Market Update | APR 24

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

April 24, 2024

01 Rent prices are up from a year ago in 48 of the 50 biggest metro areas in the US. The highest is in Providence, R.I., with an annual increase of 8.2% followed by Louisville, Ky. (6.9%) and Cleveland, Ohio (6.5%). Will these increases continue? If not, inflation could ease. Areas where rents soared were met with increased construction....and rents moderated and have even come down as markets rebalance their supply and demand.

02 "There’s only one very good life and that’s the life you know you want and you make it yourself."

– Diana Freeland

03 In the UK a lot of agents are now asking potential buyers to prove they are “proceedable” before granting so much as an online viewing.

(FT)

04 GOLF-flation? The demand for prestige golf club membership is growing, and so too are membership prices: The exclusive La Gorce Country Club in Miami Beach costs $700,000 to join, up from about $200,000 before the pandemic.....that’s 250% inflation in 5 years! More proof that the wealthiest are experiencing - and driving - some of the biggest inflation numbers by far.....and can afford it, especially those that have eliminated 5-12% in state and city taxes because of a move to a low or no-state tax state. That is tons more disposable income that enters the local economy and more proof that those selling to the wealthy - or anyone - who sees that their audience has more money to spend, simply raises prices. That’s the free market!

(FT)