Friday, December 28, 2012

Just Like Apartments, Single-Family Rentals Going Strong

The Wall Street Journal reports that the business of investing in portfolios of distressed single-family homes has come to the point in its current cycle that investors who got into the game early are beginning to cash out. Read More.
Some profit-taking in this area makes sense in light of the fact that the Census Bureau has just reported that 1.07 million new householdswere created during the year ending September, 2012.  For 2008-2011 new household formation was averaging 650,000.  The 1.15 million is nearly back to the 1.25 million average households forming before the Great Recession.

Single-family rental housing is the subject of a brief in the latest edition of Units magazine. Simply stated: demand is outstripping supply.  Families who have lost their homes to foreclosure are generally unable to qualify for new mortgages, so they seek out single family rentals and demand has increased by more than 2 percent in some markets.
According to CoreLogic, Inc., without additional single family rentals coming to market, the entire supply of for-lease houses available in August would have been gone in about 2.6 months, that compares to a 3.2 month supply a year earlier.

Wednesday, December 26, 2012

Lenders plow over $700 million into new apartments

Recent FDIC data says that banks have loaned over $700 million to developers constructing apartments in the Portland metro area.  This number is a low estimate, as it does not include loans by out of state banks like Bank of America and Wells Fargo.  Check out the story in the Business Journal.

Monday, December 17, 2012

Parking Meters Slated for NW Portland

The Portland City Council has approved installation of parking meters in NW Portland.  Residents will be able to obtain passes for $60 per year.

Meanwhile, the meters themselves are estimated to generate about $1.4 million in revenue for the city, with nearly half of it going back to the neighborhood in the form of other area parking services.

Read more at the Portland Business Journal.

Wednesday, December 12, 2012

PMI: Portland Apartment Market Leads Again in Q3

The Portland/Vancouver/Beaverton metro area ranked among the nation’s best-performing apartment markets as of 3rd quarter. The metro’s occupancy rate of 96.5 percent well exceeded the national norm, as did the 5.2 percent growth rate in effective rents for new leases.

Read the full story at Property Managment Insider.

Tuesday, December 11, 2012

For Sale in Klamath Falls! 47 Units Plus Retail

Located in downtown Klamath Falls, this 47-unit apartment building also boasts approximately 18,500 sq. ft. of retail space. Rents are increasing and retail is stabilized with triple-net leases in the restaurant and dance hall. 

The Elk Apartments was originally built in 1929 as the Elk Hotel and was converted to apartments in the 1980's.  The building has elevator service and parking is available to residents and retail tenants.

Learn more about the Elk Apartments in Klamath Falls.

Investors! Get Ready for the Most Exclusive Apartment Event of the Year!

Portland Apartment Investor Event HFOHFO's exclusive Investor Roundtable series continues on Tuesday, January 8th 2013.
 
This exciting January presentation features economist John W. Mitchell and HFO partner Greg Frick. Mr. Mitchell -- former economist with US Bancorp Western Region -- will provide an up-to-the-minute state of the national and local economy. Greg Frick will share the official HFO Apartment Market Report - a 2012 Market Recap and our 2013 Forecast.

Space is limited to 300 apartment investors and is already over 50% full!


Reservations are required. Parking and buffet lunch are complimentary. Apartment investors - don't miss the Portland area's most exclusive annual event of the year!
To request a reservation, send your contact information to: aaron@hfore.com or call marketing director Aaron Kirk Douglas direct at (971) 717-6337.

See all of HFO's current apartments listed for sale by clicking here.

Monday, December 10, 2012

Prevent Your Ads From Vanishing on Craigslist

E. Ashley Clark wrote an interesting article for the California Apartment Association recently.  This article appeared this month in the Rental Housing Association of Greater Portland newsletter and seemed like a great article to share.  "Have you noticed that sometimes your Craigslist ads get traffic and sometimes no traffic at all?" Here are some hints to keep your ad from being cast aside by the ghosts in the machine.

Wednesday, December 5, 2012

Two Perspectives on SE Portland Apartment Parking

Apartments being developed without parking in SE Portland continues to be a hot topic among neighborhood associations and community advocates.  This month's issue of The Southeast Examiner offers two perspectives on the issue.

The first is from Lee Perlman, who writes "Some say allowing large new apartments without off-street parking decreases neighborhood livability and endangers business vitality. Others say parking is still available, if not convenient, and parking requirements increase rents and work against City goals." The full article can be found here.

The second perspective was written by Don MacGillivray, who concluded that "Neighborhoods want a stronger voice in the planning of such projects. This was promised by the City in the Public Involvement Principles adopted in 1996 and 2010." Don MacGillivray's story can be found here. (Scroll down.)

MacGillivray points out that these issues will become part of the discussions about the Comprehensive Plan update that is underway.

The first draft of this plan will be available for public review and comment in late 2012 or early 2013.

HFO has been following the ongoing debate over apartments developed without parking spaces.  

The City of Portland invites you to keep up on what is happening with the Apartment Parking Task Force! Click here for updates: https://sites.google.com/site/apartmentparkingtaskforce/

See even more on the subject at the City of Portland website. 

Monday, December 3, 2012

A Generation of Homeowners Underwater

Today's Oregonian features an article about a generation of homeowners underwater on their mortgages.  By some reports half of homeowners under 40 are "upside down." Many cite this as a reason that Generation Y fear buying homes and prefer to rent.
Read more at the Oregonian.