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Caviar Russe opening first restaurant outside NYC on Brickell

1,000 sf space in lobby of the Four Seasons on Brickell Avenue has 35 seats, including the bar

March 11, 2016 01:30PM
By Ina Cordle

Caviar Russe is launching its first restaurant and bar outside New York City next week at the Four Seasons Hotel Miami, geared to cater to its Latin American clientele and others.

Located inside the Four Seasons’ lobby on Brickell Avenue, the 1,000 square-foot space has been in the works for a year. The site was formerly used as the leasing office for the Four Seasons, and had to be completely gutted and redesigned, Caviar Russe’s managing director Ilya Panchernikov told The Real Deal. He declined to disclose terms of his lease, brokered by RKF’s John Ellis, citing a confidentiality agreement.

Caviar Russe

After investing “hundreds of thousands of dollars” in the remodeling, the boutique space is now adorned in gold and Calacatta marble, with white Italian leather banquettes and chairs and a chandelier inspired by “caviar pearls,” Panchernikov said. Other aspects of the decor are meant to mimic Champagne bubbles. The restaurant has 35 seats, including the bar.

Panchernikov chose Miami for his first expansion site because a majority of his clientele at Caviar Russe in New York are from Latin America — particularly from Brazil, Venezuela and Mexico. Since they often have second homes in Miami, they have always asked him when he plans to open here, he said. His New York-based clients also come to Miami to vacation, as well, and often own condos in the South-of-Fifth neighborhood of Miami Beach and on Brickell, he added.

“The demographic in Miami is here, and I really feel this town is ready for it now,” said Panchernikov, who moved from New York to Miami a year-and-a-half ago to oversee the project.

The restaurant will open next week, serving lunch and dinner Monday through Friday, and dinner only on Saturday. A Sunday brunch is planned for the future, Panchernikov said. Chef David Valencia, who is originally from Colombia, will helm the kitchen.

The menu will include more than 15 varieties of caviar, a raw bar and crudo menu, and such dishes as a foie gras terrine and octopus carpaccio, all adorned with caviar. “Caviar is the star,” Panchernikov said.

Caviar Russe

A full bar — including 20 types of frozen vodka — and extensive list of Champagnes will also be offered. Prices for dishes will range from $45 to $125, with caviar from $145 to $3,000. Champagne by the glass, like Dom Pérignon and Billecart-Salmon, will range from $35 to $95, with bottles from $125 to $2000 or more.

Caviar Russe’s roots are in caviar importing. The New York-based, family-owned company became one of the nation’s largest caviar importers to the U.S. before opening its first restaurant, with 1,200 square feet, on Madison Avenue in New York City in 1997, Panchernikov said.

“We started as importers… and we realized that the public wants this delicacy that is very difficult to get,” he said, referring to the decision to expand into dining spots.

His father founded the business after the family arrived in New York from the Ukraine when Panchernikov was six years old. He said he grew up surrounded by the world of caviar. The family has farms in Germany that provide caviar specifically for them.

Panchernikov’s goal now is to open five to 10 new restaurants in the next five years, in the United States and internationally. “If this goes well,” he said, “we’re thinking of Las Vegas, San Francisco, Los Angeles, Hong Kong and South America.”

Tags: brickell avenue, Caviar Russe, Four Seasons Miami

Let's Talk…Hot News in March from NapleHomeSweetHome!

Check out my New Development Map for all New Construction in Collier County!!! 

Here’s what’s happening with our Real Estate Market in Naples to view the latest Naples market statistics Click here,

I have also placed below our happenings around town check out our Naples Tidbits...

Let's talk about your next move, feel free to e-mail me at Michelle@NaplesHomeSweetHome.comor contact me by calling 239.404.7787.

Talk to you soon,

Michelle

January Activity Shows Stability in the Market

Despite a slight decrease in overall pending and closed sales, other areas of the Naples real estate market continue to be moving into a stable, balanced market between buyers and sellers, according to the Naples Area Board of REALTORS® (NABOR).  The NABOR Market Report for the 12-months ending January 2016, showed that inventory during January 2016 rose 13 percent to 5,091 homes from 4,515 homes in January 2015. Average Days on Market in January 2016 decreased 14 percent to 75 days from 87 days in January 2015…

The January report showed double-digit increases in inventory for all price segments above $300,000. For example, the $500,000 to $1 million price segment experienced the highest increase with a 26 percent increase in inventory to 1,245 homes in January 2016 from 990 homes in January 2015. In the single-family home market this same price category had a 31 percent increase in inventory to 829 homes in January 2016 from 632 homes in January 2015. Yet surprisingly, while inventory in the condominium market also rose in every price category above $300,000, it was the $1 million to $2 million price category that saw the biggest jump with a 39 percent increase to 201 condominiums in January 2016 from 145 condominiums in January 2015…

read the entire article...

