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Top Headlines: Delivered by Leonard Steinberg

October 31, 2024

01  While the competition amongst first time home buyers for entry level, smaller, more affordable homes remains intense, aside from institutional investors, it is being worsened by those downsizing from much larger homes seeking smaller homes. Usually they are armed with cash and willing to pay up!

(FT)

02  Do not allow negative thoughts to enter your mind for they are the weeds that strangle confidence.

– Bruce Lee

03  In 3 years, US manufacturing construction spending has tripled, hitting records even as other economic signals have cooled.

(Bloomberg)

04  Nationally, Wall Street landlords that have more than 1,000 units in their portfolios own just 1% of all of America’s family homes and 4% of all of the houses that are rented out. In the sunbelt, this is much higher: 4-12%. In most areas, their presence is still too small to have much effect on local housing dynamics. If current trends continue, though, their share of the market for single-family rentals could increase 10-fold by the end of the decade. Home values in the 53 zip codes that have the most corporate owned homes have increased 64% on average over the past 5 years, compared with a 48% rise nationally. Which would imply that this is fueling inflation? Great for existing homeowners, though, who often complain about inflation on everything else except their rising home value....

(WSJ)

05  Is Fort Lauderdale the next Monaco? Miami-based Related Group is teaming up with Tate Capital and Rok Acquisitions on a $2 billion new development that will span nearly 40 acres of land and water, a marina, multiple condo towers and a St. Regis hotel with about 200 guest rooms.

(CNBC)