjamin Schneider; $560,500
2510 Lilywood Way: Fischer Single Family Homes IV, LLC to Krystal and Andrew Gustafson; $549,000
Florence
10212 Crossbow Court, unit 8: Paige Grant to Rajesekhar Chittemsetti and Shilpa Sathyanarayana; $140,000
1565 Shady Court: Bea Huff Jr. to Nathan Gradel; $190,000
216 Center St.: CVG Home Buyers, LLC to RP3 Funding, LLC; $120,000
3914 Archer Court: Jessica Helton to Shannon and Bradley Thompson; $165,000
6642 Highridge Ave.: Theresa and Mike Harmeling to Yareni Mejia and Julio Benitez; $190,000
7124 Hopefull Church Road: Micheal Morgan Properties, LLC to Robert Perry; $225,000
9308 Gunpowder Road: Carol Genever to Carolyn and Robert Conley; $125,000
Fort Thomas
314 Rossford Ave.: Jennifer and Benjamin Bleser to Elizabeth Rahm and Hunter Schlosser; $750,000
Fort Wright
1518 E. Henry Clay Ave.: Antonio Million to Diane Brumback; $370,000
402 Kyles Lane: Taylor and Harry Mabbett to Ashley Pavely and Kenneth Waters; $310,000
Hebron
2257 Silver Peak Drive: The Drees Company to Nora and Robert Dezarn III; $730,000
2821 Donjoy Drive: Sarah and Kyle Patton to Casey Boston; $260,000
6404 River Road: Webb Properties and Maintenance, LLC to Thomas Kidwell; $230,000
Highland Heights
11 Meadow Lane, unit 8: Judith Ison to Teah and Brian Wagers; $150,000
280 Deepwoods Drive: Jennifer Lee to Kathy Haringer; $190,000
Independence
10352 Lynchburg Drive: Toni and Michael Reynolds to Diane and John Ewald; $273,500
1365 Meadow Breeze Lane: Julie Romito and James Romito to Alicia and Philip Clare; $370,000
3457 Senour Road: Deborah Stephenson to Stallion Investments, LLC; $55,000
Lakeside Park
33 E. Lakeside Ave.: Devin Curren to Amy Mayer; $212,500
Ludlow
307 Elm St.: Jacqueline Farris to Christopher Haselden; $116,000
315 Lake St.: Kurt LeBlanc to Samantha Andew and Jacob Mahan; $199,000
45 Ash St.: Kadie Wachs and Carlos Phillips to Casian Midwest, LLC; $163,000
707 Adela Ave.: Cheryl Hook to Daniel Donelan; $173,000
815 Elm St.: Buy the Best Franchise, Inc. to Savannah Fernandes; $265,000
Newport
117 W. 11th St.: Gabriela and Hani Asad to Mildred Pablo; $136,000
Southgate
335 Linden Ave.: Jordan Selch to Corey Kempe; $185,000
Taylor Mill
722 Saint Matthews Circle: Mary Mai to Emily and Roger Yelton; $257,000
739 Sage Hill Drive: Tina and Anthony Garera to Barbara and Thomas Rothfuss; $268,500
Union
1000 Belmont Park Drive: Tami and Mark Tuffin to Barbara and Jeffrey Deull; $512,500
1286 Lancashire Drive: Margaret and Brett Holbrook to Cristina Ruiz and Lucien Mouix; $380,000
1320 Callington Court: The Drees Company to Chelsea and Corey Ringham; $1,015,000
1521 Brumfield Court: The Drees Company to Kimberly and David Cook; $490,000
2109 Waterbrook Cove: Arlinghaus Builders, LLC to Steven Scheifers; $667,000
4744 Donegal Ave.: Fischer Single Family Homes IV, LLC to Aita and Durga Rai; $485,500
4745 Donegal Ave.: Fischer Single Family Homes IV, LLC to Brittany and George Hogen Jr.; $750,000
6632 Gordon Boulevard: Dillion and Heather Ruth to Tara Carr; $460,000
8438 Concerto Court, unit 247-B: The Drees Company to Grace and Andrew Cremer; $429,500
3294 Ballantree Way: The Dehner Group, LLC to Alison and Ritchie Paik; $50,000
Villa Hills
2826 Paddock Lane: Jama Properties, LLC to Melissa Armstrong; $160,000
Walton
621 Blanda Court: The Drees Company to Michael Creech; $385,000
Wilder
360 Timber Ridge Drive: Meldrick and Tirzah Mpagi to Areila Topper; $160,000
480 Lakeview Drive, unit 2: Daniel Webb to Jennifer and Philip Pointer Jr.; $160,500
- The median price of a single-family house in December was $427,000
- Competition is increasing for the few homes on the market
Over the weekend, real estate agent Jill Sweetman hosted three open houses.
