March’s Top 10 Real Estate News
Posted: March 15, 2024America’s Top 10 Real Estate News
Top 10 Amenities Home Buyers Hate
According to luxury-home real estate agents, while fancy add-ons such as home sound systems, big water features, swimming pools and wine cellars seem like attractive things to look for in a home purchase, many buyers don’t want the added expense and trouble.
The Plaza Hotel – As Seen In Truman Capote’s Black and White Ball
Overlooking Central Park, The Plaza Hotel is New York City’s iconic luxury hotel, one of the most famous hotels in the world. In 1966, The Plaza ballroom was the site of Truman Capote’s Black and White Ball – called the “best party ever” by The New York Times. At the top of the hotel are double penthouses, now offered for sale at $70 million.
Barbara Corcoran’s Favorite Home Is a Trailer
One of the most successful sales individuals in the history of US real estate, Barbara Corcoran prefers her mobile home by the ocean to her New York City penthouse. In a recent video, Corcoran explained that she paid $800,000 for her double wide in ritzy Pacific Palisades, California and prefers it to her fancy Manhattan apartment. Corcoran has a net worth over $100 million.
Florida Dominates U-Haul Destinations
According to the U-Haul one-way destinations for their 2023 truck rentals, Florida home destinations Palm Bay and Ocala are the top two choices and Sarasota was #4. Florida took 28% of the top 25 U-Haul move-to cities.
Cash Buyers Are Back
With current high interest rates, all-cash home buyers have surged to their highest levels since 2014. According to the National Association of Home Builders, cash home buyers accounted for 32% of all home sales in January.
Rihanna Splits With Matthew Perry Condo
Less than one year after Rihanna bought Matthew Perry’s former condo in LA’s Century City neighborhood, she is already looking to sell it. Perry purchased his glamorous condo, which covers the entire 40th floor of the building, in 2017 and sold it in 2021 for $21.6 million. Rihanna bought it in 2023 for $21 million, but she never moved in. She is asking $25 million.
Top 10 Overvalued US Home Markets
With a rapid rise in home prices during the covid years followed by a cool down and high interest rates, many US cities have overvalued home prices. According to a study by Florida Atlantic University and Florida International University, Boise, Idaho has a home market overvalued by 79%. Followed by Austin, Texas at 62%; Ogden, Utah at 59% and Las Vegas at 54%.
Hollywood’s Champion Flipper Flips Again
Ellen DeGeneres is Hollywood’s #1 celebrity home flipper leaving her competitors such as Jennifer Aniston, Meg Ryan and Diane Keaton in the leftover construction dust. She just sold a Montecito home for $32 million – about $10 million more than she paid for it a year ago.
Florida Construction Lending Leads Nation
While most US developers are finding it difficult to obtain bank loans to finance construction on their new projects, lending is much easier in Florida. Over $3 billion was recently lent to South Florida developers, including over $400 million for Pompano Beach condo developments. Much of South Florida’s oceanfront condo development has moved to Pompano Beach where land prices are much less than Naples, Miami Beach and Fort Lauderdale.
Elton John Hits Home Jackpot Again
Elton John’s Atlanta condo sold in late 2023 for $7.225 million, which was more than $2 million over his $5 million asking price. He did even better selling his furniture and other items for $8 million.
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