May 04, 2016
What's happening in real estate now?
Check out our top 10 list of hot facts and real estate news stories you need to be tapped into now…
1. Your 2017 Taxes by Presidential Candidate
Property Tax Adjusters, Ltd. on Long Island reveals what your tax might look like next year depending on which candidate makes it into the white house, plus a tax calculator so you can see who you are best off voting for (if you can stomach their other policies). Try it now…
2. U.S. News Reveals America’s Top 20 Most Desirable Metros to Live in Now
New survey data and an accompanying infographic from U.S. News & World Report ranks the most desirable places to live in America. Also worth checking out Forbes’ slideshow on the 10 U.S. Cities Foreigners are Buying in 2016. Florida still rocks, but there is a dramatic shift in the towns you’d think would be popular with Americans. Meanwhile international buyers appear to be comfortable with the sky high prices in the USA’s most famous and fashionable cities.
3. Freddie Mac Forecasts $50B Residential Lending Surge in 2016
According to RIS Media and Freddie Mac low 4% interest rates are to boost residential lending to $1.7 trillion this year. Despite affordability and tight underwriting, and constrained home sales, low rates are expected to fuel more refinance activity in 1-4 units properties.
4. Experian Data Shows Millennials aren’t interested in Bank Loans for Homes
According to a new Experian survey the credit bureau says almost half of would be homebuyers are holding off while they wait to improve their credit scores. Yet, digging deeper the data shows 70% already paying bills on time, 3 out of 4 haven’t gotten pre-approved for a loan, 15% are using credit protection services, and 28% are maintaining low credit card balances. Perhaps it is more a case that they simply don’t want to give those big banks the pleasure of charging them interest and holding their futures ransom. But they do seem to embrace investing.
5. Dubai Leads Future of Real Estate Design with 2 New Projects
Despite taking a good beating of its own in the crisis Dubai is forging ahead with bigger and more magnificent developments than ever. In addition to a Marvel theme park, a new tower which will topple the Burj Khalifa as the world’s tallest building, is slated for completion in 2018. Based on the fabled Hanging Gardens of Babylon, Emaar Properties’ project could become the new ‘eighth wonder of the world’.
6. Millennials Just Say “No” to Urban Micro Living
Of the millennials who are buying real estate it seems they are firmly voting for what they really want with their wallets. That means those media spin masters and ‘smart’ developers piecing together pre-fab micro-lofts to score outrageous profit margins might just have to eat some of their own words. In our last data round up we saw the Wall St. Journal revealing 20% more people choosing the burbs over the inner city. Now the National Association of Realtors has announced that the percentage of millennials choosing to live in the city fell to just 17% in 2015.
7. To Mars & Beyond…
NASA is now recruiting help to design condos for Mars. Applicants may submit their proposals by June 15th, 2016. NASA wants full-size prototypes ready no later than 2018.
8. Sotheby’s Real Estate Team Closes Record Setting Brooklyn Deal
The Dave Ratner Team of Warren Lewis – Sotheby’s International Realty just set a new off market real estate record in Brooklyn. The son of one of NYC’s top landlords reportedly picked up a ripe development property from the team in one of the fastest moving neighborhoods in NY’s now most fashionable borough.
9. Incredible Disparity in Housing Inventory Trends Emerges in Q2 2016
On April 10th FMA Data cracked the lid on housing inventory data showing dramatic differences in trends. While some markets are pushing 24 plus months’ of inventory, others are seeing available listings fall by 24%. Find out which cities are the leanest and most bloated here…
10. Miami Celebrates its Extremes
Miami, Florida is home to both one of the highest densities of billionaires, and simultaneously has one of the highest percentages of residents living in poverty. Celebrating the Magic City’s new magnetism to European buyers luxury fashion brand Fendi is gearing up to offer new condo units ranging up to $25M. Meanwhile The Melody reportedly offers super ‘cheap’ new rentals from $1,600 a month.
Builders keep reaching for the stars. In some markets buyers simply can’t get enough of the most out of this world units, at any price. There are lots of exciting projects and opportunities, but unless real estate pros and firms are arming themselves with amazing detailed, and customized data the disparate trends emerging now are going to create some big surprises.