Buyers Understand That The Market Is Shifting In Their Favor
A report from Forbes on New York. "Though New York already has a 'mansion tax'—a 1% tax on homes over $1 million—support for the pied-a-terre bill is gaining. 'Because many of these expensive properties are effective ways for foreign buyers to park capital in a stable region, they are often viewed as fancy safe deposit boxes rather than as residences,' said Constantine Valhouli, director of research at real estate analytics firm NeighborhoodX."
"It could hurt sellers, too, with buyers asking for additional contributions or negotiating more. Broker Bonnie Lindebaum at Warburg, already has one seller ready to reduce her home’s listing price if the tax is enacted. 'I have a seller who was vacillating on the price, but if the tax is implemented, she will definitely reduce it and cut her losses,' Lindebaum said."
From Westport Now in Connecticut. "Westport real estate price changes over the past week: I3 Hills Lane $355,000->$347,500, 9 Tiffany Lane $690,000->$670,000, 6 Lyndale Park $749,000->$729,000, 4 Wake Robin Road $999,000->$899,000, 5 Marsh Road $975,000->$925,000, 45 Marion Road $1,065,000->$995,000, 29 Blue Ribbon Drive $1,349,000->$1,299,000, 20 Pequot Trail $1,499,000->$1,450,000, 30 Grassy Plains Rd $1,539,000->$1,495,000, 4 Tamarac Road $1,599,000->$1,575,000, 3 Eno Lane $1,875,000->$1,798,000, 6 The Mews $2,395,000->$1,895,000 *, 3 Pleasant Valley Lane $2,299,000->$2,099,000."
"*While it is very rare that a single price adjustment is more than 10 percent, a 21 percent price reduction was instituted at 6 The Mews."
The Bradenton Herald in Florida. "The median price in the Bradenton area has been at or above the $300,000 mark for all but four months of the past year. A bit of encouraging news for prospective home buyers could be found in the latest batch of statistics. There was a jump in inventory and new listings, pointing to a more-balanced market."
"Single-family home inventory in Manatee County increased by 5.7 percent from last year, while Sarasota County increased by 18 percent. Condo inventory increased by 5.5 percent in Manatee and by 15 percent in Sarasota. 'Additional inventory could ease rising prices, creating a more balanced market between buyers and sellers,' said Amy Worth, 2019 president of the Realtor Association of Sarasota and Manatee."
From Curbed Chicago in Illinois. "After listing for a record-shattering $50 million back in 2016, the ultra-opulent Lincoln Park mansion of insurance magnate Richard Parrillo returned Wednesday with a new asking price of $45 million. The Parrillos claim to have put $65 million into acquiring the land and constructing the palatial residence over the past ten years, says Crain’s. Will the new price tag see the couple recoup $45 million of that investment, or is this latest figure another case of wishful thinking?"
The Denver Post in Colorado. "Mayor Michael Hancock sat and listened for 45 minutes on a recent Saturday morning as three people explained why he should lose his job. The challengers’ attacks were plentiful, but they shared one common theme: the city’s explosive development. They said the city was on 'an unsustainable path of growth and development,' that 'residents have felt ignored,' and that Denver is 'dramatically out of balance."
"'The density doesn’t bother me. It’s the affordability that makes me sad,' said Jessica Dominguez, a teacher and real estate agent in the district. 'I just wish it wasn’t so ugly,' said Mike Huling."
"So, when it was finally his turn to speak, the incumbent grinned and adjusted his sport coat. 'Well, that was fun,' Hancock told the crowd of local politicos. 'We suck in Denver, huh?'"
From Mansion Global. "New house sales in the U.S. slowed by 8% in January compared to last year, according to Redfin. January marked the fifth consecutive month that sales of newly built homes fell year-over-year. The slowdown in new-home sales mirrors the nationwide housing market, which saw sales decline 7.6% in January, according to Redfin’s figures."
"The western part of the U.S. saw the biggest decline in new-home sales, which plummeted 16.5% in January compared to a year ago."
"'Buyers understand that the market is shifting in their favor and have become more sensitive to high home prices. That added sensitivity could continue to put a damper on the sales of new homes, which tend to be more expensive than comparable existing ones,' said Daryl Fairweather, chief economist at Redfin."