The New Hot Spots Where Americans Are Moving Right Now – Real Estate News and Advice – realtor.com

The New Hot Spots Where Americans Are Moving Right Now – Real Estate News and Advice – realtor.com

The New Hot Spots Where Americans Are Moving Right NowWhy do people get the overwhelming urge to move in the summer? It’s one of those eternal questions, right up there with “Can love really last a lifetime?” and “Why does the Trader Joe’s line I’m in always move the slowest?” Maybe the warm weather wanderlust happens because your kids are off from school, or you graduated from college, or perhaps you just got married. Or maybe it’s just because it’s warm.

For whatever reason, summer is the prime time of year when Americans pull up roots—and find new places to plant them again.
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And this moving season is shaping up as one of the busiest in memory. As the economy continues to improve, job markets are opening wide, the sun is shining on folks’ financial prospects, and people are on the move.

But where are they going, exactly? What are the hot spots drawing planes, trains, and automobiles full of new residents? And likewise, where are they leaving in droves? For insight into people’s past, present, and future moves, we looked to three data sets:

Census Bureau migration data collected from 2009 to 2013 that tracked people’s moves in and out of metropolitan areas
The number of cross-metro moving requests on moving.com®
Cross-metro search traffic on realtor.com®

Take a look at the most common long-distance (farther than 100 miles) migration paths among the 50 largest metropolitan areas based on the volume of people getting a move on:

It‘s hard not to notice the exodus from New York. The New York metro area has the most escapees—but then again, it’s the country’s biggest city. So we adjusted for city size and based our calculation on the ratio of inbound to outbound moves to come up with the most desirable cities—where more people are moving in than moving out.

So here are the cities that people are flocking to:

move_in-05

What do these metros have in common? Affordable housing and strong job markets, mostly. Some of these places are just beginning to join the ranks of the housing market’s elite class.

For example, we first noticed dark horse Raleigh, NC, back in March when it popped up on our monthly hottest markets report, and then kept its spot in April. It turns out that Raleigh has one of the best job markets in both hiring opportunities and job satisfaction rate, according to Glassdoor.com.
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Florida is clearly the top state for new moves, and not just for the blue-haired set. Three central Florida cities make the cut, largely due to unusually strong job creation. Another factor: housing prices haven’t fully recovered from the crash yet, so there are plenty of deals to be had. Plus, the state has no income tax.

Not all is rainbows and unicorns, however. A decline in foreign buyers is causing inventory to balloon in southern Florida. But, of course, this has a positive side, too, because it means “there’s actually inventory to buy and prices are not rising rapidly as a result of growth in inventory,” said Jonathan Smoke, our chief economist.

And then there’s the Lone Star State. The San Antonio metro area, home to the Alamo and the NBA’s Spurs, was one of the fastest-growing major U.S. metros in 2015, with 2.2% population growth, according to the Census Bureau. About 80 miles away, Austin—the city competing with San Antonio for the hallowed title of “Birthplace of the Breakfast Taco”—is officially home to 2 million people, according to Census data. That’s about eight times its population a half-century ago when IBM opened a facility that set the stage for the tech boom.

Austin now counts Apple, Google, Facebook, Intel, and Samsung among its top employers. But those who want to keep Austin weird have no need to despair: Hipsters, indie music, turtle racing, and a famous tower of junk still co-exist in harmony.

———

Then there are the big losers—and they are big. America’s largest cities are losing armies of residents, and there just aren’t enough people moving in to compensate. Take a look:

move_in-04

Leaving New York, rather than moving to it, has established itself as a solid trend—getting away from the harsh winters, harsher summers, high taxes, exorbitant cost of living, and bad-tempered hot dog vendors. (And also the excitement, the glamour, the beautiful people, and the city that never, ever sleeps.) On the West Coast, where a San Francisco shack is going for $1.38 million, soaring home prices are pushing locals out and scaring away potential new ones.

Where are they going? As you can see in the map above, New Yorkers are mostly moving to Florida. San Franciscans opt for cheaper cities away from the coast (but not outside California), and Angelenos head to Las Vegas. And everyone is moving to Texas! Must be the breakfast tacos.

