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Business Newsletter • August 12, 2024

Real Estate Business News Update – July 2024

by Andrew Watkins
COMMERCIAL 
Only a sliver of office properties are successful in attracting tenants today, a sharp acceleration of the flight-to-quality trend since the pandemic.
If landlords can’t pay back loans on office buildings, the lenders will suffer. Some banks are trying to avoid that fate.
RESIDENTIAL
Cheap mortgages are forcing millions of U.S. homeowners to stay put. That is becoming a problem well beyond the property market.
The leading indicators point to home price weakness even if the contemporaneous measures haven’t yet started receding.
LENDING
Prices will stay high and could go higher, while inventory remains scarce.
More regional lenders will go under and real estate is bracing for impact.
LEGAL/TAX
This is the continuation of “extend and pretend” the markets have been seeing.
CITY
SPOTLIGHT
City is first to be cited for failure to meet housing permitting goals.
The Austin, TX market is ‘legitimately crashing’.
Some hotspots are still growing, including Boulder, CO (driven by its flourishing tech scene and beautiful natural surroundings), and Deltona-Daytona Beach, FL (due to its affordability and fit for older Americans).
I hope this information helps keep you up to date on the real estate market. If you would like to discuss further, please call or email. I would love to hear from you!
Cell: 310-383-6239
Best Regards,
Andy
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