First-Time Buyers at 24%, Age Hits Record High

 A record high 26% of buyers paid cash for their home and 17% purchased a multigenerational home, according to NAR’s new 2024 buyers and sellers profile.

WASHINGTON — The first-time homebuyer market share decreased to a historic low of 24% (down from 32% last year), while home buyers’ ages hit all-time highs of 56 years overall (49 last year), 38 years for first-time buyers (35 last year) and 61 years for repeat buyers (58 last year), according to the National Association of Realtors®' 2024 Profile of Home Buyers and Sellers.

This annual survey of recent home buyers and sellers – this year tracking transactions between July 2023 and June 2024 – has been NAR's flagship report since it first published in 1981, providing industry professionals insight into detailed homebuying and selling behavior.

“The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers. Meanwhile, current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes.”

The typical home buyer’s median household income for 2023 rose to $108,800 from $107,000 in 2022. First-time buyers had a median household income of $97,000, up from $95,900 the prior year and an increase of $26,000 in the last two years. Repeat buyers had a median household income of $114,300, up from $111,700 the previous year.

The share of married couples increased to 62% of all buyers, with single female buyers seeing a slight rise to 20%. Conversely, the share of single males decreased to 8% and unmarried couples dropped to 6%. In addition, the share of single female first-time buyers jumped by 5%.

Eighty-three percent of recent home buyers identified their ethnicity as White or Caucasian. Seven percent of recent buyers identified as Black/African American, 6% identified as Hispanic/Latino, 4% identified as Asian/Pacific Islander and 3% as some other ethnicity.

Seventy-three percent of recent home buyers did not have a child under the age of 18 in their home – the highest share recorded.

Seventeen percent of home buyers purchased a multigenerational home, the highest share in the data series. The top reasons cited were cost savings (36%), to take care of aging parents (25%), children over the age of 18 moving back home (21%), and children over the age of 18 who never left home (20%).

“As home buyers encounter an unaffordable housing market, many are choosing to double up as families,” explains Lautz. “Cost savings are a major factor, with young adults returning home – or never leaving – due to prohibitive rental and home prices. Meanwhile, elderly parents and relatives are moving in with family members as home buyers reprioritize what matters most to them.”

Real estate agents played a crucial role in the homebuying process, with 86% of all buyers utilizing their services – the highest of all information sources used. Agents were the most useful information source in the home search process.

Eighty-eight percent of home purchases were made through a real estate agent or broker, demonstrating the continued importance of agents in the homebuying process. Nearly 90% of buyers each expressed satisfaction with their agent’s responsiveness, knowledge of the purchase process, honesty and integrity, knowledge of the real estate market and people skills. Eighty-eight percent of home buyers would use their agent again or recommend to others.

In 2024, the median down payments were 18% for all home buyers, 9% for first-time home buyers and 23% for repeat home buyers – the highest down payments for first-time home buyers since 1997 and repeat home buyers since 2003. First-time buyers continue to rely on savings (69%); however, 25% used loans or gifts from friends and family, 21% used financial assets and an all-time high of 7% used inheritances. A record 26% of home buyers paid cash for their homes.

The typical age of home sellers reached 63 years, the highest ever recorded. The share of married couples selling their homes was 69%, an increase from 65% last year, marking the first increase in four years.

For sellers, the most cited reason for selling their home was the desire to move closer to friends and family (23%), followed by home was too small (12%), home was too large (11%) and neighborhood becoming less desirable (10%).

“Family support systems are influencing buying and selling decisions,” said Lautz. “Being close to friends and family is the top reason to sell, while buying a home convenient to friends and family continues to grow in importance. Today’s buyers are less likely to be concerned with their work locations when purchasing, perhaps because of a higher share of older repeat buyers and remote work flexibility remaining a factor.”

Ninety percent of sellers sold with the assistance of a real estate agent, up from 89% last year, and only 6% were for-sale-by-owner sales, an all-time low. Most sellers (87%) said that they would definitely (72%) or probably (15%) recommend their agent for future services.

“Most home buyers and sellers find it valuable to use an agent who is a Realtor® to help them maneuver through the complicated homebuying and selling processes, especially in a challenging housing market,” said NAR President Kevin Sears, broker-associate of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “Realtors® provide critical knowledge and expertise that ensure a successful transaction.”

Methodology

Data gathered in the report is based on primary residence home buyers. In July 2024, NAR mailed out a 127-question survey using a random sample weighted to be representative of sales on a geographic basis to 167,750 recent home buyers. The buyers must have purchased a primary residence home between July 2023 and June 2024. NAR received 5,390 responses from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 3.2%. Per the Realtor Confidence Index, 83% of home buyers were primary residence buyers in 2023, which accounts for 4,756,000 homes sold in 2023 (among new and existing homes). Using that calculation, the sample at the 95% confidence level has a confidence interval of plus-or-minus 1%.

© 2024 National Association of Realtors® (NAR)

Contract Signings Signal Market Improvements

 By Melissa Dittman Tracey

NAR Chief Economist Lawrence Yun forecasts improved home sales, slower appreciation and falling mortgage rates over the next two years.

CHICAGO — More home buyers signed contracts for a home purchase in September, a sign that the housing market may be on the mend after a sluggish summer.

The National Association of Realtors®’ Pending Home Sales Index  a forward-looking indicator of home sales based on contract signings — jumped by 7.4% in September compared to August, NAR reported Wednesday. Contract signings also were up 2.6% from a year ago.

“Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,” says NAR Chief Economist Lawrence Yun. Pending sales rose by nearly 10% in the West last month, followed by a 7.1% gain in the Midwest, 6.7% increase in the South, and 6.5% gain in the Northeast. “Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady,” Yun says.

Sales of newly constructed and previously owned homes could rise by 10% in each of the next two years, Yun predicts, noting that “sizable pent-up housing demand” is likely to be unleashed in the coming years. First, however, the housing market must dig itself out of a rut: Existing-home sales hit a 14-year low in September as prospective home buyers pull back due to high prices.

