News Updates

Computer Vision Is Changing Residential Property Management

by admin
Comment Off
650 views

Lanthorn.ai and Uptimo are partnering up to streamline residential property management Lanthorn.ai, a Video Analytics Company, and Uptimo, a Real Estate Management Company, announced a collaboration agreement to bring AI solutions into property management. Property management is an essential service facilitating the balance in the rental housing market. The goal of this collaboration is to increase operating income, by reducing costs, and by increasing tenant’s satisfaction through enhanced experiences. This collaboration will assess different use cases, such as snow detection outside entrances to ensure tenant safety and the use of occupancy mapping to optimize cleaning and maintenance. “Property management is a legacy business. Speaking to property owners and operators made us realize that ROI is the determining factor for them to consider technology adoption. So, to introduce new technology to property management, the solution must be priced according to the value it brings. Through this collaboration, we are hoping to develop a strong benchmark for the use of ROI positive AI technologies in this old-school industry,” said Reza Khosravi, CEO and Co-Founder of Lanthorn.ai. “Real estate is still the largest portion of wealth in North America. Years of the low-interest-rate environment have made real estate an attractive investment asset both for institutional and retail investors. Meanwhile, the role of property management is becoming more important in optimizing yield on investments while improving the experience of the tenants. At Uptimo, as the name says, we add value through optimization and we believe we can accelerate this process through this partnership. AI empowers us to gain new insight and fuel new business ideas at a reduced cost,” said Marc Antoine Vezina, CEO of Uptimo. About Uptimo Uptimo is a real estate management company based in Sherbrooke, QC that optimizes the yields of income properties by offering quality management. Uptimo’s goal is to increase the value of properties under management. The strength of the company is its multidisciplinary, competent, and passionate team which allows it to offer a variety of services in the real estate industry. Visit www.uptimo.ca About Lanthorn.ai Lanthorn.ai is a video analytics company based in San Francisco, California that relies on existing cameras to provide insights regarding occupancy, safety, and more. The company is dedicating to adding value while ensuring data security and occupant privacy. Lanthorn.ai’s suite of solutions is essential in any organization that hosts people. Visit Lanthorn.ai

by admin
Comment Off
477 views

– As vaccines roll out, prices of spacious city dwellings are rising 20% – The pandemic-driven bump in rural properties has peaked – Urban condos are making a comeback with sales up nearly 30% year over year Prices of urban single-family homes are rising nearly 20% year over year—faster than any other type of home—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. But this year’s hot housing market does not discriminate: Urban condo sales are up nearly 30% year over year, more than any other home type. Key takeaways from Redfin’s analysis, which looks at the housing market divided into five categories (urban single-family homes, suburban single-family homes, rural single-family homes, urban condos, suburban condos) during the 12 weeks ending April 4 include: Prices of urban single-family homes increased nearly 20% year over year, outpacing price growth rates for every other home category, a signal that buyers are searching for spacious homes near city amenities as vaccines roll out. Online listings of homes in large metros saw a 62% year-over-year increase in pageviews, bigger than the increases for homes in small towns and rural areas, another suggestion that buyers are returning to the city. Single-family homes sold faster than condos in all neighborhood types, indicating that buyers are clamoring for relatively large, private homes. Urban condos sales were up nearly 30% year over year, a bigger increase than any other home category, signaling that the condo market is recovering after plummeting last summer. Urban single-family homes are currently seeing the fastest price growth partly because they offer the best of both worlds for many buyers, especially with the end of the pandemic in sight. “Now that Americans have had a year to consider what the pandemic and its aftermath mean for their lifestyles, we’re seeing a lasting preference for single-family homes—but rural and suburban settings are no longer as popular as they were at the start of the pandemic,” said Redfin economist Taylor Marr. “Many homebuyers are still prioritizing features that were desirable at the beginning of the pandemic, like space for a home office or a big backyard, partly because many people plan to continue working from home. But as people venture out of their homes more often, they are rediscovering the advantages of living in a city. People want to continue barbecuing in the backyard, but they also want the option of turning off the grill and walking to their local pizza place.” The median sale price of single-family homes in urban neighborhoods is up 19.4% year over year to $286,000—the biggest increase on record, and a bigger price gain than any other category of home. The fact that prices are growing faster for single-family homes than for condos in all types of neighborhoods indicates that many buyers in the pandemic era have a strong preference for self-contained homes without shared walls. Price growth for rural single-family homes outpaced all other home types from the beginning of the pandemic through the end of 2020, when price growth for urban single-family homes surpassed its rural counterpart. Pageviews of homes in large metros are on the upswing, signaling a return to the city Redfin.com pageviews of homes in metro areas with a population of more than 1 million—which include both urban and suburban neighborhoods—increased 62% year over year in March. That is a bigger increase than the 30% gain for small towns and the 18% increase for rural areas. The fact that homebuyer interest in large metros is accelerating while it is decelerating in rural areas and small towns suggests the pandemic-driven bump in demand for rural properties has peaked and buyers are returning to the city. The year-over-year jump in pageviews for large metros is likely exaggerated because March marks one year since the pandemic hit the U.S. Last March, views of homes in that type of area dropped significantly as cities went under lockdown and buyers turned toward smaller towns. Single-family homes are selling faster than condos Another indicator of the hot single-family housing market is that single-family homes in all neighborhood types are selling faster than condos and selling significantly faster than they were a year ago. The typical suburban single-family home spent 25 days on the market before going under contract during the 12 weeks ending April 4. Urban single-family homes are selling nearly as fast, with a median of 29 days on the market before going under contract. Homes in all categories are selling significantly faster than they were a year ago, led by rural single-family homes, which are selling 32 days faster than last year. The increased speed for rural properties is reflective of the pandemic-driven surge in demand for spacious homes outside city centers: In the beginning of 2020, pre-pandemic, homes in rural areas sat on the market longer because fewer buyers were interested in living in far-flung areas with long commutes to the office. Condos are picking up in popularity from a pandemic-driven plunge, even with the outsized popularity of single-family homes Condo sales are picking up more than sales of single-family homes. The number of urban condos sold was up 29.9% year over year during the 12 weeks ending April 4, the biggest gain on record and a bigger increase than any other home category. It is followed by suburban condos (22.8%). The uptick in condo sales is a sign that the condo market is recovering after plummeting with the onset of the pandemic. During the 12 weeks ending June 29, 2020, sales of urban condos reached a record low, down 44.9% year over year. Sales of suburban condos dipped nearly as much, dropping 42.3%. To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/urban-single-family-homes-price-growth/ About Redfin Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a

