Real Estate Journal — Pennsylvania — December 14 - 27, 2018 — 13C


M id A tlantic

P ennsylvania

By Tom Bock, Bock Development Group The top three emerging trends for 2019

A s 2018 winds down, it’s time to start looking ahead to the new year.

gathering spaces for personal enjoyment. These residents are also within walking distance to public transportation, grocery stores, dry cleaners, and recre- ational activities. Everything millennials and retirees need and want is within arm’s reach. 2. Rentership remains strong The housing boom in the early 2000s led to an increase in homeownership, peaking in 2004. Fast forward to a little over a decade, and things have taken a dramatic turn. Home- ownership is at an all-time low of just 64.4%. Due to rising home prices, increasing mort-

gage rates and large amounts of student debt, a growing number of renters are no longer interested in owning a home. According to Zillow, more than 36% of all U.S. households rent, not based on preference, but rather necessity. As monthly costs associated with owning a home have increased by 14% over the past year, it is now more cost-effective to rent than to purchase a house. With home prices continuing to increase, renting will remain the pre- ferred option for many potential homeowners. 3. Technology takeover Smart technology will con-

tinue to shape consumer behav- ior, especially as it pertains to home buying. Now more than ever, consumers want high-tech features that offer elements of convenience built right into their homes. Smart homes that incorporate innovative features such as voice-activated automa- tion systems that can control room temperatures or operate entertainment systems and motorized shades that control sunlight are in high demand. A survey conducted by Schlage and Wakefield Research found that 86% of millennials are will- ing to pay up to 20% more in rent for a property with smart

home technology, compared to just 65% of baby boomers. It is just a matter of time before homebuyers and renters come to expect these features in their homes. Barring any unforeseen events, the real estate market will remain strong in 2019. High employment rates and the healthy economy will con- tinue to stimulate the real estate industry and create de- mand across the market. Tom Bock is president, and founder of Bock Devel- opment Group and presi- dent of Ernest Bock & Sons. 

In the past 12 months, the r e s i d e n t i a l r e a l e s t a t e market expe- rienced strong demand , an influx of new construction

Tom Bock

and rising home prices. Given these positive trends, what can we expect in 2019? Take a look at my top three predictions for the new year. 1. Urban real estate at- tracts new residents An urbanization trend has taken root in major cities across the U.S. More suburban resi- dents are trading in their big houses with a backyard and two-car garage, and migrating to cities where they can “have it all” and enjoy service-filled and amenity-packed living right outside their doors. Since 2010, the urban rental inven- tory across major U.S. cities has increased by 32%, while the suburbs recorded a 16% uptick, the first time this has happened in decades. To accommodate this demand, it is estimated that by 2020, annual multifam- ily completions will average 300,000 to 335,000 units. While urban properties at- tract all age cohorts, millennials and retirees are at the forefront. Multifamily properties provide both millennials and retirees with low-maintenance living and a live-work-play environ- ment. Residents in urbanmulti- family properties have access to fitness centers, rooftop terraces with breathtaking views of the city skyline, and private-public Markward Group's Kline handles 2,250 s/f flex space lease A L L E N T O W N , P A — Markward Group an- nounced the recent lease of a 2,250 s/f flex space at 2125 28th St. SW, Allentown. Ann E. Kline , associate broker, vice president of Mark- ward Group represented Arbor Business Center in this lease space to Padilla Brazilian Jiu Jitsu. The owner of Padilla Brazil- ian Jiu Jitsu, Mike Padilla, brings over 16 years of Jiu Jitsu instruction to his stu- dents. The academy will offer self-defense grappling style of Martial Arts. 

AMA Financial, LLC 2018 Deals Closed

Acquisition & CapEx 80% LTV - Fixed 4.69% - 10/30 5 Years IO


Refinance - Rate & Term 75% LTV - Floater L+200 - 10/30 5 Years IO


Acquisition & CapEx 80% LTV - Fixed 4.74% - 10/30 5 Years IO


Acquisition & CapEx 80% LTV - Fixed 4.57% - 10/30 5 Years IO GreggWallace, President AMA Financial, LLC 610-784-0400 x11, gwallace@amafinancial.com www.amafinancial.com


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