Real Estate

A collection of 65 posts

jeff bezos

Jeff Bezos and fiancée Lauren Sanchez rent Kenny G's home for $600,000 monthly

Per NYP Amazon Jeff Bezos and his fiancée Lauren Sanchez are renting the iconic home of Kenny G for $600,000 monthly. This comes as just part of Bezos' massive real estate portfolio. Kenny G's, an iconic soft-jazz saxophonist, house was in Malibu, where Bezos had

mortgage applications

Mortgage applications were 31% down than the same week a year ago

Per CNBC The application for new mortgages has slowed down even more, as new data shows a 31% decrease from the same week a year ago. During this time, home purchases also dropped by 3%. CNBC explains that this is because of the extended fear that it could take a

Real Estate

Nationwide typical home costs 25% more in monthly mortgage compared to rent

Per Redfin The difference between how much one would spend on a monthly mortgage versus renting was reportedly 25%. It was noted that homeowners would spend this additional on their mortgage while renters would be able to save this difference. This was according to Redfin, which found that despite the

gen z

Almost 3/4 of Gen Z want to buy a home in less than 6 years

Per CNBC A recent report shared how almost three-quarters of Gen Z said that they wanted to buy a home in just one to six years. The survey from Rocket Morgage found that this age group wasn't that worried about the current challenges being faced. The report

Chinese

Chinese citizens working and living in Florida sued the state for a law that would ban them from being able to buy property within the state

Per BBC Florida will impose a law on July 1 that would ban Chinese citizens from purchasing property within the state. Chinese citizens working and living in the state are now filing a lawsuit, arguing that the law wasn't constitutional. Aside from being unconstitutional, the group of Chinese

home prices

US home sales are down despite the steepest price drop in 11 years

Per CNN Usually, when home prices are down, home sales go up. However, this wasn't the case in April as US home sales fell by their steepest annual rate in 11 years, but sales remained low. The National Association of Realtors reported that home prices saw the biggest

canada

Canada's mortgage payments could spike up to 40%

Per Bank of Canada Recently, the Bank of Canada shared its findings regarding the financial situation of the country in its Financial System Review - 2023 report. The bank detailed what fixed-rate and variable-rate mortgages were experiencing. It was reported that for variable payments, these buyers already experienced close

nordstrom

Nordstrom to close 350,000 square feet worth of commitments in San Francisco

Per Biz Journals Nordstrom plans to close down over 350,000 square feet worth of commitments in San Francisco. This comprises 312,000 square feet and 45,496 square feet combined. Specifically, the retail giant plans to close its Westfield San Francisco Centre, which is 312,000 square feet large,

luxury homes

Global luxury home prices turned negative for the first time since the global financial crisis of 2009 and are expected to continue to drop

Per Business Insider The prices for global luxury homes have turned negative for the first time since the global financial crisis. The report stretched 46 leading markets and found an annual drop of 0.4% in the first quarter; this was the first negative since 2009. The study was conducted

ubs

UBS predicts a rise in commercial real estate loan defaults, although not a 2008-like credit crunch crisis

Per BI UBS is predicting an increase in defaults for commercial real estate loans. However, the impact isn't expected to be as bad as the global financial crisis in 2008. UBS Global Wealth Management Chief Investment Officer Americas, Solita Marcelli, wrote a note to clients detailing their view

millennials

The number of millennials planning to rent forever has gone up

Per Bloomberg The number of millennials that aren't looking to buy homes and plan to rent forever has increased. Three years ago, the number was just one in seven, but now, it is nearly one in four. This came from a survey by Apartment List, which showed how

zillow

Zillow posts national median sales price of all homes at $334,269

Per Zillow The Zillow Home Values Index (ZHVI) shared how the average US home value was up by 5.0% over the year, and sat at $334,269. Per a previous article by Market Watch, it was noted by home values fell the most in three housing markets since 2022.

