DID YOU KNOW?
Top Headlines: Delivered by Leonard Steinberg
April 10, 2023
01 Luxury real estate boomed in Dubai as the rich got richer during the Covid-19 pandemic and as Russians looked for safe havens for money after their country’s invasion of Ukraine. Prime real estate soared 89% in October from the previous year—a swift recovery from a slump that lasted from 2014 to 2020. The market turned higher so quickly it caught many off guard. Branded residences appear to fetch a 30% premium. (Bloomberg)
02 And then after the floods and storms came the .....SUPERBLOOM! Yes, California is about to experience an explosion of wildflowers after the heavy rains not seen since 2019! (WSJ)
03 The Longevity industry will be a $44 billion per year business by 2030 according to some estimates....so how does this impact real estate?
1. The wealthy who have the money for this may live lots longer and stay in their homes longer, and require homes that cater to the elderly.
2. Just look at the Flatiron District in Manhattan (just 10 blocks): for a long time many of the retail spaces stood empty: dozens are now filled with health-related businesses including several longevity spas....
04 Lake Mead is a huge body of water.....about 30 million acre feet of water.....and that is about the amount of the snowpack that exists in California's mountains right now. Hopefully temperatures increase slowly so that this melts slowly too. (LA TIMES)
05 Residents in Hawaii had the longest life expectancy of the typical American at an average of 80.7 years, according to the new study published in Life Extension.......followed by Minnesota, Vermont, Washington and New Hampshire to round out the top five.
06 After a record-setting 2021 market ($115 billion in Q4 2021), sales of rental apartment buildings fell at the fastest rate since the subprime-mortgage crisis in 2009, a sign that higher interest rates, regional banking turmoil and slowing rent growth are undercutting demand for these buildings. Investors purchased $14 billion of apartment buildings in the first quarter of 2023, a 74% decline in sales from the same quarter in 2022, the largest annual sales decline for any quarter going back to a 77% drop in the first quarter of 2009 and the lowest amount for any quarter since 2012, with the exception of the second quarter of 2020 when pandemic lockdowns effectively froze the market. (COSTAR)