MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 3/27/2023 – 4/3/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
Locals are now fighting a real estate trend known as fractional home ownership, in which multiple people, often strangers, own a small share of a luxury single-family home that they use as a vacation property. It’s a twist on timeshares that, as many locals see it, plays to wealthy out-of-towners looking for a place to party rather than live.
Just as inflation starts trending downwards, OPEC-plus announced a cutback in production to help elevate oil prices (up 8% in one day!)…. Saudi Arabia and key allies Kuwait and the UAE said they would remove more than a combined 1 million barrels per day from global oil markets. In case you were wondering…. The NOPEC Bill— No Oil Producing and Exporting Cartels—refers to proposed U.S. legislation that would open OPEC+ countries to potential antitrust legal action. There is strict law in the US preventing commission rate fixing….. (CNBC)
The average American drove 4% fewer miles in 2022 than in 2019.
As shared rides and more walkable cities and towns expands, Charlotte, N.C., city council granted a rezoning request to a local developer, to build a 104-unit apartment close to downtown with no resident parking at all, allowing it to build 25% more housing units. The more housing units you can build, and the fewer parking spots, the lower the rent….. Parking zoning laws are being revised. America’s parking glut has its roots in zoning rules first passed in the 1950’s, when car ownership was on the rise and urban planners worried there weren’t enough curb spaces for all the new drivers. Many municipalities imposed detailed parking requirements for every type of land use. In Los Angeles churches must include one spot for every 5 seats in the pews. Hospitals must have 2 per bed. (WSJ)
Dozens of tornadoes from the South and the Midwest into the Northeast, killed at least 32 people over the past few days and inflicted awful damage to properties from Arkansas, Alabama, Tennessee, Mississippi through Delaware and New Jersey. (CNBC)