Daylight Savings Time Starts March 13th at 2:00 AM

Remember to set your clocks ahead.!

WCI Communities releases 21 Executive Home sites at Raffia Preserve 

WCI Communities has released 21 Executive Home sites at Raffia Preserve, the company's intimate 184-acre community planned for 363 single-family homes in North Naples.

Homebuyers can select from 19 lakeview and two cul-de-sac homesites for their choice of seven Executive Home designs ranging from 2,053 to 3,604 air-conditioned square feet.

One- and two-story Executive Homes offer great room-centered plans with up to four bedrooms, dens and plan-specific second floor lofts and living areas that provide flexibility for families with children, retirees and empty nesters.

Executive Homes start at $374,990. 

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New stores, restaurant coming to Waterside Shops

Q: Any word yet about what's going in the old Coach store and Caché store in Waterside?

A: Many new stores are coming this year to Waterside Shops, said Anne Fleming, general manager of the open-air retail center on Seagate Drive in Naples...

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Dining by Boat in the Naples Area

IWhether it’s a shrimp basket at Coconut Jack’s, gator bites at Stan’s Idle Hour or cutting-edge Continental cuisine at M Waterfront Grille, somehow it all tastes better if you’ve traveled there by boat.

The region offers a bounty of boat-accessible options, ranging from ultra-casual to special-occasion chic. Following is a sampling of the spots available.

The primary thing to remember is that many of these establishments have only a few slips and popular spots fill up quickly — especially on weekends — so call ahead to ensure there’s room and to get precise nautical directions before making the trip. 

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Naples New Construction

Click Here to View the List of New Construction

Dining in Naples

Top 10 Restaurant Reviews

Michelle DeNomme

REALTOR®, GRI, LUXURY COLLECTION SPECIALIST
Michelle@NaplesHomeSweetHome.com
239-404-7787
www.NaplesHomeSweetHome.com

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Options for boat-accessible dining abound in SWFL

BY KAREN FELDMAN

kfeldman@floridaweekly.com

The Boathouse offers a grand view of Naples Bay. COURTESY PHOTO Whether it’s a shrimp basket at Coconut Jack’s, gator bites at Stan’s Idle Hour or cutting-edge Continental cuisine at M Waterfront Grille, somehow it all tastes better if you’ve traveled there by boat.
The region offers a bounty of boat-accessible options, ranging from ultra-casual to special-occasion chic. Following is a sampling of the spots available.
The primary thing to remember is that many of these establishments have only a few slips and popular spots fill up quickly — especially on weekends — so call ahead to ensure there’s room and to get precise nautical directions before making the trip.

Bonita Springs
¦ Big Hickory Seafood Grille and Marina, 26107 Hickory Blvd., Bonita Springs, 992-0991; Channel Marker 60 is the key to finding this reliable old restaurant, where there’s 4 feet of water even at low tide. Belly up to a plate of fish tacos, a grouper sandwich, burgers or full entrees with a Caribbean flair at this rustic but charming spot overlooking Estero Bay.


If you plan to dine at the historic Rod and Gun Club in Everglades City, leave your plastic at home. N 26.358598, W-81.857557
¦ Coconut Jack’s Waterfront Grille, 5370 Bonita Beach Road; 676-7777; Dine inside or out at this festive restaurant that offers casual fare such as ceviche, barbecue pork nachos, coconut shrimp, salads, sandwiches and seafood baskets as well as more substantive dishes such as baby back ribs and lobster tails.
N 26-19.836 W 081-50.495

¦ The Fish House, 4685 Bonita Beach Road; 495-5770; on Bonita’s Back Bay. Casual setting with casual fare that includes smoked fish dip, blackened tuna bites, quesadillas, seafood baskets and grouper tacos.
N 27.50967, W 80.32549

