Planning Board approves dorm expansion project at Rivier University
The Planning Board approved a conditional use permit and waivers relative to the construction of Rivier Village 2 at Rivier University.
“With the growth of Rivier University, we’re in an opportune moment to expand our residential housing and we come before you tonight to seek approval for our site plan,” said Sister Paula Marie Buley, president of the university.
Phase one of Rivier Village, completed in January, added two new dormitory buildings on the corner of South Main Street and Oldfield Road along Clement Street each with 37 beds, additional parking, new curbs and sidewalks.
Phase two will include the construction of two additional apartment-style dorms – on a smaller scale than traditional dorms – with 37 beds per building on South Main Street. New curbs and sidewalks would also be put along Clement Street and Oldfield Road and additional parking would be added.
“As always our site goals are to provide increased green and organized walkways,” said project manager Tim Maness. “It’s interesting that in the last 10 years Rivier has become much more of a walking campus and a much more accessible campus because of the additional walkways.”
Board member Scott LeClair voiced concern over the numerous sidewalks on campus, but overall was confident in the project.
“If you have like five or six in a row you actually lose the effectiveness. Is it better to just have three or something? But I’m pretty comfortable with that being worked through engineering and the city, and the University seems to work well with the city, so I’m not concerned about that,” he said. “I think the first phase looks great and kind of improved the area so [I’m] looking forward to it.” — Mya Blanchard, Nashua Ink Link
Multi-million dollar multifamily investment sale in Newmarket
The Boulos Company’s Christian Stallkamp and Katherine Gemmecke brokered a 43-unit portfolio sale of properties to multiple buyers on behalf of Condor Capital, LLC for a total of $8.5 million. Located in the heart of Newmarket, all units at each property were fully leased at the time of sale.
St. Kyrillos, LLC purchased 100 and 100.5 Main Street for $4.6 million. The three-building, multifamily parcel includes the historic Willey House, built c. 1822. The Willey House served as a hotel for more than 120 years and has since been renovated into one-bedroom, two-bedroom, and studio apartments.
St. Kyrillos also purchased 4 Chapel Street for $1.2 million. The 3,656-square-foot building has six units. The buyer was represented by Darlene Colwell-Ellis and Shaylyn Dean of Keller Williams Coastal Realty. Nineteen Exeter Road Realty Trust purchased 19 Exeter Road for $859,000. The 4,182-square-foot building has five, recently renovated rental units. Tom Bonenfant of The Bean Group of Portsmouth represented the buyer. 84-86 Main Street, LLC purchased 86 Main Street for $1.85 million. The 5,951-square-foot property consists of six, recently renovated residential units and one commercial tenant. — Boulos Company press release
Skanska Integrated Solutions selected for Dartmouth’s decarbonization program
Skanska, a global construction and development firm, announced back in June that its program management and consulting group, Skanska Integrated Solutions (SIS), has been selected by Dartmouth College to oversee the design and construction for its Decarbonization Program, a 10-15-year initiative involving 5.5 million square feet of facilities and an evaluation of utility-scale clean energy sources.
“We’re incredibly excited to begin construction for Dartmouth’s Decarbonization Program, which represents an important step forward for the school’s efforts to decarbonize its campus,” said Keith Martin, VP of SIS Operations for Skanska USA Building. “SIS has been at the forefront of sustainable design and construction, and we look forward to helping Dartmouth transform its infrastructure to be more sustainable while still meeting its energy needs.”
The program will include the implementation of new geo-exchange borefields, geo-exchange heat pump plants, new hot and chilled water distribution system, and conversions of all campus buildings from steam to hot water.
