If I Could Go Back I Would Definitely Do Some Things Differently
A report from Bangor Daily News. “In several surprising areas of Maine, the housing market appears to be slightly cooling after years of soaring sale prices. A huge, pandemic-era wave of in-migration has since settled, and high interest rates — expected to top 7 percent in the coming weeks — mean homeowners are hesitant to enter the market, realtors say. Despite it being a suburb of Maine’s largest city, South Portland has actually seen a 54 percent decrease in average home values this year, according to Zillow. Waterville has seen a 58 percent drop in home values in the last year, and the average home is now valued at around $230,000, according to Zillow. Surprisingly, Kennebunk, a pricey coastal town in York County, has seen a 51 percent drop in home values in the last year, according to Zillow. Values have now fallen below $600,000.”
“Belfast has seen a 53 percent drop in home values in the past year, according to Zillow. They now sit at around $360,000. Becky Nightingale Johns, a Belfast-based realtor with Worth Real Estate Inc., cautioned the dips seen in Belfast and in other Maine communities are part of expected fluctuations in the market. ‘There’s no indication that in the long-term, prices are going to decrease. It’s going upwards, just not as fast as it did in the ‘unicorn years,’ Nightingale Johns said. ‘It’s like weighing yourself every day. Don’t look at the [Multiple Listing Service] every day.'”
The Palm Beach Post in Florida. “In the past, some would assume that the motivation for serving on a condominium board was to leverage a prime parking spot. The more recent reality is very different, with board members’ decision-making history now being put under the microscope for claims of mismanagement and breach of their fiduciary duty. The scrutiny is justified. For condo owners who don’t have the funds to continue to live comfortably in their buildings due to the increased assessments, it is always better to sell sooner than later to maximize profits, especially in a changing real estate market. Given that many individuals could potentially be listing their condos at the same time based on poor inspection results, the decision to sell now could be the best decision that you have ever made. One bad apple can spoil the barrel, and that saying holds true for a bad comparable sale in the same condo building.”
“If board members have shown a history of voting against vital increases in reserves, that behavior could be considered a conflict of interest or self-dealing. Furthermore, these patterns could subject the board members and the association to legal liability. In egregious situations of condo association mismanagement, you could potentially get a group of current owners together and sue the association as well as the board members. If the association attempts to foreclose on your unit while you litigate, you may have some very strong defenses and counterclaims. If you have proof of significant breaches of fiduciary duties, don’t be afraid to dig your heels in and stand up for yourself.”
“For buildings that are currently getting hammered with assessments, the fire sale by some owners is going to negatively impact the value of the units of those that remain. It may even get to a point where fighting back isn’t necessarily that much of a risk because you could eventually owe more on your mortgage than your condo is actually worth. Always remember that you don’t have to take this lying down.”
West Hawaii Today. “It’s likely to be a slow spring for Big Island home sales as the market struggles to recover from 2023. Because 2023’s first quarter sales represented a 41% decrease from the same period in 2022, this year’s market is still lagging considerably behind the post-pandemic peak, before rising interest rates and inflation chilled sales around the country. Despite the stronger sales in some districts, Big Island real estate agents told the Tribune-Herald that the market is still struggling. ‘After the holidays, we usually see an uptick in pending sales,’ said Realtor Davin Padilla. ‘Wer’e not seeing that right now. Spring is usually when sellers start heating up. We’re not seeing that right now, either.’ Padilla said high interest rates and mortgage rates are still keeping potential buyers on the fence, while would-be sellers who got locked into favorable rates during the ‘unicorn years’ are holding onto their homes rather than getting a new home with a worse rate.”
The Real Deal on California. “Interest has ticked up in the San Francisco condo market, especially outside of the downtown core. The upswing in demand started late last year as interest rates came down, agents and developers say, and has continued this spring as tech buyers returning to the office are making deals with sellers who have come to terms with the drop in price required to close deals in the current market. ‘Sellers that really want to sell have realized that prices have rolled back about five to seven years from the height in 2021,’ said Robyn Kaufman of SF High Rises Real Estate, who specializes in Rincon Hill and surrounding SoMa neighborhoods.”
