Latest news with #condominiums
Yahoo
6 days ago
- Business
- Yahoo
Homes in Franklin County sold for higher prices recently: See how much here
Newly released data from for March shows that potential buyers and sellers in Franklin County saw higher home sale prices than the previous month's median of $259,000. The median home sold for $265,000, an analysis of data from shows. That means March, the most recent month for which figures are available, was up 2.3% from February. Compared to March 2024, the median home sales price was up 4.4% compared to $253,750. sources sales data from real estate deeds, resulting in a few months' delay in the data. The statistics don't include homes currently listed for sale and aren't directly comparable to listings data. Information on your local housing market, along with other useful community data, is available at Here is a breakdown on median sale prices: Looking only at single-family homes, the $263,000 median selling price in Franklin County was down 3.7% in March from $273,000 the month prior. Since March 2024, the sales price of single-family homes was up 2% from a median of $257, single family homes sold for $1 million or more during the month, compared to zero recorded transactions of at least $1 million in March 2024. Condominiums and townhomes increased by 26.8% in sales price during March to a median of $265,000 from $209,000 in February. Compared to March 2024, the sales price of condominiums and townhomes was up 28.5% from $206,300. No condominiums or townhomes sold for $1 million or more during March. In March, the number of recorded sales in Franklin County rose by 25.8% since March 2024 — from 128 to 161. All residential home sales totaled $61 million. Across Pennsylvania, homes sold at a median of $265,000 during March, up 1.9% from $259,998 in February. There were 9,945 recorded sales across the state during March, down 3.3% from 10,287 recorded sales in March 2024. Here's a breakdown for the full state: The total value of recorded residential home sales in Pennsylvania increased by 18.7% from $2.7 billion in February to $3.2 billion this March. Out of all residential home sales in Pennsylvania, 2.33% of homes sold for at least $1 million in March, up from 2.29% in March 2024. Sales prices of single-family homes across Pennsylvania increased by 1.9% from a median of $260,000 in February to $265,000 in March. Since March 2024, the sales price of single-family homes across the state was up 6% from $250,000. Across the state, the sales price of condominiums and townhomes rose 2% from a median of $255,916 in February to $261,000 during March. The median sales price of condominiums and townhomes is up 6.1% from the median of $245,892 in March 2024. The median home sales price used in this report represents the midway point of all the houses or units listed over the given period of time. The median offers a more accurate view of what's happening in a market than the average sales price, which would mean taking the sum of all sales prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high sale. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Waynesboro Record Herald: Homes in Franklin County sold for higher prices recently: See how much here
Yahoo
04-06-2025
- Business
- Yahoo
Landlord converting more than 120 Halifax apartments into condos
Two apartment buildings in Halifax's north end with more than 120 units between them are being converted into condominiums, and the owners say it's because operating the properties as rentals has become financially impracticable. Many tenants of the two four-storey buildings on Mont Blanc Terrace started to hear rumblings about the conversion last fall. Some have already moved out or are making arrangements to leave. Others, like Andrew Macdonald, aren't ready to go. "This puts me into a bit of a conundrum 'cause I don't know what's gonna happen next," said Macdonald in an interview. He said he's been in unstable housing for years, and just prior moving into his current apartment, he was living in his car. The news that he will have to move again is a blow. "Part of me wants to throw my arms up in exasperation and actually get on an airplane and go to someplace like Thailand or the Philippines where I can live off of what savings I've got and maybe teach English," he said. Following Nova Scotia law, the owners of the two buildings have given tenants until the end of September to stake a claim on buying their own unit. Otherwise, they have to move out by Aug. 29, 2026. Macdonald said he's not in a financial position to buy. One of his neighbours, Jon Frost, said he's simply not interested in buying. He doesn't think the units are as valuable as the owners do. Frost accepted a letter from his landlord earlier this month, sent by registered mail, confirming the rumours that began swirling months ago. It explains the rationale for the conversion and what rights the tenants have, including the right to buy. The letter doesn't provide exact prices, but it says listings will "reflect normal market conditions." It says average condo prices in the neighbourhood are $400 to $600 per square foot, putting the buildings' units — which range from about 1,000 to about 1,500 square feet — anywhere from about $400,000 to about $900,000. "We're just going to ride it out and see what happens," Frost said in an interview outside the building he, his wife and son have called home for close to 20 years. He said he isn't worried for his own family, but some of his neighbours are in a panic and he understands why. Rental vacancy improved in Halifax last year — it rose from one per cent to two per cent — but experts say a healthy vacancy rate is in the range of three to