DID YOU KNOW?
Top Headlines: Delivered by Leonard Steinberg
November 02, 2022
01 What will the FED do today? Chances are we see a 0.75 point hike (the fourth one in a row!) and maybe.......maybe.....a signal that these massive, rapid hikes are coming to an end? Some savings accounts are now paying more than some mortgage holder's (super-low) interest rates...... In 1977, mortgage rates doubled from about 8.85% to 16.05%......in 1982. That doubling took 5 years! Our current 'doubling' has taken about 9 months.... let's not forget that US mortgage rates were approaching 5% just 4 years ago too....On November 15, 2018 they were hovering around 4.94%.)
02 Maersk - the world's biggest container shipper and a good barometer of global economic health - says global container demand is expected to contract between 2-4% in 2022, down from previous projections, noting that freight and charter rates declined in the third quarter as demand moderated and Chinese Covid-19 restrictions diminished. (CNBC)
"Developers are like farmers: we are
always paying attention to the weather!
Building is often reliant on weather conditions." -
Adam Gordon, Developer of residential, e-commerce industrial warehouses, film studios, etc. Here is a great PODCAST to hear his story and all the exciting projects he is working on, an eye to the future!
03 It's invaluable when each of us takes an active hand in helping to build this company we're all a part of. Great companies are a result of great people coming together. By bringing the very best of our colleagues together at COMPASS, we can continue to elevate the profession, strengthen our referral networks, and create a culture that brings us all energy and inspiration. There is no better endorsement than your personal experience. If you have an agent who inspires you, but is not yet at COMPASS, send their name to your local Strategic Growth Manager or e-mail
[email protected].
04 KKR’s $357 million acquisition of Presidential City, which consists of four 12-story buildings on the edge of Philadelphia, was more than $100 million higher than the previous top price paid for an apartment complex in the city. Nationwide, $74 billion worth of apartment buildings sold in the third quarter of 2022, down 17% from the same quarter in 2021. Many purchases no longer pencil out because of higher debt costs and the expectations of slower rent growth according to brokers and investors. (WSJ)
05 Thousands of COMPASS agents are joining the 5 Days of Giving Challenge. From November 14-18, we are guiding you through five actionable ways to thank those who have defined your 2022 so you can keep the connections alive in 2023. Start dedicating focus to reflect, give gratitude, and help build stronger bonds with those around you.Give back and join us here: https://forms.gle/hHT5VPSvNe1rcu8eA 
