All posts by "Coloney Group"

ISG Miami Report 2018 is out NOW. – Coloney Group

Coloney Group 30/05/2018

The Coloney Group is proud to present the new ISG World Miami Report for 2018. Please click below for the latest installment of the coveted Miami Report.

2018 Miami Report by ISG World

The Coloney Group – Pending Home Sales Reverse Course in February, Rise 3.1 Percent

Coloney Group 18/04/2018

WASHINGTON (March 28, 2018) — Pending home sales snapped back in much of the country in February, but weakening affordability and not enough inventory on the market restricted overall activity compared to a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, grew 3.1 percent to 107.5 in February from a downwardly revised 104.3 in January. Even with last month’s increase in activity, the index is 4.1 percent below a year ago.

Lawrence Yun, NAR chief economist, says the housing market has gotten off to an uneven start so far in 2018. “Contract signings rebounded in most areas in February, but the gains were not large enough to keep up with last February’s level, which was the second highest in over a decade (112.1)1,” he said. “The expanding economy and healthy job market are generating sizeable homebuyer demand, but the miniscule number of listings on the market and its adverse effect on affordability are squeezing buyers and suppressing overall activity.”

February 2018 PHS Housing Snapshot Infographic

See and share an infographicabout home buyer and seller trends.

Added Yun, “Expect ongoing volatility in the Northeast region at least through March. Although pending sales there bounced back in February following January’s cold weather-related decline, the multiple winter storms over these last few weeks likely put a chill on contract signings once again this month.”

With the start of the spring buying season in full swing, Yun believes that one of the top wild cards for the housing market in coming months will be how both buyers and potential sellers adjust to the steady climb in mortgage rates since late last year. Prospective buyers continue to feel the strain of swift price growth – up 5.9 percent so far in 2018 – and the higher borrowing costs will only add to the pressures placed on their budget. Meanwhile, more would-be sellers deciding to balk at listing their home for sale out of uneasiness of losing their low mortgage rate – especially if they refinanced in recent years – would not be good news for any alleviation of the ongoing supply shortages in much of the country.

“Homeowners are already staying in their homes at an all-time high before selling2, and any situation where they remain put even longer only exacerbates the nation’s inventory crunch,” said Yun. “Even if new home construction starts picking up at a faster pace this year, as expected, existing sales will fail to break out if these record low supply levels do not recover enough to meet demand.”

For the year, Yun now forecasts for existing-home sales to be around 5.51 million – flat from 2017. The national median existing-home price is expected to increase around 4.2 percent. In 2017, existing sales increased 1.1 percent and prices rose 5.8 percent.

The PHSI in the Northeast surged 10.3 percent to 96.0 in February, but is still 5.1 percent below a year ago. In the Midwest the index inched forward 0.7 percent to 98.9 in February, but is 9.5 percent lower than February 2017.

Pending home sales in the South rose 3.0 percent to an index of 125.7 in February, but are 1.5 percent lower than last February. The index in the West climbed 0.4 percent in February to 96.9, but is 2.2 percent below a year ago.

The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #

1Last February’s index reading of 112.1 was the second highest since May 2006 (112.5).

2According to NAR’s 2017 Profile of Home Buyers and Sellers, the median tenure a homeowner stayed in their home before selling was 10 years (an all-time survey high since 1981).

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

NOTE: NAR’s March Housing Minute video will be released on March 30, Existing-Home Sales for March will be reported April 23, and the next Pending Home Sales Index will be April 30; all release times are 10:00 a.m. ET.

The Coloney Group – Fort Lauderdale, FL Condo Market Report

Coloney Group 22/03/2018

Overview

$352k 

$240 ⬆
1% 

$2,246 ⬆
4% 

$1.84 ⬆
1% 

$271m ⬆

29%

1,129 ⬆
15%

98 ⬇
9%

AVG. SALES PRICE AVG. PRICE PER SQ.FT. AVG. RENTAL PRICE AVG. RENT PER SQ.FT. TOTAL MARKET SALES TOTAL UNITS SOLD AVG. DAYS ON MARKET

 