Despite occurring on some of the coldest days of the winter so far, each open house pulled in 20 to 25 people, which came as a surprise.
“It was biting cold, it was miserable, and normally when the weather is terrible, no one comes out to see houses,” Sweetman said.
What Sweetman saw goes a long way to describe the current state of the housing market as the Rhode Island Association of Realtors released the housing sales data for December 2023.
In December, the median price of a single-family home dipped slightly to $427,000, down $4,000 from November. The median house price is up 10% from December 2022 and 50% from December 2019.
“People are getting desperate for houses again, because all these people braved temperatures in the teens to come and see these houses,” said Sweetman, who is with Nathan Clark and Associates.
In December, the number of houses listed on the market continued a downward slide, with 917, down from 1,152 in November. The number of houses sold fell from 569 in November to 532 in December.
When Sweetman checked the number of listings on Monday morning, the number of houses listed had sunk even lower, to 708.
What November’s market looked like:House prices and interest rates are down in Rhode Island, but does it really matter?
Interest rates keep sales depressed, lack of inventory keeps prices high
“We’re in a weird limbo area where sellers aren’t putting their homes onto the market, and for buyers there are no homes, so when there is a really good house, people are competing for it, even though interest rates aren’t fantastic,” Sweetman said.
Interest rates have been climbing, mostly, since record lows in 2021 and 2022, dropping below 3%, peaking at 7.8% in October 2023 and then easing back down to 6.6% as of Jan. 18, according to data from the mortgage lender Freddie Mac.
Higher interest rates normally depress prices as demand slows, but when there is little supply, prices stay the same or barely decrease.
“This is like it was at the start of 2022, when there were like 680 single-family homes on the market,” Sweetman said. “It seems like we’re getting back to that.”
With the market so tight, prices so high and increased mortgage rates reducing buying power, Sweetman said, it’s difficult to make offers stand out, and it isn’t always the highest bidder that wins. Often, it’s the person who offers the smoothest or most secure house sale.
Sweetman recently helped her clients buy a house that was being sold by the former owner’s estate, including all of the furniture, knick-knacks, all of the things that accumulate over a lifetime. To win the bid, they offered to take the house as-is and deal with cleaning out the stuff themselves.
“Junk removal costs $1,000 to $1,500. They take everything out of the old house and you’ve spent $1,500 and were picked over five other people – versus tacking $50,000 on to a mortgage,” Sweetman said.
What the multi-family markets look like
While single-family homes get most of the attention and make up most of the housing stock, condos and multi-family homes are hot commodities.
The median price of a multi-family house dipped slightly to $480,000 in December, down from $492,000 in November and $482,000 in October, but still below the all-time high of $500,000 in June and July 2023.
The number of listings was down slightly in December to 214, from 220 in November.
Multi-family house prices have seen the biggest percentage increase since the pandemic, with December’s median price 68% higher than it was in December 2019. Multi-family houses have been relatively quick to sell, with an average of 23 days on the market for the last three months of 2023.
In all, there were 214 multi-family listings in December, which has dropped to 176 as of this week.