by admin
Comment Off
556 views

The JV will acquire, renovate, and manage single-family rental (SFR) homes, marking DivcoWest’s entrance into the SFR investment market Atlas Real Estate, a full-service real estate company specializing in investment brokerage, property management and institutional acquisition, announced that it has entered into a joint venture (JV) partnership with San Francisco-based DivcoWest to invest $250 million of equity in single-family homes as rentals throughout the Western United States. The JV expects to deploy $1 billion acquiring and renovating homes in high-growth states, including Colorado, Arizona, Idaho, Nevada, and Utah, where Atlas currently manages more than 4,200 units. “DivcoWest’s partnership with Atlas is a testament to our decade plus history as an acquisition partner and the long-standing relationships we have cultivated with institutional investors since our inception,” explains Ryan Boykin, co-founder of Atlas Real Estate. “The start of this new joint venture also points to the strength of the SFR housing sector and to the full-service real estate investment platform Atlas has created.” “The new partnership between Atlas and DivcoWest enables us to live up to our mission as a company: ‘To Uplift Humanity Through Real Estate,’” says Tony Julianelle, CEO of Atlas Real Estate. “The joint venture will function to increase the inventory of single-family rentals in Atlas-managed markets, presenting a tangible opportunity to serve people and create a positive resident experience while helping meet the supply demands by providing high quality housing.” Since its inception in 2013, Atlas Real Estate has been recognized as a leader in the real estate industry. The Denver Business Journal named Atlas as a Fast 50 Honoree, Bank of America selected Atlas as one of its Colorado Companies to Watch, and ColoradoBiz Magazine has honored the firm with the Best of Colorado: Property Management award for the past four consecutive years. About Atlas Real EstateAtlas Real Estate is a full-service real estate company specializing in investment services, property management and institutional acquisitions. A buy/sell brokerage, Atlas is also a Zillow Offers Partner Agent. Since its inception in 2013, Denver-based Atlas Real Estate has made a commitment to Uplift Humanity Through Real Estate. With offices in eight markets nationwide, Atlas transacts over $1 billion in real estate annually and manages more than 4,200 residential units. Atlas has been recognized by leading media outlets as a one of the Best Places to Work in Denver, the Best Property Management Company, and a Top Company in Real Estate. To learn more about Atlas, visit www.realatlas.com. About DivcoWestFounded in 1993, DivcoWest is a vertically integrated, real estate investment firm headquartered in San Francisco, with offices in Los Angeles, Menlo Park, Boston, Washington DC and New York City. Known for long-standing relationships and experience across the risk-spectrum in markets where innovation thrives, DivcoWest combines entrepreneurial spirit with an institutional approach to deliver real estate solutions and opportunities to the world’s most forward-thinking companies and investors. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 48 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. www.divcowest.com