Everglades City
¦ Rod and Gun Club, 200 Riverside Drive (State Road 29), Everglades City; 695-2101; on the Barron River 42 miles from Capri Pass in Marco Island. This historic inn that has hosted the likes of Ernest Hemingway, Gypsy Rose Lee, Sean Connery and Mick Jagger offers dining on a spacious porch or indoors on Florida specialties such as gator (fried or sautéed), smoked fish dip, shrimp, frog legs, seafood as well as sandwiches and entrees for carnivores. Keep in mind that this one is historic, somewhat rustic and accepts cash only.
N 25.8562393, W 81.3883667

Goodland
¦ Stan’s Idle Hour, 221 Goodland Drive West; 394-3041. This popular watering hole is known as much for its entertainment — and its distinctive dance, the buzzard lope — as it is for its food and drink. Get there early on Sundays if you hope to find space to dock. Chow down on wings, gator bites, fried scallops, frog legs, peel and eat shrimp and, of course, a cold beverage.
N 25.9259338, W 81.6485519

Marco Island
¦ The Blue Heron, 387 Capri Blvd., Isles of Capri, 394-6248; Savor a sunset over the water while dining on dishes such as sushi-grade ahi tuna, surf and turf, crab cakes and cioppino.
N 25 59.145, W 081 43 528
¦ The Capri Fish House, 203 Capri Blvd., Isle of Capri; 389-5555; Marker 8 on Little Marco River. Just a few miles from Marco Island, this tropical getaway serves mondo cheeseburgers along with gator nuggets, shrimp, scallops, steaks, Florida lobster and jambalaya.
N 25.9844723, W 81.7271042
¦ Snook Inn, 1215 Bald Eagle Drive, Marco Island; 394-3313; from Naples on Intracoastal Waterway, head around Keewaydin Island to Capri Pass, make a sharp left into Marco River and restaurant is about ¼-mile on right. A popular dining spot for boaters, Snook Inn serves favorites such as crab cakes, grouper, oyster po’boys and will cook your catch as well.
N 26.205111, W 81.7761574


