Monday, April 8, 2019

ATTOM Data Solutions Finds U.S. Property Taxes Levied on Single-Family Homes in 2018 Increased 4 Percent to More than $304 Billion

Todd Teta
IRVINE, CA  — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its 2018 property tax analysis for more than 87 million U.S. single family homes, which shows that property taxes levied on single family homes in 2018 totaled $304.6 billion, up 4 percent from $293.4 billion in 2017 and an average of $3,498 per home — an effective tax rate of 1.16 percent.

The average property taxes of $3,498 for a single-family home in 2018 was up 3 percent from the average property tax of $3,399 in 2017, and the effective property tax rate of 1.16 percent in 2018 was down from the effective property tax rate of 1.17 percent in 2017.

The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single family homes calculated using an automated valuation model (AVM).

The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.

“Property taxes levied on homeowners rose again in 2018 across most of the country,” said Todd Teta, chief product officer for ATTOM Data Solutions.

 “While many states across the country have imposed caps on how much taxes can go up, which probably contributed to a slower increase in 2018 versus 2017.

"There are still many factors at play that can contribute to local property tax hikes, and without major changes in the way a community runs public services, tax rates must rise to pay for them."

New Jersey, Illinois, Texas, Vermont, Connecticut post highest property tax rates

States with the highest effective property tax rates were New Jersey (2.25 percent), Illinois (2.22 percent), Texas (2.18 percent), Vermont (2.16 percent), and Connecticut (2.02 percent).

Other states in the top 10 for highest effective property tax rates were New Hampshire (1.99 percent), New York (1.86 percent), Pennsylvania (1.79 percent), Ohio (1.69 percent), and Wisconsin (1.58 percent).

Among 219 metropolitan statistical areas analyzed in the report with a population of at least 200,000, those with the highest effective property tax rates were Binghamton, New York (3.19 percent); Syracuse, New York (2.89 percent); Rochester, New York (2.88 percent); Rockford, Illinois (2.83 percent); and Atlantic City, New Jersey (2.74 percent).

Property taxes increase faster than national average in 58 percent of markets

Out of the 219 metropolitan statistical areas analyzed in the report, 120 (55 percent) posted an increase in average property taxes above the national average of 3 percent, including Los Angeles (5 percent increase), Dallas-Fort Worth (8 percent increase), Washington D.C. (4 percent increase), Atlanta (7 percent increase), and San Francisco (7 percent increase).

Other major markets posting an increase in average property taxes that was above the national average were Riverside-San Bernardino (up 5 percent), Seattle (up 14 percent), Minneapolis (up 6 percent), San Diego (up 5 percent), and Tampa (up 4 percent).

Hawaii, Alabama, Colorado, Nevada, Utah post lowest property tax rates

States with the lowest effective property tax rates were Hawaii (0.37 percent), Alabama (0.48 percent), Colorado (0.51 percent), Nevada (0.57 percent), and Utah (0.57 percent).

Other states in the top 10 for lowest effective property tax rates were West Virginia (0.58 percent), Delaware (0.61 percent), Arizona (0.64 percent), Tennessee (0.65 percent), and Wyoming (0.66 percent).

Among the 219 metro areas analyzed for the report, those with the lowest effective property tax rates were Laredo, Texas (0.35 percent); Honolulu (0.36 percent); Montgomery, Alabama (0.37 percent); Tuscaloosa, Alabama (0.39 percent); and Colorado Springs, Colorado (0.42 percent).

9 counties with average annual property taxes of more than $10,000

Among 1,408 U.S. counties with at least 10,000 single family homes, those with the highest average property taxes on single-family homes were largely located in the greater New York metro area, led by Westchester County, New York ($17,392); Rockland County, New York ($12,925); Marin County, California ($12,242); Essex County, New Jersey ($12,161); and Bergen County, New Jersey ($11,771).


Christine Stricker

Data and Report Licensing:

Levin Johnston Directs $10 Million Sale of Upgraded 35-Unit Multifamily Community in San Jose, CA

Delano Apartments, 272-280 La Pala Drive, San Jose, CA
SAN JOSE, CA,  (April 8, 2019)  Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the $10 million sale of Delano Apartments, a fully upgraded 35-unit multifamily community in San Jose, California.

