February 2022 – Page 4

HiLine Homes Offers Solutions to Building an ADU on Your Property

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Accessory Dwelling Units (ADUs) continue to be a popular option for homeowners who want to tap into rental income, have a safe space for aging parents, or expand the livability of their property. ADUs were traditionally restricted to city and county properties within urban growth boundaries or rural farms for farmworkers. However, with new laws, property owners’ rights are expanded, and the opportunity to build an ADU on your property is more realistic. Why Build an ADU on Your Property For many homeowners, an ADU offers a path to keep aging parents close, offers adult children an affordable home to save money, or a flex space for work privacy and occasional guests. Here are a few ways an ADU can enhance your life and property: Dedicated home for caregivers Safe & secluded space for family members Quiet home office Comfortable guest home Long term rental investment An affordable option for adult children As communities recognize the need for more housing, building a second home on your property is a helpful solution to affordable housing issues. ADUs are more than just a guest room. Typically an ADU dwelling includes a kitchen, bathroom, and separate access. Because an ADU is a permanent structure complete with utilities, it is a sustainable and long-term housing investment. How to Build an ADU Local housing ordinances will play a role in determining the possibility, size & location of an ADU on your property. However, with recent laws that expand your opportunity to build a second home on your property, it is worth considering. HiLine Home Consultants are knowledgeable and can break down your options into more manageable pieces, walking you through your project step by step. First Steps to Building an ADU on Your Property As you plan, think about how you’ll use a second home on your property. This consideration will allow you to better understand your project’s development and building costs. A checklist of things to research and consider: Establish budget Learn about financing Check with building jurisdiction for property requirements Determine utility connections Order your HiLine ADU specific home Criteria for Building an ADU on Your Property Finding out the criteria to build an ADU for your specific property is important to the success of your project. Here are some items to find out: What is the maximum square footage allowable? How big must my property be to allow an ADU? What are the setbacks from existing utilities? Will utilities be accessible to the new home? Are fire protection services required? Don’t know where to start? No worries. Connect with your dedicated HiLine Home Consultant to learn more about what to expect when building a second home on your property. Whether you are looking for a guest house or need something bigger, our building program is designed to support you. HiLineHomes.com | 888-882-2232 | CCB# 182300, 181069

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RISMedia, the leading information and news provider for the residential real estate industry, has announced its 2022 list of Real Estate Newsmakers. This year’s honorees are a dynamic group of individuals who experienced a truly unique set of circumstances in 2021. Through it all, this year’s honorees stood out for making news for their positive contributions to the consumers and communities they serve. RISMedia’s 2022 Real Estate Newsmakers include over 300 industry members, showcased in the February 2022 issue of RISMedia’s Real Estate magazine and in an online directory on RISMedia.com, in the following categories: Achievers, Crusaders, Futurists, Influencers, Motivators, Luminaries, Trailblazers and Trendsetters. Additionally, within the 2022 Real Estate Newsmakers, RISMedia honored the third-annual Hall of Fame Newsmakers: – Candace Adams, President & CEO, Berkshire Hathaway HomeServices New England, Westchester, New York, Hudson Valley Properties– Jon Coile, VP – MLS & Industry Relations, HomeServices of America– Jim Fite, President, CENTURY 21 Judge Fite Company– J.B. Goodwin, CEO, JBGoodwin REALTORS®– Terrie O’Connor, Founder & Broker/Owner, Terrie O’Connor REALTORS®– Joe Horning, President, Shorewest REALTORS®– Tina Lapp, President, Colibri Real Estate– Pam Liebman, President & CEO, The Corcoran Group– Michael Pappas, President & CEO, The Keyes Company/Illustrated Properties– Ken Trepeta, President & Executive Director, Real Estate Services Providers Council (RESPRO®) RISMedia will celebrate and honor its 2022 Real Estate Newsmakers and Hall of Fame inductees during its annual Real Estate Newsmakers Reception & Dinner, this year being held in conjunction with the 2022 CEO & Leadership Exchange on Sept. 7, 2022, at the historic Mayflower Hotel in Washington, D.C. “From records being broken, to the glass ceilings being shattered and the creativity and technology innovation being implemented through our changing times, to the always-inspiring and wonderful charitable work being done across the nation, we continue to be amazed by the incredible ingenuity and success of the professionals in the real estate community, over 300 of whom we are celebrating in our fifth year of honoring Real Estate Newsmakers,” said John Featherston, CEO, president and publisher of RISMedia. “Once again, we are proud to recognize the hard work, dedication and determination of real estate’s finest professionals who went above and beyond in 2021 amid the challenges and opportunities of this historic market.” To view the full list of RISMedia’s 2022 Real Estate Newsmakers, click here. About RISMediaRISMedia was founded in 1980 by CEO and Publisher John E. Featherston as the residential real estate industry’s definitive source for news and information for real estate’s most profitable and productive professionals. For over 40 years, RISMedia has provided the industry with news, strategies and trends, and educational events, including RISMedia’s Real Estate CEO Exchange; the Real Estate Newsmaker Reception & Dinner; the Power Broker Forum, Reception & Dinner; Real Estate’s Rocking in the New Year; and RISMedia’s Spring Into Action. For more information, please visit www.rismedia.com.