What likely triggered more contract signings

Home buyers in September found more inventory options, which may have helped boost pending home sales last month. Housing inventory was up 23% in September compared to a year ago, although that’s still down by about 25% from pre-COVID levels, according to NAR.

The uptick in contract signings last month also came as the Federal Reserve cut its benchmark interest rate for the first time in four years. The Fed’s rate is not directly tied to mortgage rates, but the cut initially encouraged movement in the market and helped bring mortgage rates down to 6.18% in September (compared to 6.5% in August). The lower rates may have created some urgency among home buyers. The September drop in rates translated to about a $300 savings in monthly mortgage payments on a typical $300,000 mortgage compared to just a few months ago, NAR’s data shows.

That said, mortgage rates have moved upwards in recent weeks: The 30-year fixed-rate mortgage averaged 6.54% last week, according to Freddie Mac.

So, will the latest sales uptick last?

Yun believes home sales will continue to climb, particularly as home affordability improves. Here’s what he predicts for the housing market over the next two years:

• Higher home sales: “After two years of sluggish home sales in 2023 and 2024, existing-home sales are forecasted to rise,” Yun says. He predicts existing-home sales to increase to 4.47 million in 2025 and to more than 5 million in 2026.
• Slower home price appreciation: “During the next two years, expect a slower rate of growth in home prices that’s roughly in line with the consumer price index because of additional supply reaching the market,” he adds. Yun predicts the median sale price for existing homes to increase to $410,700 in 2025 and $420,000 in 2026. However, the pace of home price hikes is slowing, he says.
• Falling mortgage rates: Further helping home affordability, Yun also predicts that the 30-year fixed-rate mortgage will decrease to 5.9% in 2025. However, he says mortgage rates likely will increase to a 6.1% average by 2026.

Click here to read Yun’s full housing forecast.

© 2024 National Association of Realtors® (NAR)

FHFA House Price Index Up 0.3% in August

 Housing prices increased 4.2% from last year nationwide, the Federal Housing Finance Agency said. Price appreciation remained modest for the 6th month.

WASHINGTON — U.S. house prices rose 0.3% in August, according to the Federal Housing Finance Agency's (FHFA) seasonally adjusted monthly House Price Index (HPI). House prices rose 4.2% from August 2023 to August 2024. The previously reported 0.1% price increase in July was revised upward to 0.2% .

For the nine census divisions, seasonally adjusted monthly price changes from July 2024 to August 2024 ranged from -0.1% in the East North Central and New England divisions to +0.9% in the West North Central division. The 12-month changes were all positive, ranging from +2.4% in the West South-Central division to +6.3% in the East North Central division.

In the South Atlantic division, which includes Florida, seasonally adjusted monthly price changes from July 2024 to August 2024 increased 0.1% with a 12-month increase of 3.7%

"House price appreciation in the United States remained modest for the sixth consecutive month," said Dr. Anju Vajja, deputy director for FHFA’s Division of Research and Statistics. "The slow but continued house price growth and the effect of locked-in interest rates led to persistent housing affordability challenges."

The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.

Source: FHFA

© 2024 Florida Realtors®

Pending Home Sales Advanced 7.4% in September

 Pending home sales bounced 7.4% to the highest level since March; they're up 2.6% YoY. In the South, pending home sales improved, NAR said. 

WASHINGTON — Pending home sales rose in September, according to the National Association of Realtors®. All four major regions experienced month-over-month gains in transactions. Year-over-year, the Northeast and West registered increases while sales remained steady in the Midwest and South.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – jumped 7.4% to 75.8 in September, the highest level since March (78.3). Year-over-year, pending transactions ascended 2.6%. An index of 100 is equal to the level of contract activity in 2001.

“Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,” said NAR Chief Economist Lawrence Yun. “Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.”

NAR economic and housing outlook

In the next two years, Yun foresees slower home price appreciation and corresponding increases in sales.

“After two years of sluggish home sales in 2023 and 2024, existing-home sales are forecasted to rise to 4.47 million in 2025 and more than 5 million in 2026,” Yun said. “During the next two years, expect a slower rate of growth in home prices that’s roughly in line with the consumer price index because of additional supply reaching the market.”

Yun predicts the median existing-home price will rise to $410,700 in 2025 and to $420,000 in 2026. The annual 30-year fixed mortgage rate will slide to 5.9% in 2025 but then move higher to 6.1% in 2026.

Pending home sales regional breakdown

The Northeast PHSI expanded 6.5% from last month to 65.6, up 3.3% from September 2023. The Midwest index surged 7.1% to 75.0 in September, identical to the previous year.

The South PHSI improved 6.7% to 89.0 in September, unchanged from a year ago. The West index rose 9.8% from the prior month to 64.0, up 12.3% from September 2023.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

© 2024 National Association of Realtors® (NAR)

Understanding Cybersecurity Risks in Real Estate

 By Brandon Rickwood and Aaron Jackson

Cybercriminals will go to great lengths to gain access to your personal and sensitive information. Be ready by having a plan to reduce risk.

NEW YORK —Your real estate firm is at risk from the growing threat of cybersecurity attacks. The days of retaining hard copies and physical files are increasingly phasing out. In an era where digital transformation is altering the industry landscape, real estate firms are becoming progressively more vulnerable to cybersecurity threats due to the sensitive information they maintain. While firms are adopting digital solutions to streamline operations, close transactions faster and improve the customer experience to ease streamlining operations, doing so also makes them prime targets for cybercriminals. As the frequency and sophistication of cyberattacks grow, real estate firms and professionals must understand the risks and implement robust security measures to protect themselves from the escalating threat of cybercrime.

Cybersecurity threats facing real estate firms

Real estate firms are particularly vulnerable to various cybersecurity threats due to the sensitive nature of the information they manage. From phishing attacks and social engineering to data breaches and ransomware, it is important to be cognizant of the most common cybersecurity threats your real estate firm may encounter.

Phishing attacks

"Phishing" remains one of the most prevalent threats facing real estate professionals and firms. Cybercriminals use deceptive emails or messages to trick individuals into divulging sensitive information such as login credentials and/or financial information. It is increasingly common to receive emails or messages from attackers posing as "trusted colleagues" or "trusted clients" asking for immediate action on an urgent matter.