Condo Unit Trends

AVG. SALES
PRICE
AVG. PRICE
PER SQ.FT.
AVG. RENTAL
PRICE
AVAILABLE
UNITS
Studio $200k $422 $1,408 ⬆ 7% 164 ⬇ 2%
1BR $181k $224 ⬆ 1% $1,592 ⬆ 1% 3,096 ⬇ 3%
2BR $282k $219 $2,157 ⬆ 3% 6,739 ⬇ 3%
3BR $647k ⬆ 1% $296 ⬆ 2% $2,998 ⬆ 6% 2,494 ⬇ 3%
4BR $1.15m $360 $3,406 ⬆ 1% 323 ⬇ 4%
5BR $4.47m ⬇ 16% $868 ⬇ 2% $5,170 ⬇ 4% 69 ⬆ 5%

*Not intended to solicit currently listed property. Subject to errors, omissions, prior sale or withdrawal without notice.

 

The Coloney Group – FOOD TRUCK OPEN HOUSES

Coloney Group 19/03/2018

 

Sunday, April 15th 2018

Davie Junction, 4760 SW 64 Avenue, Davie, FL 33314

Turnout was incredible for this even. Thank everyone that showed up and thank Outside the Box Food Truck for providing such amazing food for our guests.

Sunday, April 22nd 2018

No Food Truck Open House

Sunday, April 29th 2018

COMING SOON

 

Open House Schedule – March 10th and 11th

Coloney Group 09/03/2018

Saturday, March 10th, 11 am to 2 pm

  • 1758 NE 8th St.

    Immaculate Modern Single Family Home Under construction in the heart of Victoria Park! Delivered Spring 2018! 3 bed, 3.5 baths, 2 car garage, resort style pool & many other one of a kind features! 22ft ceiling in foyer with Store Front Windows allowing natural light exposure! Ceilings throughout home are 9ft, with floor to ceiling windows throughout most of the home. All bedrooms have en suite bathrooms & large walk in closets. Fully open floor plan on 1st floor. Large 2nd floor terrace off front bedroom!

  • 838-840 NE 14th Ave.


    Gorgeous new construction 3 bedroom/3.5 bath townhome! Featuring Jenn Aire Pro appliances, natural gas euro-style cooktop, waterfall counters on kitchen islands, custom millwork in kitchens and baths, stainless steel farmhouse style sink, delta Zura chrome plumbing fixtures, Lutron LED lighting system, three ensuite bedrooms, walk-in closets, freestanding signature tub in master bath, Rinnai natural gas tankless water heaters, high efficiency HVAC systems, ac linear diffusers, laundry room, privacy fencing & more!

Sunday, March 11th, 11 am to 2 pm

  • 1758 NE 8th St.
    Immaculate Modern Single Family Home Under construction in the heart of Victoria Park! Delivered Spring 2018! 3 bed, 3.5 baths, 2 car garage, resort style pool & many other one of a kind features! 22ft ceiling in foyer with Store Front Windows allowing natural light exposure! Ceilings throughout home are 9ft, with floor to ceiling windows throughout most of the home. All bedrooms have en suite bathrooms & large walk in closets. Fully open floor plan on 1st floor. Large 2nd floor terrace off front bedroom!

  • 1033 NE 13th Ave.

    Enjoy the privacy & space of a SF home at pre-construction townhouse pricing in this 2018 construction villa from Scott Douglas Homes. With a 17′ side yard and FULL pool, there is NOTHING like this Key Largo model Villa in all Fort Lauderdale. The open floor plan impressively presents a welcoming outdoor living area and 12X20 private pool. Volume ceilings, 8′ solid doors, oversized windows, custom cabinetry, flooring, and marble counters. The 600SF master suite alone is to die for! One-of-a-kind property!

  • 838-840 NE 14th Ave.
    Gorgeous new construction 3 bedroom/3.5 bath townhouse! Featuring Jenn Aire Pro appliances, natural gas euro-style cooktop, waterfall counters on kitchen islands, custom millwork in kitchens and baths, stainless steel farmhouse style sink, delta Zura chrome plumbing fixtures, Lutron LED lighting system, three ensuite bedrooms, walk-in closets, freestanding signature tub in master bath, Rinnai natural gas tankless water heaters, high efficiency HVAC systems, ac linear diffusers, laundry room, privacy fencing & more!

Contact us for more information.

