OPEN HOUSE THIS SATURDAY MAY 30 1PM-4PM

 

 

 

Beautiful home on the canal! Gourmet kitchen is upgraded and includes a spacious island. Property includes a formal dining room, study, media room, and gameroom. Character is brought to the home with eight foot doors on the first floor, six inch baseboards, granite in all bathrooms, and oil rubbed bronze lighting throughout. Enjoy lake living at its finest with direct access to Towne Lake from your own boat slip! Located near the shopping, dining, and entertainment of Cypress.

17815 PECAN BAYOU
CYPRESS, TEXAS 77433

SUBDIVISION- TOWNE LAKE

BUILDING SQ FT 3,265
LOT SIZE 5,500
 
5 BEDROOMS
4 FULL BATHS
 
2 CAR ATTACHED GARAGE
2 STORY BUILT 2014

SCHOOL DISTRICT- CYPRESS-FAIRBANKS

MLS# 13446756

#THELOKENGROUP

Listing Broker:  KWSG01/Keller Williams Signature
Listing Agent: Loken/Lance Loken
Addr: 920 S. Fry Road, KatyTX 77450 Office: (281) 861-4624

 

 

Over 80% of New Rentals Are Luxury Projects

The majority of new multifamily construction is focusing on the luxury market, and it's causing rents to soar across the country. In fact, the Wall Street Journal reports that of the 370,000 multifamily rental units built between 2012 to 2014 in 54 U.S. metropolitan areas, 82 percent were in the luxury sector.

This emphasis on high-end rentals is causing an affordability gap for renters in many metro areas. A new report released by the National Low Income Housing Coalition found that there isn't a state in the country where someone earning either the state or federal minimum wage could afford a market-rate one-bedroom apartment. This echoes a recent study by the National Association of REALTORS® that found the gap between rental costs and household income is widening to unsustainable levels in many parts of the country.

It doesn't appear than rental costs in major cities will go down any time soon. In some areas, including Denver, Tampa, Baltimore and Phoenix, a staggering majority of new multifamily construction targets high-end renters. Around 95 percent of new apartments build in Atlanta are in the luxury category.

"I don't believe there ever has been a time where we have produced so much luxury rental housing," says Susan Wachter, professor of real estate at The Wharton School of the University of Pennsylvania. Low rental inventory in many cities means that middle-class and young renters have no other choice but to rent these luxury units simply because there aren't other options.

The high cost of rent in many cities has housing advocates concerned that the middle class is getting priced out. Cities have previously offered tax breaks and incentives to try to get developers to focus on building moderate-and lower-priced units. But now, experts say, the federal and local governments may need to consider targeting more subsidies not just to low-income, but also to middle-income renters.

"If cities become places where only the very high-income households can afford to live…that’s going to be a problem for the businesses that want to locate in those cities," Ingrid Gould Ellen, faculty director of New York University's Furman Center told the Wall Street Journal.

Source: "New Luxury Rental Projects Add to Rent Squeeze," The Wall Street Journal (May 20, 2015)

 

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Single-Person Households Are on the Rise

A century ago, fewer than six percent of all households consisted of people who lived alone. By 2013, that percentage has jumped to 28 percent, with single-person households now making up the second most common household type just behind married couples without minor children (at 29 percent), according to U.S. Census Bureau data. What's more, single households have now surpassed married households with minor children (19 percent).

These single households – once mostly dominated by men – have shifted to a rise in the number of women living alone. Women now head 54 percent of all single-person households.

"In the past, when living alone might have been a short-term condition, for many it is now a long-term situation, the result of a number of broad demographic and economic forces at work over the past half century: greater affluence, longer lives, later ages of marriage, higher divorce, smaller family sizes, greater labor force participation and financial independence of women, and stronger government safety nets across a wide spectrum of social programs," writes George Masnick, senior research fellow at The Harvard Joint Center of Housing Studies.

In large cities, single person households account for 45 percent of all households. Some neighborhoods in Manhattan and Washington, D.C., in particular, have single-person households that approach two-thirds of its households.

Single-person households aren't dominated by one generation either. About 28 percent of all single-person households are under the age of 45; another 36 percent are between the ages of 45 and 64; and 36 percent are over the age of 65.

