MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 11/25/2024 – 12/2/2024

Did You Know?

* About 54% more foreign born inhabitants live in Florida compared to the US average. The Miami-Fort Lauderdale metroplex has the highest concentration of foreign born Americans: 41.5%.

* Is Oetker Hotels the Hermès of hotels? That’s the plan. This year they’ll open up sister properties to their famed Baden-Baden Hotel and Hotel du Cap, Antibes in Palm Beach and soon in St. Tropez. The Oetker family made its fortune in Germany with baking products, especially during and after World War 2…

* One of the most remarkable things about the recently revealed gut renovated, rebuilt Notre Dame Cathedral in Paris after a devastating fire is the fact that the coloring of everything is so light….the limestone looks like….limestone, not the dark grey we associated with this and many other historic structures in Europe. Historic buildings were covered with years of smog/soot from dirty vehicle exhaust and coal burning fires to heat homes. 

* New York? London? Paris? HAH! For the 5th consecutive year, the 94027 ZIP code (primarily Atherton) led the US with a median list price of $7.75 million. Two more California ZIPs — both picturesque, coastal communities — made the top 10: 92657 (mostly Newport Coast), at $4.965 million, and 93108 (primarily Santa Barbara), at $4.85 million. New York State had two ZIP codes in the top 10 nationally: Sagaponack, with a median of $5.995 million, followed by Water Mill, with a median of $5.295 million, and Bridgehampton, with a median of $3.995 million. (NY TIMES)

* Land leases are common in the UK, but not so much here in the US. The Chrysler building’s ground is owned by Cooper Union. In 2017, the ground rent was just $7.8 million, but has grown to $32.5 million (it will leap to $41 million in 2028). (NY POST)

* The violent crime rate in the US has just about HALVED since 1991. Yup. That’s the data, not the politicians ‘facts’.  The property crime rate is roughly 38% of what it was in 1991, even after the rise of 2020-2022.  (US Facts)
* From October 2023 to October 2024, most inflation was caused by housing. During that time frame, housing price increases accounted for about 75% of the overall inflation rate. In October 2024, housing contributed 1.9 percentage points to the 2.6% overall inflation rate. Housing, which includes shelter, utilities, and household operations, holds the largest share of the CPI.

* New York State’s GDP grew 54% in the decade between 2012 and 2022. Georgia’s GDP grew 69%, Texas 67%, California’s 70% and Florida’s over 78%.
* The GDP of California, New York and Texas combined is larger than all of JAPAN AND GERMANY’s….combined!  T

he US accounts for nearly 70% of the leading global stock index – up from 30% in the 1980’s – and far greater than its 27% of the global economy. (FT)

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage eased to 6.81% as of November 27th, 2024, from their highest level in four months of 6.84% in the previous week. “The 30-year fixed-rate mortgage moved down this week, but not by much. Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied,” said Sam Khater, Freddie Mac’s Chief Economist.

Source: Freddie Mac