Naples
¦ Bayside Seafood Grill & Bar, Village at Venetian Bay, 4270 Gulf Shore Blvd. N.; 649-5552; with indoor and outdoor seating and lots of seafood, salads, and other American dishes; A few slips are available at Park Shore Marina.
N26 11.911, W 81 48.941
¦ The Boathouse on Naples Bay, 990 Broad Ave. South, Naples; 643-2235; Marker 4. Casual dining with a grand view of Naples Bay at the tip of downtown Naples and a menu with a boatload of seafood, including oysters, mussels and clams, shrimp, seafood gumbo, seafood platters, various surf and turf combos plus burgers, salads and more.
N 26.1341632, W 81.7938539
¦ The Dock at Crayton Cove, 845 12th Ave. S., Naples; 263-9940; at Marker 35 (The City Dock) pass the fueling station and take a hard left. It’s 100 yards ahead. Serves blue crab rolls, nachos, chowder, raw bar, fish tacos, burgers.
N 26.1327544, W 81.7946747
¦ Fish, Village at Venetian Bay, 4360 Gulf Shore Blvd. N.; 263-3474; A stylish restaurant with indoor and outdoor seating and a profusion of fish dishes, including sushi, a raw bar, ceviche, calamari, trout, walleye, scallops, various pasta dishes, a few meat options and an organic veggie plate. There’s limited dock space at adjacent Park Shore Marina.
N 26 11.911, W81 48.941
¦ MiraMare, Village at Venetian Bay, 4236 Gulf Shore Blvd. N.; 430-6273, featuring seafood with Northern Italian flair, including soups, salads, pasta, pizza and well-executed entrees. There are a limited number of slips available at the adjoining Park Shore Marina.
N 26 11.911, W 81 48.941
¦ M Waterfront Grille, Village on Venetian Bay, 4300 Gulf Shore Blvd. North, 263-4421; dock at adjacent Park Shore Marina. The former Maxwell’s features a stylish atmosphere (and tables indoors and outside with bay views) and cutting-edge Continental cuisine, including organic and sustainable items, with a full range of salads, appetizers, beef and seafood.
N 26 11.911, W 81 48.941
¦ Jack’s River Bar and Grill, 475 North Road, Naples 213-1441; Whether you like your oysters and clams steamed or raw, Jack’s will serve them your way, along with homemade chili, crab cakes, black beans and rice and other hearty fare.
N 26.1510216, W 81.782999
¦ Mereday’s Fine Dining, Naples Bay Resort, 1500 5th Avenue S., 732-0784; Choose from a three-, four-or five-course tasting menu or sit at the bar and try just one or two — or go whole hog on a large plate. Whether it’s an heirloom beet salad, seared foie gras, veal sweetbreads, Creole shrimp or any other of the perfectly composed dishes the chef creates, you will dine well.
N 26.155926, W 81.786133
¦ Pinchers Tin City, Tin City 1200 Fifth Ave. South, Naples; 434-6616; enter Gordon Pass and head north past Marker 40 to just before Gordon River Bridge and turn in to Tin City. The menu features seafood, including shrimp, mussels, crabs, scallops, and fish and chips with a few items for carnivores.
N 26.1413536, W 81.7905197
¦ Riverwalk at Tin City, 1200 Fifth Ave. South, 263-2734; see directions above for Pinchers. This casual restaurant with a well-chosen wine list offers lots of seafood, including grouper, fish tacos, seafood gumbo, fish and chips and a raw bar bucket, as well as baby back ribs, jerk chicken and more.
N 26.1413536, W 81.7905197
¦ Tavern on the Bay, 489 Bayfront Place, Naples, 530-2225; This stylish waterfront sports bar has a well-rounded menu that includes pulled pork barbecue, chicken wings, flatbread pizzas, burgers, salads and sandwiches as well as refreshments from super cold beer to exotic mixed drinks.
N 26.1431754, W 81.7890997
¦ T-Michaels Steak and Lobster, Village at Venetian Bay, 4050 Gulf Shore Blvd. N., 261-0622; The former Cloyde’s serves just what the name promises. Enjoy fine dining on steaks and seafood in the main dining room overlooking the water or more casual fare in the lounge. Limited slips available at Park Shore Marina.
N26 11.911, W 81 48.941
¦ The Turtle Club Restaurant, Vanderbilt Beach Resort 9225 Gulf Shore Drive, 592-6557; Tie up and sit down — indoors or right on the beach — for a great view of the sunset over the Gulf of Mexico while dining on seafood chowder, wild mushroom flatbread, salads, locally sourced seafood and steaks.
N 26.2550507, W 81.8233643
¦ The Village Pub, Village at Venetian Bay, 4360 Gulf Shore Blvd. N., 262- 2707; A casual eatery serving soup, salad, sandwiches and entrees with a prime view of Venetian Bay. A limited number of slips are available at the adjacent Park Shore Marina.
N26 11.911, W 81 48.941 ¦

Hot Off the Press...

Aventura Mall, which has been amping up its array of luxury boutiques, is now adding Givenchy and Gucci to the mix. The shops will join the mall’s collection of upscale boutiques that includes Louis Vuitton, Cartier, Tiffany & Co., Fendi, Burberry, Bally and Emilio Pucci. Givenchy is scheduled to open in summer 2016 and Gucci in fall 2016. Both boutiques will be located in Nordstrom Court. The brands will join two recent fashion additions, St. John and 120% Lino, which opened recently on the upper level near Nordstrom, according to a release. “The additions of Givenchy and Gucci will enhance the shopping experience for our local and international visitors,” said Jackie Soffer, co-chairman and CEO of Turnberry Associates, in a statement. Turnberry owns 66.7 percent of the mall; Simon Properties Group owns the remaining 33.3 percent. Turnberry also manages the mall at 19501 Biscayne Boulevard, which is anchored by Nordstrom, Bloomingdale’s and Macy’s and features 300 stores.  In 2014, Turnberry announced it was expanding Aventura Mall. Plans include a new three-level, 315,000-square-foot retail wing and multi-level parking garage. The mall first opened in 1983, then doubled its size in 1997 and in 2007, added Nordstrom and a three-level wing of high-end stores. It has more than 2.7 million square feet of space, making it the third largest shopping mall in the United States, behind Mall of the America in Minnesota and King of Prussia Mall in Pennsylvania. On New Year’s Eve, the owners of Aventura Mall closed on a $213.5 million mortgage from JP Morgan Chase to fund the planned expansion. Construction has begun on the new wing, which is expected to open in late 2017, and will include destination restaurants, more than three dozen retail stores, a new food court with indoor/outdoor seating, and a VIP concierge area. But in late January, Seritage Growth Properties, a publicly traded real estate investment trust that owns Sears’ real estate assets, filed suit against the owners of Aventura Mall, seeking to stop the shopping center’s expansion plans. The suit, filed by Seritage SRC Finance against Aventura Mall Venture, cited an easement and operating agreement dating back to 1982, originally between Sears and the mall — now Seritage and the mall. The mall’s expansion violates terms of the agreement “because it proposes structures and development activities that materially deviate from the terms of the plot plan,” according to the suit. — Ina Cordle Tags: aventura mall, Givenchy, Gucci, turnery associates.