“Some sellers have dropped their prices from $1,500 per square foot at the height of the market to less than $1,000 as demand downtown dried up, she said. Kaufman has turned down potential listings if the sellers don’t seem to grasp the new reality since the combination of the pandemic, subsequent embrace of remote work and rising interest rates brought the condo market to a near standstill starting in mid-2022. Tim Gullicksen at Corcoran Icon said he helped a client close a deal last year along the central waterfront on a condo that had already gone through two price cuts. She ended up paying $200,000 less than the sellers had when they bought the unit six years ago.”
“He has sold San Francisco real estate through the dot-com crash, the financial crisis and now the aftermath of the pandemic. In each case, he said, downtown condos were the first to get hit and the last to recover. Gullicksen said none of his current clients are looking downtown. First is the perception that the area is still ‘dreadful and boring and empty,’ he said. Plus, people who want to live in San Francisco may be predisposed to prioritize charm and quirkiness instead of a clean modern look and the newest amenities, he said, which often come with hefty HOAs. ‘They’re always building new buildings, so how is yours going to be a good investment when it comes time?’ he said. ‘And why do I pay $1,400 a month in HOAs? Because there’s a dog washing station in the basement? A vast majority of my clients don’t feel like that’s a worthwhile use of their money.'”
Blog TO in Canada. “Despite the Greater Toronto Area’s real estate market seeing an increase in the average home price last month, properties in various communities continue to sell well below their asking prices, showing just how unpredictable the region’s housing market tends to be. Take this luxurious five-bedroom home in Vaughan for example, which sold in early April at a staggering $860,000 loss after sitting on the market for 210 days. The lavish property originally sold for $4.28 million back in December 2021, and was relisted for $4.68 million just a year and a half later in April 2023.”
“After sitting on the market for just over four months, the home was relisted at a massive loss for $3.68 million in September 2023. Once again, the home failed to attract any buyers and sat idle on the market for a few more months. Eventually, the luxurious home sold for $3.42 million in April 2024 — exactly $860,000 less than it originally sold for just two and a half years earlier. Throughout 2024, there have already been multiple well-documented cases of properties selling at significant losses. Last month, a home in Burlington’s affluent LaSalle neighbourhood was sold for $700,000 less than it was purchased for just two years earlier.In another case, a 9,400-square-foot home in North York’s St. Andrew-Windfields neighbourhood slashed $2.5 million off its price tag after two failed attempts to sell.”
I News in the UK. “When lockdown hit, Jess Bolton, 31, and her husband wanted a change from the busy London life they’d led for five years. So they moved in with Jess’s parents who lived in the Wiltshire countryside, where they got two greyhounds. The couple stayed at her parents’ house for a while, before eventually buying their own Victorian terraced house in Gloucester in April 2021. The couple settled on an end-of-terrace fixer-upper. It was still in a city, but far from the hectic pace of the capital. ‘We thought people would come and visit us, and we’d go and visit people, but people just don’t travel. We don’t go and visit our friends much and they don’t come and visit us. I think being near them makes it easier. Now we want somewhere less rural than we are.'”
“It’s not just the location that has been a challenge for the couple. They chose a project house that needed a big renovation, which they estimated to take around a year, but it still isn’t finished three years later. ‘We were watching all of that stuff [on TikTok] and thought that it would go great. My husband had some experience renovating. We had all our weekends and our evenings, and we’d got used to having no social life and thought it was going to be fine,’ says Jess. ‘The grafting and hard work was fine but the thing we really struggled with was living in a house that was a building site.'”
“Quickly they realised their time frame (and budget) wouldn’t be realistic. For the first four months in their new home, they showered at the gym, and it took 18 months to replace their temporary shower with a proper bathroom. It took a further six months to fit a kitchen, and for two years they batch-cooked food at Bolton’s parents to eat throughout the week. Other times they’d use their microwave or plug-in-hob they kept in the hallway. The stress of the work had an impact on their relationship. ‘Living with the dust and a house full of contractors where it’s hard to feel cosy and private and there’s always people coming and going took its toll on us; we felt unsettled.’ Even now, small jobs that could take less than an hour seem a big chore, and as they’re looking at moving away, it might never get finished. ‘We look at things now and we just don’t have the energy. If I could go back I would definitely do some things differently,’ says Bolton. ‘I wouldn’t buy a fixer-upper again, the maximum I would do is paint a wall. We also want to downsize – it’s a lot looking after the house.'”