Social engineering

Similar to "phishing" attempts, social engineering tactics involve manipulating individuals into divulging confidential information. In the real estate industry, attackers might impersonate clients or colleagues through phone calls, emails, or other forms of communication to establish trust and gain access to sensitive data or financial resources.

Data breaches and ransomware

Data breaches are also a common occurrence where unauthorized parties access confidential information, such as personal identification details, financial records, and/or transaction histories. Additionally, ransomware attacks that hold firms' encrypted data hostage are rapidly becoming an ever-present threat. There were nearly 318 million ransomware attacks in 2023 alone, and researchers estimate that such attacks will increase to one attack every two seconds by the year 2031.1 Real estate firms maintaining a significant amount of sensitive data are prime targets for such attacks.

Given the present threats and future predictions, it is critical for your real estate firm to prioritize this threat. Cybercriminals will go to inexhaustible lengths to gain unauthorized access to your personal and sensitive information. You must be ready for the attack.

How cybersecurity attacks impact real estate transactions

Cybersecurity threats pose a broad risk to real estate transactions, with significant implications for a real estate firm's financial stability, reputation, and legal compliance.

Financial repercussions can be catastrophic as firms grapple with the costs of ransoms, data breach remediation, potential regulatory fines, legal fees and lost business opportunities. Such attacks can be economically devastating to large firms and catastrophic to smaller firms.

The exposure of sensitive and secure information can result in severe legal consequences, class action lawsuits, data loss, compliance issues, and financial fraud to name a few. Ransomware incidents stifle operations, resulting in significant financial losses and downtime. On September 12, 2023, MGM Resorts confirmed that it suffered a ransomware attack that forced the shut-down of several operational systems, which amounted to $100M in losses according to SEC filings.2

Beyond the immediate monetary losses, a cybersecurity incident can also damage a firm's reputation, as trust and reliance are essential in real estate dealings. Clients provide personal and financial records throughout the real property transaction, which flow through financial and broker institutions to complete the deals. Any breach of client data and/or disruption of services can lead to negative publicity, delayed transaction processing, a decline in clientele, and/or the refusal of lenders and financial institutions to work with the breached firm. In this environment, prioritizing cybersecurity is not just a technical necessity but a critical component of maintaining financial health, client trust, and regulatory adherence.

Best practices for enhancing cybersecurity in real estate

Considering the cybersecurity threats posed to real estate firms and their customers, it is important to highlight the mitigation strategies that real estate firms and individuals should apply to avoid such threats. As the most practical strategy, educating employees about the best cybersecurity practices is essential. Recommendations include the following:

• Educating employees is vital to maintaining sound cybersecurity. Firms should conduct regular training sessions with employees and agents to help them understand how to: 1) safely operate online, 2) identify and avoid cyber threats, and 3) handle and secure sensitive information.
• Using encrypted communication methods and strong multi-factor authentication measures for sharing information can also help protect against unauthorized access and add an extra layer of security for attackers attempting to gain such access.
• Ensuring regular software updates, routinely backing up data and establishing recovery plans further address vulnerabilities that may be exploited by attackers.
• Developing and enforcing clear policies along with executing robust security protocols are also important to combat any existing risks and can defend against future threats.

In conjunction with these best practices, it is vital to ensure the firm's readiness by establishing a robust incident response plan to execute in the event of any cyberattack.

Conclusion

As real estate firms continue to embrace digital solutions, the importance of cybersecurity cannot be overstated. By understanding the threats and implementing best practices, firms can protect their operations, safeguard client information, and maintain their reputation in an increasingly digital world. Caution, awareness, and proactive measures are key to traversing the complex landscape of cybersecurity in real estate.

© Mondaq Ltd, 2024

Home Equity Gains Level Off, Remain Strong

 Almost half of mortgaged homeowners remain equity-rich, according to ATTOM. The portion of owners seriously underwater still close to five-year low.

IRVINE, Calif. – The property analytics firm ATTOM’s third quarter 2024 U.S. Home Equity & Underwater Report shows that 48.3% of mortgaged residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values.

That level was down from a recent peak of 49.2% hit in the second quarter of 2024. However, it was still up from 47.4% a year earlier and remained historically high, reflecting one of the enduring effects of a housing market boom around the nation that has lasted more than a decade.

Much the same pattern emerged during the third quarter for the portion of home mortgages that were seriously underwater. Just 2.5% of mortgaged homes fell into that category, with combined estimated balances of loans secured by properties that are at least 25% more than those properties’ estimated market values. That was slightly worse than the 2.4% recorded in the prior quarter and the same is in the third quarter of 2023.

“Homeowner equity typically mirrors home-price trends, and the third quarter of this year followed that pattern. Equity remained elevated as the value of residential properties has surged consistently over the years. However, it held steady this quarter, reflecting the cooling of earlier sharp price increases,” said Rob Barber, CEO for ATTOM. “Despite the flat pattern, home equity keeps providing a significant boost to the economy in the form of financial leverage that tens of millions of households can use to finance major purchases or investments.”

He added that “we can expect to see small movements up or down over the coming months as the housing market moves into its annual slow season.”

The latest equity pattern comes as the market remains strong throughout most of the nation but also faces a mix of forces that could either keep it going upward or flatten it out.

Equity-rich shares of mortgages dip quarterly but remain up annually in majority of states

The portion of mortgaged homes that were equity-rich during the third quarter of 2024, 48.3%, remained far above the 26.5% level recorded in early 2020. Although it decreased in 28 of the 50 U.S. states from the second quarter to the third quarter of 2024, typically by less than two percentage points, it continued to be up annually in 37 states.

Annual increases generally tilted more toward low- and mid-priced markets around the country, concentrated in the Midwest and Northeast regions. The increases were led by Vermont (portion of mortgaged homes considered equity-rich increased from 79.8% in the third quarter of 2023 to 86.4% in the third quarter of 2024), West Virginia (up from 30.5% to 37%), Connecticut (up from 41.5% to 47.7%), New Jersey (up from 45.9% to 52% ) and Rhode Island (up from 54.7% to 60.6%).