americans

28 million Americans plan to buy homes within 2023

Per Market Watch A report from Market Watch shared the state of Americans when it came to wanting to buy property. The study found that 28 million wanted to purchase a home within the year. The data came from Ned Wallet's annual Home Buyer Report, which tackled how

millennial

Millennial renters need to save 50% more than homeowners to retire

Per Global News A new report trying to find out the retirement readiness of Canadians found that millennials that decide to rent for their whole careers would need to save more than those that own homes. It was found that millennial renters needed to save 50% more than their homeowner

Real Estate

Sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009

Per WSJ The real estate market has taken a massive hit as sales of multi-tenant apartment buildings dropped by 74%. The report shared that this happened as the demand for these buildings declined. The report also shared different reasons why sales of multi-tenant apartment buildings dropped. It highlighted

millennials

Millennials have been taken over by the Baby Boomers as the top homebuyers of 2023

Per the National Association of Realtors Millennials used to make up the largest chunk of homebuyers, but in 2023, Baby Boomers overtook them, resulting in 39% of homebuyers this year. Gen Z buyers also saw an increase, reaching 4%. In 2022, baby boomers only made up 29% of home buyers,

mortgage rates

Americans think mortgage rates could increase past 8% in the next 12 months

Per NY Feds Americans aren't too optimistic about the future of mortgage rates as they expect it to blow past 8% in the next 12 months. This was compared to the 11.5% in February of last year. Regarding real estate for investment or personal use, the New

bank of america

Bank of America clients pulled $451 million from real estate stocks amid commercial property concerns

Per BI Clients of Bank of America have decided to pull almost half a billion from real estate stocks. Due to fears regarding commercial property concerns, clients have pulled $451 million from real estate stocks. Bank strategists led by Jill Carey Hill wrote in a note that this was the

home

Housing unaffordability is causing banks to lose money

Due to the high housing prices, even banks are losing money on every mortgage they finance. On average, every mortgage that banks originated in 2022 costs the banks $301. A recent MBA report shared how the new losses represented a 113% decrease from how much a bank made last year.

mortgage

Monthly mortgage vs. rent sees the largest gap since 2006, the peak of the housing bubble

Per Business Insider The difference between paying mortgage compared to rent has seen its largest gap since 2006, which was around the peak of the housing bubble. This peak eventually led to the Great Financial Crisis, which saw multiple bankruptcies, foreclosures, and banks collapsing. The National Multifamily Housing Council, which

goldman sachs

Goldman Sachs pours $200 million into 3 Greek hotels with plans to buy more

Per BI Goldman Sachs has decided to venture into Greek hotels, already spending $200 million on three with plans to buy more. Per WSJ, unnamed sources told them that the firm made the purchase in October and is planning to start its renovations. Another possible acquisition by Goldman Sachs is

home prices

Median first-time buyer age reached 36 in 2022 from 29 in 1981, per NAR

Per Bloomberg The median age for first-time homebuyers has increased in the span of almost four decades. In 1981, the median age for first-time buyers was 29 but last year, the median homebuyer age reached 36. The National Association of Realtors released records that showed first-time buyers

Real Estate

Cash buyers for homes rose closer to 2013 heights

Per Bloomberg The number of buyers in the US that prefer to pay in cash has increased to higher levels, closer to its 2013 numbers. Per Attom, a real estate data analytics firm, there was a retreat in institutional buyers and more regular buyers trying to avoid mortgage rates by

Real Estate

30-year mortgage rates drop from 6.6% to 6.42% after the second straight week of decline

Per ABC News The 30-year mortgage rates dropped from 6.6% to 6.42% after its second consecutive week of decline. These changes could positively affect homebuyers as the spring buying season is scheduled to start. A year ago, the average rate for 30-year mortgages was at 4.

mortgage

Mortgage loan applications dropped by 6% over the last week, reaching the lowest in almost 30 years

Fewer people are applying for mortgage loans, according to the Mortgage Bankers Association. Almost 6% fewer applications have been filed over the previous week, meaning mortgage demand has reached a 28-year low. Specifically, mortgage loan applications dropped by 5.7% over the previous week since March 2, when the