by admin
Comment Off
624 views

Texas Realtors releases 2021-Q1 edition of the Texas Quarterly Housing Report The median sales price of homes in Texas reached $274,300 in the first quarter this year, an increase of 13.4% over the same period last year, according to the 2021-Q1 Texas Quarterly Housing Report released today by Texas Realtors. “The demand for housing in Texas remained strong despite the winter storm in February and the pandemic,” said Marvin Jolly, chairman of Texas Realtors. “With a low supply of homes for sale, though, prices in most areas have gone up significantly, and competition among buyers has increased as well.” During the first quarter of this year, 84,464 homes were sold in Texas, jumping 10.1% compared to the first quarter of 2020. One-third of homes sold were in the $200,000-$299,000 price range, the largest percentage of any price range. Luis Torres, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University, commented, “Depleted inventory is the greatest challenge to Texas’ housing market, pushing up prices at elevated rates as demand remains strong, making it one of the most competitive housing markets for homebuyers since the 2006-07 housing boom. Rising mortgage rates in 2021 combined with recent rapid price growth will slow demand and, consequently, price growth to more sustainable levels.” Active listings declined 53% from last year and stood at 43,542 homes for sale at the end of the first quarter of 2021. Homes spent an average of 47 days on the market before going under contract, which is 20 days less than the first quarter of 2020. The average total time from hitting the market until the sale closed was 87 days, down 13 days from the previous year. Housing supply in Texas decreased from 3 months in the first quarter of 2020 to 1.3 months of inventory in the first quarter this year. Chairman Jolly concluded, “Many homes are attracting multiple offers and selling for thousands above asking price. Price plays a key role in winning offers, of course, but other considerations can come into play as well. Realtors have been helping their buyers and sellers sort through their options to help them achieve their real estate goals during a market that presents some unique challenges.” About the Texas Quarterly Housing ReportData for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local REALTOR® associations and their MLSs, and Texas REALTORS®, with analysis by the Texas Real Estate Research Center at Texas A&M University. The report provides quarterly real estate sales data for Texas and 25 metropolitan statistical areas in Texas. To view the report in its entirety, visit texasrealestate.com About Texas REALTORS®With more than 140,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocates for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.

by admin
Comment Off
502 views

Homes sell at their fastest pace on record with nearly half off-market within one week The median home-sale price increased 18% year over year to $344,625—an all-time high—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending April 18. Note that at this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, Redfin has broken this analysis into two sections: metrics that are acceptable to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019. Metrics to compare to 2020: Asking prices reached an all-time high of $356,175. Homes that sold during the period were on the market for a median of 21 days, the shortest time on market since 2012. This was 16 days fewer than the same period in 2020. 45% of homes sold for more than their list price, an all-time high. This was 18 percentage points higher than the same period a year earlier. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased 2.3 percentage points year over year to an all-time high of 101.0%, meaning the average home sold for 1% more than its asking price. 58% of homes that went under contract had an accepted offer within the first two weeks on the market. This was a new all-time high (Redfin’s data for this measure goes back to 2012). 46% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high. Metrics to compare to 2019: Pending home sales were up 23% from the same period in 2019. New listings of homes for sale were down 10% from the same period in 2019. Active listings (the number of homes listed for sale at any point during the period) fell 47% from the same period in 2019 to a new all-time low. Mortgage purchase applications increased 6% week over week (seasonally adjusted). For the week ending April 22, 30-year mortgage rates fell to 2.97%, the lowest level since the week ending February 25. “There has been an ongoing debate at Redfin about whether fear of coronavirus infection was keeping homeowners from selling. With a third of American adults now fully vaccinated and still hardly any homes being listed for sale, we’re close to settling that debate,” said Redfin Chief Economist Daryl Fairweather. “Homeowners are staying put because if they move and buy another home they will face a very competitive housing market as buyers, and they don’t need to sell to take advantage of record low mortgage rates. They can just refinance their current home. On top of that, builders are struggling to construct new homes given an ongoing lumber shortage. Without more homeowners listing, buyers are scrambling to compete for the limited number of homes on the market, which continues to drive prices up to new heights.” To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-home-prices-up-18-pct/ About RedfinRedfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we’ve saved customers nearly $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