At the other end of the scale, equity-rich levels declined more often in western states, led by Utah (down, year over year, from 56.8% to 52.4%), Arizona (down from 54.3% to 50%), Colorado (down from 51.1% to 48%), Washington (down from 56.7% to 54.6%) and Oregon (down from 52.7% to 50.8%).

Seriously underwater mortgage levels change by small amounts in most states

The portion of mortgaged homes considered seriously underwater across the U.S. barely changed during the third quarter. It stood at one in 40, which was up slightly from one in 42 during the second quarter but the same as a year earlier – and well below the ratio of one in 15 recorded in 2020.

The rate worsened quarterly in 30 states, though it was still better annually in 24.

The biggest annual improvements in seriously underwater mortgages came in Wyoming (share of mortgaged homes that were seriously underwater down from 5.9% in the third quarter of 2023 to 2.4% in the third quarter of 2024), West Virginia (down from 4.6% to 3.8%), Louisiana (down from 10.8% to 10.1%), Illinois (down from 4.4% to 4.1%) and New Jersey (down from 1.9% to 1.6%).

On the flip side, the largest year-over-year increases in the percentage of seriously underwater homes during the third quarter of 2024 were in Kansas (up from 2.6% to 4.4%), Utah (up from 1.8% to 2.4%), South Dakota (up from 2.6% to 3.1%), Missouri (up from 3.9% to 4.3%) and Colorado (up from 1.7% to 2%).

High-end markets clustered in Northeast and West continue to benefit from best equity-rich rates

The 10 states with the highest levels of equity-rich mortgaged properties around the U.S. during the third quarter of 2024 again were in the Northeast or West regions. Those with the largest portions were Vermont (86.4% of mortgaged homes were equity-rich), Maine (62.2%), New Hampshire (61.1%), Rhode Island (60.6%) and Montana (60.5%).

Nine of the 10 states with the lowest percentages of equity-rich properties during the third quarter of 2024 were in the Midwest or South. The smallest portions were in Louisiana (21.1% of mortgaged homes were equity-rich), Alaska (31.9%), North Dakota (33.2%), Maryland (33.2%) and Illinois (34%).

Among 107 metropolitan statistical areas around the nation with a population of at least 500,000, upscale markets where median home values surpassed $450,000 topped the list of places with the highest portion of mortgaged properties that were equity-rich during the third quarter. 

They were led by San Jose, CA (68.7% equity-rich, with a third-quarter median home price of $1.5 million); Portland, ME (64.6%, with a median price of $520,000); San Diego, CA (64.1%, with a median price of $885,000); Los Angeles, CA (63.9%, with a median price of $949,375) and Buffalo, NY (63.7%, with a median price of $268,000).

The leader in the South was Knoxville, TN (60.7%, with a median price of $345,949) while the Midwest was led again by Grand Rapids, MI (55%, with a median price of $327,520).

Metro areas with the lowest percentages of equity-rich properties in the third quarter of 2024 remained mostly in lower-priced markets of the South and Midwest. The smallest levels were in Baton Rouge, LA (15.8% of mortgaged homes were equity-rich, with a third-quarter median home price of $223,564); New Orleans, LA (26.9%, with a median price of $242,900); Little Rock, AR (30.1%, with a median price of $215,844); Virginia Beach, VA (30.2%, with a median price of $330,000) and Jackson, MS (30.2%, with a median price of $285,407).

The portion of mortgaged homes considered equity rich decreased from the second to the third quarter of 2024 in 80 of the 107 metro areas with sufficient data (75%) but was still up from the third quarter of 2023 to the same period of 2024 in 70 of those markets (66%). 

Midwest and South still have highest seriously underwater mortgage rates

The Midwest and South regions had 19 of the 20 states with the highest shares of mortgages that were seriously underwater in the third quarter of this year. The top five were Louisiana (10.1% seriously underwater), Mississippi (7.2%), Kentucky (5.5%), Arkansas (5.4%) and Iowa (5.2%).

The smallest shares were in Vermont (0.7%  seriously underwater), Rhode Island (0.9%), New Hampshire (1%), Massachusetts (1.1%) and California (1.4%).

Among different regions, one of every 29 mortgaged homes was seriously underwater in the Midwest, one of every 37 in the South, one of every 50 in the Northeast and one of every 61 in the West.

Among 107 metropolitan statistical areas with a population greater than 500,000, those with the largest shares of mortgages that were seriously underwater in the third quarter of 2024 were Baton Rouge, LA (11.1%); New Orleans, LA (7.4%); Jackson, MS (6.6%); Kansas City, MO (5.5%) and Little Rock, AR (5.2%).

The portion of mortgages that were seriously underwater increased quarterly in 80, or 75%, of the metro areas in the U.S. with enough data to analyze. They were up, year over year, in 61%  of the metro areas analyzed.

Report methodology

The ATTOM U.S. Home Equity & Underwater report provides counts of properties based on several categories of equity — or loan to value (LTV) — at the state, metro, county and zip code level, along with the percentage of total properties with a mortgage that each equity category represents. The equity/LTV is calculated based on record-level loan model estimating position and amount of loans secured by a property and a record-level automated valuation model (AVM) derived from publicly recorded mortgage and deed of trust data collected and licensed by ATTOM nationwide for more than 155 million U.S. properties. The ATTOM Home Equity and Underwater report has been updated and modified to better reflect a housing market focused on the traditional home buying process. ATTOM found that markets where investors were more prominent, they would offset the loan to value ratio due to sales involving multiple properties with a single jumbo loan encompassing all of the properties. Therefore, going forward such activity is now excluded from the reports in order to provide traditional consumer home purchase and loan activity.

Source: ATTOM

© 2024 Florida Realtors®

Florida Tax Revenue Tops Projection

 The state’s general revenue collections in Aug. totaled $3.6 billion, 4.3% higher than expected, thanks to a boost from sales taxes and earnings on investments.

