MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 11/11/2024 – 11/18/2024

Did You Know?

* In case you missed it at the COMPASS Retreat, a new agent network, COMPASS Resort, has launched. Tailored to the needs of agents serving vacation markets and clients seeking second, third, or even fourth homes. As demand grows among buyers looking to expand their property portfolios in luxury and lifestyle destinations, COMPASSresort is positioned to offer the expertise and personalized service that both agents and clients require. The initiative is led by COMPASS agents Jordie Karlinski of COMPASS Aspen, Jack Pearson of COMPASS Hamptons, NY,  Jen O’Hanlon of COMPASS Martha’s Vineyard, and Steve Springer of COMPASS San Diego. 

COMPASS agents specializing in second-home and resort markets can apply to join the network through: compass-resort.com

* Aspen, Colorado, topped the list for the fourth year in a row as the most expensive ski resort in the world, with prime homes in the affluent enclave having an average asking price of around $3,900 per square foot.  (MANSION GLOBAL)

* Research is showing that about 20% of higher home prices stems from higher earning more affluent workers working from home.

*  Jolie laide (pronounced “zho-lee-led”) literally translates to “pretty-ugly,” and is the latest interior design trend taking over the internet. And while ugly might be the last word we want associated with our carefully curated homes, don’t let it scare you. This isn’t about collecting aesthetic disasters—it’s about curating pieces that raise a few eyebrows, spark some conversation, and reveal your true personality.  (Elle Decor)

* The office market’s severe downturn is forcing some of the city’s multigenerational family owners to do something they managed to avoid during world wars, financial meltdowns and a global pandemic: sell their core properties. (WSJ)

* Rich Ranch? Nope it’s not a creamy salad dressing….the rich ranch decor is a design trend that may have started thousands of miles from the nearest corral—in Switzerland, given the similarities between the look and the “après-ski vibe” of a Swiss chalet. (ELLE DECOR)

* Austin Texas has seen some of the fastest, biggest growth of any US city in the past decade. Naturally, a re-balancing was to be expected. At the peak in 2022, apartment developers in Austin pulled permits for more than 25,000 multifamily units in a year. And with time, the units have been completed but are now sitting empty, forcing landlords to reduce their rent. In September 2021, Austin’s rental vacancy rate was only 3.9%, but it’s now risen to 9.5%, a bit above the overall rental vacancy rate in the US in 2024 which is expected to be around 6.6–6.9%.

Mortgage Rate Updates

The average rate on a 30-year fixed mortgage slightly eased to 6.78% as of November 14th, 2024, staying near its highest level in nearly four months. Upward pressure is driven by concerns that a Trump presidency and a Republican-controlled Senate could spur inflation and budget deficits through expansionary policies such as tax cuts and tariffs, limiting the Fed’s ability to reduce rates. “After a six-week climb, rates have leveled off, but overall affordability remains a challenge for potential homebuyers. Freddie Mac’s latest research shows that mortgage payments are elevated compared to rents on similar homes, relative to most of the past three decades,” said Sam Khater, Freddie Mac’s Chief Economist.

Source: Freddie Mac