MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 5/15/2023 – 5/22/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
The Top 10 best states to retire based on quality of life according to Wallethub based on healthcare quality, elder-abuse protections and crime rates, tax policies related to retirement income, entertainment, life expectancy, etc.
- Massachusetts
- Minnesota
- Pennsylvania
- Florida
- New Hampshire
- Maine
- Vermont
- Ohio
- Wyoming
- New York
US consumer credit card debt is approaching $1 trillion and increasingly people are not paying down their balances. The average interest rate on a credit card hovers just above 20%…..Is the Fed watching?
Is the rental price boom coming to an end? In some areas more so than others: There is a significant amount of new multifamily real estate coming on-line in this sector this year, which could make rents likely trend flat to negative this year. The cap rates for multifamily properties are rather low, many companies with bridge loans will likely have trouble refinancing the bridge loans, and the Fed could continue to raise rates in 2023 even though a recession looks increasingly likely. Vacancy rates are being forecast by analysts to increase at multifamily properties in some parts of the US. (Seeking Alpha)
Price controls? Sounds like the 1970’s! But yes, in Europe government price controls on certain foods have been enacted to curb excessive rising prices. So are food prices rising due to inflation or corporate greed? It’s a mixed bag, yet when PepsiCo, which makes products like Quaker Oats and Cheetos, increased prices 16% in the latest quarter, and grew its profits by 18%, it does not take a rocket scientist to see that prices are being hiked ‘because you can’ under the ruse of inflation in areas. Usually what follows this abuse is government price controls, or worse…….consumer revolt. And many consumers have long memories: some plan to abandon brands permanently. Another name for prices that are hiked ‘just because you can’ is ARTIFICIALLY fueled inflation. That never ends well. (FT/NY TIMES)
Miami-Dade County $1 million+ luxury home sales continued outperforming pre-pandemic levels as total median sale prices rose again as the market leads in real estate appreciation, according to April 2023 statistics released by the MIAMI Association of Realtors/MLS system. Miami single-family home sales decreased 19.7% year-over-year, and existing condo sales decreased 44.4% year-over-year both due to lack of inventory and rising mortgage rates. Prices rose 6.2%. (Realty Biz news)
Courtesy of Stephen Lascher, Wells Fargo
