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Household Formation Correlated with Unemployment

Household Formation Correlated with Unemployment | Texas Coast Real Estate | Scoop.it

Roartybomb poster Mike Konczal looks at divorce rates and birth rates in each state, which reveals that higher unemployement rates by state tie directly to lower divorce rates and lower birth rates.


New people (birth rate) and divorce drive new household formations. Konczal's conclusion is that the pent-up demand for housing, both rental and for-sale, may not materialize unless people can pay for divorce and babies.


Family household growth has completely decoupled from the US population growth since 2008, creating the pent-up demand.

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2015 Forecast: Gains Ahead

2015 Forecast: Gains Ahead | Texas Coast Real Estate | Scoop.it
Continued economic growth and more reasonable lending standards could unleash pent-up demand for home sales.
Michael Stuart's insight:

Sales will be bolstered by the expected return of more reasonable mortgage underwriting standards that were in place prior to the housing boom. This shift by lenders will help soften the impact of gradually rising interest rates, which NAR expects to top out just below 5 percent this year. If interest rates defy expectations and remain close to where they are currently, this will be another boost to housing sales, says NAR Chief Economist Lawrence Yun.

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Newly completed pipelines to carry more Canadian oil to Gulf Coast

Newly completed pipelines to carry more Canadian oil to Gulf Coast | Texas Coast Real Estate | Scoop.it
Canada's Natural Resources Minister is in Texas to celebrate the opening of two new pipelines that will increase the flow of Alberta crude to the U.S. Gulf Coast.
Michael Stuart's insight:

The Seaway pipeline, with a capacity of 850,000 barrels per day, funnels some of the crude from Flanagan South from Cushing to the Texas coast.

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What thrived and dived during the Texas coast recession?

What thrived and dived during the Texas coast recession? | Texas Coast Real Estate | Scoop.it

What thrived during the Texas coast recession is a story how two developers came out smelling like a rose.


Lessons learned from two “high-end real estate project developers” that thrived during the worse recession and storms to hit the Texas coast in history. A silver lining from the unfortunate times the region experienced from 2008 to 2012, and a testimony to enduring value.


At TexasGulfCoastOnline.com we have a criteria list we use to determine the rare and remarkable projects on the Texas coast.


Here is how we pick them:

  • The properties being built, as well as the location, have to be rare and unique.
  • The owners and developers of the projects must be reputable and solidly financed.
  • An impressive amenities package must be offered both in the individual homes as well as the community – and must exceed what is already available in the local area.
  • A good marketing plan and sales operation team must be in place to ensure the project’s success.
  • The project must not have major erosion and insurance issues.
  • The project should have energy efficient and storm resistant features.
  • The project design and price range should fit with the buyer profile for the area, and its surrounding properties.
  • The project and personnel must be in good standing with the local community.
  • The project must have sound market fundamentals such as rental income vs. price and supply vs. demand, predicting a safe investment.


The only two high-end developers and their projects that thrived during the hard times:


The projects that didn’t do so well and why :
  • Laguna Harbor, Port Bolivar – highly leveraged | project stalled
  • Biscayne, Crystal Beach – lack of interest by owner | project stalled
  • Beachtown, Galveston – east side location price mismatch | project stalled
  • Palisade Palms, Galveston – east side location price mismatch | auctioned
  • Emerald By Sea, Galveston – highly leveraged | bank owned
  • Diamond Beach, Galveston- highly leveraged | bank owned
  • Point West, Galveston – detached ownership and remote location | project stalled
  • Palmilla Beach Resort and Golf Club, Port Aransas - detached ownership, golf course | project stalled
  • Sapphire South Padre – highly leveraged | bank owned
  • South Padre Island Golf Club – detached ownership, golf course | project stalled


Projects that completely failed and the main reasons why:

  • Avocet, Crystal Beach – lacked leadership and highly leveraged
  • Sanctuary at La Costa Grande, Port Lavaca – detached ownership, remote location and marketing gimmicks
  • Tortuga Dunes, Mustang Island – federally uninsured location in CBRA zone
  • Pirates Cove, Port Isabel – priced too high for location


