DIRS.INFO The most relevant business & tech news

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threaten to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

Amid the whirlwind of activity, the 51-year old, Israel-born executive has presented himself as a real estate visionary with a personal preference for all-black attire and a taste for luxury brands. BVK recently hired the residential brokerage firm Corcoran Group to complete a market study of the Fifth Avenue project, a person who viewed the report said. Miller noted he did not have direct knowledge of the situation at 685 Fifth Avenue. At 685 Fifth Avenue, he recently marked down prices for some of the units. In contrast, the Shore Club, which is being built by the New York real estate developer Steve Witkoff just a few hundred yards away from the Raleigh has pre-sold briskly.

Persons: —, Michael Shvo, Shvo, Peter Marino, Norman Foster, Renzo Piano, BVK, Corcoran, Jonathan Miller, Miller Samuel, Miller, Pam Liebman, Corcoran's, Truist, Michael Lirtzman, Akuna, Lirtzman, I've, Scott Wadler, Wadler, Jed Jacobsohn, John Goodman, Diane, –, Goodman, profanely, Serdar, Shvo's, Bilgili, Deutsche Finance didn't, Alex Miranda, I'm, Steve Witkoff, Morgan Chase Organizations: Service, Bayerische, Deutsche Finance, Business, GFI, Group, Shvo, Wabash, Akuna, Colliers, Wabash –, Raleigh, Core, New York State, Noë, Associates, West, Bilgili, BVK, Shore Club, New Locations: New York, Manhattan's Plaza, Los Angeles, Miami Beach, Raleigh, Israel, Wilshire, LA, Manhattan, Chicago, Miami, Paris, South Florida, San Francisco, Manhattan's, Turkish, BVK, Wabash, Shvo, Munich

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threatens to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

☆ Luxury real estate prices just hit an all-time record
▼ + stars: | 2024-04-22 | by ( Robert Frank | ) www.cnbc.com time to read: +1 min

Overall real estate sales fell 4% nationwide in the first quarter, according to Redfin. Yet, luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin. Real estate experts and brokers chalk up the divergence to interest rates and supply. In Manhattan, all-cash deals hit a record 68% of all sales, according to Miller Samuel. The median price of luxury homes hit an all-time record of $1,225,000 during the period.

Persons: Miller Samuel, David Palmer Locations: Real, Manhattan, Seattle

☆ The most expensive home for sale in the U.S. goes up for $295 million in Naples, Florida
▼ + stars: | 2024-02-10 | by ( Ray Parisi | ) www.cnbc.com time to read: +7 min

The most expensive home for sale in the U.S. hit the market this week for $295 million. Gordon Pointe, as it's called, is a roughly 9-acre compound in Naples, Florida, on the Gulf Coast, in an affluent enclave called Port Royal. The mega-listing includes a main house that spans about 11,500 square feet, with six bedrooms. Two guest houses, each over 5,000 square feet, bring the estate's total interior living space to 22,800 square feet. The residence sits high atop 217 West 57th Street, overlooking Central Park, spanning three floors and over 17,500 square feet.

Persons: Gordon Pointe, Leighton Candler, Corcoran, Candler, Gordon, John, Rhodora Donahue, John Donahue, Hermes, Dawn McKenna, McKenna, she's, It's, Cody Boone, Ryan Serhant, Serhant, naysayers, Donna Olshan, Karen Winnick, Gary Winnick, Kurt Rappaport, that's, Jonathan Miller, Miller Samuel, Jeff Bezos, Clodagh Kilcoyne, Ken Griffin, Larry Ellison, Marc Andreessen, Jim Bartsch, Jerry Perenchio, Miller, Lachlan Murdoch, Rupert Murdoch Organizations: Royal, CNBC, U.S . Army Corps of Engineers, Dawn McKenna Group, Coldwell, Coldwell Banker Realty, St, SERHANT Studios, Encantada, U.S, Washington , D.C, Reuters, Amazon, Oracle, Bel Air, Fox Corp Locations: Gordon Pointe, U.S, Naples , Florida, Gulf, New York, of Mexico, Pittsburgh, Port Royal, America, New York City, Central, Manhattan, Los Angeles, Bel, Washington ,

