#Real Estate News & Insights

[dkaufmandevelopment]

Condo Sales Lag Behind Single-Family Homes: A Trend Analysis for Real Estate Developers and Investors

The condominium market is currently experiencing a significant downturn, which may come as a surprise to those who view condos as a more affordable alternative to single-family homes. According to the National Association of Realtors® (NAR), condo sales in July were down 12% nationwide compared to the previous year, while single-family home sales saw a much smaller decline of just 1%¹.

This trend is not confined to Florida, a state known for its abundance of condos. Soaring insurance premiums and new laws that have increased assessment fees are heavily impacting the market. Over the past year, condo sales have dropped 17% in the Midwest, 15% in the South, and 11% in the West, while sales in the Northeast remained flat¹.

NAR Chief Economist Lawrence Yun highlighted the inconsistency within Florida itself, with some areas like Fort Myers seeing an increase in condo sales, while others like Daytona Beach experienced a decline¹. Nationally, the share of active listings that are condos has been climbing since May 2023, reaching 21.2% in July, up from 19.5% a year earlier¹.

Why Are Condo Sales Slumping?

Despite the perception that condos offer a lower barrier to entry, the reality is more complex. In July, the median list price for condos was $392,500, compared to $449,900 for single-family homes¹. However, condos are often located in high-priced urban areas, leading to higher per-square-foot costs. Additionally, rising homeowners association (HOA) fees are discouraging potential buyers. The average monthly HOA fee for condos listed on Realtor.com is currently $650¹.

Patrick Wraight, director at the Insurance Journal's Academy of Insurance, notes that property values and association fees have both risen substantially over the past five years. Many condo buildings, especially those constructed during the late 1970s and early 1980s, are now over 40 years old and require extensive maintenance¹. The tragic collapse of the Champlain Towers South building in Surfside, FL, in 2021, which resulted in 98 deaths, has underscored the risks of deferred maintenance¹.

The Impact of Rising Insurance Costs

Insurance costs are another significant factor. Many property insurers have paid out more in claims than they have collected in premiums in recent years, partly due to climate-related disasters. As a result, insurance companies are writing fewer policies, charging higher premiums, and imposing more stringent underwriting requirements¹.

What This Means for Real Estate Developers and Investors

For real estate developers and investors, these trends present both challenges and opportunities. The increased inventory of condos could lead to more competitive pricing, making it an attractive option for those looking to invest in urban areas. However, the rising costs associated with maintenance and insurance must be carefully considered.

Understanding these market dynamics is crucial for making informed investment decisions. By staying abreast of these trends, developers and investors can better navigate the complexities of the current real estate landscape.

What are your thoughts on these trends? How do you see them impacting your investment strategies? Feel free to share your insights and join the conversation!

¹: National Association of Realtors® data and insights from industry experts.

Additional Sources:

(1) Why Condo Sales Are Lagging Far Behind Single-Family Homes - realtor.com. https://www.realtor.com/news/trends/condo-market-sales-slowdown/.

(2) Housing Statistics and Real Estate Market Trends. https://www.nar.realtor/research-and-statistics/housing-statistics.

(3) How The Condo Market Stalled in 2020, Even as Single-Family Homes .... https://www.zillow.com/research/2020-condo-market-overview-28829/.

(4) Should I Buy A Condo or a House? - Zillow. https://www.zillow.com/learn/should-i-buy-a-condo-or-a-house/.

(5) Condos and Townhouses Are Hot: Where Prices Are Rising the Most. https://www.realtor.com/news/trends/condos-are-back-the-cities-where-theyve-become-the-hottest-thing-in-real-estate/.

[jkdanu]

Inter Miami CF Owner Jorge Mas Sets Local Record With Sale of $13.9M Florida Home http://dlvr.it/T2sQhp #BestRealEstateAgentElkGrove http://dlvr.it/T2sQjD http://dlvr.it/T2sQjK http://dlvr.it/T2sQjQ

[gibbs56900]

Steve Gibbs - Real Estate Agent in Your Area | realtor.com®

Navigating Penticton's Real Estate Landscape: Steve Gibbs' 4 Years of Expertise

In the heart of British Columbia, Canada, lies the picturesque city of Penticton, known for its stunning landscapes, welcoming community, and a real estate market that requires a keen understanding of the local dynamics. Among the many professionals guiding individuals through this market, steve gibbs penticton british columbia stands out as a seasoned real estate agent with four years of invaluable experience.