Many of these single-person households are also home owners. Fifty-four percent of single-person households are owner-occupied, according to the 2013 American Housing Survey. Between 2003 and 2013, owners comprised 55 percent of the growth in single person households.

Source: "The Rise of the Single-Person Household," Harvard Joint Center for Housing Studies' Housing Perspectives Blog (May 20, 2015)

 

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What Millennials Want in a Home

Millennials make up the largest share of home buyers at 32 percent, according to a recent generational trends report by the National Association of REALTORS®. While older generations sought out homes with luxury amenities and rooms with one specific purpose, younger buyers are seeking affordable, efficient homes that can be customized to suit their changing needs.

"When it comes to homes today, millennials want something creative, something different," says James Roche, CEO of Houseplans.com. "They want something that better suits the times. For example, fine china and living rooms that nobody ever sets foot in are considered desires of the past. Dining rooms are being converted into home offices. Family rooms are being transformed into media centers. And, homeowners are now leveraging smartphones and tablets to adjust the temperature, or turn on outdoor lights and security systems."

These are the top five millennial home desires, according to Boyce Thompson, former editor of Builder Magazine:

1. Affordability. Many millennials want a home that is affordable, yet "move-in ready," with all the bells and whistles, including an updated kitchen, high-tech amenities, and open, versatile spaces with an indoor-outdoor flow.
2. Efficiency. Millennials tend to be conscious of not being wasteful, and will do what it takes to save on the use of electricity and water. "One [Florida] home I worked on featured one of the earliest disappearing window walls in production housing," says Thompson. "You walked through a short entry vestibule to the main living area, and you looked right through the home, to the pool deck, and out into the Orlando night. The architect, Mike Woodley, and I sat on a couch in the family room and watched the delighted expression of visitors as they entered the space and discovered that a corner of the roof was suspended on a post in the pool."
3. Flexibility. Since millennials see their homes as an extension of the rest of their lives, not just as a refuge from work, they prefer casual, flexible spaces. They want home offices that can convert to a game room and large attic spaces that could eventually be transformed as a play space. Customization of the home is important, even if it means spending extra money. "An ideal floor plan might include an "away" room, especially if you needed to 'get away'  to do yoga, practice the guitar, or, even if you want to isolate your child’s latest Lego creation," says Thompson. "Then, later on, this space could eventually be converted into a bedroom."
4. Going Green. A recent study from NAR revealed that 10% of millennials seek out new-home construction for green/energy efficient reasons. As a group, young buyers prefer green building and homes that use sustainable, recycled materials. They want housing that's smaller and energy-efficient (think LED lighting), and they appreciate good engineering.
5. Entertaining. It should be no surprise that the younger generation wants a home that they can show off to their neighbors and friends and use as an entertainment space – from fire pits to open floor plans to game rooms. They also have a deep appreciation for versatile outdoor spaces that extend living space.

 
Source: "Houseplans.com," (May 21, 2015)

 

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10 Most Active Markets for New-Home Sales

New-home sales nationwide remain way below historical averages, but there are pockets of strength across the country, particularly in the South, like in Texas and the Carolinas, according to an analysis conducted by CoreLogic.

Eight of the 10 fastest growing new-home sales markets are located in the South. The fastest growing new-home sales market is Nashville, Tenn., where new home sales have risen 17 percent year-over-year.

Meanwhile, El Paso, Texas, has the highest new-home sales share nationwide, where 22 percent of all sales were new construction, compared to 8 percent across the country, according to CoreLogic.

"Looking forward, southern markets with strong demographic growth will exhibit robust new home sales activity," according to CoreLogic’s analysis. "In many of the remaining metros with solid job growth, the reality of very low inventory of unsold new homes, declining vacancies and rapid price appreciation will lead to more construction in the next few years that will lift many more markets above their current new home sales trajectory."