From News.com.au. “Steel yourselves: Hopeful iron-ore price movements amid booming Chinese exports represent the calm before a perfect storm, warns a leading Australian analyst. ‘A superglut is mounting in China and will crash upon every global shore in a relentless tide over the next five years,’ argues MacroBusiness chief strategist David Llewellyn-Smith. China is the world’s largest steel producer, and iron ore is its core ingredient. But the massive industry is struggling after the dramatic collapse of the local property construction market, which has led to a 13.5 per cent fall in steel production over the past 12 months.”
“Australia is the world’s largest exporter of iron ore. It contributed about $136 billion to national revenue in 2023. It had been selling for about $US130 a tonne in January. It’s recently been trading in the $US90s. Llewellyn-Smith says everything changed for China’s steel industry when Chairman Xi Jinping took power. He immediately set about ‘rebalancing’ the Chinese growth economy towards one based on more sustainable consumer consumption. ‘The 2012 Xi Jinping pivot caught big mining with its pants down, as it invested heavily in the notion that China would grow apartments forever,’ he writes.”
“Then, amid a shaky 2015 economy, the Chinese Communist Party intervened in monetary policy to breathe fresh life into its construction industry. ‘This final panic reversal to the old economic model of building empty apartments blew off Chinese steel output for another six years. It rescued Chinese steel prices and helped iron ore supply to work off its excesses,’ he argues. ‘The problem is the last great 2016-2021 blowoff so bloated developer credit, corruption, and over-construction that today’s property crash is past saving.'”
From Reuters. “New home prices in China fell at their fastest pace in more than eight years in March as the debt woes of major property developers continued to drag on demand and the economic outlook. ‘There’s not much of an improvement in the outlook from here. I think there’s still downside risks to the economy. It’s pretty clear the property glut is still continuing,’ said economist Woei Chen Ho at UOB in Singapore. Potential buyers have also been wary of purchasing new homes because of concerns about the ability of indebted developers to deliver projects on time.”
Mansion Global. “Singapore’s home buyers and sellers are still feeling the effects a year since the city-state doubled the stamp duty for many foreign buyers last April, especially with real estate prices still elevated. But, as with any market in flux, the period of change has brought some buyers an opportunity. Following the March 16 relaunch, Cuscaden Reserve, in the heart of Orchard in District 9 sold 80 of 180 remaining units ‘slightly above S$3,000 per square foot,’ the Straits Times reported this month. The Business Times reported discount offers started from S$2,900 per square foot, about 20% below the average price of the 12 previously sold Cuscaden Reserve units.”
“Buyers may be able to find attractive deals in the secondary market within the CCR, as resale homes are generally less expensive than new projects,’ said Chia Siew Chuin, head of residential research, research and consultancy at JLL Singapore. Between Q1 2019 to Q1 2014, transaction records show median resale prices of CCR condominium and apartments often around 30% to 35% lower than new units in the primary sales market.”
“The Central Business District, one of the world’s great corporate and financial hubs encompassing postal districts 1, 2 and 7, is increasingly becoming a district known for luxury living. Projects are often larger-scale, mixed-use developments which integrate luxury residences with hotels, offices and retail. Caveat records suggest that some units in the 1,800 square foot range sold in the first quarter of 2024 for a nearly 50% discount over comparably sized units in 2023.”
This Post Has 57 Comments
Comments are closed.
‘South Portland has actually seen a 54 percent decrease in average home values this year, according to Zillow. Waterville has seen a 58 percent drop in home values in the last year, and the average home is now valued at around $230,000, according to Zillow. Surprisingly, Kennebunk, a pricey coastal town in York County, has seen a 51 percent drop in home values in the last year, according to Zillow. Values have now fallen below $600,000…Belfast has seen a 53 percent drop in home values in the past year’
There’s nothing but air under yer shack prices Jerry.
“South Portland has actually seen a 54 percent decrease in average home values this year, according to Zillow.”
Could it be that low walk score?
‘For buildings that are currently getting hammered with assessments, the fire sale by some owners is going to negatively impact the value of the units of those that remain. It may even get to a point where fighting back isn’t necessarily that much of a risk because you could eventually owe more on your mortgage than your condo is actually worth’
Just when you think it can’t get any worser, you gotta lawsuit on yer hands.