by admin
Comment Off
436 views

ATTOM Data Solutions, curator of the nation’s premier property database, released its first-quarter 2021 Special Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic that continues to impact the U.S. economy. The report shows that states along the East Coast, as well as Illinois, were most at risk in the first quarter of 2021 – with clusters in the New York City, Chicago and southern Florida areas – while the West continued to face less risk. The report reveals that Florida, Illinois, New Jersey, Connecticut and North Carolina had 33 of the 50 counties most vulnerable to the economic impact of the pandemic in the first quarter of 2021. They included seven suburban counties in the Chicago metropolitan area, four near New York City, five in southern Florida and two around Hartford, CT. The only three western counties in the top 50 during the first quarter of 2021 were in northern California, while the only southern state outside of the East Coast with more than two counties in that group was Louisiana. First-quarter trends generally continued those found in 2020, but with smaller concentrations around several major metropolitan areas. The number of counties among the top 50 most at-risk was down in the New York, NY; Philadelphia, PA and Washington, D.C. metro areas. Markets were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded the estimated property value and the percentage of average local wages required to pay for major home ownership expenses. The conclusions are drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Rankings were based on a combination of those three categories in 552 counties around the United States with sufficient data to analyze in the first quarter of 2021. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. (See below for the full methodology.) The findings follow one of the housing market’s strongest years in the past decade, when the median single-family home price rose more than 10 percent across much of the nation. They also come at a time of increased financial optimism, with retail sales up in 2021, new unemployment claims down and a second round of federal government stimulus money coursing through the economy. But the pandemic remains a threat to the economy as new virus variants emerge, and additional clusters of new cases crop up in various parts of the country. “Clearly, the housing market continues to surge, and things are looking up, more and more, for the U.S. economy in 2021, after a year of major setbacks in many sectors. But the pandemic still looms large and may pose a threat to the progress made so far, and by extension could affect home sales and prices,” said Todd Teta, chief product officer with ATTOM Data Solutions. “Our analysis suggests that even as the market remains hot, pockets of the East Coast, Midwest and South are at higher risk from potential damage connected to the pandemic. We will stay on top of this as the crucial months ahead should reveal whether the country can leave this crisis behind.” Most vulnerable counties clustered around New York City, Chicago and southern Florida Seventeen of the 50 U.S. counties most vulnerable in the first quarter of 2021 to housing market troubles connected to the pandemic (from among the 552 counties with enough data to be included in the report) were in the areas around New York, NY, and Chicago, IL, as well in southern Florida. They included seven in the Chicago metro area (De Kalb, Du Page, Kane, Kendall, Lake, McHenry and Will counties) and four in the New York City metro area (Essex, Middlesex, Ocean and Sussex counties in New Jersey). The five in southern Florida were Charlotte County (Punta Gorda), Highlands County (Sebring), Indian River (Vero Beach), Manatee County (Bradenton) and Saint Lucie County (Port St. Lucie). Florida also had another six counties in the top 50 spread across the state: Bay County (Panama City), Clay County (Jacksonville), Escambia County (Pensacola), Flagler County (Daytona Beach), Lake County (Orlando) and Osceola County (Orlando). New Jersey also had another two in the top 50, Atlantic County (Atlantic City) and Cumberland County (Vineland), and Illinois had one more, Tazewell County (Peoria). In addition, Louisiana had five counties in the top 50 during the first quarter – Saint Tammany and Tangipahoa parishes, both north of New Orleans, plus Ascension and Livingston parishes, both outside Baton Rouge, and Caddo Parish (Shreveport). The only western counties among the top 50 most at risk from problems connected to the Coronavirus outbreak in the first quarter of 2021 were Butte County (Chico), CA; Humboldt County (Eureka), CA and Shasta County (Redding), CA. Higher levels of unaffordable housing, underwater mortgages and foreclosure activity in most-at-risk counties Major home ownership costs (mortgage payments, property taxes and insurance) consumed more than 30 percent of average local wages in 25 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the first quarter of 2021. The highest percentages in those counties were in Beaufort County (Hilton Head), SC (43.6 percent of average wages needed for major ownership costs); Sussex County, NJ (40.6 percent); Manatee County (Bradenton), FL (39.9 percent); Kendall County, IL (outside Chicago) (39.7 percent) and Ocean County, NJ (New York City) (39.6 percent). At least 15 percent of mortgages were underwater in the fourth quarter of 2020 (the latest data available on owners owing more than their properties are worth) in 32 of the 50 most at-risk counties. Nationwide, 11.2 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Kankakee County, IL (outside Chicago) (38.4 percent of mortgages underwater); Escambia County (Pensacola), FL (31 percent); Caddo Parish (Shreveport), LA (27.7 percent);