A Local Guide with Global Vision

Steve Gibbs has made his mark as a trusted real estate agent with an unwavering commitment to his clients' needs. With an in-depth knowledge of Penticton's neighborhoods, market trends, and property values, he brings a unique blend of local expertise and a global vision to every transaction.

Navigating Complexity with Ease

Penticton's real estate market is multifaceted, ranging from lakeside retreats to urban condominiums. Steve Gibbs' four years of experience have equipped him with the ability to navigate this complexity with ease. He has developed a sharp instinct for understanding the nuances of each property and matching them to the specific preferences of his clients. Whether someone is seeking a peaceful countryside escape or a downtown condo with a view, Steve's guidance ensures that the perfect property is always within reach.

Building Relationships, One Sale at a Time

What truly sets Steve apart is his dedication to building lasting relationships. Beyond being a transactional agent, he becomes a trusted advisor throughout the entire buying or selling journey. Steve's commitment to his clients extends beyond the dotted line, fostering connections that often turn into lifelong friendships. His personalized approach, backed by professionalism and integrity, has earned him a reputation as a reliable partner in the real estate process.

Staying Ahead of the Curve

In an industry where trends evolve and market dynamics shift, Steve Gibbs remains at the forefront by staying updated with the latest insights and technologies. His adaptability and willingness to embrace new tools ensure that his clients receive the most relevant and effective strategies for their real estate needs.

With four years of experience as a leading real estate agent in Penticton, Steve Gibbs has undoubtedly made his mark on the local property landscape. His blend of local insights, global perspective, and unwavering commitment to client satisfaction create a winning formula for success. Whether you're a first-time buyer, a seasoned investor, or looking to sell your property, Steve Gibbs' expertise promises a smooth and rewarding real estate journey in the beautiful city of Penticton.

[propertyideas]

Is It Worth It: Adding a Pool | Real Estate News & Insights | realtor.com®

[rentandrelaxus]

Calling All Party Animals! A Michigan Bachelor Pad With 2 Kitchen Urinals Is the Week's Most Popular Home | Real Estate News & Insights

Calling All Party Animals! A Michigan Bachelor Pad With 2 Kitchen Urinals Is the Week’s Most Popular Home | Real Estate News & Insights

If ever there was a perfect bachelor pad, this tiny ranch house in Ferndale, MI, would take the cake. The shocking design grabbed the most views this week. With just 972 square feet of space, the unusually designed home is this week’s most popular listing on Realtor.com®. It features two waterless urinals in the kitchen and a beer tap above a throne-style toilet in the bathroom. There’s also a…

[socalhomesandhouses]

Following a Face-Lift, ‘Little Slice of Hell’ Home Is Now Simply Heavenly

Following a Face-Lift, ‘Little Slice of Hell’ Home Is Now Simply Heavenly

An honest ad for this Colorado home went viral this summer, after it was badly trashed. A savvy investor has renovated it and banished its hellish backstory. The post Following a Face-Lift, ‘Little Slice of Hell’ Home Is Now Simply Heavenly appeared first on Real Estate News & Insights | realtor.com®.

[jkdanu]

Converted 5-Story 'Flour Tower' on the Columbia River Wades Onto the Market for $945K http://dlvr.it/T2pz3W #BestRealEstateAgentElkGrove http://dlvr.it/T2pz3g http://dlvr.it/T2pz3m http://dlvr.it/T2pz3t

[paulsmarj]

How To Pick a Paint Color You Won’t Regret—Inside and Out http://dlvr.it/S0dVCL

[nightmare-afton-cosplay]

David Duchovny Selling Central Park West Apartment for $7.5M

FOX/Getty

No “X-Files” investigation required. The actor David Duchovny has listed his upscale unit on Manhattan’s celebrated Central Park West. It’s available for $7.5 million.

The star of the long-running sci-fi hit purchased the appealing apartment for $6.03 million in 2012. It boasts panoramic park views, a private terrace, and walls of windows.

Located on the 19th floor, the “impeccably maintained home” is accessed by a private elevator landing and opens to a wide gallery entry with a large round mirror, bench, and storage. The dark wood herringbone flooring flows throughout, and leads to a living room that overlooks Central Park. Highlights of the living space include a wood-burning fireplace and built-in bookshelves.

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A terrace off the living area provides some coveted outdoor space overlooking the park.

In addition, the eat-in kitchen includes open shelves, stainless-steel appliances, and cabinet storage. A built-in banquette provides a casual dining nook.

