Real Estate Market Sees Increase in Sales Volume News Commentary

New York, NY – May 3rd, 2017 (PRNewswire) National Association of Realtors (NAR) in a recent report indicated that existing-home sales took off in March to their highest pace in over 10 years. Severe supply shortages resulted in typical homes coming off the market significantly faster than in February and a year ago. Only the West saw a decline in sales activity in March. As for commercial real estate, NAR’s most recent quarterly report indicates that commercial real estate in small cap markets continued on a divergent path with sales volume accelerating during the fourth quarter of 2016. Holiday Island Holdings, Inc. (OTC: HIHI), ACRE Realty Investors Inc. (NYSE: AIII), Walter Investment Management Corp. (NYSE: WAC), Grow Condos Inc. (OTC: GRWC), Hovnanian Enterprises, Inc. (NYSE: HOV).

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Lawrence Yun, NAR Chief Economist, says existing sales roared back in March and were led by hefty gains in the Northeast and Midwest. “The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,” he said. “Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings in March for sales to muster a strong gain. Sales will go up as long as inventory does.”

Holiday Island Holdings, Inc. (OTC: HIHI) is a development stage company operating in the land development sector of the market. Yesterday the company said that it is in negotiations with the largest realtor in the Northwest Arkansas Metro (NWA) to identify and negotiate the acquisition of income producing properties in booming NWA.

NWA is the third fastest growing metro in the U.S. fueled by the global corporate giants headquartered there including Walmart, Tyson Foods, J.B. Hunt Transportation, and the cultural presence of the University of Arkansas and Crystal Bridges Art Center.

Gene Thompson, CEO of Holiday Island Holdings says, “We are pleased to make this announcement as the NWA offers sustainable high growth and returns in one of the most affluent metros in the U.S. This development expands our opportunity to add high yield commercial income producing properties to the Company, and develop residential property revenues with the sale of Holiday Island properties as second homes as the NWA Metro is 30 miles from Holiday Island.”

The Company’s main goals for 2017 are to finalize a multi-million dollar fund raise and become a significant player in local commercial and residential markets at Holiday Island, Arkansas.

ACRE Realty Investors Inc. (NYSE: AIII) is a commercial real estate investment and operating company focused on commercial real estate investments. The company currently owns one remaining legacy property, a tract of land totaling 38 acres, which is held for sale as of December 31, 2016. The sale of the property is expected to close during the second quarter of 2017, subject to an extension option and certain closing conditions.

Walter Investment Management Corp. (NYSE: WAC) is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. On January 4, 2017, the company announced that it has executed a Stock Purchase Agreement (“SPA”) pursuant to which Walter has agreed to sell 100% of the stock of its indirect, wholly-owned subsidiary, GTI Holdings Corp. (“GTIH”), which is the holding company of Walter’s primary licensed insurance agency, Green Tree Insurance Agency, Inc., to a wholly-owned subsidiary of Assurant, Inc. (“Assurant”), for a purchase price of $125.0 million in cash, subject to adjustment as specified in the SPA.

Grow Condos Inc. (OTCQB: GRWC) is a real estate purchaser, developer and manager of specific use industrial properties providing ‘condo’ style turn-key grow facilities to support the cannabis industry. The company owns, leases, sells and manages multi-tenant properties. Recently, the company provided update to investors on the recent acquisition closing of Lake Selmac Resort & RV Park, and the development of its evolving strategy in Lake Selma, Oregon. After completing the acquisition, the company believes that the Smoke on the Water business presents a unique separate business model and being entirely ripe for a ‘roll-up’ acquisition play within the RV and Campground industry.

Hovnanian Enterprises, Inc. (NYSE: HOV) is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The company is one of the nation’s largest builders of active lifestyle communities. On March 8th the leading national homebuilder, reported results for its fiscal first quarter ended January 31, 2017. “Given the liquidity constraints we faced last year, we are pleased with our results for the first quarter of fiscal 2017. From October 15, 2015 through May 15, 2016, we paid off $320 million of maturing debt, which limited our ability to invest in land during fiscal 2016. As we began fiscal 2017, we were in a much improved liquidity position with a beginning cash balance of $340 million. We used $31 million to retire $39 million face value of debt maturing in 2017 and 2019. Furthermore, we spent $190 million on land and land development in the first quarter of fiscal 2017, which was more than we had spent in any quarter last year. As a result, after reporting decreases in owned lots last year, during the first quarter the number of owned lots increased sequentially,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer.