Adam Levin
Senior Managing Directors Adam Levin and Robert Johnston represented the seller, a private high net worth investor, in the transaction.

“We immediately recognized the appeal of this asset, based on its favorable location and extensive capital improvements,” says Johnston.

“At this point in the cycle, many private investors are seeking boutique-sized apartment communities that have been recently renovated. These assets can be held for the long term as cash-flow investments.

"We understood the ‘sweet spot’ this property was in for many investors and drew upon our local relationships to identify a pool of buyers, ultimately achieving a strong sale price for our Client.”

The property is located in the heart of Silicon Valley in close proximity to I-680 and I-101, providing direct access to all major Bay Area destinations. 

Robert Johnston
“San Jose is widely recognized as ‘The Capital of Silicon Valley,’ with tech employers such as eBay, Apple, Yahoo!, Google and Facebook headquartered here,” Levin explains.

“The job market in the Bay Area is expected to grow two percent this year and one percent in 2020. As this economic growth continues, the buyer of this property will benefit from continued renter demand throughout the region.”

Situated on 0.84 acres, Delano Apartments was built in 1960 and offers an attractive mix of one- and two-bedroom floor plans. 

The property features a community swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras.

The newly renovated units offer renters granite countertops, engineered hardwood flooring, stainless steel appliances, and modern light fixtures.

Located at 272-280 La Pala Drive in San Jose, California, the property is in close proximity to major employers, transportation corridors, shopping, dining and entertainment options.


Alex Caswell / Jenn Quader 
Brower Group
(949) 438-6262

HFF announces sale of an LA Fitness-anchored retail center in the Atlanta MSA

L.A. Fitness at Village at Chapel Hill, Douglasville, GA

Jim Hamilton
ATLANTA, GA,  April 8, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of Village at Chapel Hill, a 62,719-square-foot retail center anchored by an LA Fitness and ALDI (shadow) in Douglasville, Georgia, an established bedroom community approximately 20 miles west of downtown Atlanta.

HFF marketed the property on behalf of the seller, Cole Credit Property Trust IV, Inc.  LBX Investments purchased the center.

Village at Chapel Hill was built in 2009 and was approximately 97 percent occupied at the time of sale.

  In addition to LA Fitness and ALDI, the property boasted a well-tenured rent roll with a mix of local and national tenants, including Yogli Mogli, Blue Agave Mexican Restaurant, Chapel Hill Dentistry and One Main Financial.

Brad Buchanan
 There are more than 3.5 million square feet of retail space in the immediate trade area and more than 39,000 people within a three-mile radius of the property.

The HFF investment advisory team representing the seller included senior managing director Jim Hamilton, directors Brad Buchanan and Mike Allison and analyst Andrew Kahn.

About LBX Investments

LBX Investments owns and operates neighborhood and community shopping centers located in the southeastern region of the U.S. 

Michael Allison
 LBX has developed a robust investment management platform that includes best in class in-house and third-party leasing, property management, asset management, construction, investor relations, finance and accounting capabilities. 

Andrew Kahn


GA Lic. #270038
HFF Senior Managing Director
(404) 832-8460

Col. Yogli Mogli
GA Lic. #351151
HFF Director
(404) 832-8460

GA Lic. #360267
HFF Director
(404) 832-8460

HFF Digital Content/Public Relations Specialist
(713) 852-3420

The Keyes Company’s Billy Nash Joins 'Million Dollar Listing' Star and Fellow Luxury Power Brokers for Spirited Discussion at Major Real Estate Event in Davie, FL

Holly Meyer Lucas

FORT LAUDERDALE and PALM BEACH, FL, April 8, 2019 – The Keyes Company’s Billy Nash, host of AWE Network’s “Selling Mega Mansions” and the top luxury sales and listings producer by volume at the premier real estate firm, shared the stage with “Million Dollar Listing Los Angeles” star Josh Flagg and other leading brokers for the main event of the annual RAPB + GFLR (Realtors® of the Palm Beaches and Greater Fort Lauderdale) Summit on Wednesday, April 5 at the Signature Grand in Davie, Fla.

