Inman Connect New York: Marketing Connect Video Recap

Watch all of Inman Connect New York 2018’s Marketing Connect sessions in one place, and learn from such great discussions as ‘How to Fight Rising Costs of Social Media Advertising’, ‘Niche Marketing: How to Do It Right’ and ‘Camera First Branding Strategies’.

Inman Connect New York: Marketing Connect Video Recap syndicated from Inman

Advertisements

The Monopoly for Millennials Game Removed Real Estate Wheeling and Dealing—Why?

walmart.com

The internet has unleashed its fury against the latest version of a classic board game: Monopoly for Millennials. Hasbro released the game this month exclusively at Walmart for $19.82 (which just happens to be the year that this generation started, of course).

Playing into some pervasive Gen Y stereotypes, players no longer strive to become real estate investors by buying up all of the properties, homes, and hotels on the board. Instead, they vie for “experiences” like a trip to a three-day music festival, a vegan bistro, or couch surfing.

“Forget real estate. You can’t afford it anyway,” reads the game’s tagline on the front of the box. Ouch.

“We created Monopoly for Millennials to provide fans with a lighthearted game that allows millennials to take a break from real life and laugh at the relatable experiences and labels that can sometimes be placed on them,” Hasbro officials said in a statement. “With many of us being millennials ourselves, we understand the seemingly endless struggles and silly generalizations that young millennials can face (and we can’t even!).”

Beyond merely taking some cheap shots at the selfie– and social media–happy generation, are the game makers actually onto something here? Should millennials really forget about homeownership?

Some hard facts: The economy may be booming, but so are home prices—and they’re rising at a much higher pace than wages. And despite the housing market beginning to slow, prices aren’t coming down. That makes it increasingly difficult for younger generations, often laden with student loan debt, to muster up increasingly larger down payments and monthly mortgage bills.

The median home price nationally was $295,000—up 7.3% from last year, according to the most recent realtor.com® data available. And prices are often significantly higher in the big cities and along the coasts.

Plus, mortgage rates have been ratcheting up, rising to 4.94% this month, up nearly a full percentage point from a year ago. That small difference can add nearly $150 a month, or $1,700 a year, to a homeowner’s bill. (This assumes a 20% down payment on a $300,000 home and a 30-year fixed-rate mortgage.)

That’s enough to make any cash-strapped, young buyer’s head—and bank account—hurt. But here’s the thing: Not entering the housing market does have financial repercussions.

Those who aren’t living in their parents’ basement rent-free are paying their landlords instead of putting their hard-earned cash into their own homes, where it could have appreciated over time. That’s equity that can be used to help fund the purchase of a bigger home or even be tapped into if there’s an emergency.

“Do you really want to have a cappuccino every day instead of building wealth in a house?” asks Senior Economist Joseph Kirchner of realtor.com. “Buying a home is the primary way that the middle class builds wealth.”

So should millennials take the message of the board game to heart and forget about becoming homeowners one day?

“It’s not a good thing that first-time home buyers are having difficulties affording their first home,” says Kirchner. “But they should strive for it, because it’s a way to bolster their financial futures.”

The post The Monopoly for Millennials Game Removed Real Estate Wheeling and Dealing—Why? appeared first on Real Estate News & Insights | realtor.com®.

The Monopoly for Millennials Game Removed Real Estate Wheeling and Dealing—Why? syndicated from Real Estate News & Insights | realtor.com®News – Real Estate News & Insights | realtor.com®

Inman Connect New York: Indie Broker Summit Video Recap

Watch all of Inman Connect New York 2018’s Indie Broker Summit Connect sessions in one place, and learn from such great discussions as ‘Boom! Did You Miss the New Tax Loophole for Broker/Owners?’, ‘The Empowered Agent: How the Broker’s Role is Changing’, ‘Redfin Just Got Real – What You Need to Know’ and ‘Why You’ve Got it Wrong About Compass’.