CoreLogic reports the following 10 markets had the highest new-home sales share (new home sales as share of total sales):

1. El Paso, Texas
2. Raleigh, N.C.
3. Charleston-North Charleston, S.C.
4. Houston-The Woodlands-Sugar Land, Texas
5. San Antonio-New Braunfels, Texas
6. Austin-Round Rock, Texas
7. Charlotte-Concord-Gastonia, N.C.-S.C.
8. Jacksonville, Fla.
9. Colorado Springs, Colo.
10. Orlando-Kissimmee-Sanford, Fla

The following are the 10 markets that have seen the highest new-home sales growth in the past year (based on percent change from a year earlier):

1. Nashville-Davidson-Murfreesboro, Tenn.
2. San Jose-Sunnyvale-Santa Clara, Calif.
3. Atlanta-Sandy Springs-Roswell, Ga.
4. Jacksonville, Fla.
5. Greenville-Anderson-Mauldin, S.C.
6. North Port-Sarasota-Bradenton, Fla.
7. Fort Worth-Arlington, Texas
8. Portland-Vancouver-Hillsboro, Ore.-Wash.
9. San Antonio-New Braunfels, Texas
10. Miami-Miami Beach-Kendall, Fla.

Source: "What Are the Most Active New Sales Markets?" CoreLogic (May 16, 2015)

 

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12 Most Popular New-Home Amenities in 2015

Master bedroom walk-in-closets and a laundry rooms are the top features that builders are most likely to include in a new home this year, according to a survey of builders conducted by the National Association of Home Builders.

"Both features speak to improving organization and storage characteristics of new homes," according to NAHB on its Eye on Housing blog.

Greater energy efficiency amenities also were ranked more important, with low-E Windows coming in No. 3 on the most likely amenity list on new homes. Energy-Star rated appliances and windows as well as a programmable thermostat also rated high.

The following were ranked as the most likely features and amenities to be included on an average single-family home in 2015:

1. Walk-in closet in master bedroom
2. Laundry room
3. Low-E windows
4. Great room (kitchen-family room-living room)
5. Energy-Star rated windows
6. Ceiling height on the first floor of 9 feet or more
7. 2-car garage
8. Programmable thermostat
9. Granite countertop in the kitchen
10. Central island in the kitchen
11. Bathroom linen closet
12. Front porch

On the other hand, the features identified in the survey as the most unlikely to be included in new homes this year are:

1. Outdoor kitchen (cooking, refrigerators and sinks)
2. Laminate countertops in the kitchen
3. Outdoor fireplace
4. Sunroom
5. Two-story family room
6. Media room
7. Two-story foyer
8. Walking/jogging trails in the community
9. Whirlpool in the master bathroom
10.  Carpeting as the flooring on the main level

Source: "What Builders Are Building," National Association of Home Builders Eye on Housing Blog (May 13, 2015)

 

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#KATY #CYPRESS #CINCORANCH

Study: Student Loans Don't Hinder Mortgages (Let's Get You Pre-Approved)

Young buyers are not being held back from obtaining a mortgage due to their student loan debt, according to a new report released from TransUnion.

Consumers between the ages of 18 and 29 with a student loan in repayment are "generally able" to qualify for new loans and, not only that, tend to perform as well or better on those new loans as similarly aged consumers without student loans, the report says. For its analysis, TransUnion researchers studied borrowers with student loans who entered repayment from three different timeframes, the fourth quarter of 2005; fourth quarter of 2009; and fourth quarter of 2012.

The report showed that in only three to six years, student loan consumers in their 20s are able to pass similarly aged consumers without a student loan in overall loan participation rates on mortgages, auto loans, and credit cards.

"Going to school impacts young consumers' access to credit; while in school, students may be less likely to have a job and generate the income necessary for loan approval," says Steve Chaouki, executive vice president and head of TransUnion’s financial services business unit. "However, most catch up once they leave school – and their ability to catch up has not changed over the past decade. Our study demonstrates that consumers in their 20s with student loans in repayment – that is, once they finish school – are in fact able to access credit at levels similar to or better than their peers who do not have student loans."

The study found that the changing economy between 2005 and 2012 did impact young consumers' access with credit, with the percentage of consumers aged 18-29 with mortgages, credit card, or auto loans dropping significantly. But the study showed that the drop impacted consumers with student loans and those without in similar ways.

"This is especially important finding, because it shows the dramatic rise in student loan balances has not materially impacted young consumers in gaining access to mortgages, auto loans, or credit cards, or in their ability to successfully manage their new credit obligations," says Charlie Wise, co-author of the study and vice president in TransUnion’s Innovative Solutions Group.

Source: "TransUnion: Student Loans Do Not Impact Housing," HousingWire (May 13, 2015)

 

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