Here’s the good news: Sales of newly constructed homes rose in the beginning of the year. The bad news? It wasn’t enough to ease the housing shortage that is frustrating would-be home buyers across the nation.
Buyers purchased about 3.7% more new homes in January than in December, according to a joint report by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. The January purchases were also 5.5% above where they had been a year earlier. (Realtor.com® looked only at the seasonally adjusted numbers, which have been smoothed out over 12 months to account for seasonal fluctuations.)
Sounds good, right? Well, not exactly.
"New-home sales should be growing much more than they are,” says Chief Economist Jonathan Smoke of realtor.com. "We should be seeing twice the volume of new-home sales, and we’re not.”
The reason is that there aren’t enough buyers who can afford the median $312,900 price tag of one of those new homes, often decked out with the latest appliances and finishes. They are nearly 37% more expensive than the median $228,900 price for an existing home in January, according to the most recent National Association of Realtors® data.
Prices on those new homes dipped 1% from December—but were nearly 7.5% higher than in January 2016.
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Ziel Feldman’s HFZ Capital has tapped Alicia Goldstein, a former executive vice president at Faena Group, to be the company’s senior managing director and president of sales and marketing.
The newly created position will see Goldstein, a veteran of the Related Companies, bring HFZ’s latest development, a mixed-use office, retail and residential project at 76 11th Avenue, to market.
Goldstein was at Faena, the firm led by Argentinian developer Alan Faena and partner Len Blavatnik, for three years. During her tenure, she spearheaded the company’s U.S. expansion, and launched sales at Faena House, a high-end condominium project in Miami Beach. The building’s penthouse recently sold for $60 million to billionaire hedge fund manager Kenneth Griffin.
Feldman said that Goldstein “will help us with projects already underway, while positioning and bringing to market a variety of future developments including plans for 76 Eleventh Avenue where she’ll work closely with BIG, the architecture firm we’ve engaged to design the full block site.”
Nir Meir, a principal at HFZ, noted how unusual it was for a company of HFZ’s size to bring such a significant name in marketing in-house.
“Usually, these people represent developers on behalf of the big marketing firms like Elliman and Corcoran,” he said. “No one, except for the likes of Related, has really brought anyone of that caliber in-house.”
Meir said HFZ, which will work with Elliman on the 11th Avenue project, has not yet decided if it will bring sales and marketing efforts entirely in-house in the future.
Goldstein was formerly a senior vice president and the head of nationwide condo marketing for the Related Companies, where she worked on the Residences at Time Warner Center, the Brompton, Superior Ink and the Caledonia. She also marketed properties across the country, including Viceroy Snowmass and Snowmass Base Village in Colorado and the Century in Los Angeles.
HFZ has been one of the most active developers in the city over the past year.
Its residential pipeline also includes a 64-story, nearly 800-foot-tall condo tower at 8-16 West 30th Street in NoMad and a condominium conversion at the Belnord rental building, at 225 West 86th Street.
“New-home sales should be growing much more than they are,” says Chief Economist Jonathan Smoke of realtor.com. “We should be seeing twice the volume of new-home sales, and we’re not.”
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Visit Our Site For “Your full service mortgage and loan pros” … USA Lending Inc
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