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Southeast Real Estate Investment Market Report: Nov. 2019

Dear Friends,

Today is an exciting day for us, as we have formally announced that we are combining our business with Trinity Merger Corp., and becoming a public company, listed on the New York Stock Exchange.  As of today, we are now Broadmark Realty Capital Inc.

This change will allow us to lend on a national basis for the first time and will also allow our customers across all our markets to access our full range of loan products, as well as loan amounts of up to $50 million.

While our name and website have changed, I want to personally assure you that our lending operations, including originating, underwriting, and funding loans, will remain substantially the same. Our management team will also remain in place. You’ll receive the same industry-leading service, from the same best-in-class team you’ve grown to rely on in the past.

Full details can be found here or visit our new website.

 

Sincerely,

 

Jeffrey B. Pyatt, CEO

Jordan Siao, EVP, Southeast

Market Activity

Atlanta, GA
Market Overview

Strong fundamentals such as population and household growth, at twice the national average, in addition to overall rent growth outpacing the country, encourage investors to keep Atlanta as a top target for the remainder of the year. The focus has been on taking advantage of the large rent delta between Class A and Class B assets. The rent difference between Class A and Class B properties is currently sitting near $500 per month.

1,543
Homes Sold
$300,000
Avg. Home Price
$1,485
Median Rent
Data Source: U.S Census Bureau - Quarterly
7.2%
Rental Vacancy Rate
2.0%
Homeowner Vacancy Rate
3.1%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
4.5%
Athens-Clarke County, GA
3.5%
Atlanta-Sandy Springs-Roswell, GA
3.5%
Augusta-Richmond County, GA-SC
3.9%
Brunswick, GA
3.6%
Chattanooga, TN-GA
3.4%
Columbus, GA-AL
4.3%
Dalton, GA
4.3%
Gainesville, GA
2.9%
Hinesville, GA
4.3%
Macon-Bibb County, GA
4.1%
Rome, GA
3.9%
Savannah, GA
3.6%
Valdosta, GA
3.8%
Warner Robins, GA
3.7%

Market Activity

Charlotte, NC
Market Overview

Charlotte is one of the fastest growing cities in the country, and more and more companies like Honeywell and Lowe’s are bringing jobs to the region, adding more residents. New construction is not keeping up with the influx of people looking for homes. Housing construction of new homes is down 4% year-over-year. The lower interest rates have also been driving sales. The average 30-year fixed-rate mortgage is 3.57% according to Freddie Mac, down from 4.9% a year ago.

1,370
Homes Sold
$260,000
Avg. Home Price
$1,243
Median Rent
Data Source: U.S Census Bureau - Quarterly
6.7%
Rental Vacancy Rate
1.7%
Homeowner Vacancy Rate
3.5%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
3.5%
Burlington, NC
4.3%
Charlotte-Gastonia, NC-SC
3.9%
Durham-Chapel Hill, NC
3.9%
Fayetteville, NC
5.7%
Goldsboro, NC
4.7%
Greensboro-High Point, NC
4.6%
Greenville, NC
4.9%
Hickory-Lenoir-Morganton, NC
4.2%
Jacksonville, NC
5.1%
Myrtle Beach-Conway, SC-NC
3.7%
New Bern, NC
4.5%
Raleigh, NC
3.8%
Rocky Mount, NC
5.9%
Virginia Beach-Norfolk, VA-NC
3.1%
Wilmington, NC
3.9%
Winston-Salem, NC
4.2%

Market Activity

Orlando, FL
Market Overview

Transaction activity in the first half of 2019 remain on pace to match the volume and velocity recorded last year. Positive outlook on rents and demand have allowed for hopeful underwriting assumptions, which created a solid downward pressure on cap rates. With growing investor confidence, the Orlando market has started to post yields that match those of South Florida.

1,406
Homes Sold
$257,000
Avg. Home Price
$1,436
Median Rent
Data Source: U.S Census Bureau - Quarterly
8.5%
Rental Vacancy Rate
1.7%
Homeowner Vacancy Rate
3.0%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
3.5%
Crestview-Destin, FL
2.8%
Daytona Beach-Ormond Beach, FL
3.7%
Gainesville, FL
3.3%
Homosassa Springs, FL
5.2%
Jacksonville, FL
3.4%
Lakeland-Winter Haven, FL
4.1%
Miami-West Palm Beach, FL
3.5%
Naples-Immokalee-Marco Island, FL
3.8%
North Port-Sarasota-Bradenton, FL
3.5%
Ocala, FL
4.2%
Orlando-Kissimmee-Sanford, FL
3.2%
Palm Bay-Melbourne-Titusville, FL
3.5%
Panama City, FL
3.6%
Pensacola-Ferry Pass-Brent, FL
3.4%
Port St. Lucie, FL
4.1%
Punta Gorda, FL
4.1%
Sebastian-Vero Beach, FL
4.4%
Sebring, FL
5.2%
Tallahassee, FL
3.5%
Tampa-St. Petersburg-Clearwater, FL
3.5%
The Villages, FL
5.2%
Rental vacancy, homeowner vacancy and state unemployment rates are from the U.S Census Bureau. Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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