Coloney Group

954-564-4666

Meet Tara Quailey

Coloney Group 06/03/2018
A Florida Native who grew up playing on the beaches and waterways of Fort Lauderdale, Tara Quailey knew she would make South Florida her permanent home. Tara graduated from Florida State University with a double major in business and hospitality management.

Tara sold her first $1M sale at age 23 and hasn’t stopped since. Besides working at the Coloney Group she also chairs the Young Professional Network for the Greater Fort Lauderdale board of Realtors. Tara realizes that buying or selling a home is an exciting, emotional, life-changing event, and she is dedicated to providing an exceptional experience and ensuring a  seamless process from start to finish.  Whether you are first time home buyer or looking for a second home in sunny South Florida, Tara is committed to deliver top-notch service to help you achieve your real estate goals.

Just Listed by Tara!

5201 NE 14th Ter Unit #203

    

3 Bedrooms | 2.5 Bathrooms | Large Master Bedroom/Bathroom | $285,000

859 NW 81st Way #1

3 bedroom | 2.5 bath | converted garage can be easily converted back | $155,900 | community has two swimming pools, etc. | conveniently located

Tara Quailey, Realtor, Fort Lauderdale, Florida

“SWEET” BROKERS OPEN

Coloney Group 26/02/2018

George Coloney Lindsey Way Open house real estate realtor Brokers open february 28th wednesday

WEDNESDAY, FEBRUARY 28th | 11:30 AM – 1:30 PM
We Provide The Dessert!
838-840 NE 14th Ave, Ft. Lauderdale, FL 33304

Amazing One-of-a-kind Villa (Total Smart Home)

“Alexa” responds to your every command from “Turn the lights on” or “Change the color of the lights” to “Play Willie Nelson – Stardust”, all voice activated. Visit these gorgeous new construction 3 bedroom/3.5 bath townhouses featuring Jenn Aire (high end) pro appliances, natural gas Euro-style cooktop, Waterfall countertop on kitchen islands, custom millwork in kitchens and baths, stainless steel farmhouse style sink, Delta Zura chrome plumbing fixtures, Lutron led lighting system, three en-suite bedrooms, walk-in closets, freestanding signature tub in master bath, Rinnai natural gas tankless water heaters, high efficiency HVAC systems, ac linear diffusers, laundry room, pool, privacy fencing & more!

For more information, please contact:
George Coloney
C +1.954.801.7320
George@ColoneyGroup.com

Lindsey Way
C +1.954.804.2864
LWay@relatedisg.com

Major CRE Investor Set to Exit Hot Southeast Multifamily Market

Coloney Group 26/02/2018

Decision by AVR Realty to Sell 13-Property Multifamily Portfolio Driven by Investor Demand, Not Weakness in Market, Say Execs

AVR Realty’s latest apartment offering is a massive portfolio including the SkyHouse Channelside in Tampa.

A big apartment owner with a number of multifamily holdings throughout the Southeast is exiting the region’s hot rental market with the listing of its latest portfolio.

AVR Realty, a national real estate investment and development firm based in Yonkers, NY, is shopping a 13-property, 3,760-unit portfolio of rentals in North and South Carolina, Georgia and Florida. Cushman & Wakefield is marketing the package, which is estimated to attract bids of about $850 million, or an average of $226,000 per unit.

The properties represent the last of AVR’s holdings of existing apartments in the Southeast region.

What’s more, in somewhat of a contrarian play, AVR isn’t planning to plow the proceeds of the sale into new apartment acquisitions in the region, but instead plans to target hotels and other asset classes that comprise its diverse portfolio.

AVR officials say the move is largely driven by investor demand and current pricing for apartments in the region, and that its decision to sell shouldn’t be read as a sign it feels the Southeast rental market has peaked, they say.

“Apartments are hot as a pistol right now, and there is still tremendous growth in the Southeast,” said Don Hegermiller, AVR’s director of multifamily properties. “Apartments are in demand and we put together a portfolio that’s effectively a core portfolio. You don’t often see a portfolio like this coming to market.”

AVR has already cashed out several of its positions in the apartment sector. Last year, the company sold over $800 million worth of apartments, including a $510 million deal to sell 11 properties in South Carolina, Tennessee, Louisiana and Georgia to Carlton Associates and investor David Werner last August.

