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Miami, Tampa Top Home Price Hikes

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Miami, Tampa Top Home Price Hikes

Miami and Tampa topped other metro areas in home-price increases in August when compared to a year earlier.

According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, the Miami area had a 28.6 percent year-over-year increase, while the Tampa area had a 28 percent increase.

Miami and Tampa topped other metro areas in home-price increases in August when compared to a year earlier.

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The Charlotte area was third-highest with a 21.3 percent increase. The report, which provides data on 20 metropolitan areas, pointed to a “deceleration” in housing prices. But Craig J. Lazzara, managing director at S&P DJI, said in a statement that despite the “ongoing deceleration, August’s housing prices remain well above year-ago levels in all 20 cities,” with the largest increases in the Southeast and the South.

“As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive and housing becomes less affordable,” Lazzara said. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate.”

Original article published in CBS Miami

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Best 2022 Markets for Ground Up Construction Loans

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Best 2022 Markets for Ground Up Construction Loans

The housing market this year has exhibited consistent property valuation increases, nearly double-digit monthly rental growth and an uptick in demand for housing that has vastly outpaced supply levels across the country. Based on data compiled by Realtor.com, the national average listing price of residential properties jumped over 8.6 month-over-month whereas inventory fell by a record-breaking 14.8%.

As more and more aspiring homebuyers look to move to the suburbs due to the rise in remote working options following the COVID-19 pandemic, new developments are popping up everywhere.

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Real estate developers across the United States are working to rebalance the market by breaking ground on new construction projects. This trend presents a great opportunity for savvy real estate investors looking to diversify their portfolio with ground-up construction projects. As more and more aspiring homebuyers look to move to the suburbs due to the rise in remote working options following the COVID-19 pandemic, new developments are popping up everywhere. Here at DG Pinnacle Commercial we have compiled the following list of some of the top-performing real estate markets where ground-up construction properties could be a lucrative investment move.

1. Sun Tan Valley, Arizona

Ideally positioned just outside the Phoenix-Mesa metro area, the average home value in the Sun Tan Valley market have ramped up a staggering 37.8% in the past year alone, with the median closing price coming in at just over $410,000. Not only that, but properties don’t sit vacant for long, typically closing in under 24 days after hitting the market at a price between two to four percent above asking. This is great news for ground-up construction investors, who should be confident that their newly constructed homes will be in high demand and sell quickly once the building phase is completed.

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Florida has seen an influx of new residents thanks to its favorable income tax laws and warm weather.

2. Hollywood, Florida

Property prices in the Hollywood, FL area have skyrocketed 37% over the last 12 months. Situated just to the north of iconic Miami Beach, single-family homes have an average listing price of $400,000 and spend just under three weeks on the market before going under contract. Florida has seen an influx of new residents thanks to its favorable income tax laws and warm weather. All of these incoming people need a place to live, and ground-up construction is the perfect answer to the uptick in housing demand.

3. Murfreesboro, Tennessee

Just under 40 minutes to the east of Nashville, Murfreesboro is undergoing a housing boom and the market has experienced a subsequent rise in average median sales prices by an astonishing 28.9 percent this year. The average home goes for $385,000 and generally sell for nearly 3% over asking price. With the average time on market reported at just 4-10 days, new build investors can expect a quick turn-around on projects and a favorable return on investment—truly a win-win situation in this growing community just outside the country music capital of the world.

Port St. Lucie is located on the scenic east shore of Florida, ideally positioned in-between the major tourist draws of Miami and Orlando.

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4. Port St. Lucie, Florida

Port St. Lucie is located on the scenic east shore of Florida, ideally positioned in-between the major tourist draws of Miami and Orlando. Property values have jumped 30.1% year-over-year, with the average closing price coming in at $336,000. With population numbers expected to rise consistently for the foreseeable future, ground-up construction investors can anticipate steady demand for new housing options.

A trusted ally for your projects

Having a lender in your corner that you can trust to deliver reliable funding solutions to even the most complex real estate investment projects is invaluable. DG Pinnacle Commercial is your one-stop-shop for ground-up construction loans at affordable rates, giving you immediate access to the capital you need to quickly lock in deals and maximize return on investment. Contact us today to learn about how our experienced team of professionals can help you obtain the money you need for your next real estate investment project.

Contact DG Pinnacle Commercial to speak with one of our experienced loan officers at (305) 851-5225.