Inman Connect New York: Indie Broker Summit Video Recap syndicated from Inman

Are Bargain Bin Listings Really A Good Deal?

Photocredit: GettyGetty

</div> </div> <p>Since a home is one of the biggest purchases you’ll ever make, it’s only natural to want to try and score a deal. With that in mind, Trulia decided to do some digging. In their new <a href="https://www.trulia.com/research/bargain-bin-listings/&quot; target="_blank" rel="nofollow noopener noreferrer" data-ga-track="ExternalLink:https://www.trulia.com/research/bargain-bin-listings/">market trends report</a>, they took a look at&nbsp;the 100 largest metros in the US to see if properties that were&nbsp;marketed as a bargain actually led to savings. Here’s what they found:</p> <p><strong>Which cities had the best bargains?</strong></p> <p>Unfortunately for buyers looking to save big, the study found that only a small percentage of listings were even advertised as being a bargain. The top three cities for bargains advertised were&nbsp;<span>Camden, NJ, Bridgeport, CT, and Lake County, IL. Respectively, these cities listed just 7.1 %, 6.7%, and 6.1% of their total listings from the last 12 months as a &quot;bargain&quot;, or similar.</span></p> <p>However, just because a good portion of their homes were listed as good deals, doesn’t mean that was actually reflected in the list price. When it came time to sort out which metro areas listed their bargain homes the furthest below market value, San Jose, CA, San Fransisco, CA, and Camden, NJ ranked highest. On average their homes were listed at a 9.5%, 10.5%, and 21.1% discount, respectively.</p> <p> </p> <p><strong>Did the bargains really bring savings?</strong></p> <p>As to why&nbsp;most bargains didn’t turn out as advertised, the&nbsp;report found a trend of so-called &quot;bargain&quot; homes being marketed at higher sale price than the market value. In&nbsp;<span>Cape Coral, FL, for instance, which ranked fourth for the most advertised bargain properties, those listings were&nbsp;actually priced 3.1 percent&nbsp;<em>higher</em>&nbsp;on average than the home’s value. This trend followed in 35 of the 100 housing markets surveyed.</span></p> <p>However, even when the homes were actually marketed at a bargain price, that wasn’t necessarily a guarantee that the buyer would make out in&nbsp;the end. Two of the top markets for good deals – San Jose, CA and San Fransisco, CA – are also areas where homes tend to be sold above asking price. In fact, in the last year, three out of four homes in the Bay Area closed above asking price.</p>

<p><strong>How to get a good deal on a home&nbsp;</strong></p> <p>Since it looks like bargain listings may not be such a bargain after all, the question becomes how&nbsp;<em>can&nbsp;</em>you get a good deal on a home. To that end, we’ve put together a list of tips that will help you come away from the settlement table with the best deal possible:</p> <ul> <li><strong>Wait for a buyer’s market:</strong> We’re in a seller’s market right now. Inventory is low and there are more people looking to buy than their are available listings. This means that houses tend to move quickly and often go for at or above their asking price. But, the tides are turning. In a buyer’s market, inventory tends to sit longer and sellers tend to be more amenable to negotiation in an effort to close a deal.</li> <li><strong>Work on your credit score:&nbsp;</strong>It’s no secret that the buyers with the best credit scores get the best mortgage interest rates – and interest can have a huge impact on how much you ultimately end up paying for your home. Before you set out to buy, work to get your credit score in tip-top shape by making your payments on time every month and paying as far above the minimum payment as possible.</li> <li><strong>Shop around for the best mortgage:&nbsp;</strong>Did you know that shopping around for a mortgage with different lenders won’t negatively impact your credit score? The FICO model allows consumers to shop around for the best rates by counting all inquiries made within the same 30-day period as one. Don’t be afraid to visit multiple lenders in a search for the best rates possible.</li> <li><strong>Consider a fixer-upper:&nbsp;</strong>Condition is one of the biggest factors in pricing a home. If you want to score a deal, consider a home that needs a bit more TLC. Just be careful to include the cost of repairs in your overall budget.</li> </ul>”>

Since a home is one of the biggest purchases you’ll ever make, it’s only natural to want to try and score a deal. With that in mind, Trulia decided to do some digging. In their new market trends report, they took a look at the 100 largest metros in the US to see if properties that were marketed as a bargain actually led to savings. Here’s what they found:

Which cities had the best bargains?