You will own nothing.
Y’all won’t own a MF thang!
“For buildings that are currently getting hammered with assessments, the fire sale by some owners is going to negatively impact the value of the units of those that remain.
You don’t say….
Take this luxurious five-bedroom home in Vaughan for example, which sold in early April at a staggering $860,000 loss after sitting on the market for 210 days.
But…but…muh generational wealth!
To live in Maine in winter is punishment enough , and now house prices are tanking ? Now, that’s a double whammy indeed……..
Free houses for africans in South Portland and lots of other towns in Maine. South Portland even elected a Somalia born woman to be mayor from 21-22. I can’t imagine why demand is suddenly waning. Weird.
Gotta fund a cost authority to study this and have meetings!
Did you hear the one about the man from Houston who moved his wife and kids to Maine because it’s safer? Only there 6 months and some diversity from South Portland randomly killed him and his wife while the kids watched from the back seat. Of course this one didn’t make the MSM tingle so most people have never heard about it. Everywhere sucks now, it’s all going to plan.
https://www.newscentermaine.com/article/news/crime/were-wrecked-father-of-victim-killed-in-westbrook-shooting-says-family-is-still-coming-to-terms-with-loss-of-daughter-son-in-law-parents/97-267bbcba-6cca-42a2-b5e8-7cbb7e0d7e7a
I didn’t know all that was going on up there. I appreciate the context.
Unfortunately, situational awareness is now a must everywhere. It svcks, but it has come to that.
In another case, a 9,400-square-foot home in North York’s St. Andrew-Windfields neighbourhood slashed $2.5 million off its price tag after two failed attempts to sell.”
Frens, please join me in observing a moment of silence for all those dear departed Yellen Bux that are winging their way to debauched currency heaven as fake wealth created by fake money washes away like FB tears in the rain.
They were only Wishing Bux.
“Padilla said high interest rates and mortgage rates are still keeping potential buyers on the fence,”
Nope. Prices are doing it meathead. Repeat after me; it’s the price, not the rate.
It’s not just overvalued shacks. The destruction of people’s purchasing power and standard of living, thanks to the Fed’s currency debasement, means tapped-out debt donkeys have no viable pathway to ever owning their own home free & clear.
3% mortgages were an aberration. They aren’t coming back.
Harsh reality will not prevent the rate cuts cargo cult from holding out hope.
Economic Report
Builder-confidence index stalls in April as mortgage rates hit 7%. Buyers are ‘back on the fence waiting for interest rates to fall,’ one builder says.
Published: April 15, 2024 at 10:00 a.m. ET
By Aarthi Swaminathan
– Builders still expect the Federal Reserve to cut rates, which will bring back demand
– Home builder sentiment for newly built single-family homes stayed flat in April.
Getty Images
The numbers: Builder confidence was unchanged in April, as the 30-year mortgage rate crossed 7% and dulled demand.
A strong inflation report prompted the market to expect delayed interest rate cuts by the Federal Reserve, which in turn pushed up mortgage rates. The 30-year was at 7.3% as of April 12, according to Mortgage News Daily.
…
https://www.marketwatch.com/story/builder-confidence-index-stalls-in-april-as-mortgage-rates-hit-7-buyers-are-back-on-the-fence-waiting-for-interest-rates-to-fall-one-builder-says-de04d6e9
For wannabe San Diego home owners, where a modest 3 bedroom home built 40 years ago typically has a Zestimate over $1 million, 7% of $1 million is $70,000, a rough estimate of the first year interest costs on a $1 million mortgage. Of course there are many other costs of ownership in addition to interest costs. I’ll stick to renting comparable housing at half the monthly cost of owning and let the wreckless speculators gamble away on the hope that real estate will keep appreciating to ever less affordable price levels.
“The 30-year was at 7.3% as of April 12, according to Mortgage News Daily.”
Does it seem like the rate cuts cargo cult took a big swing and missed on predictions for six Fed rate cuts in 2024?
It sure does seem that way.
Nope. Prices are doing it meathead.
Bingo! If we went back to 2019 prices, I could easily afford a mortgage at 8%. At current prices, it would be financial suicide.