TALLAHASSEE, Fla. – State general-revenue collections in August were 4.3% higher than projected, according to state officials. With a boost from sales taxes and earnings on investments, Florida had net general revenue during the month of $3.639 billion, $149.5 million more than anticipated when a panel of economists revised projections on Aug. 14.

A report posted online Tuesday by the Legislature’s Office of Economic & Demographic Research showed sales taxes accounted for $2.892 billion of the August revenue, $60 million higher than expected.

Earnings on investments totaled $169.9 million, which was $84 million more than anticipated.

General revenue is closely watched because it plays a major role in funding education, health and prison programs. The economists meet periodically during the year to update projections, which are used by lawmakers in negotiating an annual state budget.

© 2024 The News Service of Florida. All rights reserved.

Florida Consumer Sentiment Continues to Climb

 Increasing optimism is largely driven by positive views on the national economy over the next year. Consumer sentiment should improve overall in the months ahead.

GAINESVILLE, Fla. – Consumer sentiment among Floridians rose for the fourth consecutive month in September to 78.3 points, up 1.6 points from a revised figure of 76.7 in August. At the same time, national consumer sentiment also rose over 2 points for the second straight month.

Floridians' increasing optimism in September is primarily driven by their positive views on the nation's economy over the next year, reflecting the current economic trends. Although overall price levels won't return to where they were a couple of years ago, annual inflation continued to decline, with the Consumer Price Index (CPI) falling to 2.5% and the Personal Consumption Expenditure (PCE) Price Index – the Fed's preferred measure – dropping to 2.2% in August.

Moreover, while the labor market has cooled, it remains stable, with the U.S. unemployment rate slightly declining to 4.2% and Florida's rate holding at 3.3% in August, both at historically low levels. Considering the progress on inflation, the Federal Reserve announced a 0.5 percentage point cut in interest rates in mid-September, which will ripple through the economy, reducing borrowing costs for consumers and businesses.

“The decrease in interest rates should boost discretionary spending, encourage business expansion through increased investment and hiring, and further enhance confidence among Floridians,”  said Hector Sandoval, director of the Economic Analysis Program at UF's Bureau of Economic and Business Research.

Among the five components that make up the index, four increased and one decreased.

Floridians' opinions about current economic conditions were mixed. Opinions of personal financial situations now compared with a year ago decreased 1 point from 59.5 to 58.5. However, these views varied across sociodemographic groups with men and people with an annual income under $50,000 expressing more favorable views. In contrast, opinions as to whether now is a good time to buy a major household item like an appliance rose 1.3 points from 59.6 to 60.9. Again, opinions were divided, but in this case, people 60 and older, as well as people with annual income over $50,000, reported negative views.

The three components related to Floridians' anticipation about future economic conditions were positive. Expectations of personal finances a year from now increased 1.1 points from 92.6 to 93.7. Outlooks for U.S. economic conditions over the next year saw the largest increase this month, rising 4.4 points from 83.7 to 88.1. These expectations of the national economy are at their highest level in four years. Similarly, expectations of U.S. economic conditions over the next five years rose 2.1 points from 88.3 to 90.4. Despite this growing optimism, these positive trends varied by demographics. Men reported pessimistic views across all three components, while people 60 and older, as well as people with an annual income over $50,000, also expressed negative views regarding their future personal financial situation.

Hurricane Helene made landfall as a Category 4 storm in the Big Bend region on September 27, causing significant property damage and economic losses. “While the full impact on the state's economy is still being assessed, it is unlikely to have lasting effects on Florida's overall economy. However, it will affect consumer confidence among Floridians, though such impacts are typically short-lived,” said Sandoval.

“Looking ahead, we anticipate that consumer confidence will be impacted by the effects of Hurricane Helene in the coming month, likely leading to a decline among Floridians. However, as interest rate cuts begin to ripple through the economy and further reductions are announced later this year, we expect consumer sentiment to improve overall in the months ahead,” Sandoval added.

Conducted August 1 to September 29, the UF study reflects the responses of 254 individuals who were reached on cellphones and 296 individuals reached through an online panel, a total of 550 individuals, representing a demographic cross section of Florida. The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.

Source: University of Florida

© 2024 Florida Realtors®

U.S. Annual Home Price Growth Inches up in August

 Year over year, U.S. single-family home prices rose to 3.9% in August, the lowest rate of growth recorded since last July.

IRVINE, Calif. – Home price growth moved up to nearly 4% year over year in August, though gains are projected to fall to less than 1% by next spring, according to the CoreLogic Home Price Index (HPI) and HPI Forecast for August 2024.

Mortgage rates dropped to the lowest level in nearly two years the last week of September, according to Freddie Mac, but weakening consumer confidence over the job market and uncertainty around the November election could be keeping price growth expectations muted.

“While mortgage rates have dropped in recent weeks, August home sales were by still-high rates in July and August, which lowered affordability,” said Dr. Selma Hepp, Chief Economist for CoreLogic.

“The combined impact of high prices and high mortgage rates kept a lid on price growth, with annual gains falling to the lowest level in a year and the monthly gain falling well below what is typically observed in August. Price gains in August were driven by areas in the Northeast but brought down by softening markets in Texas and Florida.“

Top takeaways:

• U.S. single-family home prices (including distressed sales) increased by 3.9% year over year in August 2024 compared with August 2023. On a month-over-month basis, home prices decreased by 1% compared with July 2024.
• In August, the annual appreciation of detached properties (4.2%) was 4 percentage points higher than that of attached properties (-0.2%).
• CoreLogic’s forecast shows annual U.S. home price gains relaxing to 2.3% in August 2025.
• Miami posted the highest year-over-year home price increase of the country’s 10 highlighted metro areas in August, at 8.9%. Chicago saw the next-highest gain at 6.8%.
• Among states, South Dakota ranked first for annual appreciation in August (up by 10%), followed by New Jersey (up by 9.5%). Hawaii was the only state to record a year-over-year home price loss (-0.1).

