A majority of homeowners are planning to make home improvements in the coming months, a slight uptick from a year ago.
LightStream, the online lending division of financial services company Truist, commissioned a survey of 1,300 homeowners to find out whether home renovations were in their near future. Not only are more homeowners expecting to make improvements than last year, but they are willing to spend more money to do so this year.
More than three-fourths of respondents — 77% — said they plan to make renovations this year, up from 73% in 2019. The average amount homeowners plan to spend on the improvements is $11,473 — up 27% from the $9,006.60 homeowners, on average, expected to spend last year.
The increase in home improvements — and the money spent on them — is being led by millennials, defined by Pew Research as those between the ages of 24 and
South Florida’s booming population is helping one real estate firm to buy, flip and sell residential communities for millions.
In its latest sale, the real estate development and asset management firm BAR Invest Group sold its townhouse community Serramar at 6701 W. Oakland Park Blvd. for $58 million to the New York-based real estate management firm Milbrook Properties on Thursday, according to Herve Barbera, executive vice president of BAR Invest Group. The community totals 307,690 square feet with 302, garden-style units and has a 95% occupancy. The firm bought Serramar for $44 million in 2016.
BAR Invest Group rented each unit at $120 per square foot in 2016 and $158 per square foot after it completed renovations, an increase of over 30%, Barbera said.
“With an increase in population, we are able to increase the rent and people are always looking for a better project to live in. That’s why
LONG BRANCH, NJ — There was never a good time, but it couldn’t have come at a worse time. Ron’s West End Pub recently finished renovations, St. Patrick’s Day approached and they just ordered 500 pounds of corned beef.
But like almost every business in New Jersey, they had to adapt to slow the spread of the novel coronavirus. The pub tried adapting to a takeout-only approach for a few days. But takeout sales reduced by half in each of the four days they tried.
Ron’s closed Friday until further notice.
“By the time Friday came around, we knew it wasn’t going to work for us to stay open and just sell food,” said Suzanne Heinzman, who owns the pub with her husband, Randy. “It’s never where we made money in the past, and financially it didn’t make sense.”
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