———

Of course, what you need in a hometown varies at different stages of your life. A bedroom community in Arizona may represent perfection for baby boomers, but soul-crushing boredom for millennials. To find out where the up-and-coming generation is setting its sights, we sliced and diced our own cross-metro search data—people searching realtor.com for homes outside the area where they live—by age group.

move_in-06

Worth calling out: Oklahoma City. More and more young, educated 25- to 34-year-olds choosing between the opportunities and excitement of city life and the affordability and warmth of a small town seem to be finding this growing city in the Great Plains to be the perfect compromise. WalletHub declared it the seventh best city to start a career, taking into account factors such as availability of entry-level jobs, median starting salary, economic mobility, and workforce diversity. Oh, and there’s the Thunder, too.
Yuqing Pan

Yuqing Pan covers data-driven stories at realtor.com. A Stanford graduate with a multimedia journalism background, Yuqing enjoys tracking, analyzing, and writing about data.

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STOCKS ADD TO BIG GAINS AS NEW HOME SALES CRUSH ESTIMATES

https://www.thestreet.com/story/13582882/1/stocks-bounce-back-after-days-of-rate-hike-chatter.html?puc=yahoo&cm_ven=YAHOO
Stocks Add to Big Gains as New Home Sales Crush Estimates
Stocks extend highs on Tuesday morning after new home sales crush estimates in April.
Keris Alison Lahiff Keris Alison Lahiff
Follow May 24, 2016 10:55 AM EDT

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Stocks extended highs on Tuesday morning after new home sales in the U.S. crushed estimates in April.

The S&P 500 was up 1.2%, the Dow Jones Industrial Average gained 1.2%, and the Nasdaq climbed 1.6%.

New home sales surged 16.6% to a seasonally adjusted annual pace of 619,000 in April as builders increased construction to meet demand. Analysts expected an annual pace of 525,000. The reading marked the biggest increase in 24 years. The median price of new homes picked up 7.8% to $321,000 as supply remains constrained.

“Monthly new home sales are a notoriously volatile series, so we are reluctant to make much of monthly movements,” said Kevin Cummins, U.S. economist at UBS Investment Bank. “However, even smoothing through the monthly volatility it does appear the trend is moving steadily upward into the key spring selling season.”

Markets have been under pressure since last Wednesday when minutes from the Fed’s April meeting shattered the perception that the central bank wouldn’t be ready to raise rates until later this year. Few expected another rate hike as early as the summer.

Talk of a June rate hike continued on Tuesday, though. Philadelphia Fed President Patrick Harker joined the chorus, arguing that the central bank could raise rate two or three times this year.

“Although I cannot give you a definitive path for how policy will evolve, I can easily see the possibility of two or three rate hikes over the remainder of the year,” Harker told an audience in Philadelphia on Monday. “If the data comes in and it’s not that consistent with my view of the strength in the economy, then I would pause, but otherwise, I think a June rate increase is appropriate.”

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A rate hike in June now has a roughly 30% probability, according to CME Group, after starting the month with odds of less than 10%. The Federal Open Market Committee’s next meeting is June 14-15.

Best Buy (BBY) fell 6% after forecasting a weaker-than-expected second quarter and announcing the departure of Chief Financial Officer Sharon McCollam, effective June 14. The electronics retailer expects second-quarter earnings between 38 cents and 42 cents a share, short consensus of 50 cents. Best Buy also expects full-year sales and earnings to come in flat for the year.

AutoZone (AZO) was slightly lower after a disappointing third quarter tied to rough weather in Midwestern, Middle Atlantic, and Northeastern states. The auto-parts retailer reported a 4% sales increase to $2.59 billion, though revenue fell short of consensus of $2.65 billion. Same-store sales rose 2% in the third quarter, compared to 2.3% in the year-ago period.

Toll Brothers (TOL) gained 3% after posting a better-than-expected second quarter. Profit-per-share rose to 51 cents from 37 cents in the year-ago quarter, topping estimates of 46 cents. Revenue surged 31% to $1.12 billion. Toll Brothers has benefited from a robust housing sector which has seen resilient construction growth despite a downturn elsewhere in the economy.

Western Digital (WDC) was upgraded to outperform from market perform with a $50 price target, Cowen analysts said on Tuesday. The firm said expectations are low and the company is expanding its total addressable market.

Deere & Co. (DE) was upgraded to outperform from market perform with a $96 price target at BMO Capital. Analysts said the company is underowned and is attractively valued.

Johnson Controls (JCI) was upgraded to outperform from neutral with a $50 price target at Credit Suisse. The firm said the move was a valuation call as the market is giving little value to an Adient spin and Tyco synergies.