So I rent for half the cost and stack the remaining in savings and other investments. My down payment money is earning a risk-free 4.25% APY as we speak, my brokerage account with some of the down payment is high-risk but high-reward.
My down payment money is earning a risk-free 4.25% APY as we speak
You can get 25% more with 13 week t-bills if you haven’t looked into it (I believe 5.3% these days)
You can get 25% more with 13 week t-bills if you haven’t looked into it (I believe 5.3% these days)
Great call out. I built a ladder of those with monthly renewals, it’s a great option right now for money I want to keep low-risk.
“So I rent for half the cost and stack the remaining in savings and other investments.”
That’s a great strategy, and I am not just saying that because I follow it myself.
“New home prices in China fell at their fastest pace in more than eight years in March as the debt woes of major property developers continued to drag on demand and the economic outlook.
Gosh, this implies the crash in RE values is accelerating. I sure hope the 1.5M Chinese who pre-paid for skyboxes that will never be built don’t blame the CCP for their huge financial losses.
Aussies who can’t afford groceries certainly won’t be signing on Mr. Banker’s line which is dotted for insanely overpriced shacks.
https://www.news.com.au/finance/business/retail/aussies-paying-nearly-10000-a-year-on-average-grocery-bill/news-story/8634cdb8c788a4a1cdb81a7f1fd88d4e
Big moves in the U.S. bond market as investors balk at buying the debt of a corrupt banana republic with a fraudulently installed dementia patient in the White House & a criminal private banking cartel controlling its money issuance.
https://www.cnbc.com/quotes/US10Y
“Big moves in the U.S. bond market as investors balk at buying the debt of a corrupt banana republic with a fraudulently installed dementia patient in the White House & a criminal private banking cartel controlling its money issuance.”
+1
– Congress is spending $1T / 100 days now to keep the wheels from falling off the bus until after Nov. 5th. Damn the inflation, full speed ahead! 🛳️
– The 2020 election was stolen. The scam-demic was cover. Look for ‘Virus X’ later this year as TPTB try again in 2024.
– DJT in jail will only garner him more votes. Banana Republic.
– Let’s go Brandon! – and the (globalist) horse he rode in on.
– I am the banana republican!
WATCH: Massive Illegal Alien Processing Center in El Paso Desert
by Dan Lyman
April 16th 2024, 11:35
Immigration news outlet Border Hawk has released exclusive footage of a massive Border Patrol facility in the desert outside El Paso, Texas.
The processing center, which opened in 2023, spans 360,000 square feet and sits on 28 acres on the northeast side of the city.
The holding facility can accommodate 2,500 illegal aliens who are provided with free meals, medical services, entertainment and recreation, child care, laundry, legal advice, and much more — all on the U.S. taxpayer dime.
Customs and Border Protection has said the facility can be expanded as needed.
Anthony “Scott” Good
@USBPChiefEPT
#ElPaso sector continues to prepare for potential increases in migrant encounters with the recent addition of our newest processing facility.
@CBP
https://x.com/USBPChiefEPT/status/1668681941707530257
Many migrants who illegally cross into Border Patrol’s El Paso and Tucson Sectors begin their ‘new lives’ at this facility before being transported throughout the country.
Border Patrol? Shouldn’t they just call them the US Welcome Wagon?
And you know what is even more insane? It’s harder for you as an American than for an invader to enter the country, as you will face long lines and harsh government agents who will look at your US passport with suspicion and try to find a reason to deny you entry.
Last time I re-entered the country the agent was a complete jerk to myself and my wife.
The last time I came through O’Hare I witnessed an agent yelling at people in the US citizen line. I usually fly in through Dumver when returning from Europe. The line for US citizens here is excruciatingly slow, even though they first make you go through these automated stations where your passport is visually scanned.
And if say you cross the border in your car, you are suspected of being a smuggler. No fist bumps after they tell you that you are free to go.
if say you cross the border in your car
I do this frequently across the NY/Ontario border. I’ve always been treated with courtesy by the US guys, and mostly so by the Canadians.
American Greatness
@theamgreatness
WATCH: Chasing Trump is the very first documentary produced by American Greatness. We do a deep dive into the backgrounds of the four leftwing prosecutors targeting President Trump.
You can watch the whole documentary right here for free!