five per cent. The market is still tight for renters. However, the owners of the Mont Blanc apartments say the situation isn't favourable for them, either. The buildings are owned by GBRF Properties, whose directors are Peter Polley, the president of development group Polycorp, and Robert Richardson, the executive vice-president of rental giant Killam Apartment REIT. GBRF Properties built the apartments about 20 years ago. According to the notice sent to tenants, the company had intended to keep the buildings and operate them as rentals "forever." But, the letter continues, operating costs have ballooned in the intervening decades, while rent increases — which have been capped since 2020 — have failed to keep pace. CBC News asked Polley and Richardson for interviews. Polley responded with a written statement, which includes the same rationale that's outlined in the letter that tenants received. Heating oil, garbage removal, water, insurance and property taxes have all gotten more expensive, Polley said. He highlighted that rental apartments are not covered by the province's capped assessment program for property taxes. "With rent control in place in Nova Scotia, and with no help to deal with property taxes, there is no way we can pay for the skyrocketing costs of running Mont Blanc," the statement said. The letter to tenants singles out water rates and Halifax Water's proposed increases as a significant concern. Polly said the buildings' mortgages are up for renewal for the first time in 10 years, and current interest rates are higher, adding to the "significant cost pressures" that are motivating the conversion to condos. Converting rental apartments to condos is not without precedent in Nova Scotia, though it is not common. Provincial law dictates that any time a property owner wants to convert rental housing into something else, it has to notify the director of residential tenancies. CBC News asked Service Nova Scotia for details of past conversions, but the department did not share them by deadline. A spokesperson said conversions are "rare" and the last one happened in 2018. Neil Lovitt, a vice-president at real estate consulting firm Turner Drake, said this case might be a sign of a new trend. "I think it may be, perhaps, something that will become more common in the near-term future," Lovitt said. He said other property owners could be feeling the same cost pressures as the owners at Mont Blanc. Some, Lovitt said, are probably also thinking about selling. He noted that parcelling off and selling individual units involves more work than selling a building as a whole, but the condo approach also stands to bring in more profit. "If you're trying to sell a 64-unit building, there's a fairly small number of people that would have the resources and interest of buying that type of property," Lovitt said. "But if you're selling individual units that are much more accessible price-wise … that's a much larger potential pool of buyers, and so supply and demand kicks in." Service Nova Scotia Minister Jill Balser said her department will monitor to see if this case kicks off a trend, or if it remains one among a rare few examples. Provincial law makes room for cabinet to limit or prohibit property owners from converting rental housing into anything else, but the government would have to introduce new regulations to use that power. Balser said that isn't in the works, but isn't off the table. "It is important to make sure that we are watching if any trends are to change," she told reporters after a cabinet meeting Thursday in Halifax. Balser noted that the property owners have been following the rules, informing tenants and the province as required, and that they are entitled to make the conversion as a "business decision." In other Canadian cities — namely Toronto and Vancouver — the condo market has been slowing down, but Lovitt said comparisons can't be drawn between those markets and Halifax. He said there's been significantly less condo construction in Halifax than in larger centres, where condo markets are flooded. GBRF Properties said it plans to start listing condo units for sale in the next couple of months. MORE TOP STORIES
CBC
29-05-2025
- Business
- CBC
Landlord converting more than 120 Halifax apartments into condos
Social Sharing Two apartment buildings in Halifax's north end with more than 120 units between them are being converted into condominiums, and the owners say it's because operating the properties as rentals has become financially impracticable. Many tenants of the two four-storey buildings on Mont Blanc Terrace started to hear rumblings about the conversion last fall. Some have already moved out or are making arrangements to leave. Others, like Andrew Macdonald, aren't ready to go. "This puts me into a bit of a conundrum 'cause I don't know what's gonna happen next," said Macdonald in an interview. He said he's been in unstable housing for years, and just prior moving into his current apartment, he was living in his car. The news that he will have to move again is a blow. "Part of me wants to throw my arms up in exasperation and actually get on an airplane and go to someplace like Thailand or the Philippines where I can live off of what savings I've got and maybe teach English," he said. Following Nova Scotia law, the owners of the two buildings have given tenants until the end of September to stake a claim on buying their own unit. Otherwise, they have to move out by Aug. 29, 2026. Macdonald said he's not in a financial position to buy. One of his neighbours, Jon Frost, said he's simply not interested in buying. He doesn't think the units are as valuable as the owners do. Frost accepted a letter from his landlord