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SURVEY: Nearly 63% of Moms Say Their Adult Children Are Unprepared To Live On Their Own, Over One-Third Unwilling or Unable To Pitch In Financially

This Mother’s Day finds moms anxious about affordable housing for themselves and their families

Washington, D.C. – May 4th, 2017 (PRNewswire-USNewswire) This Mother’s Day, adult children living with their parents might consider moving out as a gift to mom, if they’re financially prepared to do so. According to a new survey of 1000 mothers by The NHP Foundation, a not-for-profit provider of service-enriched affordable housing, many are concerned about the ability of their adult children to live on their own. Nearly a third (29.86%) of the moms queried are anxious about their grown children needing to stay with them for an extended period of time. Here’s a look at what else concerns today’s moms.

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Failure to launch?

Nearly 63% of moms say their adult children are not fully prepared to live on their own.

Only 30% of moms say that their adult children who live with them are actively looking for other places to live, and less than half (41%) say their kids pay rent. On the bright side, 67 % of the adult children help around the house, and 65% of them are employed.

The mom cohort is very aware that their grown children don’t have it easy. Ninety percent are concerned about rising housing costs, with 43% saying they are “very concerned” on their kids’ behalf. And nearly 40% of moms worry at least once a day about their adult children’s ability to afford desirable housing.

Yet, some moms are either unwilling or unable to offer financial help once the kids do move out. Only one-third of moms would co-sign a loan for their children, and even fewer (24%) would help subsidize rent or a mortgage. Nearly 36% say they aren’t prepared to help their adult children financially in any way.

Moms rule the roost

Fifty-two percent of those surveyed make family financial decisions either alone or with “some input” from a partner.

These moms operate as family CFOs, taking a more active role in family finance and investments – not surprising since women make up 47% of the nation’s workforce. “Women wield more and more influence in the management of personal and family finances,” comments NHPF CEO Richard Burns, “Thirty seven percent of married women are now the breadwinners in their families. That statistic alone made it crucial for us to tap into this group and gauge their thoughts about housing for their family.”

Many women live with extended family. Seventeen percent of those with a partner and children also report parents or other relatives living with them, emblematic of the modern “sandwich generation.” Coined by social worker Dorothy Miller in 1981, the term refers to women in their 30s and 40s who were sandwiched between young children and aging parents as the primary caregiver for both. But The NHP Foundation’s Burns has expanded the term’s definition beyond health to other basic needs such as housing, finding that those who fall under this new “sandwich generation” bracket have a new set of housing anxieties.

New administration brings concerns

Nearly 40% of moms in the survey say they have no confidence that the new administration will make affordable housing a priority.

This is coupled with worries about affording rent or mortgage – 56% of those surveyed worry about affording those payments. Nearly 74% are concerned that they or someone they know will find themselves “cost-burdened,” defined as spending more than 30% of one’s income on housing.

Is there a bright side for anxious moms this Mother’s Day?

According to NHPF President and CEO Burns, his organization is looking to the government to continue such successful programs as LIHTC (Low Income Housing Tax Credit), which gives incentives to private equity for the development of affordable housing. Explains Burns, “LIHTC is vital to enabling providers to offer stable, long-term affordable housing options”.

The NHP Foundation is going even further to find solutions to help alleviate family concerns about housing. The organization is looking at new private and public partnerships designed to increase its stock of quality affordable housing. NHPF has also been selected by the University of Virginia School of Public Policy as part of a study seeking new models to help ensure that this and future generations are able to afford desirable places to live.

Other recent research undertaken by NHPF has found that that 75% of Americans worry about losing their housing. The organization determined that 76% of millennials have made compromises in order to find affordable housing and, finally, a third of Baby Boomers report “housing affordability” anxiety at least monthly.

For more information on this research and The NHP Foundation, please visit

About The NHP Foundation

Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c) (3) not-for- profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to nearly 18,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 47 properties, including over 8,000 units, in 15 states and the District of Columbia.

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