The volume of total outstanding acquisition, development and construction (AD&C) loans posted an additional decline during the first quarter of 2024 as interest rates remain elevated and financial conditions are tight. However, AD&C loan conditions will ultimately improve when the Fed begins reducing the federal funds rate. The volume of 1-4 unit residential construction loans…

This roughly 100-year-old residence experienced a fire as a result of one deteriorated brick in one of the original fireplaces. The whole house was deluged with water; extensive internal damage needed to be carefully restored along with correcting some unfortunate prior renovations. The attic level was gutted and updated to be guest quarters for family guests with children, including a reading niche and built-in bunk beds. The second floor was completely renovated, with a relocated primary suite that took advantage…

The Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA) estimates that 42% of 91,060 unsubsidized apartments completed in the fourth quarter of 2023 were absorbed (rented) within the first 3 months following completion. For condominiums, 56% of the estimated 4,915 units completed in the fourth quarter of 2023…

According to the latest 2022 ACS, 11.2 million people, including self-employed workers, worked in construction in 2022. NAHB estimates that out of this total, 4.7 million people worked in residential construction, accounting for 2.9% of the US employed civilian labor force. Home building in the Mountain Division, as well as in Florida, stand out as…

Situated on the corner of Caton and Flatbush Avenues, this mixed-use development offers 255 new units of much needed affordable housing (studio, one, two and three bedrooms), attended parking, office space for Caribbean American Chamber of Commerce and Industry (CACCI), retail, and the redeveloped and expanded Flatbush Central Caribbean Marketplace. The market provides spaces for vendors selling a variety of goods that celebrate and support the area’s Caribbean-American culture. Additionally, a shared commercial kitchen and design studio will focus on…

The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) increased at a seasonally adjusted annual rate of 3.65% for March.  This was following an adjusted 6.42% rate gain for February. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 6.49% annual gain in March, following a 6.53%…

Fieldstone Way is a compact neighborhood of duplexes and carriage houses, that provide attainable housing in affluent Wellesley, Mass. Because of a Massachusetts state law that promotes mixed-income housing projects, this project was able to be built to a greater density than local zoning would allow. Situated on 12 acres of private grounds, less than a mile from Wellesley Square and the commuter rail to Boston, the community’s connection to nature starts with the houses fronting Great Plain Avenue, each…

The Sweet Home (Bungalow) Alabama project took a dreary, dated home, and turned it into a place that was bursting with Southern charm. A front porch with exposed rafter tails and gas lanterns was added to the front of the home along with a new attic dormer to give the roof line some depth. The soffits on the sides of the home were extended to give adequate weather protection to the sides of the home. A new dimensional shingle roof…

The desirability of new homes continues to grow. Faced with the alternative of choosing between an existing home and a newly built home, 61% of home buyers in a recent NAHB study* indicated a new home is their first preference. That marks the highest share of buyers leaning toward a new home since 2007, when…

Mortgage rates have increased on a monthly basis, according to data from Freddie Mac. As of end of April 2024, the 30-year FRM – Commitment rate, increased by 17 basis points (bps) to 6.99 percent from 6.82 percent in March. This was a 35 bps increase from the beginning of the year (6.64 percent), and…