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Top Headlines: Delivered by Leonard Steinberg

July 23, 2024

01  Is New York’s Midtown business district in full recovery mode? Midtown Manhattan overall leasing totaled 6.13 million square feet, 19% ahead of the 5-year monthly average of 5.15 million sf. Midtown’s recovery marked the third consecutive quarter of leasing above the 5-year quarterly average, the first time that’s occurred since 2018.

(NY Post)

02  "It’ll take a year, but over the next year, you’re going to see a tremendous rebound in the real estate industry."

–David Liniger, CHAIRMAN RE/MAX

* New Construction spending in the US is estimated to grow by over 12% between now and 2028.

03  The heat dome continues in areas of the US: more than 50 cities in California and Nevada broke all-time heat records in the first 5 days of July, some experiencing temperatures up to 20 degrees over historical averages.

04  Millions of homeowners are forced to pay hundreds or even thousands of dollars when they refinance their mortgages to protect against unexpected costs from a challenged property title. Yet claims on such insurance are exceedingly rare. Payouts may only amount to about 3% of overall premiums. Doma’s data suggest the cost of title insurance is out of sync with the risk it covers on mortgage refinancings.

(WSJ)

05  Is your neighborhood ADU-friendly? An ADU - or Accessory Dwelling Unit - allows homeowners to add a small structure on their property with the hopes that these add to more affordable housing options and increase density, especially in expensive single-family zoned areas. An ADU can also produce rental income that can offset the cost of a mortgage and/or operating costs. Some use them as mini-retirement-funds. California homeowners applied for over 31,000 ADU permits last year, up over 340% from about 7,000 in 2018, according to the California Department of Housing and Community Development. A 2023 analysis by John Burns Research found that the trend is spreading eastward in cities such as Denver and Miami.

(WSJ)