Business Insider reports Wealthy millennials want homes that are within walking distance of their social lives, and it’s redefining how they’re thinking about traditional luxury locations. “While walkability isn’t a new concept in luxury real-estate, millennial millionaires are redefining its importance. According to a new report by Coldwell Banker, they’re likely to choose a non-traditional luxury neighborhood over a traditional luxury neighborhood if it means they can walk to the local café.” Getting into the “walker’s paradise” correlates to even more value—because those places are highly prized with the rich urban amenities of downtown living, such as museums, performing arts, and fine restaurants.
2. PRICE CHOPPED
“These mega-mansions started out with enormous price-tags, but when they didn’t sell, they got massive price cuts. Each estate eventually sold at a discount of more than 60% from the initial asking price. Here are three of the largest price drops in residential real estate in America over the last 12 months.” CNBC published a short video this week revealing 3 mega-mansions with some of the largest price drops in luxury real estate. This is an extreme and costly example of what could happen when you over-price a new listing.
3. ON THAT NOTE
The National Association of Realtors reports as “more millennials are entering the housing market for the first time. Clovered recently surveyed more than 1,000 consumers about their first home to learn which features and amenities mattered to them the most.” Take a look at What’s on the Wish List of First-Time Buyers? In the article, there is an infographic of the top ten factors first-time buyers tended to place the most weight on when considering where to buy their starter home.
4. REAL ESTATE ROUNDUP
You may be a seasoned professional, or you may be a mentor, manager or know someone who’s thinking about getting into real estate in some capacity. Before they decide to enter the field, you may want to suggest they familiarize themselves “with the prevailing wisdom of the professionals already working there, as well as gain a better understanding of some of the other aspects of the industry. To help, 15 members of Forbes Real Estate Council, below, share some of the essential books people new to real estate should read in order to get a feeling for what approaches work well when investing or gain important perspective on business operations.” Here are their suggestions for the 15 Essential Books To Read Before Starting In Real Estate. Have you read any of them?
5. ZILLOW STOCK SHARES UP 11.2% BUT…
Barron’s reported last night Zillow Stock Soars as Revenue Tops Estimates. “For the quarter, the company reported revenue of $745.2 million, up 117% year over year, well ahead of the Street consensus at $714 million. The rapid growth of the company’s homes segment was a key driver, with revenue of $384.6 million, up from $11.1 million a year ago and exceeding expectations.” The cold reality is that the stock is trading today at roughly $34, whereas on July 10th of this year it was trading at approximately $51/share.