Some Owners Figure They’re Putting Money In That They Will Never See

A report from the Danbury News-Times. “As 2024 comes to a close, the housing market in Danbury is outgrowing several Connecticut municipalities and the state overall, in both listings and sales. The number of single-family homes for sale increased by 27%, while the inventory for condominiums is up only 12%. While some real estate agents saw an improved housing market in 2024, Kim Kendall, an associate broker with Keller Williams, said sales and inventory were both down. ‘No, I did not do what I hoped to do this year,’ Kendall said. ‘Market time for some listings is longer.’ Buyers seem to be more willing to walk away from a potential purchase, Kendall said, saying they also seem more disinclined to buy a house that they are only somewhat interested in. ‘In part, it’s the low inventory. I’m hopeful there will be more in the new year,’ Kendall said. Many homeowners have been reluctance to sell and purchase a new home because of interest rates, said Mensah Robinson, a real estate salesperson with Coldwell Banker. Many owners refinanced their mortgages during the pandemic to take advantage of lower interest rates. If they were to sell their homes and purchase new homes, they face higher borrowing rates.”

Yahoo Finance. “Those who braved the housing market in 2024 faced one of the slowest sales years in three decades. Next year is shaping up to be a little bit better. Realtor Scott Pratt, who works in Buford, Ga., north of Atlanta, said business was sluggish for much of the year, but he’s expecting to see more inventory hit his market this spring. He thinks buyers might find better deals as the year progresses, and sellers who have been on the sidelines adjust their prices to meet the current market. ‘It’s going to be one more year of pain, but by the end of the year, some of these people that said they’re going to be locked in forever that want to leave…they’ll move,’ he said.”

“Los Angeles-based real estate agent Walter Franco Jr. said even slightly lower rates next year probably won’t be enough to unleash a flurry of activity in his pricey market. Buyers seeking homes in the $1.5 million to $2 million range aren’t very sensitive to rate changes, but those looking for cheaper options are, he said. ‘At that more entry-level price point, rates are really crushing them,’ Franco said. Waldorf, Md.-based real estate agent Jon Benya, who works with many government workers, contractors, and members of the military, said Trump’s talk of slashing the size of the federal government, or relocating certain agencies away from Washington, may be enough to chill activity in southern Maryland. ‘Perception is reality, and when you have job insecurity because you’re concerned that your job may be cut, finding a new home is the last thing on your list,’ Benya said.”

Bradenton Herald in Florida. “The local housing market is slowing down, with less sales, declining median prices and longer time to sell, according to the latest Realtor Association of Sarasota and Manatee report. Median sales prices also dropped across all property types, the report said, and the median time to sale extended year-over-year. But inventory levels increased for Manatee and Sarasota’s housing market. Manatee single-family homes median sale price dipped to $430,000 from $485,861 in November 2023. Time to sale increased 24.4% to 102 days. Townhome and condo closed sales decreased by 17.7% compared to the previous November. The median sale price was $309,900 in November 2024. That was an 11.8% drop from the $351,500 median sale price in November 2023.”

“In Sarasota County, single-family home sales decreased 18.9% from the previous year. The median sale price remained at $490,000 — the same as October — but that marked a 2% decrease year-over-year. Inventory increased 18.9% year-over-year with a 5.2-month supply. Townhouses and condos had a 19.7% decline in closed sales from the previous year, with the median sale price dropping 31.8% to $373,700 and inventory increasing 18% with a 6.3-month supply.”

From WEAR. “Florida requires all condos three stories and higher to complete a structural inspection. It’s a new state law aimed to keep condos up to code. ‘In the interest to make their HOA most affordable for these individual unit owners these boards of directors under pressure were, in some occasions, voting and they voted as a group to not fund their reserves,’ says John Minor, president of president of Complete General Contractors Inc. — a company that performs these inspections in Escambia County. He says oftentimes, associations will delay repairs because of the high cost. ‘It’s always about the money, right? I mean, everything is driven by the dollar,’ says Minor. ‘We’ve seen assessments from 40 to $100,000 per per unit and that’s not been amazingly surprising, especially when when it’s an HOA that started with zero reserves.’ The law will also require all condos to have money set aside for repairs. Funding for reserves could mean higher monthly fees for residents. ‘That’s the most efficient way to do it,’ says Jeanne Meyer, board president at Scenic Terrace Condominiums. ‘Although, some owners don’t like that because they figure they’re putting money in that they will never see.'”

From Westfair Online. “A Scarsdale affordable housing developer that fell $6 million short and nine months behind schedule on a Bronx project petitioned for bankruptcy protection three days before the property was scheduled for a foreclosure auction. Valdesia Gardens Housing Development Fund Corp. declared $15 million in assets and $22.6 million in liabilities in a Chapter 11 reorganization case filed on Dec. 13 in U.S. Bankruptcy Court, White Plains, New York. Valdesia Gardens was formed in 2017 as a nonprofit corporation to build a seven story, 50,000-square-foot residential and retail structure on Prospect Avenue in the South Bronx. ‘The filing of the Chapter 11 case was necessary to preserve the value of the estate and maximize a return to its creditors,’ according to an affidavit by an outside restructuring officer, David Goldwasser. The project is 85% completed, according to Goldwasser, and the developer needs $6 million and nine months to finish the work.”