Apr 15, 2024
·
https://x.com/theamgreatness/status/1779930080111886453
The Millionaire Ghost Town Of Innisfil Ontario 95% Unsold
Mark Turcotte
5 hours ago
Welcome to the intriguing world of the millionaire ghost town of Innisfil, Ontario, where a staggering 95% of properties priced over a million dollars remain unsold. Join us as we explore this unique phenomenon and uncover the reasons behind the deserted luxury real estate market in this charming Canadian town. Discover the secrets, mysteries, and stories that lie within the empty streets of Innisfil. Stay tuned to witness the captivating allure of a town frozen in time, waiting for the right buyer to unlock its hidden treasures. Are you ready to delve into the enigmatic world of the millionaire ghost town of Innisfil, Ontario? Let’s unravel the mystery together! Remember to like, share, and subscribe for more fascinating insights into unique real estate phenomena around the globe.
Are you looking to sell or buy Innisfil, Barrie , ESSA real estate. Understanding the correlation between price and days on the market may be crucial to your success. In this video, we discuss how many property sellers in Barrie are now associating price with how long their property has been listed for sale. This allows them to price their property competitively and attract more potential buyers. Selling your home can be a daunting task, but with proper strategies and insights, you can achieve your goals with ease. Our team of experienced real estate agents is dedicated to helping you succeed in your real estate endeavours, whether you’re buying a new home or selling your existing property. Our mission is to provide you with actionable tips and tricks that will help you navigate the complex Barrie real estate market confidently. Don’t let your property sit on the market for months on end.
https://www.youtube.com/watch?v=h28q4ISu2z4
19 minutes.
“…where a staggering 95% of properties priced over a million dollars remain unsold…”
That problem has an amazingly simple solution:. REDUCE THE ASKING PRICE TO CURRENT MARKET VALUE.
‘Belfast has seen a 53 percent drop in home values in the past year, according to Zillow. They now sit at around $360,000. Becky Nightingale Johns, a Belfast-based realtor with Worth Real Estate Inc., cautioned the dips seen in Belfast and in other Maine communities are part of expected fluctuations in the market. ‘There’s no indication that in the long-term, prices are going to decrease. It’s going upwards, just not as fast as it did in the ‘unicorn years…It’s like weighing yourself every day. Don’t look at the [Multiple Listing Service] every day’
https://www.realtor.com/realestateagents/60bf7633ad6fdb001303e53a
About Becky Nightingale Johns
Becky moved to Belfast 20 years ago and immediately wove her life into the rich tapestry that is our MidCoast community. She is a wealth of knowledge on what it’s like to live, work and raise a family here and joyfully shares her insights. Originally from London England, Becky has a background in international conservation and is happiest by the water. Her professionalism blended with warmth and caring provides exquisite client support through the property buying process.
Experience 3 years
“…the dips seen in Belfast and in other Maine communities are part of expected fluctuations in the market. ‘There’s no indication that in the long-term, prices are going to decrease. …”
Whistling while strolling past the graveyard will not protect you from the zombies that roam the nearby streets.
And to go way out on a limb, I would guess the price declines mentioned in that article are historically unprecedented. Pretending that large percentage drops over a short time period is a normal occurrence will not change the fact that it has never happened so hard and fast before. Hopefully speculators are getting severely burned as a result.
‘It may even get to a point where fighting back isn’t necessarily that much of a risk because you could eventually owe more on your mortgage than your condo is actually worth’
That may be lawyer, but I’ll have you know Palm Beach County is a red hotcakes sellers market. Good angle though. You probably got a thousand emails this morning. I’ve lost everything! They had no business giving me that loan.
‘Padilla said high interest rates and mortgage rates are still keeping potential buyers on the fence, while would-be sellers who got locked into favorable rates during the ‘unicorn years’ are holding onto their homes’
That’s two ‘unicorn years’ references in one post.
‘Sellers that really want to sell have realized that prices have rolled back about five to seven years from the height in 2021’
San Francisco airboxes have been sinking like a turd in a well since 2015 Robyn.
‘They’re always building new buildings, so how is yours going to be a good investment when it comes time?’ he said. ‘And why do I pay $1,400 a month in HOAs? Because there’s a dog washing station in the basement? A vast majority of my clients don’t feel like that’s a worthwhile use of their money’
Tim are you saying my bocci ball court doesn’t make my airbox worth 2 million pesos? Should have gone with the pickle-ball.