Source: CoreLogic

© 2024 Florida Realtors®

Citizens Insurance Policies Could Go Below 900,000

 State regulators have approved as many as 649,000 policies for private insurers in October and November, another sign Florida’s insurance market is recovering.

TALLAHASSEE – Expecting a surge of policies going to private insurers, the state’s Citizens Property Insurance Corp. could have fewer than 900,000 policies at the end of the year. Citizens President and CEO Tim Cerio said Wednesday the policy count is projected to total 891,184 at the end of the year.

In the past, Cerio said the policy count was expected to dip below 1 million. Citizens had 1,257,924 policies as of Friday, but the projected decrease is tied to what is known as a “depopulation” program that shifts policies to private insurers.

State regulators have approved proposals by private insurers to take as many as 649,000 policies from Citizens in October and November, according to information presented Wednesday to the Citizens Board of Governors. The actual number of policies moving to private insurers likely will be lower than the maximum.

Citizens typically adds thousands of policies a week, but Cerio said increases in new policies have been lower than expected. Citizens was created as an insurer of last resort, but it has become the state’s largest insurer in recent years amid financial problems in the private market. Cerio said, however, the insurance market is recovering, resulting in private carriers taking policies.

©2024 The News Service of Florida. All rights reserved

Redfin: First improvement in affordability since 2020

 Housing affordability is improving for the first time in four years, an economist said. Buy now because it’s unlikely to become markedly cheaper in the near future.

WASHINGTON – The income needed to afford a home fell because mortgage rates posted their first annual decline in three years. The average interest rate on a 30-year mortgage dropped to 6.5% in August from 7.07% a year earlier, and has since fallen further, now sitting at 6.09%.

This is based on a Redfin analysis of the estimated median U.S. household income and median monthly housing payments as of August 2024. References to the “median-priced” home in August refer to the median sale price of homes that were purchased during the month. We consider a home affordable if a buyer taking out a mortgage spends no more than 30% of their income on their monthly housing payment.

“Housing affordability is improving for the first time in four years, so if you want to buy a home and can afford to, now could be a good time because it’s unlikely to become markedly cheaper in the near future,” said Redfin Senior Economist Elijah de la Campa. “Many house hunters are waiting to see if mortgage rates fall a lot further, but that probably won’t happen anytime soon. That’s because the Fed’s latest interest rate cut and its plans for future cuts were highly anticipated, meaning they’re already mostly priced into mortgage rates. When the Fed cuts short-term interest rates, long-term rates like mortgage rates don’t always move down nearly as much.”

Home prices also tend to go up over time, so waiting to buy likely means a higher price tag and down payment. It also may mean more competition because eventually, other buyers will realize rates probably won’t come down substantially more and will jump into the market.

Buyers still cost-burdened

While housing affordability improved in August, the average American household still can’t afford to buy a home. The typical household earns an estimated $83,853 per year, which is 27.4% less than the $115,454 they need to afford the typical house. A household on the median income would need to spend 41.3% of their earnings on housing to buy the median-priced home. Any household that spends over 30% is considered “cost-burdened.” Less than one-third of home listings are affordable for the typical U.S. household, down from more than half before the pandemic.

That’s likely one reason many househunters remain on the sidelines despite the drop in mortgage rates. Home prices are up 3% year over year and are just 2.1% below their all-time high, primarily because a shortage of homes for sale is keeping prices elevated. This is giving some buyers sticker shock. Other buyers are holding off because they’re confused about the new NAR rules or are waiting to see how the presidential election shakes out.

February 2021 was the last month on record when the typical household earned enough to afford the median priced home. Back then, the median household income was $69,021, or 5.7% more than the $65,308 needed to afford the typical home.

Source: Redfin

© 2024 Florida Realtors®

Florida Housing: New Listings Up, Prices Ease

 By Marla Martin

In Florida, new listings, inventory levels are up from a year ago for both single-family homes and condo-townhouses. 

Single-family median price eased 0.8% from a year ago, condo-townhouse median price is down 4.3%.

ORLANDO, Fla. – Florida’s housing market reported increased new listings, easing median sales prices and improved inventory levels (active listings) in August 2024 compared to a year ago, according to Florida Realtors®’ latest housing data.

“As home prices moderate and inventory levels improve, it should help increase new listings and offer more choices for potential homebuyers,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “Lower mortgage interest rates will also help boost buying power and ease affordability issues.”

Florida Realtors Chief Economist Dr. Brad O’Connor said, “In August, Florida’s single-family home market was fairly calm. Closed sales declined by 1.1% year-over-year, and as has been the case for most of the year, they have tracked pretty close to last year’s totals. Year to date through August, closed sales of single-family homes are down 1.7%.”

Closed sales of existing single-family homes statewide totaled 22,675, which is down 1.1% year-over-year, while existing condo-townhouse sales totaled 7,898, down 14.9% over August 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

The statewide median sales price for single-family existing homes in August was $411,638, down slightly (up 0.8%) from a year ago, while the statewide median price for condo-townhouse units was $310,000, down 4.3% from August 2023. The median is the midpoint; half the homes sold for more, half for less.

“New listings of single-family homes in August were up by 2.3% compared to a year ago, which is the smallest year-over-year increase we've seen for new listings of single-family homes this year,” O’Connor said. “Overall for the year, we are still up by nearly 14% in this category, but we should probably expect smaller year-over-year increases for the remainder of the year should the current pattern hold. Meanwhile, new condo-townhouse listings were up 1.8% year-over-year.

“Notice that new listings throughout this year have tracked more closely with the pre-pandemic years of 2018 and 2019 than they have with last year’s counts. But at the end of last year, new listings – which underperformed most of the year – improved to similar levels of what we were seeing in late 2018 and 2019. So, it would not be surprising to see this year's new listings toward the tail end of this year end up in the same neighborhood.”

On the supply side of the market, single-family existing homes were at a 4.5-months’ supply in August 2024, while condo-townhouse properties were at a 7.2-months’ supply.

© 2024 Florida Realtors®

Best Florida Cities to Retire

 By Jennifer Torres

Wallethub ranked four Florida cities – Miami, Orlando, Fort Lauderdale and Tampa – as the best for retirement due to lower taxes and high-quality healthcare.

