DID YOU KNOW? Existing-home sales ran at a seasonally adjusted annual 5.19 million rate in April, the National Association of Realtors said Tuesday. That was 0.4% lower than March and 4.4% lower than a year ago. The median selling price in April was $267,300, a 3.6% annual increase. First-time buyers made up 32% of transactions in April, while individual investors accounted for 16% of buyers. (Marketwatch)
DID YOU KNOW? Those living in Minnesota have an average score of 713. South Dakota, Vermont, New Hampshire, and Massachusetts round out the top 5 US states with the highest average credit scores for 2018. The lowest score, 652, belonged to those living in Mississippi. Louisiana, Nevada, Georgia, and Texas are all in the bottom of Experian’s ranking as well, with scores of 659 or below. (CNBC)
DID YOU KNOW? Over the past year, 22% of respondents in a survey of 2,200 US adults say the average credit card balance they carried was between $100 - $500, while about 10% of people say they had a balance over $5,000. At close to 18% interest.
DID YOU KNOW? Over 85% of videos on Facebook are watched without sound. Use subtitles and text. Make the visuals SING! (INMAN)
DID YOU KNOW? 25% of American jobs - belonging to about 36 million people - are at risk of being replaced by automation or artificial intelligence over the next 20 years, according to a Brookings Institution report issued in January.
DID YOU KNOW? New York City’s economy grew 3% from January through March 2019, a bit more than the 2.7% jump in gross city product recorded in the first quarter of 2018. (Crain’s)
DID YOU KNOW? Is Madison Avenue retail rebounding? Since January 17 new stores have opened on this corridor that 4 years ago commanded rents up to $1,600/sf. Now, this number is closer to $1,000/sf. There is a growth in wellness, beauty, sustainability, and brands that have prices reaching broader markets. One thing missing from the Avenue that has helped drive retail traffic in other parts? More food. Stores are collaborating with one another. What is the biggest trend worth watching? Several brands are BUYING their buildings or retail spaces. By doing so they remove the risk of future rent escalations beyond their control. (WWD)
DID YOU KNOW? The homeownership rate among households headed by someone under 35 was 35.4% as of the first quarter of 2019, according to the Census Bureau. In 1999 that level was about 40%. WHY?
* The Great Recession caused the Millennial unemployment rate of those aged 20 - 24 to go as high as 17% in 2010. It would have been even higher if more young people hadn’t opted to continue schooling instead of joining the labor force or simply stopped looking for work.
* This delayed entry into the workforce is taking them longer to develop the financial wherewithal to buy a home.
* Many are saddled with higher levels of student debt than previous generations, making mortgage approvals more daunting.
* The tough labor market they faced early in their careers may have delayed other life events that often coincide with the decision to own a home: Millennials have been getting married/having children later.
* The 2017 tax cuts reduced financial incentives for homeownership.
* Banks have become more risk-averse since the crisis, more eager to extend pricey mortgages to wealthier clients than to lend to those seeking smaller home loans, as do many first-time buyers.
* A greater share of millennials live in the central city of a metropolitan area with a population of 500,000+ than did Generation X at the same age...where buying a home is less affordable.
* Fewer urban millennials have decamped to the suburbs in their 30s than previous generations. (WSJ)
DID YOU KNOW? About 85 million families own a pet, up 50% from 1980. Are homes being engineered better to accommodate pets? Are building and neighborhood pet policies/amenities adapting to this? (Inman)
DID YOU KNOW? US News' list of the 10 Best places to live in the USA just came out:
3. Colorado Springs
4. Fayetteville, AR
5. Des Moines
6. Minneapolis-St. Paul
7. San Francisco
DID YOU KNOW? 2 million people fall asleep in a stranger’s home EVERY NIGHT through an Airbnb rental in 81,000 cities/towns and 191 countries. Since 2008, there have been over 400 million guest arrivals. The fastest growing Airbnb demographic? Seniors! 60% of reservations are for an entire home. 54% of users are female and 46% male.
DID YOU KNOW? Canada remains the largest foreign real estate investor in the USA, sinking $20 billion into U.S. real estate last year, followed by Singapore, France, China, and Germany.
DID YOU KNOW? Fort Worth's Crescent Real Estate LLC with Starwood Capital Group and High Street Real Estate Partners has announced plans for a 721-room hotel project next to Nashville's convention center. Starting in the next few months they will build two hotel towers joined by a 4-story lobby and conference center building on 1.3 acres next to Nashville's new $ 625 million 2.1M s.f. Music City Center convention complex. The development will include a 30-story Embassy Suites by Hilton and an 18-story 1 Hotel tower, the new Starwood Capital brand. Nashville draws more than 15 million visitors a year and is one of the country's top hotel markets. (Dallas News)
WELCOME, WELCOME to Alain Pinel Realtors who over the past 30 years have become leaders in the Bay Area, known for their luxury offering and strong culture.
DID YOU KNOW? More than 50% of the executives recently surveyed by KPMG said Silicon Valley will cease to dominate global tech innovation within the next 4 years, as New York, Boston, Beijing, London and other cities continue their evolution into tech innovation powerhouses, citing factors that include an expansion of tech investing in cities and regions outside of San Jose, Palo Alto and Menlo Park, Calif. Their top pick for the next leading source of technology innovation was New York—up from No. 3 in 2018—followed by Beijing, Tokyo and London. Other U.S. cities that ranked in the top 10 were Boston and Austin, Texas. Washington, D.C., placed 13th. 23% named the U.S. as having the biggest global impact on technology, down from 34% in a similar survey last year. (WSJ)
DID YOU KNOW? Speak to any developer or builder and they will let you know how their costs have risen in the past 12 months: American consumers have been saddled with $69 billion in added costs because of the tariffs the U.S. imposed in 2018, including on $250 billion on Chinese imports as well as levies on steel and aluminum, according to a study released by a quartet of economists working on a National Science Foundation grant. (WSJ)
DID YOU KNOW? About 63% of the world’s wealthiest said they grew richer in 2018, thanks in part to stock market gains and global economic growth. These individuals also expect their wealth to increase over the next year. Confidence was highest in the U.S., where 80% of individuals worth $30 million and more expect to be better off over the next year. Over 47,000 people in the USA are worth $30 million plus. (WSJ)
DID YOU KNOW? I have personally never witnessed more creative photography angles than those being used to photograph 220 Central Park South - the uber-tower that houses the USA's most expensive penthouse sale: all are either blocking out - or photo-shopping out - it's next door neighbor that looms several hundred feet taller.....
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