Winning High-end Real Estate Project Takeaways
  • Great development leadership
  • Good location / value
  • Solid Market Fundamentals
  • Strong Financial Backing
  • Commitment to local community
  • High-rises & Inclusive Resorts

Losing High-end Real Estate Project Takeaways

  • Inexperienced developer
  • Location price mismatch
  • Problem with Market Fundamentals
  • Highly leveraged project
  • Environment issue
  • Coastal Golf courses
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High Court Makes It Easier for Borrowers to Walk Away from Underwater Homes

High Court Makes It Easier for Borrowers to Walk Away from Underwater Homes | Texas Coast Real Estate | Scoop.it

The U.S. Supreme Court ruled that borrowers looking to rescind their mortgages simply need to notify creditors in writing of their intention to rescind within three years under a key fair lending law.

Michael Stuart's insight:

This ruling could make it much easier for borrowers to walk away from their underwater homes.


http://www.law360.com/realestate/articles/602462/breaking-high-court-backs-homeowners-right-to-rescind-mortgages

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Average Time to Build a House: 6 Months

Average Time to Build a House: 6 Months | Texas Coast Real Estate | Scoop.it
The time it takes to build a house in the U.S. varies by year and region. Experts ponder what factors have the biggest impact on construction.
Michael Stuart's insight:

The census numbers bear this out—with build times consistently longest in the Northeast and shortest in the South with the Midwest and West somewhere in between.

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Can SimpliciKey Connect Handle Vacation Rentals by Owner on the Texas coast?

Can SimpliciKey Connect Handle Vacation Rentals by Owner on the Texas coast? | Texas Coast Real Estate | Scoop.it

Building upon the award-winning SimpliciKey Remote Control Electronic Deadbolt's three easy modes of entry—keyfob, keypad, and standard key—SimpliciKey Connect uses KeyCloud technology to provide remote locking or unlocking of the deadbolt without being at the home.


Add and delete codes remotely, whenever and wherever you are, to give or deny access to those you desire when you are not home.

Michael Stuart's insight:

Home automation just got simpler with SimpliciKey Connect powered by KeyCloud™ technology. Lock and unlock your door from anywhere in the world using your smartphone or computer.


Add and delete codes remotely, whenever and wherever you are, to give or deny access to those you desire when you are not home.


View the history so you can know exactly when someone entered or exited your home. Set rules so you can have your doors lock at a certain times every night or whatever days you desire.


Cancel the rule from wherever you are. This is empowerment!

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Texas Eastern Open Project pipeline from Ohio to Gulf Coast gets OK

Texas Eastern Open Project pipeline from Ohio to Gulf Coast gets OK | Texas Coast Real Estate | Scoop.it

The pipeline will stretch from the Kensington processing plant in Columbiana County through Carroll, Jefferson and Belmont counties before ending in a Texas Eastern interconnection in Monroe County. Those four counties are where much of the Utica shale oil and gas activity is centered.

Texas Eastern would build a gas turbine compressor station in Belmont County and make adjustments to existing compressor centers to allow bidirectional flow.

Michael Stuart's insight:

All roads and pipelines lead to the Texas Gulf Coast. The Texas Eastern pipeline system has more than 9,200 miles of pipe across the U.S.


Bidirectional pipelines are new and growing in Appalachia. Natural gas used to flow from the Gulf Coast to the eastern U.S., but increased production from Ohio, Pennsylvania and West Virginia shale has led to those states exporting instead of importing natural gas.

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Can You Afford to Rent in Corpus Christi?

Can You Afford to Rent in Corpus Christi? | Texas Coast Real Estate | Scoop.it

How much do you need to make per hour to afford the median rent in Corpus Christi? $10 per hour? $15 per hour? According to a Zillow Rentals analysis, it's $28/hr for Corpus Christi.

Michael Stuart's insight:

$28/hr is the Zillow rental analysis number for most of the Texas coast area.