More than a third of recent movers say it’s harder to find a house than a spouse

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New Zillow survey finds most Americans enjoy home shopping more than dating – More than 60% of women prefer home shopping to dating. – Most people say they have more deal breakers and longer wish lists for a romantic partner than for a home. – Nearly 3 in 4 Americans believe they could fall in love at first sight with a home. Love is in the air this Valentine’s Day, at least when it comes to home. A new survey from Zillow finds 80% of Americans say they love their home. However, finding a home is a lot more challenging in today’s hypercompetitive and rapidly appreciating housing market. About one-third of recent movers (34%) say it’s harder to find a house to buy than a spouse, yet most say shopping for a home is more enjoyable. Women are more likely than men to say shopping for a home is more enjoyable than dating; 62% compared to 39% of men. Some psychologists believe looking at for-sale listings can create a mood-boosting chemical reaction in the brain similar to the excitement of a romantic relationship, a phenomenon parodied on SNL. During the pandemic, a record number of users surfed Zillow to escape the stress of their lives and dream of the possibilities a move could bring. “The way we shop for homes is in many ways similar to the way we meet romantic partners,” said Zillow home trends expert Amanda Pendleton. “Both involve wish lists, compromises and deal breakers, and much of the legwork happens online. But unlike dating apps, tools like interactive floor plans and virtual 3D home tours mean fewer home shoppers are disappointed when they see a home in person for the first time. Perhaps that’s one reason this survey found that far more people think they’ll be successful using an app to find a home to buy (76%) than to find a romantic partner (24%).” Another reason may be expectations. Most people (62%) say their wish list for a romantic partner is more difficult to satisfy than their wish list for a home (38%), and 61% say they have more deal breakers when it comes to choosing a partner. Two-thirds of Americans are more willing to compromise on qualities in a home to buy (67%) than qualities in a romantic partner (33%). Still, most people are romantics at heart, at least when it comes to their home. Nearly 3 in 4 Americans believe they could fall in love at first sight with a home (73%), while more than half believe they could fall in love at first sight with a person (54%). While 65% of singles would consider moving to improve their dating prospects, 84% say they would consider moving in order to buy a home. Once they find it, most people love their home (80%). The most common reasons people love their home are the memories associated with it (82%), and their home’s location, neighborhood or neighbors (77%). Tools like Zillow’s travel-time function, walk score and transit score can help shoppers choose a neighborhood they’ll love. As with dating, finding “the one” in today’s housing market may be tough, but shoppers can take steps to land their dream home with the right partners, preparation and persistence.

