Urban Areas Lead in Home Prices; Suburbs Grow Faster

first_img About Author: Scott Morgan Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Home Prices Population Growth Suburbs Urban Area 2014-04-11 Scott Morgan Home / Daily Dose / Urban Areas Lead in Home Prices; Suburbs Grow Faster Tagged with: Demand Home Prices Population Growth Suburbs Urban Area April 11, 2014 783 Views As the housing market inches further toward recovery, a curious dichotomy has arisen between urban and suburban growth. According to Jed Kolko, chief economist at Trulia, while cities are outpacing the suburbs in price gains, the suburbs are leading the way in population growth.According to Kolko, citing Trulia’s joint Price Monitor and Rent Monitor reports, released Wednesday, asking prices for homes in densely populated (i.e., high-rise-rich) and urban settings are still rising as the spring buying market catches its stride. Asking prices typically lead actual sale prices by about two months, meaning today’s asking prices should be a good indicator of what typical sale prices will be as housing enters the summer.Trulia found that month-to-month asking prices nationally in urban markets rose 1.2 percent in March. Quarter-to-quarter, prices rose 2.9 percent in March, reflecting three straight months of solid month-over-month gains. Both calculations were seasonally adjusted.More encouraging is that asking prices are up a full 10 percent since last year, rising in 97 of the 100 largest metros. Only three metro areas—Albany, New York; and Hartford and New Haven, Connecticut, showed a drop in asking prices year-over-year.It’s the suburbs, however, where population is growing most—something Kolko admits can seem rather strange. After all, he says, “locations with stronger demand should have both higher price growth and more population growth.” And there has been greater demand for urban living since the construction bubble burst in 2009 and badly damaged new home construction in suburban areas. The answer, however, lies in the supply.“Suburbs can have faster household growth but smaller price gains because it’s easier to build new housing in suburbs than in dense urban neighborhoods,” Kolko said. “New construction accommodates population growth while taking pressure off rising prices.”It only seems as if cities have the edge in housing recovery, he said, because home prices in high-density high-rise neighborhoods in cities such as New York, Chicago, and San Francisco have risen faster than those for other urban and suburban areas.It also appears to have the lead because construction recovery has been disproportionately urban. In 2013, apartment building construction hit a 15-year high, but single-family home construction is still considerably below normal levels. That means many dense cities where much of the housing stock is comprised of rental apartments have seen a construction boom relative to their local normal level of construction, Kolko said.“Population growth since the housing bust has slowed most in the bottom quartile of counties, which are largely rural areas, not suburbs,” Kolko said. “The suburbs are far from over.” Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing.  Print This Post Servicers Navigate the Post-Pandemic World 2 days agocenter_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: FDIC Urges Institutions to Mitigate Cyber-Related Risk Next: Spring Thaw Expected to Help Minnesota Homeowners The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Urban Areas Lead in Home Prices; Suburbs Grow Faster The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Subscribelast_img read more

Herbert brothers show what they’ve got

first_imgTom and Henry Herbert, the faces of National Craft Bakers’ Week 2012, are challenging UK bakers to “show them what they’ve got”.The Fabulous Baker Brothers from the popular Channel 4 television series are drumming up support for the week on 8-13 October, which is organised by the National Association of Master Bakers (NAMB).Posing on a bike armed with traditional artisan bread, the Herbert brothers are promoting the cause to celebrate the great taste and raise the profile of freshly baked cakes, pastries and breads made by bakers UK-wide.Tom Herbert, a fifth-generation craft baker and former British Baker columnist, said: “National Craft Bakers’ Week is a great opportunity to celebrate the role that the craft baker plays in the centre of the community and in society. The bakery should be at the hub of the community. The bakery is a great place for lively conversation and as a place for people to meet other people, something that probably the supermarket doesn’t fulfil; providing a warm, friendly, fun and tasty place to be; where people can buy the things they need and love, like their daily bread and a few treats too.“National Craft Bakers’ Week is a celebration of all of that – that and the skills and the pride and passion of craft baking, we believe, are things worth celebrating. So come on bakers, let’s show them what we’ve got.”The NAMB will also be celebrating its 125th anniversary this year with a Gala Banquet on 3 November 2012 at The Guildhall, London.Gill Brooks-Lonican, chief executive of the NAMB, said: “Having filmed with Tom and Henry on the last episode of the Fabulous Baker Brothers – and I was told to be miserable, I promise – I am pleased that such talented and genuinely nice brothers have agreed to be the faces of NCBW. They are delighted to support the NAMB and other members in this exciting venture.”Bakers can register to take part in National Craft Bakers’ Week to receive the latest updates on planned events, activities, supplier offers, publicity tips and free POS material. To register, visit www.masterbakers.co.uk.last_img read more