The three-bedroom residence is a corner unit and filled with natural light, which flows into a large den as well as the dining area. The primary suite overlooks Central Park’s Reservoir, and opens to a white, subway-tiled bath and wallpaper in a wave print.

One of the three bedrooms currently holds the “X-Files” star’s exercise equipment and guitar. A bookshelf showcases a painted portrait of the actor.

Artwork fills the walls of the unit, which are painted in a soothing gray-blue.

Other eye-catching details include beamed ceilings, oversized casement windows, and original wood floors.

Built in 1930, the landmark building known as The Ardsley was originally designed and developed by the architect Emery Roth.The full-service, white-glove, residential tower comes with a live-in superintendent, a 24-hour doorman, and concierge. Residents enjoy a state-of-the-art fitness center, children’s playroom, library, storage room, bike room, and laundry room.

With degrees from Princeton and Yale, Duchovny, 60, gained fame as FBI agent Fox Mulder on “The X-Files.” The Golden Globe-winner also appeared in both spinoff movies of the hit sci-fi show.

The best-selling author and star of “Californication” may now be focused on projects on the West Coast. He recently signed with Showtime to develop his recently published novel, “Truly Like Lightning,” into a series for the cable network.

Previously, the New York native and his wife at the time, Téa Leoni, had sold a Malibu retreat in 2008 for $11.5 million to Mel Gibson.

Deborah C. Korb with Sotheby’s International Realty holds the listing.

The post David Duchovny Selling Central Park West Apartment for $7.5M appeared first on Real Estate News & Insights | realtor.com®.

from https://www.realtor.com/news/celebrity-real-estate/david-duchovny-selling-nyc-apartment/

[socalhomesandhouses]

Thousands of Home Appraisals May Contain Racially Biased Language, Federal Regulator Finds

Thousands of Home Appraisals May Contain Racially Biased Language, Federal Regulator Finds

FHFA found home appraisers making references to the neighborhood’s racial demographics in their assessments of a home’s value. The post Thousands of Home Appraisals May Contain Racially Biased Language, Federal Regulator Finds appeared first on Real Estate News & Insights | realtor.com®.

[socalhomesandhouses]

Massive $16.5M Mansion Near Nashville Is Tennessee’s Most Expensive Home

Massive $16.5M Mansion Near Nashville Is Tennessee’s Most Expensive Home

With 100 glittering chandeliers, a dine-in movie theater, and a ballroom, a completely custom mansion in Franklin ranks as Tennessee’s most expensive home. The post Massive $16.5M Mansion Near Nashville Is Tennessee’s Most Expensive Home appeared first on Real Estate News & Insights | realtor.com®.

[socalhomesandhouses]

Rosie O’Donnell Heads West and Buys a $4.6M Modern Farmhouse in L.A.

Rosie O’Donnell Heads West and Buys a $4.6M Modern Farmhouse in L.A.

After selling off most of her East Coast property portfolio, the former talk show host Rosie O’Donnell has picked up a modern farmhouse in L.A. for $4.6 million. The post Rosie O’Donnell Heads West and Buys a $4.6M Modern Farmhouse in L.A. appeared first on Real Estate News & Insights | realtor.com®.

[socalhomesandhouses]

These 10 Under-the-Radar Housing Markets Are Still Affordable—for Now

These 10 Under-the-Radar Housing Markets Are Still Affordable—for Now

The top 10 “hidden gem” real estate markets that are expected to see some of the strongest home price appreciation are all in this part of the country. The post These 10 Under-the-Radar Housing Markets Are Still Affordable—for Now appeared first on Real Estate News & Insights | realtor.com®.

[socalhomesandhouses]

Celebrity Homes 2021: Who Spent the Most and Who Made the Most?

Celebrity Homes 2021: Who Spent the Most and Who Made the Most?

As 2021 comes to a close, we wanted to peek at some of the year’s biggest A-list real estate deals. As it turns out, celebrities were very, very busy. The post Celebrity Homes 2021: Who Spent the Most and Who Made the Most? appeared first on Real Estate News & Insights | realtor.com®.

[socalhomesandhouses]

Interest Rates Are Rising—but the Fed’s Actions Could Make It Easier To Get a Mortgage

Interest Rates Are Rising—but the Fed’s Actions Could Make It Easier To Get a Mortgage

The Federal Reserve is scaling back its stimulus activities at a quicker pace than previously expected given the high rate of inflation. The post Interest Rates Are Rising—but the Fed’s Actions Could Make It Easier To Get a Mortgage appeared first on Real Estate News & Insights | realtor.com®.