earlier this month, sent by registered mail, confirming the rumours that began swirling months ago. It explains the rationale for the conversion and what rights the tenants have, including the right to buy. The letter doesn't provide exact prices, but it says listings will "reflect normal market conditions." It says average condo prices in the neighbourhood are $400 to $600 per square foot, putting the buildings' units — which range from about 1,000 to about 1,500 square feet — anywhere from about $400,000 to about $900,000. "We're just going to ride it out and see what happens," Frost said in an interview outside the building he, his wife and son have called home for close to 20 years. He said he isn't worried for his own family, but some of his neighbours are in a panic and he understands why. Rental vacancy improved in Halifax last year — it rose from one per cent to two per cent — but experts say a healthy vacancy rate is in the range of three to five per cent. The market is still tight for renters. 'There is no way we can pay,' say landlords However, the owners of the Mont Blanc apartments say the situation isn't favourable for them, either. The buildings are owned by GBRF Properties, whose directors are Peter Polley, the president of development group Polycorp, and Robert Richardson, the executive vice-president of rental giant Killam Apartment REIT. GBRF Properties built the apartments about 20 years ago. According to the notice sent to tenants, the company had intended to keep the buildings and operate them as rentals "forever." But, the letter continues, operating costs have ballooned in the intervening decades, while rent increases — which have been capped since 2020 — have failed to keep pace. CBC News asked Polley and Richardson for interviews. Polley responded with a written statement, which includes the same rationale that's outlined in the letter that tenants received. Heating oil, garbage removal, water, insurance and property taxes have all gotten more expensive, Polley said. He highlighted that rental apartments are not covered by the province's capped assessment program for property taxes. "With rent control in place in Nova Scotia, and with no help to deal with property taxes, there is no way we can pay for the skyrocketing costs of running Mont Blanc," the statement said. The letter to tenants singles out water rates and Halifax Water's proposed increases as a significant concern. Polly said the buildings' mortgages are up for renewal for the first time in 10 years, and current interest rates are higher, adding to the "significant cost pressures" that are motivating the conversion to condos. Condo conversions 'rare' but more may be on the horizon Converting rental apartments to condos is not without precedent in Nova Scotia, though it is not common. Provincial law dictates that any time a property owner wants to convert rental housing into something else, it has to notify the director of residential tenancies. CBC News asked Service Nova Scotia for details of past conversions, but the department did not share them by deadline. A spokesperson said conversions are "rare." Neil Lovitt, a vice-president at real estate consulting firm Turner Drake, said this case might be a sign of a new trend. "I think it may be, perhaps, something that will become more common in the near-term future," Lovitt said. He said other property owners could be feeling the same cost pressures as the owners at Mont Blanc. Some, Lovitt said, are probably also thinking about selling. He noted that parcelling off and selling individual units involves more work than selling a building as a whole, but the condo approach also stands to bring in more profit. "If you're trying to sell a 64-unit building, there's a fairly small number of people that would have the resources and interest of buying that type of property," Lovitt said. "But if you're selling individual units that are much more accessible price-wise … that's a much larger potential pool of buyers, and so supply and demand kicks in." In other Canadian cities — namely Toronto and Vancouver — the condo market has been slowing down, but Lovitt said comparisons can't be drawn between those markets and Halifax. He said there's been significantly less condo construction in Halifax than in larger centres, where condo markets are flooded.
NHK
28-05-2025
- Business
- NHK
Japanese govt. to look into condo purchases by foreigners
Japan's land ministry is planning to conduct its first-ever survey on purchases of condominiums by foreign nationals for investment. Some analysts believe that the purchases are behind rising condo prices, particularly in Tokyo. But the Japanese government lacks data to gain a clear picture of the situation. Prices of new units have been soaring in the capital, averaging over 100-million yen, or more than 690 thousand dollars. The land ministry will analyze condo registry information received from the Justice Ministry. Registries do not indicate buyers' nationality. But the land ministry says it will examine the owners' home addresses to determine whether they are foreign nationals. The ministry plans to look into registry information going back several years covering about 110-thousand transactions annually. It will use the information to determine the rate of purchases by non-Japanese citizens and whether the trend is rising or falling. Real estate purchases by people from abroad are legal. But speculation, such as reselling properties after holding them for short periods, can inflate prices if the practice becomes widespread. The risk is that residents may find buying their own homes unaffordable. The ministry plans to use the survey results to study future housing policies.