Unfortunately for buyers looking to save big, the study found that only a small percentage of listings were even advertised as being a bargain. The top three cities for bargains advertised were Camden, NJ, Bridgeport, CT, and Lake County, IL. Respectively, these cities listed just 7.1 %, 6.7%, and 6.1% of their total listings from the last 12 months as a “bargain”, or similar.

However, just because a good portion of their homes were listed as good deals, doesn’t mean that was actually reflected in the list price. When it came time to sort out which metro areas listed their bargain homes the furthest below market value, San Jose, CA, San Fransisco, CA, and Camden, NJ ranked highest. On average their homes were listed at a 9.5%, 10.5%, and 21.1% discount, respectively.

Did the bargains really bring savings?

As to why most bargains didn’t turn out as advertised, the report found a trend of so-called “bargain” homes being marketed at higher sale price than the market value. In Cape Coral, FL, for instance, which ranked fourth for the most advertised bargain properties, those listings were actually priced 3.1 percent higher on average than the home’s value. This trend followed in 35 of the 100 housing markets surveyed.

However, even when the homes were actually marketed at a bargain price, that wasn’t necessarily a guarantee that the buyer would make out in the end. Two of the top markets for good deals – San Jose, CA and San Fransisco, CA – are also areas where homes tend to be sold above asking price. In fact, in the last year, three out of four homes in the Bay Area closed above asking price.

How to get a good deal on a home 

Since it looks like bargain listings may not be such a bargain after all, the question becomes how can you get a good deal on a home. To that end, we’ve put together a list of tips that will help you come away from the settlement table with the best deal possible:

  • Wait for a buyer’s market: We’re in a seller’s market right now. Inventory is low and there are more people looking to buy than their are available listings. This means that houses tend to move quickly and often go for at or above their asking price. But, the tides are turning. In a buyer’s market, inventory tends to sit longer and sellers tend to be more amenable to negotiation in an effort to close a deal.
  • Work on your credit score: It’s no secret that the buyers with the best credit scores get the best mortgage interest rates – and interest can have a huge impact on how much you ultimately end up paying for your home. Before you set out to buy, work to get your credit score in tip-top shape by making your payments on time every month and paying as far above the minimum payment as possible.
  • Shop around for the best mortgage: Did you know that shopping around for a mortgage with different lenders won’t negatively impact your credit score? The FICO model allows consumers to shop around for the best rates by counting all inquiries made within the same 30-day period as one. Don’t be afraid to visit multiple lenders in a search for the best rates possible.
  • Consider a fixer-upper: Condition is one of the biggest factors in pricing a home. If you want to score a deal, consider a home that needs a bit more TLC. Just be careful to include the cost of repairs in your overall budget.

Are Bargain Bin Listings Really A Good Deal? syndicated from Forbes – Real Estate

Houston Home Sales, Especially High-End, Hit Another Record In October

Among housing segments in Houston, high-end home sales rose the most last month, 12%, a report by Houston Area Realtors shows.Photo courtesy of John Daugherty, Realtors/TK Images

