5.16.24
Good morning,
I would like to extend a heartfelt post-Mother's Day greeting to all moms, fur moms, and everyone who thought about their mother on Mother's Day. It's a universally meaningful holiday, no matter where we are in life, and I hope yours was reflective and enjoyable. As both a fur mom and a typical mom, I was fortunate this year to walk my dog and spend the day with my daughters—a perfect day, how fortunate am I!
DID YOU KNOW?
- Renters converting to buyers? At Camden Property Trust, a Houston-based owner of 58,000 apartment homes, the share of tenants moving out to buy homes has fallen to 9%, the lowest in the company’s 3-decade history and down from a traditional move-out rate of 15% to 18%. (WSJ)
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Miracles do happen: A group of lawmakers on Capitol Hill have announced the new Bipartisan Congressional Real Estate Caucus, which will address the lack of housing affordability and inventory nationwide. The NAR along with the National Association of Home Builders, Mortgage Bankers Association, American Land Title Association and other groups, lauded the move as a step toward creating more policies that could help to resolve some of the housing market’s most pressing issues.
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Of the 2,000 retirees in a survey 44% said they are comfortable while 15% were struggling. Our world is shifting to new realities: inflation has eroded the buying power of savings as prices have risen well beyond many 'safe' investment returns, people are living longer than anticipated, people are aging at home, and healthcare costs have soared well beyond inflation rates. More evidence is emerging that individuals managing their retirement savings are proving to be mostly unreliable. 44% said they’ve saved enough for retirement; 32% said they don’t have enough saved; and 24% are unsure. A third of workers have less than $50k in savings and investments: 14% of workers have less than $1,000. Those who own their home though own an asset that rises in value with inflation (CNBC)
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New York City's high-net-worth population jumped by 48% over the past decade, home now to 349,500 millionaires, 744 centi-millionaires (liquid investable wealth of $100+ million) and 60 billionaires. The Bay Area has grown at one of the fastest rates in the world, increasing its number of wealthy citizens by a sizable 82% over 10 years, now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires. China has experienced the biggest growth of wealthy residents. (New World Wealth)Home Sweet Home
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Before and After Renovation3587 La Mata Way, Palo Alto, CAThere is so much that goes into prepping a home before we sell it, so I wanted to share how we fixed this one for market. Visit my website link below for more information on this listing and my Instagram for more videos like this!Around the World -
Shanghai’s heritage properties are hardly typical, but all across China, the appeal of so-called second-hand homes appears to be rising in what could herald a seismic shift for a crisis-hit Chinese real estate sector dominated for decades by the trade in new-build homes. Chinese consumers simply don't trust developers anymore. (FT)
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For decades, the rapid inflow of migrants helped countries including Canada, Australia and the UK stave off the demographic drag from aging populations and falling birth rates. In Australia, the inflow of roughly one million people (3.7% of the population) since June 2022 helped plug a chronic shortage of workers in industries such as hospitality, aged care and agriculture. In the UK - an economy near full employment - arrivals from Ukraine, Hong Kong and elsewhere have made up for a lack of workers after Brexit. That’s now breaking down as a surge of arrivals since borders reopened after the pandemic runs headlong into a chronic shortage of homes to accommodate them. (Bloomberg)
Market Trends
COMPASS Catch
Nestled behind an arched gate and bordered by a serene half-mile avenue of trees, this 13.5-acre French Chateau estate boasts unparalleled grandeur. A masterful collaboration between architect John Ike, designer Geoffrey Bradfield, and the unparalleled construction of Horizon Builders, the main house sits on a knoll with unobstructed views of the Potomac River and protected parkland on either side. With over 30,000 square feet of living space spread across multiple levels, including lavish amenities like a clubroom, theater, and wine room, complemented by a guesthouse and staff quarters. The transfer of title of this magnificent, once-in-a-lifetime property doesn’t just extend to its new owner but will have an immeasurable impact far outside its gates; the proceeds from the sale will be donated directly to the research and work of The American Cancer Society. With every luxury for modern living, The Estate at River Run is truly like no other.
6 Bed | 6 Bath | 2 Half Bath | $19,500,000 | Carlo DipasqualeWelcome to 749 Bamboo Drive, located in the prestigious waterfront community of South Florida. This contemporary masterpiece built in 2023 offers a blend of elegance and cutting-edge design across its expansive 7,502 square feet of interior space. This two-story home features six bedrooms and eight bathrooms, providing ample space for residents and guests and offering 132 feet of water frontage.
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