☆ Rent is unaffordable for over half of US tenants, but the cost is cooling
▼ + stars: | 2024-01-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak. However, median rent is still $309 higher than the same time in 2019, before the pandemic. What’s more, 12 million of those renters are severely cost burdened, which means they are paying more than half of their income on housing. Following changes in housing needs during the pandemic and an already existing low supply of multifamily housing in some markets, rents surged in 2021 and 2022. Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.

Persons: Chris Herbert, ”, Whitney Airgood, Douglas Elliman, Miller Samuel Real, “, Anthemos Georgiades, ” Georgiades Organizations: DC CNN, Harvard University’s, for Housing Studies, Harvard Joint Center for Housing Studies, Harvard, Census Bureau, Builders, National Association of Home Builders, Baby Boomers Locations: Washington, United States, Manhattan

☆ Future of Trump’s business empire could be hit by his fraud trial
▼ + stars: | 2023-11-08 | by ( Alicia Wallace | Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —The New York civil fraud trial of former President Donald Trump carries extremely high stakes for the self-proclaimed business mogul. “It’s between severe and seismic” as to the effects on Trump’s businesses, Thomas told CNN on Monday. Early last month, an appeals court judge paused the dissolution process for the duration of the ongoing $250 million fraud trial. A New York judge fined Donald Trump's family business the maximum penalty of $1.6 million for committing tax fraud. “[Trump] has largely been absent from the New York market for a long time,” he said.

Persons: Donald Trump, Trump, Will Thomas, Thomas, Arthur Engoron, Engoron, Victor J, ” Thomas, Adam Leitman Bailey, Bailey, ”, Alina Habba, they’re, “ They’re, Donald Trump's, Angela Weiss, you’re, — that’s, ” Trump, John Coffee, Trump’s, Jonathan Miller, Miller Samuel, ” Miller, it’s Organizations: Minneapolis CNN, The, University of Michigan’s Ross School of Business, “, CNN, Trump Organization, Trump, Bloomberg, Getty, Mar, New York, AFP, Columbia Law School, First Department, Miller Samuel Inc, New Locations: Minneapolis, York, Manhattan, New York, Westchester County , New York, Trump’s Florida, Aberdeen, Scotland, SoHo, New York City, AFP

☆ Ivana Trump's $22.5 million townhouse is still on the market after a year — look inside
▼ + stars: | 2023-11-02 | by ( Ray Parisi | ) www.cnbc.com time to read: +5 min

watch nowThe late Ivana Trump's townhouse in New York has sat on the market for one full year with no takers. He was hired by Ivana Trump's estate, which benefits her three children Ivanka, Donald Jr. and Eric, according to Erickson. Ivana Trump's former NYC townhouse sits between Fifth and Madison Avenue on 64th Street. Living room Evan Joseph / Douglas EllimanPublic records show Ivana bought the limestone townhome in 1992 for $2.5 million. Primary bedroom Evan Joseph / Douglas EllimanIvana's former en suite bedroom spans the entire third floor and includes a fireplace and terrace.

Persons: Ivana Trump's, Ivana Trump, Donald Trump's, banister, Evan Joseph, Douglas, J, Roger Erickson, Douglas Elliman, Ivanka, Donald Jr, Eric, Erickson, It's, Ivana, Louis the, Jonathan Miller, Miller Samuel, Miller Organizations: Madison, Miller Samuel Inc, CNBC Locations: New York, Versailles, Fifth, St, NYC

☆ The Flatiron Building Will Be Converted Into Condos
▼ + stars: | 2023-10-26 | by ( Matthew Haag | More About Matthew Haag | ) www.nytimes.com time to read: +1 min

Mayor Eric Adams has made the conversion of struggling office buildings into residences a major component of his attempt to address New York City’s housing shortage. Mr. Amro said that despite the Flatiron’s quirky interior, its numerous windows would make a conversion into residences far easier than most office buildings. But the construction would require some major internal changes: Stairs and elevators must be moved around and consolidated. The owners have considered various plans, some with multiple units on each floor, with about 40 total residences. The ground floor, however, will remain retail space; T-Mobile has a store there with a long-term lease.

