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Tax Plan Jitters Cause Sudden Collapse In Manhattan Apartment Prices In 4Q

Apparently the combination of a massive flood of excess supply in the form of new luxury developments and a Trump tax plan that penalizes people living in expensive cities by capping SALT, mortgage interest and property tax deductions was simply too much for the Manhattan real estate market to ignore in 4Q 2017.  After reaching […]

Stan Druckenmiller Sells Greenwich Mansion For 20% Below Asking

Last month, we reported that wealthy homeowners in one of America’s prototypical enclaves of wealth and privilege have begun to pull their stately mansions from the market as demand for high-end properties in Greenwich, Conn. Has plunged in recent years. Despite sellers slashing prices, so far, only three Greenwich homes have sold for more than […]

Average U.S. Home Is Selling After Just 3 Weeks On Market; Fastest Pace In At Least 30 Years

Earlier today Bloomberg shared their thoughts that recent data released by the National Association of Realtors (NAR), namely the fact that homes are sitting on the market for a record low average of just 3 weeks before being scooped up, pointed to a devastating shortage of housing inventory for sale.  Here was Bloomberg’s take: Here’s […]

Nobody’s Buying Hamptons Mega-Mansions Because ‘Small Is The New Big’

Any realtor worth their salt will tell you, when it comes to the home-buying habits of wealthy hedgies and bankers, gaudy McMansions and sprawling estates are so last season. Or, as they say in Greenwich: “Small is the new big." Owners of large homes in tony Hamptons neighborhoods hoping to cash in on a frothy […]

Pending Home Sales Slump Completes July Triple Whammy For Housing ‘Recovery’

Following a plunge in existing home sales and new home sales, pending home sales slumped in July, dropping 0.8% MoM (missing expectations of a 0.3% rise). This completes the triple whammy of misses and drops for July's housing data…   Bloomberg notes that the decline in contract signings, the fourth in the last five months, […]

Existing Home Sales Slump To 11-Month Lows; NAR Warns “Prices Are Rising Way Too Fast”

For the first time since 2015, existing home sales fell in back to back months (-2.0% in June, -1.3% in July), dramatically missing expectations of a 0.5% bounce. Following the plunge in new home sales, existing home sales tumbled to their lowest SAAR since Aug 2016 as inventories dropped mdoestly (and home prices rose 6.2% […]