MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 8/22/2023 – 8/28/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* 20 years ago, in the third quarter of 2003, there were 83 million owner-occupied homes in the US, and they were changing hands at a rate of 6.5 million homes per year. Today, there are about 96 million homes, but the rate of existing-home sales has slumped to just 4 million homes per year, a fall from 7.8% of existing homes sold per year to just 4.2%. Americans are staying in their homes for many more years on average than they used to, and that’s mainly for financial reasons — not because they particularly want to stay put. (AXIOS)
* Small business owners don’t get much attention…..but when they sell their businesses – and qualify as a small business – they may be eligible to pay no taxes on the first $10 million….. The QSBS deduction could leave lots of tax free dollars to buy…..real estate? QSBS companies typically include firms in sectors like technology and manufacturing, but not those in sectors like hospitality, professional services, finance, and agriculture.
* In all, the top 1 percent of US taxpayers accounted for more FEDERAL income taxes paid than the bottom 90% combined. In 2020, the top 1 percent of taxpayers paid $723 billion in income taxes while the bottom 90% paid $450 billion. (Tax Foundation)
* Over the past 7 years, the total number of renter-occupied housing units in America has increased by just 275,000, per the Census Bureau. Meanwhile, the number of owner-occupied housing units has increased by 11,055,000.
* Before there was air conditioning, people incorporated all sorts of things to design houses to remain cool. Cooling a body from humidity is aided when air keeps moving. Here is some ‘ancient’ tech:
– courtyards, breezeways and open spaces allow breezes to flow through.
– Elevating above the ground can capture cool air to circulate under the floor.
– Covered porches, awnings, deep overhangs and carefully placed shade trees that shade high-sun areas/windows.
– Green roofs.
– Glass walls that retract on cool days and nights to let in a breeze.
– Carefully placed water features can cool off the air as it flows through.
– taller ceilings with ceiling fans that draw the hot air up. (MIAMI HERALD)
Courtesy of Melora Love, Wells Fargo
