Saturday, February 2, 2019

ATTOM Data Solutions Finds Median Home Sale Prices Hit an All-Time High at $248,000 in 2018; Homeowners Staying Put Longer as Average Homeownership Tenure Rises to New High

Todd Teta
IRVINE, CA –— ATTOM Data Solutions, curator of the nation’s premier property database, released its Year-End 2018 U.S. Home Sales Report, which shows that home sellers in 2018 realized an average home price gain since purchase of $61,000, up from $50,000 last year and up from $39,500 two years ago in 2016 to the highest level since 2006 — a 12-year high.

That $61,000 average home seller profit represented an average 32.6 percent return on investment compared to the original purchase price, up from 27.0 percent last year and up from 21.9 percent in 2016 to the highest average home seller ROI since 2006.

“While 2018 was the most profitable time to sell a home in more than 12 years, those along the coasts, reaped the most gains," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, those are the same areas where homeowners are staying put longer.

Matthew Gardner
“The economy is still going strong and home loan rates remain historically low. But there are potential clouds on the horizon.

"The effects of last year’s tax cuts are wearing off as limits on homeowner tax deductions are in place and mortgage rates are ticking up ever so slowly, so this could dampen the potential for home price gains in 2019.”

Among 217 metropolitan statistical areas with a population greater than 200,000 and sufficient historical data, the highest returns on investment were almost exclusively in western states, with concentrations along areas of the west coast.

 Those with the highest average home seller ROI were San Jose, California (108.8 percent); San Francisco, California (78.6 percent); Seattle, Washington (70.7 percent); Merced, California (66.4 percent); and Santa Rosa, California (66.1 percent).

“Home price growth in the Seattle area has started to soften, something that home buyers have been waiting for, and a trend that we can expect to continue in the coming year,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market.

“Seattle is still benefitting from buyers moving here from more expensive markets, such as California, but the market cannot solely depend on this demographic. My forecast for 2019 is that it will be a year of movement back to balance, which is a very positive thing.”

For a complete report, please contact:

Christine Stricker

Data and Report Licensing:

Arbor Funds $6.7 Million Freddie Mac SBL Deal in Michigan

David Galst
UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL portfolio in Michigan.

The three properties, totaling 154 units, received $6.7M in combined funding. Each loan comes with a 20-year term including a 10-year fixed rate.

Troy Village Apartments, Troy, MI

The portfolio includes: Troy Village Apartments in Troy, MI, which received $1.1M in funding; Pointe Place Apartments in Taylor, MI, which received $3M in funding; and Truman Village Apartments in Rockwood, MI, which received $2.5M in funding.

David Galst of Arbor’s Century City office originated the loan.

Pointe Place Apartments, Taylor, MI

 “I’m happy to report that the borrower sincerely appreciated Arbor’s straight-forward and hands-on execution in closing this cash-out refinance deal,” said Galst.

 “The terms of the loan facilitated the removal of a vacant lot adjoining one of the properties which was encumbered by the prior lender.”

Built in 1957, Troy Village Apartments offer amenities such as on-site parking, laundry facilities and high speed internet access. The property is in close proximity to I-75 with easy access to Detroit Metro Airport.

Truman Village Apartments, Rockwood, MI

Pointe Place Apartments, built in 1971, provide on-site parking options, high-speed internet access and rentable storage units.

Truman Village Apartments, also built in 1971, offer a park-like setting with a large pet-friendly community, playground and personal patios. The property is close to Lake Erie Metro Park and Lake Erie Smith Creek.

Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets.

Detroit Metro Airport
 Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in Fannie Mae, Freddie Mac and other government-sponsored enterprises, as well as CMBSbridgemezzanine and preferred equity lending.

 Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and flexibility and dedicated to providing our clients excellence over the entire life of a loan.


Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553

Bina Handa
Tel: 516.506.4229

Marcus & Millichap Brokers $2.42 Million Sale of 4,375-SF BB&T Bank Site in St. Petersburg, FL

BB&T Bank, St. Petersburg, FL

ST PETERSBURG, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of BB&T Bank, a 4,375-square foot net-leased property located in St. Petersburg, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office.

Ari Ravi
The asset sold for $2,425,000.

Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and represented by Arthur D. Porosoff and Ryan T. Shaw, investment specialists in Marcus & Millichap’s Miami office. 