See the interactive map for details: http://www.zillow.com/research/minimum-wage-rent-affordability-8484/

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Texas real estate soars in 2014

Texas real estate soars in 2014 | Texas Coast Real Estate | Scoop.it

In its 2014 Texas Annual Housing Report, the Texas Association of Realtors states that Texas experienced growth in job, population and the economy as a whole in 2014, all of which drove housing and real estate to a highly successful year.

According to the TAR report, Texas currently gains more out-of-state residents than any other state and is a leader in home sales from international buyers. An October TAR report showed that that more than 584,000 people moved to Texas from out of state in 2013.

Additionally, the share of international homebuyers reached a five-year high in the last year, adding more than $11 billion to the Texas economy in a 12-month period.

Michael Stuart's insight:

People are moving to Texas from across America and around the world to take part in our state’s booming economy, business-friendly environment and quality of life.

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Do Black Friday Deals Exist in Texas Coast Real Estate?

Do Black Friday Deals Exist in Texas Coast Real Estate? | Texas Coast Real Estate | Scoop.it

Black Friday is the holy grail for deal-seeking shoppers during the holiday season. But what about buyers searching for a home — do the same deals exist for real estate on the Texas coast? 

Michael Stuart's insight:

For vacation home rentals it does - and what better way to get to know the area and community; more importantly, get your loved ones together.



The Texas Beach Brings Loved Ones Together!

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Texas Takes on OPEC in Saudi Arabia

Texas Takes on OPEC in Saudi Arabia | Texas Coast Real Estate | Scoop.it

For the first time in a long time, the ability to determine the price of oil no longer clearly resides with OPEC, it's Texas, where America is still strong.


This shift has big geopolitical implications, affecting everything from Iran’s nuclear program to the fight against ISIS. And it helps explain why most OPEC members come to the meeting having spent the past few weeks talking about the need for cuts.


Russia as the world’s top oil producer wants cuts, too. Over the weekend, Russia and Saudi Arabia agreed to cooperate on oil prices.


The Texas coast market is booming with no end in sight, with the panama canal expansion opening in 2016.


Also read: http://www.businessweek.com/articles/2014-10-30/it-looks-like-80-oil-is-here-to-stay

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Why Texas is the place to be!

Why Texas is the place to be! | Texas Coast Real Estate | Scoop.it
In looking at the four largest Texas regions — Houston, Dallas, San Antonio and Austin — each has its own unique features and economic drivers, while all share common threads that make Texas appealing for businesses.
Michael Stuart's insight:

One of the biggest attractions of companies to Houston is its skilled labor. Harvey said the workforce runs includes all types of professionals, including a very high concentration of engineers, second only to Silicon Valley.


Other attraction and retention factors include having a strong financial depth, great job market and an economy that is almost recession-proof. Houston, as well as Dallas and San Antonio, also boast a comparatively low cost of living.


In Austin, quality of life is also an important attraction, and having an environment that promotes creativity, the arts and technology, all of which tend to attract a younger group of people, is what this city does best.

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Kaye Davis's curator insight, November 3, 2014 1:44 PM

Why Texas is the place to be!

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Housing shortage looms for Houston's baby boomers

Housing shortage looms for Houston's baby boomers | Texas Coast Real Estate | Scoop.it
Houston faces one of the largest housing shortages for Baby Boomers in the country, according to a new report.
Michael Stuart's insight:

As Boomers retire, many look to downsize from large suburban homes into more manageable homes in urban centers where they can live closer to city attractions and amenities, according to Metrostudy.


Its report does not seem to take into account seniors looking to move into multifamily projects.


Metrostudy forecasts increasing demand for smaller homes closer to the urban core. It estimates that about half of all new home purchases within the next five to 10 years will be made by adults 55 and older.