Persons: Eric Adams, Jonathan J, Miller, Miller Samuel Real, ” Organizations: Department of City, Amro, Mobile Locations: York

☆ Billionaires are driving South Florida home prices to new records
▼ + stars: | 2023-10-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

From Palm Beach to Miami Beach, luxury home prices in Florida's richest enclaves are reaching new records as billionaires and millionaires continue to buy up property. The average price per square foot of homes sold in Palm Beach reached $4,554, more than 2.5 times more expensive than Manhattan. "The prices are mind-blowing," said Chris Leavitt, a top Palm Beach broker with Douglas Elliman. Miami Beach has also seen a spike in prices from wealthy buyers — especially billionaires. "Both Palm Beach and Miami Beach are disconnected from the interest rate trend."

Persons: Douglas Elliman, Miller Samuel, Chris Leavitt, Jonathan Miller, Leavitt, James Tigani, Harvey Jones, Tommy Hilfiger, Michael Cantanucci, Corcoran, Eric Schmidt, Ken Griffin, Alex Rodriguez, Griffin, Jeff Bezos, Tom Brady Organizations: Palm, Tech, Brokers, National Football League, CNBC Locations: Palm Beach, Miami Beach, Manhattan, New York , New Jersey, California, Florida, Miami

☆ Real estate insiders question how Trump fraud judge valued Mar-a-Lago
▼ + stars: | 2023-10-03 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN Business —A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%. But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Engoron wrote. Cintron, the Harrington Ocko & Monk partner, doesn’t think the Mar-a-Lago valuation controversy moves the needle on the question of whether Trump committed fraud.

Persons: Donald Trump, Trump, Arthur Engoron, Engoron, ” Engoron, ”, Eli Beracha, “, ” Dina Goldentayer, Douglas Elliman, ” Goldentayer, Goldentayer, Zillow, ” It’s, Jonathan Miller, Miller Samuel, ” Miller, Melissa Cintron, Harrington Ocko, Monk, it’s “, Miller, Christopher Kise, ” Trump, Letitia James, Cintron, Harrington, doesn’t, he’s, ” Cintron, CNN’s Anna Bahney Organizations: New York CNN Business, Trump, Florida International University, Miller Samuel Inc, Harrington, Mar, realtors, South, New York Locations: York, Beach, South Florida, New York City, “, Springs, Westchester County , NY, Aberdeen, Scotland, Trump

☆ There's a shortage of luxury apartments in Manhattan, and it's driving up prices
▼ + stars: | 2023-10-03 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

A shortage of luxury apartments in Manhattan is causing a surge in prices at the top of the market, even as broader apartment sales and prices come under pressure from rising mortgage rates. Manhattan apartment sales fell 23% in the third quarter as rising interest rates squeezed potential buyers, according to new data from Douglas Elliman and Miller Samuel. Median and average sales prices remained flat, with the average price of a Manhattan apartment stalled at $1.96 million and the median price at $1.15 million. The inventory of luxury apartments for sale marked their lowest third quarter in five years. Median prices for luxury apartments have increased in three of the past four quarters, according to Miller Samuel.

Persons: Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Serhant Organizations: United Nations, — Locations: New York, Manhattan

☆ Manhattan median rent remains at record high of nearly $4,400 a month
▼ + stars: | 2023-09-14 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Manhattan renters may have reached their "affordability threshold" in August, as median rents remained at record high, according to a new report. The median rent in Manhattan in August was $4,370 a month, unchanged from the record high in July, according to data from brokerage firm Douglas Elliman and the appraisal and research firm Miller Samuel. The drop suggests that while asking rents for new leases are high, renters are balking at the prices. In short, Manhattan renters may have reached their price limit. According to Redfin, the median national rent in August was $2,052, just $2 below the record-high last year.