Billy Nash
Nash, Flagg and luxury real estate specialists Holly Meyer Lucas and Tim Elmes captivated a sold-out crowd of real estate professionals during an insightful discussion moderated by Illustrated Properties District Sales Manager and Florida Realtors President Eric Sain. 
Tim Elmes

The group shared stories about how they first got into real estate, their evolution in becoming elite luxury brokers and lessons learned along the way.

During the panel, Nash detailed his meteoric rise since transitioning into luxury real estate three years ago, following more than two decades in private banking on Wall Street. At last month’s annual Keyes Awards, Nash was honored as the No. 1 producer for luxury sales and listing volume in 2018.

Mike Pappas

“It was an absolute honor to share the stage with the best of the best in luxury real estate,” Nash said. “I am grateful to RAPB + GFLR for the opportunity. It was an entertaining and informative conversation that should be beneficial for all of the real estate professionals who attended.”

Among the notable attendees at the summit was Keyes President and CEO Mike Pappas.

Eric Sain
“We are proud of Billy Nash for his commanding influence in the South Florida luxury market and strong representation of the Keyes brand,” Pappas said. “This incredible speaking opportunity and platform is yet another example of Billy’s growing authority in luxury real estate throughout the country and abroad.

"He consistently utilizes the Keyes technology, marketing and infrastructure while implementing his own creative and innovative strategies to produce unparalleled results.”

Josh Flagg
The summit also featured an all-day expo with participation from major South Florida developments and numerous breakout sessions to provide training for the brokers in attendance.

Jeffrey Levine
The South Florida Summit was an epic success,” RAPB + GLFR President Jeffrey Levine said. “Over 500 members and guests were in attendance, and everyone is raving about the summit and the fresh outlook it has given them. 

"A big thanks to the rock star lineup of speakers who came to share their unique experiences and perspectives with us and the sponsors and affiliates who made our event possible.”


Jasmin Curtiss
Account Executive

O 954-370-8999
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322

29th Street Capital Adds Jason de Guzman to Head Acquisitions in Los Angeles

Jason de Guzman
Los Angeles, CA – Jason de Guzman has joined 29th Street Capital as Senior Vice President of Acquisitions for Los Angeles. 

De Guzman is responsible for all facets of the privately-held real estate investment and advisory firm’s activity in the Southern California market, and will lead all multifamily acquisitions and asset management strategies there.
He has over 15 years of real estate acquisitions, development and management experience across every asset type, primarily in the multifamily sector.

Robert Bollhoffer

De Guzman has been able to create valuable relationships all along the West Coast, enabling him to establish a strong record of success.
“Jason has an exceptional track record and deep experience in multifamily real estate,” said 29th Street Capital Managing Director Robert Bollhoffer. “He has done similar work in his previous roles so he will be able to hit the ground running for our new L.A. office. He is a great addition to our team.” 

Prior to joining 29th Street Capital, de Guzman was Vice President of Acquisitions for Neilson Hammer, a real estate family office in Beverly Hills, California. 


Terri Thornton
Partner, Thornton Communications

Kevin M. Smith Joins 29th Street Capital to Head New Development Platform for Northern California

Kevin M. Smith

Sacramento, CA (April 8,  2019) – Kevin M. Smith has joined 29th Street Capital to spearhead a new development platform for the privately-held real estate investment and advisory firm.

 Smith will serve as Senior Vice President of Development for Northern California. He will be responsible for all facets of the firm’s multifamily development activity.
“Up until now, our team has focused on acquiring and upgrading multifamily communities across the country,” said 29th Street Capital Managing Director Robert Bollhoffer. “Kevin gives us the expertise and contacts to explore opportunity zone developments in markets where we already have an existing multifamily platform.” 

Robert Bollhoffer

The firm’s targets include new construction within opportunity zones, which are federally-designated census tracts. Investments in related opportunity funds can yield significant capital gains benefits to long-term investors. 
“It’s exciting to hit the ground running with the 29th Street Capital team,” Smith stated. “There is great opportunity for new development throughout Northern California, especially in opportunity zones in and around city centers.”


Terri Thornton
Partner, Thornton Communications