</div> </div> <p>The volume and pricing of home sales in Houston each hit another record in October, Houston Area Realtors’ monthly summary report shows. And the year-to-date sales of single-family homes is 5.3% ahead of 2017’s record volume.</p> <p>Overall sales of single-family home sales increased 4.7% in October, reflecting 6,716 properties changing hands, compared to 6,417 a year earlier. October’s total dollar volume increased 9.3% to $2.3 billion.</p> <p>In pricing, the median rose to $234,653, up 3.6%, and the average price increased 3.5% to $294,500. Both represent the highest prices ever for an October.</p> <p>The strongest performing housing segment was the luxury market. HAR found the sale of homes priced at $750,000 and above jumped 12%.</p> <p> </p> <p>Among the contributing factors in that market segment were rising interest rates on mortgages, the return of properties refurbished following Hurricane Harvey’s trouncing of inventory at just about all price points and sub-markets, improving employment levels, and even the mid-term elections, observed Cheri Fama, president and COO at John Daugherty, Realtors. In addition, when conditions are good, there’s generally a rise in sales leading into the end of the year. &quot;November has started out robust,&quot; she added.</p> <p>Even in Houston, where there is typically more house for the money, Fama said, an increase in mortgage rate racks up noticeable impact at the higher end of the market, which likely prompted luxury buyers on the fence to take action. In October, buyers found more inventory available in top-end neighborhoods as homes damaged in the 2017 hurricane popped up as restored and ready (finally). These neighborhoods’ activity had been &quot;a little stymied by Harvey,&quot; she said, noting how that mega-storm was the first ever to have hit many of them.</p>

<p>HAR noted another sweet spot housing segment with a double-digit increase: the $250,000 to $499,999 market, up 11.6%. Homes priced at $150,000 and below was the only segment not to experience a gain.</p> <p>Meanwhile, inventory grew slightly from a 3.7-month supply to 3.9 months, and it took slightly less time to sell properties, whittling Days on Market (DOM) to 57 from 61.</p> <p>Sales of all property types (including condos and townhomes) totaled 8,127, up 6% percent over the same month last year.</p> <p>&quot;October seemed to mark a return to normalcy in terms of overall market activity&quot; following the lower and slower figures of August and September, said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “However, we are prepared for slower sales as we wrap up 2018, between the tight supply of homes and the fact that we typically see less activity around the holidays.”</p> <p>In leasing, HAR found activity was mixed in October. Single-family home rentals rose 7.3% while leases of townhomes and condominiums fell 6.8%. The former’s rental rates declined slightly, about 1%, for an average of $1,754. The latter rose about 1%, to $1,550.</p> <p>&nbsp;</p>”>

Among housing segments in Houston, high-end home sales rose the most last month, 12%, a report by Houston Area Realtors shows.Photo courtesy of John Daugherty, Realtors/TK Images

The volume and pricing of home sales in Houston each hit another record in October, Houston Area Realtors’ monthly summary report shows. And the year-to-date sales of single-family homes is 5.3% ahead of 2017’s record volume.

Overall sales of single-family home sales increased 4.7% in October, reflecting 6,716 properties changing hands, compared to 6,417 a year earlier. October’s total dollar volume increased 9.3% to $2.3 billion.

In pricing, the median rose to $234,653, up 3.6%, and the average price increased 3.5% to $294,500. Both represent the highest prices ever for an October.

The strongest performing housing segment was the luxury market. HAR found the sale of homes priced at $750,000 and above jumped 12%.

Among the contributing factors in that market segment were rising interest rates on mortgages, the return of properties refurbished following Hurricane Harvey’s trouncing of inventory at just about all price points and sub-markets, improving employment levels, and even the mid-term elections, observed Cheri Fama, president and COO at John Daugherty, Realtors. In addition, when conditions are good, there’s generally a rise in sales leading into the end of the year. “November has started out robust,” she added.

Even in Houston, where there is typically more house for the money, Fama said, an increase in mortgage rate racks up noticeable impact at the higher end of the market, which likely prompted luxury buyers on the fence to take action. In October, buyers found more inventory available in top-end neighborhoods as homes damaged in the 2017 hurricane popped up as restored and ready (finally). These neighborhoods’ activity had been “a little stymied by Harvey,” she said, noting how that mega-storm was the first ever to have hit many of them.