“Executing our comprehensive marketing approach and international platform to expose the asset to the widest possible buyer pool, we generated 12 offers for the property and sold the asset for 96% of list price. says Mr. Shiebler

Jim Shiebler

"We were able to attract a Miami buyer, who was performing a 1031 exchange from a land sale and negotiated a 45 day total the contract period.

"The cross-product type buyer appreciated the gentrification and resurgence of the submarket and we were able to prove the future value growth and upside of the area through the design of several proprietary analyses models which validated the price from a multitude of angles.”

            BB&T Bank is perfectly positioned at the signalized intersection of 34th Street North and 1st Avenue North, directly across the street from a Walmart Supercenter.

James Garner
 Other retailers in the immediate area include Walgreens, CVS Pharmacy, Citi Trends, Family Dollar, Church's Chicken, Checkers, Taco Bell, Dunkin' Donuts, KFC, Arby's, Burger King, Advance Auto Parts, AutoZone, O'Reilly Auto Parts, Shell, and 7-Eleven. 

            Ideally located on the hard corner of 34th Street North (U.S. Highway 19) and 1st Avenue North, which collectively expose the property to approximately 56,000 vehicles per day.

 U.S. Highway 19 is a dense retail corridor with high barriers to entry and is Pinellas county's busiest north/south thoroughfare.

James Medefind
The property lies adjacent to the Central Avenue corridor-- a recent hot spot for development.

Trendy new restaurants, boutique shops and breweries are drawing more and more young professionals to the immediate area. 

This location is also part of Historic Kenwood, a well-established, high demand and highly affluent neighborhood community. 
St Petersburg, Florida is located in Pinellas County and is part of the Tampa Bay MSA.

Pinellas County boasts the densest population in the State of Florida with over 274,000 people within a five-mile radius of the subject property

Arthur D. Porosoff
St Petersburg is home to the Tampa Bay Rays, an American League professional baseball team, multiple nationally recognized museums and award-winning beaches that have continuously ranked in the top 10 beaches in the world.


Ari Ravi
Regional Manager
 Tampa, FL
(813) 387-4700

29th Street Capital Acquires The Dylan Apartments in Oceanside, CA

The Dylan Apartments, Oceanside, CA

Richard Marshall
Oceanside, CA -- 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Dylan Apartments, a 207-unit multifamily community in Oceanside, California.

29SC plans to invest approximately $8,500 per unit in capital improvements, including modern flooring, new cabinet fronts, interior doors, hardware and appliances as needed.

Exterior projects will include patio pavers and higher-quality finishes in addition to curing deferred maintenance. 

“We believe The Dylan is a tremendous opportunity to enter the Southern California market,” said Richard Marshall, Vice President of Acquisitions for Southern California. “The fundamentals in the market are strong as the costs of home ownership continue to rise.”

San Diego County has one of the highest concentrations of millennials in the country, an age cohort that heavily relies on renting.

The San Diego metro area is at near-historic low unemployment led by biotech, life sciences and health sector growth.

The Dylan is approximately four miles from downtown Oceanside and the beach. It is about eight miles from Camp Pendleton, which has an approximate daytime population of 80,000 and is home to 38,000 military family members.

 Residents also have access to the COASTER commuter train and State Route 76, providing short commutes to major employers along the 78 Corridor.

“Oceanside and the 78 Corridor are experiencing robust economic growth that shows no signs of slowing,” Marshall added.

“29SC hopes our business plan will ease the burden of renting in Southern California by offering high quality yet still affordable housing.”  

The transaction closed January 31. The sale price was not disclosed.


Marcus & Millichap Arranges $6.84 Million Sale of 15,826-SF Hofbrauhaus in Saint Petersburg, FL

Hofbräuhaus123 4th St South, Saint Petersburg, FL.

Bradford Lineberry
SAINT PETERSBURG, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hofbräuhaus, a 15,826-square foot net-leased property located in Saint Petersburg, FL, according to Justin W. West, regional manager of the firm’s Orlando office.

The asset sold for $6,840,000.

  The buyer, a limited liability company, was secured and represented by Bradford Lineberry and Nick Ledvora, CCIM, investment specialists in Marcus & Millichap’s Orlando office. 

Nick Ledvora

Hofbräuhaus is located at 123 4th St S in 
Saint Petersburg, FL.

 “The buyer was attracted to the deal because of the long-term future potential of the site,” said Lineberry.


Justin W. West
Vice President
Regional Manager
Orlando, FL
(407) 557-3800