MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 10/27/2024 – 11/4/2024

Did You Know?

* Is the freestanding soaking “statement” tub on its way out? Some say YES as they prefer a built in alternative often with a deck surrounding the tub or on 3 sides….. Personally, I think there is space for both variations….. depending on the space. If there is not enough space to circulate, they can look forced, and often that also makes it difficult to clean. (WSJ)

* Might the conversion of the 450,000sf Brooklyn, NY Domino Sugar Factory from one of the world’s largest sugar refineries into a mega office, retail and housing complex be a historical punctuation equally as meaningful as the ascent of OZEMPIC’s effect on the awareness of sugar? (WSJ)

* The same SALT cap deduction applies to single and married taxpayers, leading some proponents of SALT to accuse the law of creating a “marriage penalty.”

* DAVOS-flation? Those attending the next World Economic Forum in Davos will have to pay up….. Second-tier tickets will cost $1,150 per person….10X more than this year and an elite badge will cost over $31,000 per person…..for a group of people who decry global inflation….. (FT)

* US policymakers have already communicated a desire to proceed with a more gradual pace of rate cuts after September’s half-point reduction. Economists widely expect a quarter-point move on Thursday, followed by another in December, and their conviction grew after data on Friday showed the weakest hiring since 2020. Weaker employment figures may be the most watched data-point of the FED who from the outset said this would drive policy more than anything. (Bloomberg)

* Some people with really tall ceilings are installing radiant heating – most commonly used in floors – into the…..walls! (FT)

* Most water contains some fluoride, but usually not enough to prevent cavities. The average level of fluoride in surface water in the US is about 0.2 milligrams per liter. Chlorine is often added. Others occur naturally, like minerals, or are introduced by pollutants from the air or ground. Some chemicals that can be found in water include:Lead: mostly from corroded plumbing or natural deposits.
Mercury: Another heavy metal that can be found in natural deposits
Herbicides: Can accumulate in water from rainfall and irrigation washing off farmlands and gardens into wells.
Perchlorate: A toxic chemical used in explosives, rocket fuel, and road flares
Pharmaceuticals: Synthetic chemicals found in prescription, therapeutic, and veterinary medicine
PFAS: Also known as “forever chemicals”, these chemicals are used to make many household items stain-resistant

Mortgage Rate Updates

The average rate on a 30-year fixed mortgage rose to 6.72% as of October 31st, 2024, reaching its highest level in three months. This uptick comes in response to robust economic data that has reduced the anticipated extent of interest rate cuts from the Federal Reserve in the upcoming year. “Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August. With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and are not expected to reach the highs seen earlier this year,” said Sam Khater, Freddie Mac’s Chief Economist.

Source: Freddie Mac