It sold another nine-property, 2,079-unit portfolio of apartments in Louisiana a month earlier for $250 million.

But the firm, founded 45 years ago by Allan V. Rose, has a diverse portfolio, with sizable investments in shopping centers, office buildings and hotels in addition to apartments. Rose thinks AVR can realize better returns in some other asset classes right now.

“Mr. Rose is very good with his gut, he has a good one,” says Hegermiller. “He continues to invest in the southeast, but our focus is elsewhere. He has other places he feels he can get returns.”

The Southeast region continues to include several markets with strong apartment fundamentals, according to CoStar research. In the CoStar 2018 Multifamily forecast, Orlando, Richmond, Jacksonville, Tampa, and Fort Lauderdale are listed among the top-20 apartment markets for projected rent growth (Orlando leads the way with a projected 7% annual rent increase.)

As elsewhere, job and income growth is key to rental fundamentals in the Southeast.

Galina Alexeenko, CoStar’s regional economist based in Atlanta, said some of the region’s markets have economic momentum that rivals the technology and media-heavy West Coast markets, and are growing both in population and income.

“The South’s growing economy has attracted in-migration. The region’s population growth has exceeded the national rate in recent years, and is significantly above population growth rates in the Northeast and Midwest, and about on par with the West,” she says. “Similarly, job gains in the South have been robust, leading to income growth that has surpassed the national rate.”

All of that should be continued good news for apartment investors in the region.

Market, microbrewery, lofts planned in Fort Lauderdale’s Flagler Village after deal closes

Coloney Group 03/05/2017

Local developer Society 8 acquired a warehouse property in Fort Lauderdale’s booming Flagler Village and plans to transform it into a food hall, microbrewery and live-work micro lofts.

The plans are an example of how the neighborhood just north of downtown is transforming into a place catering to the creative class and young professionals. This is one of the first projects proposed on the west side of the FEC railway tracks.

Flagler Property of Broward County, managed by Francis R. Margaglione, sold the 18,982-square-foot building at 115 N.W. 6th Street (Sistrunk Boulevard) and the 20,891-square-foot building at 616 N.W. 2nd Avenue for $4.65 million to North West 6th Investments LLC, managed by Society 8 founder Steven Dapuzzo. The 2.3-acre site is up against the railroad tracks, about two blocks north of the coming Brightline passenger rail station.

The seller was represented by George Coloney of Related ISG International Realty. He has been seeking a buyer for that property for three years and he said this deal is a sign that the development boom in Flagler Village, which spreads from Federal Highway and then across Andrews Avenue, has reached the west side of the tracks.

“This is like a new frontier over there,” Coloney said. “That whole area will explode.”

Similar to how Greenwich, Connecticut serves as a suburb of Manhattan because of its easy access via train, the Brightline will make it easier for people to live in Fort Lauderdale and work in more urban Miami, Coloney said.

Drawing on New York for inspiration, Dapuzzo said the first phase of his plan would be modeled after the Chelsea Market, a trending Manhattan neighborhood. He plans to retrofit the warehouse building fronting Sistrunk Boulevard into a market featuring a food hall with multiple food stands and coffee, cooking classes, outdoor seating, a microbrewery, and space for community events.

Dapuzzo said he’s in talks with a local microbrewery and food vendors. The changes to the building would include rolling glass doors to replace the current openings and a cafe out front.

For the second phase of the project, Dapuzzo said he would demolish the rear warehouse and build about 100 units of live-work micro lofts in eight to 10 stories. The building would have large common areas that could be used for shared workspace, such as for artists and people in technology fields, he said.

“It’s a real lifestyle experience,” Dapuzzo said. “It encompasses the arts and food and beverage and a unique social setting.”

Brian Bandell
Senior Reporter
South Florida Business Journal

The Miami to Fort Lauderdale Train is Coming!!!

Coloney Group 26/12/2016

As a partner of All Aboard Florida’s Brightline, The Coloney Group got a sneak-peek at the progress of this passenger train that will connect downtown Miami–Downtown Fort Lauderdale–West Palm Beach in under 30 minutes from one city to the next!!! For more information about the Passenger Rail Station, visit: http://allaboardflorida.com/stations/fort-lauderdale.

For more information about what this exciting development means for Fort Lauderdale Real Estate, call me now 954-801-7320.