What the RI condo market looks like
With condos, the median price was up slightly, to $360,000, up $3,500 over November. The cost of condos is up 60% compared with December 2019.
Condos are spending longer on the market, 37 days in December compared to 27 days in November. The number of condos listed on the market decreased slightly to 214 in December. As of this week, it’s even lower, at 197.
Houses priced correctly will bring lines, competing offers
When a house is right in that sweet spot, near the new median price, $350,000 to $450,000, appears to be worth it and is in decent shape, it will go fast and there will be competing offers, Sweetman said.
For her buyers, that means going to the first open house scheduled, even if it’s a bitterly cold weeknight, and either offering more than the asking price or figuring out what the seller wants and making that part of the offer.
“Sometimes it’s offering nice terms to a seller, like you’re willing to pay some of their closing costs,” Sweetman said. “Again, it’s a nice way to spend a small amount of money and get a big result.”
While some sellers want top dollar, others just want to move on.
“A smooth transaction where nothing falls apart is often worth more than an extra $20,000,” Sweetman said.
Onslaught of natural disasters affects buyers and sellers
The recent bouts of flooding and tornado-inducing storms have been hitting many of Sweetman’s would-be buyers and sellers.
One couple who own a multi-family house and was looking to move into a single-family is spending the money they had saved for a down payment replacing a roof after it was torn off during a recent wind storm.
RI’s September floods were a disaster.What help is available for victims?
Others are calling Sweetman to ask what to do as their basements flood for the first time since they’ve owned the houses they are now looking to sell.
“They’re spending all their money on mitigation,” she said. “It’s like a perfect storm.”
South County and Newport housing numbers
In Newport County, a total of 41 houses were sold in December, 7% of the total for the state. Jamestown, with six sales, saw the biggest swing in median price over last year, hitting $1.6 million across those six sales, compared with $725,000 across seven sales in December 2022.
Jamestown had the highest median price in the entire state, followed by Block Island, where one house sold for $1.3 million, and then Newport, with $1.1 million over six sales.
Little Compton saw the biggest decrease in single-family home sales, from five in December 2022 to none last month, followed by Newport, down to six last month compared with 16 a year ago. Little Compton was the only municipality in the state to register no sales last month, while Block Island and Hopkinton both registered a single sale.
Portsmouth was the only town in Newport County to see an increase in sales, 14, two more than in November.
Tiverton was the most affordable Newport County town, with a median price of $448,000 across 11 sales, down from 14 a year ago. The median price in Tiverton was up 23% from $357,000.
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Reach reporter Wheeler Cowperthwaite at wcowperthwaite@providencejournal.com or follow him on Twitter @WheelerReporter.
The Elmira and Corning housing markets reflected national trends in 2023, with higher mortgage rates and low inventory cooling a market that was red-hot post-COVID.
The Elmira-Corning Regional Association of Realtors tallied a 25% dip in total sales closed in 2023 compared to 2022.
Homes weren’t the only thing on the market in 2023, though. A number of high-profile commercial properties, downtown buildings and manufacturing facilities changed hands over the course of the year.
An analysis of the latest available real estate data, through late December, found just over a dozen Chemung County homes sold for more than $500,000 in 2023.
The Corning area in Steuben County had nine properties sell for over $500,000 through the latest available data. The Elmira-Corning market topped out at just over $1 million for a home in Corning sitting on 48.5 acres.
Association President Mark Costanza sees similarities between today’s housing market and the one that greeted homebuyers when he entered the real estate industry 22 years ago.
“The rates then were high sevens, low eights,” he recalled. “Today we’re sitting around an average of 6.8, and the prediction for this year is it’s going to drop a little bit, which is good.
“There’s less buyers wanting to upgrade when they’ve got an existing lower rate mortgage, because they’ve been in the mix of buying and selling for awhile. The positive is a lot of the buyers are brand new buyers, so they’re unaffected by what the rates are.”
Costanza said the Association began 2024 with 55 active listings in the Elmira and Corning areas, with an uptick in new listings over the final few months of 2023. Costanza is optimistic the market will heat up as rates inch downward.