Anita Berrizbeitia appointed chair of GSD’s Department of Landscape Architecture

first_img Read Full Story The Harvard Graduate School of Design (GSD) has appointed Anita Berrizbeitia, M.L.A. ’87, as chair of the Department of Landscape Architecture as of July 1, 2015. Berrizbeitia is currently professor of landscape architecture and director of the Master in Landscape Architecture degree programs at the GSD.Berrizbeitia is a landscape architect specializing in theory and criticism of nineteenth and twentieth-century public landscapes in the United States and Europe. Her research on Latin American cities and landscapes centers on the creative hybridization of local and foreign cultural practices as a response to a centuries-old process of global cultural exchange; the role of large-scale infrastructural projects on territorial organization; and the interface between landscape and emerging urbanization.At the GSD, Berrizbeitia has taught design studios and theory of contemporary practices, investigating innovative approaches to the conceptualization of public space. Editorially, Berrizbeitia has edited and co-authored several award-winning books, and her essays have been published in numerous books and journals. She serves on the editorial board of the Journal of Landscape Architecture and the advisory board of the South America Project, and also has served on major competition juries in Chile, Ecuador, Venezuela, and Madrid.A native of Caracas, Venezuela, Berrizbeitia studied architecture at the Universidad Simon Bolivar before receiving a Bachelor of Arts from Wellesley College in 1980 and a Master in Landscape Architecture from the GSD in 1987. Since then, she has taught in various capacities at the GSD, including as assistant professor of landscape architecture from 1993 to 1998 and as professor of landscape architecture since 2009.last_img read more

Long Island 7-Eleven Stores Raided by Feds

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Nine human smuggling suspects who ran 7-Elevens were rounded up Monday on federal charges.Federal authorities have rounded up Monday nine 7-Eleven store owners, managers and workers on Long Island for allegedly smuggling illegal immigrants from Pakistan using stolen identities and forcing them to turn over their pay.The suspects, who ran 14 of the franchise convenience stores, including several in Virginia that were also raided, have been taken into custody by U.S. Immigration and Custom Enforcement agents in a joint investigation that included New York State and Suffolk County police.“The defendants dispensed wire fraud and identity theft, along with Slurpees and hotdogs,” said Loretta Lynch, U.S. Attorney for the Eastern District of New York, who characterized the bust as one of the largest in federal law enforcement history. She called the scheme a “modern day plantation system.”The suspects used the stolen identities to hide the victims’ immigration status, steal their workers wages and force them to live in illegal boarding houses. The victims were afraid to report the crimes because they were afraid of being deported or arrested, officials said.Prosecutors said the suspects employed more than 50 undocumented workers over the past 13 years, forced them to live in homes owned by the franchisees and required that they pay their rent in cash.The more than 25 identity theft victims range in age from 8 to 78, three dead people and a Coast Guard cadet, authorities said. Federal agents raided up to 30 7-Elevens nationwide as a part of the probe.At the center of the alleged scheme was a Head of the Harbor couple that owns and controls a dozen 7-Elevens on LI and in Virginia and two of their relatives. Two brothers from Great River and Islip Terrace that own and control another two 7-Elevens in Suffolk County were also among those arrested.The suspects will be arraigned Monday at Central Islip federal court on charges of wire fraud, conspiracy and alien harboring. They face up to 20 years in prison if convicted.last_img read more