The housing market is ‘in an absolute perfect storm for demand,’ real estate CEO says
Published 5:43 PM ET Tue, 11 Sept 2018
• 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.
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
By Claudine Zap | Sep 11, 2018
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.
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
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.
“It is true. So Jenni and I did have a fight, which then resulted in a rift,” Lewis, 48, revealed during the Friday, September 7, episode of Jeff Lewis Live. “Now we’ve been very good friends and pretty much brother and sister, I would say, for like 15-16 years. So look, we’ve been through a lot together, and we’ve had fights before, and you know, this fight was very much like, you know, it maybe [got] a little more heated, but it was like the other fights. And it was really kind of silly and it was … I had offered some unsolicited career advice. That’s where it started escalating.”
“So we realized there are about three people in my office that really don’t wanna be there. That really shouldn’t be there. That have other objectives. … And other career goals,” he continued. “And I was actually very surprised to hear that Jenni was one of them and she said that she had given up her acting career to work for me, and that really hurt my feelings, because I felt like I have done nothing but accommodate her for her auditions and meetings and all of that.”
FLIPPING OUT — Pictured: (l-r) Jenni Pulos, Jeff Lewis — (Photo by: Isabella Vosmikova/Bravo/NBCU Photo Bank via Getty Images) Getty Images
Lewis then dropped the bombshell that Pulos, 45, has not worked for him “for several, several seasons” before adding, “She’s employed by Bravo, and I apologize because it is the one thing that is not authentic about this show.”
The Bravo personality was worried that fans would stop watching the show if Pulos left, so he offered to transition her role to friend. Later he got a call from the series’ production company. “I was told that I was allegedly reported for abuse and victimization,” he said.
“This fight was no different than any other fight in the last 11 years of Flipping Out. This was no different than me yelling at a contractor for being late or somebody screwing up and causing me $5,000 worth of repairs,” Lewis claimed. “On Monday she doubled down and allegedly I was reported for wrongfully terminating her off her own show. And there were also allegations of a hostile work environment, so somebody’s talking to an attorney, which scares me.”
Lewis said he went through a lengthy interview process as a result of Pulos’ alleged complaint: “My showrunner had to go frame by frame to confirm that there was no abuse. I have been cleared of all abuse, victimization charges.”
After accusing the network of losing control of Pulos, Lewis joked about being out of work. On a more serious note, he added: “She’s no longer on the show, so I would be surprised if they picked it up.”
Us Weekly confirmed on Thursday, September 6, that the reality stars, who are executive producers of Flipping Out, were no longer business partners. Pulos acted as Lewis’ executive assistant on the Bravo series, which premiered in 2007, though the two were friends for years before.
The coworkers had issues in the past. Lewis sued Pulos in 2012 over her planned memoir, which was to be titled Hang in There, Baby – What One of the World’s Most Difficult Bosses Taught Me About Life, Work and Love, claiming that she breached their confidentiality agreement. The lawsuit was later dropped, and the book was released in 2014 under a different name.
Us has yet to confirm if an abuse claim was filed.
Flipping Out returns to Bravo on Tuesday, September 11, at 10 p.m. ET.
The former chief financial officer of a Long Island real-estate company has been busted for embezzling more than $3.5 million from the business, federal authorities said Thursday.
Kwesi Bovell allegedly pocketed the Mulholland Group cash from December 2015 to August 2018, and blew it on two homes, including a Manhattan apartment.
Bovell, 35, had signature authority on multiple company accounts, and over three years transferred funds into a sham entity he’d set up to try and cover his tracks, prosecutors said.
In addition to the transfers, the Valley Stream man is accused of racking up $145,000 in unauthorized personal charges on the Mulholland Platinum American Express Card.
He was awaiting arraignment in Central Islip federal court.
“As part of the coverup of his fraud, Bovell created fake bank statements to mislead individuals about the amounts remaining in various bank accounts that he had looted,” court papers charge.
US Attorney Richard Donoghue said in a statement that Bovell “us[ed] the company like an ATM machine,” adding he hoped Bovell’s bust would “put fraudsters on notice.”