Texas has 3 of the top 10 cities with the largest housing deficits:

  1. Dallas-Fort Worth
  2. Houston
  3. District of Columbia
  4. Atlanta
  5. Miami
  6. Denver
  7. Seattle
  8. Phoenix
  9. Austin
  10. Minneapolis-St.Paul
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Best Home Improvements to Increase the Value of Your Home: 45 Experts Weigh In

Best Home Improvements to Increase the Value of Your Home: 45 Experts Weigh In | Texas Coast Real Estate | Scoop.it
A survey of 45 experts and 113 prospective home buyers, to find the best home improvements to make in order to increase the value of your home.
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Free App Friday: 5 Home Improvement Tools For Putzers And Pros Alike

Free App Friday: 5 Home Improvement Tools For Putzers And Pros Alike | Texas Coast Real Estate | Scoop.it
Whether you have no business even owning tools or you dream in blueprints, there's a house-augmenting app for everyone.
Michael Stuart's insight:

1. Make sure Houzz Interior Design (Android, iOS) has a spot in your collection.

The app merely features ideas by way of some four million photos of rooms in houses that are far nicer than yours, along with products to buy, ideabooks to flip through and project articles to read.


2. If you want to paint before actually painting

Take Paint Harmony (Android, iOS) for a spin. You take a photo of the room you're looking to recolor and the app lets you slap a virtual coat of paint on the walls.


3. If you're tackling a big remodel

Load up PlanGrid (Android, iOS). The app stores all your blueprints, letting you create punchlists and track issues room by room. You can attach photos to each room, along with accompanying descriptions of what needs to be done (or fixed).


4. If you want to lighten your tool belt somewhat

Multi Measures (Amazon, Android) might do the trick. The app sports 12 measurement tools, including a compass, a sound meter, a stopwatch, and even a vibration-sensing seismometer.


5. If you know better than to do it yourself

Use Smith (Android, iOS) to hire someone who knows what the hell they're doing. You snap a few photos or shoot some quick video of the work you need done, and the service collects bids from pre-screened contractors.

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Schlitterbahn closer to opening in Corpus

Schlitterbahn closer to opening in Corpus | Texas Coast Real Estate | Scoop.it
Schlitterbahn Waterparks is lining up financing for a waterpark on Padre Island in Corpus Christi now that the city council there has approved a $117.2 million tax incentives plan for a 574-acre development featuring a Schlitterbahn park. While permitting and infrastructure improvements for the Corpus Christi development are moving forward, Jeffrey Siebert, a Schlitterbahn spokesman, said the company could not discuss details of its facility until its financing has been approved.
Michael Stuart's insight:

Initial reports said it would be a $41 million park capable of handling at least 3,000 visitors. Interim Corpus Christi Assistant City Manager Toby Futrell said Schlitterbahn hoped to open the park's first phase next summer. A second phase may follow.

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Renting Less Affordable than Buying Except for where Millennials Are Moving

Renting Less Affordable than Buying Except for where Millennials Are Moving | Texas Coast Real Estate | Scoop.it
Last week, housing-data giant RealtyTrac® released an analysis of fair market rents and median home prices in more than 500 U.S. counties, which shows that
Michael Stuart's insight:

This applies to anyone who moves a lot. Home ownership needs a long term view.


Investing in homes is a different story and is only for those who can afford to make the payments without steady income.

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A Family Lives in 675 Square Feet – the luxury of less

A Family Lives in 675 Square Feet – the luxury of less | Texas Coast Real Estate | Scoop.it

The luxury of less – 675 square feet might seem awfully small for a family of three — but this couple and their son are making it work, thanks to some clever renovations.

Here are the small-space solutions that make this 675 square foot apartment livable, and these same principles apply to the small condos and homes on the Texas coast as well.

After a four-month renovation, the space has been completely transformed. Minimal detailing and lots of white make for a spacious feel, and plenty of small-space solutions make this small footprint work for four people.

  • In the master bedroom, a Murphy bed folds into the wall when not in use. A sliding door between the master bedroom and the living room means that the two spaces can be connected during the day, effectively doubling the size of the living area.
  • In the second bedroom, bunkbeds fold into the wall to keep the floor area free for playing — and plenty of built-in storage ensures that there’s room for a crib for a soon-to-be new addition.