MIAMI – With such celebrity residents as Oprah Winfrey, Jennifer Lopez and Jeff Bezos, the Sunshine is already a major magnet for the rich and famous. A recent study reveals retirees are also flocking to Florida, with four cities across the state snagging spots among the nation’s top five best places to retire.

To arrive at its ranking of the best states to retire, WalletHub compared the “retirement friendliness” of more than 180 U.S. cities across 45 key metrics ranging from the cost of living and tax laws to the availability of activities and the quality of health care.

Orlando, Florida claimed the top spot overall, followed by Miami in second place. Minneapolis, Minnesota came in third, followed by Florida’s own Tampa and Fort Lauderdale in fourth and fifth respectively. And out of the top 10, another Florida city, St. Petersburg, came in eighth place.

Orlando: Swapping snow shovels for sunshine

For those with their retirement sights set on Orlando, get ready to trade in your snow shovel for a set of golf clubs. With world-class theme parks, a vibrant arts scene and a plethora of dining and shopping options, your new backyard is essentially an endless vacation, with countless recreational options.

The average home price in Orlando is $385,207 and while the city doesn’t have a particularly low cost of living, with housing expenses 5% higher than the national average – utility prices are 6% lower than the national average and transportation expenses are 4% lower.

It also ranks at the top of the country when it comes to gerontologists and home health care facilities per capita. The Villages is also just under an hour’s drive from Orlando, a sprawling retirement suburb that’s become a widely popular destination for the over 55 set. The retirement mecca was recently named as the fourth most popular place in the U.S. to retire by Realtor.com®.

Miami: Retiring in style with sun, surf and sophistication

As the second-best place to retire on WalletHub’s list, Miami is a bit pricier, with an average home value of $587,252. But the city offers an abundance of activities popular with retirees – ranking at the top in the country when it comes to adult volunteer activities, art galleries and fishing facilities per capita. The city also has the fifth most museums and a large number of recreation and senior centers.

Miami is also home to some of the country’s most gorgeous beaches and many well-known healthcare facilities.

It’s also the fifth most walkable city in the country, with the majority of residents having access to quality public transportation within walking distance of their homes.

Tampa: Retiree life means smooth sailing

Last year, the city of Tampa came in first place on WalletHub’s 2023 list of the country’s best places to retire. This year it comes in at number four. Similar to Orlando, the average home price in Tampa is $385,903.

As for healthcare, Tampa General Hospital was recently named as one of the two best hospitals in Florida by U.S. News and World Report. There’s also plenty to do in Tampa, with numerous options for boating, sporting events, entrainment and fine dining.

And Sun City Center, Florida, a 55-plus community located just 30 minutes outside of Tampa, was recently selected as the most popular place in the U.S. to retire. According to Hannah Jones, an economic research analyst at Realtor.com, “It has the magic combo that aging populations prioritize: a warm beach and a big city nearby.”

With a variety of condos, duplexes and single family homes available, ranging from $50,000 to $350,000, the average price of a home in Sun City Center is $315,000 and everything is accessible by golf cart, including doctors’ offices, shopping, 11 golf courses, indoor and outdoor pools, a fitness center and a sports complex.

Fort Lauderdale: Blending luxury and relaxation

Located just a short drive away from Miami and West Palm Beach, in fifth place, Fort Lauderdale closed out the list of the country’s top five best places to retire.

With an abundance of housing options including high-rise condos, waterfront homes and gated communities, retirees have many options, but like Miami, the cost of living is higher, with an average home value of $529,481.

A number of well-known health care facilities are located within the city including the highly rated Holy Cross Health and it’s home to numerous boat marinas, golf courses, beaches, resorts and restaurants. There’s also horse racing at Gulfstream Park and gambling at the Seminole Hard Rock Hotel & Casino.

Why is Florida such a retirement hot spot?

Of course, Florida offers 1,350 miles of coastline, warm, sunny weather (233 sunny days per year, on average) and an array of recreation and entertainment options, but the state also has no income tax, no estate tax and no inheritance tax – leading the Tax Foundation to rank Florida among the top five best states as part of its 2024 State Business Tax Climate Index, while California, New York and New Jersey rank among the worst.

Just before Amazon founder Jeff Bezos’ home state of Washington enacted a new state capital gains tax in 2022, Bezos sold about $15.7 billion worth of Amazon stock – sidestepping approximately $1.1 billion in taxes that would have been due under the new tax.

He then purchased two opulent estates in Miami’s Indian Creek Village, commonly referred to as “Billionaire Bunker,” where Florida’s tax laws offer Bezos another advantage; His heirs are now insulated from Washington’s estate tax, which stands as the highest in the nation at a top rate of 20%.

Bezos later purchased a third, $90 million property on the island to temporarily reside there as the demolition of the other houses he acquired on the island proceeds.

According to WalletHub, around 68% of workers are somewhat confident that they will have enough money to retire comfortably, but only 21% are very confident. As a result, more than half of people expect to retire at age 65 or later – and three-quarters expect to do some work even after retiring.

“It’s important to choose wisely when picking where to retire, as many retirees are on a fixed income,” WalletHub Analyst Chip Lupo, said. “As a result, the best cities for retired people are those that minimize taxes and expenses, as well as have good opportunities for retirees to continue paid work for extra income, if they choose to do so. In addition, the top cities provide high-quality health care and offer plenty of enjoyable activities for retirees.”

© 2024 Advance Local Media LLC. Distributed by Tribune Content Agency, LLC.

Housing Payments at Lowest Level Since January

 Brokerage Redfin said national pending home sales are falling despite declining housing payments because buyers hope rates will fall further.

SEATTLE – The median U.S. monthly housing payment fell to $2,534 during the four weeks ending September 1, the lowest level since January and down nearly $300 from April's all-time high, according to a new report from Redfin. Housing payments are falling because even though home prices remain near record highs, weekly average mortgage rates have dropped to their lowest level in a year and a half.