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Orlando, Winter Park rent increases among top 10 nationwide

Orlando, Winter Park rent increases among top 10 nationwide

Jan 14, 2016, 5:17pm EST

If you live in Winter Park or Orlando and are a renter, guess what? You’re in two of the markets that have seen the biggest rise in rent in the U.S. between December 2015 and January 2016, a new report from Abodo shows.

Winter Park and Orlando renters saw a 5 percent increase from December to January, ranking them No. 5 and No. 6, respectively, on Abodo’s list.

Bakersfield, Calif., posted the sharpest rise at 7 percent, followed by Mesa, Ariz.; Tucson, Ariz.; and Richmond, Va.

According to Abodo, although apartment construction is on the rise nationally, the top 10 states in the country account for the lion’s share of all activity, with about two-thirds of the national multifamily construction. Those top five states include Texas, New York, California, Florida and Washington, according to the U.S. Census Bureau.

The U.S. multifamily housing sector is expected to add some 480,000 new units this year, according to the 2016 Dodge Construction Outlook. That’s up 11.6 percent compared to the 405,000 units that were forecast to be completed in 2015.

A report out in December by RealtyTrac also showed that metro Orlando joins 58 percent of U.S. housing markets where buying is more affordable than renting, even though home sale prices are rising faster than rental rates in 55 percent of those markets.

Homeowners in the Orlando area spent an average of 35.4 percent of their wages on housing, while renters coughed up an average of 43.4 percent, the RealtyTrac data showed. The rule of thumb for years has been that monthly housing costs shouldn’t exceed 28 percent of gross monthly income.

District at Abbott’s Square

The District at Abbott’s Square is a planned master development of proposed single family detached townhomes, duplex homes and apartments located off of Simons Road in Zephyrhills, Pasco County, Florida.

This 160 acre parcel is mostly farmland, with approximately 40 acres of wetlands and natural water features which will be retained post construction.  The land is currently under agricultural assessment and is being farmed for hay and also cattle grazing.  The land is a combination of multiple properties under two separate ownership groups all managed and owned by CBD Real Estate Investment LLC of Celebration Florida.

The property was originally approved for 424 single family detached homes.  However, CBD and its partners have arranged to amend the approvals for a high density mixed use development of single family detached & attached townhomes, duplex homes, as well as three story garden style rental apartments.  There also will be a small neighborhood commercial section with 12000 feet of retail shops.

This property will have zoning and site plan approvals for approximately 1277 housing units plus the retail component.  CBD will entertain offers for this site in the $11 million price range.  CBD will also consider selling in sections, seller financing to qualified buyers and reasonable joint venture opportunities with experienced builders and developers.

Attached you will find the current proposed site plan, along with other maps and photos of the property.

For more information on the District at Abbott’s Square,  please contact David Waronker at dw@gocbd.com.

Links at Silver Oaks

On October 1, 2015, CBD Real Estate Investment LLC entered into an agreement of sale with TCM Florida XI LLC to acquire the asset known as “The Links at Silver Oaks.”

Currently, the overgrown and abandoned “Links at Silver Oaks” is approximately 21 acres of developed land located on the Silver Oaks Golf Course off of Simons Road and Fort King Road in Zephyrhills, Pasco County, Florida.  The site is approved and significantly improved for 122 duplex lots.  Outstanding approvals and improvements to the site include the Simons Road improvement plan and road opening permits from Fort King Road to the northern entrance of the development site, relocation of Duke Energy Utility Tower, completion of on-site improvements including paving, utilities, and lighting, as well as final site grading and landscaping.  Also to be completed are Department of Community Affairs’ approval for a homeowners association and plat recording.

CBD is acquiring the site for an alternative plan.  It is the goal of CBD to amend the existing approval from 122 duplex units to 92 single family lots.  Of course, to perfect this change CBD will have to redesign and amend the engineering to the site, make significant changes to on-site improvements, as well as complete offsite improvements including completion of Simons Road’s permitting and approvals, installing part of the Simons Road improvements, permitting with the City and County, and completing amended on site improvements including utilities, landscaping, and community features (signage, common area improvements.)

From the time CBD takes title to the property it expects all approvals and work to be completed within 7-9 months

CBD has been trying to negotiate with Trax for three years for the acquisition of the site.  On October 1, 2015, CBD finally received a signed contract with TCM Florida XI LLC and the land is being purchased from TCM Florida XI LLC for $1,175,000. Closing is set for the fourth quarter of 2015.

CBD Real Estate Investment LLC is a Celebration based real estate investment, development and building company with additional offices in Arizona and New Jersey.