LifeEdited, a firm started by TreeHugger founder Graham Hill, consults and works with developers to create small living spaces. Its website proclaims that it’s dedicated to showing you how to “design your life to include more money, health, and happiness with less stuff, space, and energy.” “We practice what we preach,” says Friedlander proudly. People usually try to fit their old furnishings into a new space, but, says Schmidt, “We fit ourselves into the space.” She shows off half-empty drawers in their compact kitchen, which is lined with cabinets from Ikea and filled with Fagor appliances designed for small spaces. But the kitchen feels elegant thanks to a Calacatta Borghini marble countertop and backsplash from Ann Sacks, which is honed, not polished, she stresses, because honed marble wears better. The small bathroom is also given a luxe treatment, with marble tiles and floors and Kohler appliances. Another splurge was the wide-planked European oak floors.

They were able to make these expensive choices partly because the spaces were small and didn’t require a lot of any one material. And, since the apartment cost so much less than the one they had originally planned to buy, they were able to rationalize their spending.

Their home is all about “the luxury of less.” 

This is a 500 square foot home on the Texas coast, hurricane resistant and elevated 25ft above sea level

Via dwell.com/house-tours/article/tiny-streamlined-home-fit-family

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FEMA New Flood Insurance Manual

FEMA New Flood Insurance Manual | Texas Coast Real Estate | Scoop.it

All buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.

FEMA also extended the rate relief so all pre-FIRM properties (including second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after 2014

  • ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
  • ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;
  • ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;
  • ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.

While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate. FEMA has updated THE manual which insurance companies use to write flood insurance policies.  The comprehensive manual provides answers regarding flood insurance.

Download the FEMA manual at http://www.fema.gov/media-library/assets/documents/97901The National Flood Insurance Program (NFIP) Flood Insurance Manual is used primarily by insurers and agents selling and servicing Federal flood insurance.

Why was it critical for Congress to pass the 2012 Biggert-Waters National Flood Insurance Reforms?

  • Provided 5 years of certainty from NFIP shutdowns and extensions that had cost 40,000 home sales a month. Home owners can rest assure that flood insurance will be available at the closing table.
  • Maintained NFIP coverage so no one takes their chances in a private market that cherry picks million-dollar property owners. Flood insurance is accessible to all homeowners and businesses.
  • Gradually phased-out subsidized flood insurance that had painted a giant budget “bull’s eye” on NFIP. The program will borrow less from taxpayers to make up for undercharging old properties.
  • $24 billion – The amount NFIP had to borrow to cover claims after Hurricane Katrina. Biggert-Waters pays back $5 billion and keeps the program from going broke in the long run.

Do the flood insurance amendments apply to second homes and commercial properties?

  • Yes.  The amendments will slow the highest rate increases under Biggert-Waters for the vast majority of second homes and commercial properties.
  • While some may not see a “rate reduction,” everyone will gain new options to help moderate the impact and transition:  they can sell, assume, grandfather, mitigate, or appeal under these amendments.
  • Before, theBiggert-Waters law was:
    • Impacting property values; each $500 premium rise meant a $10,000 loss in value according to the RAND institute; and
    • Picking winners and losers not only among the property owners if they tried to sell but also among the communities where these properties are concentrated.
  • The problem was owners of second homes and commercial propertieswere stuck:
    • Could not sell the property because buyers were either balking at flood insurance increases above 25% per year or worried that it might one day lose its “grandfathered” status.
    • Could not elevate the property (due to the cost or nature of construction), appeal the flood insurance rate map, raise deductibles further, or find anyone at FEMA to advocate on their behalf with insurance companies that were providing wildly inaccurate rates and quotes.
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It's cheaper to buy than rent in Corpus Christi

It's cheaper to buy than rent in Corpus Christi | Texas Coast Real Estate | Scoop.it

Homes were more affordable for typical buyers in the third quarter compared to historically in a majority of markets analyzed. However, there were some exceptions. Large metro areas where homes were less affordable in the third quarter (requiring a higher percentage of income) compared to the historic average include Los Angeles, San Francisco, San Diego and San Jose, all in California.

