US In Danger Of Becoming A ‘Renter Nation’ As Home Prices Hit Record High, Says Investor

KEY POINTS

  • Every $1,000 increase in home price pushes 150,000 buyers away: Report 
  • Rental prices have dropped by 0.1% since last month: Report
  • Homebuying is currently led by people with jobs and equity

Rising demand for homes, unprecedented levels of mortgage rates and low supply have pushed home prices out of reach for prospective homebuyers, which could make America a ‘renter nation,’ Grant Cardone, a real estate investor, told Yahoo.

“Homeownership is still dead in this country because the only people that are buying homes right now are people that have equity, great credit, and a job,” Cardone said.

For every $1,000 increase in home price, 150,000 buyers are priced out of a possible home purchase, according to a recent report by the National Association of Home Builders (NAHB).

The fall season is known to be good for real estate as home prices fall during this time. Realtor.com, however, suggests

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S.F. homes for sale hit a 15-year-high, as deluge of new condos flood the market

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.



a person standing in front of a building: San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


© Gabrielle Lurie / The Chronicle

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

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S.F. homes for sale hit a 15-year-high, deluge of condos flood the market

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.



a person standing in front of a building: San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


© Gabrielle Lurie / The Chronicle

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory.


The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

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Two California Homes Owned by Late Kleiner Perkins Co-founder Hit The Market

Two California properties owned by the late venture capitalist Frank J. Caufield are separately coming on the market for $39.75 million and $19.5 million.

Mr. Caufield, who died last year at 80, co-founded Silicon Valley powerhouse Kleiner Perkins Caufield and Byers, which made investments in some of tech’s best-known companies including Amazon. Mr. Caufield stepped away from his daily role at the firm, now known as Kleiner Perkins, in 2000.

The pricier of the two properties is a nearly 12-acre estate in celebrity-studded Montecito, Calif. The roughly 18,500-square-foot, nine-bedroom Italian Renaissance-inspired villa was designed around 1927 by George Washington Smith, a prominent Santa Barbara architect, according to research by Sotheby’s International Realty, which is listing both homes.


An Italian Renaissance-Inspired Montecito mansion

The villa was designed around 1927 by George Washington Smith, a prominent California architect

A Montecito, Calif., mansion dating to the 1920s is coming on the market for

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Autumn of heartbreak for home shoppers as Seattle-area prices hit new record highs

In a normal year, September would be when housing prices begin to level off.

But what about 2020 is normal?

Pulled up by unrelenting demand and an inventory drought, King County home prices hit a new all-time high of $753,600 in September, a 14% bump over last year, according to new data from the Northwest Multiple Listing Service.

Potential sellers are hunkering down, choosing to refinance rather than list, reducing the number of homes on the market in all of Western Washington to half as many as last year.

The market for homes priced less than $800,000 is especially intense, brokers said, as first-time homebuyers and former condo-dwellers look for more space as the pandemic drags into its eighth month.

For buyers seeking to compete at that price point, bidding wars, fleeting listings and all-cash offers are the norm. Typical for this market: The two-bedroom Wedgwood rambler that sold in

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Toronto home prices hit new record as sales soar 42.3% in September

Demand for detached properties helped fuel another month of double-digit sales growth and record-breaking prices in Canada’s largest housing market in September.

The total number of homes sold across the Greater Toronto Area surged 42.3 per cent year-over-year to a new record for September as 11,083 properties traded hands last month, according to data released Tuesday by the Toronto Regional Real Estate Board (TRREB).

Detached homes accounted for more than half of the activity as 5,559 sales were recorded in the month, representing a 55 per cent increase from last year. Meanwhile, condo activity lagged as sales rose 14.6 per cent year-over-year.

The average selling price for all homes rose 14 per cent year-over-year to $960,772 — marking a fourth consecutive month of record average prices in the GTA after the previous all-time high of $951,404 was registered in August.

“Improving economic conditions and extremely low borrowing costs sustained record-level

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New York Sports Clubs owner files for bankruptcy on coronavirus hit, eyes sale

(Reuters) – Town Sports International Inc, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday and plans to sell itself, after the coronavirus pandemic forced its gyms to close and caused revenue to dry up.

Saying the pandemic “wreaked havoc” on its operations, Town Sports and 161 affiliates filed for protection with the U.S. Bankruptcy Court in Wilmington, Delaware.

As of March 31, Town Sports operated 185 fitness centers, including 99 New York Sports Clubs, with about 580,000 members.

The company’s brands also include gyms in Boston, Philadelphia and Washington, D.C. named for those cities, as well as Lucille Roberts and Total Woman Gym and Spa. Assets and liabilities totaled between $500 million and $1 billion.

Gym operators have suffered as the pandemic deprived them of the monthly membership and personal training fees that generate much of their revenue.

Gold’s Gym International Inc filed for

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Commercial Mortgages: Commercial real estate is one of the industries taking a hard hit from the pandemic | Business News

About 25% of CMBS loans backed by hotel properties in the nation’s top 50 metropolitan statistical areas were delinquent at the end of September, according to data from Trepp LLC, a leading provider of data and analytics to the commercial real estate industry.

For instance, 66.56% of the hotel loan balances in the Portland, Ore., region were delinquent. In Nashville, Tenn., it was 48.80%.

In the Richmond region, 27.01% of the hotel loan balances were delinquent.

Using the same data for commercial mortgage- backed securities loans backed by retail properties, the overall delinquency rate is 13.66% in the Top 50 regions.

The worst market is Minneapolis, where 67.28% of the retail loan balances are delinquent due in no small part to the Mall of America and its $1.4 billion loan balance being delinquent.

The Hampton Roads market is in the Top 10 with a 27.65% delinquency.

The Richmond area fares

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Abergwyngregyn homes hit by floods for second time

Flooded homeImage copyright
James Brown

Image caption

Flooding has hit homes at Abergwyngregyn for a second time

Homes have been flooded for a second time after a river burst its banks following heavy rain.

James Brown said his mother’s home and his neighbouring flat were flooded at Abergwyngregyn in Gwynedd on Sunday morning.

He said the properties were still being repaired after flooding in August.

Natural Resources Wales has issued two flood warnings in Ceredigion covering the River Rheidol in Aberystwyth and River Aeron at Aberaeron.

Several flood alerts are also in place across Wales.

A Met Office amber warning for heavy rain was lifted on Sunday at 12:00 BST after covering large parts of Wales since Saturday morning.

Mr Brown said he could only drive through the area with a tractor.

“It’s a raging torrent,” he said.

“The river has broken over a bank in the field. It’s the second

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Two Toronto nursing homes are the hardest hit LTC facilities by COVID-19 in Ontario, according to latest report

Two nursing homes in Toronto appear to be among the hardest hit long-term-care facilities by a COVID-19 outbreak, in the latest numbers released by the province Saturday morning.

The 108-bed Fairview Nursing Home, near Dufferin Street and Dundas Street West, reported 42 residents and 12 staff members testing positive, making it Ontario’s largest active outbreak at an LTC home. Less than five deaths have been reported, although it’s not clear why there isn’t a more exact figure.

The 130-bed Vermont Square nursing home on Bathurst Street, north of Bloor Street West, reported an active outbreak with 35 confirmed cases — 25 residents and 10 staff. No deaths have been reported there.

The province has a total of 45 LTC homes with active coronavirus outbreaks, according to its latest data Saturday morning.

An active COVID-19 outbreak indicates that the home has at least one lab confirmed case of COVID-19 (in resident

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