Let’s Talk… Hot Off the Press!

January Activity Shows Stability in the Market

Naples, Fla. (February 19, 2016) - Despite a slight decrease in overall pending and closed sales, other areas of the Naples real estate market continue to be moving into a stable, balanced market between buyers and sellers, according to the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

The NABOR Market Report for the 12-months ending January 2016, showed that inventory during January 2016 rose 13 percent to 5,091 homes from 4,515 homes in January 2015. Average Days on Market in January 2016 decreased 14 percent to 75 days from 87 days in January 2015.

"These two areas of the report tell us that we are seeing a balanced market," said Dominic Pallini, Broker at Vanderbilt Realty. Broker analysts reviewing the January 2016 Market Report agreed that several external factors also may have contributed to this stability in the real estate market including unpredictable activity in the stock market, dramatic decreases in oil prices, a harsh Canadian exchange rate, and the fact that it is a presidential election year.

"Inventory levels are rising because prices are now at a point where sellers can see profits again so they are putting their homes on the market," added Pallini. "The days on the market decreased 14 percent overall, which could be due to price reductions."

The January report showed double-digit increases in inventory for all price segments above $300,000. For example, the $500,000 to $1 million price segment experienced the highest increase with a 26 percent increase in inventory to 1,245 homes in January 2016 from 990 homes in January 2015. In the single-family home market this same price category had a 31 percent increase in inventory to 829 homes in January 2016 from 632 homes in January 2015. Yet surprisingly, while inventory in the condominium market also rose in every price category above $300,000, it was the $1 million to $2 million price category that saw the biggest jump with a 39 percent increase to 201 condominiums in January 2016 from 145 condominiums in January 2015.

According to Phil Wood, President & CEO of John R. Wood Properties, inventory is up by nearly 600 homes since last January, which equates to 6.1 months of inventory, the highest since April 2013. Buyer opportunities improve with the increase in inventory.

"While not evident in the report, REALTORS® in the field are seeing investment properties come back onto the market," said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. "And even though the report showed a 23 percent decrease in overall pending sales for existing homes year over year, it was probably offset by an increase in new home sales."

The NABOR® January 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® January 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

• Overall pending sales decreased 23 percent to 847 in January 2016 from 1,103 in January 2015.

• Pending sales for condominiums in the $1 million to $2 million price category increased 14 percent to 32 condominiums in January 2016 from 28 condominiums in January 2015.

• Pending sales for condominiums in the $2 million and above price category spiked 100 percent to 22 condominiums in January 2016 from 11 condominiums in January 2015.

• Overall closed sales decreased 1 percent to 9,712 homes in the 12-months ending January 2016 from 9,827 homes in the 12-months ending January 2015.

• Closed sales for single-family homes in the Immokalee/Ave Maria area rose 78 percent to 48 single-family homes in the 12-months ending January 2016 from 27 single-family homes in the 12-months ending January 2015.

• Overall median closed price increased 13 percent to $309,000 in the 12-months ending January 2016 from $273,000 in the 12-months ending January 2015.

• Overall median closed price for homes over $300,000 decreased 4 percent to $520,000 in the 12-months ending January 2016 from $540,000 in the 12-months ending January 2015.

• Overall inventory increased 13 percent to 5,091 homes in January 2016 from 4,515 homes in January 2015.

• Average days on market decreased 14 percent to 75 days in January 2016 from 87 days in January 2015.

"One month does not a market make," claimed Pallini. "We won't have a picture of how sales this season will play out until April or May. The only thing we know for certain is that buyers have many more options now than last year. If you are considering selling your home, a REALTOR® with knowledge of the local market can help you understand all the factors that contribute to making sure it is priced right to sell."

