Sports Venues New Stars In Real Estate Development

By CHUCK GREEN Professional sports stadiums are an anchor for a growing number of real estate developments as teams capitalize on Americans’ desire for all-encompassing experiences. Based on a count from RCLCO Real Estate Consulting, between the National Football League, National Basketball Association, National Hockey League, Major League Baseball, and Major League Soccer, there are 43 venue-anchored real estate development projects on the ground, with seven more under construction. Another 34 are being considered. Last month, RCLCO announced the launch of a new proprietary Venue-Anchored Development Tracker for every major league stadium in the U.S. and Canada. Users can find information about existing, under construction, and planned venue-anchored developments. During a recent presentation, Vice President Alex Shaia talked about what’s…

Are You Ready To Sell Your House And Move To A Retirement Community?

By CHUCK GREEN As Baby Boomers age, they are making tough decisions about their living arrangements. Familiar with every creak in their home’s floorboards and often a friendly face for neighbors, they are coming to grips with the fact that moving on from the place where they raised their kids might be the right thing for them to do. According to the 2024 Home Buyers and Sellers Generational Trends report by the National Association of Realtors, Baby Boomers accounted for 45% of sellers in 2023. “Baby Boomers continue to dominate the home-selling market as they make pivotal decisions regarding their retirement living situations, whether it’s right-sizing or moving closer to loved ones,” Jessica Lautz, NAR deputy chief economist and vice…

Luxury Home Sales Are Hot Again

By CHUCK GREEN Luxury home prices are at an all-time high as a record share of buyers pay cash for homes in the country’s most exclusive areas. According to a recent report by data journalist Dana Anderson at Redfin, the prices of luxury homes rose at twice the pace of non-luxury homes at the end of last year. The typical luxury home sold for $1.17 million in Q4 2023, up 8.8% year-over-year. Like the non-luxury market, low inventory has been pushing prices up, but new listings are increasing as more homeowners jump at the chance to snag rich buyers offering cash for their purchases. “A lot of luxury buyers are coming in with cash, snapping up expensive homes,” Heather Mahmood-Corley,…

No Day At The Beach: Coastal Homes Are At Risk From Flooding

By CHUCK GREEN In upcoming decades, U.S. homeowners in areas along coastlines could be up the proverbial creek. Sea level rise, along with changing storm patterns, could result in flooding that severely damages homes in many coastal areas. Especially vulnerable, according to estimates, are the Gulf of Mexico, Florida, the Carolinas, and the Washington, DC, area. In 2018, the Union of Concerned Scientists hoisted warning flags when it released an interactive map that showed the estimated number of homes at risk for chronic flooding in the coming decades due to sea level rise. That year, the group reported that burgeoning sea level rise – fueled mainly by climate change – was projected to exacerbate tidal flooding in the country. Within…

Friends Are Buying Homes Together

By CHUCK GREEN They may not be your typical neighbors, but they could be moving next door soon: Friends who have carpooled their way into homeownership. According to a recent survey by JW Surety Bonds, nearly 15% of Americans have co-purchased a home with a person other than their romantic partner and another 48% would consider it. Just over a quarter (26%) of the individuals who co-purchased a home with a non-romantic partner said they bought it with a friend. Not surprisingly, young people are the most likely to consider this option. Gen Z would be the most willing to co-buy with a friend at 70%, with one in four Zoomers saying they believe co-buying a home can strengthen relationships.…

Young Americans Are Settling In Their Hometowns

By CHUCK GREEN While many Millennials and some Gen Zers have flown the coop, a number of them don’t have to save up their frequent flyer miles to get back home. As it turns out, a hefty portion of both groups aren’t straying far. In a survey of nearly 2,000 U.S. Millennials and Gen Zers to determine how close they live to their parents and why, LendingTree found that the majority of them are choosing to lay down a welcome mat of their own in their hometown. 57% of Millennials and Gen Zers have settled in their hometowns. 42% of those who never uprooted felt it was incumbent upon them to remain close to family, while convenience compelled 36% to…

Is Investing In Real Estate Or The Stock Market Better In 2024?

By CHUCK GREEN Where should you stow at least some of your hard-earned cash this year? Under the mattress? Hmm…. you might want to consult your financial advisor first. Of course, there are lots of options. Despite a landscape rife with unpredictability, perhaps real estate’s your cup of Java. Or maybe the stock market, for all its maddening ups and downs, floats your boat. The choice isn’t exactly as simple as deciding on one or two Splendas with your Latte, so The Mortgage Note set out to find out where experts expect to see the most returns in 2024. Taylor Kovar, CEO and founder of Kovar Wealth Management in Lufkin, Texas, doesn’t think people can go wrong investing in both. …

Value Of Realtors Hot Topic In Wake Of Legal Actions

By CHUCK GREEN and KIMBERLEY HAAS The full impacts of legal actions being taken against the National Association of Realtors are still not clear, but industry leaders are advocating for agents, saying they offer valuable expertise. In October, a Missouri jury ordered the association and two of the nation’s biggest real estate brokerages to pay almost $1.8 billion in damages after they found that commissions were artificially inflated to pay agents. Fresh off winning the verdict, attorneys for the plaintiffs filed a new lawsuit seeking class-action status covering anyone in the country who sold a home in the last five years. NAR’s President Tracy Kasper said in a statement at the time that they will appeal the liability finding, and…

Hallmark Heaven: These Sought-After Towns Have Holiday Names

By CHUCK GREEN Curled up in front of the television watching a Christmas movie, one might romanticize the notion of laying down roots in a holiday-themed town or city. Believe it or not, there are a number of municipalities in America that have names people might associate with this time of year. Stacker, based on information from the Census Bureau, found 29 of them, including North Pole, New York; Rudolph, Wisconsin; Bethlehem, Pennsylvania; Santa Claus, Arizona; and Christmas, Florida. Snowflake, located in Navajo County in Arizona, has one of these novel names. Jay Eckhardt, the 2023 president-elect of the White Mountain Association of Realtors, told The Mortgage Note that the name is a talking point but buyers move there for…

How Much Home People Are Getting For Their Money Compared To The Past

By CHUCK GREEN Home affordability has been a popular topic for the past few years as prices rose and interest rates shot up. First-time homebuyers have complained that they need to spend more to get less than their parents did and industry leaders say they are somewhat right. Andrew Lokenauth, publisher of BeFluentInFinance.com, said that last year the median home price was $428,700 and that with a 20% down payment of $85,740, the mortgage amount would be $342,960. This would require 34.2% of the median household income of $79,900 to cover the monthly principal and interest payments, he said. Lokenauth noted that in 1950, the median home price was $7,400. With 20% down, the mortgage amount would be $5,920, requiring…