Persons: Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Redfin Organizations: Brokers Locations: East Village, New York, Manhattan

☆ A 'tiny' studio apartment in New York City without a kitchen sink is on the rental market for $2,500 per month: 'No-one said it was ideal'
▼ + stars: | 2023-08-16 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +3 min

An NYC apartment without a sink is available to rent, according to a TikTok video tour. The studio costs $2,500 per month, the realtor said in the video. NYC Sales & Rentals, which has the username @rentnewyork on TikTok with over 742,000 followers, showed a video tour of the studio apartment on August 3. "Tiny NYC Studio Apartment Tour," the caption on the video reads. The average rental price for a studio in Manhattan was $3,278, or $4,443 for a one-bed apartment, the data shows.

Persons: Frederick Peters, Peters, Miller Samuel, Douglas Elliman Organizations: Service, Rentals, NYC Sales, Forbes Locations: Wall, Silicon, York City, Midtown West, New York, Manhattan

☆ Don’t be fooled by rising consumer price data, take a peek behind the numbers
▼ + stars: | 2023-08-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

CNN —US consumer prices rose 3.2% for the 12 months ending in July, according to the latest Consumer Price Index, which landed Thursday. “Don’t be fooled by the uptick in [year-over-year] inflation,” noted Julia Pollak, chief economist for ZipRecruiter. Gimme (cheaper) shelter: Shelter (i.e. “Our baseline forecast suggests that year-over-year shelter inflation will continue to slow through late 2024 and may even turn negative by mid-2024,” the researchers wrote. Uncooked beef steak prices rose 2.3% and uncooked ground beef rose 1.5%.

Persons: It’s, Don’t, ”, Julia Pollak, Joe Brusuelas, ” Brusuelas, —, Anna Bahney, Danielle Wiener, Bronner, That’s, Douglas Elliman, Miller Samuel, Spencer Platt, Jonathan Miller, “, Read, Biden, Michelle Toh Organizations: CNN Business, Bell, CNN, ZipRecruiter, RSM US, Federal Reserve, Commerce Department, San Francisco, Big Apple, Getty Locations: Manhattan, New York, New York City, China, Silicon

☆ Manhattan rents hit a record high for the third time in four months
▼ + stars: | 2023-08-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Rents in Manhattan hit another all-time high in July, the third record high in the past four months, even as rents are cooling in other parts of the country. That’s up 6% from a year ago and up 2.3% from June, when rents hit were at $4,300. A one-bedroom apartment in the borough had a median rent of $4,295, up 7.4% from last year; while a two-bedroom apartment had a median rent of $5,200, up 4% from a year ago. Not only did median rents go up, but the amount of concessions — or incentives offered by landlords — continued to drop. All the metrics for rent tracked in the report — including median rent, median rent inclusive of concessions and the average rent — hit record highs.

Persons: Douglas Elliman, Miller Samuel, That’s, —, ”, Jonathan Miller, Miller, “ Organizations: DC CNN Locations: Washington, Manhattan, New York City, Brooklyn, Queens, New York

☆ Manhattan renters are now forking out a record-breaking average of $5,588 per month, even though people are still flooding out of New York
▼ + stars: | 2023-08-10 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Rent in New York City keeps hitting record highs even as migration from the city and state soars. In Manhattan, average rent in July was $5,588, up 2.2% from June and 9.3% from the previous year. People have been moving from New York State to low-tax Florida, as well as neighboring states. The surging average rental prices across New York City come despite people moving out in droves in recent years. New York City and surrounding areas like Long Island had some of the US' highest rates of negative net domestic migration between 2021 and 2022.

