US - Housing 02 (Mar 12 - Jul 20)

Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Tue Jun 07, 2016 7:30 am

A shocking update on Florida’s real estate market

by Dr. Steve Sjuggerud

House prices in Florida have gone up – a lot. But there’s still PLENTY of room to run, as the rate of homebuilding in Florida isn’t even close to where it needs to be.


Source: True Wealth

http://thecrux.com/sjuggerud-why-house- ... n-florida/
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Fri Jun 24, 2016 8:15 am

U.S. Home Prices Are Hitting Peak Bubble Territory

By Harry S. Dent Jr.

Two weeks ago, I wrote about an upcoming New York City condominium listing for $250 million. I mention this because, as I’ve explained before, it’s always the tallest buildings and priciest condos to get hit during major downturns.

Just look at the early 1930s and mid-1970s marking peak bubbles if you don’t believe me!

You’ll understand, then, why I smiled when I saw a Forbes slideshow called “The Little Black Book of Billionaire Secrets,” featuring the most expensive homes in each of the 51 states, including Washington D.C.

North Dakota held the honor of the least expensive home, at just under three million dollars, now that the fracking boom has burst. The most expensive home was not in Manhattan, but in Florida – Palm Beach – at $159 million.

That’s a wide range of values, where the top house is 57.2 times the lowest of the high!

A number of top homes in the $4 million to $11 million range, not surprisingly, were found in the Midwest and Southeast – from Ohio and Indiana to Alabama, Mississippi and Arkansas.

I was surprised that D.C. only came in at $12 million, given the exorbitant cost of homes there and the government bubble in hiring. I thought top lobbyists could afford more!

South Carolina, my home state, came in at a very substantial $24 million, with Virginia a bit higher at $25 million.

Texas has always been a lower-cost state, but it attracts major corporate headquarters and the very affluent due to its zero state income tax and more affordable housing. Its top home came in at $28.5 million.

Arizona is a haven for wealthy Californians and its top home was $32 million, as is Hawaii at $35 million.



See larger image

If we look at the top 10 most expensive states by real estate listing, as you can see in the chart above, it starts with Massachusetts at $35 million, then Washington State at $43 million – likely a software mogul. Next comes Georgia – another city for multinational corporate headquarters like Coca-Cola – with the top home listed for $48 million in an otherwise affordable city, and then New Jersey (no surprise there) at $48.88 million.

Then we get into the heavyweights: Connecticut, perhaps the most beautiful of New York suburbs, is ranked as a big step up in price, at $65 million. Nevada is a bit of a surprise at $69 million – likely carrying an appeal to foreign buyers.

Colorado, not surprisingly, holds some of the most expensive listings at $80 million, which almost have to be in Aspen or Snowmass.

The top three break the ultimate $100 million barrier, starting with New York at $120 million. That is the most expensive condo in Manhattan listed in 2016, after a number have gone for $100 million-plus since 2014. But it has that $250 million listing coming up that will make all others before it look like chump change if it sells. California is not surprising at $150 million, likely in the Hollywood Hills.

But the top spot goes to the zero state income tax Florida and its billionaire haven in Palm Beach… at a cool $159 million.

My bet is that this unprecedented real estate bubble will burst long before that $250 million condo makes it on the listings (if it ever does) at that price.

It’s clearly time to be a seller rather than a buyer, especially in the higher end where prices are going the most nuts!

Source: Economy & Markets
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Sat Jul 02, 2016 6:53 am

Singapore investors in a bind over whether to invest in UK properties

How the pound’s dramatic fall following ‘Brexit’ is, in effect, a double-edged sword

Source: Today Online

http://www.todayonline.com/business/sin ... properties
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Sun Jul 24, 2016 3:13 pm

The summer weekend getaway for New York’s super-rich is cooling off

by Melody Hahm

Fewer people are buying in the Hamptons compared to a year ago.

According to Jonathan Miller, president and CEO of appraisal firm Miller Samuel, sales activity on a year-over-year basis is down 21%.


The Hamptons market is a mirror image of the slowdown in the upper end of the Manhattan market, as well as the global luxury real estate market at large.


After the financial crisis began, the high-end market was the first to recover. That cycle has been played out, and now there’s renewed emphasis on the other aspects of the market besides the high-end market,”


New York’s Hudson Valley and Westchester County and Northwestern Connecticut are the top markets for East Coast summer homes


Palm Beach, Fla., is considered the primary competitor to the Hamptons because of the lengthy commute between NYC and the Hamptons. Instead of spending hours in traffic on the Long Island Expressway, many wealthy New Yorkers would rather hop on a three-hour flight to the Sunshine State instead.


Source: Yahoo Finance

http://finance.yahoo.com/news/hamptons- ... 16576.html
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Fri Jul 29, 2016 8:23 pm

Homebuilders are on the rise... sector fund XHB rallies about 15% in the past month.
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Tue Aug 02, 2016 7:50 am

U.S. mortgage rates hit record low

The national average 30-year fixed home mortgage rate in the U.S. fell to 3.36% Friday, matching the record low first reached in December 2012, according to Bankrate.com.

Would-be home-buyers and homeowners looking to refinance existing mortgages at lower rates have benefited from a drop in U.S. Treasury yields since U.K. voters decided in June to leave the European Union.

