Blog > Compass Update 3-5-24
DID YOU KNOW?
* Home Insurance rates are rising....not just in a few US states. The wildfires in Texas and Oklahoma highlight how many areas in the world are seeing a higher occurrence of more extreme weather property damage combined with higher replacement costs.... Aziz Sunderji addresses this topic here.
* The regulations for squatters rights vary from state to state, but all 50 states have them. The major difference in these laws is the timeline for how long an occupant must have resided there before they claim the rights to the property. Professional agents should know their local laws and alert their clients who keep properties unoccupied for extended periods of time how to protect themselves from what can become a costly and lengthy battle.
* A friend of mine has created a new form of vacationing campsite-style experience.....The DOMES AT CATSKILLS.....glamping in the Catskill Mountains, about 90 minutes from Manhattan. Many country homes include 'glamping' moments within their properties.
* Is a Whole Foods Market Daily Shop coming to your hood? These new, smaller Whole Foods will range between 7,000 -14,000sf – a fraction of Whole Foods stores, which average about 40,000sf. The first one comes to the Upper East Side in NYC where 5 leases have already been signed.
“The market is way weighted to a very soft landing. And when you look at the pattern of facts the last three or four years, it’s hard for me to see it’s going to be that simple,” - David Solomon, Goldman Sachs
* Chicago is proceeding with a revamp of empty downtown office buildings initially estimated at $1 billion in an effort to counter a commercial real estate crisis that’s cut office sale prices by more than 50%. Adding new home inventory via conversions is part of the great rebalancing in all things real estate. (Bloomberg)
“When times get tough, when income dwindles and interest rates spike, fashion often shakes off its blinkers and realises that people who spend money tend to want to look like they do.” - Alexander Fury (FT), speaking to a new trend that is the exact opposite of quiet luxury....."mob wife" luxury.
* Annual Ozempic in the US costs about 10 times what it does in Britain, Australia or France. In Denmark - the home country of Ozempic producer Novo Nordisk - the cost of the drug is under $3,500 a year, roughly 25% of the US..... THIN-flation??
* The inventory of houses for sale in Austin and the number of houses that sold both increased significantly in January. In addition, national home price forecasts for 2024 have now been adjusted higher, and suddenly, the housing market is starting to look hotter. According to data provided to Business Insider by Realty Austin, powered by COMPASS, the number of new listings for houses in the Austin-Round Rock area increased by 56% in January compared to December and 5.1% compared to the same period in 2023. In addition, the demand for houses appears to be surging, with sales up 19% compared to the previous month and 4.3% compared to the first month of 2023.
* Post Brothers CEO and co-founder Michael Pestronk highlighted the real estate opportunity brewing in urban areas as some Americans are opting to rent instead of buying a home. The "Forever Renter" is something happening on the higher end for those who could easily afford to buy but choose not to....Shark Tank's Barbara Corcoran recently said your second home should be one that you rent out.....yes, those who are promoting the rent forever narrative are also.....the beneficiaries: landlords! ($8,000/month in rent equates to $5,75 million over 60 years assuming rents never rise.....)