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Bridge Investment Group Holdings Inc. (“Bridge”) (NYSE: BRDG) announced that the previously disclosed transaction to acquire certain assets of Charlotte, North Carolina based Gorelick Brothers Capital, LLC (“GBC”), including a portfolio of single-family rental (“SFR”) homes owned by GBC-managed vehicles and a majority of GBC’s asset and property management business, has closed. In connection with the transactions, Bridge acquired 60% of GBC’s business, valued at $50 million. Bridge has funded the acquisition with approximately 50% cash and 50% units of Bridge Investment Group Holdings LLC. The GBC team has joined Bridge to launch an SFR strategy on the Bridge platform, under a newly formed SFR investment manager that is managed by Bridge and the key principals of GBC. Additionally, Bridge and GBC principals have completed a $660 million recapitalization through Bridge-sponsored investment fund vehicles of the SFR portfolio comprising more than 2,700 homes in 14 markets, concentrated in the Sunbelt and certain Midwest markets of the United States. “We are excited to have completed this transaction with the team at Gorelick Brothers Capital and look forward to what we can achieve as a combined team in the single-family rental market,” said Robert Morse, Executive Chairman of Bridge. “The single-family rental sector will continue to be a rapidly growing factor in the overall residential rental market, and we expect the addition of the former GBC team to make Bridge a formidable player.” “Bridge’s hands-on, vertically integrated investing and operating model is a seamless fit for our business, and it has already allowed us to gain significant traction with our SFR strategy. We look forward to building a great enterprise together,” explained Todd Gorelick, Co-Chief Executive Officer of the new SFR investment manager, and Christopher Skardon, Co-Chief Executive Officer and Chief Investment Officer of the new SFR investment manager. RBC Capital Markets LLC acted as financial advisor to Bridge and Latham & Watkins LLP acted as Bridge’s legal counsel. Goldman Sachs & Co. LLC acted as financial advisor to GBC and Kirkland & Ellis LLP acted as GBC’s legal counsel. ABOUT BRIDGE INVESTMENT GROUP Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $31.8 billion of assets under management as of September 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics net lease, logistics properties, and real estate-backed credit.

Word of the Day: Prescient

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[PRESH-ənt] Part of speech: Adjective Origin: Latin, early 17th century Definition: Having or showing knowledge of events before they take place Examples of Prescient in a sentence “The psychic gave a prescient warning of things to come.” “No one understood how prescient the press statement was until a few days later.” About Prescient This word comes from the Latin “praescient-,” meaning “knowing beforehand.” This stems from the verb “praescire” — “prae” meaning “before” and “scire” meaning “know.” Did you Know? Jeane Dixon, a self-proclaimed psychic, was admired by many for her supposed prescience. She reportedly predicted John F. Kennedy’s assassination, that one pope would be harmed, and another would be assassinated during the twentieth century, among other predictions. Richard Nixon followed her predictions via his secretary, and Dixon was one of several astrologers Nancy Reagan consulted. However, Temple University mathematician John Allen Paulos coined “the Jeane Dixon effect,” which outlines a penchant for highlighting a few correct predictions while ignoring a larger amount of incorrect ones.