Renters, on the other hand, continue to struggle. Renters making the national median income and renting the median-priced apartment should expect to pay about 30 percent of their income in rent, compared to roughly 25 percent historically.

Michael Stuart's insight:

In Corpus Christi renters need to pay almost twice as much as buyers. With average rent affordability of 30% and mortgage affordability 15%.


For homes in Corpus Christi - it's cheaper to keeper.

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Short sale tax break passes in House

Short sale tax break passes in House | Texas Coast Real Estate | Scoop.it
According to a recent estimate from RealtyTrac, there have been more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone. All those borrowers will be facing massive tax bills if the bill doesn't pass in the Senate as well.
Michael Stuart's insight:

NNow that the House passed an extension of Mortgage Debt Forgiveness Act, those homeowners may be getting a reprieve.

“I just think it’s unfair and I think most would concur that it’s unfair that individuals would have to pay taxes on income that they have never received,” said Sen. Dean Heller, R-Nev., at a Senate Banking Committee hearing.

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Lone Survivor Crystal Beach Texas Retreat Facility

Lone Survivor Crystal Beach Texas Retreat Facility | Texas Coast Real Estate | Scoop.it

LSF's Crystal Beach Retreat is being built by BRINT Construction who joined with LSF to build the facility. Completion of this project is projected for early 2015.

Michael Stuart's insight:

The total costs for this project are estimated at $750,000. The online fundraising goal is $200,000.


See more at help: http://lsfcrystalbeach.kintera.org

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4.8 Million Galveston Beach Restoration Project

4.8 Million Galveston Beach Restoration Project | Texas Coast Real Estate | Scoop.it

The project aims to construct a large dune and replenish nearly 300 feet of beachfront.

Michael Stuart's insight:

City officials yesterday announced sand will be dredged from the Galveston Ship Channel for a $4.8 million beach restoration project.

  • About 120,000 cubic yards of sand will be restored between the west end of the Galveston seawall and Dellanera RV Park.
  • The project is being paid for by the city, the Texas General Land Office, the Galveston Park Board of Trustees and some condominium owners.


The project aims to construct a large dune and replenish nearly 300 feet of beachfront. Officials say the dune is necessary because the area is prone to rapid erosion and is near FM 3005, a hurricane evacuation route.

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Texas not in this top 30 housing list!

Texas not in this top 30 housing list! | Texas Coast Real Estate | Scoop.it
So 15 of the 30 cities with the highest rents in the country are all in the San Francisco Bay Area, with Palo Alto topping the list, according to this lovely..
Michael Stuart's insight:

So 15 of the 30 cities with the highest rents in the country are all in the San Francisco Bay Area, with Palo Alto topping the list, according to this lovely report from Lovely that came out last week.


Texas doesn't have a city that makes this lone list.

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Luxury Buyers Are Spending Mega Bucks in These Markets

Luxury Buyers Are Spending Mega Bucks in These Markets | Texas Coast Real Estate | Scoop.it

The high-end residential real estate market remains strong point and plays a big role in the housing recovery. Nearly half – 48 percent – of all wealthy consumers recently reported that they plan to purchase a luxury home within the next 12 months, according to a survey of consumers with a net worth of at least $5 million conducted by Coldwell Banker Previews International program and the Luxury Institute. For affluent individuals under the age of 35, the percentage of those planning to buy a luxury home in the next year jumps to whopping 81 percent. This group of affluent Millennials also reported the highest average purchase price of all age groups at $7.8 million, according to the survey.

So where are luxury buyers’ targeting their home search? Coldwell Banker’s survey identified the following 10 U.S. cities as having the highest number of luxury home sales valued at $1 million or more during the last 12 months through June 2014:

  1. San Francisco: 2,485 (the number of home sales valued at $1 million-plus)
  2. Los Angeles: 2,170
  3. New York: 2,145
  4. San Jose, Calif.: 1,119
  5. Houston: 981

Via: http://realtormag.realtor.org/daily-news/2014/10/03/luxury-buyers-are-spending-mega-bucks-in-these-markets

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