A comparable Freddie Mac mortgage gauge watched by the industry is near a record low, at 3.48%.


Source: Bloomberg

http://thecrux.com/u-s-mortgage-rates-f ... on-record/
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Tue Aug 23, 2016 8:57 am

London housing boom to end next year

LONDON: Home values in London will fall for the first time since 2009 next year on economic uncertainty resulting from the UK’s vote to leave the European Union, according to Countrywide Plc.

Price growth for homes in the capital will slow to 3.5% this year and drop by 1.25% in 2017, the country’s largest real estate broker said in a report. Countrywide in December forecast that values would increase by 4% this year and next.

Prices for properties in prime central London will drop as much as 6% this year and be little changed in 2017, the report showed.

“The vote to leave the European Union has unsettled the UK economy,” Countrywide chief economist Fionnuala Earley said by phone. Lower expectations of capital gains were already weighing on London’s housing market, she said, while the luxury-property market was being hurt by increased sales taxes and oversupply. “The Brexit scare has just accelerated all of that,” she said.

London properties are taking longer to sell this month, despite a summer price cut, as uncertainty surrounding how Britain will negotiate its exit compounds the dampening effect of the holiday season. Homes in the UK capital are staying on the market for five days more than in May, the month before Britons voted to leave the EU, property website Rightmove Plc said in a report published on Aug 15.

The lull won’t last, however. Countrywide expects Greater London home values to rise by 2% in 2018 as the economy improves and there is more clarity about how the UK will decouple from the EU, according to Earley.

Average prices for homes across the UK are set to drop 1% next year before returning to growth in 2018, according to the report.

Countrywide forecast that prime central home values will increase by 4% in 2018. By the beginning of that year, the firm expects prices in that market to have fallen by 15% since the market’s peak in 2014.

“There are still severe supply issues which, together with a period of ultra-low interest rates, will act as a support for pricing,” Earley said. “As for prime central properties, after two years of falling prices they will begin to look attractive again.”

Source: Bloomberg

http://www.thestar.com.my/business/busi ... on-brexit/
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Tue Sep 20, 2016 7:53 pm

The US Real Estate Bubble 2.0 Difficult to pop, but still dangerous, according to Reggie Middleton

By Valentin Schmid

The high end has already softened. The Hamptons, much of the Upper East Side, Aspen.

The middle and low end are going to soften as well.

The reason is that supply’s starting to pick up more and more.


Nobody does analysis. It’s like they look at the news, and they buy and sell stocks and options based upon what’s on the news.


Source: Epoch Times

http://www.theepochtimes.com/n3/2157960 ... ydhoAj9w.1
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Tue Nov 08, 2016 8:13 am

Central London house prices fall again in October after Brexit - Knight Frank

LONDON: The price of central London’s most expensive homes fell again in October, continuing a decline which began earlier this year due to increased property taxes and the Brexit vote, a consultancy said on Monday.

In the latest sign that the property market is cooling since Britons voted to leave the European Union, Knight Frank said prices fell by an annual 2.3% last month in London’s most desirable postcodes, the biggest drop in seven years.

A decline of 1.8% in August and 2.1% in September had been the biggest falls since October 2009, when prices fell 3.2% as Britain began recovering from the effects of the financial crisis.

Prime central London stretches from Kensington and Notting Hill in the west to the City of London in the east. The biggest drop was recorded in Chelsea, where prices fell 9.9%.

“Uncertainty generated by the decision to leave the EU has made vendors more realistic on asking prices,” London Residential Research head Tom Bill said.

Stamp duty - paid on purchases of new homes- was increased from April on second homes and buy-to-let purchases, particularly hitting central London where many buyers are foreign investors.

The timing, which brought forward many purchases and resulted in a slump afterwards, makes it difficult to disentangle the effect from the uncertainty created by the run-up to the June 23 referendum and the decision to leave the EU.

Upmarket estate agents Savills said in September that prices in London’s prime locations will fall by 9% this year and not grow again until 2019.

There are also signs that foreign investors are bargaining down prices and using the fall in the value of the pound, which has declined by around 15% against the euro and the dollar since the referendum, as a way to snap up London property with large discounts.

“While sales have been weaker, a combination of lower asking prices and a weaker pound has begun to push demand indicators higher,” said Bill.

Source: Reuters
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Re: US - Housing 02 (Mar 12 - Dec 16)

Postby winston » Wed Nov 09, 2016 7:52 am

Unsold New London Luxury-Home Glut to Reach Record on Oversupply

by Sharon R Smyth

Completed unsold homes more than double since start of 2015
Inner London home starts are still too high, Molior says

Homes being built without a buyer secured will reach 10,829, a 24 percent rise from the end of last year, according to a report by Molior London


The number of completed unsold homes will jump to 779 from 285, the data shows.


“Inner London home starts have been, and still are, too high”


Developers have begun construction on more new homes than they have sold each year since 2012, according to the report, resulting in a glut that could cause prices to fall.


The average asking price for new homes in central London is more than 1,000 pounds ($1,242) a square foot. It will take more than 2.3 years to sell the homes under construction based on the current sales rate


Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... 110816_BIZ
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