Some Toronto Landlords Want Out! (Toronto Real Estate Market Update)
Team Sessa Real Estate
41 minutes ago
In this episode we take a look at the current Toronto Real Estate Market specifically the detached home prices and market trends for week ending April 10, 2024. We also discuss how some Toronto landlords want out because of financial pressure but also regulation that seems to heavily favour the tenant. It’s important to know what you’re getting into if your choosing to become a landlord.
This video will focus specifically on Toronto but be sure to SUBSCRIBE for more reports on other areas!
Chapters:
0:00 Introduction
0:22 Toronto Landlords Want Out
9:05 Toronto Detached Real Estate Market Update
https://www.youtube.com/watch?v=5ARcPjuaVCQ
17:46.
Just got back to the Columbia Basin from Seattle. Watching hotel cable TV, FXsyfy, and nearly every commercial was a gay or lesbian couple. It seemed like 10-min of programming and 5-min of commercials, four times an hour. Whew!!
A classic:
https://stonetoss.com/comic/burger-kang/
‘Eventually, the luxurious home sold for $3.42 million in April 2024 — exactly $860,000 less than it originally sold for just two and a half years earlier’
A minor repository illness will do that.
‘We thought people would come and visit us, and we’d go and visit people, but people just don’t travel. We don’t go and visit our friends much and they don’t come and visit us. I think being near them makes it easier. Now we want somewhere less rural than we are’
I think yer missing the main thing here Jess: yer a winnah!
‘Living with the dust and a house full of contractors where it’s hard to feel cosy and private and there’s always people coming and going took its toll on us; we felt unsettled.’ Even now, small jobs that could take less than an hour seem a big chore, and as they’re looking at moving away, it might never get finished. ‘We look at things now and we just don’t have the energy. If I could go back I would definitely do some things differently,’ says Bolton. ‘I wouldn’t buy a fixer-upper again, the maximum I would do is paint a wall. We also want to downsize – it’s a lot looking after the house’
All yer problems would be solved if you stopped eating Jess.
‘The 2012 Xi Jinping pivot caught big mining with its pants down, as it invested heavily in the notion that China would grow apartments forever’
Pants down and Xitler isn’t a good combination.
‘Then, amid a shaky 2015 economy, the Chinese Communist Party intervened in monetary policy to breathe fresh life into its construction industry. ‘This final panic reversal to the old economic model of building empty apartments blew off Chinese steel output for another six years. It rescued Chinese steel prices and helped iron ore supply to work off its excesses…The problem is the last great 2016-2021 blowoff so bloated developer credit, corruption, and over-construction that today’s property crash is past saving’
It was a good run, but it doesn’t look like they are taking over the world after all.
Just like Japan wasn’t in 1989…
‘The Central Business District, one of the world’s great corporate and financial hubs encompassing postal districts 1, 2 and 7, is increasingly becoming a district known for luxury living. Projects are often larger-scale, mixed-use developments which integrate luxury residences with hotels, offices and retail. Caveat records suggest that some units in the 1,800 square foot range sold in the first quarter of 2024 for a nearly 50% discount over comparably sized units in 2023’
Singapore will fook you on yer shelter gambling and they never apologize.
“Despite it being a suburb of Maine’s largest city, South Portland has actually seen a 54 percent decrease in average home values this year, according to Zillow. Waterville has seen a 58 percent drop in home values in the last year, and the average home is now valued at around $230,000, according to Zillow. Surprisingly, Kennebunk, a pricey coastal town in York County, has seen a 51 percent drop in home values in the last year, according to Zillow. Values have now fallen below $600,000.”
Cool. It’s nice to see prices returning to affordable levels, at least in some corners of the country.
– Would now be a good time to buy the 50%+ dip in Maine real estate?
– How long will it take for the half off sale to reach the West Coast?
U.S. Markets
Wall Street stocks close lower on higher Treasury yields, rate expectations
By Chibuike Oguh
April 16, 2024 3:49 PM PDT
Updated an hour ago
Summary
– Fed Chair Jerome Powell sees higher rates for longer
– Indexes: Dow up 0.17%, S&P down 0.21%, Nasdaq lost 0.12%
April 16 (Reuters) – Wall Street stocks ended lower in choppy trading on Tuesday as Treasury yields climbed, with investors weighing the likely path of interest rates in a resilient U.S. economy with persistent inflation.