Ensure the home you want to buy or sell is priced right by working with me and my team at NaplesHomeSweetHome. As always if you have any questions about our Real Estate Market please give me a call at 239.404.7787 or by e-mail at Michelle@ NaplesHomeSweetHome.com. I look forward to hearing from you!

Enjoy your weekend!

Michelle

View January 2016 Market Statistics

  

Michelle J. DeNomme, REALTOR, GRI

Cellular Phone I  239.404.7787

E-Mail : Michelle@NaplesHomeSweetHome.com

Berkshire Hathaway HomeServices Florida Realty

Office: 239.659.2400

E-Fax Number: 239.236.5550

Website:  www.NaplesHomeSweetHome.com        

Blog Page:   http://michelledenomme.blogspot.com  

Twitter Me: DeNommeRealtor

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.

  

The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.

Let's Talk... Hot off the Press!

Mortgage Rates Move Lower Than Expected

DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 05, 2016 

For the fifth consecutive week, mortgage rates trended down, surprising even forecasters. The 30-year fixed-rate mortgage is now at its lowest average since April 30, 2015.

"Market volatility -- and the associated flight to quality -- continued unabated this week,” says Sean Becketti, Freddie Mac’s chief economist. “The yield on the 10-year Treasury dropped another 15 basis points, and the 30-year mortgage rate fell 7 basis points as well, to 3.72 percent. Both the Treasury yield and the mortgage rate now are in the neighborhood of early-2015 lows. These declines are not what the market anticipated when the Fed raised the Federal funds rate in December. For now, though, sub-4-percent mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance."

This week the market forecasted zero hikes in 2016 for the Fed’s short-term rates, which could keep mortgage rates low. Analysts are now predicting that the closely monitored Fed Futures market has nearly a 60 percent chance of no rate hikes at all this year, marking a “dramatic U-Turn from only a month ago when the market was pricing in a 75 percent probability the Fed would increase rates at least once in 2016,” CNNMoney reports. 

The Fed had risen rates 0.25 in December, its first increase in nearly 10 years. But with stock markets spiraling downward and the fragile global economy, analysts believe this will likely prompt the Fed to pause in raising rates.

"Things have happened in financial markets and in the flow of economic data that may be in the process of altering the outlook for growth," Fed vice chairman Bill Dudley told MarketWatch this week.

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 4:

• 30-year fixed-rate mortgages: averaged 3.72 percent, with an average 0.6 point, dropping from last week’s 3.79 percent average. A year ago, 30-year rates averaged 3.59 percent.
• 15-year fixed-rate mortgages: averaged 3.01 percent, with an average 0.5 point, falling from last week’s 3.07 percent average. Last year at this time, 15-year rates averaged 2.92 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.85 percent, with an average 0.4 point, falling from last week’s 2.90 percent average. A year ago, 5-year ARMs averaged 2.82 percent.

Source: Freddie Mac and “Market Now Predicts ZERO Fed Hikes in 2016,” CNNMoney (Feb. 3, 2016)

Let's Talk Hot Off the Press...

Home Prices Up 6.3 Percent Year over Year in December 2015

RISMEDIA, Thursday, February 04, 2016— Home prices nationwide, including distressed sales, increased year over year by 6.3 percent in December 2015 compared with December 2014, according to the recently released CoreLogic® Home Price Index (HPI™) and HPI Forecast™ data for December 2015. Results also showed that prices increased month over month by 0.8 percent in December 2015 compared with November 2015.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.4 percent on a year-over-year basis from December 2015 to December 2016, and on a month-over-month basis home prices are expected to increase 0.2 percent from December 2015 to January 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Nationally, home prices have been rising at a 5 to 6 percent annual rate for more than a year,” says Dr. Frank Nothaft, chief economist for CoreLogic. “However, local-market growth can vary substantially from that. Some metropolitan areas have had double-digit appreciation, such as Denver and Naples, Florida, while others have had price declines, like New Orleans and Rochester, New York.”

“Higher property valuations appear to be driving up single-family construction as we head into the spring.  Additional housing stock, especially in urban centers on the coasts such as San Francisco, could help to temper home price growth in the longer term,” says Anand Nallathambi, president and CEO of CoreLogic. “In the short and medium term, local markets with strong employment growth are likely to experience a continued rise in home sales and price growth well above the U.S. average.”

For more information, visit www.corelogic.com.