KUSA TV in Colorado. “This year, more properties than ever before were added to Denver’s neglected and derelict building registry, a list that identifies properties posing risks to public safety and neighborhood stability. City officials say the surge reflects a more proactive approach rather than an actual increase in problem properties. This November, the property at 4463 N. Winona Court caught fire after squatters started a warming fire inside the house. Nate Boyer, the property’s next-door neighbor, said the flames reached 30 to 40 feet high, requiring 46 firefighters to extinguish them. Boyer said the property owners moved out nearly five years ago, and it has remained a persistent concern since he and his wife moved in three years ago. ‘As the break-ins and the board-ups got worse, it just attracted more and more people,’ Boyer said. ‘Now it’s occupied 50% of the time by people just squatting in there.'”

“Boyer showed parts of the house as piled to the ceiling with trash, while other areas, he said, were frequented by people dealing or using drugs. The fire has left Boyer and his pregnant wife increasingly anxious about their safety. He also voiced frustration with the seemingly endless cycle of police evicting squatters, only for the boards on the property to be ripped down shortly after. ‘You can’t force somebody to sell, and you really just can’t take somebody’s property,’ Boyer said. ‘There’s not much of a process other than to continue to complain, to continue to force the issue through the derelict building program, and to continue to get fines assessed.'”

NPR on California. “On a foggy morning in early December, Fresno police Sgt. Steven Jaquez scanned the city streets for tents, shopping carts, strewn belongings, and their owners. From behind the wheel of his patrol car, he pointed out a small group of mostly men sitting on the sidewalk drinking beers with bags and carts around them. As soon as they spotted him, they scrambled to their feet. ‘They know there’s a good chance, ‘if I don’t get up and I don’t get moving, those cops are probably going to arrest me,’ said Jaquez, who supervises the department’s police team that responds to complaints about homeless encampments.”

“‘Enough is enough,’ Fresno City Councilmember Miguel Arias said in late September on the day the law went into effect. I’t’s time for them to get the help or expect to go through withdrawals in a county jail.’ As Sgt. Jaquez worked his way around the city, following reported complaints from alley to sidewalk to overpass, more than one person approached him to express their gratitude for his team’s work. Among them was Devonta Mayberry, who uses an electric wheelchair. He told Jaquez the clear sidewalks have transformed his ability to get around his neighborhood, and made his daughter feel safer walking around.”

“‘Y’all finally getting this stuff cleaned up,’ he said. ‘They’re doing drugs out here and then it’s babies right here. All we can do is call for help.’ ‘You hit me up on 311 if you have problems,’ Jaquez said, referring to Fresno’s non-emergency phone number that connects residents to city services. ‘We’re trying to return neighborhoods back to people who live in the neighborhoods.'”

CTV News in Canada. “A Vancouver man has been ordered to pay more than US$500,000 after a B.C. Supreme Court judge found he had defrauded the would-be developers of a real estate project in China of that amount. In a decision issued earlier this week and published online Friday, Justice Neena Sharma ruled that Christopher Lee is liable to Hainan Dehong Real Estate Development Corporation and Hainan Kinghouse Real Estate Development Corporation for ‘fraud and/or fraudulent misrepresentation.'”

“The two companies sued Lee – along with a mortgage brokerage and one of its contractors – for his role in an ultimately failed attempt to secure US$100 million in financing for a land development project on Hainan Island in China. ‘Combined with the significant and telling gaps in his document production, I am persuaded on a balance of probabilities that the Westbay agreement was a sham,’ it adds. ‘The plaintiffs have adduced clear and cogent evidence that Christopher Lee was the driving force behind a fraudulent scheme designed to induce Ms. Fu to pay a US$500,000 ‘commitment fee’ that he knew would never be returned.'”

The Herald Sun in Australia. “Melbourne mansions expected to test the city’s home price records in 2024 have been left lingering on the market as buyers shied away from big price tags, some as much as $100m. Four homes hit the market with hopes of a sale over $50m in spring, but none appear to have sealed a deal. The wealthy family behind the Myer retail empire is still waiting for a buyer for their famous Toorak estate Cranlana, which is on target to smash Melbourne’s residential price record if it sells within its $96m-$105m asking range.”

“One home Forbes Global Properties Australia director Robert Fletcher is managing the listing of is the sprawling five-bedroom house at 7 Martin St, Brighton, which has been on the market since August 2024. Other homes, such as the Toorak mansion being sold by Nathan Buckley’s ex-wife Tania, are also waiting for a buyer even after a $1m-plus price cut. After a 100-day hiatus from the market, Buckley’s property was relisted in October with a $15m-$16.5m price guide – down from $16.8m-$18m. ‘Our business is predicated on taking the time, if it’s required, to get great outcomes,’ Mr Fletcher said. ‘We deal with families that don’t need to act in desperation. They can act when it’s an appropriate or desired outcome. Time is your friend in this market.'”

“The five-bedroom mansion ‘Teychel’ at 16 Moule Ave has had just two owners in its 100-year history. It was first listed for sale in April 2023 but was withdrawn and relisted in April 2024. However, Kay & Burton managing director Ross Savas, who is managing the listing, said the luxury property market continued to demonstrate remarkable resilience, with exceptional performance in the $10m-$50m range, thanks to international buyers. ‘Many (vendors) who don’t need to sell are choosing to wait, and I firmly believe 2025 will present opportunities for them to achieve their goals,’ Mr Savas said. Property Home Base director and buyer’s advocate Julie DeBondt-Barker said there were a lot of home sellers who were trying to test the market who weren’t being realistic in terms of their price expectations.”