Federal Reserve Chair Jerome Powell said on Tuesday recent inflation data has not given policymakers enough confidence to ease credit soon, noting that the U.S. central bank may need to keep rates higher for longer than previously thought.
The Dow Jones Industrial Average got a boost from UnitedHealth Group’s better-than-expected quarterly results. Real estate and utilities were the biggest drags on the S&P 500, while technology gave the largest boost.
“People are trying to balance this two-sided narrative: U.S. economic growth, which looks really good, and at the same time the inflation picture and interest rates, which will eventually be problematic for the equity market,” said James St. Aubin, chief investment officer at Sierra Mutual Funds in California.
A report on Monday showed retail sales grew more than expected in March, a sign of U.S. economic resilience that helped push benchmark U.S. 10-year Treasury yields to five-month highs on Tuesday.
…
https://www.reuters.com/markets/us/futures-ease-bond-yields-stay-elevated-amid-middle-east-tensions-2024-04-16/
NPR Suspends Whistleblower Who Exposed Network’s Extreme Progressive Bias
by Adan Salazar
April 16th 2024, 1:19 pm
NPR has suspended a senior editor without pay after he issued scathing criticisms of the newsroom’s politically biased reporting, calling them out for skewing too far left.
The liberal network, which receives taxpayer funds from the federal government, announced Tuesday it had “punished” veteran reporter Uri Berliner with a five-day suspension over an essay published at The Free Press earlier this month.
“It angered many of his colleagues, led NPR leaders to announce monthly internal reviews of the network’s coverage, and gave fresh ammunition to conservative and partisan Republican critics of NPR, including former President Donald Trump,” NPR wrote in an article announcing Berliner’s suspension Tuesday.
One notable criticique came from conservative Manhattan Institute Senior Fellow Christopher Rufo, who dug up old tweets from NPR’s new CEO Katherine Maher showing she suffers a severe case of Trump Derangement Syndrome.
Here Maher is referring to Trump as a “deranged racist sociopath.”
Katherine Maher
@krmaher
What is that deranged racist sociopath ranting about today? I truly do not understand.
11:49 AM · May 14, 2020
She praised BLM looting and destruction of private property.
Katherine Maher
·
May 31, 2020
@krmaher
CNN is talking about the tragedy of damage to iconic retail zones and shoe stores in LA.
Katherine Maher
@krmaher
I mean, sure, looting is counterproductive. But it’s hard to be mad about protests not prioritizing the private property of a system of oppression founded on treating people’s ancestors as private property.
2:05 AM · May 31, 2020
Here was her tweet when Biden “won”:
Katherine Maher
@krmaher
I can’t stop crying with relief.
12:07 PM · Nov 7, 2020
She also promoted the notions of white guilt and white privilege:
Katherine Maher
@krmaher
White silence is complicity. If you are white, today is the day to start a conversation in your community.
9:09 PM · Jun 1, 2020
Maher pushed back after her old tweets resurfaced in a statement Monday, saying, “In America everyone is entitled to free speech as a private citizen… What matters is NPR’s work and my commitment as its CEO: public service, editorial independence, and the mission to serve all of the American public. NPR is independent, beholden to no party, and without commercial interests.”
Speaking to NPR, Berliner, who initially believed Maher could do well, admitted she’s probably not right for the job.
“We’re looking for a leader right now who’s going to be unifying and bring more people into the tent and have a broader perspective on, sort of, what America is all about,” Berliner said. “And this seems to be the opposite of that.”
https://www.infowars.com/posts/npr-suspends-whistleblower-who-exposed-networks-extreme-progressive-bias
“She also promoted the notions of white guilt and white privilege…”
Did she somehow omit reference to male privilege?
Maher pushed back after her old tweets resurfaced in a statement Monday, saying, “In America everyone is entitled to free speech as a private citizen…”
Crazy, I’m not a CEO, but I worked for companies that required employees to sign documents about what they can and cannot say on social media.
I get periodic emails about this. Basically they say to keep your mouth shut.