It’s Ten Days of Buzz! This week, the news in the rental real estate world includes renovations to Port Gamble, new multifamily investment opportunities, ‘passive housing,’ and renting to buy…enjoy!
“We’re going to preserve what you love about Port Gamble, because this town is absolutely authentic.”
Jon Rose, President of Olympic Property. First look at new plan to develop Port Gamble, Seattle Times, 7.7.12.
“Some of that home price growth might be due to investors’ demand…The negative effect on the rental market would be lower if it is due to the investment market. I believe there are continued positive prospects for the rental market.”
Luis Mejia, director of multi-family research at PPR, a CoStar Group company. Multi-Family Investment Opportunities: Still to Come or Past its Peak? Commercial Property Executive, 7.9.12.
“While the term ‘green building’ often conjures images of bamboo floors and low-flow toilets, the passive house approach is about revolutionizing how our buildings perform, becoming quiet, comfortable, super-efficient, gracious spaces.”
Sam Jagerman, co-owner of Hammer & Hand. Check out Seattle’s first ‘passive house,’ Seattle Post-Intelligencer, 7.11.12.
“Now it seems that markets favoring sellers are often places where apartment developers are looking to build. So in this case rentals would benefit not from a weak housing market, but a strong one.”
Robbie Whelan of the Wall Street Journal. Will Rentals Thrive in Sellers’ Markets? The Developments Blog from WSJ.com, 7.12.12.
“The Seattle/Puget Sound Office market ended the second quarter 2012 with a vacancy rate of 10.8%. Tenants moving into large blocks of space in 2012 include Amazon moving into 320,704 square feet at West 8th.”
Justin Summer of the CoStar Group. Market Trend: Seattle / Puget Sound’s Office Vacancy Decreases to 10.8%, Costar.com, 7.13.12.
“We have a community chef’s kitchen that opens into a great room with pool tables and other games. It’s like the multimillion-dollar apartment you don’t have, but that you now have access to. You can bring in your own chef or cook yourself for a large dinner party.”
Kyle Warwick, a principal of Gate Residential, a US real estate firm. Real estate firm developing new kind of community, Boston Globe, 7.15.12.
“The demand for that property for sale is probably not going to diminish very dramatically in future years. So you could triple or quadruple your return on a rental while you wait out the prime sales time.”
Vicki Negron of Corcoran. Single-family rentals are gaining traction in New York, too, The Real Deal, 7.16.12.
“Historically, rent-to-buy has been a fragmented business restricted largely to individuals buying and renting out second homes as vacation homes. Now, the numbers that are trickling in point to a new trend among sophisticated real estate investors.”
Howard Roth, Global & Americas Leader of Real Estate for Ernst & Young. Is Rent-to-Buy Here for the Long Haul? GlobeSt.com, 7.17.12.