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The housing market is ‘in an absolute perfect storm for demand,’ real estate CEO says
The housing market is ‘in an absolute perfect storm for demand,’ real estate CEO says
Published 5:43 PM ET Tue, 11 Sept 2018
CNBC.com
• Millennials seem to want homes just as much as older generations — and that spells a boon for housing demand, Century 21 CEO Nick Bailey says.
• Combine that desire with a strong economy, low unemployment and the sheer size of the millennial generation and what you get is extreme demand in household needs, he says.
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Millennials seem to want homes just as much as older generations — and that spells a boon for housing demand, Century 21 CEO and president Nick Bailey told CNBC on Tuesday.
“We are seeing millennials now come to the market and have just as much interest in buying a home as generations before,” Bailey said on CNBC’s “Closing Bell.” “We are sitting here in an absolute perfect storm for demand.”
Housing demand has been declining amid rising mortgage interest rates, increasing home prices and lingering student loan debt. Previously these headwinds were somewhat mitigated by rising employment and a strong economy, but now a market stalemate is developing. In June, demand fell 9.6 percent year over year, which marks the largest decline since April 2016.
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But Bailey says demand is brewing among millennials, who are late bloomers to marriage and children — and homeownership, too.
“There are things that impact the time frame in which they can [purchase a home]. For example, when you look at the average age of a first-time homebuyer, and some of the reasoning behind why it is delayed, with student loans and marriages and children happening later in life,” Bailey said.
“But now you have a great number of people, the vast majority, saying, ‘We want to be homeowners, too,'” he said.
Millennials want a home about as much as previous generations did, Bailey said. Combine that desire with a strong economy, low unemployment and the sheer size of the millennial generation and what you get is extreme demand in household needs, he added.
“Household formation, we believe, will continue to be very, very strong in the next few years,” Bailey said.
Century 21 Real Estate is a subsidiary of Realogy Holdings, which has about 7,450 independently owned franchise offices in 79 countries.
Rent Jennifer Lopez and Alex Rodriguez’s NYC Apartment for $11.5K a Month
Rent Jennifer Lopez and Alex Rodriguez’s NYC Apartment for $11.5K a Month
By Claudine Zap | Sep 11, 2018
Axelle/Bauer-Griffin/FilmMagic
Celebrity couple Jennifer Lopez and Alex Rodriguez have left the building. The A-list couple had reportedly been renting a one-bedroom, 1.5-bath apartment on Manhattan’s West Side for the past year, according to the website 6sqft.
The empty apartment is now up for grabs, if you’re willing to shell out $11,500 a month for the prestigious address and celeb pedigree.
Snagging a spot in the Robert A.M. Stern–designed building is a home run, even if the place is on the small yet pricey side. It’s located steps from Central Park and essentially has the iconic green space for a backyard.
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The elegant 1,079-square-foot apartment includes a foyer that opens to a light-filled living and dining space with a high ceiling. French doors open to a private terrace, and the chef’s kitchen is equipped with high-end appliances, a breakfast bar, and a washer and dryer. Despite its proximity to the park, there are no park views in this unit.
Living and dining spaces realtor.com
Kitchen with breakfast bar realtor.com
Bedroom realtor.com
En suite bath realtor.com
Private terrace realtor.com
The en suite bedroom suite has west-facing windows and two large closets. The marble bathroom features a five-fixture shower and soaking tub.
Built in 2005, the limestone-clad building offers residents a 75-foot lap pool, fitness center and spa, and full-time door attendants.
For their part, the couple most likely will be moving on up, literally, to their condo in the sky at 432 Park. The couple made headlines when they purchased the apartment together, forking over $15 million for the 4,000-square-foot, three-bedroom, 4.5-bath apartment.
While that purchase may not have been the greatest deal, their property portfolio is expansive. In addition to the modern high-rise, Lopez owns a penthouse in the Flatiron District that’s she’s been trying to unload for $27 million for the past year.
The former slugger and the multitalented actress have been dating since 2017.
Tamir Shemesh holds the listing.
The hurricane that’s about to hit the Carolinas could be the worst in 60 years
The hurricane that’s about to hit the Carolinas could be the worst in 60 years
- Hurricane Florence maintained Category 4 strength about 905 miles east south east of Cape Fear, North Carolina as of 11 a.m. ET Tuesday, the National Hurricane Center said.
- More than 1½ million people have been ordered to evacuate their homes along the coast.
- The damage Florence may cause could be notably greater than the devastating Hurricane Hazel in 1954, a hurricane historian says.
CNBC.com
Southeastern coast braces for Category 4 storm
Hurricane Florence is bearing down on the midsection of the East Coast, expected to make landfall later this week with the most strength since Hurricane Hazel in 1954 – a storm which destroyed about 15,000 buildings as it maintained hurricane level winds as far inland as Raleigh, North Carolina.
More than 1½ million people have been ordered to evacuate their homes along the coast as government officials in North Carolina, South Carolina, Virginia, Maryland and Washington, D.C. declared states of emergency. Florence maintained Category 4 strength about 905 miles east south east of Cape Fear, North Carolina as of 11 a.m. ET Tuesday, the National Hurricane Center said. The storm has maximum sustained winds of 130 miles per hour and is already 500 miles wide.
“Florence is expected to be an extremely dangerous major hurricane through Thursday night,” the National Hurricane Center said.
The Center expects Florence to produce between 15 to 20 inches of total rainfall across portions of North Carolina, Virginia and South Carolina until Saturday, with up to 30 inches closer to the center of the storm. Florence may also create “life-threatening flash flooding” and “damaging hurricane-force winds” the Center said.
Hurricane Hazel in 1954 registered winds of 150 miles per hour when it made landfall on the North Carolina coast. Jay Barnes, a hurricane historian and author, told AP that Hazel was “a benchmark storm in North Carolina’s history.” With evacuations already underway across the region, Barnes says the damage Florence may cause could be notably greater than Hazel’s impact.
“Today, we have thousands and thousands of permanent residents on our barrier beaches,” Barnes told AP. “It’s a totally different scenario with regard to human impact.”
Several companies are already taking steps to prepare for the storm. BMW is working to load vehicles at its Spartanburg, South Carolina plant on ships headed out to sea to avoid Florence’s path. Boeing will suspend operations at its Charleston, South Carolina location with 6,700 employees “so our employees can properly evacuate,” the company said.
The National Hurricane Center has issued a storm surge watch from Edisto Beach, South Carolina to the border of North Carolina and Virginia. Coastal areas may see waters surge by as much as 8 feet or more above ground if Florence’s peak surge coincides with a high tide.
“The deepest water will occur along the immediate coast in areas of onshore winds, where the surge will be accompanied by large and destructive waves,” the Center said.
The Port of Virginia expects to remove ships overnight on Tuesday and plans to be completely empty by 6 a.m. ET Wednesday, a spokesperson told CNBC. The Port of Savannah in Georgia will remain open until further notice.
Lot For Sale At 3 Mile Lake with Complete Full Hookup for Campers
New Listing in Duson, LA
Super clean home with large front porch, 2 car covered garage, and fenced in back yard! Open kitchen dining and living areas are great for entertaining. Large laundry room with storage and access to the carport. 3 bedrooms and 2 baths with good sized closets complete with built ins. There is no carpet in this home and all the window treatments are staying! This one one is move in ready and qualifies for 100% financing through RD.
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