But declining housing payments have yet to improve home sales. Pending homes sales fell 8.4% year over year, the biggest decline in nearly a year. Some would-be homebuyers are on the sidelines because they’re still priced out of the market and are waiting for mortgage rates to fall further.

Mortgage rates may not come down much more than they already have. That’s because markets have already priced in interest-rate cuts from the Fed, starting in September and going through 2025. If the cuts are smaller and slower than expected, mortgage rates would rise from where they are today. If the Fed cuts faster than expected, mortgage rates are likely to decline further. If rates do fall substantially more than they already have, that could push up demand, competition and home prices.

There are some signals that more prospective buyers are touring homes and prepping to purchase, even if they’re not yet buying. Mortgage-purchase applications are up 3% week over week. Redfin’s Homebuyer Demand Index – a measure of tours and other buying services from Redfin agents – is up 4% from a month ago and is near its highest level since May.

The supply of homes for sale is increasing modestly. New listings of homes for sale are up 3.7% year over year, on par with increases over the last few months, and total listings are up 16.6%. Total supply is rising partly because some homeowners who had been locked in by their relatively low mortgage rates are selling now that rates have come down a bit. Also, sluggish homebuyer demand is causing unsold listings to pile up.

Source: Redfin

© 2024 Florida Realtors®

US: Ultra-Luxury Home Sales to Set New Record

 Billionaires globally have seen their wealth boom, spurring major home purchases and agents’ optimism. Some are buying plots of land in Florida to build large estates.

WASHINGTON – A $115 million purchase of a duplex high above New York’s Central Park in June ended a nearly two-year drought for the city’s ultra-luxury real estate market.

The closing was ultimately a turning point. Less than a month later, a nearby five-story penthouse went for $135 million.

With more than four months of the year still to go, home sales of $100 million or more are on pace to set a new record in the city. Billionaires globally have seen their wealth boom, generating momentum for major home purchases. The pace of sales is spurring optimism among agents tasked with finding buyers for other top listings around the US.

Nationwide, there have been six deals at $100 million or above this year through the end of July, just three shy of a record set in 2021. Those have stretched from Southern California, where an oceanfront estate notched a record for the state at $210 million, to Aspen, Colorado – where a transaction this year crossed the nine-figure threshold for the first time.

The pace of ultra-luxury deals isn’t expected to let up anytime soon. Over in Malibu, one agent is preparing to put a mansion up for sale in a private listing for $300 million, which would set a record for the most expensive US home sale if it gets an offer at that level. Another agent in the area, Aaron Kirman, said he’s working with a few buyers who are looking for mega-mansions in Los Angeles or Malibu, and also has a pair of nine-figure listings, including a $115 million European-style villa in Bel Air.

“I’ve had more billionaires call me so far this year for $100 million homes than I had in the whole of last year,” said Kirman, who is chief executive officer of Christie’s International Real Estate Southern California. “They want what they want when they want it – and they’re willing to pay for it.”

While the pool of potential buyers is still small, top-tier billionaires have watched their wealth swell over the past few years. In early January, the median net worth of the world’s 500 richest people was $9.3 billion, according to the Bloomberg Billionaires Index. By August, it was almost $9.9 billion, meaning a $100 million home purchase would account for just about 1% of their wealth.

Now, there are even more homes for them. As the wealth of billionaires boomed, construction started on various projects catering to the richest, and many of those properties are becoming available. Plus, business titans including Jeff Bezos and Ken Griffin are becoming even more strategic about their massive real estate portfolios, finding ways to snap up plots of land in Florida to create even larger estates for their families.

“Clearly there’s demand, which seems to be increasing,” said John Gomes, co-founder of the Eklund Gomes Team at Douglas Elliman Real Estate. “There is definitely an upward trajectory, and we might even double this year what we did last year.”

Bargain-hunting billionaires

Sky-high listing prices won’t mean that the property always sell for that much. Both New York sales ultimately went for less than what the sellers initially asked.

The transaction at Central Park Tower closed in June for about $60 million less than the $175 million Extell Development listed it for last year. In July, Vladislav Doronin shelled out $135 million for the very top floors of a project he’d developed, the Aman New York. That figure was lower than the $180 million that a different buyer reportedly agreed to pay for the unit in 2018.

While some billionaires are looking for relative bargains, others have very specific demands and are willing to pay up to get what they want, said Fredrik Eklund, who worked with Gomes and Kent Wu to bring an undisclosed buyer to the Central Park Tower deal.

“They have their eyes on something and they only want that,” Eklund said. “They overpay or not – it doesn’t matter.”

Some of the richest homeowners have been stitching together massive estates through multiple expensive sales. In Florida, Bezos paid $147 million last year in separate transactions for two neighboring properties on Indian Creek island and agreed to buy another for $90 million in April.

Jills Zeder Group founder Jill Hertzberg worked with Griffin to stitch together adjacent parcels on Star Island that cost a combined $194 million. Now, she said, he’s being offered double or even triple what he paid for the assemblage but isn’t going to sell.

“He’s not interested,” she said. “Someone like him had the foresight when no one else was doing it.”

‘Master of the universe’ residences

The richest buyers are often interested in new homes, according to Hertzberg. But if they can’t find one that a developer or occupant is willing to sell, some are more open to knocking the buildings down and starting over instead of renovating the old properties, she said.

“It used to be when I first came to Miami Beach, people renovated these old Mediterraneans, the Art Decos,” Hertzberg said. “And then people started coming in with star architects who would say, ‘No, let’s take it down.’”

She expects her $132 million listing of four adjacent homes on La Gorce Island in Biscayne Bay to close in the coming weeks, with one buyer purchasing three and another acquiring the fourth. The larger transaction will fall just short of nine figures.

For buyers looking for newly built properties, there are more options under construction. A penthouse at Miami Beach’s forthcoming Shore Club Private Collection went into contract for more than $120 million in March. If it closes at that price when the building is completed in a few years, it would double the record for a Miami-area condo set by Griffin in 2015.

“The supply is finally coming,” Eklund said. “Every single project that we’re working on, we are doing these master-of-the-universe kind of residences on the top.”

© 2024 Penton Media