SIS has overseen the design and construction of a multitude of Skanska’s most sustainable projects across the country and is playing a crucial role in helping the company reach its goal to achieve net-zero carbon emissions along its entire value chain by 2045, with a 70% reduction in controlled emissions by 2030 globally. — Marino press release
Annual foreign investment in U.S. existing homes sales decreased 21.2% to $42 billion
Foreign buyers purchased $42 billion worth of U.S. existing homes from April 2023 through March 2024, retreating 21.2% from the prior 12-month period, according to a new report from the National Association of Realtors. International buyers purchased 54,300 properties, down 36% from the previous year and the fewest number of homes bought since 2009 when NAR began tracking this data. Overall, U.S. existing-home sales totaled 4.09 million in 2023, down 18.7% from 2022, and the lowest level since 1995.
“The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners,” said NAR Chief Economist Lawrence Yun. “Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.”
NAR’s “2024 International Transactions in U.S. Residential Real Estate” report surveyed members about transactions with international clients who purchased and sold U.S. residential property from April 2023 through March 2024. Foreign buyers who resided in the U.S. as recent immigrants or who were holding visas that allowed them to live in the U.S. purchased $22.6 billion worth of U.S. existing homes, a 3.4% decline from the previous year and representing 54% of the dollar volume of purchases. Foreign buyers who lived abroad purchased $19.4 billion worth of existing homes, down 35% from the 12 months prior and accounting for 46% of the dollar volume. International buyers accounted for 2% of the $2.1 trillion in total U.S. existing-home sales during that period.
“Historically low housing inventory and escalating prices remain significant factors in constraining home sales for American and international buyers alike,” Yun added.
The average ($780,300) and median ($475,000) existing-home sales prices among international buyers were the highest ever recorded by NAR – and 21.9% and 19.8% higher, respectively, than the prior year. The increase in prices for foreign buyers reflected the overall price increase for all U.S. existing homes, which climbed to $392,600. At $1.3 million, Chinese buyers had the highest average purchase price, with 25% purchasing property in California. In total, 18% of international buyers purchased properties worth more than $1 million from April 2023 to March 2024.
Canada led all countries of origin in the share of foreign buyer purchases of U.S. existing homes at 13%, followed by China and Mexico (11% each), and India (10%). China was first in U.S. residential sales dollar volume at $7.5 billion, continuing a trend going back to 2013. Canada ($5.9 billion), India ($4.1 billion), Mexico ($2.8 billion) and Colombia ($0.7 billion) rounded out the top five.
For the 16th consecutive year, Florida remained the top destination for foreign buyers, accounting for 20% of all international purchases. Texas (13%) and California (11%) were second and third, respectively, followed by Arizona (5%), Georgia, New Jersey, New York and North Carolina (4% each).
All-cash sales accounted for half of international buyer transactions compared to 28% of all existing-home buyers. Non-resident foreign buyers (68%) were more likely to make an all-cash purchase than resident foreign buyers (36%). More than two-thirds of Canadian (69%) and Chinese (68%) buyers made all-cash purchases, the highest shares among the top foreign buyer nations.
“Fostering economic investment in culturally dynamic communities, businesses, and industries is a top priority for NAR,” said Alex Escudero, NAR’s director of global strategy. “Our work provides members and their communities with tools, resources and data to identify and highlight international investment opportunities in U.S. real estate. This supports local communities to drive economic development in markets across the country. NAR and the Realtor® brand have developed a network of more than 8,000 international Realtor® members outside of the USA and expanded our global footprint to more than 100 real estate organizations across 78 countries, providing growth opportunities by ensuring ethical and accessible markets that allow our members to make direct connections with global-minded real estate professionals and international investors.”
NAR will host its “Unlocking Global Opportunities” webinar on Wednesday, July 31, at 1 p.m. Eastern, where experts will discuss the findings of this year’s report, and Realtors® will share their personal experiences with international investment and how it has expanded their business. The webinar is open to the public and interested parties can register here.
View the full 2024 International Transactions in U.S. Residential Real Estate report at: nar.realtor/research-and-statistics/research-reports/international-transactions-in-u-s-residential-real-estate. — NAR press release