U.S. Foreclosure Activity Drops

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Foreclosure Starts and Completions Hit New Record Lows Nationwide ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, released its Year-End 2021 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 151,153 U.S. properties in 2021, down 29% from 2020 and down 95% from a peak of nearly 2.9 million in 2010, to the lowest level since tracking began in 2005. Those 151,153 properties with foreclosure filings in 2021 represented 0.11% of all U.S. housing units, down from 0.16% in 2020 and down from a peak of 2.23% in 2010. “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary foreclosures, and while it’s likely that we’ll see a slight increase in the first quarter, we probably won’t see foreclosure activity back to normal levels before the end of 2022.” ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 3,000 counties nationwide, and those counties account for more than 99% of the U.S. population, also available for license or customized reporting. The report also includes new data for December 2021, showing there were 17,971 U.S. properties with foreclosure filings, down 8% from the previous month but up 65% from a year ago. Bank Repossessions Decrease 98% Since Their Peak in 2010 Lenders repossessed 25,662 properties through foreclosure (REO) in 2021, down 49% from 2020 and down 98% from a peak of 1,050,500 in 2010, to the lowest level as far back as data is available — 2006. “We believe that repossessions will continue to be lower than normal throughout 2022,” Sharga noted. “Homeowners have a record amount of equity – over $23 trillion – and over 87% of homeowners in foreclosure have positive equity. This means that most borrowers will have an opportunity to sell their house at a profit rather than lose everything to a foreclosure auction.” States that saw the greatest number of REOs in 2021 included: > Illinois (3,472 REOs) > Florida (2,287 REOs) > California (1,839 REOs) > Pennsylvania (1,293 REOs) > Texas (1,236 REOs) Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of REOs in 2021 included: > Chicago, Illinois (1,733 REOs) > St. Louis, Missouri (1,255 REOs) > New York, New York (814 REOs) > Baltimore, Maryland > Philadelphia, Pennsylvania (571 REOs) Foreclosure Starts at New Record Low Nationwide Lenders started the foreclosure process on 92,346 U.S. properties in 2021, down 30% from 2020 and down 96% from a peak of 2,139,005 in 2009, to a new all-time low going back as far as foreclosure starts data is available — 2006. States that saw the greatest decline in foreclosure starts from last year included: > Maryland (down 81%) > Oklahoma (down 70%) > Idaho (down 64%) > Nebraska (down 63%) > Connecticut (down 60%) “The government’s foreclosure moratorium, the mortgage forbearance program, and the mortgage servicing guidelines enacted by the CFPB in August have kept foreclosure starts artificially low over the past year,” Sharga added. “While the recovering economy should prevent a huge increase in defaults, we should see a gradual increase in foreclosure activity as these programs expire, and servicers exhaust all loan modification options for delinquent borrowers.” Counter to the national trend, four states saw an annual increase in foreclosure starts. They included: > South Dakota (up 20%) > Vermont (up 36%) > North Dakota (up 71%) > Nevada (up 85%) Those metropolitan statistical areas with a population greater than 1 million that had at least 500 foreclosure starts in 2021 and saw the greatest declines in foreclosure starts from last year, included: > Philadelphia, Pennsylvania (down 56%) > Washington, DC (down 52%) > Charlotte, North Carolina (down 51%) > Cleveland, Ohio (down 42%) > Chicago, Illinois (down 42%) However, counter to the national trend, three metropolitan areas with a population greater than 1 million that had at least 500 foreclosure starts in 2021, saw an annual increase. They included: > Birmingham, Alabama (up 4%) > Miami, Florida (up 17%) > Las Vegas, Nevada (up 142%) Nevada, Illinois, and Florida Post Highest State Foreclosure Rates in 2021 States with the highest foreclosure rates in 2021 were: > Nevada (0.26% of housing units with a foreclosure filing) > Illinois (0.23%) > Florida (0.21%) > Delaware (0.21%) > New Jersey (0.19%) Rounding out the top 10 states with the highest foreclosure rates in 2021, were: > Ohio (0.18%) > South Carolina (0.15%) > Indiana (0.15%) > Connecticut (0.13%) > Maryland (0.13%) Cleveland, Las Vegas, Lake Havasu Post Highest Metro Foreclosure Rates in 2021 Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2021 were: > Cleveland, Ohio (0.37% of housing units with a foreclosure filing) > Las Vegas, Nevada (0.31%) > Lake Havasu, Arizona (0.30%) > Peoria, Illinois (0.30%) > Atlantic City, New Jersey (0.29%) Metro areas with a population greater than 1 million, including Cleveland, Ohio and Las Vegas, Nevada, that had the highest foreclosure rates in 2021, were: > Miami, Florida (0.25%) > Jacksonville, Florida (0.25%) > St. Louis, Missouri (0.22%) Average Time to Foreclose Increases Quarterly and Annually U.S. properties foreclosed in the fourth quarter of 2021 had been in the foreclosure process an average of 941 days, a 2% increase from the previous quarter and 10% increase from a year ago. States with the longest average time to foreclose in Q4 2021 were: > Hawaii (2,491 days) > New York (1,529 days) > Pennsylvania (1,502 days) > Louisiana (1,476 days) > Florida (1,378 days) Q4 2021 Foreclosure Activity High-Level Takeaways > There were a total of 56,174 U.S. properties with foreclosure filings in Q4 2021, up 23% from the previous quarter and