HAR noted another sweet spot housing segment with a double-digit increase: the $250,000 to $499,999 market, up 11.6%. Homes priced at $150,000 and below was the only segment not to experience a gain.

Meanwhile, inventory grew slightly from a 3.7-month supply to 3.9 months, and it took slightly less time to sell properties, whittling Days on Market (DOM) to 57 from 61.

Sales of all property types (including condos and townhomes) totaled 8,127, up 6% percent over the same month last year.

“October seemed to mark a return to normalcy in terms of overall market activity” following the lower and slower figures of August and September, said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “However, we are prepared for slower sales as we wrap up 2018, between the tight supply of homes and the fact that we typically see less activity around the holidays.”

In leasing, HAR found activity was mixed in October. Single-family home rentals rose 7.3% while leases of townhomes and condominiums fell 6.8%. The former’s rental rates declined slightly, about 1%, for an average of $1,754. The latter rose about 1%, to $1,550.

 

Houston Home Sales, Especially High-End, Hit Another Record In October syndicated from Forbes – Real Estate

Honeywell International Inc. Raises Holdings in Boston Properties, Inc.

Honeywell International Inc. boosted its holdings in shares of Boston Properties, Inc. by 14.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 52,601 shares of the real estate investment trust’s stock after purchasing an additional 6,720 shares during the period.

Honeywell International Inc. Raises Holdings in Boston Properties, Inc. syndicated from Real Estate News

Chinese Tycoon’s ‘Epic’ $67M NYC Penthouse Is Most Expensive New Listing

realtor.com

A luxury penthouse apartment taking up the entire 18th floor of a storied New York City building is this week’s most expensive new listing on realtor.com®, priced at $67 million.

The 15-room unit initially went on the market for $86 million in October 2015—just a few months after Chinese billionaire Guo Wengui bought it for $67.5 million, paying in cash. A significant price cut to $78 million in 2016 also yielded no buyers.

Currently, only three other listings in New York City feature higher price tags. 

The “epic penthouse retreat with dramatic park views in one of the most iconic towers in New York City, the Sherry Netherland, delivers a rare and outstanding example of park front living with panoramas that will take your breath away,” the listing states.

Eat-in kitchen

realtor.com

One of three balconies

realtor.com

Entry

realtor.com

Media room

realtor.com

Dining room

realtor.com

One of seven bedrooms

realtor.com

Accused of corruption in China, Wengui fled to the United States, and claims to be a whistleblower. The businessman, 51, has posted photos of his penthouse apartment on social media. In one, he’s working out on one of the three balconies that overlook Central Park and the Manhattan skyline.

Accessed by a private elevator, the unit has seven beds and eight baths. There’s also a living room with views of Central Park, formal dining room, chef’s kitchen, as well as a gallery, library with custom paneling and bar, plus a media room, two dens, a study, and landscaped garden terraces. The master suite comes with a dressing room, en suite bath, and private terrace.

“It is one of the only full-floor residences with over 7,000 square feet and wrap terraces,” says listing agent Richard J. Steinberg of Douglas Elliman. It is a “one-of-a-kind apartment in the most prestigious building.”

Located on the Upper East Side and bordering Central Park, the building markets itself to “citizens of the world,” allowing pied-à-terre purchases. 

The Sherry-Netherland, built as a hotel in 1927, was converted to apartments in 1954. Amenities include full-time door attendants, a gym, maid service twice a day, and room service from Cipriani, located downstairs. 

These perks don’t come cheap. The monthly homeowners fee is a jaw-dropping $59,000, according to the listing. Perhaps an eventual buyer may consider those views of Central Park priceless.

The post Chinese Tycoon’s ‘Epic’ $67M NYC Penthouse Is Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.

Chinese Tycoon’s ‘Epic’ $67M NYC Penthouse Is Most Expensive New Listing syndicated from Real Estate News & Insights | realtor.com®News – Real Estate News & Insights | realtor.com®