Forbes
21-05-2025
- Business
- Forbes
Philippine Developers Turn Cautiously Optimistic Amid Metro Manila Condominium Supply Glut
Philippine builders from Ayala Land to the billionaire Sy family's SM Prime are slowing down the construction and marketing of new high-rise housing projects as the real estate industry grapples with an oversupply of middle-income condominiums in Metro Manila. Demand for condominiums ebbed after the government banned offshore gaming operators in the Philippines and the country's economic growth slowed, developers were left with more than 70,000 of unsold units as of end-2024, according to estimates by property consultants Colliers and Leechiu. To move the inventory, developers have introduced creative pricing schemes to make the condominiums more affordable to buyers. The menu of enticements include low down payments, longer payment periods as well as rent-to-own schemes. Companies are also throwing in furniture and free parking space as well as helping buyers lease out their properties to prospective tenants. 'We are highly selective with new launches.' While the promotions have spurred first-quarter take-up to rise 14% from fourth-quarter 2024 per Leechiu's assessment, developers have slowed the introduction of new projects. That should help minimize the oversupply, which Colliers estimates would take the market almost eight years to clear. 'Our outlook for the residential market in 2025 is cautiously optimistic,' Mybelle Aragon-Gobio, president and CEO of Robinsons Land, part of the billionaire Gokongwei family's JG Summit, told Forbes Asia. 'We are highly selective with new launches, focusing on high-demand locations, and we offer more flexible payment terms, to match what the market needs today.' An artist impression of the 285-unit Aurelia Residences, a luxury condominium project being jointly developed by Robinsons Land and Shang Properties, controlled by Malaysian billionaire Robert Kuok and his family. Ayala Land—which offers longer payment terms on some of its high-rise residential projects in Metro Manila—is focusing on horizontal developments, according to CEO Ma. Anna Margarita Dy. The company spent 12.6 billion pesos ($227 million) in the first quarter on horizontal development projects outside of Metro Manila, Dy said. It will start marketing the bulk of its new residential projects in the second half when interest rates are seen to ease, she adds. 'We've just become more cautious based not so much on our inventory levels but on industry wide inventory levels,' Dy said. 'We will focus mostly on horizontal developments.' Ayala Land's sales in Metro Manila fell 15% in the first quarter, while those outside the capital region rose 3%. While demand in the premium residential segment where properties are priced at 12 million pesos ($215,000) to 50 million each increased slightly during the quarter, Colliers noted that sale of units priced between 7 million pesos and 12 million pesos have been softening. Bulk of the oversupply is in this middle-income segment of the market, according to the property consultancy. An artist's impression of The Crestmont, a 49-story residential tower DMCI Homes is building in Querzon City, north of Manila. Meanwhile, demand for ultra luxury apartments priced at 50 million pesos and above remains robust, Colliers added. Ayala Land—the real estate arm of tycoon Jaime Zobel de Ayala's Ayala Corp., the country's oldest conglomerate—is set to launch in the second half a resort-themed luxury tower in Makati, building on the strong demand for Park Villas, a 51-story ultra-high-end residential tower at the heart of the central business district where each floor has a single unit priced at over 500 million pesos ($9 million) each. DMCI Homes—controlled by tycoon Isidro Consunji and his family's DMCI Holdings—is offering buyers a rent-to-own option to make the company's projects more affordable, requiring minimal upfront costs. 'This setup offers a practical solution for those who are keen to secure a home but remain mindful of their financial commitments,' said Alfredo Austria, president of DMCI Homes. Austria said the company's top selling residences are in prime locations, designed for resort living, as well as those offering smaller and more affordable units. 'This may indicate continued strong demand for well-located, value-driven properties that align with shifting buyer preferences,' he said. 'We expect these trends to persist in 2025.' An artist's impression of the Air Residences, a residential skyscraper being built by SM Prime's SM Development Corp. at the heart of the Makati financial district. SM Prime—controlled by the family of late retail tycoon Henry Sy Sr.—is also optimistic demand will pick up in the second half of this year with the central bank expected to further cut interest rates, the company's president Jeffrey Lim said. While SM Prime is pushing forward its 360-hectare reclamation development in Manila Bay, Lim said the company is also building projects outside of Metro Manila where demand remains strong. 'Demand in provincial markets continues to be healthy.' One of the projects SM Prime will start in the second half of this year is a 200-hectare upscale residential estate in Carmona, south of Metro Manila. 'Demand in provincial markets continues to be healthy, particularly in our integrated property developments,' Lim says. SM Prime has built more than 20 mixed-use projects that integrate residential, office and hotel properties around its shopping malls.