“I think we’ll see more listings and more buyers stepping up,” he said. “The reasons for people buying are very consistent. Whether it’s a job change, family change, those sorts of factors — those things don’t stop. We’ll be moving forward. We’re all very optimistic for the New Year and we’re ready as realtors to help everybody out as much as we can.”
Top 10 Chemung County commercial property sales in 2023
137 Colonial Drive, Big Flats: The large retail building on Colonial Drive featuring a Raymour & Flanigan Furniture and Mattress Store, covering 3.32 acres, sold for $10.7 million on July 27.
1216 county Route 64, Horseheads: NS Retail Holdings, LLC acquired 6.44 acres of large retail space in Horseheads, housing Dick’s Sporting Goods, for $6.9 million on July 18.
1621-1631 county Route 64, Horseheads: The retail property on 2.1 acres, including a Men’s Warehouse and Buffalo Wild Wings, sold for over $6.5 million on Aug. 2.
1641-1646 county Route 64, Horseheads: The shopping center anchored by a Starbucks, on 1.59 acres, sold for over $4.4 million on Aug. 11.
1575 Lake St., Elmira: The industrial space on 12.16 acres was acquired for $2.5 million on Jan. 12.
2122 Grand Central Ave., Horseheads: The property on 1.45 acres, housing a KFC franchise, sold for $1.9 million on May 25.
150-170 Lake St., Elmira: Chemung County purchased the former Five Star Bank Building on 2.4 acres for $1 million on June 23.
1268 Maple Ave., Elmira: The professional building on Maple Avenue, housing a dental office, sold for $709,000 on May 24.
511 Chemung St., Horseheads: The neighborhood shopping center in Horseheads, located on over 2 acres, sold for $700,000 on Feb. 16.
451 E. Market St., Elmira: The downtown row building sold for $700,000 on June 14.
Top 10 Chemung County home sales in 2023
37 Beckwith Road, Southport: Sold for $960,000 on April 20, with 311.2 acres.
100 Mead Road, Catlin: Sold for $790,000 on Feb. 6, with 156 acres.
147 Talarico Road, Horseheads: Sold for $750,000 on June 29, with 10 acres.
36 Brookwood Hills Drive, Big Flats: Sold for $685,000 on Feb. 28.
73 Quail Run, Big Flats: Sold for $675,000 on March 31, with 1.08 acres.
305 Wexford Lane, Horseheads: Sold for $635,000 on June 9, with .54 acres.
342 Wexford Lane, Horseheads: Sold for $620,000 on Sept. 21, with .61 acres.
413 Wexford Court, Horseheads: Sold for $590,000 on March 6, with .45 acres.
115 Lemae Drive, Catlin: Sold for $580,000 on June 30, with 3.21 acres.
369 Diven Ave., Elmira: Sold for $560,000 on Feb. 10, with 1.99 acres.
Would you rather rent than own, but hate the idea of living right next to someone else?
There’s a new trend afoot: newly built, single-family houses that are for rent only.
In the latest twist on the housing market, builders and analysts say the trend, prevalent in the western United States, is moving east, including into Florida.
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NexMetro Communities, a national home builder based in Arizona, is building a rental residential community in Tampa, and the company is eying Palm Beach County, too. NextMetro builds detached one- and two-bedroom single-family houses, and one-bedroom villas.
Meanwhile, plans are afoot to sell the closed Mizner Trail golf course in Boca Raton to an unnamed developer who plans single-family rental houses, according to housing analyst Brad Hunter. The golf course, now owned by Boca Raton-based Compson Associates, once was slated for 252 townhomes and apartments, but the project never was built.
Here’s why new, detached single-family homes for rent are in demand, said Hunter, owner of Hunter Housing Economics in West Palm Beach.
People already were seeking the space and privacy of single-family homes before the coronavirus pandemic, but now the stand-alone home is even more desired, especially in suburban locations.