Persons: Miller Samuel, Douglas Elliman, It's Organizations: New York City, New York State, Service, Empire, Census Bureau, US Locations: New York, Manhattan, Florida, Wall, Silicon, New York City, Central, Brooklyn, Queens, New York County, New York State, New, Pennsylvania , Connecticut, New Jersey . New York City, Long

☆ The average Manhattan rent just hit a new record of $5,588 a month
▼ + stars: | 2023-08-10 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The average monthly rent in July was $5,588, up 9% over last year and marking a new record. Median rent, at $4,400 per month, also hit a new record, along with price per square foot of $84.74, according to a report from Miller Samuel and Douglas Elliman. It was the fourth time in five months that Manhattan rents hit a record. Despite a loss in population during the pandemic, average rents in Manhattan are now up 30% compared to 2019. Yet despite the population loss and rise of remote work, Manhattan rents continue to soar.

Persons: Fatih Aktas, Miller Samuel, Douglas Elliman, Jonathan Miller, Miller, What's, Janna Raskopf Organizations: Anadolu Agency, Getty, Kastle Systems Locations: Manhattan, New York, United States, U.S

☆ A Manhattan loft has been listed for $4 million, but you have to take on a tenant who's paying well below the area's average and has been there for decades
▼ + stars: | 2023-06-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

A loft for sale in Manhattan comes with a tenant who's paying well below the area's average. The current rent doesn't cover the common charges for the property, listed as $2,802 per month. According to the Compass listing, the tenant in place pays a monthly stabilized rent of $2346.21. The current rent doesn't even cover the maintenance and common charges for the property, listed as $2,802 per month. The sixth-floor apartment in the same building with five bedrooms sold for $9.5 million in February, City records show.

Persons: —, appraisers Miller Samuel, Douglas Elliman, Steven Hochberg, Miller Samuel, Hochberg Organizations: Service, Bloomberg, realtors, Compass Locations: Manhattan, Greenwich Village, New York City, Golenbock

☆ Summer intern’s commute goes viral: She flies from South Carolina to New Jersey because it’s cheaper than renting
▼ + stars: | 2023-06-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —College interns typically find cheap places to live for the summer. South Carolina resident Sophia Celentano commutes to her New Jersey summer internship by plane, weekly, revealing on her TikTok account that it’s actually cheaper than renting near her advertising gig’s New Jersey office. Her employer, Oglivy Health, requires interns to be in its New Jersey office usually one day a week. She said that costs her about $100 every week, plus another $100 on Uber rides to and from the airport and another $25 on food. Celentano claims to be saving be saving at least $2,000 this summer by doing this rather than living, working and playing in New Jersey or New York.

Persons: Sophia Celentano, old’s, ”, Douglas Elliman, Miller Samuel, Oglivy, Celentano, “, She’s, it’s Organizations: New, New York CNN —, University of Virginia, Oglivy, Jersey City Locations: New York, South Carolina, New Jersey, Jersey, Charleston, Newark, Manhattan, Parsippany , New Jersey, Brooklyn, Queens

☆ Manhattan rents up 10% from a year ago
▼ + stars: | 2023-06-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

While rents are cooling in some parts of the United States, the cost to rent a Manhattan apartment hit a record high in May for the third month in a row. That’s up 10% from a year ago and up 3.6% from April, when rents were at a record high of $4,241. Over the past 18 months, rents have been consistently near or breaking record highs in Manhattan, said Jonathan Miller, president and CEO of Miller Samuel. A one-bedroom apartment had a median rent of $4,275 in May, up 7% from last year, while a two-bedroom apartment had a median rent of $5,400, up 8% from a year ago. For those looking for an apartment in New York City, expect more record high rents ahead.

Persons: Douglas Elliman, Miller Samuel, That’s, Jonathan Miller, “, ” Miller, —, Miller, ” Organizations: DC CNN, Federal Reserve, Brooklyn Locations: Washington, United States, Manhattan, Brooklyn, Queens, New York City

☆ 2023 will go down as 'the year of disappointment' for homebuyers and sellers, says top appraiser Jonathan Miller. Here's why he says it will take a long time for the market to normalize.
▼ + stars: | 2023-06-01 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

New York appraiser Jonathan Miller has written about US real estate for more than 25 years. He says it will take a few years for the supply of older homes to grow enough to really move prices. Yes, the housing market has come off the boil thanks to a steep increase in interest rates, and prices have slipped from their highs. That long period of low rates, followed by a boom in home sales after the pandemic started, severely reduced housing supply. Until then, Miller says a real correction in housing prices is unlikely because the shortage of homes for sale will keep prices from falling too much.

