Monday, January 25, 2021

New Closed Sale at Ventana del Mar

601 Baltic Circle #601 closed escrow at a sales price of $1,073,000. This is a 2 bedroom, 2 bath first floor condominium measured at 1235 sq ft. It was originally listed for $1,099,000 and sold after 55 days on the market.

Did You Know 1-25-2021

DID YOU KNOW? China overtook the U.S. as the world’s top destination for new foreign direct investment last year, as the Covid-19 pandemic amplifies an eastward shift in the center of gravity of the global economy. New investments by overseas businesses into the U.S., which for decades held the No. 1 spot, fell 49% in 2020, according to the U.N. (WSJ) DID YOU KNOW? Homeowners with delayed mortgage payments has flatlined at about 5.5%, according to the Mortgage Bankers Association, down from a peak of 8.55% in June. Some economists are concerned about the stalling forbearance rate and worry that it could even start climbing if the economy further sheds jobs. Expect further stimulus. (WSJ)

Thursday, January 21, 2021

New Closed Sale at Boardwalk

833 Boardwalk Pl closed escrow at a sales price of $1,400,000. This is a 3 bedroom, 2.5 bath waterfront townhouse measured at 1400 sq ft. It was origainlly listed for $1,325,000

New Sale at Seacrest

107 Livorno Way closed escr0ow at a sales price of $1,400,000. This is a 3 bedroom, 2.5 bath Nnatucket model floor plan measured at 1363 sq ft that was originally listed for $1,350,000.

Did You Know 1-21-2021

DID YOU KNOW? The number of homes available for sale in Portland, Oregon fell to record lows last month, dropping to 0.8 months’ worth in December, the city's lowest inventory on record. Austin is also experiencing similar shortages and extreme multiple bidding has become the new normal. As of October, housing inventory had dropped by 19.8% year-over-year across the USA, according to the NAR, further highlighting the extreme under-construction of homes - especially affordable homes - in the past decade. Rising construction material and labor costs are a growing concern. DID YOU KNOW? Optometry billionaire Herbert Wertheim just paid $23 million for a magnificent 33-acre Rancho Santa Fe estate, the community’s priciest home sale ever and ranks among the most expensive deals ever closed in San Diego County. If you don't know Rancho Santa Fe, you's GORGEOUS! And COMPASS has some of the best agents working in the area too. And the weather is in a word.....divine! DID YOU KNOW? The benchmark S&P 500 index rallied 1.4% to a record close of 3,851.85, finishing 14% higher on Inauguration Day than it was on Election Day. That streak broke a record set by President Hoover in 1928 when the S&P rallied 13.3% during the same interval. (NY POST)

Monday, January 18, 2021

Did You Know? 1-18-2021

DID YOU KNOW? The global value of the real estate industry was rated at $6.9 trillion in 2018 and is expected to reach $8.7 trillion by 2026, with a compound annual growth rate (CAGR) of 2.8% from 2019 to 2026. (Yahoo Finance) DID YOU KNOW? Goldman Sachs expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published yesterday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion. DID YOU KNOW? The Council of Large Public Housing Authorities noted that 11.4 million renters have accrued an average of $6,000 in back rent to date – totaling $70 billion in unpaid rent. (Housingwire) DID YOU KNOW? Goldman also expects a pared-down version of the stimulus plan revealed last week – checking in at an estimated $750 billion to $1.1 trillion – to be passed between mid-February and mid-March. They also expect a second proposal dealing with taxes, infrastructure, and benefit programs to pass around mid-year, 2021.

Friday, January 15, 2021

Did You Know? 1-15-2021

DID YOU KNOW? Lennar Homes is making a big push into single-family rentals, targeting a new set of customers at a time when surging prices threaten to push homeownership out of reach for many. The Miami-based company is laying the groundwork to develop thousands of rental houses, seeking to raise $2 billion for the initiative. DID YOU KNOW? Singapore's residential real estate market is soaring again. This is mostly due to its outstanding, efficient COVID response and effective, swift stimulus. GDP growth is expected to be between 4-6% in 2021. DID YOU KNOW? US residential construction has largely weathered the pandemic thanks to steady demand and low interest rates. Worksites nationwide are humming with good, paying jobs at a time when 1 in 8 workers are receiving unemployment checks yet some construction firms complain of a labor shortage.... U.S. construction employs roughly 5% of the nation’s workforce (7.3 million employees) at some 680,000 firms, according to the Bureau of Labor Statistics (BLS). The industry is essentially its own economy, building hundreds of billions of dollars worth of structures each month. Many parts of the sector are hurting because of the pandemic. But in others, there’s too much work to go around. And acute labor shortages, especially SKILLED labor. (Bloomberg) DID YOU KNOW? After years of reports that he was purchasing agricultural land in places like Florida and Washington, The Land Report revealed that Bill Gates, who has a net worth of nearly $121 billion according to Forbes, has built up a massive farmland portfolio spanning 18 states....and is now the US' largest farmland owner. DID YOU KNOW? Social Security’s trust funds are running low. Based on the most recent projections, just 79% of promised benefits will be payable by 2035. Now there is a discussion about raising the retirement age to 70.... (CNBC) DID YOU KNOW? Federal Reserve Chairman Jerome Powell affirmed his commitment to keeping interest rates low for the foreseeable future even as he expressed hope for a strong economic recovery. (CNBC)

Thursday, January 14, 2021

Did You Know? 1-14-2021

DID YOU KNOW? Germany’s economy contracted by 5% in 2020, according to full-year GDP, slightly less than the 2009 Great recession.  Not bad considering mass lockdowns and raging COVID..... US GDP for 2020 is expected to have contracted a little over 4%..... (FT)

DID YOU KNOW? Over 10 million COVID vaccines have already been administered.....and....Manhattan saw a 94% Jump in apartment leases in December. The vacancy rate was 5.52%, down from November's record high of 6.14%..... compared with just 1.81% for December 2019. (Bloomberg)

DID YOU KNOW? In October 2020, 6.1% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), a small decrease from September 2020, but a 2.4-percentage point increase from October 2019

Wednesday, January 13, 2021

Did You Know? 1-13-2021

DID YOU KNOW? Look out for A+ air quality systems in homes to become a KEY amenity in real estate: Improving ventilation typically involves some combination of letting in more fresh air, upgrading air filtration systems, and installing technologies like UV light to kill those pathogens. For a typical office building, current ASHRAE standards recommend 20 cubic feet of outdoor air per minute (cfm) per person, and experts like Sasse recommend that a room’s air should be replaced three to five times per hour. (Bloomberg)

DID YOU KNOW? In 2020, damage caused by hurricanes, wildfires, and floods totaled $210 billion, according to the reinsurance company Munich Re. The six most expensive natural disasters happened in the U.S. The study highlights the cost of flooding to homeowners, developers, banks, and insurers, many of whom are on the hook when intense rainfall damages their property or properties they insure. According to First Street Foundation, there are about 14 million properties that are at risk of flood damage across the country.

Saturday, January 9, 2021

New Closed Sale at Regatta

 825 Sovereign Way closed escrow at a sales price of $1,600,000. This is a 3 bedroom, 3 bath townhouse measured at 1800 sq. ft. It was originally asking $1,598,000.