People seeking to avoid the highly contagious coronavirus want to live in places where they can bypass a lobby, or enter a residence without having to stand by an elevator with other people, Hunter said.
Residents wanting to live in a single-family house may also be unable to afford to buy a home, which makes rentals an attractive option, Hunter added.
Despite low interest rates, many people do not have the money for hefty down payments on single-family houses, Hunter said. This is especially the case with millennials dealing with student loan debt and a tight job market. Consequently, renting is the only option for many residents, but some people still want to live in a house with a backyard and playground for children.
“Then there are the renters by choice, who could afford to buy a home and come up with a down payment, but prefer the lifestyle of renting,” Hunter added.
Among these renters are baby boomers dubbed the “Baby Chasers.” Hunter said these older residents want to live near their children and grandchildren, but they don’t want to be tied down by buying a house, especially if their children might be moving in the future, too.
More:Juno Beach luxury townhouse being built near the beach sells 60% of units in one month
Jacque Petroulakis, executive vice president of NexMetro Communities, said the company attracts three types of renters.
They are millennials who don’t want to be tied down; renters who are in a “life transition,” either newly married or newly divorced who do not want to make a mortgage commitment; and baby boomers selling their homes to get away from the hassle of household maintenance, but still wanting the privacy they had living in a single-family house.
“Consumers have fundamentally changed the way they think about the American Dream, what they value, and how they choose to live,” Petroulakis said. “And for a growing number of people, that means choosing to rent rather than own.”
Single-family rental homes long have been owned by individual real-estate investors. After the 2008 recession, however, something new happened: Big companies scooped up homes lost by homeowners to foreclosure.
Today, many homes for rent are owned by companies such as Invitation Homes, a unit of the Blackstone Group. But these homes are all existing houses, and in many cases, they are older and lack the technology and amenities sought by residents these days.
Petroulakis said a group of entrepreneurs saw the home-rental trends after the recession and began building a few rental-only housing communities in the Tuscon, Ariz., area.
One thing led to another, and they realized there was demand for new houses from people who could afford to buy, but instead, chose to rent.
But building for-rent single family homes in Palm Beach County is not an easy prospect, one builder said.
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Dania Beach-based Stellar Communities is building, or will build, new homes for rent in Orlando, Port St. Lucie and Pompano Beach. The rental homes include townhomes, villas and detached single-family houses.
But two housing projects in Palm Beach County will be for-sale homes, said Larry Baum, Stellar Communities’ managing partner. One is a 40-home project planned in Delray Beach off Barwick Road; another is a 25-home community planned off Congress Avenue in Boynton Beach.
On both sites, the land is too expensive to build rental houses and realize a good return on investment, Baum said.
In addition, demand for home sales is so hot, “people are paying top dollar for homes. There’s no reason not to make less money.”
Baum said Stellar’s rental project in Pompano Beach, near Palm Aire Country Club, works because the company has owned the land for a long time. The homes, when completed starting in January, will rent from $2,500 to $2,900 per month.
More:Uptown Boca welcomes REI, apartment dwellers as mixed-use project opens despite pandemic
Baum said he’d still like to build a rental-only community in Palm Beach County, and he even approached developers of major housing communities being built in western Palm Beach County.
All said they’d rather sell than rent new homes, Baum said.
That’s not to say the build-to-rent single-family housing market will be limited to only a few players. Toll Brothers, the national home builder, is teaming with BB Living to build new, for-rent houses in states throughout the country, including in Florida.
And NexMetro said South Florida remains a region of “specific interest” as the company seeks areas with strong population growth and occupancy rates.
NexMetro’s Tampa community, Avilla Suncoast, could be a harbinger of things to come.
The community is under construction and scheduled to open in June 2021. Rental pricing isn’t available yet, but other NextMetro rental house communities in Phoenix, Dallas and Denver start at $1,200 for a one-bedroom villa to more than $2,500 for a three-bedroom single-family house.
aclough@pbpost.com
@acloughpbp
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