Persons: Jonathan Miller, they've, Miller, Miller Samuel, Douglas Elliman, Sellers, that's, it'll Locations: York, New York, New York City, Southern California , Florida, Boston

☆ Beyoncé and Jay-Z Join the $100 Million Home Club
▼ + stars: | 2023-06-01 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

Beyoncé and Jay-Z, no strangers to flashy real estate deals, reportedly upgraded from their $88 million mansion in Bel Air, Calif., to a $200 million Malibu property last month, officially erasing the line between going big and going home. The sale marks the most expensive residential real estate deal in California history — but not the most expensive in American history. That would be the $238 million sale in January 2019 of an unfinished penthouse on Central Park South, in Manhattan, to the billionaire hedge fund tycoon Kenneth C. Griffin. Still, California can claim 10 of the 20 most expensive property sales ever in the United States, according to data compiled by Jonathan Miller of Miller Samuel appraisals. Beyoncé and Jay-Z, who have bought and sold multimillion-dollar homes in Miami, New Orleans and the Hamptons, are now in a rarefied club of celebrities who own properties worth $100 million or more.

Persons: Beyoncé, Tadao Ando, William Bell Jr, Kurt Rappaport, Rappaport, Kenneth C, Griffin, Jonathan Miller, Miller Samuel Organizations: Calif, Malibu, TMZ, Westside Estate Agency, Park, Hamptons Locations: Bel Air, California, Manhattan, , California, United States, New York, Florida, Connecticut, Miami , New Orleans

☆ Manhattan rents reach (another) record high
▼ + stars: | 2023-05-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —While rents are cooling in some parts of the United States, the cost to rent a Manhattan apartment hit a record high for the second month in a row. That’s up 8% from a year ago and up 1.6% from March, when rents hit a record high of $4,175. A one-bedroom apartment had a median rent of $4,200, up 5% from last year; while a two-bedroom apartment had a median rent of $5,500, up 11% from a year ago. The Manhattan rental market is continuing to trend slightly better than sideways, said Jonathan Miller, president and CEO of Miller Samuel. Not only are median rental prices going up, but the amount of concessions — or incentives offered by landlords — are dropping.

☆ The average price for a house in the Hamptons just hit a record $3 million
▼ + stars: | 2023-04-27 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The average price for a house in the Hamptons hit a record $3 million in the first quarter, highlighting a shortage of trophy beach homes for sale and the resilience of wealthy buyers. The average sales price in the New York beach community jumped 18% in the first quarter to $3.1 million, according to a report from Douglas Elliman and Miller Samuel. The average price in the Hamptons is now more than $1 million higher than the average sales price in Manhattan. The high end of the Hamptons market is the strongest. In the luxury market — representing the top 10% of sales — both the median and average sales price broke records during the first quarter, with the average luxury price surging 33% to $16.1 million, according to Jonathan Miller, CEO of Miller Samuel.

☆ No, there aren't more cash buyers in real estate these days
▼ + stars: | 2023-04-24 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +3 min

Buyers who need a mortgage are waiting for rates to fall, causing the share of cash buyers to rise. "It disproportionately enlarges the share of cash buyers making it look like more cash buyers are coming into the market." Mortgage rates have been edging lower over the past month and a half, but experienced a small uptick this past week. Researchers at Fannie Mae predicted that 30-year fixed mortgage rates will trend down throughout 2023 and 2024. "There were fewer cash buyers to leave the market than purchase mortgage buyers."

Search resuls for: "Miller Samuel"

25 mentions found